UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10399
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HENDERSON GLOBAL FUNDS
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(Exact name of registrant as specified in charter)
737 NORTH MICHIGAN AVENUE, SUITE 1700
CHICAGO, ILLINOIS 60611
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(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service) Copy to:
CHRISTOPHER K. YARBROUGH CATHY G. O'KELLY
737 NORTH MICHIGAN AVENUE, SUITE 1700 VEDDER PRICE P.C.
CHICAGO, ILLINOIS 60611 222 NORTH LASALLE STREET
CHICAGO, ILLINOIS 60601
Registrant's telephone number, including area code: (312) 397-1122
Date of fiscal year end: July 31
Date of reporting period: January 31, 2010
ITEM 1: REPORT TO SHAREHOLDERS.
[LOGO]
HENDERSON
GLOBAL INVESTORS
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Henderson
GLOBAL FUNDS
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SEMI-ANNUAL REPORT
January 31, 2010
EUROPEAN FOCUS FUND
GLOBAL EQUITY INCOME FUND
GLOBAL OPPORTUNITIES FUND
GLOBAL TECHNOLOGY FUND
INTERNATIONAL OPPORTUNITIES FUND
JAPAN-ASIA FOCUS FUND
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS 1
EUROPEAN FOCUS FUND
Commentary 2
Performance summary 3
GLOBAL EQUITY INCOME FUND
Commentary 4
Performance summary 5
GLOBAL OPPORTUNITIES FUND
Commentary 6
Performance summary 7
GLOBAL TECHNOLOGY FUND
Commentary 8
Performance summary 9
INTERNATIONAL OPPORTUNITIES FUND
Commentary 10
Performance summary 11
JAPAN-ASIA FOCUS FUND
Commentary 12
Performance summary 13
PORTFOLIOS OF INVESTMENTS 14
STATEMENTS OF ASSETS AND LIABILITIES 30
STATEMENTS OF OPERATIONS 32
STATEMENTS OF CHANGES IN NET ASSETS 34
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY 40
FINANCIAL HIGHLIGHTS. 46
NOTES TO FINANCIAL STATEMENTS 54
OTHER INFORMATION 68
TRUSTEES AND OFFICERS 70
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 and 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.
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 views in this report were those of the Fund managers as of January 31,
2010, 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 semi-annual report for the Henderson European
Focus, Global Equity Income, Global Opportunities, Global Technology,
International Opportunities and Japan-Asia Focus Funds, which covers the six
months ended January 31, 2010.
Equity markets staged a remarkable recovery in 2009 that few would have
believed possible at the beginning of the year. Global stocks rose as risk
aversion subsided, economic data improved, valuations looked compelling and
company earnings rebounded. In particular, commodity markets staged a solid
rebound, benefitting from tight supply conditions and rising demand. Over the
year, most developed markets posted gains in excess of 25% with the only
laggard being Japan, whose export-driven economy has suffered significantly as
a result of the strong yen.
Emerging markets were driven higher in 2009 by strong productivity growth
combined with robust oil and commodity prices. In addition, Asian consumers'
high savings rates and relatively low levels of debt has helped them to weather
the credit crisis and provides significant potential for increased consumption.
However, given the strong performance of emerging markets in the past year,
valuations in some countries are now looking stretched relative to the
developed world and a number of risks remain.
Bond markets were driven lower over the year by a combination of factors,
including a decrease in risk aversion early in the year followed by a trough
and recovery in global economic growth and finally concerns over heavy bond
issuance. Rising interest rates, a return of headline inflation and the rapid
pace of bond issuance could cause difficulties for bond markets to continue.
Looking forward, we believe the equity market rally will continue during the
first half of 2010 due to earnings growth and positive results in both
industrial production and household consumption. Strong government spending,
low interest rates and a stabilizing labor market should allow growth to
continue to improve until at least mid-2010. Central banks' main policy tool of
quantitative easing, or injecting new money into the financial system, appears
to be nearing an end, and we expect the majority of central banks to begin to
normalize monetary policy during the year.
The growth outlook for the second half of 2010 remains somewhat less certain as
spending from government fiscal measures is set to wane later in the year.
However, signs of decreasing household debt, a sustained pickup in economic
activity, and continuing improvement in leading labor market indicators lead us
to believe that a positive cycle of employment, income and consumption growth
will establish itself in 2010.
We recognize that the rate of growth and improvement may be slow or even flat
at times, but we believe that there will still be many opportunities created
for savvy investors. Our bottom-up investment process has helped us in both up
and down markets to identify differentiated investment ideas that can bring
value to our clients' portfolios. We look forward to the opportunities that lie
ahead and to serving your financial needs in the years to come, and we
appreciate your trust and support in our Funds.
/s/ Sean Dranfield
Sean Dranfield
President, Henderson Global Funds
1
HENDERSON GLOBAL FUNDS COMMENTARY
EUROPEAN FOCUS FUND
Confidence returned to European equity markets, buoyed by the stimulus packages
implemented by central banks across the globe and continued positive economic
data. However, the fragility of European stock markets was also evident as
markets pulled back in the latter months of 2009, dominated by concerns over the
enormous budget deficit in Greece. Concerns over sovereign debt and the budget
deficits of peripheral European countries including Ireland, Spain and Portugal
also weighed heavily on investor sentiment. Despite these concerns, European
equity markets ended 2009 in positive territory. However, they began 2010 under
severe selling pressure and against a backdrop of disappointing US employment
data and commercial bank fears over more stringent banking regulations,
continued concerns over euro area sovereign risk and earlier-than-anticipated
policy tightening in China all pushing markets lower over the month.
For the six month period ended January 31, 2010, the European Focus Fund (Class
A Shares at NAV) returned 18.34% versus the MSCI Europe Index return of 8.16% .
Buoyed by higher base metal and crude oil prices and rising confidence in the
global economy, our significant overweight in Materials contributed positively
to the performance of the Fund with Centamin Egypt and European Goldfields being
the standout performers. Our overweight in Energy was another significant
contributor to performance with Kazakh energy company Zhaikmunai performing
well.
At the beginning of the reporting period, our holdings within Financials
performed well as the longer-term outlook for financial companies continued to
improve. Our purchases of Barclays, Lloyds Banking Group and UBS proved
beneficial. However, more recently, these same stocks have been the biggest
drag on the Fund.
We participated in the rights issue of HeidelbergCement. The stock had
underperformed its peers due to the high level of debt on its balance sheet and
the rights issue has largely resolved this concern. We purchased a stake in
Fresenius as we believe this to be a quality company that has consistently
delivered strong earnings growth and has strong management and is trading at a
discount. We took part in the initial public offering (IPO) of Gartmore. The
lower re-pricing of the IPO offered an attractive entry point into a fund
management company with a high quality equities franchise. We increased our
weightings in European Goldfields and Zhaikmunai on the back of increasing
strength of commodity prices and, to benefit from the proposed tie-up between
Porsche and Volkswagen, we initiated a position in Volkswagen preference
shares. We took some profits from a number of stocks that had performed
strongly, reducing our positions in Ashtead Group, Centamin Egypt and Temenos.
Our outlook for European equities remains largely positive. We believe the next
phase of the market recovery will be broadly based compared to the more
volatile cyclical stocks that led the rally in 2009. Our belief is that
European equity markets will continue to recover during 2010 with pockets of
volatility which will provide investment opportunities for the Fund.
The recent growth rate in the stock market has helped to produce short term
returns for some asset classes that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be subject
to substantial short term changes.
EUROPEAN FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
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CENTAMIN EGYPT, LTD. 3.3%
EUROPEAN GOLDFIELDS, LTD. 3.2
GARTMORE GROUP LTD. 3.2
TULLOW OIL PLC 2.9
FRESENIUS SE 2.8
KAZMUNAIGAS EXPLORATION
PRODUCTION, GDR 2.7
HEIDELBERGCEMENT AG 2.6
ZHAIKMUNAI LP, GDR 2.6
SANOFI-AVENTIS 2.6
KINGDOM HOTEL
INVESTMENTS, GDR 2.5
2
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
EUROPEAN FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY SECTOR
(AS A % OFLONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
United Kingdom 35.5% Materials 20.7%
Germany 16.1 Energy 18.5
France 7.5 Consumer Discretionary 17.7
Switzerland 6.3 Financials 14.7
Kazakhstan 5.7 Health Care 10.8
Netherlands 5.6 Industrials 9.7
Other 23.3 Information Technology 4.3
Consumer Staples 3.6
INVESTMENT COMPARISON
Value of $10,000
European Focus Fund Class A w/out sales charge -- $44,139
European Focus Fund Class A w/sales charge -- $41,601
MSCI Europe Index -- $16,077
(LINE CHART)
EUROPEAN EUROPEAN
Focus Fund Focus Fund MSCI EUROPE
w/out load w/load Index
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08/31/01 10,000 9,425 10,000
09/30/01 9,910 9,340 9,002
10/31/01 10,960 10,330 9,288
11/30/01 12,120 11,423 9,661
12/31/01 12,250 11,546 9,908
01/31/02 12,110 11,414 9,391
02/28/02 12,450 11,734 9,390
03/31/02 12,980 12,234 9,902
04/30/02 13,080 12,328 9,834
05/31/02 13,280 12,516 9,816
06/30/02 12,850 12,111 9,480
07/31/02 11,610 10,942 8,426
08/31/02 11,890 11,206 8,426
09/30/02 10,610 10,000 7,318
10/31/02 11,580 10,914 8,026
11/30/02 12,520 11,800 8,420
12/31/02 12,523 11,803 8,115
01/31/03 12,353 11,643 7,732
02/28/03 11,890 11,206 7,480
03/31/03 11,699 11,026 7,373
04/30/03 13,468 12,694 8,379
05/31/03 14,664 13,821 8,932
06/30/03 15,006 14,143 9,024
07/31/03 15,549 14,655 9,209
08/31/03 16,142 15,214 9,193
09/30/03 16,785 15,820 9,380
10/31/03 17,820 16,795 10,009
11/30/03 18,645 17,573 10,435
12/31/03 20,272 19,106 11,292
01/31/04 21,814 20,560 11,425
02/29/04 23,262 21,924 11,761
03/31/04 22,691 21,386 11,398
04/30/04 22,681 21,377 11,318
05/31/04 22,480 21,187 11,517
06/30/04 23,293 21,954 11,676
07/31/04 22,057 20,789 11,357
08/31/04 21,899 20,640 11,365
09/30/04 23,188 21,855 11,821
10/31/04 24,159 22,770 12,248
11/30/04 26,066 24,567 13,150
12/31/04 27,894 26,290 13,707
01/31/05 28,246 26,622 13,454
02/28/05 29,851 28,135 14,129
03/31/05 29,277 27,594 13,778
04/30/05 27,999 26,389 13,450
05/31/05 26,815 25,273 13,517
06/30/05 27,929 26,323 13,709
07/31/05 29,652 27,947 14,210
08/31/05 30,707 28,941 14,424
09/30/05 30,718 28,952 14,775
10/31/05 29,476 27,781 14,311
11/30/05 30,413 28,664 14,556
12/31/05 31,850 30,019 15,068
01/31/06 34,449 32,468 16,054
02/28/06 35,186 33,163 16,069
03/31/06 36,523 34,423 16,701
04/30/06 39,434 37,167 17,572
05/31/06 37,272 35,129 17,118
06/30/06 36,735 34,623 17,182
07/31/06 36,685 34,576 17,446
08/31/06 37,847 35,671 18,001
09/30/06 38,134 35,941 18,156
10/31/06 40,334 38,015 18,936
11/30/06 42,583 40,134 19,615
12/31/06 44,810 42,233 20,245
01/31/07 45,526 42,908 20,367
02/28/07 45,797 43,164 20,295
03/31/07 47,730 44,986 21,039
04/30/07 49,799 46,936 22,425
05/31/07 50,705 47,789 22,861
06/30/07 50,894 47,968 22,864
07/31/07 50,082 47,202 22,381
08/31/07 48,771 45,967 22,137
09/30/07 51,583 48,617 23,258
10/31/07 54,342 51,217 24,346
11/30/07 50,528 47,623 23,572
12/31/07 50,500 47,596 23,159
01/31/08 46,760 44,071 20,746
02/29/08 48,448 45,662 21,083
03/31/08 47,520 44,788 21,179
04/30/08 49,056 46,235 22,175
05/31/08 51,640 48,671 22,330
06/30/08 47,201 44,487 20,392
07/31/08 43,431 40,934 19,808
08/31/08 40,984 38,627 19,031
09/30/08 32,060 30,217 16,164
10/31/08 23,836 22,465 12,731
11/30/08 21,693 20,446 11,864
12/31/08 22,119 20,847 12,488
01/31/09 21,696 20,448 11,110
02/28/09 21,586 20,345 9,986
03/31/09 24,504 23,095 10,683
04/30/09 28,946 27,282 12,198
05/31/09 34,930 32,922 13,712
06/30/09 34,416 32,437 13,449
07/31/09 37,298 35,153 14,863
08/31/09 40,492 38,164 15,804
09/30/09 43,741 41,226 16,539
10/31/09 43,594 41,087 16,348
11/30/09 45,613 42,990 16,828
12/31/09 46,122 43,470 17,085
01/31/10 44,139 41,601 16,077
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* YEARS* (8/31/01)*
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Class A HFEAX 18.34% 103.44% -1.03% 9.34% 19.28%
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Class B HFEBX 17.89 102.03 -1.76 8.54 18.46
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Class C HFECX 17.89 102.03 -1.76 8.54 18.41
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Class W** HFEWX 18.51 103.93 -0.95 9.39 19.32
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WITH SALES CHARGE
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Class A 11.53% 91.76% -2.96% 8.05% 18.45%
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Class B 12.89 98.03 -2.81 8.39 18.46
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Class C 16.89 102.03 -1.76 8.54 18.41
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INDEX
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MSCI Europe Index 8.16% 44.71% -7.58% 3.62% 5.80%
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* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to March 31, 2009 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 1.73%, 2.48%, 2.48% and 1.48%
respectively. In addition, 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. Class A, B and C
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
Equity markets continued to rally during the second half of 2009 as investor
confidence increased. The prevailing low interest rate environment helped to
support asset values, and there were signs that supply chain destocking was
nearing an end leading to increased investor confidence that a 'double-dip'
scenario would be avoided in 2010. GDP forecasts for most economies were
increased over the period and company results in general surprised positively,
although earnings continued to benefit from cost cutting rather than from
top-line sales growth.
Towards the end of the reporting period, equity markets around the world fell
after investors took profits from 2009's record market gains. Profit taking was
driven by two main factors: the Chinese authorities moved to reduce excessive
loan growth and the risk of inflationary pressure in January by tightening
reserve requirements and introducing lending quotas, and President Obama's
administration proposed measures to restrict banks' activities.
Against this background, the Fund continued to follow its strategy of focusing
on dividend paying companies that we believe have strong balance sheet positions
and that are well managed. The Fund returned 5.79% (Class A shares at NAV) for
the six month period ended January 31, 2010, versus the benchmark, the MSCI
World Index, which posted a return of 8.24% . The Fund also continued to meet
its dividend income goals. The strongest performers included the Fund's holdings
in Consumer Staples companies, such as food manufacturer Conagra, and tobacco
companies Reynolds American and Imperial Tobacco. In general, the income bias of
the Fund led to underperformance, particularly in the Fund's underweight
positions in Technology (a traditionally low yielding sector). Also, the
overweight position in Telecommunications (a higher yielding sector)
underperformed the broader market and detracted from the Fund's returns.
