UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10399
______________________________________________
HENDERSON GLOBAL FUNDS
______________________________________________________________________________
(Exact name of registrant as specified in charter)
737 NORTH MICHIGAN AVENUE, SUITE 1700
CHICAGO, ILLINOIS 60611
______________________________________________________________________________
(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service) Copy to:
CHRISTOPHER K. YARBROUGH CATHY G. O'KELLY
737 NORTH MICHIGAN AVENUE, SUITE 1700 VEDDER PRICE P.C.
CHICAGO, ILLINOIS 60611 222 NORTH LASALLE STREET
CHICAGO, ILLINOIS 60601
Registrant's telephone number, including area code: (312) 397-1122
Date of fiscal year end: July 31
Date of reporting period: July 31, 2009
ITEM 1: REPORT TO SHAREHOLDERS.
LOGO: HENDERSON GLOBAL INVESTORS
HENDERSON GLOBAL FUNDS
ANNUAL REPORT
JULY 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
WORLDWIDE INCOME FUND
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS .................................................... 1
EUROPEAN FOCUS FUND
Commentary ................................................................ 2
Performance summary ....................................................... 3
GLOBAL EQUITY INCOME FUND
Commentary ................................................................ 4
Performance summary ....................................................... 5
GLOBAL OPPORTUNITIES FUND
Commentary ................................................................ 6
Performance summary ....................................................... 7
GLOBAL TECHNOLOGY FUND
Commentary ................................................................ 8
Performance summary ....................................................... 9
INDUSTRIES OF THE FUTURE FUND
Commentary ................................................................ 10
Performance summary ....................................................... 11
INTERNATIONAL OPPORTUNITIES FUND
Commentary ................................................................ 12
Performance summary ....................................................... 13
JAPAN-ASIA FOCUS FUND
Commentary ................................................................ 14
Performance summary ....................................................... 15
WORLDWIDE INCOME FUND
Commentary ................................................................ 16
Performance summary ....................................................... 17
PORTFOLIOS OF INVESTMENTS ................................................. 18
STATEMENTS OF ASSETS AND LIABILITIES ...................................... 40
STATEMENTS OF OPERATIONS .................................................. 42
STATEMENTS OF CHANGES IN NET ASSETS ....................................... 44
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY. ........................... 52
FINANCIAL HIGHLIGHTS ...................................................... 60
NOTES TO FINANCIAL STATEMENTS ............................................. 68
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ................... 87
OTHER INFORMATION ......................................................... 88
TRUSTEES AND OFFICERS ..................................................... 94
International investing involves certain risks and increased volatility not
associated with investing solely in the US. These risks include currency
fluctuations, economic or financial insolvency, lack of timely or reliable
financial information, possible imposition of foreign withholding tax or
unfavorable political or legal developments. The Funds may invest in securities
issued by smaller companies an less seasoned issuers, 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 losses and
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. 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 Fund may borrow money which may adversely affect the return to
shareholders of the Fund, also known as leverage risk.
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 July 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 shareholder,
We are pleased to provide the annual report for the Henderson Global Funds,
which covers the year ended July 31, 2009.
The second quarter of 2009 saw some welcome stability return to markets,
although they remain significantly below the average levels of 2008. By the end
of the period, economic indicators were showing some signs of improvement across
a broad range of sectors. Consumer confidence has risen from its crisis low, and
there are tentative signs of stabilization in housing markets. Job markets and
business spending have also shown signs of improvement.
We realize that any recovery will face challenges, and that the rate of
improvement may be slow or even flat at times. In fact, growth may struggle to
reach trend rates until mid-2010. However, we believe that the positive
indicators seen year-to-date and other signs of growth likely mean that the
recession has turned a corner. Some investors who share the same perspective
have now turned their concerns from recession to inflation, but we believe weak
economic growth and the resultant excess slack that continues to build is likely
to keep global core inflation low.
From an investment perspective, we believe that mispricing and fear are creating
opportunities for savvy investors in the global marketplace. European equities
are the most attractive they have been in 30 years, offering historically high
income along with relatively low valuations that provide the potential for
capital gains. In Asia, aggressive government policies, loose monetary
conditions and steady improvement in economic activity have all helped to drive
markets higher. China's economy grew by 7.9% in the second quarter as monetary
easing and huge fiscal stimulus begin to take effect. India's growth story is
also encouraging, as it is based on domestic demand rather than being overly
dependent on export markets (Indian tangible exports account for just 15% of
gross domestic product).
While much of the recent news coverage has been dedicated to predicting the
shape of the recovery, with speculation about U's, V's, W's and even WW's, few
agree on the shape of things to come. It is difficult to tell what direction
things will take towards the end of 2009 as the longer-term impact of government
policy measures and fiscal stimulus becomes clearer. Overall, we believe that
investors should try not to focus too much on what a share price will do in the
short term, and instead decide whether it is better to be paid little to nothing
by the banks to hold cash or accept an element of risk and seek to buy into
companies with decent earnings and attractive dividend yields.
At Henderson, we favor the latter strategy. As always, we remain focused on
holding high-conviction securities through our bottom-up, opportunistic
investment process. During these uncertain times, we aim to take advantage of
investment opportunities created by fear and apprehension in the marketplace,
continuing to seek out differentiated investment ideas that may bring value to
our clients' portfolios. We appreciate your trust and support in our Funds and
look forward to serving your financial needs in the years to come.
/s/ Sean Dranfield
- ---------------------------------------
Sean Dranfield
President, Henderson Global Funds
1
HENDERSON GLOBAL FUNDS COMMENTARY
EUROPEAN FOCUS FUND
EUROPEAN FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
CENTAMIN EGYPT, LTD. 7.4%
TULLOW OIL PLC 3.5
SANOFI-AVENTIS 3.1
TEMENOS GROUP AG 3.1
UBS AG 3.0
BARCLAYS PLC 2.9
KAZMUNAIGAS EXPLORATION PRODUCTION, GDR 2.8
ASHTEAD GROUP PLC 2.5
KINGDOM HOTEL INVESTMENTS, GDR 2.5
CAIRN ENERGY PLC 2.5
European equity markets were particularly volatile during the the 12 month
period ended July 31, 2009: a 40% decline to their lows on March 9 was followed
by a 40% recovery by the end of July(1). At the start of the period, investors'
attention moved from the deepening financial crisis to its impact on the real
economy as economic data showed global growth contracting sharply, putting
pressure on policymakers to intervene. With valuations arguably starting to
price in economic `armageddon' by the end of February, some positive
announcements from several investment banks and a growing confidence in stimulus
packages underpinned the market rally that began in March.
Over the period, the European Focus Fund returned -14.12% (Class A shares at
NAV) versus the benchmark, the MSCI Europe Index, return of -24.96%. Performance
in the first half of the financial year was disappointing, due to our holdings
in commodities-related stocks which sold off sharply on concerns over global
growth. Following the sell-off, we felt that many of these stocks had been
unfairly punished and decided not to capitulate at depressed levels. Our
patience was rewarded by some strong rebounds.
Gold miner Centamin was particularly strong. The company announced impressive
drilling results, and also benefited from increased broker coverage and rumors
of a bid offer. Tullow Oil also performed strongly. The company successfully
raised $2 billion in debt to fund developments and enjoyed several new
discoveries in West Africa. It has a heavy exploration newsflow period ahead,
which should be a significant catalyst for further re-rating.
A number of recent purchases have also performed well. Shares of Barclays more
than tripled since our purchase, benefiting from the rally in Financials and a
series of broker upgrades. Italian automaker Fiat also performed strongly on
growing optimism that the global slump in auto sales may be bottoming out.
The positioning of the Fund has changed somewhat recently. We feel that the
rollback of defensives has, in some cases, gone too far following a sharp
rotation into Cyclicals. We initiated a position in Imperial Tobacco which we
think offers a combination of growth and value with manageable borrowings after
their recent acquisitions. We also added Sanofi-Aventis, the French
pharmaceutical company, which we believe offers decent growth prospects plus
potential for margin expansion through cost-cutting.
Having been significantly underweight Financials for some time, we have
increased our weighting to the sector. We initiated investing in Lloyds Banking
Group and Barclays and re-initiated investing in UBS. We were invited to
participate in a discounted capital raising. UBS has clearly struggled of late,
but we feel it is fundamentally a strong franchise and that this capital raising
could enhance the competitive position of its private bank.
We took profits in some of our holdings in the Commodities sector. We reduced
Centamin and Fresnillo and exited Xstrata and Kazakhmys. We have added selective
cyclicals where we see better upside potential, namely ArcelorMittal and
Daimler.
We remain constructive on the outlook for European equity markets. The efforts
of policymakers to stimulate growth are having an effect. The market has
generally reacted positively to equity issuance, and the next leg up for equity
may be a pick-up in merger and acquisition activity as predator companies with
strengthened balance sheets attempt to snap up weaker rivals.
(1) As measured by the MSCI Europe Index.
2
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
EUROPEAN FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United Kingdom 33.7%
Switzerland 13.1
France 8.3
Australia 7.6
Netherlands 5.1
Kazakhstan 4.5
Other 27.7
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 21.4%
Materials 19.1
Energy 17.5
Industrials 13.9
Consumer Discretionary 10.2
Health Care 7.9
Consumer Staples 6.0
Information Technology 3.2
Telecommunication Services 0.8
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
charge - $37,347 charge - $35,199 Index - $14,863
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
13,080 12,328 9,834
13,280 12,516 9,816
12,850 12,111 9,480
7/31/02 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
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
7/31/03 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
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
7/31/04 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
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
7/31/05 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
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
7/31/06 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
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
7/31/07 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
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
7/31/08 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
21,702 20,454 11,110
21,592 20,350 9,986
24,511 23,102 10,683
28,954 27,289 12,198
34,940 32,931 13,712
34,426 32,446 13,449
7/31/09 37,347 35,199 14,863
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS YEAR YEARS* YEARS* (8/31/01)*
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund HFEAX Class A -14.12% 0.57% 11.09% 18.10%
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund HFEBX Class B -14.75 -0.21 10.26 17.23
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund HFECX Class C -14.75 -0.20 10.26 17.22
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund HFEWX Class W** -14.04 0.59 11.10 18.11
- ----------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund Class A -19.01% -1.39% 9.79% 17.22%
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund Class B -18.79 -1.22 10.12 17.23
- ----------------------------------------------------------------------------------------------
Henderson European Focus Fund Class C -14.79 -0.20 10.26 17.22
- ----------------------------------------------------------------------------------------------
INDEX
- ----------------------------------------------------------------------------------------------
MSCI Europe Index -24.96% -5.20% 5.53% 5.13%
- ----------------------------------------------------------------------------------------------
* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to 3/31/09 is based on the performance of
Class A shares. Performance for Class W shares would be similar because the
shares are invested in the same portfolio of securities and have the same
portfolio management. Class W shares are not subject to a front-end sales charge
or a distribution fee.
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, C
and W shares are 1.46%, 2.21%, 2.21% and 1.21% 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 2.00%, 2.75%, 2.75%
and 1.75% for Class A, B, C and W shares, respectively, 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
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.
3
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL EQUITY INCOME FUND
GLOBAL EQUITY INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
SCOTTISH & SOUTHERN ENERGY PLC 3.9%
VODAFONE GROUP PLC 3.9
BP PLC 3.7
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD., ADR 3.1
FRANCE TELECOM S.A. 3.0
ENI SPA 2.9
ATMOS ENERGY CORP. 2.8
TERNA - RETE ELETTRICA NATIONALE SPA 2.6
TOTAL S.A. 2.4
BANK OF CHINA, LTD., CLASS H 2.3
During the last 12 months the global economy has experienced a severe disruption
to its financial system, which has resulted in economic turmoil and volatility
in the majority of asset classes, including equities. The Global Equity Income
Fund's return was -12.93% (Class A shares at NAV) for the 12 month period ended
July 31, 2009 versus the benchmark, the MSCI World Index, return of -21.07%. The
Fund continued to meet its objective of generating and distributing dividend
income to investors. While the economic outlook is still uncertain, an
unprecedented combination of monetary and fiscal policies have been deployed
around the world in an attempt to stimulate economic activity and it may be that
while growth will be subdued, we may have experienced the worst of the crisis.
Against this background, the Fund has continued to follow its strategy of
focusing on cash generating, dividend paying companies that we believe have
strong balance sheet positions and that are well managed, which was beneficial
for performance relative to the market during the financial crisis. The
strongest performers included the Fund's holdings in Consumer Staples companies,
such as food manufacturers Conagra and Unilever and tobacco company Imperial
Tobacco. After reaching deep lows in March, equity markets rebounded
significantly on signs that the revenue declines experienced by many companies
since last year might be stabilizing. The strongest performing sectors were
those with economically cyclical revenues that had been sold off heavily in the
preceding six months, such as the Fund's Far East holdings; Taiwanese chip
manufacturers Quanta Computer and Taiwan Semiconductor Manufacturing rallied
strongly in 2009 on better-than-expected order intake for the industry.
The most significant negative contributors to performance included financial
services companies BOC Hong Kong Holdings, Barclays, Scottish & Southern Energy,
and transport operator First Group. Although these companies are in different
industries the common link between them was a reliance on leverage to enhance
returns, which has led to concerns about capital raisings and dividend cuts. We
have sold out of the majority of companies that have cut their dividends,
particularly in the Financial sector.
During the period the Fund remained underweight Commodities and Banks, and
overweight areas that we believed to have more defensive earnings and cash flows
that might support ongoing dividend payments such as the Telecommunications and
Utilities sectors. The Fund's geographic exposure varied throughout the period
and was dependent on yield opportunities in different markets at different times
of the year.
Although headlines have focused on the companies that cut or passed dividend
payments, particularly in the Financial sector, the majority of the Fund's
holdings have paid dividends in line with expectations and in a significant
number of cases increased them. The yields on many equity markets around the
world still look favorable compared to other asset classes, which in our opinion
is a good indicator of continuing value. An emerging trend from the recent
earnings results season is that companies have generally been more successful
than the market expected at cutting costs and maintaining strong cash flows
despite weak revenues. The fact that companies have acted quickly to reduce
costs, and in some cases remove capacity, means that any future earnings growth
may lead to stronger profitability than expected, which could give the next
leg' to the equity market rally.
4
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL EQUITY INCOME FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United Kingdom 41.1%
United States 14.8
France 9.2
Taiwan 8.8
Italy 5.6
China 5.2
Other 15.3
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Utilities 16.3%
Energy 13.9
Telecommunication Services 13.4
Financials 12.9
Information Technology 11.0
Consumer Staples 10.6
Consumer Discretionary 8.2
Industrials 6.6
Health Care 5.0
Materials 2.1
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Equity Income Global Equity Income
Fund Class A w/out Fund Class A w/ MSCI World
sales charge - $8,674 sales charge - $8,175 Index - $7,731
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
6,692 6,307 5,470
7,124 6,714 5,886
7,703 7,260 6,552
8,269 7,794 7,154
8,150 7,681 7,125
7/31/09 8,674 8,175 7,731
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE INCEPTION
AT NAV SYMBOL CLASS YEAR (11/30/06)*
- -----------------------------------------------------------------------------------------
Henderson Global Equity Income Fund HFQAX Class A -12.93% -5.19%
- -----------------------------------------------------------------------------------------
Henderson Global Equity Income Fund HFQCX Class C -13.64 -5.93
- -----------------------------------------------------------------------------------------
Henderson Global Equity Income Fund HFQWX Class W** -12.75 -5.11
- -----------------------------------------------------------------------------------------
WITH SALES CHARGE
- -----------------------------------------------------------------------------------------
Henderson Global Equity Income Fund Class A -17.94% -7.27%
- -----------------------------------------------------------------------------------------
Henderson Global Equity Income Fund Class C -13.64 -5.93
- -----------------------------------------------------------------------------------------
INDEX
- -----------------------------------------------------------------------------------------
MSCI World Index -21.07% -9.20%
- -----------------------------------------------------------------------------------------
* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to 3/31/09 is based on the performance of
Class A shares. Performance for Class W shares would be similar because the
shares are invested in the same portfolio of securities and have the same
portfolio management. Class W shares are not subject to a front-end sales charge
or a distribution fee.
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, C and W shares are 1.39%, 2.14%
and 1.19%, 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%, 2.15% and 1.15% for Class A, C and W 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.
5
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL OPPORTUNITIES FUND
GLOBAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
UBS AG 3.4%
DBS GROUP HOLDINGS, LTD. 3.0
WILMAR INTERNATIONAL, LTD. 2.6
CISCO SYSTEMS, INC. 2.6
APPLE, INC. 2.6
VODAFONE GROUP PLC 2.2
FRESENIUS SE 2.1
LOWE'S COS, INC. 2.1
BRISTOL-MYERS SQUIBB CO. 2.1
PEPSICO, INC. 2.0
Volatility remained high during the the 12 month period ended July 31, 2009, as
many investors' attentions turned from the financial crisis to its impact on the
real economy. With credit markets effectively closed and the macroeconomic
environment deteriorating rapidly, policymakers globally increased efforts to
stimulate their economies with fiscal and monetary policy. With this direct
action the markets began to recover in March, and provided signs that the global
recession could have reached its nadir. A generally better-than-forecast
earnings reporting season and rallying commodity prices also supported an
increase in risk appetite.
Over the period, the Global Opportunities Fund returned -20.73% (Class A shares
at NAV) versus the benchmark, the MSCI World Index, return of -21.07%. In
November, the portfolio management was consolidated under Manraj Sekhon, Head of
International Equities, from a regional manager approach. There were no
significant changes to the regional allocations; at the end of the period the
Fund was underweight in Western markets and overweight in Asia Pacific ex-Japan
and emerging markets. However, the stock selection focus has been more towards
defensive growth companies in Europe and the US, with a bias towards
economically-sensitive growth companies in Asia. The focus on our stock picking
has been to invest in those companies we believe have sound balance sheets with
structural and/or organic earnings growth drivers.
In the US, the Fund has been underweight in the Banking sector, which benefited
the Fund early in the period, although the sharp declines in energy prices and
global infrastructure spending had a negative impact on economically-sensitive
names. At the turn of the year, we added financial exposure through the purchase
of Goldman Sachs, Charles Schwab, Lazard and Aon, which benefited returns.
In Europe, we reduced our exposure to the Oil and Mining sector, which had a
negative impact in the second half of 2008, in favor of high quality defensive
growth stocks. We also added positions in what we deemed to be quality
financials. In practice, these have held up well during 2009 as many investors
have moved from pricing in an `Armageddon' scenario to the potential for an
economic recovery. Towards the end of the year, we were able to take advantage
of situations where there were forced sellers and we could set the price. These
included Credit Suisse and the Belgian brewery Anheuser-Busch InBev. These
provided very attractive opportunities.
In Asia ex-Japan, we added to positions in well-capitalized names early in 2009,
including Wilmar, the Singapore-based palm oil producer, and increased banking
and property exposure, with positions in Capitaland, Hang Lung property and DBS
Group. These positions allowed the Fund to participate in the Asian rally that
has developed since early March and these have delivered positive returns since
their inception.
We continue to have an upbeat outlook on equities. We remain positive on the
reflationary economic policies in Asia Pacific ex-Japan and emerging markets,
but we are more cautious about developed Western markets and remain defensively
positioned there. During the second quarter, global equity markets rallied very
strongly, as investors traded on the expectations that improving leading
indicators would feed into real growth. However, any setback in macro data could
cause risk assets to falter and government bonds to rally anew.
6
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 39.9%
Singapore 10.6
United Kingdom 10.3
Switzerland 7.5
Japan 5.2
Brazil 4.3
Other 22.2
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 22.2%
Information Technology 14.7
Consumer Staples 13.9
Industrials 13.2
Health Care 12.9
Energy 7.6
Consumer Discretionary 5.3
Telecommunication Services 4.3
Materials 3.8
Utilities 2.1
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Opportunities Global Opportunities
Fund Class A w/out Fund Class A w/ MSCI World
sales charge - $7,989 sales charge - $7,530 Index - $7,731
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
5,819 5,485 5,470
6,296 5,934 5,886
6,762 6,373 6,552
7,431 7,004 7,154
7,401 6,975 7,125
7/31/09 7,989 7,530 7,731
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE INCEPTION
AT NAV SYMBOL CLASS YEAR (11/30/06)*
- ----------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPAX Class A -20.73% -8.07%
- ----------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPCX Class C -21.41 -8.23
- ----------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ----------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class A -25.29% -10.09%
- ----------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class C -21.41 -8.23
- ----------------------------------------------------------------------------------------------------------
INDEX
- ----------------------------------------------------------------------------------------------------------
MSCI World Index -21.07% -9.20%
- ----------------------------------------------------------------------------------------------------------
* 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 3.03% and 3.92%,
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.
7
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL TECHNOLOGY FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
TENCENT HOLDINGS, LTD. 3.6%
APPLE, INC. 3.6
SAMSUNG ELECTRONICS CO., LTD. 3.2
MEDIATEK, INC. 3.2
CTRIP.COM INTERNATIONAL, LTD., ADR 3.1
CISCO SYSTEMS, INC. 3.1
INTEL CORP. 3.1
HEWLETT-PACKARD CO. 3.1
VISTAPRINT, LTD. 3.1
QUALCOMM, INC. 3.0
Technology equities continued to struggle along with general equity markets over
the second half of 2008, and this despondency continued during the first quarter
of 2009. However, during the second quarter there was a sharp rally in markets,
triggered by an easing in credit markets as well as tentative signs that
de-stocking had ended. Inventory levels began to be rebuilt and we saw signs of
improving demand. Over recent months, the Information Technology sector
outperformed the general equity markets which themselves have risen strongly as
both macroeconomic and company specific information has continued to surprise on
the upside.
Over the 12 month period ended July 31, 2009, the Global Technology Fund
returned -4.03% (Class A shares at NAV) versus the benchmark, the MSCI AC World
IT Index, return of -12.37%. The Internet sector contributed the most positive
performance as online printing company Vistaprint and Chinese Internet names
Tencent and Baidu continued to reap the rewards of long term secular growth
trends. Within Communications Equipment, Starent, a play on the growth in
wireless data usage, was the strongest performer over the year. The Fund also
benefited from continued strength in emerging market handsets which benefited
Mediatek. The biggest drag on performance was alternative energy company, Vestas
Wind Systems, which declined sharply on fears that capital projects would be
curtailed because of their dependency on debt-financing.
The Fund was defensively positioned through the latter part of 2008 and into
2009 with a clear focus on companies with strong balance sheets and visible,
recurring earnings. However, after significant falls in equity markets and some
tentative signs of economic improvement, our view on Technology equities became
more balanced early in 2009. In March we started to move away from our defensive
stance and increase positions in growth and cyclical areas where valuations had
become attractive.
As markets rallied from March, the cyclical Semiconductor sector rose
particularly strongly. Valuations quickly became less attractive and as a
consequence, in the 2nd quarter of 2009, we reduced our exposure and biased our
holdings to names with secular rather than cyclical exposure.
We remain strongly thematically biased towards areas of Technology where we see
strong long term secular growth opportunity. Our current favored thematic areas
include E-Commerce, Internet Advertising, Online Entertainment, Mobile Broadband
and Clean Energy Technology.
Given our conviction in the secular growth drivers for the Internet sector, we
added to our existing holdings and initiated several new positions in China
where we bought CTrip, an online travel company and also Shanda, an online
computer games developer. The Chinese Internet sector benefits from being at an
earlier and higher growth stage of adoption than Western markets.
While Technology stocks have rapidly recovered from their lows, creating some
risk of short term profit taking, we are optimistic on the prospects for the
sector relative to the broader market. Having already experienced a severe
demand shock earlier this decade, we believe the Technology sector is now much
better positioned for a weak economic environment - with strong balance sheets,
higher levels of recurring revenue and battle hardened management teams. We
expect demand trends to gradually improve from their cyclical lows but must
remain alert to the risk of a double dip recession. Most importantly, we
continue to find distinct and attractively valued growth opportunities within
our favored niches of Technology.
8
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL TECHNOLOGY FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 63.4%
China 12.1
Taiwan 10.4
Korea 4.9
United Kingdom 3.1
Germany 1.7
Other 4.4
PORTFOLIO COMPOSITION BY INDUSTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Internet Software & Service 18.5%
Semiconductors 16.7
Computer Hardware 14.0
Communications Equipment 11.6
Application Software 10.9
Systems Software 7.7
Other 20.6
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Technology Global Technology
Fund Class A w/out Fund Class A w/ MSCI AC World IT
sales charge - $14,636 sales charge - $13,789 Index - $10,656 S&P 500 Index - $10,133
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
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
7/31/02 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
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
7/31/03 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
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
7/31/04 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
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
7/31/05 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
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
7/31/06 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
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
7/31/07 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
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
7/31/08 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
10,206 9,619 7,550 8,362
9,953 9,381 7,162 7,472
10,920 10,292 8,027 8,126
12,568 11,846 9,086 8,904
13,293 12,529 9,511 9,402
13,623 12,840 9,708 9,420
7/31/09 14,636 13,789 10,656 10,133
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS YEAR YEARS* YEARS* (8/31/01)*
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGAX Class A -4.03% 3.53% 6.54% 4.93%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGBX Class B -4.77 2.76 5.76 4.20
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGCX Class C -4.78 2.77 5.75 4.18
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGWX Class W** -3.89 3.58 6.57 4.95
- ------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class A -9.57% 1.51% 5.29% 4.14%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class B -8.77 1.80 5.59 4.20
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class C -4.78 2.77 5.75 4.18
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
MSCI AC World IT Index -12.37% 0.54% 2.54% 0.81%
- ------------------------------------------------------------------------------------------------------------------------
S&P 500 -19.96 -6.16 -0.14 0.17
- ------------------------------------------------------------------------------------------------------------------------
* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to 3/31/09 is based on the performance
of Class A shares. Performance for Class W shares would be similar because
the shares are invested in the same portfolio of securities and have the
same portfolio management. Class W shares are not subject to a front-end
sales charge or a distribution fee.
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, C
and W shares are 1.58%, 2.33%, 2.33% and 1.33%, 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 2.00%,
2.75%, 2.75% and 1.75% for Class A, B, C and W shares, respectively, 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
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.
9
HENDERSON GLOBAL FUNDS COMMENTARY
INDUSTRIES OF THE FUTURE FUND
INDUSTRIES OF THE FUTURE FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
HENRY SCHEIN, INC. 1.9%
NALCO HOLDING CO. 1.8
QIAGEN N.V. 1.7
SHIMANO, INC. 1.7
QUEST DIAGNOSTICS, INC. 1.7
MEDNAX, INC. 1.7
SCHNEIDER ELECTRIC S.A. 1.7
TYCO INTERNATIONAL, LTD. 1.7
ROPER INDUSTRIES, INC. 1.7
QUANTA SERVICES, INC. 1.6
After an extremely weak finish to 2008 and first quarter 2009, markets changed
direction and began to rally on the back of better-than-expected earnings
reports and economic data releases. The near paralysis of the credit markets had
a terrible effect not just on consumer spending, but also on corporate
investment. It's our view that we have started to see the re-opening of credit
markets and have began to see some light at the end of this economic tunnel.
While the credit crunch affected all areas of the economy, 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.
The Fund returned -23.10% (Class A shares at NAV) for the period since inception
(8/29/08) versus the benchmark, the MSCI World Index, which posted a return of
- -19.98% for the same period. The Fund's top contributor was Data Domain
(Safety), a data storage optimization company, which benefited from a bid
approach. Other positive contributors were China Everbright (Environmental
Services) which benefited from increasing investment in waste-to-energy plants
in China, and Life Technologies (Health) which benefited from robust spending in
life sciences research. In general the Fund benefited from investor anticipation
of government stimulus spending associated with our themes but has been
negatively impacted where this spend has been delayed or led to postponed
demand, for example automatic meter manufacturer Itron (Efficiency).
Notable negative contributions also came from the Cleaner Energy theme, in
particular JA Solar in China and Solarworld in Germany. The solar sector has
suffered sharply from concerns over the availability of financing for renewables
projects, and from overcapacity through the supply chain. Umicore (Sustainable
Transport) declined due to exposure to falling precious metal prices and auto
catalyst demand.
Activity during the period included buying into high efficiency motor
manufacturer Regal Beloit (Efficiency), as it has started to benefit from US
stimulus measures to incentivize the purchase of more efficient heating,
ventilation and air conditioning units. We also initiated a position in rail
signaling company Ansaldo (Sustainable Transport) after meeting management and
being impressed by the size and quality of its order backlog, and bought a
position in home health group Amedisys (Health) whose valuation we believe
over-discounted reimbursement risk without reflecting its strong continued
growth.
Activity also included a number of sells including, but not limited to: Chemed
(Quality of Life) on concerns about declining admissions that may be linked to
economic factors; Pfeiffer Vacuum (Efficiency) on concerns for the outlook in
its pump business, and lens company Hoya (Health) on concerns about declining
growth prospects for their various businesses.
We expect the market to remain very volatile in the midst of considerable
macroeconomic uncertainty, questions around the impact of various stimulus
measures and the likely timing and strength of a recovery. We continue to seek
opportunities afforded by the volatility to buy into quality names at discounted
valuations and continue to see strong long-term growth prospects for our themes
and for companies that are providing economic solutions to the challenges they
represent.
The managers use a process that combines multi-thematic, top-down analysis with
a bottom up approach to individual security selection. Investments are made in
themes identified as `Industries of the Future' which are based on
sustainability trends and challenges, including but not limited to: cleaner
energy, environmental service, health, and sustainable transport. The
sustainable and responsible investing (SRI) themes may change over time to
reflect new research findings and new investment opportunities.