During the period we took advantage of the market rally to reduce positions in
holdings that have recovered in order to invest in new positions where we see
potentially better opportunities for income and capital growth in the medium
term. Positions were reduced in companies that have paid their dividends and
where we see less potential for capital gain from current valuations.
The Fund's geographic exposure varied throughout the period. At the beginning
of the period, the Fund reduced its exposure to European companies that had
paid their semi-annual dividends and increased holdings in US companies, whose
income enabled the Fund to pay investors dividends in a quiet period for income
in the rest of the world.
Equity markets rose significantly in a relatively short time, and some
positions that we initiated during the market collapse recovered more quickly
than we expected to the extent that, in many cases, we took profits. We
continue to take advantage of market volatility to refresh the portfolio with
new holdings at interesting valuations, and we believe the portfolio is well
positioned for medium term capital and income growth.
The recent growth rate in the stock market has helped to produce short term
returns for some asset classes that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be subject
to substantial short term changes.
GLOBAL EQUITY INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- -------------------------------------
SIEMENS AG 2.9%
BP PLC 2.5
ASTRAZENECA PLC 2.3
GLAXOSMITHKLINE PLC 2.3
SCOTTISH & SOUTHERN
ENERGY PLC 2.2
PFIZER, INC. 1.9
ROCHE HOLDING AG 1.9
CONAGRA FOODS, INC. 1.9
VODAFONE GROUP PLC 1.8
SODEXO 1.8
4
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL EQUITY INCOME FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
United Kingdom 36.9% Consumer Staples 13.7%
United States 18.2 Financials 13.6
France 6.4 Industrials 13.4
Australia 5.8 Utilities 13.4
Italy 4.6 Energy 12.5
Spain 3.9 Health Care 12.0
Other 24.2 Consumer Discretionary 8.2
Telecommunication Services 7.9
Information Technology 3.4
Materials 1.9
INVESTMENT COMPARISON
Value of $10,000
Global Equity Income Fund Class A w/out sales charge -- $9,175
Global Equity Income Fund Class A w/sales charge -- $8,648
MSCI World Index -- $8,368
(LINE CHART)
GLOBAL EQUITY
Income Fund GLOBAL EQUITY MSCI WORLD
w/o load w/load Index
---------- --------- ----------
11/30/06 10,000 9,425 10,000
12/31/06 10,230 9,642 10,206
01/31/07 10,300 9,708 10,328
02/28/07 10,250 9,661 10,279
03/31/07 10,600 9,991 10,472
04/30/07 11,120 10,481 10,939
05/31/07 11,393 10,738 11,257
06/30/07 11,313 10,663 11,174
07/31/07 11,068 10,432 10,929
08/31/07 11,332 10,680 10,925
09/30/07 11,801 11,122 11,449
10/31/07 12,207 11,505 11,802
11/30/07 11,805 11,126 11,325
12/31/07 11,633 10,964 11,182
01/31/08 10,875 10,250 10,330
02/29/08 10,691 10,076 10,276
03/31/08 10,587 9,978 10,182
04/30/08 10,822 10,200 10,726
05/31/08 10,942 10,313 10,902
06/30/08 10,077 9,498 10,037
07/31/08 9,962 9,389 9,794
08/31/08 9,885 9,317 9,661
09/30/08 8,834 8,326 8,516
10/31/08 7,526 7,093 6,904
11/30/08 7,437 7,009 6,462
12/31/08 7,770 7,323 6,672
01/31/09 7,205 6,791 6,090
02/28/09 6,691 6,307 5,470
03/31/09 7,123 6,713 5,886
04/30/09 7,702 7,260 6,552
05/31/09 8,268 7,793 7,154
06/30/09 8,149 7,681 7,125
07/31/09 8,673 8,175 7,731
08/31/09 8,868 8,358 8,053
09/30/09 9,164 8,637 8,377
10/31/09 9,064 8,543 8,230
11/30/09 9,300 8,765 8,570
12/31/09 9,494 8,948 8,727
01/31/10 9,175 8,648 8,368
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* (11/30/06)*
- ------------------------------------------------------------------------------
Class A HFQAX 5.79% 27.35% -3.78% -2.67%
- ------------------------------------------------------------------------------
Class C HFQCX 5.57 26.50 -4.48 -3.37
- ------------------------------------------------------------------------------
Class W** HFQWX 5.91 27.77 -3.67 -2.57
- ------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------
Class A -0.25% 20.01% -5.66% -4.47%
- ------------------------------------------------------------------------------
Class C 4.57 26.50 -4.48 -3.37
- ------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------
MSCI World Index 8.24% 37.41% -6.77% -5.46%
- ------------------------------------------------------------------------------
* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to March 31, 2009 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
1.50%, 2.25% and 1.25%, 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. Class A and C 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
During 2009, markets hit their low in March, after which sentiment changed and
investors became more positive, reflecting expectations of an improvement in
economic conditions globally. Economic data continued to improve and both
second and third quarter results were ahead of pessimistic expectations, albeit
bottom line driven. As investors' risk appetite increased, equity markets built
on their gains as government stimuli appeared to be working and liquidity began
to flow through the financial system again.
In early 2010, the markets showed their nervousness with mixed newsflow. Global
equity prices dropped in January as investors were concerned with the Chinese
fiscal policy tightening, Obama's forthcoming banking regulations and debt
problems in Europe, particularly in Greece, Spain, Italy and Portugal.
For the six month period ended January 31, 2010, the Global Opportunities Fund
(Class A Shares at NAV) returned 7.87% versus the benchmark's, MSCI World Index,
return of 8.24% . Disappointing performance was largely attributed to the Fund's
holdings in Financial shares. A position in UBS detracted from returns during
the period as the private wealth management franchise continued to lose assets.
Additionally, positions in Bank of Yokohama and National Bank of Greece (NBG)
also detracted from returns. The former fell sharply when the new ruling party
in Japan was rumored to be introducing a moratorium on small and medium sized
enterprises debt to boost domestic economic growth. NBG was negatively impacted
by downgrade of Greek national debt.
The main positive contributors to returns were the underweight to and stock
selection within Japan, as well as stock selection in Asia-Pacific and Emerging
Markets. By sector, stock selection within Consumer Staples was beneficial
along with positive returns from Information Technology (IT). Within the
Consumer Discretionary sector, Genting Singapore was accretive as investors
reacted positively to increasing gaming revenues in Asia and the prospect of
its new Resorts of the World casino opening in early 2010. A position in
Japanese power tool manufacturer Makita was also positive as the company
increased earnings guidance on prospects for the improving global economy.
Within IT, positions in Hon Hai, Apple and Equinix added value. Hon Hai
benefited from the increased penetration of smart phones; Apple continued to
deliver strong earnings growth and Equinix's acquisition of Switch & Data was
well received, increasing its data center penetration.
The Fund maintains a broadly defensive stance in western economies, with an
underweight across Europe. We have reduced positions in Financials and added to
positions in Healthcare, Industrials, as well as, defensive IT and Consumer
Discretionary shares. We continue to favor Asia Pacific and Emerging Markets
and have reduced the underweight to Japan.
We believe the global economy will experience a continued rebound in economic
activity in the short-term. However, uncertainty remains whether the economy
will slip back into recession, especially after the stimuli are removed, or
whether growth can be sustained, and if the latter, at what pace. This is
likely to result in excess liquidity being channeled into the growth areas of
Asia Pacific and Emerging Markets. That being said, these markets significantly
outperformed in 2009 and we expect bouts of volatility and profit taking. In
these circumstances, risk assets should continue to do well, but remain
volatile to disappointing newsflow.
The recent growth rate in the stock market has helped to produce short term
returns for some asset classes that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be subject
to substantial short term changes.
GLOBAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------
MICROSOFT CORP. 2.7%
FRESENIUS SE 2.6
UBS AG 2.6
COVIDIEN PLC 2.6
SANDS CHINA, LTD. 2.6
361 DEGREES
INTERNATIONAL, LTD. 2.5
EMERSON ELECTRIC CO. 2.5
CISCO SYSTEMS, INC. 2.4
APPLE, INC. 2.4
PEPSICO, INC. 2.3
6
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
United States 42.7% Consumer Discretionary 17.7%
Japan 10.6 Information Technology 15.2
United Kingdom 9.2 Industrials 13.5
Singapore 6.2 Financials 13.4
Switzerland 5.8 Health Care 11.7
Hong Kong 5.3 Consumer Staples 9.5
Other 20.2 Energy 7.9
Telecommunication Services 5.8
Materials 5.3
INVESTMENT COMPARISON
Value of $10,000
Global Opportunities Fund Class A w/out sales charge -- $8,618
Global Opportunities Fund Class A w/sales charge -- $8,122
MSCI World Index -- $8,368
(LINE CHART)
GLOBAL OPPS GLOBAL OPPS
Fund Fund MSCI WORLD
w/out load w/load Index
---------- --------- ----------
11/30/06 10,000 9,425 10,000
12/31/06 10,300 9,708 10,206
01/31/07 10,430 9,830 10,328
02/28/07 10,530 9,925 10,279
03/31/07 10,720 10,104 10,472
04/30/07 11,120 10,481 10,939
05/31/07 11,700 11,027 11,257
06/30/07 11,550 10,886 11,174
07/31/07 11,410 10,754 10,929
08/31/07 11,320 10,669 10,925
09/30/07 11,840 11,159 11,449
10/31/07 12,490 11,772 11,802
11/30/07 12,040 11,348 11,325
12/31/07 11,923 11,237 11,182
01/31/08 10,915 10,287 10,330
02/29/08 10,885 10,259 10,276
03/31/08 10,613 10,003 10,182
04/30/08 11,238 10,592 10,726
05/31/08 11,480 10,820 10,902
06/30/08 10,482 9,879 10,037
07/31/08 10,079 9,499 9,794
08/31/08 9,827 9,262 9,661
09/30/08 8,365 7,884 8,516
10/31/08 6,763 6,374 6,904
11/30/08 6,521 6,146 6,462
12/31/08 6,854 6,459 6,672
01/31/09 6,347 5,982 6,090
02/28/09 5,819 5,485 5,470
03/31/09 6,296 5,934 5,886
04/30/09 6,762 6,373 6,552
05/31/09 7,431 7,004 7,154
06/30/09 7,401 6,975 7,125
07/31/09 7,989 7,530 7,731
08/31/09 8,100 7,635 8,053
09/30/09 8,628 8,132 8,377
10/31/09 8,435 7,950 8,230
11/30/09 8,729 8,227 8,570
12/31/09 9,013 8,495 8,727
01/31/10 8,618 8,122 8,368
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* (11/30/06)*
- -----------------------------------------------------------------------------
Class A HFPAX 7.87% 35.78% -6.16% -4.58%
- -----------------------------------------------------------------------------
Class C HFPCX 7.47 34.98 -6.40 -4.84
- -----------------------------------------------------------------------------
WITH SALES CHARGE
- -----------------------------------------------------------------------------
Class A 1.67% 28.01% -8.01% -6.35%
- -----------------------------------------------------------------------------
Class C 6.47 34.98 -6.40 -4.84
- -----------------------------------------------------------------------------
INDEX
- -----------------------------------------------------------------------------
MSCI World Index 8.24% 37.41% -6.77% -5.46%
- -----------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Due to the Fund's relatively small asset base in its initial
stages, performance was positively impacted by IPOs to a greater degree than it
may be in the future. IPO investments are not an integral component of the
Fund's investment process and may not be utilized to the same extent in the
future. Performance results with sales charges reflect the deduction of the
maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75% . Class C shares are subject to a CDSC of up to
1% on certain redemptions made within 12 months of purchase. Performance
presented at Net Asset Value (NAV), which does not include a sales charge,
would be lower if this charge were reflected. NAV is the value of one share of
the Fund excluding any sales charges. Current performance may be lower or
higher than the performance data quoted. Investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may be worth more
or less than original cost. As stated in the current prospectus, the Fund's
annual operating expense ratios (gross) for Class A and C shares are 2.75% and
3.50%, 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
General equity markets rose strongly as both macroeconomic and company specific
information surprised on the upside. Over the summer, corporate newsflow
continued to be encouraging and investors grew more positive on the
macroeconomic environment, leading them to gravitate to more economically
sensitive areas. The Technology sector proved to be the standout performer
towards the end of the year. Despite consumers taking a cautious approach on
spending their disposable income during the uncertain economic events in
November, they did divert more of their discretionary spending towards
Information Technology products, driven by compelling new product cycles.
However, after the strong performance in 2009, many investors rotated out of the
sector at the start of 2010 and they seem to continue to view Technology
earnings as a highly leveraged cyclical play relative to the rest of the market,
despite evidence to the contrary over the past three years.
For the six month period ended January 31, 2010, the Global Technology Fund
returned 11.41% (Class A shares at NAV) versus the benchmark, the MSCI AC World
IT Index, return of 9.52% . Stand out performers came within our overweight
exposure to the Internet sector. Amazon led the performance and online travel
sites Priceline and CTrip performed strongly. Cisco's acquisition of Starent,
one of our wireless infrastructure holdings, was a highlight, the performance of
the latter benefitting as a result. Tencent and Baidu continued to reap the
long-term secular growth trends we had previously identified. Notable laggards
came from within the Communications Equipment sector, with Tekelec
disappointing. Software holding McAfee proved to be the main drag on
performance.
The Fund maintained its preference for secular growth stories over cyclical
names. We continued to increase exposure to the PC food chain with a new
purchase of Dell after strong results. We believe spending on computing and
network storage has been at cyclically depressed levels and highly likely to
recover and we rotated our Communications Equipment exposure towards the
Enterprise sector with a large increase in our Cisco position. We also played
the enterprise infrastructure cycle by introducing positions in Seagate
Technologies and NetApp and also initiated a small position in data storage
provider Xyratex to further this theme.
We reduced some of our more defensive positions, namely Autonomy and IBM as we
grew more confident over the macro environment. The Fund eliminated its
position in Nintendo as we are unsure whether its recent success could be
sustained within a more mature marketplace and we also sold the residual
position in Nokia as fears grew over the intense competition they are facing in
all areas of their business.
It has been a tough start to the year for the Technology sector as investors
have rotated away from the strong performing sectors of 2009 to look for value
elsewhere. Our overweight position within the Internet sector has magnified the
recent market reversal and has underperformed. However, we remain confident in
the long-term growth themes we've identified and believe that the Technology
sector is well placed to grow on a relative basis as growth drivers of
corporate and consumer demand still remain.
The recent growth rate in the stock market has helped to produce short term
returns for some asset classes that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be subject
to substantial short term changes.