10
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INDUSTRIES OF THE FUTURE FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 50.8%
United Kingdom 8.3
Japan 7.4
France 6.6
Germany 4.7
Switzerland 3.0
Other 19.2
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Industrials 39.2%
Health Care 30.8
Consumer Discretionary 13.1
Information Technology 6.0
Utilities 5.4
Materials 4.4
Financials 0.8
Energy 0.3
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Industries of the Future Industries of the Future
Fund Class A w/out Fund Class A w/ MSCI World
sales charge - $7,690 sales charge - $7,248 Index - $8,002
8/31/08 $ 10,000 $ 9,425 $ 10,000
9/30/08 8,690 8,190 8,815
6,750 6,362 7,146
11/30/08 6,310 5,947 6,688
6,640 6,258 6,906
1/31/09 6,250 6,347 6,303
5,710 5,819 5,662
3/31/09 5,900 6,296 6,093
6,600 6,762 6,782
5/31/09 7,120 7,431 7,406
7,270 7,401 7,375
7/31/09 7,690 7,248 8,002
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ INCEPTION
AT NAV SYMBOL CLASS (8/29/08)
- --------------------------------------------------------------------------------
Henderson Industries of The Future Fund HFNAX Class A -23.10%
- --------------------------------------------------------------------------------
Henderson Industries of The Future Fund HFNCX Class C -22.70
- --------------------------------------------------------------------------------
WITH SALES CHARGE
- --------------------------------------------------------------------------------
Henderson Industries of The Future Fund Class A -27.52%
- --------------------------------------------------------------------------------
Henderson Industries of The Future Fund Class C -22.70
- --------------------------------------------------------------------------------
INDEX
- --------------------------------------------------------------------------------
MSCI World Index -19.98%
- --------------------------------------------------------------------------------
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 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 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.
11
HENDERSON GLOBAL FUNDS COMMENTARY
INTERNATIONAL OPPORTUNITIES FUND
INTERNATIONAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
SANOFI-AVENTIS S.A. 2.8%
AKZO NOBEL N.V. 2.8
CAIRN ENERGY PLC 2.7
ESSILOR INTERNATIONAL S.A. 2.6
FRESENIUS AG 2.6
RECKITT BENCKISER GROUP PLC 2.6
ROCHE HOLDING AG 2.4
CAPITA GROUP PLC 2.3
UBS AG 2.3
SUMITOMO MITSUI FINANCIAL GROUP, INC. 2.3
To say that financial markets were dismal in 2008 and early 2009 is to severely
understate the fact. 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, capitalization was spared in the equity markets, as all the major market
indexes declined significantly for the full year. This downslide continued
unabated until early March 2009.
During the second quarter of 2009, stocks rallied sharply from their lows. In
fact, the global equity market rally was one of the strongest rebounds since the
Great Depression era, with much of the rally centering on higher beta stocks
with financial leverage.
The economic backdrop remains finely balanced; recent economic indicators have
come in ahead of expectations, as last year's massive inventory de-stocking
required abrupt production decreases across several industries. Government
stimulus packages combined with financial sector support appears to have stemmed
the fall in capital investment and bank lending. Business and consumer
confidence surveys are up in the developed world, and Japan's
economically-geared corporate sector has turned more positive on the medium-term
outlook.
Over the the 12 month period ended July 31, 2009, the International
Opportunities Fund returned -12.86% (Class A shares at NAV) versus the
benchmark, the MSCI EAFE Index, return of -22.16%. Positive performance can be
attributed to strong stock selection, an overweight in Asia Pacific particularly
China, and currency hedges against euro and sterling. 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. This included holdings such as Russian natural gas producer
Gazprom and UK mining company Xstrata.
There was little change made to the sub-portfolio allocation over the period.
The Fund mildly reduced its allocation to the Europe-1 and Europe-2
sub-portfolios and added to the Asia-Pacific and Japanese allocations. In the
case of Asia this reflects our long term positive view and continues a trend
from late last year. Regarding Japan, though economic news has been poor, we
believe it may be bottoming and the market has been very cheap on a price/book
basis.
In January the Fund closed its currency hedges against the sterling and euro.
The US dollar had been through a very strong rally but has secular weaknesses
including a high account deficit and a high fiscal deficit. In February, the
Fund placed a small currency hedge against the yen. We believe the yen is
overvalued and should be trading in the 110-120 range versus the US dollar.
Given the major sell-off in global equities last year, a rebound is not
surprising. However, we believe sustainable profit growth and subsequent share
price performance will require more than fiscal spending. With unemployment
high, extended positive earnings reports may prove difficult. Many countries are
burdened with high debt and overvalued housing which may lead to lower
consumption.
However we remain more confident that growth is continuing in China. Certainly
some of the economic numbers we have seen, along with rising commodity prices,
are signs that China's economy is improving. While many uncertainties remain,
overall we believe there will be a global, albeit sluggish economic recovery.
Price to book ratio is a stock's capitalization divided by its book value.
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.
The USD to JPY exchange rate on 6/30/09 was 96.5
Beta: A quantitative measure of the volatility of a given security relative to
the overall market.
12
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INTERNATIONAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Japan 20.2%
France 13.5
United Kingdom 13.4
Switzerland 12.3
China 6.8
Germany 5.1
Other 28.7
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 27.2%
Information Technology 12.6
Industrials 11.7
Health Care 11.2
Consumer Discretionary 9.4
Materials 7.6
Telecommunication Services 7.5
Consumer Staples 7.1
Energy 5.7
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 - $23,616 charge - $22,259 Index - $14,822
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
7/31/02 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
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
7/31/03 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
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
7/31/04 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
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
7/31/05 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
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
7/31/06 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
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
7/31/07 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
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
7/31/08 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
17,222 16,233 11,298
15,984 15,066 10,143
17,460 16,457 10,791
19,711 18,579 12,189
22,500 21,207 13,654
22,062 20,795 13,580
7/31/09 23,616 22,259 14,822
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS YEAR YEARS* YEARS* (8/31/01)*
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOAX Class A -12.86% 0.62% 9.16% 11.46%
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOBX Class B -13.55 -0.13 8.33 10.64
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOCX Class C -13.55 -0.13 8.36 10.64
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFORX Class R** -13.10 0.41 8.90 11.19
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOWX Class W*** -12.77 0.66 9.18 11.47
- ----------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class A -17.88% -1.34% 7.88% 10.63%
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class B -17.55 -1.14 8.19 10.64
- ----------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class C -13.55 -0.13 8.36 10.64
- ----------------------------------------------------------------------------------------------------------------------
INDEX
- ----------------------------------------------------------------------------------------------------------------------
MSCI EAFE Index -22.16% -5.09% 5.29% 5.10%
- ----------------------------------------------------------------------------------------------------------------------
* 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%.
*** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to 3/31/09 is based on the performance of
Class A shares. Performance for Class W shares would be similar because the
shares are invested in the same portfolio of securities and have the same
portfolio management. Class W shares are not subject to a front-end sales charge
or a distribution fee.
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, R and W shares are
1.47%, 2.22%, 2.22%, 1.72% and 1.22% 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 2.00%, 2.75%, 2.75%,
2.25% and 1.75% for Class A, B, C, R and W shares, respectively, 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
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.
13
HENDERSON GLOBAL FUNDS COMMENTARY
JAPAN-ASIA FOCUS FUND
JAPAN-ASIA FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
NTT DOCOMO, INC. 4.9%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 4.7
MITSUBISHI UFJ FINANCIAL GROUP, INC. 4.4
MITSUI SUMITOMO INSURANCE GROUP HOLDINGS, INC. 3.9
NINTENDO CO., LTD. 3.5
CANON, INC. 3.5
TAKEDA PHARMACEUTICAL CO., LTD. 3.4
DAIWA SECURITIES GROUP, INC. 3.3
HAKUHODO DY HOLDINGS, INC. 3.3
MIZUHO FINANCIAL GROUP, INC. 3.2
Having suffered a collapse in share prices along with markets around the world
towards the end of last year, stock markets in Asia began to recover sharply in
the early stages of 2009. While smaller markets in the Asian region recovered
the most, Japan, enjoyed a strong recovery, rising by about a third in local
terms to end the period on a positive footing.
Stock prices moved quickly to discount a recovery in activity after a severe
fall in production, the magnitude of which, in a Japanese context, the country
had not previously witnessed. Besides the reported collapse in profits and
associated economic indicators, the political arena is set for a potential
lifetime change with a general election at the end of August. The opposition
Democratic Party of Japan looks to be the odds-on favorites to win, thus
wresting power from the incumbent Liberal Democratic Party. How such a change
might impact the economy or stock market is unclear but a change might well be a
change for the better after years of Liberal Democratic rule.
Asian markets powered ahead largely on the back of China's efforts to boost its
economy with loose monetary and fiscal policies. This had the required impact on
the stock market and although the portfolio only had a small proportion invested
in Asia, this had a positive impact on the overall portfolio.
Over the 12 month period ended July 31, 2009, the Japan-Asia Focus Fund returned
- -9.29% (Class A shares at NAV) versus the benchmark, the MSCI Japan Index,
return of -16.89%. The Fund performed better than the Japanese market largely
due to the commitment to domestic-related areas, while a number of
stock-specific positions contributed strongly. On a sector basis, the overweight
positions in Technology and Consumer Discretionary shares were the largest
contributors while the overweight position in Financials was the largest
detractor.
On a stock basis, the largest contributors came from a wide area reflecting the
volatility of stock prices witnessed during the period. Sino Land (real estate),
Yamada Denki (computer retailer), Canon (electronics) and Bridgestone (tires)
were the largest contributors. Despite the fall in the market, some of the more
defensive issues such as West Japan Railway and Nintendo were amongst the worst
performers, which runs contrary to what might have been expected in such a stock
market environment.
The structure of the Fund maintained the same bias throughout the period with an
emphasis on the domestic economy. Over the duration of the period, the
underweight position in Industrial stocks was increased and the commitment to
the domestic-facing service sector was raised. These two positions are the most
meaningful on a sector basis and reflect the view that the benefits to
Industrials stocks from an extended commodity cycle are over, and that
attraction within the market lies mainly in the domestic economy.
Markets continued to edge higher, egged on by the prospects of economic recovery
coupled with the skepticism of investors in general. We believe such upward
movements in equities are made in trepidation, as they are susceptible to sudden
correction. While the way ahead may be volatile we remain positive on the
outlook for Japanese equities as the global economic cycle is expected to
improve and as domestic and international investors are anticipated to a return
to the market.
14
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
JAPAN-ASIA FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Japan 92.1%
Hong Kong 5.2
Singapore 2.7
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 32.9%
Consumer Discretionary 20.6
Information Technology 18.6
Industrials 9.2
Telecommunication Services 7.1
Consumer Staples 5.0
Health Care 3.5
Materials 3.1
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Japan-Asia Focus Japan-Asia Focus
Fund Class A w/out Fund Class A MSCI Japan
sales charge - $7,328 w/sales charge - $6,907 Index - $7,364
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
5,223 4,922 5,617
5,442 5,129 5,739
6,226 5,868 6,291
6,321 5,958 6,940
6,321 5,958 7,062
7/31/09 7,328 6,907 7,364
TOTAL RETURNS AS OF JULY 31, 2009
SINCE\
NASDAQ ONE THREE INCEPTION
AT NAV SYMBOL CLASS YEAR YEARS* (1/31/06)*
- -------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJAX Class A -9.29% -8.77% -8.50%
- -------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJCX Class C -10.00 -9.48 -9.20
- -------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class A -14.48% -10.55% -10.04%
- -------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class C -10.00 -9.48 -9.20
- -------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------
MSCI Japan Index -16.89% -8.62% -8.37%
- -------------------------------------------------------------------------------------------------
* 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. 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 2.00%, and
2.75% for Class A and C shares, respectively, 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
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.
15
HENDERSON GLOBAL FUNDS COMMENTARY
WORLDWIDE INCOME FUND
WORLDWIDE INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
NORDIC TELEPHONE COMPANY APS 3.3%
UNITYMEDIA HESSEN GMBH 3.2
STANDARD CHARTERED PLC 3.2
HCA, INC. 3.1
WIND ACQUISITION FINANCE S.A. 2.8
IMPRESS HOLDINGS B.V. 2.8
ROYAL BANK OF SCOTLAND GROUP PLC 2.7
LEVI STRAUSS & CO. 2.6
FS FUNDING AS 2.6
CROWN EUROPEAN HOLDINGS S.A. 2.5
Over the period ended July 31, 2009, the Worldwide Income Fund returned -10.71%
(Class A shares at NAV) versus the benchmark, the Barclays Capital Global
Aggregate Bond (ex US MBS) Index, return of 3.91%. This underperformance was a
result of holding too much high yield and financial bonds into the worst
financial crisis in living memory. Since the early part of March however, the
Fund has performed well on the back of a major rally in credit markets.
In December, the portfolio manager of the Worldwide Income Fund was replaced by
John Pattullo, Head of Retail Fixed Income and Jenna Barnard, Director of Retail
Fixed Income. The new managers are experienced credit managers in high yield but
also have considerable knowledge of the importance of asset allocation.
The year under review was undoubtedly defined by Lehman Brothers' bankruptcy in
September 2008; an event that sent shockwaves through financial markets and
plunged the global economy into the most severe recession in the post-war
period. Credit markets, which had experienced a relatively quiet summer, entered
a period of meltdown.
Fears surrounding the possible wholesale nationalization of the banking system
and non-payment of coupons on subordinated bonds peaked during the first quarter
2009. Prices of financial bonds plummeted with rating agencies compounding the
misery by downgrading a number of investment grade bonds into the high yield
market.
In late March this dynamic was broken. A number of banks approached bondholders
and offered to tender or exchange some of their junior bonds for senior bonds or
indeed cash at prices significantly higher than prevailing market prices. These
actions, combined with reasonable first quarter results from several banks, a
large amount of equity-raising, and the results of the US banking stress tests,
saw the market for financial bonds reverse sharply higher. Indeed, March to June
2009 was one of the strongest quarters for credit markets as all asset classes
were buoyed by a renewed sense of optimism.
With the change in management the fund composition was reshaped somewhat. We
sold out the small amount of the emerging market holdings and some of the more
distressed high yield credits where we were uncomfortable with the individual
outlook. Given the exceptional circumstances, we held significant cash holdings
and even a few US Treasuries. However as the credit market gained strength, the
fund began to regain some of the capital it had lost due the significant beta of
the fund which had been maintained.
After a major rally, the shape of the Fund was further altered in June. A number
of the larger predominately financial positions were reduced (such as Allianz,
Axa, Standard Chartered and Catlin Insurance, etc.) in order to manage issuer
concentration risks resulting from the rising price of these bonds. Proceeds
were used to introduce new holdings into the Fund to enhance diversification in
the industrial area. These included lTV, BAA, Heineken, Iron Mountain,
Constellation Brands, Daily Mail and Yum Brands among others.
The virtuous circle of re-equitization, debt refinancing/maturity extension and
deleveraging continues. This has been accompanied by evidence of house price
stabilization and much more positive economic data. We continue to see good
value in both equity and credit markets as the economic cycle progresses. We
continued to be very focused on seeking to restore lost capital for
shareholders.
Beta: A quantitative measure of the volatility of a given security relative to
the overall market.
16
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
WORLDWIDE INCOME FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United Kingdom 30.2%
United States 29.5
Germany 7.8
France 6.4
Netherlands 6.1
Luxembourg 5.0
Other 15.0
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financial 24.8%
Communications 23.9
Consumer, Non-cyclical 21.6
Industrial 11.5
Consumer, Cyclical 8.4
Basic Materials 4.5
Other 5.3
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Worldwide Income Fund Worldwide Income Fund Barclays Capital Global
Class A w/out Class A w/sales Aggregate Bond (ex US MBS)
sales charge - $11,585 charge - $11,035 Index - $13,780
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
7/31/04 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
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
7/31/05 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
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
7/31/06 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
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
7/31/07 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
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
7/31/08 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
8,796 8,397 12,772
8,496 8,111 12,423
8,764 8,368 12,726
9,710 9,273 12,855
9,925 9,479 13,388
9,924 9,479 13,451
7/31/09 11,585 11,035 13,780
TOTAL RETURNS AS OF JULY 31, 2009
SINCE
NASDAQ ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS YEAR YEARS* YEARS* (9/30/03)*
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund HFAAX Class A -10.71% -3.77% 0.53% 2.55%
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund HFABX Class B -11.23 -4.37 -0.17 1.82
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund HFACX Class C -11.55 -4.52 -0.25 1.77
- -------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund Class A -14.94% -5.32% -0.45% 1.70%
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund Class B -15.23 -5.48 -0.38 1.66
- -------------------------------------------------------------------------------------------------------------
Worldwide Income Fund Fund Class C -11.55 -4.52 -0.25 1.77
- -------------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------------
Barclays Capital Global Aggregate Bond (ex US MBS) Index 3.91% 6.98% 5.99% 5.66%
- -------------------------------------------------------------------------------------------------------------
* 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 1.36%, 2.11% and 2.11%, 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%, 2.06% and
2.06%, 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.
17
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
EUROPEAN FOCUS FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- ------------------
COMMON STOCKS - 94.49%
AUSTRALIA - 7.43%
23,016,448 Centamin Egypt, Ltd. * .................. $ 33,737,972
-----------------
CANADA - 2.31%
3,818,947 European Goldfields, Ltd. * ............. 10,494,049
-----------------
CYPRUS - 0.49%
1,300,000 AFI Development plc, GDR (a)(b) ......... 2,210,000
-----------------
DENMARK - 1.07%
70,000 Carlsberg A/S, Class B .................. 4,856,738
-----------------
FINLAND - 1.61%
350,026 Sampo Oyj, A Shares ..................... 7,308,765
-----------------
FRANCE - 8.05%
145,000 Carrefour S.A. .......................... 6,806,624
150,000 France Telecom S.A. ..................... 3,743,549
600,000 Rhodia S.A. * ........................... 6,541,269
215,000 Sanofi-Aventis .......................... 14,083,953
210,000 Vivendi S.A. ............................ 5,395,114
-----------------
36,570,509
-----------------
GERMANY - 3.16%
108,556 Daimler AG .............................. 5,023,914
155,000 Gerresheimer AG ......................... 3,470,675
255,000 Rhoen Klinikum AG ....................... 5,869,739
-----------------
14,364,328
-----------------
GREECE - 0.90%
538,265 Sidenor Steel Products
Manufacturing Co. * ..................... 4,066,100
-----------------
IRELAND - 1.83%
344,680 CRH plc ................................. 8,312,325
-----------------
ITALY - 2.26%
575,000 Azimut Holding SpA ...................... 6,146,603
370,000 Fiat SpA * .............................. 4,102,867
-----------------
10,249,470
-----------------
KAZAKHSTAN - 4.41%
590,000 KazMunaiGas Exploration
Production, GDR ......................... 12,714,500
1,724,139 Zhaikmunai LP, GDR * .................... 7,327,591
-----------------
20,042,091
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
LUXEMBOURG - 3.31%
305,000 ArcelorMittal ........................... $ 10,976,587
2,016,000 GlobeOp Financial Services .............. 4,041,153
-----------------
15,017,740
-----------------
NETHERLANDS - 4.92%
410,333 A&D Pharma Holding N.V., GDR * .......... 1,491,361
170,000 Akzo Nobel N.V. ......................... 9,327,372
414,902 AMTEL Vredestein N.V., GDR (a)(c) * ..... --
210,000 TNT N.V. ................................ 4,988,049
3,561,400 Wavin N.V. .............................. 6,543,043
-----------------
22,349,825
-----------------
PORTUGAL - 1.61%
557,532 Galp Energia, SGPS, S.A., B Shares ...... 7,294,887
-----------------
RUSSIA - 2.27%
500,000 OAO Gazprom, ADR ........................ 10,325,000
-----------------
SPAIN - 0.50%
1,017,175 Realia Business S.A. * .................. 2,261,655
-----------------
SWITZERLAND - 12.70%
200,000 Compagnie Financiere Richemont SA ....... 4,914,612
62,000 Roche Holding AG ........................ 9,775,885
40,000 Swatch Group AG ......................... 7,310,158
700,000 Temenos Group AG * ...................... 14,017,686
922,603 UBS AG * ................................ 13,476,660
41,615 Zurich Financial Services AG ............ 8,177,748
-----------------
57,672,749
-----------------
UNITED ARAB EMIRATES - 2.51%
3,820,139 Kingdom Hotel
Investments, GDR * ...................... 11,422,216
-----------------
UNITED KINGDOM - 31.19%
1,747,422 Aero Inventory plc ...................... 6,917,986
9,047,767 Afren plc * ............................. 8,350,399
2,500,000 Ashmore Group plc ....................... 8,790,744
11,000,000 Ashtead Group plc ....................... 11,438,408
1,500,000 BAE Systems plc ......................... 7,692,423
2,600,000 Barclays plc ............................ 13,129,405
2,500,000 British Airways plc * ................... 5,946,803
280,000 Cairn Energy plc * ...................... 11,206,717
900,000 Daily Mail & General Trust plc .......... 4,510,216
See Notes to Financial Statements.
18
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
EUROPEAN FOCUS FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- ------------------
UNITED KINGDOM - (continued)
260,000 Dana Petroleum plc * .................... $ 5,963,173
188,000 Hochschild Mining plc ................... 783,541
396,825 Impellam Group plc * .................... 169,034
350,000 Imperial Tobacco Group plc .............. 10,003,491
1,200,000 Informa plc ............................. 4,805,885
4,995,000 Juridica Investments, Ltd. (c) .......... 10,179,557
6,377,800 Lloyds TSB Group plc .................... 9,055,728
4,972,917 Regal Petroleum plc * ................... 5,544,930
5,682,536 Tau Capital plc * ....................... 1,392,221
953,205 Tullow Oil plc .......................... 15,739,703
-----------------
141,620,364
-----------------
UNITED STATES - 1.96%
850,000 Virgin Media, Inc. ...................... 8,882,500
-----------------
TOTAL COMMON STOCK
(Cost $508,319,098) ..................... 429,059,283
-----------------
PREFERRED STOCK - 1.06%
GERMANY - 1.06%
130,685 Henkel AG & Co KGaA ..................... 4,805,643
-----------------
TOTAL PREFERRED STOCK
(Cost $4,569,159) ....................... 4,805,643
-----------------
RIGHTS - 0.06%
GERMANY - 0.06%
225,000 Rhoen Klinikum AG
(Expires 08/04/09) ...................... 285,096
-----------------
TOTAL RIGHTS
(Cost $0) ............................... 285,096
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
REITS - 1.59%
UNITED KINGDOM - 1.59%
1,304,980 Shaftesbury plc ......................... $ 7,204,583
-----------------
TOTAL REITS
(Cost $6,120,299) ....................... 7,204,583
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $519,008,556) ..................... 441,354,605
-----------------
SHORT TERM INVESTMENT - 5.18%
23,544,003 Fidelity Institutional Treasury
Portfolio ............................... 23,544,003
-----------------
TOTAL SHORT TERM INVESTMENT
(Cost $23,544,003) ...................... 23,544,003
-----------------
TOTAL INVESTMENTS - 102.38%
(Cost $542,552,559) ..................... 464,898,608
NET OTHER ASSETS AND LIABILITIES - (2.38)% ................ (10,806,784)
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 454,091,824
=================
* Non income producing security
(a) Fair valued at July 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 registration under the securities Act of 1933 as amended.
At July 31, 2009 the securities had an aggregate value of $2,210,000,
which represented 0.5% of net assets.
(c) This 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.
19
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
EUROPEAN FOCUS FUND
JULY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------------------------------------
Oil & Gas Exploration & Production ........................ 13.11%
Gold ...................................................... 9.74
Pharmaceuticals ........................................... 5.26
Diversified Banks ......................................... 4.89
Trading Companies & Distributors .......................... 4.04
Industrial Conglomerates .................................. 3.92
Integrated Oil & Gas 3.88
Asset Management & Custody Banks .......................... 3.60
Multi-line Insurance ...................................... 3.41
Steel ..................................................... 3.31
Application Software ...................................... 3.09
Real Estate Management & Development ...................... 3.00
Diversified Capital Markets ............................... 2.97
Apparel, Accessories & Luxury Goods ....................... 2.69
Tobacco ................................................... 2.20
Diversified Chemicals ..................................... 2.05
Publishing ................................................ 2.05
Automobile Manufacturers .................................. 2.01
Cable & Satellite ......................................... 1.96
Construction Materials .................................... 1.83
Aerospace & Defense ....................................... 1.69
Diversified REIT's ........................................ 1.59
Hypermarkets & Super Centers .............................. 1.50
Construction & Engineering ................................ 1.44
Specialty Chemicals ....................................... 1.44
Airlines .................................................. 1.31
Health Care Facilities .................................... 1.29
Movies & Entertainment .................................... 1.19
Air Freight & Logistics ................................... 1.10
Brewers ................................................... 1.07
Household Products ........................................ 1.06
Other Diversified Financial Services ...................... 0.89
Integrated Telecommunication Services ..................... 0.82
Life Sciences Tools & Services ............................ 0.76
Diversified Real Estate Activities ........................ 0.50
Health Care Distributors .................................. 0.33
Precious Metals & Minerals ................................ 0.17
Human Resource & Employment Services ...................... 0.04
--------
Long Term Investments ..................................... 97.20
Short Term Investment ..................................... 5.18
--------
Total Investments ......................................... 102.38
Net Other Assets and Liabilities .......................... (2.38)
--------
100.00%
========
See Notes to Financial Statements.
20
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL EQUITY INCOME FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- ------------------
COMMON STOCKS - 99.06%
CHINA - 5.14%
14,899,000 Bank of China, Ltd., Class H ............ $ 7,420,615
1,800,000 China COSCO Holdings Co.,
Ltd., Class H ........................... 2,601,274
57,753 PetroChina Co., Ltd., ADR ............... 6,800,416
-----------------
16,822,305
-----------------
CYPRUS - 1.62%
1,011,603 ProSafe SE .............................. 5,306,029
-----------------
CZECH REPUBLIC - 1.70%
204,337 Telefonica 02 Czech Republic a.s. ....... 5,582,838
-----------------
FRANCE - 9.01%
399,204 France Telecom S.A. ..................... 9,962,931
47,352 Lafarge S.A. ............................ 3,420,432
124,352 M6-Metropole Television ................. 2,485,775
35,400 Neopost S.A. ............................ 3,014,722
143,271 Total S.A. .............................. 7,945,580
103,233 Vivendi S.A. ............................ 2,652,161
-----------------
29,481,601
-----------------
GERMANY - 0.70%
62,839 MTU Aero Engines Holding AG ............. 2,283,892
-----------------
GREECE - 1.34%
182,385 OPAP S.A. ............................... 4,380,212
-----------------
ITALY - 5.53%
414,181 ENI SpA ................................. 9,640,120
2,399,660 Terna - Rete Elettrica Nationale SpA .... 8,456,528
-----------------
18,096,648
-----------------
JAPAN - 1.35%
16,400 Nintendo Co., Ltd. ...................... 4,435,149
-----------------
NETHERLANDS - 3.06%
123,946 Royal Dutch Shell plc,
Class B ................................. 3,217,489
249,148 Unilever N.V. ........................... 6,807,468
-----------------
10,024,957
-----------------
SINGAPORE - 2.74%
1,100,000 Keppel Corp., Ltd. ...................... 6,412,813
1,400,000 Singapore Technologies
Engineering, Ltd. ....................... 2,558,455
-----------------
8,971,268
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
SPAIN - 2.68%
368,543 Banco Santander S.A. .................... $ 5,336,886
400,000 Iberdrola S.A. .......................... 3,432,121
-----------------
8,769,007
-----------------
TAIWAN - 8.79%
5,145,000 Far EasTone Telecommunications
Co., Ltd. ............................... 6,053,310
408,000 HTC Corp. * ............................. 5,565,106
3,780,430 Quanta Computer, Inc. ................... 7,155,715
954,749 Taiwan Semiconductor
Manufacturing Co., Ltd., ADR ............ 9,996,223
-----------------
28,770,354
-----------------
UNITED KINGDOM - 40.74%
681,166 Amlin plc ............................... 3,783,364
68,243 AstraZeneca plc ......................... 3,195,323
1,464,937 BP plc .................................. 12,167,003
215,461 British American Tobacco plc ............ 6,687,256
378,502 Bunzl plc ............................... 3,275,152
636,898 Cineworld Group plc ..................... 1,510,747
1,223,602 Electrocomponents plc ................... 3,035,290
400,046 F&C Asset Management plc ................ 491,169
4,000,463 Friends Provident Group plc ............. 4,687,826
342,289 GlaxoSmithKline plc ..................... 6,569,715
438,211 Halfords Group plc ...................... 2,547,394
577,573 Hiscox, Ltd. ............................ 2,918,541
526,990 HSBC Holdings plc ....................... 5,332,481
635,474 ICAP plc ................................ 4,819,336
251,041 Imperial Tobacco Group plc .............. 7,175,104
391,540 Interserve plc .......................... 1,281,934
1,680,000 Marston's plc ........................... 2,602,895
336,889 National Grid plc ....................... 3,142,994
462,441 Pearson plc ............................. 5,357,181
606,994 Pennon Group plc ........................ 4,628,697
3,177,784 RSA Insurance Group plc ................. 6,720,346
219,317 SABMiller plc ........................... 5,081,387
691,602 Scottish & Southern Energy plc .......... 12,789,024
177,526 Severn Trent plc ........................ 2,872,071
2,607,753 Smiths News plc ......................... 5,009,540
385,013 United Utilities plc .................... 2,898,976
6,232,333 Vodafone Group plc ...................... 12,774,054
-----------------
133,354,800
-----------------
See Notes to Financial Statements.