GLOBAL TECHNOLOGY FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------
CISCO SYSTEMS, INC. 4.6%
APPLE, INC. 4.5
VISTAPRINT N.V. 3.4
AUTONOMY CORP., PLC 3.3
PRICELINE.COM, INC. 3.3
COGNIZANT TECHNOLOGY
SOLUTIONS CORP. 3.1
CTRIP.COM INTERNATIONAL,
LTD., ADR 3.0
ADOBE SYSTEMS, INC. 3.0
GOOGLE, INC., CLASS A 3.0
NETAPP, INC. 2.9
8
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL TECHNOLOGY FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY INDUSTRY
(AS A % OF LONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
United States 70.6% Semiconductors 15.4%
Taiwan 10.7 Internet Software & Services 14.7
China 6.0 Application Software 13.0
United Kingdom 4.8 Computer Hardware 12.5
Korea 3.0 Communications Equipment 9.2
Switzerland 1.7 Systems Software 7.5
Other 3.2 Other 27.7
INVESTMENT COMPARISON
Value of $10,000
Global Technology Fund Class A w/out sales charge -- $16,301
Global Technology Fund Class A w/sales charge -- $15,364
MSCI AC World IT Index -- $11,670
S&P 500 Index -- $11,133
(LINE CHART)
GLOBAL GLOBAL
Technology Fund Technology Fund MSCI AC S&P 500
w/out load w/load World IT Index Index
---------- ---------- ---------- ----------
08/31/01 10,000 9,425 10,000 10,000
09/30/01 7,850 7,399 8,223 9,193
10/31/01 8,980 8,464 9,556 9,368
11/30/01 10,690 10,075 11,152 10,086
12/31/01 11,040 10,405 11,046 10,175
01/31/02 10,910 10,283 10,967 10,026
02/28/02 9,660 9,105 9,830 9,833
03/31/02 10,480 9,877 10,464 10,203
04/30/02 9,480 8,935 9,294 9,584
05/31/02 8,940 8,426 8,908 9,514
06/30/02 8,140 7,672 7,877 8,836
07/31/02 7,360 6,937 7,129 8,147
08/31/02 6,930 6,532 7,042 8,201
09/30/02 5,920 5,580 5,825 7,309
10/31/02 6,900 6,503 6,951 7,953
11/30/02 7,890 7,436 8,058 8,421
12/31/02 6,917 6,520 6,895 7,926
01/31/03 6,988 6,586 6,802 7,718
02/28/03 6,968 6,567 6,863 7,603
03/31/03 6,877 6,481 6,741 7,676
04/30/03 7,463 7,034 7,381 8,309
05/31/03 8,394 7,911 8,021 8,747
06/30/03 8,808 8,302 8,100 8,858
07/31/03 9,668 9,112 8,627 9,014
08/31/03 10,265 9,675 9,200 9,190
09/30/03 10,103 9,522 9,135 9,093
10/31/03 10,872 10,247 9,949 9,607
11/30/03 11,054 10,418 10,003 9,691
12/31/03 11,236 10,590 10,223 10,200
01/31/04 11,893 11,209 10,799 10,387
02/29/04 12,075 11,381 10,572 10,531
03/31/04 11,924 11,238 10,413 10,372
04/30/04 11,276 10,628 9,795 10,210
05/31/04 11,630 10,961 10,055 10,350
06/30/04 12,035 11,343 10,312 10,551
07/31/04 10,659 10,046 9,400 10,202
08/31/04 10,133 9,550 9,044 10,243
09/30/04 10,781 10,161 9,284 10,354
10/31/04 11,539 10,876 9,720 10,512
11/30/04 12,375 11,663 10,217 10,937
12/31/04 12,791 12,056 10,535 11,310
01/31/05 12,098 11,402 10,039 11,034
02/28/05 12,108 11,412 10,185 11,266
03/31/05 11,809 11,130 9,893 11,067
04/30/05 11,276 10,628 9,512 10,857
05/31/05 12,215 11,513 10,161 11,202
06/30/05 11,820 11,140 10,055 11,218
07/31/05 12,460 11,744 10,515 11,635
08/31/05 12,588 11,864 10,486 11,529
09/30/05 12,866 12,126 10,685 11,622
10/31/05 12,578 11,855 10,404 11,429
11/30/05 13,468 12,694 11,189 11,861
12/31/05 13,782 12,990 11,278 11,865
01/31/06 14,777 13,927 11,752 12,179
02/28/06 14,712 13,866 11,518 12,212
03/31/06 15,372 14,488 11,803 12,364
04/30/06 15,664 14,763 11,858 12,530
05/31/06 14,388 13,561 11,021 12,170
06/30/06 14,009 13,203 10,853 12,186
07/31/06 13,187 12,429 10,484 12,261
08/31/06 13,598 12,816 11,228 12,553
09/30/06 14,031 13,224 11,597 12,877
10/31/06 14,463 13,631 11,952 13,296
11/30/06 15,177 14,304 12,402 13,549
12/31/06 15,210 14,335 12,391 13,739
01/31/07 15,491 14,600 12,461 13,947
02/28/07 15,448 14,560 12,213 13,674
03/31/07 15,675 14,774 12,282 13,827
04/30/07 16,324 15,385 12,867 14,439
05/31/07 17,384 16,384 13,275 14,943
06/30/07 17,795 16,772 13,548 14,695
07/31/07 17,773 16,751 13,566 14,239
08/31/07 18,120 17,078 13,822 14,453
09/30/07 19,104 18,006 14,400 14,993
10/31/07 20,121 18,964 15,149 15,232
11/30/07 18,899 17,812 14,078 14,595
12/31/07 18,696 17,621 14,112 14,494
01/31/08 16,444 15,498 12,456 13,625
02/29/08 15,675 14,774 12,292 13,182
03/31/08 15,368 14,484 12,213 13,125
04/30/08 16,290 15,353 13,101 13,764
05/31/08 17,312 16,317 13,722 13,943
06/30/08 15,598 14,701 12,399 12,767
07/31/08 15,247 14,370 12,160 12,660
08/31/08 15,741 14,836 12,226 12,843
09/30/08 13,522 12,744 10,423 11,699
10/31/08 11,105 10,466 8,487 9,734
11/30/08 10,150 9,566 7,601 9,035
12/31/08 10,600 9,991 7,839 9,132
01/31/09 10,205 9,618 7,550 8,362
02/28/09 9,952 9,380 7,162 7,472
03/31/09 10,919 10,291 8,027 8,126
04/30/09 12,566 11,843 9,086 8,904
05/31/09 13,291 12,527 9,511 9,402
06/30/09 13,621 12,838 9,708 9,420
07/31/09 14,631 13,790 10,656 10,133
08/31/09 14,576 13,738 10,940 10,499
09/30/09 15,818 14,908 11,484 10,890
10/31/09 15,334 14,452 11,274 10,688
11/30/09 16,641 15,684 11,702 11,329
12/31/09 17,674 16,658 12,439 11,548
01/31/10 16,301 15,364 11,670 11,133
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* YEARS* (8/31/01)*
- ----------------------------------------------------------------------------
Class A HFGAX 11.41% 59.74% 1.71% 6.15% 5.98%
- ----------------------------------------------------------------------------
Class B HFGBX 11.04 58.68 0.97 5.36 5.28
- ----------------------------------------------------------------------------
Class C HFGCX 10.99 58.59 0.95 5.36 5.21
- ----------------------------------------------------------------------------
Class W** HFGWX 11.62 60.28 1.83 6.22 6.02
- ----------------------------------------------------------------------------
WITH SALES CHARGE
- ----------------------------------------------------------------------------
Class A 5.02% 50.51% -0.27% 4.90% 5.23%
- ----------------------------------------------------------------------------
Class B 6.04 54.68 -0.02 5.20 5.28
- ----------------------------------------------------------------------------
Class C 9.99 58.59 0.95 5.36 5.21
- ----------------------------------------------------------------------------
INDEX
- ----------------------------------------------------------------------------
MSCI AC World IT Index 9.52% 54.57% -2.16% 3.05% 1.85%
- ----------------------------------------------------------------------------
S&P 500 9.87 33.14 -7.23 0.18 1.28
- ----------------------------------------------------------------------------
* Average annual return.
** Class W shares commenced operations on March 31, 2009. The performance for
Class W shares for the period prior to March 31, 2009 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 1.82%, 2.57%, 2.57% and 1.57%,
respectively. In addition, 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. Class A, B and C
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
INTERNATIONAL OPPORTUNITIES FUND
Equity markets staged a dramatic recovery in 2009 that few thought possible at
the start of the year. Global stocks rose as risk aversion subsided, economic
data improved, valuations looked compelling and company earnings rebounded.
Most developed markets posted gains in excess of 50% from their March 2009
lows, with the only laggard being Japan, whose export-driven economy suffered
significantly on the back of a strong yen.
After a steady start to 2010, with positive market performance as well as the
release of optimistic data, events towards the end of January reminded investors
that the path to recovery is still shaky. The markets' reaction to the change in
Chinese fiscal policy showed how sensitive and nervous investors are about
stimulus exit strategies while the global economy remains fragile. Also, many
equity markets suffered after news from the Obama Administration regarding the
largest proposed reform of banking regulation since the Great Depression. In
addition, stock markets have recently been focused on deficit countries in
Europe (particularly Greece) though we believe this is likely to pass in due
course.
For the six month period ended January 31, 2010, the International Opportunities
Fund returned 2.02% (Class A shares at NAV) versus the benchmark, the MSCI EAFE
Index, return of 7.02% . The largest detractor to performance was found in the
Fund's exposure to Japan, in particular financial-related stocks; Sumitomo
Mitsui and Daiwa Securities performed poorly as it became apparent that more
fundraising was needed. In China, many investors worried that there was too much
speculation particularly in the Financials sector and those shares were sold
off. Additionally, some of the growth stocks in Europe underperformed as stock
markets focused on more cyclical companies.
On the positive side, shares were strong particularly in the Energy (Cairn
Energy, Gazprom) and Healthcare (Fresenius, Sanofi Aventis) sectors within the
two European sub-portfolios. Other notable performers were Swiss bank UBS,
Spanish retailer Inditex and UK tobacco company Imperial Tobacco.
Allocation moves over the period were light. Following the election of a new
prime minister in Japan, we allocated more money to the Japanese sub-portfolio.
However, it quickly became apparent that significant changes were not to be
forthcoming in the immediate future and pulled the allocation back.
Markets this year have already made significant changes in leadership, and we
don't intend to try to chase these events as market participants tend to change
their minds very quickly. We have maintained our dedicated approach to
bottom-up stock selection regardless of market movements and trends -- an
approach that has led to our success in achieving competitive performance
across all market cycles since inception in 2001. We look forward to the
challenges and opportunities ahead as we seek to identify attractive
fundamental stock ideas in our pursuit of strong investment performance for our
shareholders.
The recent growth rate in the stock market has helped to produce short term
returns for some asset classes that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be subject
to substantial short term changes.
INTERNATIONAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- -----------------------------------
TULLOW OIL PLC 3.0%
HEIDELBERGCEMENT AG 2.8
SANOFI-AVENTIS S.A. 2.7
VOLKSWAGEN AG 2.7
IMPERIAL TOBACCO
GROUP PLC 2.7
AKZO NOBEL N.V. 2.6
ARCELORMITTAL 2.6
FRESENIUS AG 2.5
RECKITT BENCKISER
GROUP PLC 2.4
ESSILOR INTERNATIONAL S.A. 2.3
10
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INTERNATIONAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
Japan 18.1% Financials 22.0%
United Kingdom 17.5 Information Technology 14.1
France 11.5 Industrials 12.1
Germany 10.9 Consumer Discretionary 11.8
Switzerland 8.5 Materials 11.8
China 7.0 Health Care 10.2
Other 26.5 Energy 8.7
Consumer Staples 5.3
Telecommunication Services 4.0
INVESTMENT COMPARISON
Value of $10,000
Int'l Opportunities Fund Class A w/out sales charge -- $24,076
Int'l Opportunities Fund Class A w/sales charge -- $22,692
MSCI EAFE Index -- $15,862
(LINE CHART)
INT'L INT'L
Opps Fund Opps Fund MSCI EAFE
w/out load w/load Index
---------- ---------- ------------
08/31/01 10,000 9,425 10,000
09/30/01 9,080 8,558 8,989
10/31/01 9,930 9,359 9,219
11/30/01 11,430 10,773 9,560
12/31/01 11,640 10,971 9,617
01/31/02 11,610 10,942 9,106
02/28/02 11,290 10,641 9,171
03/31/02 11,840 11,159 9,671
04/30/02 11,950 11,263 9,741
05/31/02 11,940 11,253 9,874
06/30/02 11,540 10,876 9,484
07/31/02 10,510 9,906 8,549
08/31/02 10,410 9,811 8,531
09/30/02 9,280 8,746 7,617
10/31/02 10,060 9,482 8,027
11/30/02 10,710 10,094 8,393
12/31/02 10,328 9,734 8,111
01/31/03 10,167 9,582 7,773
02/28/03 9,553 9,003 7,595
03/31/03 9,452 8,908 7,452
04/30/03 10,499 9,895 8,191
05/31/03 11,163 10,521 8,695
06/30/03 11,646 10,976 8,910
07/31/03 12,069 11,375 9,127
08/31/03 12,904 12,162 9,349
09/30/03 13,126 12,371 9,639
10/31/03 13,971 13,168 10,240
11/30/03 13,972 13,169 10,469
12/31/03 14,890 14,034 11,288
01/31/04 15,501 14,610 11,448
02/29/04 15,878 14,965 11,714
03/31/04 16,378 15,436 11,785
04/30/04 15,888 14,974 11,528
05/31/04 15,613 14,715 11,578
06/30/04 15,949 15,032 11,837
07/31/04 15,226 14,351 11,454
08/31/04 15,195 14,321 11,507
09/30/04 15,552 14,658 11,810
10/31/04 16,163 15,234 12,213
11/30/04 17,125 16,140 13,051
12/31/04 17,901 16,872 13,624
01/31/05 17,767 16,745 13,375
02/28/05 18,491 17,428 13,956
03/31/05 18,253 17,203 13,611
04/30/05 17,704 16,686 13,306
05/31/05 17,446 16,443 13,326
06/30/05 17,622 16,609 13,509
07/31/05 18,387 17,330 13,924
08/31/05 19,163 18,061 14,280
09/30/05 19,733 18,598 14,918
10/31/05 19,288 18,179 14,484
11/30/05 19,990 18,841 14,842
12/31/05 20,851 19,652 15,533
01/31/06 22,272 20,991 16,488
02/28/06 22,164 20,890 16,455
03/31/06 23,004 21,681 17,005
04/30/06 24,156 22,767 17,830
05/31/06 23,251 21,914 17,159
06/30/06 23,316 21,975 17,165
07/31/06 23,165 21,833 17,337
08/31/06 23,768 22,401 17,818
09/30/06 23,898 22,524 17,849
10/31/06 24,727 23,305 18,545
11/30/06 25,889 24,400 19,104
12/31/06 26,697 25,162 19,705
01/31/07 26,798 25,257 19,840
02/28/07 27,090 25,532 20,003
03/31/07 27,743 26,148 20,522
04/30/07 28,812 27,155 21,452
05/31/07 29,768 28,056 21,857
06/30/07 30,308 28,565 21,891
07/31/07 30,274 28,533 21,571
08/31/07 29,971 28,248 21,239
09/30/07 32,063 30,219 22,379
10/31/07 33,605 31,673 23,261
11/30/07 31,861 30,029 22,502
12/31/07 31,604 29,787 21,997
01/31/08 28,407 26,774 19,967
02/29/08 28,444 26,808 20,260
03/31/08 28,371 26,740 20,056
04/30/08 29,939 28,218 21,170
05/31/08 30,784 29,014 21,417
06/30/08 27,795 26,197 19,670
07/31/08 27,084 25,527 19,040
08/31/08 25,528 24,060 18,273
09/30/08 22,221 20,943 15,638
10/31/08 18,228 17,180 12,483
11/30/08 17,762 16,741 11,814
12/31/08 18,998 17,906 12,526
01/31/09 17,222 16,232 11,298
02/28/09 15,984 15,065 10,143
03/31/09 17,460 16,456 10,791
04/30/09 19,711 18,578 12,189
05/31/09 22,500 21,206 13,654
06/30/09 22,062 20,793 13,580
07/31/09 23,600 22,243 14,822
08/31/09 24,213 22,821 15,630
09/30/09 24,926 23,493 16,231
10/31/09 24,176 22,786 16,029
11/30/09 24,614 23,199 16,354
12/31/09 25,219 23,769 16,591
01/31/10 24,076 22,692 15,862
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* YEARS* (8/31/01)*
- ----------------------------------------------------------------------------
Class A HFOAX 2.02% 39.80% -3.51% 6.27% 11.00%
- ----------------------------------------------------------------------------
Class B HFOBX 1.68 38.78 -4.21 5.48 10.23
- ----------------------------------------------------------------------------
Class C HFOCX 1.63 38.73 -4.23 5.47 10.18
- ----------------------------------------------------------------------------
Class R** HFORX 1.89 39.38 -3.73 6.01 10.73
- ----------------------------------------------------------------------------
Class W*** HFOWX 2.18 40.18 -3.42 6.32 11.03
- ----------------------------------------------------------------------------
WITH SALES CHARGE
- ----------------------------------------------------------------------------
Class A -3.84% 31.76% -5.39% 5.01% 10.22%
- ----------------------------------------------------------------------------
Class B -3.32 34.78 -5.32 5.32 10.23
- ----------------------------------------------------------------------------
Class C 0.63 38.73 -4.23 5.47 10.18
- ----------------------------------------------------------------------------
INDEX
- ----------------------------------------------------------------------------
MSCI EAFE Index 7.02% 40.39% -7.18% 3.47% 5.63%
- ----------------------------------------------------------------------------
* Average annual return.