21
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL EQUITY INCOME FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- ------------------
UNITED STATES - 14.66%
105,986 AT&T, Inc. .............................. $ 2,780,013
331,600 Atmos Energy Corp. ...................... 9,006,256
130,000 Bemis Co., Inc. ......................... 3,421,600
299,604 Bristol-Myers Squibb Co. ................ 6,513,391
286,714 ConAgra Foods, Inc. ..................... 5,628,196
93,520 Paychex, Inc. ........................... 2,478,280
145,143 Pitney Bowes, Inc. ...................... 2,997,203
143,157 Progress Energy, Inc. ................... 5,646,112
72,815 Reynolds American, Inc. ................. 3,168,181
198,306 Verizon Communications, Inc. ............ 6,359,673
-----------------
47,998,905
-----------------
TOTAL COMMON STOCK
(Cost $347,278,861) ..................... 324,277,965
-----------------
REITS - 0.15%
FRANCE - 0.15%
15,005 Mercialys ............................... 502,585
-----------------
TOTAL REITS
(Cost $441,028) ......................... 502,585
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $347,719,889) ..................... 324,780,550
-----------------
TOTAL INVESTMENTS - 99.21%
(Cost $347,719,889) ..................... 324,780,550
-----------------
NET OTHER ASSETS AND LIABILITIES - 0.79% .................. 2,577,696
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 327,358,246
=================
* Non income producing security
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------------------------------------
Integrated Oil & Gas ...................................... 12.15%
Electric Utilities ........................................ 9.26
Integrated Telecommunication Services ..................... 7.54
Wireless Telecommunication Services ....................... 5.75
Diversified Banks ......................................... 5.53
Tobacco ................................................... 5.20
Pharmaceuticals ........................................... 4.97
Computer Hardware ......................................... 3.89
Packaged Foods & Meats .................................... 3.80
Semiconductors ............................................ 3.05
Gas Utilities ............................................. 2.75
Water Utilities ........................................... 2.29
Multi-line Insurance ...................................... 2.05
Property & Casualty Insurance ............................. 2.05
Industrial Conglomerates .................................. 1.96
Multi-Utilities ........................................... 1.85
Publishing ................................................ 1.64
Oil & Gas Equipment & Services ............................ 1.62
Brewers ................................................... 1.55
Distributors .............................................. 1.53
Aerospace & Defense ....................................... 1.48
Investment Banking & Brokerage ............................ 1.47
Life & Health Insurance ................................... 1.43
Home Entertainment Software ............................... 1.36
Casinos & Gaming .......................................... 1.34
Movies & Entertainment .................................... 1.27
Paper Packaging ........................................... 1.05
Construction Materials .................................... 1.04
Trading Companies & Distributors .......................... 1.00
Technology Distributors ................................... 0.93
Office Electronics ........................................ 0.92
Office Services & Supplies ................................ 0.92
Restaurants ............................................... 0.79
Marine .................................................... 0.79
Automotive Retail ......................................... 0.78
Broadcasting .............................................. 0.76
Data Processing & Outsourced Services ..................... 0.76
Construction & Engineering ................................ 0.39
Retail REIT's ............................................. 0.15
Asset Management & Custody Banks .......................... 0.15
--------
Long Term Investments ..................................... 99.21
Total Investments ......................................... 99.21
Net Other Assets and Liabilities .......................... 0.79
--------
100.00%
========
See Notes to Financial Statements.
22
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL OPPORTUNITIES FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- ------------------
COMMON STOCKS - 95.60%
BELGIUM - 1.52%
5,083 Anheuser-Busch InBev N.V. ............... $ 202,239
-----------------
BRAZIL - 4.20%
3,700 BRF - Brasil Foods S.A., ADR * .......... 163,244
21,588 Cia Brasileira de Meios de Pagamento * .. 207,115
4,595 Petroleo Brasileiro S.A., ADR ........... 189,498
-----------------
559,857
-----------------
CANADA - 3.10%
7,116 Kinross Gold Corp. ...................... 140,371
6,510 Shoppers Drug Mart Corp. ................ 272,003
-----------------
412,374
-----------------
CHINA - 3.61%
413,000 Bank of China, Ltd., Class H ............ 205,699
6,500 China Medical Technologies,
Inc., ADR * ............................. 102,895
19,500 Ping An Insurance (Group) Co.
of China, Ltd., Class H ................. 172,480
-----------------
481,074
-----------------
FRANCE - 0.82%
3,158 Veolia Environnement .................... 108,611
-----------------
GERMANY - 1.35%
1,191 Muenchener Rueckversicherungs-
Gesellschaft AG ......................... 180,091
-----------------
HONG KONG - 1.58%
57,000 Hang Lung Properties, Ltd. .............. 210,715
-----------------
IRELAND - 2.06%
7,250 Covidien plc ............................ 274,123
-----------------
ITALY - 0.99%
4,868 Saipem SpA .............................. 131,829
-----------------
JAPAN - 5.04%
8,700 Makita Corp. ............................ 216,063
600 Nintendo Co., Ltd. ...................... 162,262
1,300 SMC Corp. ............................... 146,726
27,000 The Bank of Yokohama, Ltd. .............. 146,378
-----------------
671,429
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
NETHERLANDS - 0.90%
3,458 Randstad Holding N.V. * ................. $ 119,767
-----------------
SINGAPORE - 10.39%
82,000 Capitaland, Ltd. ........................ 217,656
41,000 DBS Group Holdings, Ltd. ................ 395,428
333,000 Genting Singapore plc * ................. 195,522
29,000 Keppel Corp., Ltd. ...................... 169,065
6,000 Singapore Airlines, Ltd. ................ 56,283
84,000 Wilmar International, Ltd. .............. 349,623
-----------------
1,383,577
-----------------
SPAIN - 1.25%
3,555 Red Electrica Corp., S.A. ............... 167,057
-----------------
SWITZERLAND - 7.32%
10,922 ABB, Ltd. * ............................. 199,502
1,232 Lonza Group AG .......................... 122,087
1,262 Roche Holding AG ........................ 198,987
31,097 UBS AG * ................................ 454,240
-----------------
974,816
-----------------
TAIWAN - 2.37%
56,000 Hon Hai Precision Industry Co., Ltd. .... 192,880
171,000 Yuanta Financial Holding Co., Ltd. * .... 123,006
-----------------
315,886
-----------------
UNITED KINGDOM - 10.12%
6,467 Autonomy Corp., plc * ................... 126,933
3,107 Cairn Energy plc * ...................... 124,354
29,545 Man Group plc ........................... 136,586
31,944 Serco Group plc ......................... 215,311
43,792 Tesco plc ............................... 268,835
143,264 Vodafone Group plc ...................... 293,640
13,450 Xstrata plc ............................. 181,583
-----------------
1,347,242
-----------------
UNITED STATES - 38.98%
7,963 American Tower Corp., Class A * ......... 271,459
2,118 Apple, Inc. * ........................... 346,060
12,635 Bristol-Myers Squibb Co. ................ 274,685
15,808 Cisco Systems, Inc. * ................... 347,934
10,163 Corrections Corporation of America * .... 175,413
5,000 CSX Corp. ............................... 200,600
1,839 Equinix, Inc. * ......................... 150,301
2,469 Express Scripts, Inc. * ................. 172,929
1,000 Goldman Sachs Group, Inc. ............... 163,300
See Notes to Financial Statements.
23
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL OPPORTUNITIES FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- ------------------
UNITED STATES - (continued)
2,611 Hess Corp. .............................. $ 144,127
1,500 Jones Lang LaSalle, Inc. ................ 56,940
5,798 Lazard, Ltd., Class A ................... 214,468
1,984 Lorillard, Inc. ......................... 146,260
12,300 Lowe's Cos, Inc. ........................ 276,258
6,282 Marathon Oil Corp. ...................... 202,595
10,300 Microsoft Corp. ......................... 242,256
2,800 Molson Coors Brewing Co., Class B ....... 126,588
3,431 Northern Trust Corp. .................... 205,208
4,831 PepsiCo, Inc. ........................... 274,159
2,132 Praxair, Inc. ........................... 166,680
11,600 Quanta Services, Inc. * ................. 270,396
4,343 Range Resources Corp. ................... 201,559
6,412 Republic Services, Inc. ................. 170,559
5,300 Solera Holdings, Inc. * ................. 142,729
5,470 Thermo Fisher Scientific, Inc.* ......... 247,682
-----------------
5,191,145
-----------------
TOTAL COMMON STOCK
(Cost $10,312,091) ...................... 12,731,832
-----------------
PREFERRED STOCK - 2.12%
GERMANY - 2.12%
4,982 Fresenius SE ............................ 282,471
-----------------
TOTAL PREFERRED STOCK
(Cost $266,724) ......................... 282,471
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $10,578,815) ...................... 13,014,303
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
SHORT TERM INVESTMENT - 2.44%
324,329 Fidelity Institutional Treasury
Portfolio ............................... $ 324,329
-----------------
TOTAL SHORT TERM INVESTMENT
(Cost $324,329) ......................... 324,329
-----------------
TOTAL INVESTMENTS - 100.16%
(Cost $10,903,144) ...................... 13,338,632
-----------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% ................ (21,428)
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 13,317,204
=================
* Non income producing security
ADR American Depositary Receipts
See Notes to Financial Statements.
24
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL OPPORTUNITIES FUND
JULY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------------------------------------
Health Care Equipment ..................................... 4.95%
Diversified Banks ......................................... 4.51
Wireless Telecommunication Services ....................... 4.25
Integrated Oil & Gas ...................................... 4.02
Investment Banking & Brokerage ............................ 3.76
Pharmaceuticals ........................................... 3.55
Diversified Capital Markets ............................... 3.41
Diversified Real Estate Activities ........................ 3.21
Environmental & Facilities Services ....................... 2.90
Life Sciences Tools & Services ............................ 2.78
Agricultural Products ..................................... 2.63
Communications Equipment .................................. 2.61
Computer Hardware ......................................... 2.60
Asset Management & Custody Banks .......................... 2.57
Brewers ................................................... 2.47
Oil & Gas Exploration & Production ........................ 2.44
Home Improvement Retail ................................... 2.08
Soft Drinks ............................................... 2.06
Drug Retail ............................................... 2.04
Construction & Engineering ................................ 2.03
Application Software ...................................... 2.02
Food Retail ............................................... 2.02
Systems Software .......................................... 1.82
Household Appliances ...................................... 1.62
Data Processing & Outsourced Services ..................... 1.56
Railroads ................................................. 1.51
Heavy Electrical Equipment ................................ 1.50
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------------------------------------
Casinos & Gaming .......................................... 1.47%
Electronic Manufacturing Services ......................... 1.45
Diversified Metals & Mining ............................... 1.36
Reinsurance ............................................... 1.35
Security & Alarm Services ................................. 1.32
Health Care Services ...................................... 1.30
Life & Health Insurance ................................... 1.30
Industrial Conglomerates .................................. 1.27
Electric Utilities ........................................ 1.25
Industrial Gases .......................................... 1.25
Packaged Foods & Meats .................................... 1.23
Home Entertainment Software ............................... 1.22
Internet Software & Services .............................. 1.13
Industrial Machinery ...................................... 1.10
Regional Banks ............................................ 1.10
Tobacco ................................................... 1.10
Gold ...................................................... 1.06
Oil & Gas Equipment & Services ............................ 0.99
Human Resource & Employment Services ...................... 0.90
Multi-Utilities ........................................... 0.82
Real Estate Services ...................................... 0.43
Airlines .................................................. 0.42
--------
Long Term Investments ..................................... 97.74
Short Term Investment ..................................... 2.44
--------
Total Investments ......................................... 100.18
Net Other Assets and Liabilities .......................... (0.18)
--------
.......................................................... 100.00%
========
See Notes to Financial Statements.
25
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL TECHNOLOGY FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- ------------------
COMMON STOCKS - 92.88%
CHINA - 11.21%
5,303 Baidu.com, Inc., ADR * .................. $ 1,846,186
73,265 Ctrip.com International,
Ltd., ADR * ............................. 3,754,831
45,044 NetEase.com, Inc., ADR * ................ 1,984,639
31,047 Shanda Interactive
Entertainment,
Ltd., ADR * ............................. 1,539,310
318,154 Tencent Holdings, Ltd. .................. 4,298,130
-----------------
13,423,096
-----------------
FRANCE - 1.44%
54,174 Meetic * ................................ 1,725,737
-----------------
GERMANY - 1.58%
40,152 SAP AG .................................. 1,888,545
-----------------
JAPAN - 1.42%
6,300 Nintendo Co., Ltd. ...................... 1,703,746
-----------------
KOREA - 4.58%
11,644 NHN Corp. * ............................. 1,692,277
6,425 Samsung Electronics Co., Ltd. ........... 3,787,412
-----------------
5,479,689
-----------------
SWITZERLAND - 1.18%
70,218 Temenos Group AG * ...................... 1,406,134
-----------------
TAIWAN - 9.65%
124,000 HTC, Corp. * ............................ 1,691,356
262,488 MediaTek, Inc. .......................... 3,772,345
1,387,410 Radiant Opto-Electronics Corp. .......... 2,010,831
1,396,000 Siliconware Precision Industries Co. .... 1,876,481
1,105,000 Wistron Corp. ........................... 2,202,725
-----------------
11,553,738
-----------------
VALUE
SHARES (NOTE 2)
- -------------- ------------------
UNITED KINGDOM - 2.92%
178,190 Autonomy Corp., plc * ................... $ 3,497,476
-----------------
UNITED STATES - 58.90%
157,246 Activision Blizzard, Inc. * ............. 1,800,467
54,239 Adobe Systems, Inc. * ................... 1,758,428
40,926 Amazon.com, Inc. * ...................... 3,509,814
46,422 Amphenol Corp., Class A .. .............. 1,548,174
26,157 Apple, Inc. * ........................... 4,273,792
170,177 Cisco Systems, Inc. * ................... 3,745,596
60,750 Cognizant Technology Solutions Corp. * .. 1,797,592
52,672 Concur Technologies, Inc. * ............. 1,816,657
112,095 Corning, Inc. ........................... 1,905,615
10,315 First Solar, Inc. * ..................... 1,592,533
8,193 Google, Inc., Class A * ................. 3,629,909
85,458 Hewlett-Packard Co. ..................... 3,700,331
193,230 Intel Corp. ............................. 3,719,677
30,309 International Business
Machines Corp. .......................... 3,574,340
59,194 Intuit, Inc. * .......................... 1,758,062
77,631 McAfee, Inc. * .......................... 3,460,790
61,932 MercadoLibre, Inc. * .................... 1,784,880
75,475 Microsoft Corp. ......................... 1,775,172
40,339 NetFlix, Inc. * ......................... 1,772,496
228,335 ON Semiconductor Corp. * ................ 1,666,846
79,722 Oracle Corp. ............................ 1,764,248
15,355 Priceline.com, Inc. * ................... 1,990,315
78,614 QUALCOMM, Inc. .......................... 3,632,753
145,595 Skyworks Solutions, Inc. * .............. 1,758,788
144,205 Starent Networks Corp. * ................ 3,458,036
44,634 Sybase, Inc. * .......................... 1,597,897
111,533 Tekelec * ............................... 2,051,092
88,836 VistaPrint, Ltd. * ...................... 3,664,485
-----------------
70,508,785
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $84,888,444) ...................... 111,186,946
-----------------
See Notes to Financial Statements.
26
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL TECHNOLOGY FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- ------------------
SHORT TERM INVESTMENT - 3.72%
4,458,772 Fidelity Institutional
Treasury Portfolio ...................... $ 4,458,772
-----------------
TOTAL SHORT TERM INVESTMENT
(Cost $4,458,772) ....................... 4,458,772
-----------------
TOTAL INVESTMENTS - 96.60%
(Cost $89,347,216) ...................... 115,645,718
-----------------
NET OTHER ASSETS AND LIABILITIES - 3.40% .................. 4,064,465
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 119,710,183
=================
* Non income producing security
ADR American Depositary Receipt
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- ----------------------------------------------------------------------------
Internet Software & Services .............................. 17.22%
Semiconductors ............................................ 15.53
Computer Hardware ......................................... 12.90
Communications Equipment .................................. 10.77
Application Software ...................................... 10.13
Systems Software .......................................... 7.18
Internet Retail ........................................... 6.08
Home Entertainment Software ............................... 4.21
Hotels, Resorts & Cruise Lines ............................ 3.14
Electronic Components ..................................... 2.89
IT Consulting & Other Services ............................ 1.50
Electrical Components & Equipment ......................... 1.33
--------
Long Term Investments ..................................... 92.88
Short Term Investment ..................................... 3.72
--------
Total Investments ......................................... 96.60
Net Other Assets and Liabilities .......................... 3.40
--------
100.00%
========
See Notes to Financial Statements.
27
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INDUSTRIES OF THE FUTURE FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- -----------------
COMMON STOCKS - 93.93%
AUSTRALIA - 1.02%
6,148 Ceramic Fuel Cells, Ltd. * .............. $ 899
325 CSL, Ltd. ............................... 8,304
2,402 Plantic Technologies, Ltd. * ............ 451
-----------------
9,654
-----------------
AUSTRIA - 1.56%
168 Intercell AG * .......................... 6,161
177 Oesterreichische
Elektrizitaetswirtschafts AG, Class A ... 8,625
-----------------
14,786
-----------------
CANADA - 1.57%
166 Dorel Industries, Inc. Class B .......... 3,853
916 Newalta, Inc. ........................... 4,447
261 Stantec, Inc. * ......................... 6,561
-----------------
14,861
-----------------
CHINA - 0.90%
13,624 China South Locomotive &
Rolling Stock Corp., Ltd., Class H ...... 8,508
-----------------
DENMARK - 0.62%
83 Vestas Wind Systems A/S * 5,846
-----------------
FRANCE - 6.26%
167 Essilor International S.A. .............. 9,259
122 Eurofins Scientific ..................... 6,920
141 Nexans S.A. ............................. 9,488
160 Orpea * ................................. 7,603
175 Schneider Electric S.A. ................. 15,898
291 Veolia Environnement .................... 10,008
-----------------
59,176
-----------------
GERMANY - 3.02%
107 Centrotherm Photovoltaics AG * .......... 5,539
141 Envitec Biogas AG ....................... 2,804
303 Gerresheimer AG ......................... 6,785
142 Linde AG ................................ 13,402
-----------------
28,530
-----------------
VALUE
SHARES (NOTE 2)
- -------------- -----------------
HONG KONG - 1.17%
28,927 China Everbright International, Ltd. .... $ 11,048
-----------------
IRELAND - 1.67%
1,407 Experian plc ............................ 11,611
622 Kingspan Group plc ...................... 4,184
-----------------
15,795
-----------------
ITALY - 2.67%
460 Ansaldo STS SpA ......................... 9,317
4,355 Hera SpA ................................ 10,738
1,116 Landi Renzo SpA ......................... 5,209
-----------------
25,264
-----------------
JAPAN - 7.01%
300 Benesse Corp. ........................... 12,999
300 Daiseki Co., Ltd. ....................... 6,563
100 East Japan Railway Co. .................. 5,738
500 Horiba, Ltd. ............................ 11,810
300 Secom Co., Ltd. ......................... 12,840
400 Shimano, Inc. ........................... 16,401
-----------------
66,351
-----------------
KOREA - 0.54%
290 Woongjin Thinkbig Co., Ltd. ............. 5,065
-----------------
NETHERLANDS - 2.78%
526 Arcadis N.V. ............................ 9,926
866 Qiagen N.V. * ........................... 16,419
-----------------
26,345
-----------------
NORWAY - 0.47%
1,164 Tomra Systems ASA ....................... 4,425
-----------------
SINGAPORE - 1.37%
12,000 ComfortDelgro Corp., Ltd. ............... 12,924
-----------------
SPAIN - 1.10%
2,252 Iberdrola Renovables S.A. ............... 10,400
-----------------
SWEDEN - 1.06%
669 Getinge AB, B Shares .................... 10,013
-----------------
SWITZERLAND - 2.83%
81 Alcon, Inc. ............................. 10,336
94 Geberit AG .............................. 13,115
7 Gurit Holding AG ........................ 3,308
-----------------
26,759
-----------------
See Notes to Financial Statements.
28
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INDUSTRIES OF THE FUTURE FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- -----------------
UNITED KINGDOM - 7.89%
382 Berkeley Group Holdings plc * ........... $ 5,271
5,166 Clean Air Power Ltd. * .................. 2,114
2,656 Eaga plc ................................ 5,513
1,503 FirstGroup plc .......................... 8,323
2,860 Informa plc ............................. 11,454
717 Intertek Group plc ...................... 12,444
1,818 Plant Health Care plc * ................. 6,165
1,302 Reed Elsevier plc ....................... 9,205
7,853 Sirius Real Estate, Ltd. * .............. 2,742
844 Synergy Health plc ...................... 6,933
2,698 Trading Emissions plc ................... 4,530
-----------------
74,694
-----------------
UNITED STATES - 48.42%
479 Acuity Brands, Inc. ..................... 14,135
583 Agilent Technologies, Inc. * ............ 13,537
314 Amedisys, Inc. * ........................ 14,039
218 Apollo Group, Inc., Class A * ........... 15,051
110 C.R. Bard, Inc. ......................... 8,093
475 Covanta Holding Corp. * ................. 8,023
234 Danaher Corp. ........................... 14,330
165 DaVita, Inc. * .......................... 8,201
192 DeVry, Inc. ............................. 9,550
417 Emerson Electric Co. .................... 15,170
635 Energy Recovery, Inc. * ................. 4,439
104 Haemonetics Corp. * ..................... 6,137
344 Henry Schein, Inc. * .................... 17,675
179 HMS Holdings Corp. * .................... 6,874
348 IDEX Corp. .............................. 9,493
157 Itron, Inc. * ........................... 8,191
421 Johnson Controls, Inc. .................. 10,895
269 Life Technologies Corp. * ............... 12,248
441 LKQ Corp. * ............................. 7,912
367 Masimo Corp. * .......................... 8,973
348 MEDNAX, Inc. * .......................... 16,130
435 Meridian Bioscience, Inc. ............... 9,579
167 Millipore Corp. * ....................... 11,623
266 Mindray Medical International,
Ltd., ADR ............................... 7,906
941 Nalco Holding Co. ....................... 16,646
170 NuVasive, Inc. * ........................ 7,036
158 Ocean Power Technologies, Inc. * ........ 765
221 Ormat Technologies, Inc. ................ 8,749
320 Pentair, Inc. ........................... 8,742
633 Polycom, Inc. ........................... 15,034
3,066 Polyfuel, Inc. (a)(b)* .................. --
352 Psychiatric Solutions, Inc. * ........... 9,511
VALUE
SHARES (NOTE 2)
- -------------- -----------------
UNITED STATES - (continued)
669 Quanta Services, Inc. * ................. $ 15,594
298 Quest Diagnostics, Inc. ................. 16,277
256 Regal-Beloit Corp. ...................... 11,868
329 Roper Industries, Inc. .................. 15,733
249 Stericycle, Inc. * ...................... 12,749
324 Thermo Fisher Scientific, Inc. * ........ 14,671
521 Tyco International, Ltd. ................ 15,745
264 Union Pacific Corp. ..................... 15,185
5,781 Wasion Group Holdings Ltd. .............. 5,557
745 Yingli Green Energy Holding
Co., Ltd., ADR * ........................ 9,886
-----------------
457,952
-----------------
TOTAL COMMON STOCK
(Cost $858,891) ......................... 888,396
-----------------
PREFERRED STOCK - 1.47%
GERMANY - 1.47%
245 Fresenius SE ............................ 13,891
-----------------
TOTAL PREFERRED STOCK
(Cost $16,061) .......................... 13,891
-----------------
WARRANTS - --%
UNITED KINGDOM - 0.00%
2,023 Clean Air Power Ltd.
Expires 05/14/12 (c) .................... --
-----------------
TOTAL WARRANTS
(Cost $--) .............................. --
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $874,952) ......................... 902,287
-----------------
See Notes to Financial Statements.
29
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INDUSTRIES OF THE FUTURE FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- -----------------
SHORT TERM INVESTMENT - 3.02%
28,541 Fidelity Institutional Treasury
Portfolio ............................... $ 28,541
-----------------
TOTAL SHORT TERM INVESTMENT
(Cost $28,541) .......................... 28,541
-----------------
TOTAL INVESTMENTS - 98.42%
(Cost $903,493) ......................... 930,828
-----------------
NET OTHER ASSETS AND LIABILITIES - 1.58% 14,982
-----------------
TOTAL NET ASSETS - 100.00% $ 945,810
=================
* Non income producing security
(a) Fair valued at July 31, 2009 as determined in good faith using procedures
approved by the Trustees of the Trust.
(b) The security has been deemed illiquid according to the polices and
procedures adopted by the Board of Trustees.
(c) The security had no value as of July 31, 2009.
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Electrical Components & Equipment ......................... 10.40%
Life Sciences Tools & Services ............................ 7.26
Health Care Services ...................................... 7.24
Health Care Equipment ..................................... 5.91
Environmental & Facilities Services ....................... 5.00
Electronic Equipment & Instruments ........................ 4.13
Education Services ........................................ 3.98
Industrial Machinery ...................................... 3.91
Health Care Supplies ...................................... 3.73
Research & Consulting Services ............................ 3.24
Publishing ................................................ 2.72
Construction & Engineering ................................ 2.70
Trucking .................................................. 2.25
Railroads ................................................. 2.21
Multi-Utilities ........................................... 2.19
Specialty Chemicals ....................................... 2.11
Independent Power Producers & Energy Traders .............. 2.03
Health Care Distributors .................................. 1.87
Building Products ......................................... 1.83
Health Care Facilities .................................... 1.81
Leisure Products .......................................... 1.73
Auto Parts & Equipment .................................... 1.70
Industrial Conglomerates .................................. 1.67
Communications Equipment .................................. 1.59
Biotechnology ............................................. 1.53
Industrial Gases .......................................... 1.42
Security & Alarm Services ................................. 1.36
Homebuilding .............................................. 1.14
Construction & Farm Machinery & Heavy Trucks .............. 1.12
Highways & Railtracks ..................................... 0.99
Electric Utilities ........................................ 0.91
Distributors .............................................. 0.84
Heavy Electrical Equipment ................................ 0.70
Fertilizers & Agricultural Chemicals ...................... 0.65
Specialized Finance ....................................... 0.48
Home Furnishings .......................................... 0.41
Coal & Consumable Fuels ................................... 0.30
Real Estate Operating Companies ........................... 0.29
Commodity Chemicals ....................................... 0.05
-------------
Long Term Investments ..................................... 95.40
Short Term Investment ..................................... 3.02
-------------
Total Investments ......................................... 98.42
Net Other Assets and Liabilities .......................... 1.58
-------------
100.00%
=============
See Notes to Financial Statements.
30
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INTERNATIONAL OPPORTUNITIES FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- -----------------
COMMON STOCKS - 90.15%
AUSTRALIA - 1.08%
1,946,013 QBE Insurance Group, Ltd. ............... $ 31,737,177
-----------------
CHINA - 6.32%
114,979,000 Bank of China, Ltd., Class H ............ 57,266,590
30,985,000 China Communications Construction Co.,
Ltd., Class H ........................... 40,220,270
224,323 Ctrip.com International, Ltd., ADR * .... 11,496,554
55,000,000 Industrial & Commercial Bank of China,
Ltd., Class H ........................... 39,599,744
21,000,000 PetroChina Co., Ltd., Class H ........... 25,010,161
867,400 Tencent Holdings, Ltd. .................. 11,718,219
-----------------
185,311,538
-----------------
FINLAND - 3.89%
4,125,000 Nokia Oyj ............................... 54,913,220
2,824,275 Sampo Oyj, A Shares ..................... 58,972,657
-----------------
113,885,877
-----------------
FRANCE - 12.51%
1,400,000 Carrefour S.A. .......................... 65,719,128
1,395,373 Essilor International S.A. .............. 77,365,262
1,500,000 France Telecom S.A. ..................... 37,435,487
1,250,000 Sanofi-Aventis S.A. ..................... 81,883,448
1,103,740 Sodexho Alliance S.A. ................... 58,112,527
1,800,000 Vivendi Universal S.A. .................. 46,243,837
-----------------
366,759,689
-----------------
GERMANY - 2.16%
799,770 Deutsche Boerse AG ...................... 63,379,088
-----------------
HONG KONG - 3.89%
6,060,000 China Mobile, Ltd. ...................... 63,805,524
24,622,000 Sino Land Co., Ltd. ..................... 50,260,326
-----------------
114,065,850
-----------------
INDIA - 1.33%
4,560,000 Bharti Airtel, Ltd. ..................... 39,085,714
-----------------
IRELAND - 2.30%
2,794,285 CRH plc ................................. 67,387,159
-----------------
VALUE
SHARES (NOTE 2)
- -------------- -----------------
JAPAN - 18.76%
10,593,000 Daiwa Securities Group, Inc. ............ $ 62,690,409
845,300 Disco Corp. ............................. 44,308,460
5,661,100 Leopalace21 Corp. ....................... 48,519,441
247,500 Nintendo Co., Ltd. ...................... 66,932,893
3,419,000 NSD Co., Ltd. (a) ....................... 35,951,440
44,487 NTT DoCoMo, Inc. ........................ 64,503,212
8,691,000 Sekisui Chemical Co., Ltd. .............. 51,342,341
1,580,600 Sumitomo Mitsui Financial Group, Inc. ... 67,650,515
1,036,600 TDK Corp. ............................... 54,555,012
3,585,000 Yamato Holdings Co., Ltd. ............... 53,306,156
-----------------
549,759,879
-----------------
LUXEMBOURG - 1.64%
1,335,000 ArcelorMittal ........................... 48,045,059
-----------------
NETHERLANDS - 2.76%
1,472,010 Akzo Nobel N.V. ......................... 80,764,623
-----------------
RUSSIA - 1.68%
2,382,835 OAO Gazprom, ADR ........................ 49,205,543
-----------------
SINGAPORE - 3.40%
6,793,500 DBS Group Holdings, Ltd. ................ 65,520,467
5,850,000 Keppel Corp., Ltd. ...................... 34,104,506
-----------------
99,624,973
-----------------
SPAIN - 2.29%
1,245,344 Industria de Diseno Textil S.A. ......... 66,988,047
-----------------
SWITZERLAND - 11.38%
3,225,330 ABB, Ltd. * ............................. 58,913,996
865,199 Compagnie Financiere Richemont S.A. ..... 21,260,587
679,442 Kuehne & Nagel International AG ......... 56,585,728
450,000 Roche Holding AG ........................ 70,954,007
4,650,000 UBS AG * ................................ 67,923,548
294,728 Zurich Financial Services AG ............ 57,916,886
-----------------
333,554,752
-----------------
TAIWAN - 0.33%
662,914 MediaTek, Inc. .......................... 9,527,065
-----------------
UNITED KINGDOM - 12.40%
506,242 Autonomy Corp., plc * ................... 9,936,412
13,300,000 Barclays plc ............................ 67,161,955
2,000,000 Cairn Energy plc * ...................... 80,047,975
6,151,491 Capita Group plc ........................ 68,590,695
2,418,242 Hochschild Mining plc ................... 10,078,685
See Notes to Financial Statements.