** Class R shares commenced operations on September 30, 2005. The performance
for Class R shares for the period prior to September 30, 2005 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 March 31, 2009 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 1.62%, 2.37%, 2.37%, 1.87% and 1.37% respectively. In addition, 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. Class A, B and C 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.
11
HENDERSON GLOBAL FUNDS COMMENTARY
JAPAN-ASIA FOCUS FUND
For the six month period ended January 31, 2010, Japanese equities struggled to
make gains as strength in the yen and political uncertainty following the
election of the Democratic Party of Japan, the first meaningful political change
in almost fifty years, weighed on stock prices. Nevertheless, the election
result should change the direction of policy within Japan with a greater focus
being put on creating a more favorable environment for the consumer. The
strength in the yen came at an unwelcome time as the corporate sector was
recovering from an implosion in activity following the passing of the global
credit crisis. As a result, equities plunged late in the year but managed to
recover much of the losses as the yen weakened against the US dollar. The
Japanese market ended the period lower with the overall strength in the currency
bringing returns into positive territory in US dollar terms.
For the six month period ended January 31, 2010, the Fund returned -4.41% (Class
A shares at NAV) versus the benchmark, MSCI Japan Index, which posted a return
of 1.26% . On a sector basis, the overweight position in Information Technology
was the largest driver of positive performance. The underweight position in
Materials was also accretive. The overweight in Financials was the largest
detractor as capital issuance suppressed share prices in the Banking sector. At
the stock level, the largest positive contributors were Asahi Breweries
(Consumer Staples), Sekisui Chemical (Consumer Discretionary) and Keyence
(Information Technology). Asian holdings, which account for approximately 10% of
the Fund, were amongst the larger detractors on a stock basis due partially to
the strength in the yen.
Turnover in the Fund was relatively constrained over the period with the most
notable transaction being the disposal of Disco (Information Technology) and
purchase of Keyence (Information Technology). Disco, a leader in a niche area
of semiconductor equipment, was sold after a tremendous run in the share price
thereby discounting a recovery in profits. Keyence, a highly profitable
measuring equipment company, was purchased after a set-back in the share price
provided an investment opportunity.
Throughout the period, the Fund continued to be weighted towards domestic
sectors in Japan and away from export-related shares. While this has been
harmful to the Fund's performance, we believe that as recovery within Japan
progresses, domestic sectors should perform. In addition, the strength in the
yen and the suppressing impact from deflation should alleviate, which provided
headwinds for the economy over the past year. It would also appear that the
authorities are becoming more vocal with regard to the weak performance of the
domestic economy which may further boost efforts to raise levels of activity.
Equity markets have recently been infused with a sense of uncertainty emanating
from various quarters around the world. Whether markets are simply undergoing a
case of indigestion given the sharp gains made last year or whether there is
something more sinister at play will become more evident as time progresses.
What is encouraging about Japan is that foreign investors have recently been
making a tentative return to the Japanese equity market after a lengthy
absence. If a convincing commitment is confirmed it will be interesting to see
which areas of the market will garner attention. We believe that given the
polarity within the market over the past twelve months that sentiment towards
the areas less exposed to overseas markets should improve.
JAPAN-ASIA FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------
MITSUBISHI UFJ FINANCIAL
GROUP, INC. 5.4
SUMITOMO MITSUI
FINANCIAL GROUP, INC. 4.4
NTT DOCOMO, INC. 3.8
NINTENDO CO., LTD. 3.7
MITSUI SUMITOMO
INSURANCE GROUP
HOLDINGS, INC. 3.5
YAMADA DENKI CO., LTD. 3.5
DAIWA SECURITIES
GROUP, INC. 3.4
CANON, INC. 3.3
SHIN-ETSU CHEMICAL
CO., LTD. 3.2
HAKUHODO
DY HOLDINGS, INC. 3.2
12
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
JAPAN-ASIA FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS) (AS A % OF LONG-TERM INVESTMENTS)
(PIE CHART) (PIE CHART)
Japan 90.8% Financials 35.5%
China 3.9 Consumer Discretionary 19.2
Singapore 2.7 Information Technology 18.3
Hong Kong 2.6 Industrials 8.4
Telecommunication Services 6.7
Consumer Staples 5.8
Materials 3.2
Health Care 2.9
INVESTMENT COMPARISON
Value of $10,000
Japan-Asia Focus Fund Class A w/out sales charge -- $7,005
Japan-Asia Focus Fund Class A w/sales charge -- $6,602
MSCI Japan Index -- $7,457
(LINE CHART)
JAPAN ASIA JAPAN-ASIA
Focus Fund Focus Fund MSCI JAPAN
w/out load w/load Index
--------- --------- ---------
01/31/06 10,000 9,425 10,000
02/28/06 9,860 9,293 9,915
03/31/06 10,360 9,764 10,169
04/30/06 10,490 9,887 10,465
05/31/06 9,850 9,284 9,814
06/30/06 9,920 9,350 9,706
07/31/06 9,650 9,095 9,652
08/31/06 9,830 9,265 9,797
09/30/06 9,750 9,189 9,640
10/31/06 9,870 9,302 9,807
11/30/06 9,860 9,293 9,877
12/31/06 9,860 9,293 10,123
01/31/07 9,990 9,416 10,208
02/28/07 10,220 9,632 10,619
03/31/07 10,010 9,434 10,483
04/30/07 9,710 9,152 10,279
05/31/07 9,950 9,378 10,447
06/30/07 10,150 9,566 10,416
07/31/07 10,130 9,548 10,399
08/31/07 9,730 9,171 10,094
09/30/07 9,730 9,171 10,330
10/31/07 9,770 9,208 10,291
11/30/07 9,440 8,897 10,103
12/31/07 9,090 8,567 9,703
01/31/08 8,548 8,056 9,260
02/29/08 8,235 7,762 9,324
03/31/08 8,089 7,624 8,951
04/30/08 8,819 8,312 9,602
05/31/08 8,975 8,459 9,844
06/30/08 8,194 7,722 9,173
07/31/08 8,079 7,614 8,860
08/31/08 7,453 7,025 8,508
09/30/08 7,016 6,612 7,559
10/31/08 5,911 5,571 6,441
11/30/08 5,942 5,600 6,361
12/31/08 6,713 6,327 6,878
01/31/09 6,005 5,659 6,411
02/28/09 5,223 4,922 5,617
03/31/09 5,442 5,129 5,739
04/30/09 5,932 5,590 6,291
05/31/09 6,786 6,396 6,940
06/30/09 6,891 6,494 7,062
07/31/09 7,328 6,907 7,364
08/31/09 7,631 7,192 7,654
09/30/09 7,495 7,064 7,526
10/31/09 7,047 6,642 7,337
11/30/09 7,016 6,612 7,262
12/31/09 6,880 6,484 7,318
01/31/10 7,005 6,602 7,457
TOTAL RETURNS AS OF JANUARY 31, 2010
SINCE
NASDAQ SIX ONE THREE INCEPTION
AT NAV SYMBOL MONTHS YEAR YEARS* (1/31/06)*
- ------------------------------------------------------------------------------
Class A HFJAX -4.41% 16.67% -11.16% -8.51%
- ------------------------------------------------------------------------------
Class C HFJCX -4.68 15.60 -11.83 -9.18
- ------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------
Class A -9.92% 9.98% -12.90% -9.85%
- ------------------------------------------------------------------------------
Class C -5.68 15.60 -11.83 -9.18
- ------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------
MSCI Japan Index 1.26% 16.32% -9.93% -7.07%
- ------------------------------------------------------------------------------
* 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 2.13% and
2.88%, 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.
13
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ------------ ----------
COMMON STOCKS - 88.45%
AUSTRALIA - 3.31%
10,762,956 Centamin Egypt, Ltd. * $ 18,160,968
--------------
CANADA - 3.23%
3,600,000 European Goldfields, Ltd. * 17,721,984
--------------
DENMARK - 1.57%
1,106 A P Moller - Maersk A/S,
B Shares 8,576,970
--------------
FINLAND - 1.06%
240,000 Sampo Oyj, A Shares 5,817,153
--------------
FRANCE - 6.91%
360,000 Rhodia S.A. * 6,322,940
190,000 Sanofi-Aventis 14,017,270
70,000 Vallourec S.A. 12,075,187
210,000 Vivendi S.A. 5,436,497
--------------
37,851,894
--------------
GERMANY - 11.58%
174,370 Continental AG * 9,599,398
221,000 Daimler AG 10,184,333
250,000 Fresenius SE 15,394,149
234,692 HeidelbergCement AG 14,138,540
330,000 Rhoen Klinikum AG 8,122,264
650,000 TUI AG * 6,024,406
--------------
63,463,090
--------------
GREECE - 0.34%
372,951 Sidenor Steel Products
Manufacturing Co. * 1,850,265
--------------
IRELAND - 1.31%
300,000 CRH plc 7,201,573
--------------
ITALY - 0.94%
420,000 Azimut Holding SpA 5,154,776
--------------
KAZAKHSTAN - 5.31%
590,000 KazMunaiGas Exploration
Production, GDR 14,935,602
1,724,139 Zhaikmunai LP, GDR * 14,138,160
--------------
29,073,762
--------------
LUXEMBOURG - 2.88%
305,000 ArcelorMittal 11,671,381
1,200,000 GlobeOp Financial Services 4,124,133
--------------
15,795,514
--------------
VALUE
SHARES (NOTE 2)
- ----------- ------------
NETHERLANDS - 5.19%
410,333 A&D Pharma Holding
N.V., GDR * $ 2,019,689
570,208 Aegon N.V. * 3,436,322
170,000 Akzo Nobel N.V. 10,152,020
414,902 Amtel Vredestein N.V.,
GDR (a) (b) * --
850,000 STMicroelectronics N.V. 6,899,506
2,600,000 Wavin N.V. 5,905,763
--------------
28,413,300
--------------
NORWAY - 0.91%
3,500,000 Sevan Marine ASA * 5,005,714
--------------
PORTUGAL - 1.61%
557,532 Galp Energia, SGPS, S.A.,
B Shares 8,824,513
--------------
SPAIN - 0.34%
785,052 Realia Business S.A. * 1,845,743
--------------
SWITZERLAND - 5.86%
500,000 GAM Holding, Ltd. 5,761,645
52,559 Roche Holding AG 8,827,083
350,000 Temenos Group AG * 9,361,993
38,392 Zurich Financial
Services AG 8,135,205
--------------
32,085,926
--------------
UNITED ARAB EMIRATES - 2.48%
3,820,139 Kingdom Hotel
Investments, GDR (b) * 13,561,493
--------------
UNITED KINGDOM - 31.95%
700,000 Aero Inventory plc (a) (b) --
9,209,229 Afren plc * 13,126,448
1,350,000 African Minerals, Ltd. * 8,349,734
4,200,000 Ashtead Group plc 5,672,873
2,000,000 BAE Systems plc 11,256,774
6,390,000 Borders & Southern
Petroleum * 7,338,256
1,600,000 Cairn Energy plc * 8,246,589
525,000 Capita Group plc 6,036,867
1 Dana Petroleum plc * 17
5,500,000 Game Group plc 8,096,074
5,123,957 Gartmore Group, Ltd. * 17,446,088
396,825 Impellam Group plc * 396,453
350,000 Imperial Tobacco
Group plc 11,305,875
1,100,000 Informa plc 5,747,650
3,209,737 Juridica Investments,
Ltd. (b) 6,156,922
3,612,500 Kalahari Minerals plc * 9,707,246
See Notes to Financial Statements.
14
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2010 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------- ------------
UNITED KINGDOM -- (continued)
11,775,298 Lloyds Banking
Group plc * $ 9,541,537
4,972,917 Regal Petroleum plc * 6,505,565
2,370,000 Songbird Estates plc * 6,196,503
4,682,536 Tau Capital plc * 1,849,602
1,500,000 The Sage Group plc 5,662,027
869,380 Tullow Oil plc 15,914,914
3,300,000 William Hill plc 10,505,328
--------------
175,059,342
--------------
UNITED STATES - 1.67%
644,435 Virgin Media, Inc. 9,144,533
--------------
TOTAL COMMON STOCK
(Cost $492,581,518) 484,608,513
--------------
PREFERRED STOCK - 3.35%
GERMANY - 3.35%
130,685 Henkel AG & Co KGaA 6,646,178
145,085 Volkswagen AG 11,721,398
--------------
18,367,576
--------------
TOTAL PREFERRED STOCK
(Cost $17,628,150) 18,367,576
--------------
REITS - 0.99%
UNITED KINGDOM - 0.99%
900,000 Shaftesbury plc 5,425,021
--------------
TOTAL REITS
(Cost $4,218,490) 5,425,021
--------------
TOTAL LONG TERM INVESTMENTS
(Cost $514,428,158) 508,401,110
--------------
VALUE
SHARES (NOTE 2)
- -------------- ------------
SHORT TERM INVESTMENT - 9.04%
49,537,426 Fidelity Institutional
Treasury Portfolio $ 49,537,426
--------------
TOTAL SHORT TERM INVESTMENT
(Cost $49,537,426) 49,537,426
--------------
TOTAL INVESTMENTS - 101.83%
(Cost $563,965,584) 557,938,536
--------------
NET OTHER ASSETS AND
LIABILITIES -- (1.83)% (10,047,949)
--------------
TOTAL NET ASSETS -- 100.00% $ 547,890,587
==============
* Non income producing security
(a) Fair valued at January 31, 2010 as determined in good faith using
procedures adopted by the Board of the Trustees.
(b) This security has deemed illiquid according to the policies and procedures
adopted by the Board of Trustees.
GDR Global Depositary Receipts
REIT Real Estate Investment Trust
See Notes to Financial Statements.
15
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2010 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- ----------------------------------------------
Oil & Gas Exploration & Production 14.64%
Gold 6.55
Asset Management & Custody Banks 5.51
Pharmaceuticals 4.17
Automobile Manufacturers 4.00
Construction Materials 3.89
Hotels, Resorts & Cruise Lines 3.58
Health Care Equipment 2.81
Application Software 2.74
Multi-line Insurance 2.55
Steel 2.47
Industrial Machinery 2.20
Tobacco 2.06
Aerospace & Defense 2.05
Casinos & Gaming 1.92
Diversified Chemicals 1.85
Diversified Metals & Mining 1.77
Tires & Rubber 1.76
Diversified Banks 1.74
Cable & Satellite 1.67
Integrated Oil & Gas 1.61
Marine 1.57
Precious Metals & Minerals 1.52
Health Care Facilities 1.48
Computer & Electronics Retail 1.48
Semiconductors 1.26
Household Products 1.21
Human Resource & Employment Services 1.17
Specialty Chemicals 1.16
Real Estate Operating Companies 1.13
Industrial Conglomerates 1.12
Construction & Engineering 1.08
Publishing 1.05
Trading Companies & Distributors 1.04
Movies & Entertainment 0.99
Diversified REIT's 0.99
Oil & Gas Equipment & Services 0.91
Other Diversified Financial Services 0.75
Life & Health Insurance 0.63
Health Care Distributors 0.37
Diversified Real Estate Activities 0.34
---------
Long Term Investments 92.79
Short Term Investment 9.04
---------
Total Investments 101.83
Net Other Assets and Liabilities (1.83)
---------
100.00%
---------
See Notes to Financial Statements.
16
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ----------- ----------
COMMON STOCKS - 91.85%
AUSTRALIA - 5.33%
943,759 AMP, Ltd. $ 5,204,289
1,290,405 Challenger Financial Services
Group, Ltd. 4,640,391
2,584,925 Goodman Fielder, Ltd. 3,557,872
198,566 National Australia
Bank, Ltd. 4,608,593
371,776 QBE Insurance Group, Ltd. 7,512,586
141,427 Woolworths, Ltd. 3,229,471
--------------
28,753,202
--------------
AUSTRIA - 0.63%
126,319 Oesterreichische Post AG 3,425,873
--------------
CHINA - 1.93%
8,248,000 Bank of China, Ltd.,
Class H 3,957,432
57,753 PetroChina Co.,
Ltd., ADR 6,438,882
--------------
10,396,314
--------------
CYPRUS - 1.05%
1,011,603 ProSafe SE 5,665,698
--------------
CZECH REPUBLIC - 0.67%
152,320 Telefonica 02 Czech
Republic a.s. 3,605,704
--------------
FRANCE - 5.91%
200,003 France Telecom S.A. 4,598,644
16,429 Neopost S.A. 1,310,304
180,052 Sodexo * 9,880,082
143,271 Total S.A. 8,321,662
184,480 Zodiac Aerospace 7,778,520
--------------
31,889,212
--------------
GERMANY - 3.53%
174,524 Siemens AG 15,638,588
50,114 Wincor Nixdorf AG 3,393,409
--------------
19,031,997
--------------
GREECE - 1.14%
281,344 OPAP S.A. 6,160,527
--------------
ITALY - 4.19%
414,181 ENI SpA 9,646,960
706,666 Snam Rete Gas SpA 3,321,237
2,399,660 Terna - Rete Elettrica
Nationale SpA 9,661,609
--------------
22,629,806
--------------
VALUE
SHARES (NOTE 2)
- ---------- ----------
JAPAN - 2.52%
88,400 Astellas Pharma, Inc. $ 3,258,676
4,442 NTT DoCoMo, Inc. 6,639,366
84,700 Takeda Pharmaceutical
Co., Ltd. 3,723,532
--------------
13,621,574
--------------
KOREA - 1.13%
352,312 SK Telecom Co.,
Ltd., ADR 6,105,567
--------------
LUXEMBOURG - 1.14%
278,971 SES 6,126,578
--------------
NETHERLANDS - 3.03%
316,228 Royal Dutch Shell plc,
Class B 8,444,143
257,487 Unilever N.V. 7,904,238
--------------
16,348,381
--------------
SINGAPORE - 1.23%
605,000 Keppel Corp., Ltd. 3,578,188
1,400,000 Singapore Technologies
Engineering, Ltd. 3,053,535
--------------
6,631,723
--------------
SPAIN - 3.61%
572,774 Banco Santander S.A. 8,070,069
300,000 Gas Natural SDG S.A. 5,947,498
642,737 Iberdrola S.A. 5,463,462
--------------
19,481,029
--------------
SWITZERLAND - 1.86%
59,888 Roche Holding AG 10,057,960
--------------
TAIWAN - 2.29%
6,225,320 Asia Cement Corp. 5,893,534
6,335,000 CTCI Corp. 6,451,847
--------------
12,345,381
--------------
UNITED KINGDOM - 33.93%
1,118,413 Amlin plc 6,944,637
269,500 AstraZeneca plc 12,529,678
1,496,254 Aviva plc 9,244,306
1,299,191 BAE Systems plc 7,312,349
392,857 Balfour Beatty plc 1,663,123
1,464,937 BP plc 13,710,129
250,000 British American
Tobacco plc 8,242,808
1,712,434 Centrica plc 7,351,305
1,065,911 Compass Group plc 7,248,228
643,589 GlaxoSmithKline plc 12,529,261
138,711 Go-Ahead Group plc 2,985,650
526,990 HSBC Holdings plc 5,648,138
1,012,780 ICAP plc 5,947,353
See Notes to Financial Statements.
17
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2010 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ----------- ------------
UNITED KINGDOM - (continued)
161,514 Imperial Tobacco
Group plc $ 5,217,306
2,624,094 Marston's plc 3,674,804
1,126,050 Pennon Group plc 9,251,394
376,287 Provident Financial plc 5,619,327
176,480 Reckitt Benckiser
Group plc 9,173,138
626,307 Scottish & Southern
Energy plc 11,669,933
512,767 Smiths Group plc 8,169,694
3,957,753 Smiths News plc 7,488,785
1,000,000 Tesco plc 6,763,981
1,276,926 The Sage Group plc 4,819,993
4,611,949 Vodafone Group plc 9,907,854
--------------
183,113,174
--------------
UNITED STATES - 16.73%
105,986 AT&T, Inc. 2,687,805
225,111 Atmos Energy Corp. 6,217,566
130,000 Bemis Co., Inc. 3,647,800
299,604 Bristol-Myers Squibb Co. 7,298,353
439,656 ConAgra Foods, Inc. 9,997,777
104,630 Diamond Offshore
Drilling, Inc. 9,576,784
248,418 Paychex, Inc. 7,201,638
541,518 Pfizer, Inc. 10,104,726
315,934 Pitney Bowes, Inc. 6,609,339
189,310 Progress Energy, Inc. 7,377,411
166,904 Reynolds American, Inc. 8,879,293
84,789 The Procter &
Gamble Co. 5,218,763
186,372 Verizon Communications,
Inc. 5,483,064
--------------
90,300,319
--------------
TOTAL LONG TERM INVESTMENTS
(Cost $522,447,572) 495,690,019
--------------
SHORT TERM INVESTMENT - 5.80%
31,290,157 Fidelity Institutional
Treasury Portfolio 31,290,157
--------------
TOTAL SHORT TERM INVESTMENT
(Cost $31,290,157) 31,290,157
--------------
TOTAL INVESTMENTS - 97.65%
(Cost $553,737,729) 526,980,176
--------------
NET OTHER ASSETS AND
LIABILITIES -- 2.35% 12,661,232
--------------
TOTAL NET ASSETS -- 100.00% $ 539,641,408
--------------
* Non income producing security
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------
Pharmaceuticals 11.01%
Integrated Oil & Gas 8.63
Electric Utilities 6.33
Industrial Conglomerates 5.07
Wireless Telecommunication Services 4.20
Tobacco 4.15
Diversified Banks 4.14
Packaged Foods & Meats 3.97
Restaurants 3.85
Aerospace & Defense 3.37
Integrated Telecommunication Services 3.04
Gas Utilities 2.86
Property & Casualty Insurance 2.68
Household Products 2.67
Food Retail 1.85
Oil & Gas Drilling 1.77
Water Utilities 1.72
Multi-line Insurance 1.71
Construction & Engineering 1.51
Distributors 1.39
Multi-Utilities 1.36
Data Processing & Outsourced Services 1.33
Office Services & Supplies 1.22
Casinos & Gaming 1.14
Cable & Satellite 1.14
Investment Banking & Brokerage 1.10
Construction Materials 1.09
Oil & Gas Equipment & Services 1.05
Consumer Finance 1.04
Life & Health Insurance 0.97
Application Software 0.89
Other Diversified Financial Services 0.86
Paper Packaging 0.68
Air Freight & Logistics 0.63
Computer Hardware 0.63
Trucking 0.55
Office Electronics 0.25
---------
Long Term Investments 91.85
Short Term Investment 5.80
---------
Total Investments 97.65
Net Other Assets and Liabilities 2.35
---------
100.00%
---------
See Notes to Financial Statements.
18
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ------------ ---------
COMMON STOCKS - 92.69%
BELGIUM - 1.19%
3,902 Anheuser-Busch
InBev N.V. $ 194,848
--------------
BRAZIL - 1.33%
5,395 Petroleo Brasileiro
S.A., ADR 218,875
--------------
CHINA - 1.88%
5,018 Ctrip.com International,
Ltd., ADR * 157,013
19,500 Ping An Insurance (Group)
Co. of China, Ltd.,
Class H 151,497
--------------
308,510
--------------
HONG KONG - 5.03%
594,000 361 Degrees International,
Ltd. 404,439
298,000 Sands China, Ltd. * 421,440
--------------
825,879
--------------
INDIA - 1.69%
12,850 Axis Bank, Ltd., GDR 277,087
--------------
INDONESIA - 1.48%
140,500 PT Telekomunikasi
Indonesia Tbk 139,480
2,600 PT Telekomunikasi Indonesia
Tbk, ADR 102,960
--------------
242,440
--------------
IRELAND - 2.57%
8,350 Covidien plc 422,176
--------------
ITALY - 0.96%
4,868 Saipem SpA 157,265
--------------
VALUE
SHARES (NOTE 2)
- ---------- ---------
JAPAN - 10.11%
1,300 Keyence Corp. $ 299,808
17,000 Kubota Corp. 152,148
10,200 Makita Corp. 340,959
1,300 SMC Corp. 157,294
4,600 Sumitomo Mitsui Financial
Group, Inc. 148,640
27,000 The Bank of Yokohama,
Ltd. 127,954
2,390 Yamada Denki Co., Ltd. 152,940
20,600 Yamaha Motor Co.,
Ltd. * 280,684
--------------
1,660,427
--------------
NETHERLANDS - 2.95%
9,500 Qiagen N.V. * 206,720
5,799 Randstad Holding N.V. * 277,017
--------------
483,737
--------------
SINGAPORE - 5.92%
190,000 CapitaMalls Asia, Ltd. * 312,107
192,544 Genting Singapore plc * 143,868
41,000 Keppel Corp., Ltd. 242,489
59,000 Wilmar International,
Ltd. 273,520
--------------
971,984
--------------
SWITZERLAND - 5.54%
13,342 ABB, Ltd. * 241,306
1,426 Roche Holding AG 239,491
32,997 UBS AG * 428,653
--------------
909,450
--------------
TAIWAN - 2.58%
56,000 Hon Hai Precision Industry
Co., Ltd. 234,911
19,000 Young Fast Optoelectronics
Co., Ltd. 189,105
--------------
424,016
--------------
UNITED KINGDOM - 8.80%
6,467 Autonomy Corp., plc * 160,780
31,070 Cairn Energy plc * 160,138
5,010 Rio Tinto plc 240,397
31,944 Serco Group plc 253,612
47,902 Tesco plc 324,008
18,754 Xstrata plc * 306,685
--------------
1,445,620
--------------
See Notes to Financial Statements.
19
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2010 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ -----------
UNITED STATES - 40.66%
8,363 American Tower Corp.,
Class A * $ 355,009
4,600 Anadarko Petroleum
Corp. 293,388
2,068 Apple, Inc. * 397,304
6,000 Carnival Corp. * 199,980
17,708 Cisco Systems, Inc. * 397,899
52,941 Citigroup, Inc. * 175,764
7,300 CSX Corp. 312,878
7,900 DreamWorks Animation SKG,
Inc., Class A * 307,626
9,700 Emerson Electric Co. 402,938
2,739 Equinix, Inc. * 263,574
2,869 Express Scripts, Inc. * 240,594
1,700 Goldman Sachs Group,
Inc. 252,824
2,611 Hess Corp. 150,890
7,598 Lazard, Ltd., Class A 292,827
16,700 Lowe's Cos, Inc. 361,555
6,700 Mead Johnson Nutrition
Co. 303,041
15,700 Microsoft Corp. 442,426
4,781 Northern Trust Corp. 241,536
6,431 PepsiCo, Inc. 383,416
3,732 Praxair, Inc. 281,094
5,568 Railamerica, Inc. * 70,380
5,643 Range Resources Corp. 259,578
6,270 Thermo Fisher Scientific,
Inc. * 289,361
--------------
6,675,882
--------------
TOTAL COMMON STOCK
(Cost $12,704,855) 15,218,196
--------------
PREFERRED STOCK - 2.64%
GERMANY - 2.64%
6,360 Fresenius SE 433,390
--------------
TOTAL PREFERRED STOCK
(Cost $358,234) 433,390
---------------
TOTAL LONG TERM INVESTMENTS
(Cost $13,063,089) 15,651,586
---------------
VALUE
SHARES (NOTE 2)
- ----------- -----------
SHORT TERM INVESTMENT - 7.08%
1,163,031 Fidelity Institutional Treasury
Portfolio $ 1,163,031
--------------
TOTAL SHORT TERM INVESTMENT
(Cost $1,163,031) 1,163,031
--------------
TOTAL INVESTMENTS - 102.41%
(Cost $14,226,120) 16,814,617
--------------
NET OTHER ASSETS AND
LIABILITIES -- (2.41)% (395,406)
--------------
TOTAL NET ASSETS -- 100.00% $ 16,419,211
==============
* Non income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
See Notes to Financial Statements.
20
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2010 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------
Health Care Equipment 5.21%
Oil & Gas Exploration & Production 4.34
Casinos & Gaming 3.44
Integrated Telecommunication Services 3.38
Diversified Metals & Mining 3.33
Investment Banking & Brokerage 3.32
Life Sciences Tools & Services 3.02
Systems Software 2.69
Diversified Capital Markets 2.61
Regional Banks 2.47
Apparel, Accessories & Luxury Goods 2.46
Electrical Components & Equipment 2.45
Communications Equipment 2.42
Computer Hardware 2.42
Soft Drinks 2.34
Railroads 2.34
Integrated Oil & Gas 2.25
Home Improvement Retail 2.20
Hotels, Resorts & Cruise Lines 2.18
Wireless Telecommunication Services 2.16
Household Appliances 2.08
Food Retail 1.97
Movies & Entertainment 1.87
Personal Products 1.85
Electronic Equipment & Instruments 1.82
Industrial Gases 1.71
Motorcycle Manufacturers 1.71
Human Resource & Employment
Services 1.69
Agricultural Products 1.66
Internet Software & Services 1.61
Environmental & Facilities Services 1.55
Industrial Conglomerates 1.48
Asset Management & Custody Banks 1.47
Heavy Electrical Equipment 1.47
Health Care Services 1.47
Pharmaceuticals 1.46
Electronic Manufacturing Services 1.43
Brewers 1.19
Electronic Components 1.15
Other Diversified Financial Services 1.07
Application Software 0.98
Industrial Machinery 0.96
Oil & Gas Equipment & Services 0.96
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS (continued): ASSETS
- -------------------------------------------------
Computer & Electronics Retail 0.93%
Construction & Farm Machinery &
Heavy Trucks 0.93
Life & Health Insurance 0.92
Diversified Banks 0.91
---------
Long Term Investments 95.33
Short Term Investment 7.08
---------
Total Investments 102.41
Net Other Assets and Liabilities (2.41)
---------
100.00%
---------
See Notes to Financial Statements.