31
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INTERNATIONAL OPPORTUNITIES FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -------------- -----------------
UNITED KINGDOM - (continued)
1,850,000 Imperial Tobacco Group plc .............. $ 52,875,597
1,553,552 Reckitt Benckiser Group plc ............. 74,635,976
-----------------
363,327,295
-----------------
UNITED STATES - 2.03%
55,159 Apple, Inc. * ........................... 9,012,429
38,654 First Solar, Inc. * ..................... 5,967,791
24,328 Google, Inc., Class A * ................. 10,778,520
242,643 McAfee, Inc. * .......................... 10,817,025
225,266 QUALCOMM, Inc. .......................... 10,409,542
142,432 Tekelec * ............................... 2,619,325
241,280 VistaPrint, Ltd. * ...................... 9,952,800
-----------------
59,557,432
-----------------
TOTAL COMMON STOCK
(Cost $2,554,917,663) ................... 2,641,966,760
-----------------
PREFERRED STOCK - 2.57%
GERMANY - 2.57%
1,327,292 Fresenius AG ............................ 75,255,343
-----------------
TOTAL PREFERRED STOCK
(Cost $75,307,444) ...................... 75,255,343
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $2,630,225,107) ................... 2,717,222,103
-----------------
SHORT TERM INVESTMENTS - 6.08%
128,283,324 Fidelity Institutional Treasury
Portfolio ............................... 128,283,324
50,000,000 Henderson Money Market Fund (a) ......... 50,000,000
-----------------
TOTAL SHORT TERM INVESTMENT
(Cost $178,283,324) ..................... 178,283,324
-----------------
TOTAL INVESTMENTS - 98.80%
(Cost $2,808,508,431) ................... 2,895,505,427
-----------------
NET OTHER ASSETS AND LIABILITIES - 1.20% .................. 35,122,773
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 2,930,628,200
=================
* Non income producing security
(a) Affiliated holding, see notes to financial statements for further
information.
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Diversified Banks ......................................... 10.14%
Wireless Telecommunication Services ....................... 5.71
Pharmaceuticals ........................................... 5.21
Multi-line Insurance ...................................... 3.99
Diversified Chemicals ..................................... 2.76
Oil & Gas Exploration & Production ........................ 2.73
Health Care Supplies ...................................... 2.64
Health Care Equipment ..................................... 2.57
Household Products ........................................ 2.55
Integrated Oil & Gas ...................................... 2.53
Human Resource & Employment Services ...................... 2.34
Communications Equipment .................................. 2.32
Diversified Capital Markets ............................... 2.32
Construction Materials .................................... 2.30
Apparel Retail ............................................ 2.29
Home Entertainment Software ............................... 2.28
Hypermarkets & Super Centers .............................. 2.24
Specialized Finance ....................................... 2.16
Investment Banking & Brokerage ............................ 2.14
Heavy Electrical Equipment ................................ 2.01
Restaurants ............................................... 1.98
Marine .................................................... 1.93
Electronic Components ..................................... 1.86
Air Freight & Logistics ................................... 1.82
Tobacco ................................................... 1.80
Homebuilding .............................................. 1.75
Real Estate Development ................................... 1.72
Diversified Real Estate Activities ........................ 1.66
Steel ..................................................... 1.64
Movies & Entertainment .................................... 1.58
Application Software ...................................... 1.57
Semiconductor Equipment ................................... 1.51
Construction & Engineering ................................ 1.37
Integrated Telecommunication Services ..................... 1.28
Industrial Conglomerates .................................. 1.16
Internet Software & Services .............................. 1.11
Property & Casualty Insurance ............................. 1.08
Apparel, Accessories & Luxury Goods ....................... 0.73
Hotels, Resorts & Cruise Lines ............................ 0.39
Systems Software .......................................... 0.37
Precious Metals & Minerals ................................ 0.34
Semiconductors ............................................ 0.33
Computer Hardware ......................................... 0.31
Electrical Components & Equipment ......................... 0.20
------------
Long Term Investments ..................................... 92.72
Short Term Investment ..................................... 6.08
------------
Total Investments ......................................... 98.80
Net Other Assets and Liabilities .......................... 1.20
------------
100.00%
============
See Notes to Financial Statements.
32
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
JAPAN-ASIA FOCUS FUND
JULY 31, 2009
VALUE
SHARES (NOTE 2)
- -------------- -----------------
COMMON STOCKS - 99.24%
HONG KONG - 5.15%
63,000 China Mobile, Ltd. ...................... $ 663,325
449,000 Sino Land Co., Ltd. ..................... 916,533
-----------------
1,579,858
-----------------
JAPAN - 91.40%
25,800 ABC-Mart, Inc. .......................... 737,532
53,400 Asahi Breweries, Ltd. ................... 849,321
55,300 Bridgestone Corp. ....................... 960,774
28,400 Canon, Inc. ............................. 1,059,466
38,600 Credit Saison Co., Ltd. ................. 504,197
93,000 Daiwa House Industry Co., Ltd. .......... 962,188
171,000 Daiwa Securities Group, Inc. ............ 1,011,995
9,500 Disco Corp. ............................. 497,966
18,390 Hakuhodo DY Holdings, Inc. .............. 1,010,600
33,490 Hitachi Systems & Services, Ltd. ........ 755,626
95,700 Leopalace21 Corp. ....................... 820,213
225,900 Mitsubishi UFJ Financial Group, Inc. .... 1,351,222
46,000 Mitsui Sumitomo Insurance
Group Holdings, Inc. .................... 1,181,295
432,900 Mizuho Financial Group, Inc. ............ 983,604
10,900 Murata Manufacturing Co., Ltd. .......... 534,489
4,000 Nintendo Co., Ltd. ...................... 1,081,744
34,500 NS Solutions Corp. ...................... 614,711
44,500 NSD Co., Ltd. ........................... 467,926
1,038 NTT DoCoMo, Inc. ........................ 1,505,031
58,200 Otsuka Kagu, Ltd. ....................... 510,499
22,300 Secom Co., Ltd. ......................... 954,452
146,000 Sekisui Chemical Co., Ltd. .............. 862,499
29,200 Seven & I Holdings Co., Ltd. ............ 685,062
17,600 Shin-Etsu Chemical Co., Ltd. ............ 948,586
33,900 Sumitomo Mitsui Financial Group, Inc. ... 1,450,938
26,000 Takeda Pharmaceutical Co., Ltd. ......... 1,052,365
12,500 TDK Corp. ............................... 657,860
44,300 Tokyo Broadcasting System, Inc. ......... 696,160
275 West Japan Railway Co. .................. 877,675
27,300 Xebio Co., Ltd. ......................... 592,882
14,090 Yamada Denki Co., Ltd. .................. 881,509
65,000 Yamato Holdings Co., Ltd. ............... 966,499
-----------------
28,026,886
-----------------
VALUE
SHARES (NOTE 2)
- -------------- -----------------
SINGAPORE - 2.69%
85,500 DBS Group Holdings, Ltd. ................ $ 824,612
-----------------
TOTAL LONG TERM INVESTMENTS
(Cost $30,638,009) ...................... 30,431,356
-----------------
TOTAL INVESTMENTS - 99.24%
(Cost $30,638,009) ...................... 30,431,356
-----------------
NET OTHER ASSETS AND LIABILITIES - 0.76% .................. 231,714
-----------------
TOTAL NET ASSETS - 100.00% ................................ $ 30,663,070
=================
See Notes to Financial Statements.
33
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
JAPAN-ASIA FOCUS FUND
JULY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Diversified Banks ......................................... 15.04%
Wireless Telecommunication Services ....................... 7.07
Diversified Real Estate Activities ........................ 5.81
IT Consulting & Other Services ............................ 4.47
Electronic Components ..................................... 3.89
Property & Casualty Insurance ............................. 3.85
Home Entertainment Software ............................... 3.53
Office Electronics ........................................ 3.46
Pharmaceuticals ........................................... 3.43
Investment Banking & Brokerage ............................ 3.30
Advertising ............................................... 3.30
Air Freight & Logistics ................................... 3.15
Tires & Rubber ............................................ 3.13
Security & Alarm Services ................................. 3.11
Specialty Chemicals ....................................... 3.09
Real Estate Development ................................... 2.99
Computer & Electronics Retail ............................. 2.88
Railroads ................................................. 2.86
Homebuilding .............................................. 2.81
Brewers ................................................... 2.77
Apparel Retail ............................................ 2.41
Broadcasting .............................................. 2.27
Food Retail ............................................... 2.23
Specialty Stores .......................................... 1.93
Homefurnishing Retail ..................................... 1.67
Consumer Finance .......................................... 1.64
Semiconductor Equipment ................................... 1.62
Application Software ...................................... 1.53
-----------
Long Term Investments ..................................... 99.24
Total Investments ......................................... 99.24
Net Other Assets and Liabilities .......................... 0.76
-----------
100.00%
===========
See Notes to Financial Statements.
34
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
WORLDWIDE INCOME FUND
JULY 31, 2009
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- ----------------- ------ -------- --------------
CORPORATE BONDS - 88.85%
CANADA - 2.03%
EUR 1,000,000 Bombardier, Inc. ........................................... 7.250% 11/15/16 $ 1,297,022
--------------
DENMARK - 2.55%
EUR 1,350,000 FS Funding AS .............................................. 8.875 5/15/16 1,625,910
--------------
FRANCE - 5.90%
USD 1,500,000 Credit Agricole S.A. (a)(b) ................................ 6.637 5/31/17 946,263
EUR 1,120,000 Crown European Holdings S.A. ............................... 6.250 9/1/11 1,580,372
EUR 1,000,000 Rhodia S.A. (c) ............................................ 3.746 10/15/13 1,236,447
--------------
3,763,082
--------------
GERMANY - 7.21%
EUR 1,100,000 Cognis GmbH ................................................ 9.500 5/15/14 1,387,529
USD 1,100,000 Kabel Deutschland GmbH ..................................... 10.625 7/1/14 1,157,750
EUR 1,500,000 UnityMedia Hessen GmbH (c) ................................. 3.778 4/15/13 2,052,431
--------------
4,597,710
--------------
IRELAND - 1.31%
EUR 300,000 BCM Ireland Finance, Ltd. (b)(c) ........................... 6.281 8/15/16 239,450
EUR 745,000 BCM Ireland Finance, Ltd. .................................. 6.281 8/15/16 594,635
--------------
834,085
--------------
ITALY - 4.55%
EUR 900,000 Lottomatica SpA (a) ........................................ 8.250 3/31/16 1,096,768
USD 750,000 Wind Acquisition Finance S.A. (b) .......................... 10.750 12/1/15 798,750
EUR 700,000 Wind Acquisition Finance S.A ............................... 9.750 12/1/15 1,007,687
--------------
2,903,205
--------------
LUXEMBOURG - 4.56%
EUR 1,100,000 Cablecom Luxembourg SCA .................................... 8.000 11/1/16 1,411,046
GBP 400,000 Glencore Finance Europe S.A. ............................... 6.500 2/27/19 563,263
EUR 2,300,000 Hellas Telecommunications Luxembourg II (c) ................ 6.996 1/15/15 934,284
--------------
2,908,593
--------------
NETHERLANDS - 5.60%
USD 625,000 Allianz Finance II B.V. (a) ................................ 7.250 9/10/09 567,500
USD 2,000,000 Arran Corporate Loans B.V., Class E3 (c)(d)(e) ............. 3.859 6/20/25 360,000
GBP 500,000 Heineken N.V. .............................................. 7.250 3/10/15 861,850
USD 500,000 Impress Holdings B.V. (b)(c) ............................... 3.634 9/15/13 458,750
EUR 1,000,000 Impress Holdings B.V. (c) .................................. 4.121 9/15/13 1,318,402
--------------
3,566,502
--------------
NORWAY - 3.30%
EUR 1,100,000 Nordic Telephone Company ApS (c) ........................... 6.399 5/1/16 1,512,955
EUR 400,000 Nordic Telephone Company ApS ............................... 8.250 5/1/16 587,224
--------------
2,100,179
--------------
See Notes to Financial Statements.
35
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
WORLDWIDE INCOME FUND
JULY 31, 2009 (CONTINUED)
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- ----------------- ------ -------- --------------
UNITED KINGDOM - 27.70%
USD 2,020,000 Aberdeen Asset Management plc (a) .......................... 7.900% 5/29/12 $ 1,494,800
GBP 850,000 Allied Domecq Financial Services plc ....................... 6.625 6/12/14 1,428,004
EUR 1,000,000 BAA Funding Ltd. ........................................... 4.600 2/15/20 949,961
USD 1,650,000 Barclays Bank plc (a)(b) ................................... 5.926 12/15/16 1,057,403
USD 2,000,000 Catlin Insurance Co., Ltd. (a)(b) .......................... 7.249 1/19/17 1,061,256
GBP 1,000,000 Daily Mail & General Trust ................................. 5.750 12/7/18 1,071,460
GBP 100,000 Daily Mail & General Trust ................................. 6.375 6/21/27 100,878
GBP 525,000 Imperial Tobacco Finance plc ............................... 8.125 3/15/24 932,675
EUR 200,000 Investec Tier I UK LP plc (a) .............................. 7.075 6/24/15 172,461
GBP 737,000 ITV plc .................................................... 5.375 10/19/15 940,011
USD 3,191,000 Lloyds TSB Group plc (a)(b) ................................ 6.267 11/14/16 1,341,742
GBP 550,000 Pipe Holding plc ........................................... 7.750 11/1/11 757,967
EUR 1,000,000 Rexam plc (a) .............................................. 6.750 6/29/67 1,111,733
USD 3,700,000 Royal Bank of Scotland Group plc (a) ....................... 7.640 9/29/17 1,703,968
USD 3,000,000 Standard Chartered plc (a) ................................. 6.409 1/30/17 2,012,682
GBP 900,000 Virgin Media plc ........................................... 9.750 4/15/14 1,518,439
--------------
17,655,440
--------------
UNITED STATES - 24.14%
USD 2,000,000 AXA S.A. (a)(b) ............................................ 6.463 12/14/18 1,342,082
EUR 540,000 Central European Distribution Corp. ........................ 8.000 7/25/12 735,027
USD 1,250,000 Constellation Brands Inc ................................... 7.250 5/15/17 1,228,125
USD 1,500,000 DaVita Inc. ................................................ 6.625 3/15/13 1,481,250
USD 1,000,000 DISH DBS Corp. ............................................. 7.125 2/1/16 975,000
EUR 650,000 Fresenius Medical Care Capital Trust V (Preferred) ......... 7.375 6/15/11 984,347
GBP 1,190,000 HCA, Inc. .................................................. 8.750 11/1/10 1,997,775
USD 1,500,000 Iron Mountain Inc. ......................................... 6.625 1/1/16 1,393,125
EUR 2,500,000 Lehman Brothers UK Capital Funding IV LP (a)(d)(e)(f) ..... 5.750 4/25/12 --
EUR 1,200,000 Levi Strauss & Co. ......................................... 8.625 4/1/13 1,650,497
USD 500,000 Sungard Data Systems, Inc. ................................. 10.250 8/15/15 515,000
USD 1,500,000 Swiss Re Capital I LP (a)(b) ............................... 6.854 5/25/16 901,062
USD 1,200,000 Wynn Las Vegas LLC ......................................... 6.625 12/1/14 1,119,000
USD 1,000,000 Yum! Brands Inc ............................................ 6.250 3/15/18 1,063,157
--------------
15,385,447
--------------
TOTAL CORPORATE BONDS
(Cost $73,014,274) 56,637,175
--------------
U.S. GOVERNMENT OBLIGATIONS - 2.31%
UNITED STATES - 2.31%
USD 500,000 United States Treasury Note ................................ 3.125 5/15/19 484,687
USD 1,000,000 United States Treasury Note ................................ 2.000 11/30/13 989,376
--------------
1,474,063
--------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $1,484,751) .......................................... 1,474,063
--------------
TOTAL CORPORATE AND U.S.
GOVERNMENT BONDS
(Cost $74,499,025) ......................................... 58,111,238
--------------
See Notes to Financial Statements.
36
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
WORLDWIDE INCOME FUND
JULY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------- ----------------
PREFERRED STOCK - 0.66%
UNITED STATES - 0.66%
500 Bank of America Corp. ....................... $ 420,000
----------------
TOTAL PREFERRED STOCK
(Cost $500,000) ............................. 420,000
----------------
TOTAL LONG TERM INVESTMENTS
(Cost $74,999,025) .......................... 58,531,238
----------------
SHORT TERM INVESTMENT - 6.75%
4,300,162 Fidelity Institutional Treasury Portfolio ... 4,300,162
----------------
TOTAL SHORT TERM INVESTMENT
(Cost $4,300,162) ........................... 4,300,162
----------------
TOTAL INVESTMENTS - 98.57%
(Cost $79,299,187) .......................... 62,831,400
----------------
NET OTHER ASSETS AND LIABILITIES - 1.43% .................... 911,437
----------------
TOTAL NET ASSETS - 100.00% .................................. $ 63,742,837
================
(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 registration under the securities Act of 1933 as amended.
At July 31, 2009 the securities had an aggregate value of $8,146,758,
which represented 12.78% of net assets.
(c) Security is a floating rate bond where the interest rate is adjusted
quarterly according to LIBOR interest rate changes.
(d) The security has been deemed illiquid according to the policies and
procedures adopted by the Board of Trustees.
(e) Fair valued at July 31, 2009 as determined in good faith using procedures
approved by the Board of Trustees of the Trust.
(f) In default.
See Notes to Financial Statements.
37
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
WORLDWIDE INCOME FUND
JULY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Commercial Banks Non-US ........................................... 8.41%
Telecommunication Services ........................................ 7.44
Containers - Metal / Glass ........................................ 7.01
Beverages - Wine / Spirits ........................................ 5.32
Cable / Satellite TV .............................................. 4.75
Multi-line Insurance .............................................. 4.66
Cable TV .......................................................... 4.03
Special Purpose Entity ............................................ 3.76
Diversified Banking Institution ................................... 3.33
Medical - Hospitals ............................................... 3.13
Apparel Manufacturers ............................................. 2.59
Building - Maintenance & Service .................................. 2.55
Telephone - Integrated ............................................ 2.38
Investment Management / Advisory Service .......................... 2.35
Dialysis Centers .................................................. 2.32
Sovereign ......................................................... 2.31
Commercial Services ............................................... 2.19
Chemicals - Diversified ........................................... 2.18
Diversified Manufacturing Operation ............................... 2.04
Chemicals - Specialty ............................................. 1.94
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Publishing - Newspapers ........................................... 1.84%
Casino Hotels ..................................................... 1.76
Lottery Services .................................................. 1.72
Retail - Restaurants .............................................. 1.67
Medical Products .................................................. 1.54
Airport Development / Maintenance ................................. 1.49
Television ........................................................ 1.47
Tobacco ........................................................... 1.46
Brewery ........................................................... 1.35
Diversified Operations ............................................ 1.19
Computer Services ................................................. 0.81
Other ABS ......................................................... 0.56
Finance - Commercial .............................................. 0.27
Finance - Investments Banking / Brokerage ......................... 0.00
--------
Long Term Investments ............................................. 91.82
Short Term Investment ............................................. 6.75
--------
Total Investments ................................................. 98.57
Net Other Assets and Liabilities .................................. 1.43
--------
100.00%
========
See Notes to Financial Statements.
38
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HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
JULY 31, 2009
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
Securities $ 441,354,605 $ 324,780,550 $ 13,014,303
Affiliated Companies -- -- --
Short term investments 23,544,003 -- 324,329
- ---------------------------------------------------------------------------------------------------------------------------
Total investments, at value 464,898,608 324,780,550 13,338,632
Cash -- -- --
Foreign cash, at value -- 232,954 1,996
Dividends and interest receivable 592,740 4,017,278 34,703
Receivable for investment securities sold 9,340,313 28,840,499 84,316
Receivable for fund shares sold 1,230,780 2,343,463 93,455
Receivable from investment adviser -- -- --
Prepaid expenses and other assets 43,905 17,787 7,120
- ---------------------------------------------------------------------------------------------------------------------------
Total Assets 476,106,346 360,232,531 13,560,222
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 20,348,785 29,970,439 2,020
Payable for fund shares redeemed 765,570 633,715 182,735
Payable to custodian -- 818,639 --
Payable for dividends -- 4,821 --
Payable for open forward foreign currency contracts -- 886,068 --
Payable to investment adviser 495,359 273,448 12,158
Payable for 12b-1 distribution and service fees 174,498 144,225 6,910
Accrued expenses and other payables 230,310 142,930 39,195
- ---------------------------------------------------------------------------------------------------------------------------
Total Liabilities 22,014,522 32,874,285 243,018
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 454,091,824 $ 327,358,246 $ 13,317,204
===========================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 809,789,500 $ 467,663,599 $ 19,241,299
Accumulated undistributed net investment income (loss) (13,322,190) 1,962,477 (32,966)
Accumulated net realized loss on investments and foreign
currency transactions (264,567,726) (118,530,819) (8,327,363)
Net unrealized appreciation/(depreciation) of investments and
foreign currencies (77,807,760) (23,737,011) 2,436,234
- ---------------------------------------------------------------------------------------------------------------------------
$ 454,091,824 $ 327,358,246 $ 13,317,204
===========================================================================================================================
NET ASSETS:
Class A Shares $ 299,134,928 $ 186,248,344 $ 6,329,419
===========================================================================================================================
Class B Shares $ 31,563,753 N/A N/A
===========================================================================================================================
Class C Shares $ 114,438,090 $ 131,990,409 $ 6,987,785
===========================================================================================================================
Class R Shares N/A N/A N/A
===========================================================================================================================
Class W Shares $ 8,955,053 $ 9,119,493 N/A
===========================================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 14,718,623 26,210,664 802,978
===========================================================================================================================
Class B Shares (unlimited number of shares authorized) 1,632,961 N/A N/A
===========================================================================================================================
Class C Shares (unlimited number of shares authorized) 5,921,162 18,633,560 884,278
===========================================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A N/A
===========================================================================================================================
Class W Shares (unlimited number of shares authorized) 440,210 1,281,638 N/A
===========================================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 20.32 $ 7.11 $ 7.88
- ---------------------------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 5.75% 5.75%
Maximum offering price per share $ 21.57 $ 7.54 $ 8.36
===========================================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $ 19.33 N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value and offering price per share $ 19.33 $ 7.08 $ 7.90
- ---------------------------------------------------------------------------------------------------------------------------
CLASS R SHARES:
Net asset value and offering price per share N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------
CLASS W SHARES:
Net asset value and offering price per share $ 20.34 $ 7.12 N/A
- ---------------------------------------------------------------------------------------------------------------------------
Investments, at cost $ 542,552,559 $ 347,719,889 $ 10,903,144
- ---------------------------------------------------------------------------------------------------------------------------
Foreign cash, at cost $ -- $ 229,239 $ 2,010
===========================================================================================================================
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.
40
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
JULY 31, 2009 (CONTINUED)
GLOBAL INDUSTRIES INTERNATIONAL
TECHNOLOGY OF THE OPPORTUNITIES
FUND FUTURE FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
Securities $ 111,186,946 $ 902,287 $ 2,681,270,663
Affiliated Companies -- -- 85,951,440
Short term investments 4,458,772 28,541 128,283,324
- ---------------------------------------------------------------------------------------------------------------------------
Total investments, at value 115,645,718 930,828 2,895,505,427
Cash -- 14,469 --
Foreign cash, at value 1,743,947 47 1,848,849
Dividends and interest receivable 146,215 997 3,716,972
Receivable for investment securities sold 2,618,705 -- 27,993,135
Receivable for fund shares sold 1,183,552 -- 25,260,512
Receivable from investment adviser -- 10,802 --
Prepaid expenses and other assets 36,125 20,809 112,366
- ---------------------------------------------------------------------------------------------------------------------------
Total Assets 121,374,262 977,952 2,954,437,261
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 1,150,392 -- 12,578,586
Payable for fund shares redeemed 247,416 -- 4,847,249
Payable to custodian -- -- --
Payable for dividends -- -- --
Payable for open forward foreign currency contracts -- -- 1,397,208
Payable to investment adviser 133,571 -- 2,814,760
Payable for 12b-1 distribution and service fees 49,935 278 1,042,819
Accrued expenses and other payables 82,765 31,864 1,128,439
- ---------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,664,079 32,142 23,809,061
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 119,710,183 $ 945,810 $ 2,930,628,200
===========================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 179,277,645 $ 944,219 $ 3,776,067,806
Accumulated undistributed net investment income (loss) (226,591) 51,866 11,243,420
Accumulated net realized loss on investments and foreign
currency transactions (85,648,206) (77,628) (942,304,340)
Net unrealized appreciation/(depreciation) of investments and
foreign currencies 26,307,335 27,353 85,621,314
- ---------------------------------------------------------------------------------------------------------------------------
$ 119,710,183 $ 945,810 $ 2,930,628,200
===========================================================================================================================
NET ASSETS:
Class A Shares $ 71,471,946 $ 798,651 $ 2,036,370,817
===========================================================================================================================
Class B Shares $ 5,994,338 N/A $ 91,696,909
===========================================================================================================================
Class C Shares $ 39,329,850 $ 147,159 $ 713,020,419
===========================================================================================================================
Class R Shares N/A N/A $ 3,092,607
===========================================================================================================================
Class W Shares $ 2,914,049 N/A $ 86,447,448
===========================================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 5,366,603 103,860 107,922,074
===========================================================================================================================
Class B Shares (unlimited number of shares authorized) 476,176 N/A 5,116,354
===========================================================================================================================
Class C Shares (unlimited number of shares authorized) 3,132,347 19,046 39,808,071
===========================================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A 165,352
===========================================================================================================================
Class W Shares (unlimited number of shares authorized) 218,505 N/A 4,575,479
===========================================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 13.32 $ 7.69 $ 18.87
- ---------------------------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 5.75% 5.75%
Maximum offering price per share $ 14.13 $ 8.16 $ 20.02
===========================================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $ 12.59 N/A $ 17.92
- ---------------------------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value and offering price per share $ 12.56 $ 7.73 $ 17.91
- ---------------------------------------------------------------------------------------------------------------------------
CLASS R SHARES:
Net asset value and offering price per share N/A N/A $ 18.70
- ---------------------------------------------------------------------------------------------------------------------------
CLASS W SHARES:
Net asset value and offering price per share $ 13.34 N/A $ 18.89
- ---------------------------------------------------------------------------------------------------------------------------
Investments, at cost $ 89,347,216 $ 903,493 $ 2,808,508,431
- ---------------------------------------------------------------------------------------------------------------------------
Foreign cash, at cost $ 1,738,774 $ 45 $ 1,846,548
===========================================================================================================================
JAPAN-ASIA WORLDWIDE
FOCUS INCOME
FUND FUND
- ------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
Securities $ 30,431,356 $ 58,531,238
Affiliated Companies -- --
Short term investments -- 4,300,162
- ------------------------------------------------------------------------------------------------------
Total investments, at value 30,431,356 62,831,400
Cash -- 9,331
Foreign cash, at value 1 30,787
Dividends and interest receivable 25,904 1,182,765
Receivable for investment securities sold 692,941 --
Receivable for fund shares sold 14,724 194,945
Receivable from investment adviser -- --
Prepaid expenses and other assets 7,167 35,919
- ------------------------------------------------------------------------------------------------------
Total Assets 31,172,093 64,285,147
- ------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 249,157 --
Payable for fund shares redeemed 90,384 167,185
Payable to custodian 70,495 --
Payable for dividends -- 53,755
Payable for open forward foreign currency contracts -- 184,944
Payable to investment adviser 32,801 17,753
Payable for 12b-1 distribution and service fees 14,058 34,297
Accrued expenses and other payables 52,128 84,376
- ------------------------------------------------------------------------------------------------------
Total Liabilities 509,023 542,310
- ------------------------------------------------------------------------------------------------------
NET ASSETS $ 30,663,070 $ 63,742,837
======================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 59,267,828 $ 116,673,144
Accumulated undistributed net investment income (loss) (13,291) (3,456,697)
Accumulated net realized loss on investments and foreign
currency transactions (28,344,704) (32,838,239)
Net unrealized appreciation/(depreciation) of investments and
foreign currencies (246,763) (16,635,371)
- ------------------------------------------------------------------------------------------------------
$ 30,663,070 $ 63,742,837
======================================================================================================
NET ASSETS:
Class A Shares $ 18,031,480 $ 28,904,843
======================================================================================================
Class B Shares N/A $ 6,324,565
======================================================================================================
Class C Shares $ 12,631,590 $ 28,513,429
======================================================================================================
Class R Shares N/A N/A
======================================================================================================
Class W Shares N/A N/A
======================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 2,566,547 3,801,325
======================================================================================================
Class B Shares (unlimited number of shares authorized) N/A 830,598
======================================================================================================
Class C Shares (unlimited number of shares authorized) 1,846,107 3,756,034
======================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A
======================================================================================================
Class W Shares (unlimited number of shares authorized) N/A N/A
======================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 7.03 $ 7.60
- ------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 4.75%
Maximum offering price per share $ 7.46 $ 7.98
======================================================================================================
CLASS B SHARES:
Net asset value and offering price per share N/A $ 7.61
- ------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value and offering price per share $ 6.84 $ 7.59
- ------------------------------------------------------------------------------------------------------
CLASS R SHARES:
Net asset value and offering price per share N/A N/A
- ------------------------------------------------------------------------------------------------------
CLASS W SHARES:
Net asset value and offering price per share N/A N/A
- ------------------------------------------------------------------------------------------------------
Investments, at cost $ 30,638,009 $ 79,299,187
- ------------------------------------------------------------------------------------------------------
Foreign cash, at cost $ 1 $ 30,382
======================================================================================================
See Notes to Financial Statements.