21
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ------------ ----------
COMMON STOCKS - 97.45%
CHINA - 5.86%
5,779 Baidu.com, Inc., ADR * $ 2,379,272
146,53 Ctrip.com International,
Ltd., ADR * 4,584,924
112,354 Tencent Holdings, Ltd. 2,083,008
--------------
9,047,204
--------------
IRELAND - 1.58%
59,362 Accenture plc, Class A 2,433,248
--------------
KOREA - 2.96%
72,133 LG Display Co., Ltd. 2,346,314
14,938 NHN Corp. * 2,218,952
--------------
4,565,266
--------------
NETHERLANDS -- 1.43%
96,092 ASM International N.V. * 2,200,592
--------------
SWITZERLAND - 1.65%
95,401 Temenos Group AG * 2,551,839
--------------
TAIWAN - 10.45%
1,654,00 Compal Electronics, Inc. 2,301,147
510,00 Hon Hai Precision Industry
Co., Ltd. 2,139,369
269,488 MediaTek, Inc. 4,364,522
1,946,41 Radiant Opto-Electronics
Corp. 2,686,326
1,623,00 Siliconware Precision
Industries Co. 2,146,291
1,324,599 Wistron Corp. 2,485,918
--------------
16,123,573
--------------
UNITED KINGDOM - 4.68%
207,925 Autonomy Corp., plc * 5,169,332
244,436 Rightmove plc 2,050,427
--------------
7,219,759
--------------
VALUE
SHARES (NOTE 2)
- ---------- ------------
UNITED STATES -- 68.84%
227,989 Activision Blizzard, Inc. * $ 2,316,368
141,725 Adobe Systems, Inc. * 4,577,717
19,496 Amazon.com, Inc. * 2,444,993
36,506 Apple, Inc. * 7,013,533
76,684 Atheros Communications * 2,459,256
315,025 Cisco Systems, Inc. * 7,078,611
108,563 Cognizant Technology
Solutions Corp. * 4,739,861
73,46 ComScore, Inc. * 996,852
59,26 Concur Technologies,
Inc. * 2,349,659
134,064 Corning, Inc. 2,423,877
173,943 Dell, Inc. * 2,243,865
48,642 F5 Networks, Inc. * 2,404,374
10,846 First Solar, Inc. * 1,228,852
8,622 Google, Inc., Class A * 4,564,659
113,656 GSI Commerce, Inc. * 2,586,811
50,956 Hewlett-Packard Co. 2,398,499
121,19 Intel Corp. 2,351,086
19,254 International Business
Machines Corp. 2,356,497
80,07 Intuit, Inc. * 2,370,873
95,86 Juniper Networks, Inc. * 2,380,204
149,267 Marvell Technology
Group, Ltd. * 2,601,724
53,651 McAfee, Inc. * 2,022,643
55,227 MercadoLibre, Inc. * 2,100,283
77,376 MICROS Systems, Inc. * 2,211,406
82,256 Microsoft Corp. 2,317,974
153,391 NetApp, Inc. * 4,468,280
46,014 NetFlix, Inc. * 2,864,372
165,87 Nuance Communications,
Inc. * 2,491,367
288,94 ON Semiconductor
Corp. * 2,083,257
102,798 Oracle Corp. 2,370,522
26,114 Priceline.com, Inc. * 5,101,370
19,799 QUALCOMM, Inc. 775,923
84,283 Red Hat, Inc. * 2,294,183
346,812 Skyworks Solutions, Inc. * 4,401,044
78,213 Tekelec * 1,171,631
93,69 VistaPrint N.V. * 5,247,577
30,537 Xyratex, Ltd. * 418,662
--------------
106,228,665
--------------
TOTAL LONG TERM INVESTMENTS
(Cost $120,510,299) 150,370,146
--------------
See Notes to Financial Statements.
22
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2010 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ----------- ------------
SHORT TERM INVESTMENT - 2.89%
4,459,435 Fidelity Institutional Treasury
Portfolio $ 4,459,435
--------------
TOTAL SHORT TERM INVESTMENT
(Cost $4,459,435) 4,459,435
--------------
TOTAL INVESTMENTS - 100.34%
(Cost $124,969,734) 154,829,581
--------------
NET OTHER ASSETS AND
LIABILITIES -- (0.34)% (519,848)
--------------
TOTAL NET ASSETS -- 100.00% $ 154,309,733
==============
* Non income producing security
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------
Semiconductors 14.97%
Internet Software & Services 14.37
Application Software 12.64
Computer Hardware 12.18
Communications Equipment 8.95
Systems Software 7.27
Internet Retail 6.75
IT Consulting & Other Services 4.64
Computer Storage & Peripherals 3.17
Electronic Components 3.09
Hotels, Resorts & Cruise Lines 2.97
Home Entertainment Software 1.50
Semiconductor Equipment 1.43
Electronic Manufacturing Services 1.39
Publishing 1.33
Electrical Components & Equipment 0.80
---------
Long Term Investments 97.45
Short Term Investment 2.89
---------
Total Investments 100.34
Net Other Assets and Liabilities (0.34)
---------
100.00%
---------
See Notes to Financial Statements.
23
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ----------- ------------
COMMON STOCKS - 89.30%
AUSTRALIA - 1.23%
2,186,013 QBE Insurance Group,
Ltd. $ 44,173,401
----------------
CHINA - 6.59%
144,979,000 Bank of China, Ltd.,
Class H 69,561,649
782,610 Ctrip.com International,
Ltd., ADR * 24,487,867
24,550,000 Guangzhou R&F Properties
Co., Ltd, Class H 34,404,292
80,700,000 Industrial & Commercial Bank
of China, Ltd., Class H 58,663,135
34,772,000 PetroChina Co., Ltd.,
Class H 38,874,755
561,100 Tencent Holdings, Ltd. 10,402,620
----------------
236,394,318
----------------
FINLAND - 1.62%
2,400,000 Sampo Oyj , A Shares 58,171,532
----------------
FRANCE - 10.92%
1,428,678 Essilor International S.A. 82,953,675
1,322,553 Sanofi-Aventis S.A. 97,571,487
1,336,196 Sodexho * 73,321,742
1,321,076 Total S.A. 76,732,536
2,366,320 Vivendi Universal S.A. 61,259,489
----------------
391,838,929
----------------
GERMANY - 5.07%
1,679,774 HeidelbergCement AG 101,194,554
900,000 Siemens AG * 80,646,383
----------------
181,840,937
----------------
HONG KONG - 2.73%
6,060,000 China Mobile, Ltd. 57,197,742
24,622,000 Sino Land Co., Ltd. 40,838,834
----------------
98,036,576
----------------
INDIA - 1.32%
1,070,000 State Bank of India 47,434,030
----------------
IRELAND - 1.46%
2,183,659 CRH plc 52,419,266
----------------
VALUE
SHARES (NOTE 2)
- ----------- ------------
JAPAN - 17.07%
14,624,000 Daiwa Securities Group,
Inc. $ 72,910,583
320,300 KEYENCE Corp. 73,868,193
5,661,100 Leopalace21 Corp. * 20,739,385
275,200 Nintendo Co., Ltd. 76,955,583
3,419,000 NSD Co., Ltd. (a) 36,540,249
51,817 NTT DoCoMo, Inc. 77,449,803
9,997,000 Sekisui Chemical Co., Ltd 67,625,018
2,176,300 Sumitomo Mitsui Financial
Group, Inc. 70,322,844
1,036,600 TDK Corp. 66,719,234
3,585,000 Yamato Holdings
Co., Ltd. 49,342,987
----------------
612,473,879
----------------
KOREA - 1.00%
835,000 KB Financial Group, Inc. * 36,006,180
----------------
LUXEMBOURG - 2.57%
2,404,859 ArcelorMittal 92,026,308
----------------
NETHERLANDS - 3.47%
1,581,759 Akzo Nobel N.V. 94,459,115
537,346 VistaPrint N.V. * 30,096,750
----------------
124,555,865
----------------
SINGAPORE - 2.87%
6,793,500 DBS Group Holdings, Ltd. 68,484,818
5,850,000 Keppel Corp., Ltd. 34,599,003
----------------
103,083,821
----------------
SPAIN - 2.20%
1,255,344 Industria de Diseno
Textil S.A. 78,900,637
----------------
SWITZERLAND - 8.00%
819,442 Kuehne & Nagel
International AG 79,079,917
450,000 Roche Holding AG 75,575,776
232,089 Syngenta AG 59,325,694
344,464 Zurich Financial
Services AG 72,991,389
----------------
286,972,776
----------------
See Notes to Financial Statements.
24
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2010 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ----------- --------------
TAIWAN - 1.83%
1,498,914 MediaTek, Inc. $ 24,275,825
6,150,000 Siliconware Precision
Industries Co., ADR 41,512,500
----------------
65,788,325
----------------
UNITED KINGDOM - 16.58%
1,159,089 Autonomy Corp., plc * 28,816,717
14,000,000 BAE Systems plc 78,797,416
14,000,000 Cairn Energy plc * 72,157,651
6,501,491 Capita Group plc 74,759,310
15,363,636 Gartmore Group, Ltd. * 52,310,225
2,961,461 Imperial Tobacco
Group plc 95,662,595
1,633,552 Reckitt Benckiser
Group plc 84,909,324
5,884,376 Tullow Oil plc 107,719,685
----------------
595,132,923
----------------
UNITED STATES - 2.77%
135,788 Apple, Inc. * 26,087,591
1,370,355 Cisco Systems, Inc. * 30,791,877
102,288 First Solar, Inc. * 11,589,230
50,704 Google, Inc., Class A * 26,843,712
102,580 QUALCOMM, Inc. 4,020,110
----------------
99,332,520
----------------
TOTAL COMMON STOCK
(Cost $3,128,324,994) 3,204,582,223
----------------
PREFERRED STOCK - 5.21%
GERMANY - 5.21%
1,327,292 Fresenius AG 90,445,708
1,192,180 Volkswagen AG * 96,316,069
----------------
186,761,777
----------------
TOTAL PREFERRED STOCK
(Cost $183,018,893) 186,761,777
----------------
TOTAL LONG TERM INVESTMENTS
(Cost $3,311,343,887) 3,391,344,000
----------------
VALUE
SHARES (NOTE 2)
- ----------- ---------------
SHORT TERM INVESTMENTS - 7.75%
21,983,855 Federated Obligations
Fund $ 21,983,855
211,267,782 Fidelity Institutional Treasury
Portfolio 211,267,782
45,000,000 Henderson Money Market
Fund (a) 45,000,000
---------------
TOTAL SHORT TERM INVESTMENTS
(Cost $278,251,637) 278,251,637
---------------
TOTAL INVESTMENTS - 102.26%
(Cost $3,589,595,524) 3,669,595,637
---------------
NET OTHER ASSETS AND
LIABILITIES -- (2.26)% (80,935,809)
---------------
TOTAL NET ASSETS -- 100.00% $ 3,588,659,828
===============
* Non income producing security
(a) Affiliated holding, see notes to financial statements for additional
information.
ADR American Depositary Receipts
See Notes to Financial Statements.
25
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2010 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- ----------------------------------------------
Diversified Banks 9.77%
Oil & Gas Exploration & Production 5.01
Pharmaceuticals 4.83
Construction Materials 4.28
Wireless Telecommunication Services 3.75
Multi-line Insurance 3.66
Integrated Oil & Gas 3.22
Industrial Conglomerates 3.21
Automobile Manufacturers 2.69
Tobacco 2.66
Diversified Chemicals 2.63
Steel 2.57
Health Care Equipment 2.52
Household Products 2.37
Health Care Supplies 2.31
Marine 2.20
Apparel Retail 2.20
Aerospace & Defense 2.20
Home Entertainment Software 2.14
Real Estate Development 2.10
Human Resource & Employment Services 2.08
Electronic Equipment & Instruments 2.06
Restaurants 2.04
Investment Banking & Brokerage 2.03
Homebuilding 1.88
Internet Software & Services 1.88
Electronic Components 1.86
Semiconductors 1.83
Application Software 1.82
Movies & Entertainment 1.71
Fertilizers & Agricultural Chemicals 1.65
Asset Management & Custody Banks 1.46
Air Freight & Logistics 1.38
Property & Casualty Insurance 1.23
Communications Equipment 0.97
Computer Hardware 0.73
Hotels, Resorts & Cruise Lines 0.68
Diversified Real Estate Activities 0.58
Electrical Components & Equipment 0.32
---------
Long Term Investments 94.51
Short Term Investments 7.75
---------
Total Investments 102.26
Net Other Assets and Liabilities (2.26)
---------
100.00%
---------
See Notes to Financial Statements.
26
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
JAPAN-ASIA FOCUS FUND
JANUARY 31, 2010
VALUE
SHARES (NOTE 2)
- ------------ ---------
COMMON STOCKS - 100.26%
CHINA - 3.94%
1,324,000 Bank of China, Ltd.,
Class H $ 635,262
214,000 Guangzhou R&F Properties
Co., Ltd., Class H 299,899
-------------
935,161
-------------
HONG KONG - 2.60%
371,000 Sino Land Co., Ltd. 615,352
-------------
JAPAN - 90.98%
16,700 ABC-Mart, Inc. 516,166
35,400 Asahi Breweries, Ltd. 693,059
38,100 Bridgestone Corp. 607,267
20,100 Canon, Inc. 786,660
48,700 Credit Saison Co., Ltd. 608,028
57,000 Daiwa House Industry
Co., Ltd. 599,777
163,000 Daiwa Securities Group,
Inc. 812,666
15,420 Hakuhodo DY Holdings,
Inc. 757,032
3,100 Keyence Corp. 714,928
78,400 Leopalace21 Corp. * 287,218
250,500 Mitsubishi UFJ Financial
Group, Inc. 1,288,873
33,200 Mitsui Sumitomo Insurance
Group Holdings, Inc. 832,669
392,400 Mizuho Financial Group,
Inc. 755,944
7,900 Murata Manufacturing
Co., Ltd. 434,181
48,100 NEC Electronics Corp. * 402,881
3,100 Nintendo Co., Ltd. 866,869
16,100 Nippon Telegraph and
Telephone Corp. 680,048
1,630 Nippon Television Network
Corp. 223,652
25,900 NS Solutions Corp. 398,127
29,900 NSD Co., Ltd. 319,554
604 NTT DoCoMo, Inc. 902,786
15,600 Secom Co., Ltd. 698,608
108,000 Sekisui Chemical Co., Ltd. 730,569
31,500 Seven & I Holdings Co.,
Ltd. 689,227
14,600 Shin-Etsu Chemical Co.,
Ltd. 760,421
VALUE
SHARES (NOTE 2)
- ------------ -----------
JAPAN - (continued)
32,500 Sumitomo Mitsui Financial
Group, Inc. $ 1,050,173
15,800 Takeda Pharmaceutical
Co., Ltd. 694,590
6,700 TDK Corp. 431,236
31,600 Tokyo Broadcasting System,
Inc. 474,293
186 West Japan Railway Co. 641,461
23,300 Xebio Co., Ltd. 439,565
12,940 Yamada Denki Co., Ltd. 828,054
47,900 Yamato Holdings
Co., Ltd. 659,283
-------------
21,585,865
-------------
SINGAPORE - 2.74%
64,500 DBS Group Holdings, Ltd. 650,220
-------------
TOTAL LONG TERM INVESTMENTS
(Cost $24,494,348) 23,786,598
-------------
SHORT TERM INVESTMENT - 0.36%
86,669 Fidelity Institutional Treasury
Portfolio 86,669
-------------
TOTAL SHORT TERM INVESTMENT
(Cost $86,669) 86,669
-------------
TOTAL INVESTMENTS - 100.62%
(Cost $24,581,017) 23,873,267
-------------
NET OTHER ASSETS AND
LIABILITIES -- (0.62)% (147,388)
-------------
TOTAL NET ASSETS -- 100.00% $ 23,725,879
-------------
* Non income producing security
See Notes to Financial Statements.
27
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
JAPAN-ASIA FOCUS FUND
JANUARY 31, 2010 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -----------------------------------------------
Diversified Banks 18.46%
Real Estate Development 3.86
Wireless Telecommunication Services 3.81
Diversified Real Estate Activities 3.74
Home Entertainment Software 3.65
Electronic Components 3.65
Property & Casualty Insurance 3.51
Computer & Electronics Retail 3.49
Investment Banking & Brokerage 3.43
Office Electronics 3.32
Specialty Chemicals 3.20
Advertising 3.19
Homebuilding 3.08
Electronic Equipment & Instruments 3.01
Security & Alarm Services 2.94
Broadcasting 2.94
Pharmaceuticals 2.93
Brewers 2.92
Food Retail 2.90
Integrated Telecommunication Services 2.87
Air Freight & Logistics 2.78
Railroads 2.70
Consumer Finance 2.56
Tires & Rubber 2.56
Apparel Retail 2.18
Specialty Stores 1.85
Semiconductors 1.70
IT Consulting & Other Services 1.68
Application Software 1.35
---------
Long Term Investments 100.26
Short Term Investment 0.36
---------
Total Investments 100.62
Net Other Assets and Liabilities (0.62)
---------
100.00%
---------
See Notes to Financial Statements.
28
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HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2010
EUROPEAN GLOBAL EQUITY
FOCUS INCOME
FUND FUND
- ----------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
Securities $508,401,110 $495,690,019
Affiliated companies -- --
Short term investments 49,537,426 31,290,157
- ----------------------------------------------------------------------------------------------------------------
Total investments, at value 557,938,536 526,980,176
Foreign cash, at value 2 41
Dividends and interest receivable 839,012 2,981,826
Receivable for investment securities sold 6,593,427 641,809
Receivable for fund shares sold 1,979,224 16,029,931
Receivable for open forward foreign currency contracts -- 2,416,292
Prepaid expenses and other assets 56,580 53,732
- ----------------------------------------------------------------------------------------------------------------
Total Assets 567,406,781 549,103,807
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 16,224,453 7,690,318
Payable for fund shares redeemed 2,176,421 913,850
Payable to custodian -- --
Payable to investment adviser 620,621 453,519
Payable for 12b-1 distribution and service fees 221,407 234,398
Accrued expenses and other payables 273,292 170,314
- ----------------------------------------------------------------------------------------------------------------
Total Liabilities 19,516,194 9,462,399
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS $547,890,587 $539,641,408
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $836,247,479 $676,164,321
Accumulated undistributed net investment income (loss) (32,095,326) 305,927
Accumulated net realized loss on investments and foreign currency transactions (250,205,276) (112,459,996)
Net unrealized appreciation/(depreciation) of investments and foreign currencies (6,056,290) (24,368,844)
- ----------------------------------------------------------------------------------------------------------------
$547,890,587 $539,641,408
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS:
Class A Shares $313,367,102 $275,413,557
- ----------------------------------------------------------------------------------------------------------------
Class B Shares $36,304,115 N/A
- ----------------------------------------------------------------------------------------------------------------
Class C Shares $130,452,287 $213,595,233
- ----------------------------------------------------------------------------------------------------------------
Class R Shares N/A N/A
- ----------------------------------------------------------------------------------------------------------------
Class W Shares $67,767,083 $50,632,618
- ----------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 13,407,197 37,663,908
- ----------------------------------------------------------------------------------------------------------------
Class B Shares (unlimited number of shares authorized) 1,632,507 N/A
- ----------------------------------------------------------------------------------------------------------------
Class C Shares (unlimited number of shares authorized) 5,866,831 29,309,057
- ----------------------------------------------------------------------------------------------------------------
Class R Shares (unlimited number of shares authorized) N/A N/A
- ----------------------------------------------------------------------------------------------------------------
Class W Shares (unlimited number of shares authorized) 2,900,090 6,916,056
- ----------------------------------------------------------------------------------------------------------------
CLASS A SHARES:
Net asset value and redemption price per share $23.37 $7.31
- ----------------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 5.75%
Maximum offering price per share $24.80 $7.76
- ----------------------------------------------------------------------------------------------------------------
CLASS B SHARES:
Net asset value and offering price per share $22.24 N/A
- ----------------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value and offering price per share $22.24 $7.29
- ----------------------------------------------------------------------------------------------------------------
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 $23.37 $7.32
- ----------------------------------------------------------------------------------------------------------------
Investments, at cost $563,965,584 $553,737,729
- ----------------------------------------------------------------------------------------------------------------
Foreign cash, at cost $2 $41
- ----------------------------------------------------------------------------------------------------------------
The Funds may impose a redemption fee of 2.00% on certain 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.
30
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2010 (CONTINUED)
GLOBAL GLOBAL INTERNATIONAL JAPAN-ASIA
OPPORTUNITIES TECHNOLOGY OPPORTUNITIES FOCUS
FUND FUND FUND FUND
- ----------------------------------------------------------------
$15,651,586 $150,370,146 $3,354,803,751 $23,786,598
-- -- 81,540,249 --
1,163,031 4,459,435 233,251,637 86,669
- ----------------------------------------------------------------
16,814,617 154,829,581 3,669,595,637 23,873,267
6,391 622,140 2,298,016 2
11,250 54,086 4,876,458 20,910
-- 1,808,913 30,368,907 --
27,474 1,942,262 16,922,525 24,710
-- -- 493,717 --
18,695 29,738 227,259 22,246
- ----------------------------------------------------------------
16,878,427 159,286,720 3,724,782,519 23,941,135
- ----------------------------------------------------------------
348,399 -- 119,799,942 --
45,823 4,642,306 9,971,481 129,647
-- -- -- 4,589
14,883 175,233 3,839,488 28,630
8,520 69,347 1,248,321 11,826
41,591 90,101 1,263,459 40,564
- ----------------------------------------------------------------
459,216 4,976,987 136,122,691 215,256
- ----------------------------------------------------------------
$16,419,211 $154,309,733 $3,588,659,828 $23,725,879
- ----------------------------------------------------------------
$21,384,125 $201,010,114 $4,407,012,645 $53,542,107
(130,031) (1,329,358) (6,309,777) (87,026)
(7,423,772) (75,238,274) (892,592,318) (28,982,880)
2,588,889 29,867,251 80,549,278 (746,322)
- ----------------------------------------------------------------
$16,419,211 $154,309,733 $3,588,659,828 $23,725,879
- ----------------------------------------------------------------
$9,113,568 $89,030,864 $2,191,039,681 $13,720,790
- ----------------------------------------------------------------
N/A 7,229,177 $91,815,898 N/A
- ----------------------------------------------------------------
$7,305,643 $46,663,507 $763,575,476 $10,005,089
- ----------------------------------------------------------------
N/A N/A $5,834,309 N/A
- ----------------------------------------------------------------
N/A $11,386,185 $536,394,464 N/A
- ----------------------------------------------------------------
1,072,155 5,997,447 114,229,928 2,041,278
- ----------------------------------------------------------------
N/A 517,153 5,040,520 N/A
- ----------------------------------------------------------------
860,488 3,346,749 41,944,221 1,534,165
- ----------------------------------------------------------------
N/A N/A 307,318 N/A
- ----------------------------------------------------------------
N/A 764,913 27,924,338 N/A
- ----------------------------------------------------------------
$8.50 $14.84 $19.18 $6.72
- ----------------------------------------------------------------
5.75% 5.75% 5.75% 5.75%
$9.02 $15.75 $20.35 $7.13
- ----------------------------------------------------------------
N/A $13.98 $18.22 N/A
- ----------------------------------------------------------------
$8.49 $13.94 $18.20 $6.52
- ----------------------------------------------------------------
N/A N/A $18.98 N/A
- ----------------------------------------------------------------
N/A $14.89 $19.21 N/A
- ----------------------------------------------------------------
$14,226,120 $124,969,734 $3,589,595,524 $24,581,017
- ----------------------------------------------------------------
$6,304 $614,980 $2,268,898 $2
- ----------------------------------------------------------------
See Notes to Financial Statements.
31
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2010
EUROPEAN GLOBAL EQUITY
FOCUS INCOME
FUND FUND
- -------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $1,781,523 $13,820,196
Interest 4,339 2,618
Foreign taxes withheld (97,209) (901,110)
- -------------------------------------------------------------------------------------------
Total Investment Income 1,688,653 12,921,704
- -------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 2,721,043 1,783,724
12b-1 distribution and service fees:
Class A Shares 379,706 276,389
Class B Shares 185,255 --
Class C Shares 672,058 834,296
Class R Shares -- --
Transfer agent fees 545,077 281,759
Custodian fees 122,424 91,523
Printing and postage fees 83,258 59,205
Administrative fees 72,119 52,019
Registration and filing fees 36,220 32,105
Accounting fees 31,541 27,286
Audit fees 16,928 17,759
Compliance Officer fees 14,086 10,220
Legal fees 11,627 8,195
Trustees' fees and expenses 10,944 7,911
Miscellaneous fees 34,949 20,468
- -------------------------------------------------------------------------------------------
Total Expenses 4,937,235 3,502,859
- -------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser -- (37,881)
- -------------------------------------------------------------------------------------------
Net Expenses -- 3,464,978
- -------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) (3,248,582) 9,456,726
- -------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions 15,225,772 6,104,847
Foreign currency transactions (863,322) (34,024)
Net change in unrealized appreciation/(depreciation) of:
Investments 71,626,903 (3,818,214)
Translation of other assets and liabilities 124,567 3,186,381
- -------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain/(Loss) 86,113,920 5,438,990
- -------------------------------------------------------------------------------------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $82,865,338 $14,895,716
- -------------------------------------------------------------------------------------------
(a) Affiliated companies accounted for $588,809 of the change in
unrealized depreciation of investments.
See Notes to Financial Statements.
32
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF OPERATIONS
(CONTINUED)
GLOBAL GLOBAL INTERNATIONAL JAPAN-ASIA
OPPORTUNITIES TECHNOLOGY OPPORTUNITIES FOCUS
FUND FUND FUND FUND
- -----------------------------------------------------------------
$80,673 $322,463 $24,041,152 $259,762
21 1,381 56,609 --
(1,990) (40,076) (1,747,673) (16,321)
- -----------------------------------------------------------------
78,704 283,768 22,350,088 243,441
- -----------------------------------------------------------------
74,540 716,943 16,671,225 137,452
- -----------------------------------------------------------------
9,451 103,791 2,698,583 19,774
-- 34,935 483,116 --
37,796 222,693 3,891,053 58,321
-- -- 11,716 --
11,167 139,532 3,073,670 33,606
14,079 32,780 509,065 4,588
2,392 21,224 521,640 4,656
2,117 18,522 451,296 3,897
12,379 27,203 136,093 10,244
27,273 31,138 49,453 30,616
17,329 16,684 17,850 16,715
333 3,636 91,624 817
325 2,946 72,285 705
299 2,821 68,658 552
2,146 11,687 186,864 2,696
- -----------------------------------------------------------------
211,626 1,386,535 28,934,191 324,639
- -----------------------------------------------------------------
(35,857) -- -- (7,463)
- -----------------------------------------------------------------
175,769 -- -- 317,176
- -----------------------------------------------------------------
(97,065) (1,102,767) (6,584,103) (73,735)
- -----------------------------------------------------------------
923,391 10,407,057 57,011,723 (639,216)
(19,800) 2,875 (7,299,701) 1,040
153,009 3,561,345 (6,996,883) (a) (501,097)
(354) (1,429) 1,924,847 1,538
- -----------------------------------------------------------------
1,056,246 13,969,848 44,639,986 (1,137,735)
- -----------------------------------------------------------------
$959,181 $12,867,081 $38,055,883 $(1,211,470)
- -----------------------------------------------------------------
See Notes to Financial Statements.