41
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JULY 31, 2009
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 15,553,040 $ 29,450,716 $ 335,524
Dividends from Affiliated Companies -- -- --
Interest 35,578 153,003 3,735
Foreign taxes withheld (1,011,018) (2,117,160) (15,555)
- ---------------------------------------------------------------------------------------------------------------------------
Total Investment Income 14,577,600 27,486,559 323,704
- ---------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 4,462,861 2,521,584 157,622
12b-1 distribution and service fees:
Class A Shares 770,432 385,086 20,095
Class B Shares 276,600 -- --
Class C Shares 1,148,669 1,250,970 62,882
Class R Shares -- -- --
Transfer agent fees 1,243,068 460,865 20,679
Custodian fees 359,015 113,804 39,744
Administrative fees 162,540 106,912 6,078
Printing and postage fees 141,039 86,731 3,984
Accounting fees 58,984 54,673 70,899
Registration and filing fees 52,338 54,131 27,256
Audit fees 36,720 26,420 25,611
Legal fees 30,535 20,477 1,080
Compliance Officer fees 26,481 16,748 967
Trustees' fees and expenses 24,573 15,692 819
Offering expenses -- -- --
Organizational expenses -- -- --
Miscellaneous fees 84,448 43,029 2,646
- ---------------------------------------------------------------------------------------------------------------------------
Total Expenses 8,878,303 5,157,122 440,362
- ---------------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser -- (283,316) (113,817)
- ---------------------------------------------------------------------------------------------------------------------------
Net Expenses 8,878,303 4,873,806 326,545
- ---------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) 5,699,297 22,612,753 (2,841)
- ---------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (301,209,812) (106,739,530) (7,231,985)
Foreign currency transactions 40,212,349 12,264,955 395,211
Net change in unrealized appreciation/(depreciation) of:
Investments (11,301,839) 30,069,490 3,903,457
Translation of other assets and liabilities (2,377,439) (203,292) (20,413)
- ---------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (274,676,741) (64,608,377) (2,953,730)
===========================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (268,977,444) $ (41,995,624) $ (2,956,571)
===========================================================================================================================
(a) Affiliated companies accounted for $(2,670,750) of net realized loss on
investment transactions and $(5,423,635) of the change in unrealized
depreciation of investments.
See Notes to Financial Statements.
42
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS
(CONTINUED)
GLOBAL INDUSTRIES INTERNATIONAL
TECHNOLOGY OF THE OPPORTUNITIES
FUND FUTURE FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 1,084,640 $ 8,539 $ 86,320,858
Dividends from Affiliated Companies -- -- 101,717
Interest 45,218 214 1,148,365
Foreign taxes withheld (73,196) (651) (7,143,094)
- ------------------------------------------------------------------------------------------------------------------------------
Total Investment Income 1,056,662 8,102 80,427,846
- ------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 1,097,924 4,700 25,109,625
12b-1 distribution and service fees:
Class A Shares 163,462 951 4,408,129
Class B Shares 54,188 -- 841,418
Class C Shares 382,635 894 6,937,916
Class R Shares -- -- 8,680
Transfer agent fees 295,932 1,295 6,028,713
Custodian fees 37,893 23,078 726,315
Administrative fees 40,052 178 947,375
Printing and postage fees 39,717 305 971,395
Accounting fees 57,936 44,763 95,122
Registration and filing fees 54,101 2,125 166,992
Audit fees 36,179 34,223 34,818
Legal fees 7,663 61 180,486
Compliance Officer fees 6,419 32 152,758
Trustees' fees and expenses 5,997 61 141,160
Offering expenses -- 52,947 --
Organizational expenses -- 29,674 --
Miscellaneous fees 34,666 2,327 372,213
- ------------------------------------------------------------------------------------------------------------------------------
Total Expenses 2,314,764 197,614 47,123,115
- ------------------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser (708) (187,779) --
- ------------------------------------------------------------------------------------------------------------------------------
Net Expenses 2,314,056 9,835 47,123,115
- ------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) (1,257,394) (1,733) 33,304,731
- ------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (49,268,261) (77,552) (953,400,627)
Foreign currency transactions (345,904) (874) 73,554,774
Net change in unrealized appreciation/(depreciation) of:
Investments 27,579,372 27,335 166,188,120
Translation of other assets and liabilities 14,939 18 (6,246,212)
- ------------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (22,019,854) (51,073) (719,903,945)(a)
==============================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (23,277,248) $ (52,806) $ (686,599,214)
==============================================================================================================================
JAPAN-ASIA WORLDWIDE
FOCUS INCOME
FUND FUND
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 823,295 $ 220,369
Dividends from Affiliated Companies -- --
Interest 1,122 7,026,801
Foreign taxes withheld (55,268) (9,551)
- ------------------------------------------------------------------------------------------------------
Total Investment Income 769,149 7,237,619
- ------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 334,780 609,701
12b-1 distribution and service fees:
Class A Shares 50,311 84,863
Class B Shares -- 45,428
Class C Shares 133,448 338,262
Class R Shares -- --
Transfer agent fees 101,075 106,359
Custodian fees 36,262 21,083
Administrative fees 12,940 26,416
Printing and postage fees 13,606 25,620
Accounting fees 60,466 55,925
Registration and filing fees 22,102 37,726
Audit fees 33,885 36,730
Legal fees 2,350 5,005
Compliance Officer fees 1,950 4,379
Trustees' fees and expenses 1,946 3,925
Offering expenses -- --
Organizational expenses -- --
Miscellaneous fees 7,321 55,904
- ------------------------------------------------------------------------------------------------------
Total Expenses 812,442 1,457,326
- ------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser (53,030) (229,287)
- ------------------------------------------------------------------------------------------------------
Net Expenses 759,412 1,228,039
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) 9,737 6,009,580
- ------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (18,465,599) (34,862,162)
Foreign currency transactions (16,403) 7,971,515
Net change in unrealized appreciation/(depreciation) of:
Investments 10,149,565 (1,752,000)
Translation of other assets and liabilities (1,242) (717,006)
- ------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (8,333,679) (29,359,653)
======================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (8,323,942) $ (23,350,073)
======================================================================================================
See Notes to Financial Statements.
43
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
EUROPEAN FOCUS FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------
Net investment income $ 5,699,297 $ 8,146,332
Net realized gain/(loss) on investments and foreign currency
transactions (260,997,463) 83,041,917
Net change in unrealized appreciation/(depreciation) of
investments and foreign currency translations (13,679,278) (262,861,679)
- ------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (268,977,444) (171,673,430)
- ------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (9,483,604) (23,094,109)
Class B Shares (663,572) (1,230,976)
Class C Shares (2,677,964) (6,379,802)
- ------------------------------------------------------------------------------------------------------
(12,825,140) (30,704,887)
- ------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares (25,530,960) (86,292,903)
Class B Shares (2,679,657) (6,056,327)
Class C Shares (10,814,243) (31,345,585)
- ------------------------------------------------------------------------------------------------------
(39,024,860) (123,694,815)
- ------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (189,139,660) (62,680,371)
Class B Shares (5,031,101) (617,540)
Class C Shares (58,054,078) (15,113,427)
Class W Shares 6,317,506 --
- ------------------------------------------------------------------------------------------------------
(245,907,333) (78,411,338)
- ------------------------------------------------------------------------------------------------------
Net decrease in net assets (566,734,777) (404,484,470)
NET ASSETS:
Beginning of year 1,020,826,601 1,425,311,071
- ------------------------------------------------------------------------------------------------------
End of year $ 454,091,824 $ 1,020,826,601
======================================================================================================
Accumulated undistributed net investment loss $ (13,322,190) $ (8,137,753)
======================================================================================================
See Notes to Financial Statements.
44
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL EQUITY INCOME FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------
Net investment income $ 22,612,753 $ 25,940,308
Net realized loss on investments and foreign currency
transactions (94,474,575) (25,191,076)
Net change in unrealized appreciation/(depreciation) of
investments and foreign currency translations 29,866,198 (50,701,842)
- ------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (41,995,624) (49,952,610)
- ------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (12,675,937) (13,162,566)
Class C Shares (9,034,243) (10,263,709)
Class W Shares (335,590) --
- ------------------------------------------------------------------------------------------------------
(22,045,770) (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 29,324,137 135,758,138
Class C Shares (2,495,626) 127,370,894
Class W Shares 8,136,048 --
- ------------------------------------------------------------------------------------------------------
34,964,559 263,129,032
- ------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (29,076,835) 188,988,666
NET ASSETS:
Beginning of year 356,435,081 167,446,415
- ------------------------------------------------------------------------------------------------------
End of year $ 327,358,246 $ 356,435,081
======================================================================================================
Accumulated undistributed net investment income $ 1,962,477 $ 1,595,298
======================================================================================================
See Notes to Financial Statements.
45
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL OPPORTUNITIES FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (2,841) $ 80,000
Net realized loss on investments and foreign currency
transactions (6,836,774) (1,518,247)
Net change in unrealized appreciation/(depreciation) of
investments and foreign currency translations 3,883,044 (1,656,561)
- ------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (2,956,571) (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 (4,148,843) 10,624,227
Class C Shares 2,937,037 3,593,409
- ------------------------------------------------------------------------------------------------------
(1,211,806) 14,217,636
- ------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (4,255,877) 10,990,836
NET ASSETS:
Beginning of year 17,573,081 6,582,245
- ------------------------------------------------------------------------------------------------------
End of year $ 13,317,204 $ 17,573,081
======================================================================================================
Accumulated undistributed net investment income/(loss) $ (32,966) $ 86,952
======================================================================================================
See Notes to Financial Statements.
46
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL TECHNOLOGY FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------
Net investment loss $ (1,257,394) $ (2,176,239)
Net realized loss on investments and foreign currency
transactions (49,614,165) (32,877,112)
Net change in unrealized appreciation/(depreciation) of
investments and foreign currency translations 27,594,311 (13,972,070)
- ------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (23,277,248) (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)
- ------------------------------------------------------------------------------------------------------
Returns 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 (35,861,004) 98,975,948
Class B Shares (852,891) 6,506,346
Class C Shares (15,031,121) 51,713,203
Class W Shares 2,343,327 --
- ------------------------------------------------------------------------------------------------------
(49,401,689) 157,195,497
- ------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (72,678,937) 103,903,350
NET ASSETS:
Beginning of year 192,389,120 88,485,770
- ------------------------------------------------------------------------------------------------------
End of year $ 119,710,183 $ 192,389,120
======================================================================================================
Accumulated undistributed net investment loss $ (226,591) $ (117,497)
======================================================================================================
See Notes to Financial Statements.
47
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
INDUSTRIES OF THE FUTURE FUND
PERIOD ENDED
JULY 31, 2009 *
- ------------------------------------------------------------------------------------------------------------------------
Net investment loss $ (1,733)
Net realized loss on investments and foreign currency transactions (78,426)
Net change in unrealized appreciation/(depreciation) of investments and foreign currency translations 27,353
- ------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (52,806)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in Fund share transactions:
Class A Shares 842,323
Class C Shares 156,293
- ------------------------------------------------------------------------------------------------------------------------
998,616
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 945,810
NET ASSETS:
Beginning of period --
- ------------------------------------------------------------------------------------------------------------------------
End of period $ 945,810
========================================================================================================================
Accumulated undistributed net investment income $ 51,866
========================================================================================================================
* Inception date for the Industries of the Future Fund was August 29, 2008
See Notes to Financial Statements.
48
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL OPPORTUNITIES FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------------------
Net investment income $ 33,304,731 $ 19,147,983
Net realized gain/(loss) on investments and foreign currency transactions (879,845,853) 46,410,247
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations 159,941,908 (574,011,868)
- ------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (686,599,214) (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 (272,498,834) 1,205,596,480
Class B Shares (12,924,358) 24,831,979
Class C Shares (221,840,384) 350,640,217
Class R Shares 1,291,619 1,456,373
Class W Shares 67,629,376 --
- ------------------------------------------------------------------------------------------------------------------
(438,342,581) 1,582,525,049
- ------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (1,164,281,795) 723,370,656
NET ASSETS:
Beginning of year 4,094,909,995 3,371,539,339
- ------------------------------------------------------------------------------------------------------------------
End of year $ 2,930,628,200 $ 4,094,909,995
==================================================================================================================
Accumulated undistributed net investment income $ 11,243,420 $ 7,349,664
==================================================================================================================
See Notes to Financial Statements.
49
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
JAPAN-ASIA FOCUS FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 9,737 $ (131,578)
Net realized loss on investments and foreign currency transactions (18,482,002) (9,924,109)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations 10,148,323 (7,972,438)
Increase from payments by affiliate -- 217,824
- --------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (8,323,942) (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 (8,439,253) (16,062,623)
Class C Shares (4,514,738) (8,593,593)
- --------------------------------------------------------------------------------------------------------------
(12,953,991) (24,656,216)
- --------------------------------------------------------------------------------------------------------------
Net decrease in net assets (21,277,933) (45,871,028)
NET ASSETS:
Beginning of year 51,941,003 97,812,031
- --------------------------------------------------------------------------------------------------------------
End of year $ 30,663,070 $ 51,941,003
==============================================================================================================
Accumulated undistributed net investment loss $ (13,291) $ (136,632)
==============================================================================================================
See Notes to Financial Statements.
50
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
WORLDWIDE INCOME FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- ------------------------------------------------------------------------------------------------------------
Net investment income $ 6,009,580 $ 8,461,110
Net realized loss on investments and foreign currency transactions (26,890,647) (7,298,977)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations (2,469,006) (13,777,600)
- ------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (23,350,073) (12,615,467)
- ------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (3,333,354) (4,903,337)
Class B Shares (402,379) (369,541)
Class C Shares (3,075,858) (3,726,741)
- ------------------------------------------------------------------------------------------------------------
(6,811,591) (8,999,619)
- ------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (21,459,603) 36,286,829
Class B Shares 1,352,785 1,617,551
Class C Shares (19,370,764) 42,868,245
- ------------------------------------------------------------------------------------------------------------
(39,477,582) 80,772,625
- ------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (69,639,246) 59,157,539
NET ASSETS:
Beginning of year 133,382,083 74,224,544
- ------------------------------------------------------------------------------------------------------------
End of year $ 63,742,837 $ 133,382,083
============================================================================================================
Accumulated undistributed net investment income/(loss) $ (3,456,697) $ 363,940
============================================================================================================
See Notes to Financial Statements.
51
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
EUROPEAN FOCUS FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 77,252,508 $ 218,204,655
Issued as reinvestment of dividends 27,130,213 81,755,743
Redeemed* (293,522,381) (362,640,769)
- --------------------------------------------------------------------------------
Net decrease $ (189,139,660) $ (62,680,371)
================================================================================
CLASS B SHARES:
Sold $ 1,857,016 $ 3,376,551
Issued as reinvestment of dividends 2,839,196 6,174,569
Redeemed* (9,727,313) (10,168,660)
- --------------------------------------------------------------------------------
Net decrease $ (5,031,101) $ (617,540)
================================================================================
CLASS C SHARES:
Sold $ 11,924,175 $ 41,167,940
Issued as reinvestment of dividends 9,824,556 25,852,246
Redeemed* (79,802,809) (82,133,613)
- --------------------------------------------------------------------------------
Net decrease $ (58,054,078) $ (15,113,427)
================================================================================
CLASS W SHARES:
Sold $ 7,086,460 $ --
Redeemed* (768,954) --
- --------------------------------------------------------------------------------
Net increase $ 6,317,506 $ --
================================================================================
SHARES
CLASS A SHARES:
Sold 4,894,585 6,537,985
Issued as reinvestment of dividends 2,439,767 2,464,006
Redeemed (17,805,388) (11,104,647)
- --------------------------------------------------------------------------------
Net decrease (10,471,036) (2,102,656)
================================================================================
CLASS B SHARES:
Sold 128,419 104,921
Issued as reinvestment of dividends 267,093 194,720
Redeemed (637,450) (333,006)
- --------------------------------------------------------------------------------
Net decrease (241,938) (33,365)
================================================================================
CLASS C SHARES:
Sold 789,348 1,274,126
Issued as reinvestment of dividends 924,229 815,271
Redeemed (4,998,541) (2,665,104)
- --------------------------------------------------------------------------------
Net decrease (3,284,964) (575,707)
================================================================================
CLASS W SHARES
Sold 482,684 --
Redeemed (42,474) --
- --------------------------------------------------------------------------------
Net increase 440,210 --
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
52
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL EQUITY INCOME FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 109,845,189 $ 199,747,411
Issued as reinvestment of dividends 7,966,201 6,732,521
Redeemed* (88,487,253) (70,721,794)
- --------------------------------------------------------------------------------
Net increase $ 29,324,137 $ 135,758,138
================================================================================
CLASS C SHARES:
Sold $ 50,589,417 $ 144,142,506
Issued as reinvestment of dividends 4,688,103 4,268,408
Redeemed* (57,773,146) (21,040,020)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (2,495,626) $ 127,370,894
================================================================================
CLASS W SHARES:
Sold $ 8,867,709 $ --
Issued as reinvestment of dividends 335,590 --
Redeemed* (1,067,251) --
- --------------------------------------------------------------------------------
Net increase $ 8,136,048 $ --
================================================================================
SHARES
CLASS A SHARES:
Sold 16,676,158 19,000,396
Issued as reinvestment of dividends 1,183,014 680,072
Redeemed (13,067,927) (7,125,776)
- --------------------------------------------------------------------------------
Net increase 4,791,245 12,554,692
================================================================================
CLASS C SHARES:
Sold 7,618,108 13,774,272
Issued as reinvestment of dividends 696,210 432,490
Redeemed (8,607,416) (2,160,524)
- --------------------------------------------------------------------------------
Net increase/(decrease) (293,098) 12,046,238
================================================================================
CLASS W SHARES
Sold 1,389,432 --
Issued as reinvestment of dividends 49,560 --
Redeemed (157,354) --
- --------------------------------------------------------------------------------
Net increase 1,281,638 --
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
53
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL OPPORTUNITIES FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 12,853,472 $ 15,328,797
Issued as reinvestment of dividends 35,626 98,102
Redeemed* (17,037,941) (4,802,672)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (4,148,843) $ 10,624,227
================================================================================
CLASS C SHARES:
Sold $ 6,747,338 $ 4,351,904
Issued as reinvestment of dividends 6,021 15,705
Redeemed* (3,816,322) (774,200)
- --------------------------------------------------------------------------------
Net increase $ 2,937,037 $ 3,593,409
================================================================================
SHARES
CLASS A SHARES:
Sold 1,983,908 1,309,014
Issued as reinvestment of dividends 5,673 8,087
Redeemed (2,415,376) (443,535)
- --------------------------------------------------------------------------------
Net increase/(decrease) (425,795) 873,566
================================================================================
CLASS C SHARES:
Sold 924,936 375,458
Issued as reinvestment of dividends 951 1,281
Redeemed (566,346) (71,451)
- --------------------------------------------------------------------------------
Net increase 359,541 305,288
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
54
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL TECHNOLOGY FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 25,331,965 $ 188,184,755
Issued as reinvestment of dividends -- 2,263,659
Redeemed* (61,192,969) (91,472,466)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (35,861,004) $ 98,975,948
================================================================================
CLASS B SHARES:
Sold $ 654,457 $ 7,198,389
Issued as reinvestment of dividends -- 95,909
Redeemed* (1,507,348) (787,952)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (852,891) $ 6,506,346
================================================================================
CLASS C SHARES:
Sold $ 4,245,210 $ 62,161,721
Issued as reinvestment of dividends -- 802,013
Redeemed* (19,276,331) (11,250,531)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (15,031,121) $ 51,713,203
================================================================================
CLASS W SHARES:
Sold $ 2,652,212 $ --
Redeemed* (308,885) --
- --------------------------------------------------------------------------------
Net increase $ 2,343,327 $ --
================================================================================
SHARES
CLASS A SHARES:
Sold 2,177,146 11,162,143
Issued as reinvestment of dividends -- 129,057
Redeemed (5,678,908) (6,095,434)
- --------------------------------------------------------------------------------
Net increase/(decrease) (3,501,762) 5,195,766
================================================================================
CLASS B SHARES:
Sold 62,292 445,232
Issued as reinvestment of dividends -- 5,712
Redeemed (150,705) (52,508)
- --------------------------------------------------------------------------------
Net increase/(decrease) (88,413) 398,436
================================================================================
CLASS C SHARES:
Sold 380,323 3,803,017
Issued as reinvestment of dividends -- 47,910
Redeemed (1,933,889) (788,119)
- --------------------------------------------------------------------------------
Net increase/(decrease) (1,553,566) 3,062,808
================================================================================
CLASS W SHARES
Sold 243,598 --
Redeemed (25,093) --
- --------------------------------------------------------------------------------
Net increase 218,505 --
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
55
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INDUSTRIES OF THE FUTURE FUND
PERIOD ENDED
JULY 31, 2009*
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 865,961
Redeemed+ (23,638)
- --------------------------------------------------------------------------------
Net increase $ 842,323
================================================================================
CLASS C SHARES:
Sold $ 156,293
- --------------------------------------------------------------------------------
Net increase $ 156,293
================================================================================
SHARES
CLASS A SHARES:
Sold 107,843
Redeemed (3,983)
- --------------------------------------------------------------------------------
Net increase 103,860
================================================================================
CLASS C SHARES:
Sold 19,046
- --------------------------------------------------------------------------------
Net increase 19,046
================================================================================
* Inception date for the Industries of the Future Fund was August 29, 2008.
+ Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
56
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INTERNATIONAL OPPORTUNITIES FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 749,479,353 $ 1,650,273,824
Issued as reinvestment of dividends 22,901,083 181,190,040
Redeemed* (1,044,879,270) (625,867,384)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (272,498,834) $ 1,205,596,480
================================================================================
CLASS B SHARES:
Sold $ 5,856,330 $ 26,898,413
Issued as reinvestment of dividends 702,060 9,672,534
Redeemed* (19,482,748) (11,738,968)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (12,924,358) $ 24,831,979
================================================================================
CLASS C SHARES:
Sold $ 89,451,799 $ 463,213,087
Issued as reinvestment of dividends 5,597,689 78,279,669
Redeemed* (316,889,872) (190,852,539)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (221,840,384) $ 350,640,217
================================================================================
CLASS R SHARES:
Sold $ 1,999,658 $ 1,863,708
Issued as reinvestment of dividends 11,293 34,828
Redeemed* (719,332) (442,163)
- --------------------------------------------------------------------------------
Net increase $ 1,291,619 $ 1,456,373
================================================================================
CLASS W SHARES:
Sold $ 80,016,189 $ --
Redeemed* (12,386,813) --
- --------------------------------------------------------------------------------
Net increase $ 67,629,376 $ --
================================================================================
SHARES
CLASS A SHARES:
Sold 46,647,650 65,709,665
Issued as reinvestment of dividends 1,681,427 6,834,762
Redeemed (67,544,987) (25,909,439)
- --------------------------------------------------------------------------------
Net increase/(decrease) (19,215,910) 46,634,988
================================================================================
CLASS B SHARES:
Sold 375,738 1,084,139
Issued as reinvestment of dividends 54,005 382,314
Redeemed (1,324,888) (505,898)
- --------------------------------------------------------------------------------
Net increase/(decrease) (895,145) 960,555
================================================================================
CLASS C SHARES:
Sold 5,684,102 18,734,494
Issued as reinvestment of dividends 430,593 3,096,506
Redeemed (21,350,853) (8,339,220)
- --------------------------------------------------------------------------------
Net increase/(decrease) (15,236,158) 13,491,780
================================================================================
CLASS R SHARES:
Sold 119,979 77,320
Issued as reinvestment of dividends 835 1,322
Redeemed (49,067) (18,774)
- --------------------------------------------------------------------------------
Net increase 71,747 59,868
================================================================================
CLASS W SHARES
Sold 5,285,614 --
Redeemed (710,135) --
- --------------------------------------------------------------------------------
Net increase 4,575,479 --
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
57
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
JAPAN-ASIA FOCUS FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 3,230,504 $ 13,163,437
Issued as reinvestment of dividends 975 1,632,825
Redeemed* (11,670,732) (30,858,885)
- --------------------------------------------------------------------------------
Net decrease $ (8,439,253) $ (16,062,623)
================================================================================
CLASS C SHARES:
Sold $ 2,015,380 $ 5,782,866
Issued as reinvestment of dividends -- 733,701
Redeemed* (6,530,118) (15,110,160)
- --------------------------------------------------------------------------------
Net decrease $ (4,514,738) $ (8,593,593)
================================================================================
SHARES
CLASS A SHARES:
Sold 518,987 1,487,337
Issued as reinvestment of dividends 105 175,008
Redeemed (2,086,360) (3,578,917)
- --------------------------------------------------------------------------------
Net decrease (1,567,268) (1,916,572)
================================================================================
CLASS C SHARES:
Sold 334,444 683,295
Issued as reinvestment of dividends -- 79,750
Redeemed (1,108,768) (1,782,516)
- --------------------------------------------------------------------------------
Net decrease (774,324) (1,019,471)
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
58
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
WORLDWIDE INCOME FUND
YEAR ENDED YEAR ENDED
JULY 31, 2009 JULY 31, 2008
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 6,436,688 $ 65,114,608
Issued as reinvestment of dividends 1,831,377 2,520,171
Redeemed* (29,727,668) (31,347,950)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (21,459,603) $ 36,286,829
================================================================================
CLASS B SHARES:
Sold $ 2,618,316 $ 2,700,545
Issued as reinvestment of dividends 131,962 117,361
Redeemed* (1,397,493) (1,200,355)
- --------------------------------------------------------------------------------
Net increase $ 1,352,785 $ 1,617,551
================================================================================
CLASS C SHARES:
Sold $ 8,507,174 $ 57,057,085
Issued as reinvestment of dividends 1,467,617 1,642,537
Redeemed* (29,345,555) (15,831,377)
- --------------------------------------------------------------------------------
Net increase/(decrease) $ (19,370,764) $ 42,868,245
================================================================================
SHARES
CLASS A SHARES:
Sold 859,802 6,022,496
Issued as reinvestment of dividends 272,218 243,976
Redeemed (4,173,888) (3,056,018)
- --------------------------------------------------------------------------------
Net increase/(decrease) (3,041,868) 3,210,454
================================================================================
CLASS B SHARES:
Sold 388,884 255,183
Issued as reinvestment of dividends 19,879 11,344
Redeemed (191,616) (114,567)
- --------------------------------------------------------------------------------
Net increase 217,147 151,960
================================================================================
CLASS C SHARES:
Sold 1,183,055 5,279,726
Issued as reinvestment of dividends 219,085 159,668
Redeemed (4,302,763) (1,521,696)
- --------------------------------------------------------------------------------
Net increase/(decrease) (2,900,623) 3,917,698
================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
59
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- ------------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET 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
Year Ended 7/31/2009 $ 28.57 0.26 (6.20) (5.94) (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)
CLASS B
Year Ended 7/31/2009 $ 27.17 0.10 (5.83) (5.73) (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)
CLASS C
Year Ended 7/31/2009 $ 27.17 0.12 (5.85) (5.73) (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)
CLASS W
Year Ended 7/31/2009 (a) $ 13.35 0.05 6.94 6.99 0.00 0.00 0.00
GLOBAL EQUITY INCOME FUND
CLASS A
Year Ended 7/31/2009 $ 8.85 0.58 (1.77) (1.19) (0.55) 0.00 (0.55)
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
Year Ended 7/31/2009 $ 8.82 0.51 (1.76) (1.25) (0.49) 0.00 (0.49)
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)
CLASS W
Year Ended 7/31/2009 (a) $ 6.08 0.32 1.00 1.32 (0.28) 0.00 (0.28)
GLOBAL OPPORTUNITIES FUND
CLASS A
Year Ended 7/31/2009 $ 10.00 0.02 (2.10) (2.08) (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
Year Ended 7/31/2009 $ 10.07 (0.03) (2.13) (2.16) (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 European Focus Fund Class W and Global Equity Income Fund Class W
commenced operations on March 31, 2009. 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.
60
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
NET ASSET NET ASSETS,
VALUE, END OF
REDEMPTION END OF TOTAL PERIOD
FEES THE PERIOD RETURN (c) (000)
- ----------------------------------------------------------------------------------------------
EUROPEAN FOCUS
CLASS A
Year Ended 7/31/2009 0.00* $ 20.32 (14.12)% $ 299,183
Year Ended 7/31/2008 0.01 28.57 (13.28) 719,752
Year Ended 7/31/2007 0.00 37.04 36.52 1,010,786
Year Ended 7/31/2006 0.00 29.36 23.72 368,593
Year Ended 7/31/2005 0.00 25.30 34.43 182,831
CLASS B
Year Ended 7/31/2009 0.00* $ 19.33 (14.75)% $ 31,555
Year Ended 7/31/2008 0.01 27.17 (13.92) 50,949
Year Ended 7/31/2007 0.00 35.46 35.47 67,668
Year Ended 7/31/2006 0.00 28.41 22.79 35,977
Year Ended 7/31/2005 0.00 24.71 33.54 26,964
CLASS C
Year Ended 7/31/2009 0.00* $ 19.33 (14.75)% $ 114,401
Year Ended 7/31/2008 0.01 27.17 (13.92) 250,126
Year Ended 7/31/2007 0.00 35.46 35.52 346,856
Year Ended 7/31/2006 0.00 28.40 22.80 110,465
Year Ended 7/31/2005 0.00 24.70 33.48 74,207
CLASS W
Year Ended 7/31/2009 (a) 0.00* $ 20.34 52.36% $ 8,954
GLOBAL EQUITY INCOME FUND
CLASS A
Year Ended 7/31/2009 0.00* $ 7.11 (12.93)% $ 186,248
Year Ended 7/31/2008 0.00* 8.85 (9.99) 189,490
Year Ended 7/31/2007 (a) 0.00 10.65 10.68 94,377
CLASS C
Year Ended 7/31/2009 0.00* $ 7.08 (13.64)% $ 131,990
Year Ended 7/31/2008 0.00* 8.82 (10.66) 166,946
Year Ended 7/31/2007 (a) 0.00 10.62 10.11 73,070
CLASS W
Year Ended 7/31/2009 (a) 0.00* $ 7.12 22.03% $ 9,119
GLOBAL OPPORTUNITIES FUND
CLASS A
Year Ended 7/31/2009 0.00* $ 7.88 (20.73)% $ 6,329
Year Ended 7/31/2008 0.00* 10.00 (11.67) 12,291
Year Ended 7/31/2007 (a) 0.00 11.41 14.10 4,052
CLASS C
Year Ended 7/31/2009 0.00* $ 7.90 (21.41)% $ 6,988
Year Ended 7/31/2008 0.00* 10.07 (12.26) 5,282
Year Ended 7/31/2007 (a) 0.00 11.53 15.30 2,530
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
- ------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS
CLASS A
Year Ended 7/31/2009 1.72% 1.52% 1.72% 51%
Year Ended 7/31/2008 1.46 0.85 1.49 70
Year Ended 7/31/2007 1.53 0.39 1.53 61
Year Ended 7/31/2006 1.59 0.44 1.59 64
Year Ended 7/31/2005 2.00 0.18 1.73 51
CLASS B
Year Ended 7/31/2009 2.47% 0.64% 2.47% 51%
Year Ended 7/31/2008 2.21 0.11 2.24 70
Year Ended 7/31/2007 2.28 (0.46) 2.28 61
Year Ended 7/31/2006 2.34 (0.41) 2.34 64
Year Ended 7/31/2005 2.75 (0.67) 2.48 51
CLASS C
Year Ended 7/31/2009 2.47% 0.72% 2.47% 51%
Year Ended 7/31/2008 2.21 0.10 2.24 70
Year Ended 7/31/2007 2.28 (0.31) 2.28 61
Year Ended 7/31/2006 2.34 (0.39) 2.34 64
Year Ended 7/31/2005 2.75 (0.62) 2.48 51
CLASS W
Year Ended 7/31/2009 (a) 1.60% 0.78% 1.60% 51%
GLOBAL EQUITY INCOME FUND
CLASS A
Year Ended 7/31/2009 1.40% 8.45% 1.50% 155%
Year Ended 7/31/2008 1.40 8.83 1.44 155
Year Ended 7/31/2007 (a) 1.40 11.36 1.85 100
CLASS C
Year Ended 7/31/2009 2.15% 7.40% 2.25% 155%
Year Ended 7/31/2008 2.15 8.12 2.19 155
Year Ended 7/31/2007 (a) 2.15 10.64 2.60 100
CLASS W
Year Ended 7/31/2009 (a) 1.15% 13.83% 1.32% 155%
GLOBAL OPPORTUNITIES FUND
CLASS A
Year Ended 7/31/2009 1.95% 0.25% 2.74% 234%
Year Ended 7/31/2008 1.95 0.74 3.12 135
Year Ended 7/31/2007 (a) 1.95 0.15 13.40 40
CLASS C
Year Ended 7/31/2009 2.70% (0.37)% 3.49% 234%
Year Ended 7/31/2008 2.70 (0.06) 4.01 135
Year Ended 7/31/2007 (a) 2.70 (0.66) 14.15 40
See Notes to Financial Statements.
61
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
--------------------------------------------------------
NET
NET ASSET NET REALIZED AND TOTAL
VALUE, INVESTMENT UNREALIZED GAIN FROM
BEGINNING INCOME (LOSS) ON INVESTMENT
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS
- ----------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Year Ended 7/31/2009 $ 13.88 (0.09) (0.47) (0.56)
Year Ended 7/31/2008 16.43 (0.13) (2.15) (2.28)
Year Ended 7/31/2007 12.19 (0.17) 4.41 4.24
Year Ended 7/31/2006 11.68 (0.19) 0.87 0.68
Year Ended 7/31/2005 10.54 (0.14) 1.91 1.77
CLASS B
Year Ended 7/31/2009 $ 13.22 (0.17) (0.46) (0.63)
Year Ended 7/31/2008 15.77 (0.23) (2.06) (2.29)
Year Ended 7/31/2007 11.79 (0.26) 4.24 3.98
Year Ended 7/31/2006 11.39 (0.28) 0.85 0.57
Year Ended 7/31/2005 10.36 (0.21) 1.87 1.66
CLASS C
Year Ended 7/31/2009 $ 13.19 (0.17) (0.46) (0.63)
Year Ended 7/31/2008 15.73 (0.23) (2.04) (2.27)
Year Ended 7/31/2007 11.76 (0.26) 4.23 3.97
Year Ended 7/31/2006 11.35 (0.28) 0.86 0.58
Year Ended 7/31/2005 10.34 (0.21) 1.85 1.64
CLASS W
Year Ended 7/31/2009 (a) $ 9.94 (0.03) 3.43 3.40
INDUSTRIES OF THE FUTURE
CLASS A
Year Ended 7/31/2009 (a) $ 10.00 (0.01) (2.30) (2.31)
CLASS C
Year Ended 7/31/2009 (a) $ 10.00 (0.06) (2.21) (2.27)
LESS DISTRIBUTIONS:
--------------------------------------------------------
DIVIDENDS DISTRIBUTIONS
FROM FROM NET
NET REALIZED RETURN
INVESTMENT CAPITAL OF TOTAL
INCOME GAINS CAPITAL DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Year Ended 7/31/2009 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 0.00 (0.63) 0.00 (0.63)
CLASS B
Year Ended 7/31/2009 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 0.00 (0.63) 0.00 (0.63)
CLASS C
Year Ended 7/31/2009 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 0.00 (0.63) 0.00 (0.63)
CLASS W
Year Ended 7/31/2009 (a) 0.00 0.00 0.00 0.00
INDUSTRIES OF THE FUTURE
CLASS A
Year Ended 7/31/2009 (a) 0.00 0.00 0.00 0.00
CLASS C
Year Ended 7/31/2009 (a) 0.00 0.00 0.00 0.00
(a) The Global Technology Fund Class W commenced operations on March 31, 2009.
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.
62
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
NET ASSET NET ASSETS,
VALUE, END OF
REDEMPTION END OF TOTAL PERIOD
FEES THE PERIOD RETURN (c) (000)
- -----------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Year Ended 7/31/2009 0.00* $ 13.32 (4.03)% $ 71,472
Year Ended 7/31/2008 0.00* 13.88 (14.22) 123,129
Year Ended 7/31/2007 0.00 16.43 34.78 60,329
Year Ended 7/31/2006 0.00 12.19 5.83 24,685
Year Ended 7/31/2005 0.00 11.68 16.90 3,331
CLASS B
Year Ended 7/31/2009 0.00* $ 12.59 (4.77)% $ 5,994
Year Ended 7/31/2008 0.01 13.22 (14.82) 7,465
Year Ended 7/31/2007 0.00 15.77 33.76 2,621
Year Ended 7/31/2006 0.00 11.79 5.01 1,187
Year Ended 7/31/2005 0.00 11.39 16.10 906
CLASS C
Year Ended 7/31/2009 0.00* $ 12.56 (4.78)% $ 39,330
Year Ended 7/31/2008 0.00* 13.19 (14.79) 61,795
Year Ended 7/31/2007 0.00 15.73 33.76 25,536
Year Ended 7/31/2006 0.00 11.76 5.11 10,752
Year Ended 7/31/2005 0.00 11.35 15.93 $ 1,356
CLASS W
Year Ended 7/31/2009 (a) 0.00* $ 13.34 34.21% $ 2,914
INDUSTRIES OF THE FUTURE
CLASS A
Year Ended 7/31/2009 (a) 0.00* $ 7.69 (23.10)% $ 799
CLASS C
Year Ended 7/31/2009 (a) 0.00* $ 7.73 (22.70)% $ 147
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
- ------------------------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Year Ended 7/31/2009 1.81% (0.83)% 1.81% 160%
Year Ended 7/31/2008 1.57 (0.80) 1.57 196
Year Ended 7/31/2007 1.87 (1.14) 1.87 129
Year Ended 7/31/2006 1.99 (1.41) 2.50 159
Year Ended 7/31/2005 2.00 (1.26) 6.58 164
CLASS B
Year Ended 7/31/2009 2.56% (1.65)% 2.56% 160%
Year Ended 7/31/2008 2.32 (1.52) 2.32 196
Year Ended 7/31/2007 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 2.74 (2.20) 3.25 159
Year Ended 7/31/2005 2.75 (1.92) 7.33 164
CLASS C
Year Ended 7/31/2009 2.56% (1.61)% 2.56% 160%
Year Ended 7/31/2008 2.32 (1.52) 2.32 196
Year Ended 7/31/2007 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 2.74 (2.15) 3.25 159
Year Ended 7/31/2005 2.75 (1.96) 7.33 164
CLASS W
Year Ended 7/31/2009 (a) 1.71% (0.74)% 1.71% 160%
INDUSTRIES OF THE FUTURE
CLASS A
Year Ended 7/31/2009 (a) 1.95% (0.23)% 38.86% 41%
CLASS C
Year Ended 7/31/2009 (a) 2.70% (0.95)% 39.61% 41%
See Notes to Financial Statements.
63
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
--------------------------------------------------------------
NET
NET ASSET NET REALIZED AND TOTAL
VALUE, INVESTMENT UNREALIZED GAIN FROM
BEGINNING INCOME (LOSS) ON INVESTMENT
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS
- ----------------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Year Ended 7/31/2009 $ 22.11 0.25 (3.20) (2.95)
Year Ended 7/31/2008 26.91 0.19 (2.63) (2.44)
Year Ended 7/31/2007 21.52 0.02 6.43 6.45
Year Ended 7/31/2006 17.77 0.14 4.36 4.50
Year Ended 7/31/2005 14.94 0.00 3.08 3.08
CLASS B
Year Ended 7/31/2009 $ 21.00 0.12 (3.02) (2.90)
Year Ended 7/31/2008 25.85 (0.02) (2.47) (2.49)
Year Ended 7/31/2007 20.82 (0.17) 6.22 6.05
Year Ended 7/31/2006 17.35 (0.03) 4.25 4.22
Year Ended 7/31/2005 14.70 (0.14) 3.04 2.90
CLASS C
Year Ended 7/31/2009 $ 20.99 0.12 (3.02) (2.90)
Year Ended 7/31/2008 25.83 (0.01) (2.47) (2.48)
Year Ended 7/31/2007 20.81 (0.16) 6.20 6.04
Year Ended 7/31/2006 17.33 (0.01) 4.24 4.23
Year Ended 7/31/2005 14.68 (0.13) 3.03 2.90
CLASS R
Year Ended 7/31/2009 $ 21.94 0.19 (3.16) (2.97)
Year Ended 7/31/2008 26.78 0.15 (2.63) (2.48)
Year Ended 7/31/2007 21.46 0.01 6.38 6.39
Year Ended 7/31/2006 (a) 19.07 0.09 3.50 3.14
CLASS W
Year Ended 7/31/2009 (a) $ 13.96 0.11 4.82 4.93
JAPAN-ASIA FOCUS
CLASS A
Year Ended 7/31/2009 $ 7.75 0.02 (0.74) (0.72)
Year Ended 7/31/2008 10.13 0.01 (2.02) (2.01)
Year Ended 7/31/2007 9.65 (0.05) 0.53 0.48
Year Ended 7/31/2006 (a) 10.00 (0.03) (0.32) (0.35)
CLASS C
Year Ended 7/31/2009 $ 7.60 (0.02) (0.74) (0.76)
Year Ended 7/31/2008 10.03 (0.06) (2.00) (2.06)
Year Ended 7/31/2007 9.62 (0.12) 0.53 0.41
Year Ended 7/31/2006 (a) 10.00 (0.07) (0.31) (0.38)
LESS DISTRIBUTIONS:
-------------------------------------------------
DIVIDENDS DISTRIBUTIONS
FROM FROM NET
NET REALIZED
INVESTMENT CAPITAL TOTAL
INCOME GAINS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Year Ended 7/31/2009 (0.20) (0.09) (0.29)
Year Ended 7/31/2008 0.00 (2.36) (2.36)
Year Ended 7/31/2007 (0.04) (1.02) (1.06)
Year Ended 7/31/2006 0.00 (0.75) (0.75)
Year Ended 7/31/2005 0.00 (0.25) (0.25)
CLASS B
Year Ended 7/31/2009 (0.09) (0.09) (0.18)
Year Ended 7/31/2008 0.00 (2.36) (2.36)
Year Ended 7/31/2007 0.00 (1.02) (1.02)
Year Ended 7/31/2006 0.00 (0.75) (0.75)
Year Ended 7/31/2005 0.00 (0.25) (0.25)
CLASS C
Year Ended 7/31/2009 (0.09) (0.09) (0.18)
Year Ended 7/31/2008 0.00 (2.36) (2.36)
Year Ended 7/31/2007 0.00 (1.02) (1.02)
Year Ended 7/31/2006 0.00 (0.75) (0.75)
Year Ended 7/31/2005 0.00 (0.25) (0.25)
CLASS R
Year Ended 7/31/2009 (0.18) (0.09) (0.27)
Year Ended 7/31/2008 0.00 (2.36) (2.36)
Year Ended 7/31/2007 (0.05) (1.02) (1.07)
Year Ended 7/31/2006 (a) 0.00 (0.75) (0.75)
CLASS W
Year Ended 7/31/2009 (a) 0.00 0.00 0.00
JAPAN-ASIA FOCUS
CLASS A
Year Ended 7/31/2009 0.00 0.00 0.00
Year Ended 7/31/2008 0.00 (0.40) (0.40)
Year Ended 7/31/2007 0.00 0.00 0.00
Year Ended 7/31/2006 (a) 0.00 0.00 0.00
CLASS C
Year Ended 7/31/2009 0.00 0.00 0.00
Year Ended 7/31/2008 0.00 (0.40) (0.40)
Year Ended 7/31/2007 0.00 0.00 0.00
Year Ended 7/31/2006 (a) 0.00 0.00 0.00
(a) The Henderson International Opportunities Fund Class R and Class W shares
commenced operations on September 30, 2005 and March 31, 2009,
respectively. 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.
64
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
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
Year Ended 7/31/2009 0.00* 0.00 $ 18.87 (12.86)% $ 2,036,371
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
CLASS B
Year Ended 7/31/2009 0.00* 0.00 $ 17.92 (13.55)% $ 91,697
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
CLASS C
Year Ended 7/31/2009 0.00* 0.00 $ 17.91 (13.55)% $ 713,020
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
CLASS R
Year Ended 7/31/2009 0.00* 0.00 $ 18.70 (13.10)% $ 3,093
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
CLASS W
Year Ended 7/31/2009 (a) 0.00* 0.00 $ 18.89 35.32% $ 86,447
JAPAN-ASIA FOCUS
CLASS A
Year Ended 7/31/2009 0.00* 0.00 $ 7.03 (9.29)% $ 18,031
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
Year Ended 7/31/2009 0.00* 0.00 $ 6.84 (10.00)% $ 12,632
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
Year Ended 7/31/2009 1.61% 1.52% 1.61% 66%
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
CLASS B
Year Ended 7/31/2009 2.36% 0.77% 2.36% 66%
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
CLASS C
Year Ended 7/31/2009 2.36% 0.78% 2.36% 66%
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
CLASS R
Year Ended 7/31/2009 1.86% 1.18% 1.86% 66%
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
CLASS W
Year Ended 7/31/2009 (a) 1.43% 1.98% 1.43% 66%
JAPAN-ASIA FOCUS
CLASS A
Year Ended 7/31/2009 1.97% 0.31% 2.13% 68%
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
Year Ended 7/31/2009 2.72% (0.39)% 2.88% 68%
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.
65
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
--------------------------------------------------------------
NET
NET ASSET NET REALIZED AND TOTAL
VALUE, INVESTMENT UNREALIZED GAIN FROM
BEGINNING INCOME (LOSS) ON INVESTMENT
OF PERIOD (LOSS) (a) INVESTMENTS OPERATIONS
- ---------------------------------------------------------------------------------------------------------------
WORLDWIDE INCOME
CLASS A
Year Ended 7/31/2009 $ 9.45 0.63 (1.78) (1.15)
Year Ended 7/31/2008 10.87 0.71 (1.37) (0.66)
Year Ended 7/31/2007 10.78 0.66 0.08 0.74
Year Ended 7/31/2006 11.03 0.71 (0.22) 0.49
Year Ended 7/31/2005 10.73 0.66 0.40 1.06
CLASS B
Year Ended 7/31/2009 $ 9.44 0.56 (1.75) (1.19)
Year Ended 7/31/2008 10.84 0.64 (1.36) (0.72)
Year Ended 7/31/2007 10.76 0.57 0.07 0.64
Year Ended 7/31/2006 11.00 0.62 (0.20) 0.42
Year Ended 7/31/2005 10.72 0.58 0.38 0.96
CLASS C
Year Ended 7/31/2009 $ 9.45 0.57 (1.79) (1.22)
Year Ended 7/31/2008 10.86 0.64 (1.37) (0.73)
Year Ended 7/31/2007 10.78 0.57 0.07 0.64
Year Ended 7/31/2006 11.02 0.63 (0.21) 0.42
Year Ended 7/31/2005 10.73 0.58 0.39 0.97
LESS DISTRIBUTIONS:
-----------------------------------------------
DIVIDENDS DISTRIBUTIONS
FROM FROM NET
NET REALIZED
INVESTMENT CAPITAL TOTAL
INCOME GAINS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------
WORLDWIDE INCOME
CLASS A
Year Ended 7/31/2009 (0.70) 0.00 (0.70)
Year Ended 7/31/2008 (0.76) 0.00 (0.76)
Year Ended 7/31/2007 (0.65) 0.00 (0.65)
Year Ended 7/31/2006 (0.74) 0.00 (0.74)
Year Ended 7/31/2005 (0.72) (0.04) (0.76)
CLASS B
Year Ended 7/31/2009 (0.64) 0.00 (0.64)
Year Ended 7/31/2008 (0.68) 0.00 (0.68)
Year Ended 7/31/2007 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 (0.64) (0.04) (0.68)
CLASS C
Year Ended 7/31/2009 (0.64) 0.00 (0.64)
Year Ended 7/31/2008 (0.68) 0.00 (0.68)
Year Ended 7/31/2007 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 (0.64) (0.04) (0.68)
(a) Per share data was calculated using average shares outstanding during the
period.
(b) 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.
66
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
NET ASSET
VALUE,
REDEMPTION END OF TOTAL
FEES THE PERIOD RETURN (b)
- --------------------------------------------------------------------------------------
WORLDWIDE INCOME
CLASS A
Year Ended 7/31/2009 0.00* $ 7.60 (10.71)%
Year Ended 7/31/2008 0.00* 9.45 (6.47)
Year Ended 7/31/2007 0.00 10.87 6.71
Year Ended 7/31/2006 0.00 10.78 4.70
Year Ended 7/31/2005 0.00 11.03 10.07
CLASS B
Year Ended 7/31/2009 0.00* $ 7.61 (11.23)%
Year Ended 7/31/2008 0.00* 9.44 (7.00)
Year Ended 7/31/2007 0.00 10.84 5.93
Year Ended 7/31/2006 0.00 10.76 3.93
Year Ended 7/31/2005 0.00 11.00 9.07
CLASS C
Year Ended 7/31/2009 0.00* $ 7.59 (11.55)%
Year Ended 7/31/2008 0.00* 9.45 (7.09)
Year Ended 7/31/2007 0.00 10.86 5.92
Year Ended 7/31/2006 0.00 10.78 3.92
Year Ended 7/31/2005 0.00 11.02 9.16
RATIOS TO AVERAGE NET ASSETS:
----------------------------------------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
(000) NET ASSETS NET ASSETS REIMBURSED RATE
- ---------------------------------------------------------------------------------------------------------------------------------
WORLDWIDE INCOME
CLASS A
Year Ended 7/31/2009 $ 28,905 1.30% 8.69% 1.62% 53%
Year Ended 7/31/2008 64,687 1.30 6.87 1.45 41
Year Ended 7/31/2007 39,470 1.30 5.89 1.77 73
Year Ended 7/31/2006 17,927 1.30 6.61 1.93 161
Year Ended 7/31/2005 16,375 1.30 5.98 2.08 137
CLASS B
Year Ended 7/31/2009 $ 6,325 2.05% 8.02% 2.37% 53%
Year Ended 7/31/2008 5,789 2.05 6.13 2.20 41
Year Ended 7/31/2007 5,003 2.05 5.17 2.52 73
Year Ended 7/31/2006 5,210 2.05 5.77 2.68 161
Year Ended 7/31/2005 4,751 2.05 5.23 2.83 137
CLASS C
Year Ended 7/31/2009 $ 28,513 2.05% 7.96% 2.37% 53%
Year Ended 7/31/2008 62,906 2.05 6.17 2.20 41
Year Ended 7/31/2007 29,752 2.05 5.11 2.52 73
Year Ended 7/31/2006 13,150 2.05 5.78 2.68 161
Year Ended 7/31/2005 13,580 2.05 5.23 2.83 137
See Notes to Financial Statements.
67
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION
Henderson Global Funds (the "Trust") was organized on May 11, 2001, as a
Delaware business trust and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment company.
The Trust has an unlimited number of authorized shares that are divided among
eleven series. Three series of the Trust, Henderson Global Real Estate Equities
Fund, Henderson International Equity Fund and Henderson Money Market 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") 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
Industries of the Future is diversified. Each of the Funds except Global Equity
Income, Global Opportunities, Industries of the Future and Japan-Asia Focus,
offer Class A shares, Class B shares and Class C shares. Global Equity Income
offers Class A shares, Class C shares and Class W Shares. Global Opportunities,
Industries of the Future and Japan-Asia Focus offer Class A shares and Class C
shares. European Focus, Global Technology and International Opportunities also
offer Class W shares which are not subject to a front-end or contingent deferred
sales charge. 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 Trustees of the Trust, or
its designee, may also establish fair value using a wide variety of market data
including yields or prices of investments of comparable quality, type of issue,
coupon, maturity and rating, market quotes or indications of value from security
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. 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 the Funds.
The Fund 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
68
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
transaction to an independent buyer in the principal or most advantageous market
of the investment.
In addition, effective June 30, 2009, the Fund adopted FASB Staff position
("FSP") No. 157-4, "Determining Fair Value When the Volume and Level of Activity
for the Asset or Liability Have Significantly Decreased and Identifying
Transactions That Are Not Orderly" ("FSP No. 157-4"). FSP No. 157-4 provides
additional guidance for estimating fair value in accordance with FAS 157 when
the volume and level of activity for the asset or liability have significantly
decreased.
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)
69
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
The following is a summary of the inputs used as of July 31, 2009 in valuing the
Fund's investments carried at value:
EUROPEAN FOCUS
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Australia $ 33,737,972 $ -- $ -- $ 33,737,972
Canada 10,494,049 -- -- 10,494,049
Cyprus -- 2,210,000 -- 2,210,000
Denmark 4,856,738 -- -- 4,856,738
Finland 7,308,765 -- -- 7,308,765
France 36,570,509 -- -- 36,570,509
Germany 14,364,328 -- -- 14,364,328
Greece 4,066,100 -- -- 4,066,100
Ireland 8,312,325 -- -- 8,312,325
Italy 10,249,470 -- -- 10,249,470
Kazakhstan 20,042,091 -- -- 20,042,091
Luxembourg 15,017,740 -- -- 15,017,740
Netherlands 22,349,825 -- -- 22,349,825
Portugal 7,294,887 -- -- 7,294,887
Russia 10,325,000 -- -- 10,325,000
Spain 2,261,655 -- -- 2,261,655
Switzerland 57,672,749 -- -- 57,672,749
United Arab Emirates 11,422,216 -- -- 11,422,216
United Kingdom 141,620,364 -- -- 141,620,364
United States 8,882,500 -- -- 8,882,500
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 426,849,283 2,210,000 -- 429,059,283
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred Stock
Germany 4,805,643 -- -- 4,805,643
- ------------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock 4,805,643 -- -- 4,805,643
- ------------------------------------------------------------------------------------------------------------------------------------
Rights
Germany 285,096 -- -- 285,096
- ------------------------------------------------------------------------------------------------------------------------------------
Total Rights 285,096 -- -- 285,096
- ------------------------------------------------------------------------------------------------------------------------------------
REITS
United Kingdom 7,204,583 -- -- 7,204,583
- ------------------------------------------------------------------------------------------------------------------------------------
Total REITS 7,204,583 -- -- 7,204,583
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investment 23,544,003 -- -- 23,544,003
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 462,688,608 2,210,000 -- 464,898,608
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 462,688,608 $ 2,210,000 $ -- $ 464,898,608
- ------------------------------------------------------------------------------------------------------------------------------------
70
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
ENDING
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
CHANGE IN NET NET BALANCE INVESTMENTS
BALANCE AS OF ACCRUED UNREALIZED TRANSFERS TRANSFERS AS OF HELD AT
INVESTMENTS IN AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JULY 31, JULY 31,
SECURITIES 2008 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 2009 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Netherlands Amtel
Vredestein N.V. $ 663,843 $ -- $ -- $ (663,843) $ -- $ -- $ -- $ -- $ -- $ (4,563,922)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 663,843 $ -- $ -- $ (663,843) $ -- $ -- $ -- $ -- $ -- $ (4,563,922)
====================================================================================================================================
GLOBAL EQUITY INCOME
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
China $ 16,822,305 $ -- $ -- $ 16,822,305
Cyprus 5,306,029 -- -- 5,306,029
Czech Republic 5,582,838 -- -- 5,582,838
France 29,481,601 -- -- 29,481,601
Germany 2,283,892 -- -- 2,283,892
Greece 4,380,212 -- -- 4,380,212
Italy 18,096,648 -- -- 18,096,648
Japan 4,435,149 -- -- 4,435,149
Netherlands 10,024,957 -- -- 10,024,957
Singapore 8,971,268 -- -- 8,971,268
Spain 8,769,007 -- -- 8,769,007
Taiwan 28,770,354 -- -- 28,770,354
United Kingdom 133,354,800 -- -- 133,354,800
United States 47,998,905 -- -- 47,998,905
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 324,277,965 -- -- 324,277,965
- ------------------------------------------------------------------------------------------------------------------------------------
REITS
France 502,585 -- -- 502,585
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 324,780,550 -- -- 324,780,550
- ------------------------------------------------------------------------------------------------------------------------------------
Other Financial Instruments * -- (886,068) -- (886,068)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 324,780,550 $ (886,068) $ -- $ 323,894,482
- ------------------------------------------------------------------------------------------------------------------------------------
* Other financial instruments are derivative instruments such as forwards,
which are valued at the unrealized appreciation/depreciation on the
instrument.
71
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
ENDING
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
CHANGE IN NET NET BALANCE INVESTMENTS
BALANCE AS OF ACCRUED UNREALIZED TRANSFERS TRANSFERS AS OF HELD AT
INVESTMENTS IN AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JULY 31, JULY 31,
SECURITIES 2008 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 2009 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Hong Kong
PCCW, Ltd. $ 6,940,169 $ -- $(1,732,666) $ 211,946 $ -- $(5,419,449) $ -- $ -- $ -- $ --
Warrants
Bahrain
Gulf Finance
Promissory
Note $ 778,342 $ -- $ (638,833) $ 80 $ -- $ (139,589) $ -- $ -- $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 7,718,511 $ -- $(2,371,499) $ 212,026 $ -- $(5,559,038) $ -- $ -- $ -- $ --
====================================================================================================================================
GLOBAL OPPORTUNITIES
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Belgium $ 202,239 $ -- $ -- $ 202,239
Brazil 559,857 -- -- 559,857
Canada 412,374 -- -- 412,374
China 481,074 -- -- 481,074
France 108,611 -- -- 108,611
Germany 180,091 -- -- 180,091
Hong Kong 210,715 -- -- 210,715
Ireland 274,123 -- -- 274,123
Italy 131,829 -- -- 131,829
Japan 671,429 -- -- 671,429
Netherlands 119,767 -- -- 119,767
Singapore 1,383,577 -- -- 1,383,577
Spain 167,057 -- -- 167,057
Switzerland 974,816 -- -- 974,816
Taiwan 315,886 -- -- 315,886
United Kingdom 1,347,242 -- -- 1,347,242
United States 5,191,145 -- -- 5,191,145
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 12,731,832 -- -- 12,731,832
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred Stock
Germany 282,471 -- -- 282,471
- ------------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock 282,471 -- -- 282,471
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investment 324,329 -- -- 324,329
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 13,338,632 -- -- 13,338,632
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 13,338,632 $ -- $ -- $ 13,338,632
- ------------------------------------------------------------------------------------------------------------------------------------
72
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
GLOBAL TECHNOLOGY
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
China $ 13,423,097 $ -- $ -- $ 13,423,097
France 1,725,737 -- -- 1,725,737
Germany 1,888,544 -- -- 1,888,544
Japan 1,703,746 -- -- 1,703,746
Korea 5,479,689 -- -- 5,479,689
Switzerland 1,406,134 -- -- 1,406,134
Taiwan 11,553,738 -- -- 11,553,738
United Kingdom 3,497,476 -- -- 3,497,476
United States 70,508,785 -- -- 70,508,785
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 111,186,946 -- -- 111,186,946
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investment 4,458,772 -- -- 4,458,772
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 115,645,718 -- -- 115,645,718
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 115,645,718 $ -- $ -- $ 115,645,718
- ------------------------------------------------------------------------------------------------------------------------------------
73
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
INDUSTRIES OF THE FUTURE
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Australia $ 9,654 $ -- $ -- $ 9,654
Austria 14,786 -- -- 14,786
Canada 14,861 -- -- 14,861
China 8,508 -- -- 8,508
Denmark 5,846 -- -- 5,846
France 59,176 -- -- 59,176
Germany 28,530 -- -- 28,530
Hong Kong 11,048 -- -- 11,048
Ireland 15,795 -- -- 15,795
Italy 25,264 -- -- 25,264
Japan 66,351 -- -- 66,351
Korea 5,065 -- -- 5,065
Netherlands 26,345 -- -- 26,345
Norway 4,425 -- -- 4,425
Singapore 12,924 -- -- 12,924
Spain 10,400 -- -- 10,400
Sweden 10,013 -- -- 10,013
Switzerland 26,759 -- -- 26,759
United Kingdom 72,580 -- -- 72,580
United States 460,066 -- -- 460,066
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 888,396 -- -- 888,396
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred Stock
Germany 13,891 -- -- 13,891
- ------------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock 13,891 -- -- 13,891
- ------------------------------------------------------------------------------------------------------------------------------------
Warrants
United Kingdom -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Warrants -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investment 28,541 -- -- 28,541
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 930,828 -- -- 930,828
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 930,828 $ -- $ -- $ 930,828
- ------------------------------------------------------------------------------------------------------------------------------------
ENDING
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
CHANGE IN NET NET BALANCE INVESTMENTS
BALANCE AS OF ACCRUED UNREALIZED TRANSFERS TRANSFERS AS OF HELD AT
INVESTMENTS IN AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JULY 31, JULY 31,
SECURITIES 2008 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 2009 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Polyfuel, Inc. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ (548)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ (548)
====================================================================================================================================
74
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
INTERNATIONAL OPPORTUNITIES
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Australia $ 31,737,177 $ -- $ -- $ 31,737,177
China 185,311,538 -- -- 185,311,538
Finland 113,885,877 -- -- 113,885,877
France 366,759,689 -- -- 366,759,689
Germany 63,379,088 -- -- 63,379,088
Hong Kong 114,065,850 -- -- 114,065,850
India 39,085,714 -- -- 39,085,714
Ireland 67,387,159 -- -- 67,387,159
Japan 549,759,879 -- -- 549,759,879
Luxembourg 48,045,059 -- -- 48,045,059
Netherlands 80,764,623 -- -- 80,764,623
Russia 49,205,543 -- -- 49,205,543
Singapore 99,624,973 -- -- 99,624,973
Spain 66,988,047 -- -- 66,988,047
Switzerland 333,554,752 -- -- 333,554,752
Taiwan 9,527,065 -- -- 9,527,065
United Kingdom 363,327,295 -- -- 363,327,295
United States 59,557,432 -- -- 59,557,432
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 2,641,966,760 -- -- 2,641,966,760
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred Stock
Germany 75,255,343 -- -- 75,255,343
- ------------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock 75,255,343 -- -- 75,255,343
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investments 178,283,324 -- -- 178,283,324
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 2,895,505,427 -- -- 2,895,505,427
- ------------------------------------------------------------------------------------------------------------------------------------
Other Financial Instruments * -- (1,397,208) -- (1,397,208)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 2,895,505,427 $(1,397,208) $ -- $ 2,894,108,219
- ------------------------------------------------------------------------------------------------------------------------------------
* Other financial instruments are derivative instruments such as forwards,
which are valued at the unrealized appreciation/depreciation on the
instrument.
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
ENDING
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
CHANGE IN NET NET BALANCE INVESTMENTS
BALANCE AS OF ACCRUED UNREALIZED TRANSFERS TRANSFERS AS OF HELD AT
INVESTMENTS IN AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JULY 31, JULY 31,
SECURITIES 2008 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 2009 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Hong Kong
Neo China
Group
(Holdings),
Ltd. $ 4,006,737 $ -- $(10,970,674) $ 8,016,291 $ -- $(1,052,354) $ -- $ -- $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 4,006,737 $ -- $(10,970,674) $ 8,016,291 $ -- $(1,052,354) $ -- $ -- $ -- $ --
====================================================================================================================================
75
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
JAPAN-ASIA FOCUS
- --------------------------------------------------------------------------------
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Hong Kong $ 1,579,858 $ -- $ -- $ 1,579,858
Japan 28,026,886 -- -- 28,026,886
Singapore 824,612 -- -- 824,612
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock 30,431,356 -- -- 30,431,356
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 30,431,356 -- -- 30,431,356
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 30,431,356 $ -- $ -- $ 30,431,356
- ------------------------------------------------------------------------------------------------------------------------------------
WORLDWIDE INCOME
QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
DESCRIPTION (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Bonds
Canada $ -- $ 1,297,022 $ -- $ 1,297,022
Denmark -- 1,625,910 -- 1,625,910
France -- 3,763,082 -- 3,763,082
Germany -- 4,597,710 -- 4,597,710
Ireland -- 834,085 -- 834,085
Italy -- 2,903,205 -- 2,903,205
Luxembourg -- 2,908,593 -- 2,908,593
Netherlands -- 3,206,502 360,000 3,566,502
Norway -- 2,100,179 -- 2,100,179
United Kingdom -- 17,655,440 -- 17,655,440
United States -- 15,385,447 -- 15,385,447
- ------------------------------------------------------------------------------------------------------------------------------------
Total Corporate Bonds -- 56,277,175 360,000 56,637,175
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations United -- 1,474,063 -- 1,474,063
States
- ------------------------------------------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations -- 1,474,063 -- 1,474,063
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred Stock
United States 420,000 -- -- 420,000
- ------------------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock 420,000 -- -- 420,000
- ------------------------------------------------------------------------------------------------------------------------------------
Short Term Investment 4,300,162 -- -- 4,300,162
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments 4,720,162 57,751,238 360,000 62,831,400
- ------------------------------------------------------------------------------------------------------------------------------------
Other Financial Instruments * -- (184,944) -- (184,944)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 4,720,162 $57,566,294 $ 360,000 $ 62,646,456
- ------------------------------------------------------------------------------------------------------------------------------------
* Other financial instruments are derivative instruments such as forwards,
which are valued at the unrealized appreciation/depreciation on the
instrument.
76
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
ENDING
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
BALANCE CHANGE IN NET NET BALANCE INVESTMENTS
AS OF ACCRUED UNREALIZED TRANSFERS TRANSFERS AS OF HELD AT
INVESTMENTS IN AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JULY 31, JULY 31,
SECURITIES 2008 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 2009 2009
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Bonds
Netherlands
Arran
Corporate
Loans B.V.,
Class E3 $ 1,326,600 $ 2,748 $ -- $ (969,348) $ -- $ -- $ -- $ -- $360,000 $ (3,023,028)
- ------------------------------------------------------------------------------------------------------------------------------------
United States
HCA, Inc. $ 3,218,018 $ -- $ (7,646) $ (1,001,170) $ -- $(9,766) $ -- $(2,207,082) $ -- $ --
Lehman
Brothers
UK Capital
Funding
IV LP $ -- $ (1,087) $ -- $ (1,876,583) $ -- $ -- $1,877,670 $ -- $ -- $ (1,579,304)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 4,544,618 $ 1,661 $ (7,646) $ (3,847,101) $ -- $(9,766) $1,877,670 $(2,207,082) $360,000 $ (4,602,332)
====================================================================================================================================
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for on trade date. Interest income is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend
date. Bond premium is amortized and discount is accreted over the expected life
of each applicable security. Corporate actions involving foreign securities,
including dividends, are recorded as soon as the information becomes available.
Withholding taxes on foreign dividends are accrued in accordance with the
applicable country's tax rules and rates. Securities gains and losses are
determined on the identified cost basis, which is the same basis used for
federal income tax purposes.
FOREIGN CURRENCY TRANSLATION
Investment securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the date of valuation.
Purchases and sales of investment securities and income and expense items
denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments on
the Statement of Operations.
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
77
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
include net gains or losses on contracts that have matured or which a Fund has
terminated by entering into offsetting closing transactions. Forward foreign
currency contracts are valued daily and the unrealized appreciation or
depreciation is included in the Statement of Assets and Liabilities. These
instruments involve market risk, credit risk, or both kinds of risks, in excess
of the amount recognized in the 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 July 31,
2009 which are included in the Statement of Assets and Liabilities:
LOCAL UNREALIZED
VALUE AMOUNT CURRENT APPRECIATION
DATE (000'S) VALUE (DEPRECIATION)
- --------------------------------------------------------------------------------
GLOBAL EQUITY INCOME
- --------------------------------------------------------------------------------
British Pound Short 10/9/09 $ 18,500,00 $ 30,899,173 $ (886,068)
================================================================================
INTERNATIONAL OPPORTUNITIES
- --------------------------------------------------------------------------------
Japanese Yen Short 8/17/09 $ 4,621,250,000 $ 48,843,307 $ (1,397,208)
================================================================================
WORLDWIDE INCOME
- --------------------------------------------------------------------------------
British Pound Short 8/26/09 $ 5,710,628 $ 9,538,833 $ (122,008)
- --------------------------------------------------------------------------------
Euro Short 8/26/09 14,907,940 21,249,335 (64,705)
- --------------------------------------------------------------------------------
Euro Short 8/26/09 1,500,000 2,138,055 1,769
================================================================================
The Fund adopted FASB Statement of Financial Accounting Standards No. 161,
Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"). FAS
161 requires enhanced disclosures about (a) how an entity uses derivatives
instruments (b) how derivative instruments and hedging activities are accounted
for, and (c) how derivative instruments and related hedging activities affect
the Fund's financial position and financial performance. This includes
qualitative and quantitative disclosures on derivative positions existing at
period end and the affect of using derivatives during the reporting period. The
following is a summary of realized gains/losses and change in unrealized
gain/loss incurred on forward foreign currency contracts during the year ended
July 31, 2009 which are included in the Statement of Operations:
EUROPEAN FOCUS
CHANGE IN
REALIZED UNREALIZED
CURRENCY GAIN GAIN/LOSS
- --------------------------------------------------------------------------------
British Pound $ 17,324,927 $ (205,416)
- --------------------------------------------------------------------------------
Euro 24,905,553 (2,028,248)
================================================================================
GLOBAL EQUITY INCOME
CHANGE IN
REALIZED UNREALIZED
CURRENCY GAIN GAIN/LOSS
- --------------------------------------------------------------------------------
Australian Dollar $60,020 --
- --------------------------------------------------------------------------------
British Pound 14,554,852 $ (285,333)
================================================================================
GLOBAL OPPORTUNITIES
CHANGE IN
REALIZED UNREALIZED
CURRENCY GAIN GAIN/LOSS
- --------------------------------------------------------------------------------
British Pound $ 179,269 $ (1,917)
- --------------------------------------------------------------------------------
Euro 264,870 (19,301)
================================================================================
INTERNATIONAL OPPORTUNITIES
CHANGE IN
REALIZED UNREALIZED
CURRENCY GAIN GAIN/LOSS
- --------------------------------------------------------------------------------
British Pound $ 20,789,913 $ (246,499)
- --------------------------------------------------------------------------------
Euro 53,777,748 (4,664,972)
- --------------------------------------------------------------------------------
Japanese Yen 2,605,481 (1,397,208)
================================================================================
WORLDWIDE INCOME
CHANGE IN
REALIZED UNREALIZED
CURRENCY GAIN GAIN/LOSS
- --------------------------------------------------------------------------------
British Pound $ 2,772,872 $ (234,739)
- --------------------------------------------------------------------------------
Euro 5,494,039 (503,184)
================================================================================
For the year ended July 31, 2009 Global Technology, Industries of the Future and
Japan-Asia Focus did not invest in derivative instruments or engage in related
hedging activities.
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
78
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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. 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 year ended July 31, 2009, the Funds had no transactions in securities
lending.
EXPENSES
Expenses are recorded on an accrual basis. Expenses of the Trust that are
directly attributable to a specific Fund are charged to that Fund. Other
expenses are allocated proportionately among each Fund within the Trust based on
average daily net assets or on another reasonable basis.
DEFERRED OFFERING COSTS
Costs incurred in connection with the offering and initial registration of
Industries of the Future have been deferred in conformity with United States
generally accepted accounting principals 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. Management
has concluded that there are no significant uncertain tax positions that would
require recognition in the financial statements. 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, 2009 the Fund's had the following capital loss carryforwards:
EXPIRING EXPIRING EXPIRING EXPIRING
ON ON ON ON
JULY 31, JULY 31, JULY 31, JULY 31,
2014 2015 2016 2017
- ----------------------------------------------------------------------------------------------------------
European
Focus -- -- -- $ 25,892,112
Global
Equity
Income -- -- $ 506,123 40,759,829
Global
Opportunities -- -- -- 3,540,733
Global
Technology -- -- -- 53,129,957
Industries of the Future -- -- -- 4,319
International
Opportunities -- -- -- 185,918,664
Japan-Asia
Focus -- -- 949,426 8,809,249
Worldwide
Income $ 341,836 $ 207,447 477,632 1,001,344
==========================================================================================================
At July 31, 2009, 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
- --------------------------------------------------------------------------------
European Focus -- $ 238,675,606
Global Equity Income -- 78,064,857
Global Opportunities $ 32,966 4,621,040
Global Technology 214,594 28,988,281
Industries of the Future -- 61,396
International Opportunities -- 736,831,183
Japan-Asia Focus -- 17,007,049
Worldwide Income 3,302,043 30,725,721
================================================================================
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
79
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
permanent in nature. To the extent these differences are permanent, they are
reclassified within the capital accounts based on their federal tax-basis
treatment.
Accordingly, at July 31, 2009, the Funds reclassified the following amounts
between paid-in capital, undistributed net investment income (loss) and
accumulated net realized gain (loss):
ACCUMULATED
UNDISTRIBUTED
NET ACCUMULATED
PAID-IN INVESTMENT NET REALIZED
CAPITAL INCOME/(LOSS) GAIN/(LOSS)
- --------------------------------------------------------------------------------
European
Focus $ (43,781) $ 1,941,406 $ (1,897,625)
- --------------------------------------------------------------------------------
Global
Equity Income 9,262 (199,804) 190,542
- --------------------------------------------------------------------------------
Global
Opportunities (16,551) (29,577) 46,128
- --------------------------------------------------------------------------------
Global
Technology (1,494,204) 1,148,300 345,904
- --------------------------------------------------------------------------------
Industries of
the Future (54,397) 53,599 798
- --------------------------------------------------------------------------------
International
Opportunities (84,003) (3,534,775) 3,618,778
- --------------------------------------------------------------------------------
Japan-Asia
Focus (122,369) 113,605 8,764
- --------------------------------------------------------------------------------
Worldwide
Income (24,448) (3,018,626) 3,043,074
================================================================================
These reclassifications relate to the deductibility of certain expenses and the
character of realized gain/losses on foreign currency transactions and PFIC
transactions for tax purposes and had no impact on the net asset value of the
Funds.
The tax character of distributions paid during the year ended July 31, 2008 and
July 31, 2009 were as follows:
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 --
Worldwide
Income 8,999,619 -- --
================================================================================
LONG-TERM
YEAR ENDED ORDINARY CAPITAL TAX RETURN
JULY 31, 2009 INCOME GAINS OF CAPITAL
- --------------------------------------------------------------------------------
European
Focus $ 12,835,135 $ 39,014,865 --
Global
Equity 22,045,770 -- --
Global
Opportunities 87,500 -- --
Global
Technology -- -- --
Industries of
the Future -- -- --
International
Opportunities 39,318,221 21,779 --
Japan-Asia
Focus -- -- --
Worldwide
Income 6,811,591 -- --
================================================================================
80
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
As of July 31, 2009, 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 $ 15,524,558 -- $ (106,654,517)
- --------------------------------------------------------------------------------
Global Equity Income 2,047,722 -- (23,008,878)
- --------------------------------------------------------------------------------
Global Opportunities -- -- 2,270,644
- --------------------------------------------------------------------------------
Global Technology -- -- 22,765,370
- --------------------------------------------------------------------------------
Industries of the Future 73,079 -- 15,105
- --------------------------------------------------------------------------------
International Opportunities 10,968,651 -- 66,341,591
- --------------------------------------------------------------------------------
Japan-Asia Focus -- -- (1,824,499)
- --------------------------------------------------------------------------------
Worldwide Income -- -- (16,820,530)
================================================================================
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. Prior to July 1, 2009 HGINA received a fee for its services, paid
based on each Fund's average daily net assets set forth below:
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%
- --------------------------------------------------------------------------------
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 HGINA based on the
Fund's average daily managed assets, HGINA's fee will be higher if the
Fund is leveraged.
81
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
Effective July 1, 2009 HGINA receives a fee for its services, paid based on each
Fund's average daily net assets as set forth below.
European Focus First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- --------------------------------------------------------------------------------
Global Equity Income First $1billion 0.85%
Next $1 billion 0.65%
Over $2 billion 0.60%
- --------------------------------------------------------------------------------
Global Opportunities First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 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%
- --------------------------------------------------------------------------------
Worldwide Income (1) First $1 billion 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 HGINA based on the
Fund's average daily managed assets, 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 Income, 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
CLASS A B & C CLASS R CLASS W
- --------------------------------------------------------------------------------
European Focus 2.00% 2.75% N/A 1.75%
- --------------------------------------------------------------------------------
Global Equity Income 1.40 2.15 N/A 1.15
- --------------------------------------------------------------------------------
Global Opportunities 1.95 2.70 N/A N/A
- --------------------------------------------------------------------------------
Global Technology 2.00 2.75 N/A 1.75
- --------------------------------------------------------------------------------
Industries of the Future 1.95 2.70 N/A N/A
- --------------------------------------------------------------------------------
International Opportunities 2.00 2.75 2.25% 1.75
- --------------------------------------------------------------------------------
Japan-Asia Focus 2.00 2.75 N/A N/A
- --------------------------------------------------------------------------------
Worldwide Income 1.30 2.05 N/A 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 July 31, 2009 for Global Equity Income and Global
Opportunities was $523,865 and $443,391, respectively.
During the year ended July 31, 2008, HGINA reimbursed Japan-Asia Focus $217,824
for a trading error. This amount is reflected in the Statement of Changes in Net
Assets and Financial Highlights as payments by affiliates.
Shares of the Funds are often purchased through financial intermediaries who are
agents of the Funds for the limited purpose of completing purchases and sales.
These intermediaries may provide certain networking and sub-transfer agent
services with respect to Fund shares held by that intermediary for its
customers, and the intermediary may charge HGINA a fee for those services. The
fees are included in Transfer agent fees in the Statement of Operations.
82
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
At July 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 July
31, 2009, HII owned the following number of shares in the following Funds:
SHARES
- --------------------------------------------------------------------------------
European Focus Class A 793
European Focus Class W 749
Global Equity Income Class A 859
Global Equity Income Class W 1,714
Global Opportunities Class A 60,830
Global Opportunities Class C 5,032
Global Technology Class A 732
Global Technology Class W 1,006
International Opportunities Class A 882
International Opportunities Class R 1,523
International Opportunities Class W 716
Worldwide Income Class A 3,922
================================================================================
An affiliated person of a fund may include any company in which the fund owns
five percent or more of its outstanding voting shares. At July 31, 2009,
International Opportunities held 6.68% of NSD Co., Ltd. On July 31, 2009,
International Opportunities owned 84.5% of the Henderson Money Market Fund.
Transactions in affiliates during the twelve months ended July 31, 2009 were as
follows:
BALANCE OF BALANCE OF
SHARES SHARES
HELD HELD
AFFILIATE 7/31/2008 PURCHASES SALES 7/31/2009 VALUE
- ----------------------------------------------------------------------------------------
NSD Co., Ltd. 3,571,000 154,200 (306,200) 3,419,000 $ 35,951,440
- ----------------------------------------------------------------------------------------
Henderson Money
Market Fund -- 141,141,296 (91,141,296) 50,000,000 50,000,000
========================================================================================
The aggregate cost and value of affiliates at July 31, 2009 is $94,129,923 and
$85,951,440, respectively. Investments in affiliates represented 2.93% of the
total net assets as of July 31, 2009.
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 compliance officers, 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.
The Funds bear a portion of the compensation paid to the compliance officers who
perform services for the Trust. This compensation is reflected as Compliance
Officer fees 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 0.50% 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 year ended July 31,
2009, were as follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
European Focus $ 238,738,394 $ 494,619,482
Global Equity Income 475,555,681 420,346,574
Global Opportunities 33,498,999 33,800,829
Global Technology 168,482,080 216,102,698
Industries of the Future 1,171,838 219,899
International Opportunities 1,651,043,325 1,932,385,605
Japan-Asia Focus 23,302,618 36,844,887
Worldwide Income 35,871,275 69,782,760
================================================================================
83
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
The U.S. federal income tax basis of the Funds' investments excluding foreign
currency and forward currency contracts at July 31, 2009, and the gross
unrealized appreciation and depreciation, were as follows:
EUROPEAN GLOBAL EQUITY
FOCUS INCOME
- --------------------------------------------------------------------------------
Cost $ 571,355,670 $ 347,867,524
- --------------------------------------------------------------------------------
Gross unrealized appreciation 80,842,292 13,000,964
- --------------------------------------------------------------------------------
Gross unrealized depreciation (187,299,354) (36,087,938)
- --------------------------------------------------------------------------------
Net unrealized depreciation (106,457,062) (23,086,974)
================================================================================
GLOBAL GLOBAL
OPPORTUNITIES TECHNOLOGY
- --------------------------------------------------------------------------------
Cost $ 11,068,734 $ 92,877,184
- --------------------------------------------------------------------------------
Gross unrealized appreciation 2,331,122 23,117,621
- --------------------------------------------------------------------------------
Gross unrealized depreciation (61,224) (349,087)
- --------------------------------------------------------------------------------
Net unrealized appreciation 2,269,898 22,768,534
================================================================================
INDUSTRIES OF INTERNATIONAL
THE FUTURE OPPORTUNITIES
- --------------------------------------------------------------------------------
Cost $ 915,741 $ 2,829,460,131
- --------------------------------------------------------------------------------
Gross unrealized appreciation 55,891 371,677,656
- --------------------------------------------------------------------------------
Gross unrealized depreciation (40,804) (305,632,360)
- --------------------------------------------------------------------------------
Net unrealized appreciation 15,087 66,045,296
================================================================================
JAPAN-ASIA WORLDWIDE
FOCUS INCOME
- --------------------------------------------------------------------------------
Cost $ 32,255,835 $ 79,669,289
- --------------------------------------------------------------------------------
Gross unrealized appreciation 3,312,156 904,176
- --------------------------------------------------------------------------------
Gross unrealized depreciation (5,136,635) (17,742,065)
- --------------------------------------------------------------------------------
Net unrealized depreciation (1,824,479) (16,837,889)
================================================================================
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 July 31, 2009.
84
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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 ARRANGEMENT
The Trust has a $100 million credit facility that was entered into on February
4, 2009 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 1.25%. In addition, a commitment fee of 0.15% 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 year ended July 31, 2009.
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 year ended July 31, 2009 were as follows:
REDEMPTION FEES
- --------------------------------------------------------------------------------
European Focus $ 11,809
Global Equity Income 29,073
Global Opportunities 250
Global Technology 6,077
Industries of the Future 305
International Opportunities 103,019
Japan-Asia Focus 575
Worldwide Income 8,617
================================================================================
85
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
NOTE 10. RECENT ACCOUNTING STANDARDS
In June 2009, the FASB issued SFAS No. 168, "The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles--a
replacement of FASB Statement No 162" ("SFAS 168"). SFAS 168 replaces SFAS No.
162, "The Hierarchy of Generally Accepted Accounting Principles" and establishes
the "FASB Accounting Standards Codification ("Codification") as the source of
authoritative accounting principles recognized by the FASB to be applied by
nongovernmental entities in the preparation of financial statements in
conformity with U.S. GAAP. All guidance contained in the Codification carries an
equal level of authority. On the effective date of SFAS 168, the Codification
will supersede all then-existing non-SEC accounting and reporting standards. All
other non-grandfathered non-SEC accounting literature not included in the
Codification will become non-authoritative. SFAS 168 is effective for financial
statements issued for interim and annual periods ending after September 15,
2009. The Funds evaluated this new statement, and believe that it will not have
a significant impact on the determination or reporting of the Funds' financial
statements.
NOTE 11. SUBSEQUENT EVENT
In accordance with the provisions set forth in FASB Statement of Financial
Accounting Standards No. 165 "Subsequent Events", adopted by the Funds as of
June 30, 2009, management has evaluated the possibility of subsequent events
existing in the Funds' financial statements through September 25, 2009. On
September 8, 2009, the Board of Trustees approved a Plan of Liquidation under
which the Henderson Global Real Estate Equities Fund will be liquidated as of
September 30, 2009.
86
HENDERSON GLOBAL FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders
Henderson Global Funds
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Henderson European Focus Fund, Henderson
Global Equity Income Fund, Henderson Global Opportunities Fund, Henderson Global
Technology Fund, Henderson Industries of the Future Fund, Henderson
International Opportunities Fund, Henderson Japan-Asia Focus Fund, and Henderson
Worldwide Income Fund (collectively, the Funds), comprising the Henderson Global
Funds, as of July 31, 2009, and the related statements of operations, the
statements of changes in net assets and the financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2009, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting the Henderson Global Funds at July 31,
2009, the results of their operations, the changes in their net assets and the
financial highlights for the periods indicated therein in conformity with US
generally accepted accounting principles.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
September 25, 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, 2009 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.
APPROVAL OF CONTINUATION OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees of Henderson Global Funds, a majority of whom are not
affiliated with the Adviser or the Sub-adviser ("Independent Trustees"),
oversees the management of each of the Funds and, as required by law, determines
at least annually whether to continue the investment advisory agreement and the
sub-advisory agreement for the respective Funds.
In connection with their most recent consideration of those agreements for the
Funds, the Trustees received and reviewed a substantial amount of information
provided by Henderson Global Investors (North America) Inc. (the "Adviser") and
the Sub-adviser in response to detailed requests of the Independent Trustees and
their independent legal counsel. The Trustees also discussed with
representatives of management the operations of the Funds and the nature and
quality of the advisory and other services provided to the Funds by the Adviser
and the Sub-adviser. The Independent Trustees also received and reviewed a
memorandum from their counsel regarding their responsibilities in considering
continuation of the agreements. Throughout their consideration of the
agreements, the Independent Trustees were advised by their independent legal
counsel. The Independent Trustees met on two separate occasions with management
to consider the agreements, and at each of those meetings they also met
separately in executive session with their counsel.
At a meeting held on June 24, 2009, based on their evaluation of the information
provided by the Adviser and the Sub-adviser and other information, the Trustees
determined that the overall arrangements between each Fund and the Adviser were
fair and reasonable in light of the nature and quality of the services provided
by the Adviser and (in the case of Funds other than Worldwide Income (the
"Sub-advised Funds")) the Sub-adviser, the fees charged for those services, and
other matters that the Trustees considered relevant in the exercise of their
business judgment. At that meeting the Trustees, including all of the
Independent Trustees, unanimously approved the continuation of the investment
advisory agreement for each fund and the sub-advisory agreement for each
Sub-advised Fund through August 30, 2010, subject to earlier termination as
provided in each agreement.
In considering the continuation of the agreements, the Trustees reviewed and
analyzed various factors that they determined were relevant, including the
factors described below, none of which by itself was considered paramount or
dispositive.
1. NATURE, EXTENT AND QUALITY OF SERVICES
The Trustees reviewed and considered the nature, extent and quality of the
services provided to the Funds by the Adviser and (in the case of the
Sub-advised Funds) the Sub-adviser, taking into account the investment objective
and strategy of each Fund and the knowledge they had gained from their regular
meetings with management on at least a quarterly basis. In addition, the
Trustees reviewed the resources and key personnel of the Adviser and the
Sub-adviser, especially the personnel who provide investment management services
to the Funds. The Trustees also considered other services provided to the Funds
by the Adviser and the Sub-adviser, such as managing the execution of portfolio
transactions and the selection of broker-dealers for those transactions,
monitoring adherence to the Funds' investment restrictions, producing
shareholder reports, providing support services for the Trustees and Trustee
committees and overseeing the activities of other service providers, including
monitoring compliance with various policies and procedures of the funds and with
applicable securities laws and regulations.
The Trustees concluded that the nature and extent of the services provided to
each Fund by the Adviser and (in the case of the Sub-advised Funds) the
Sub-adviser were appropriate and consistent with the terms of the respective
advisory agreements, that the quality of those services had been
88
HENDERSON GLOBAL FUNDS OTHER INFORMATION (UNAUDITED)
consistent with or superior to quality norms in the industry and that the Funds
were likely to benefit from the continued provision of those services. They also
concluded that the investment personnel of the Adviser and the Sub-adviser had
appropriate education and experience to serve the Funds effectively and had
demonstrated their continuing ability to attract and retain well-qualified
personnel.
2. PERFORMANCE OF THE FUNDS
The Trustees considered each Fund's investment performance over various time
periods. They reviewed information comparing each Fund's performance with the
performance of the Fund's benchmark and with the performance of comparable funds
and peer groups identified by Lipper Inc. ("Lipper"), an independent provider of
investment company data. They concluded that the performance of each Fund was
acceptable and that each Fund and its shareholders were benefiting from the
current management of the Fund.
3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER
The Trustees examined information on the fees and other expenses paid by each
Fund in comparison to information for other comparable funds as provided by
Lipper. They noted that, although the contractual rate of management fees for
some of the Funds before fee waivers were above the median management fee rates
of their respective peer group of funds selected by Lipper, the Funds'
contractual rate of management fees appeared reasonable considering, among other
factors, the quality of services provided by the Adviser and (in the case of the
Sub-advised Funds) the Sub-adviser, the investment performance of the Funds and
the expense limitations agreed to by the Adviser. They also noted that the
relatively small asset size of most of the Funds contributed to their relatively
high expense ratios. They also considered the fee reductions being proposed by
the Adviser for three of the Funds.
The Trustees considered the methodology used by the Adviser and the Sub-adviser
in determining compensation payable to portfolio managers, the very competitive
environment for investment management talent and the competitive market for
mutual funds in different distribution channels.
The Trustees also reviewed the management fees of the Adviser and the
Sub-adviser for certain affiliated funds and separate accounts and certain
non-affiliated sub-advised funds (for which the Adviser or the Sub-adviser
provides only portfolio management services). Although in some instances the fee
rates for various investment strategies were lower than management fees for
Funds having a similar strategy, the Trustees noted that the Adviser and the
Sub-adviser perform significant additional services for the Funds that it does
not provide to those other clients, including administrative services, oversight
of the Funds' other service providers, trustee support, regulatory compliance
and numerous other services and that, in serving the Funds, the Adviser assumes
many legal risks and responsibilities that it does not assume in serving its
other clients.
The Trustees reviewed information on the profitability of (or loss) to the
Adviser and its affiliates and the Sub-adviser of their relationships with each
Fund, as well as an explanation of the methodology utilized in allocating
various expenses among the Funds and other clients. The Trustees also reviewed
the financial statements of the Adviser and financial information related to its
parent company and its corporate structure. In their review, the Trustees
considered whether the Adviser and the Sub-adviser receive adequate incentives
to manage the Funds effectively. The Trustees recognized that profitability
comparisons among fund managers are difficult because very little comparative
information is publicly available and profitability of any manager is affected
by numerous factors, including the organizational structure of the particular
manager, the types of funds and other accounts it manages, possible other lines
of business, the methodology for allocating expenses and the manager's capital
structure and cost of capital. However, based on the information available and
taking those factors into account, the Trustees concluded that the Adviser's
profitability with respect to each Fund in relation to the services rendered was
reasonable. Finally, the Trustees considered the financial condition of the
Adviser and the Sub-adviser, which they found to be sound.
The Trustees concluded that the management fees and other compensation payable
by each Fund to the Adviser, considering the proposed fee reductions, as well as
the fees paid by the Adviser to the Sub-adviser, were reasonable in relation to
the nature and quality of the services provided, taking into account the fees
charged by other advisers for managing comparable mutual funds with similar
strategies and the fees the Adviser and the Sub-adviser charge to other clients.
4. ECONOMIES OF SCALE
The Trustees received and considered information about the potential of the
Adviser to experience economies of scale as the assets of the Funds increase.
They noted that the contractual management fee rates of the Funds were above the
respective mean management fee rates of the Funds' respective peer groups
selected by Lipper; but, by virtue of the expense limitations, the Adviser is
subsidizing most Funds because they have not reached adequate scale. The
Trustees also noted that the advisory agreement included breakpoints in the fee
schedule for each Fund, thereby sharing more economies of scale with each Fund
if the
89
HENDERSON GLOBAL FUNDS OTHER INFORMATION (UNAUDITED)
assets of the Fund increase significantly. Based on all of the information they
reviewed, the Trustees concluded that the current fee structure of each Fund
considering the proposed fee reductions was reasonable and that those rates of
fees do reflect a sharing between the Adviser and the Fund of economies of scale
at the current asset level of the Fund.
5. OTHER BENEFITS TO THE ADVISER
The Trustees also considered benefits that accrue to the Adviser and the
Sub-adviser from their relationship with the Funds and their use of commissions
paid on portfolio brokerage transactions of the Funds to obtain research
products and services benefiting the Fund and/or other clients. The Trustees
concluded that the use by the Adviser and the Sub-adviser of commissions paid by
the Funds to obtain research products and services was consistent with
regulatory requirements and was likely to benefit the Funds.
After full consideration of the above factors as well as other factors that were
instructive in analyzing the management arrangements, the Trustees, including
all of the Independent Trustees, concluded that the continuation of the
investment advisory and (in the case of the Sub-advised Funds) sub-advisory
agreement for each Fund was in the best interest of the Fund and its
shareholders.
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 2010,
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 2009. Shareholders are advised to check with their tax advisors
for information on the treatment of these amounts on their individual income tax
returns.
For corporate shareholders, 11.96% of ordinary income dividends paid by Global
Equity Income during the fiscal year ended July 31, 2009 qualified for the
dividends received deduction.
Under Section 853 of the Internal Revenue Code, the Funds designated foreign
taxes paid and foreign source income for the fiscal year ended July 31, 2009
were as follows:
FOREIGN FOREIGN
TAXES PAID SOURCE INCOME
- --------------------------------------------------------------------------------
European Focus $ 944,584 $ 15,553,040
Global Equity Income 1,528,524 29,450,716
Global Opportunities -- --
Global Technology -- --
Industries of the Future -- --
International Opportunities 6,615,529 86,422,575
Japan Focus -- --
Worldwide Income -- --
================================================================================
Under Section 854 (b)(2) of the Internal Revenue Code, the Funds designated
qualified dividends for the fiscal year ended July 31, 2009 as follows:
European Focus $ 12,916,827
Global Equity Income 25,083,538
Global Opportunities 254,642
Global Technology --
Industries of the Future 8,244
International Opportunities 61,215,597
Japan Focus 764,507
Worldwide Income 161,710
================================================================================
The Funds designated long-term capital gains for the fiscal year ended July 31,
2009 as follows:
European Focus $ 39,014,865
Global Equity Income --
Global Opportunities --
Global Technology --
Industries of the Future --
International Opportunities 21,779
Japan Focus --
Worldwide Income --
================================================================================
STATEMENT PURSUANT TO SECTION 19(A) OF THE INVESTMENT COMPANY ACT OF 1940
The exact source of aggregate fund distributions for each fiscal year can only
be determined as of the end of each Fund's fiscal year, July 31. However, under
Section 19(a) of the Investment Company Act of 1940, the Funds are required to
indicate the source of each distribution to shareholders at the time of payment
if the distribution is made from any source other than accumulated undistributed
net income. For purposes of this disclosure, the source of each distribution is
based on U.S. Generally Accepted Accounting Principles ("GAAP") and will differ
from federal income tax-based reporting provided to shareholders due to certain
tax adjustments. For federal income tax purposes, the Funds will send you a Form
1099-DIV for each calendar year that will tell you how to report these
distributions.
90
HENDERSON GLOBAL FUNDS OTHER INFORMATION (UNAUDITED)
The Funds are making the following corrected disclosures pursuant to Section
19(a).
During the fiscal year ended July 31, 2009, Worldwide Income paid the following
monthly distributions which were paid in part from sources other than
accumulated undistributed net income as measured at the time of payment:
% FROM % FROM
ACCUMULATED ACCUMULATED % FROM
EX- AND UNDISTRIBUTED REALIZED PAID-IN
PAY DATE RECORD DATE AMOUNT NET INCOME GAINS CAPITAL
- ------------------------------------------------------------------------------------------------------------------------
Dec. 31, 2008 Daily Class A: $0.14875 77.6% 0.0% 22.4%
Class B: $0.14099 77.6% 0.0% 22.4%
Class C: $0.14099 77.6% 0.0% 22.4%
Jan. 30, 2009 Daily Class A: $0.05875 67.7% 0.0% 32.3%
Class B: $0.05499 67.7% 0.0% 32.3%
Class C: $0.05499 67.7% 0.0% 32.3%
Feb. 27, 2009 Daily Class A: $0.05500 74.0% 0.0% 26.0%
Class B: $0.05123 74.0% 0.0% 26.0%
Class C: $0.05123 74.0% 0.0% 26.0%
March 31, 2009 Daily Class A: $0.05250 93.1% 0.0% 6.9%
Class B: $0.04890 93.1% 0.0% 6.9%
Class C: $0.04890 93.1% 0.0% 6.9%
All other monthly distributions paid by Worldwide Income were paid exclusively
from accumulated undistributed net income. In aggregate, approximately 6.4% or
$438,070 of distributions paid by Worldwide Income during the fiscal year ended
July 31, 2009 were paid from paid-in capital.
Please note that distributions paid by Worldwide Income from paid-in capital are
not disclosed on the Fund's Statement of Changes in Net Assets for the fiscal
year ended July 31, 2009 because those distributions do not reflect a tax return
of capital.
During the fiscal year ended July 31, 2009, European Focus paid the following
distributions which were paid in part from sources other than accumulated
undistributed net income as measured at the time of payment:
% FROM % FROM
ACCUMULATED ACCUMULATED % FROM
EX- AND UNDISTRIBUTED REALIZED PAID-IN
PAY DATE RECORD DATE AMOUNT NET INCOME GAINS CAPITAL
- ------------------------------------------------------------------------------------------------------------------------
Dec. 8, 2008 Dec. 4, 2008 Class A: $2.30699 27.0% 73.0% 0.0%
Class B: $2.10838 20.1% 79.9% 0.0%
Class C: $2.10838 20.1% 79.9% 0.0%
91
HENDERSON GLOBAL FUNDS OTHER INFORMATION (UNAUDITED)
Of the amounts paid by European Focus from accumulated realized gains, in excess
of 99% were attributable to long-term capital gains for all share classes. In
aggregate, European Focus paid $12,825,140 from accumulated undistributed net
income and $39,024,860 from accumulated realized gains during the fiscal year
ended July 31, 2009. Of the amount paid from accumulated realized gains,
$39,014,865 was attributable to long-term capital gains.
Rule 19a-1(b) requires that if a distribution of capital gains is made by a Fund
and the distribution resulted in a deficit, a statement by the Fund should be
made to shareholders specifying the amount of the deficit. A deficit is measured
under the Rule, after giving effect to the distribution, as the aggregate of (1)
accumulated undistributed realized profits less losses on the sale of
securities, and (2) the net unrealized appreciation or depreciation of portfolio
securities, all as of a date reasonably close to the end of the period as of
which the distribution is paid.
On December 8, 2008, European Focus, International Opportunities and US Focus
paid capital gain distributions to shareholders of record at the close of
business on December 4, 2008. After giving effect to these distributions, the
total unrealized depreciation and deficit at December 8, 2008 for each Fund was
as follows:
UNREALIZED
FUND DEPRECIATION TOTAL DEFICIT
- --------------------------------------------------------------------------------
European Focus $ (457,774,056) $ (553,488,373)
International Opportunities $(1,203,885,078) $(1,544,842,823)
US Focus $ (1,784,593) $ (2,837,923)
================================================================================
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 July 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 CLASS W
- --------------------------------------------------------------------------------
European Focus 2.00% 2.75% 2.75% N/A 1.75%
- --------------------------------------------------------------------------------
Global Equity Income 1.40 N/A 2.15 N/A 1.15
- --------------------------------------------------------------------------------
Global Opportunities 1.95 N/A 2.70 N/A N/A
- --------------------------------------------------------------------------------
Global Technology 2.00 2.75 2.75 N/A 1.75
- --------------------------------------------------------------------------------
Industries of the Future 1.95 N/A 2.70 N/A N/A
- --------------------------------------------------------------------------------
International Opportunities 2.00 2.75 2.75 2.25 1.75
- --------------------------------------------------------------------------------
Japan-Asia Focus 2.00 N/A 2.75 N/A N/A
- --------------------------------------------------------------------------------
Worldwide Income 1.30 2.05 2.05 N/A N/A
- --------------------------------------------------------------------------------
92
HENDERSON GLOBAL FUNDS OTHER INFORMATION (UNAUDITED)
Please note that the expenses do not reflect shareowner transaction costs such
as front end sales charges and redemption fees. These fees are described for
each Fund and share class in the Performance summary of this report on pages 3,
5, 7, 9, 11, 13, 15 and 17. Table 2 is useful in comparing ongoing costs only,
and will not help you determine the relative total costs of owning different
funds. In addition, if these transaction costs were included, your costs would
have been higher.
TABLE 1
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE PAID
FEBRUARY 1, JULY 31, DURING
ACTUAL 2009 2009 THE PERIOD*
- --------------------------------------------------------------------------------
European Focus
Class A $ 1,000.00 $ 1,719.10 $ 12.81
Class B 1,000.00 1,713.70 17.76
Class C 1,000.00 1,713.70 17.76
Class W 1,000.00 1,523.60 6.75
- --------------------------------------------------------------------------------
Global Equity Income
Class A 1,000.00 1,203.82 7.65
Class C 1,000.00 1,198.32 11.72
Class W 1,000.00 1,220.30 4.27
- --------------------------------------------------------------------------------
Global Opportunities
Class A 1,000.00 1,258.79 10.92
Class C 1,000.00 1,255.96 15.10
- --------------------------------------------------------------------------------
Global Technology
Class A 1,000.00 1,433.80 12.07
Class B 1,000.00 1,429.06 16.56
Class C 1,000.00 1,429.06 16.56
Class W 1,000.00 1,342.05 6.85
- --------------------------------------------------------------------------------
Industries of the Future
Class A 1,000.00 1,230.40 10.78
Class C 1,000.00 1,228.94 14.92
- --------------------------------------------------------------------------------
International Opportunities
Class A 1,000.00 1,370.37 11.75
Class B 1,000.00 1,364.81 16.12
Class C 1,000.00 1,364.81 16.12
Class R 1,000.00 1,367.96 13.21
Class W 1,000.00 1,353.15 6.88
- --------------------------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 1,220.49 11.01
Class C 1,000.00 1,212.77 15.09
- --------------------------------------------------------------------------------
Worldwide Income
Class A 1,000.00 1,313.88 7.46
Class B 1,000.00 1,310.90 11.75
Class C 1,000.00 1,310.90 11.75
================================================================================
TABLE 2
BEGINNING ENDING
HYPOTHETICAL ACCOUNT ACCOUNT EXPENSES
(ASSUMING A VALUE VALUE PAID
5% RETURN FEBRUARY 1, JULY 31, DURING
BEFORE EXPENSES) 2009 2009 THE PERIOD*
- --------------------------------------------------------------------------------
European Focus
Class A $ 1,000.00 $ 1,015.58 $ 9.50
Class B 1,000.00 1,011.91 13.17
Class C 1,000.00 1,011.91 13.17
Class W 1,000.00 1,019.65 5.40
- --------------------------------------------------------------------------------
Global Equity Income
Class A 1,000.00 1,018.06 7.01
Class C 1,000.00 1,014.34 10.74
Class W 1,000.00 1,021.16 3.88
- --------------------------------------------------------------------------------
Global Opportunities
Class A 1,000.00 1,015.33 9.74
Class C 1,000.00 1,011.66 13.47
- --------------------------------------------------------------------------------
Global Technology
Class A 1,000.00 1,015.08 9.99
Class B 1,000.00 1,011.36 13.71
Class C 1,000.00 1,011.36 13.71
Class W 1,000.00 1,019.15 5.91
- --------------------------------------------------------------------------------
Industries of the Future
Class A 1,000.00 1,015.33 9.74
Class C 1,000.00 1,011.61 13.47
- --------------------------------------------------------------------------------
International Opportunities
Class A 1,000.00 1,015.08 9.99
Class B 1,000.00 1,011.36 13.71
Class C 1,000.00 1,011.36 13.71
Class R 1,000.00 1,013.84 11.23
Class W 1,000.00 1,019.15 5.91
- --------------------------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 1,015.08 9.99
Class C 1,000.00 1,011.36 13.71
- --------------------------------------------------------------------------------
Worldwide Income
Class A 1,000.00 1,018.55 6.51
Class B 1,000.00 1,014.83 10.24
Class C 1,000.00 1,014.83 10.24
================================================================================
* 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 181 days in the period and divided by
365 (to reflect the one-half year period).
** Expenses are equal to the Funds' Class W shares annualized net expense
ratio multiplied by the average account value over the period multiplied
by 123 days in the period and divided by 365 (to reflect the one-half year
period).
93
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERS (UNAUDITED)
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE(1) THE TRUST(2) TIME SERVED(3) DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
C . Gary Gerst, 69 Chairman Since 2001 President, KCI Inc. (private s-corporation None
and Trustee investing in non-public investments.)
Roland C. Baker, 70 Trustee Since 2001 Consultant to financial services industry. Director, Quanta
Capital Holdings, Inc.
(provider of property
and casualty reinsur-
ance); Director, North
American Company for
Life and Health
Insurance (a provider
of life insurance,
health insurance and
annuities); Trustee,
Scottish Widows
Investment Partnership
Trust; 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; N/A
Compliance Chief 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 P. Nensel, 33 Vice President Since 2002 Director, Retail Marketing and Product N/A
Management, HGINA, since 2006 and
Associate Director, Head of Marketing and
Product Management, HGINA, 2003-2006.
Scott E. Volk, 37 Vice President Since 2001 Director, Retail Finance and Operations, N/A
HGINA.
- ------------------------------------------------------------------------------------------------------------------------------------
94
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERS (UNAUDITED)
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE(1) THE TRUST(2) TIME SERVED(3) DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES AND OFFICERS OF THE TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher K. Secretary Since 2004 Legal Counsel, HGINA N/A
Yarbrough, 34
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).
95
HENDERSON GLOBAL FUNDS
TRUSTEES
C. Gary Gerst, Chairman
Roland C. Baker
Faris F. Chesley
Sean Dranfield
OFFICERS
Sean Dranfield, President
Alanna P. 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.
Foreside Fund Services, LLC, Distributor (September, 2009)
96
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.
ITEM 2. CODE OF ETHICS.
(a) Henderson Global Funds (the "Trust" or the "registrant") has adopted a
Code of Ethics that applies to the Trust's principal executive officer
and principal financial officer (the "Code").
(b) No disclosures are required by this Item 2(b).
(c) There have been no amendments to the Code during the reporting period
for Form N-CSR.
(d) There have been no waivers granted by the Trust to individuals covered
by the Code during the reporting period for Form N-CSR.
(e) Not applicable.
(f) A copy of the Code may be obtained free of charge by calling
866-343-6337.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) The Board of Trustees of the Trust has determined that it
has three audit committee financial experts serving on the
Trust's Audit Committee that possess the attributes identified
in Item 3(b) to Form N-CSR.
(2) The names of the audit committee financial experts are:
Roland C. Baker
Faris F. Chesley
C. Gary Gerst
Each audit committee financial expert has been deemed to be
"independent" as that term is defined in Item 3(a)(2) of Form
N-CSR.
(3) Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
As of July 31, 2009, the registrant had eleven series. The following series of
the registrant have a fiscal year ended December 31: Henderson Global Real
Estate Equities Fund, Henderson International Equity Fund and Henderson Money
Market Fund (the "12/31 Henderson Funds"). The following series of the
registrant have a fiscal year ended July 31: Henderson European Focus Fund,
Henderson Global Technology Fund, Henderson Global Equity Income Fund, Henderson
Global Opportunities Fund, Henderson Industries of the Future Fund, Henderson
International Opportunities Fund, Henderson Japan-Asia Focus Fund, and Henderson
Worldwide Income Fund (the "7/31 Henderson Funds").
Information provided in response to Item 4 includes amounts billed during the
applicable fiscal years for services rendered by the registrant's principal
accountant to the 12/31 Henderson Funds and the 7/31 Henderson Funds.
(a) Audit Fees - The aggregate fees billed for the last two fiscal years ended
July 31 for the 7/31 Henderson Funds and for the fiscal year ended December 31,
2008 for the 12/31 Henderson Funds for professional services rendered by the
principal accountant to the registrant for the audit of the registrant's
annual financial statements or services normally provided by the accountant in
connection with statutory and regulatory filings or engagements for the those
fiscal years are set forth below.
------------------------------ ------------------------- ----------------------
12/31 7/31
Henderson Funds Henderson Funds
------------------------------ ------------------------- ----------------------
Year ended 7/31/09 N/A $221,700
------------------------------ ------------------------- ----------------------
Year ended 12/31/08 $61,000 N/A
------------------------------ ------------------------- ----------------------
Year ended 7/31/08 N/A $208,500
------------------------------ ------------------------- ----------------------
(b) Audit Related Fees - There were no fees billed for the last two fiscal
years ended July 31 for the 7/31 Henderson Funds and for the fiscal
year ended December 31, 2008 for the 12/31 Henderson Funds for
assurance and related services rendered by the principal accountant to
the registrant that are reasonably related to the performance of the
audit of the registrant's financial statements and are not reported
under paragraph (a) of this Item 4.
There were no fees billed for the last two fiscal years ended July 31
for the 7/31 Henderson Funds and for the fiscal year ended December
31, 2008 for the 12/31 Henderson Funds for assurance and related
services rendered by the principal accountant to the investment adviser
that are reasonably related to the performance of the audit of the
registrant's financial statements that were required to be pre-approved
by the Audit Committee as described in paragraph (e)(1) of this Item 4.
(c) Tax Fees - The aggregate fees billed for the last two fiscal years
ended July 31 for the 7/31 Henderson Funds and for the fiscal year
ended December 31, 2008 for the 12/31 Henderson Funds for professional
services rendered by the principal accountant to the registrant for tax
compliance, tax advice, tax planning and tax return preparation are set
forth below. These services consisted of the principal accountant
reviewing the registrant's excise tax returns, distribution
requirements and RIC tax returns, as well as consults regarding the tax
consequences of specific investments.
-------------------------------- ------------------------ ---------------------
12/31 7/31
Henderson Funds Henderson Funds
-------------------------------- ------------------------ ---------------------
Year ended 7/31/09 N/A $67,408
-------------------------------- ------------------------ ---------------------
Year ended 12/31/08 $18,176 N/A
-------------------------------- ------------------------ ---------------------
Year ended 7/31/08 N/A $93,824
-------------------------------- ------------------------ ---------------------
The aggregate fees billed for the last two fiscal years ended July 31
for the 7/31 Henderson Funds and for the fiscal year ended December 31,
2008 for the 12/31 Henderson Funds for professional services rendered
by the principal accountant to the investment adviser for tax
compliance, tax advice and tax planning that were required to be
pre-approved by the Audit Committee as described in paragraph (e)(1) of
this Item 4 are set forth below.
- ---------------------------- --------------------------- ----------------------
12/31 7/31
Henderson Funds Henderson Funds
- ---------------------------- --------------------------- ----------------------
Year ended 7/31/09 N/A $0
- ---------------------------- --------------------------- ----------------------
Year ended 12/31/08 $0 N/A
- ---------------------------- --------------------------- ----------------------
Year ended 7/31/08 N/A $6,300
- ---------------------------- --------------------------- ----------------------
(d) All Other Fees - There were no fees billed for the last two fiscal
years ended July 31 for the 7/31 Henderson Funds and for the fiscal
year ended December 31, 2008 for the 12/31 Henderson Funds for products
and services provided by the principal accountant to the registrant,
other than the services reported in paragraph (a) - (c) of this Item 4.
There were no fees billed for the last two fiscal years ended July 31
for the 7/31 Henderson Funds and for the fiscal year ended December 31,
2008 for the 12/31 Henderson Funds for products and services provided
by the principal accountant to the investment adviser that were
required to be pre-approved by the Audit Committee as described in
paragraph (e)(1) of this Item 4.
(e) Pre-Approval Policies and Procedures
(1) Pursuant to the registrant's Audit Committee Charter, the Audit
Committee shall pre-approve any engagement of the independent auditors
to provide any services (other than prohibited non-audit services) to
the Trust, the investment adviser and any entity controlling,
controlled by, or under common control with the investment adviser that
provides ongoing services to the Trust (if the engagement relates
directly to the operations and financial reporting of the Trust)
(collectively, the "Adviser"), including the fees and other
compensation to be paid to the independent auditors. Any member of the
Audit Committee may grant such pre-approval. Any such delegated
pre-approval shall be presented to the Audit Committee by the member
who approved the engagement. Pre-approval of non-audit services is not
required, if: (a) the aggregate amount of all non-audit services
provided to the Trust is less than 5% of the total fees paid by the
Trust to its independent auditors during the fiscal year in which the
non-audit services are provided; (b) the services were not recognized
by management at the time of the engagement as non-audit services; and
(c) such services are promptly brought to the attention of the Audit
Committee by management and the Audit Committee approves them (which
may be by delegation as provided for above) prior to the completion of
the audit.
The independent auditors shall not perform any of the following
non-audit services for the Trust ("prohibited non-audit services"): (a)
bookkeeping or other services related to the accounting records or
financial statements of the Trust; (b) financial information systems
design and implementation; (c) appraisal or valuation services,
fairness opinions, or contribution-in-kind reports; (d) actuarial
services; (e) internal audit outsourcing services; (f) management
functions or human resources; (g) broker or dealer, investment adviser,
or investment banking services; (h) legal services and expert services
unrelated to the audit; and (i) any other services that the Public
Company Accounting Oversight Board determines are impermissible.
(2) None of the services provided to the registrant described in paragraphs
(b)-(d) of Item 4 were pre-approved by the Audit Committee pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. All of the fees
billed for services provided to the Adviser described in paragraphs
(b)-(d) of Item 4 were required to be pre-approved by the Audit
Committee as described in paragraph (e)(1) of Item 4.
(f) No disclosures are required by this Item 4(f).
(g) The approximate aggregate non-audit fees billed for the last two fiscal
years ended July 31 for the 7/31 Henderson Funds and for the fiscal
year ended December 31, 2008 for the 12/31 Henderson Funds for services
rendered by the principal accountant to the registrant are set forth
below.
- ------------------------------- ------------------------- ----------------------
12/31 7/31
Henderson Funds Henderson Funds
- ------------------------------- ------------------------- ----------------------
Year ended 7/31/09 N/A $67,408
- ------------------------------- ------------------------- ----------------------
Year ended 12/31/08 $18,176 N/A
- ------------------------------- ------------------------- ----------------------
Year ended 7/31/08 N/A $93,824
- ------------------------------- ------------------------- ----------------------
The approximate aggregate non-audit fees billed for the last two
fiscal years ended July 31 for the 7/31 Henderson Funds and
for the fiscal year ended December 31, 2008 for the 12/31 Henderson
Funds for services rendered by the principal accountant to the Adviser
and its affiliates that provide ongoing services to the registrant are
set forth below.
- ------------------------------- ------------------------- ----------------------
12/31 7/31
Henderson Funds Henderson Funds
- ------------------------------- ------------------------- ----------------------
Year ended 7/31/09 N/A $604,488
- ------------------------------- ------------------------- ----------------------
Year ended 12/31/08 $620,203 N/A
- ------------------------------- ------------------------- ----------------------
Year ended 7/31/08 N/A $417,416
- ------------------------------- ------------------------- ----------------------
(h) The registrant's Audit Committee has determined that the non-audit
services the principal accountant has rendered to the Adviser that were
not required to be pre-approved by the Audit Committee because they did
not relate directly to the operations and financial reporting of the
registrant were compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF 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.
(2) The certifications required by Rule 30a-2(a) under the 1940
Act (17 CFR 270.30a-2(a)) are attached hereto.
(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: October 2, 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: October 2, 2009
By: /s/ Troy Statzcar
-----------------
Troy Statzcar
Treasurer (principal financial officer) of Henderson Global Funds
Date: October 2, 2009