33
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- ---------------------------------------------------------------------------------------------------------------
Net investment income (loss) $(3,248,582) $5,699,297
Net realized gain/(loss) on investments and foreign currency transactions 14,362,450 (260,997,463)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations 71,751,470 (13,679,278)
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations 82,865,338 (268,977,444)
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (9,096,681) (9,483,604)
Class B Shares (915,432) (663,572)
Class C Shares (3,305,393) (2,677,964)
Class W Shares (2,207,048) --
- ---------------------------------------------------------------------------------------------------------------
(15,524,554) (12,825,140)
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (25,530,960)
Class B Shares -- (2,679,657)
Class C Shares -- (10,814,243)
- ---------------------------------------------------------------------------------------------------------------
-- (39,024,860)
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (21,476,590) (189,139,660)
Class B Shares 41,131 (5,031,101)
Class C Shares (1,105,307) (58,054,078)
Class W Shares 48,998,745 6,317,506
- ---------------------------------------------------------------------------------------------------------------
26,457,979 (245,907,333)
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets 93,798,763 (566,734,777)
NET ASSETS:
Beginning of period 454,091,824 1,020,826,601
- ---------------------------------------------------------------------------------------------------------------
End of period $547,890,587 $454,091,824
- ---------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment loss $(32,095,326) $(13,322,190)
- ---------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
34
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -------------------------------------------------------------------------------------------------------------
Net investment income $9,456,726 $22,612,753
Net realized gain/(loss) on investments and foreign currency transactions 6,070,823 (94,474,575)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations (631,833) 29,866,198
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations 14,895,716 (41,995,624)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (6,192,314) (12,675,937)
Class C Shares (4,044,073) (9,034,243)
Class W Shares (876,889) (335,590)
- -------------------------------------------------------------------------------------------------------------
(11,113,276) (22,045,770)
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares 86,562,058 29,324,137
Class C Shares 80,050,689 (2,495,626)
Class W Shares 41,887,975 8,136,048
- -------------------------------------------------------------------------------------------------------------
208,500,722 34,964,559
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets 212,283,162 (29,076,835)
NET ASSETS:
Beginning of period 327,358,246 356,435,081
- -------------------------------------------------------------------------------------------------------------
End of period $539,641,408 $327,358,246
- -------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $305,927 $1,962,477
- -------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
35
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- ---------------------------------------------------------------------------------------------------------------
Net investment loss $(97,065) $(2,841)
Net realized gain/(loss) on investments and foreign currency transactions 903,591 (6,836,774)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations 152,655 3,883,044
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations 959,181 (2,956,571)
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares -- (76,547)
Class C Shares -- (10,953)
- ---------------------------------------------------------------------------------------------------------------
-- (87,500)
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares 2,345,769 (4,148,843)
Class C Shares (202,943) 2,937,037
- ---------------------------------------------------------------------------------------------------------------
2,142,826 (1,211,806)
- ---------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets 3,102,007 (4,255,877)
NET ASSETS:
Beginning of period 13,317,204 17,573,081
- ---------------------------------------------------------------------------------------------------------------
End of period $16,419,211 $13,317,204
- ---------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment loss $(130,031) $(32,966)
- ---------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
36
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -------------------------------------------------------------------------------------------------------------
Net investment loss $(1,102,767) $(1,257,394)
Net realized gain/(loss) on investments and foreign currency transactions 10,409,932 (49,614,165)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations 3,559,916 27,594,311
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations 12,867,081 (23,277,248)
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares 10,338,435 (35,861,004)
Class B Shares 557,825 (852,891)
Class C Shares 3,176,456 (15,031,121)
Class W Shares 7,659,753 2,343,327
- -------------------------------------------------------------------------------------------------------------
21,732,469 (49,401,689)
- -------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets 34,599,550 (72,678,937)
NET ASSETS:
Beginning of period 119,710,183 192,389,120
- -------------------------------------------------------------------------------------------------------------
End of period $154,309,733 $119,710,183
- -------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment loss $(1,329,358) $(226,591)
- -------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
37
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -----------------------------------------------------------------------------------------------------------------
Net investment income (loss) $(6,584,103) $33,304,731
Net realized gain/(loss) on investments and foreign currency transactions 49,712,022 (879,845,853)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations (5,072,036) 159,941,908
- -----------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations 38,055,883 (686,599,214)
- -----------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (8,256,130) (21,443,683)
Class B Shares (6,282) (473,431)
Class C Shares (51,786) (3,941,909)
Class R Shares (22,193) (17,177)
Class W Shares (2,632,703) --
- -----------------------------------------------------------------------------------------------------------------
(10,969,094) (25,876,200)
- -----------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (9,075,899)
Class B Shares -- (469,620)
Class C Shares -- (3,910,176)
Class R Shares -- (8,105)
- -----------------------------------------------------------------------------------------------------------------
-- (13,463,800)
- -----------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares 133,629,637 (272,498,834)
Class B Shares (1,440,907) (12,924,358)
Class C Shares 40,234,457 (221,840,384)
Class R Shares 2,789,711 1,291,619
Class W Shares 455,731,941 67,629,376
- -----------------------------------------------------------------------------------------------------------------
630,944,839 (438,342,581)
- -----------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets 658,031,628 (1,164,281,795)
NET ASSETS:
Beginning of period 2,930,628,200 4,094,909,995
- -----------------------------------------------------------------------------------------------------------------
End of period $3,588,659,828 $2,930,628,200
- -----------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income/(loss) $(6,309,777) $11,243,420
- -----------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
38
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -----------------------------------------------------------------------------------------------------------
Net investment income (loss) $(73,735) $9,737
Net realized loss on investments and foreign currency transactions (638,176) (18,482,002)
Net change in unrealized appreciation/(depreciation) of investments and
foreign currency translations (499,559) 10,148,323
- -----------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (1,211,470) (8,323,942)
- -----------------------------------------------------------------------------------------------------------
Net decrease in Fund share transactions:
Class A Shares (3,646,293) (8,439,253)
Class C Shares (2,079,428) (4,514,738)
- -----------------------------------------------------------------------------------------------------------
(5,725,721) (12,953,991)
- -----------------------------------------------------------------------------------------------------------
Net decrease in net assets (6,937,191) (21,277,933)
NET ASSETS:
Beginning of period 30,663,070 51,941,003
- -----------------------------------------------------------------------------------------------------------
End of period $23,725,879 $30,663,070
- -----------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment loss $(87,026) $(13,291)
- -----------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
39
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $95,665,260 $77,252,508
Issued as reinvestment of dividends 8,156,382 27,130,213
Redeemed * (125,298,232) (293,522,381)
- -------------------------------------------------------------------------
Net decrease $(21,476,590) $(189,139,660)
- -------------------------------------------------------------------------
CLASS B SHARES:
Sold $1,961,882 $1,857,016
Issued as reinvestment of dividends 763,124 2,839,196
Redeemed * (2,683,875) (9,727,313)
- -------------------------------------------------------------------------
Net increase/(decrease) $41,131 $(5,031,101)
- -------------------------------------------------------------------------
CLASS C SHARES:
Sold $13,152,355 $11,924,175
Issued as reinvestment of dividends 2,462,775 9,824,556
Redeemed * (16,720,437) (79,802,809)
- -------------------------------------------------------------------------
Net decrease $(1,105,307) $(58,054,078)
- -------------------------------------------------------------------------
CLASS W SHARES:
Sold $115,576,829 $7,086,460
Issued in reinvestment of dividends 375,585 --
Redeemed (66,953,669) (768,954)
- -------------------------------------------------------------------------
Net increase $48,998,745 $6,317,506
- -------------------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 3,970,372 4,894,585
Issued as reinvestment of dividends 335,515 2,439,767
Redeemed (5,617,313) (17,805,388)
- -------------------------------------------------------------------------
Net decrease (1,311,426) (10,471,036)
- -------------------------------------------------------------------------
CLASS B SHARES:
Sold 84,521 128,419
Issued as reinvestment of dividends 32,978 267,093
Redeemed (117,953) (637,450)
- -------------------------------------------------------------------------
Net decrease (454) (241,938)
- -------------------------------------------------------------------------
CLASS C SHARES:
Sold 572,287 789,348
Issued as reinvestment of dividends 106,429 924,229
Redeemed (733,047) (4,998,541)
- -------------------------------------------------------------------------
Net decrease (54,331) (3,284,964)
- -------------------------------------------------------------------------
CLASS W SHARES
Sold 5,223,647 482,684
Issued as reinvestment of dividends 15,456 --
Redeemed (2,779,223) (42,474)
- -------------------------------------------------------------------------
Net increase 2,459,880 440,210
- -------------------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
40
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -----------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $130,681,286 $109,845,189
Issued as reinvestment of dividends 4,534,365 7,966,201
Redeemed * (48,653,593) (88,487,253)
- -----------------------------------------------------------------------
Net increase $86,562,058 $29,324,137
- -----------------------------------------------------------------------
CLASS C SHARES:
Sold $93,059,648 $50,589,417
Issued as reinvestment of dividends 2,255,466 4,688,103
Redeemed * (15,264,425) (57,773,146)
- -----------------------------------------------------------------------
Net increase/(decrease) $80,050,689 $(2,495,626)
- -----------------------------------------------------------------------
CLASS W SHARES:
Sold $47,879,622 $8,867,709
Issued in reinvestment of dividends 367,984 335,590
Redeemed (6,359,631) (1,067,251)
- -----------------------------------------------------------------------
Net increase $41,887,975 $8,136,048
- -----------------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 17,437,863 16,676,158
Issued as reinvestment of dividends 613,817 1,183,014
Redeemed (6,598,436) (13,067,927)
- -----------------------------------------------------------------------
Net increase 11,453,244 4,791,245
- -----------------------------------------------------------------------
CLASS C SHARES:
Sold 12,428,487 7,618,108
Issued as reinvestment of dividends 306,575 696,210
Redeemed (2,059,565) (8,607,416)
- -----------------------------------------------------------------------
Net increase/(decrease) 10,675,497 (293,098)
- -----------------------------------------------------------------------
CLASS W SHARES
Sold 6,434,912 1,389,432
Issued as reinvestment of dividends 49,712 49,560
Redeemed (850,206) (157,354)
- -----------------------------------------------------------------------
Net increase 5,634,418 1,281,638
- -----------------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
41
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- ------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $2,970,580 $12,853,472
Issued as reinvestment of dividends -- 35,626
Redeemed * (624,811) (17,037,941)
- ------------------------------------------------------------------------
Net increase/(decrease) $2,345,769 $(4,148,843)
- ------------------------------------------------------------------------
CLASS C SHARES:
Sold $924,806 $6,747,338
Issued as reinvestment of dividends -- 6,021
Redeemed * (1,127,749) (3,816,322)
- ------------------------------------------------------------------------
Net increase/(decrease) $(202,943) $2,937,037
- ------------------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 342,289 1,983,908
Issued as reinvestment of dividends -- 5,673
Redeemed (73,112) (2,415,376)
- ------------------------------------------------------------------------
Net increase/(decrease) 269,177 (425,795)
- ------------------------------------------------------------------------
CLASS C SHARES:
Sold 107,490 924,936
Issued as reinvestment of dividends -- 951
Redeemed (131,280) (566,346)
- ------------------------------------------------------------------------
Net increase/(decrease) (23,790) 359,541
- ------------------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
42
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $34,751,171 $25,331,965
Redeemed * (24,412,736) (61,192,969)
- -------------------------------------------------------------
Net increase/(decrease) $10,338,435 $(35,861,004)
- -------------------------------------------------------------
CLASS B SHARES:
Sold $1,201,392 $654,457
Redeemed * (643,567) (1,507,348)
- -------------------------------------------------------------
Net increase/(decrease) $557,825 $(852,891)
- -------------------------------------------------------------
CLASS C SHARES:
Sold $8,367,767 $4,245,210
Redeemed * (5,191,311) (19,276,331)
- -------------------------------------------------------------
Net increase/(decrease) $3,176,456 $(15,031,121)
- -------------------------------------------------------------
CLASS W SHARES:
Sold $9,751,371 $2,652,212
Redeemed * (2,091,618) (308,885)
- -------------------------------------------------------------
Net increase $7,659,753 $2,343,327
- -------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 2,335,464 2,177,146
Redeemed (1,704,620) (5,678,908)
- -------------------------------------------------------------
Net increase/(decrease) 630,844 (3,501,762)
- -------------------------------------------------------------
CLASS B SHARES:
Sold 86,953 62,292
Redeemed (45,976) (150,705)
- -------------------------------------------------------------
Net increase/(decrease) 40,977 (88,413)
- -------------------------------------------------------------
CLASS C SHARES:
Sold 591,656 380,323
Redeemed (377,254) (1,933,889)
- -------------------------------------------------------------
Net increase/(decrease) 214,402 (1,553,566)
- -------------------------------------------------------------
CLASS W SHARES
Sold 685,607 243,598
Redeemed (139,199) (25,093)
- -------------------------------------------------------------
Net increase 546,408 218,505
- -------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
43
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- --------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $689,896,520 $749,479,353
Issued as reinvestment of dividends 6,836,016 22,901,083
Redeemed * (563,102,899) (1,044,879,270)
- --------------------------------------------------------------------------
Net increase/(decrease) $133,629,637 $(272,498,834)
- --------------------------------------------------------------------------
CLASS B SHARES:
Sold $4,222,856 $5,856,330
Issued as reinvestment of dividends 4,684 702,060
Redeemed * (5,668,447) (19,482,748)
- --------------------------------------------------------------------------
Net decrease $(1,440,907) $(12,924,358)
- --------------------------------------------------------------------------
CLASS C SHARES:
Sold $106,820,270 $89,451,799
Issued as reinvestment of dividends 37,375 5,597,689
Redeemed * (66,623,188) (316,889,872)
- --------------------------------------------------------------------------
Net increase/(decrease) $40,234,457 $(221,840,384)
- --------------------------------------------------------------------------
CLASS R SHARES:
Sold $3,338,511 $1,999,658
Issued as reinvestment of dividends 11,374 11,293
Redeemed * (560,174) (719,332)
- --------------------------------------------------------------------------
Net increase $2,789,711 $1,291,619
- --------------------------------------------------------------------------
CLASS W SHARES:
Sold $544,493,499 $80,016,189
Issued in reinvestment of dividends 594,402 --
Redeemed * (89,355,960) (12,386,813)
- --------------------------------------------------------------------------
Net increase $455,731,941 $67,629,376
- --------------------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 34,895,544 46,647,650
Issued as reinvestment of dividends 339,593 1,681,427
Redeemed (28,927,283) (67,544,987)
- --------------------------------------------------------------------------
Net increase/(decrease) 6,307,854 (19,215,910)
- --------------------------------------------------------------------------
CLASS B SHARES:
Sold 224,887 375,738
Issued as reinvestment of dividends 245 54,005
Redeemed (300,966) (1,324,888)
- --------------------------------------------------------------------------
Net decrease (75,834) (895,145)
- --------------------------------------------------------------------------
CLASS C SHARES:
Sold 5,673,328 5,684,102
Issued as reinvestment of dividends 1,955 430,593
Redeemed (3,539,133) (21,350,853)
- --------------------------------------------------------------------------
Net increase/(decrease) 2,136,150 (15,236,158)
- --------------------------------------------------------------------------
CLASS R SHARES:
Sold 169,737 119,979
Issued as reinvestment of dividends 571 835
Redeemed (28,342) (49,067)
- --------------------------------------------------------------------------
Net increase 141,966 71,747
- --------------------------------------------------------------------------
CLASS W SHARES
Sold 27,795,783 5,285,614
Issued as reinvestment of dividends 29,499 --
Redeemed (4,476,423) (710,135)
- --------------------------------------------------------------------------
Net increase 23,348,859 4,575,479
- --------------------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
44
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2010 JULY 31, 2009
- -------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $2,174,297 $3,230,504
Issued as reinvestment of dividends -- 975
Redeemed (5,820,590) (11,670,732)*
- -------------------------------------------------------------------------
Net decrease $(3,646,293) $(8,439,253)
- -------------------------------------------------------------------------
CLASS C SHARES:
Sold $880,287 $2,015,380
Redeemed (2,959,715) (6,530,118)*
- -------------------------------------------------------------------------
Net decrease $(2,079,428) $(4,514,738)
- -------------------------------------------------------------------------
SHARES
CLASS A SHARES:
Sold 305,008 518,987
Issued as reinvestment of dividends -- 105
Redeemed (830,277) (2,086,360)
- -------------------------------------------------------------------------
Net decrease (525,269) (1,567,268)
- -------------------------------------------------------------------------
CLASS C SHARES:
Sold 129,853 334,444
Redeemed (441,795) (1,108,768)
- -------------------------------------------------------------------------
Net decrease (311,942) (774,324)
- -------------------------------------------------------------------------
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
45
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- -------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS
CLASS A
Period Ended 1/31/2010 $20.32 (0.12) 3.87 3.75 (0.70) 0.00 (0.70)
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
Period Ended 1/31/2010 $19.33 (0.20) 3.68 3.48 (0.57) 0.00 (0.57)
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
Period Ended 1/31/2010 $19.33 (0.20) 3.68 3.48 (0.57) 0.00 (0.57)
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
Period Ended 1/31/2010 $20.34 (0.09) 3.88 3.79 (0.76) 0.00 (0.76)
Period Ended 7/31/2009 (a) 13.35 0.05 6.94 6.99 0.00 0.00 0.00
GLOBAL EQUITY INCOME
CLASS A
Period Ended 1/31/2010 $7.11 0.18 0.23 0.41 (0.21) 0.00 (0.21)
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)
Period Ended 7/31/2007 (a) 10.00 0.83 0.25 1.08 (0.43) 0.00 (0.43)
CLASS C
Period Ended 1/31/2010 $7.08 0.15 0.24 0.39 (0.18) 0.00 (0.18)
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)
Period Ended 7/31/2007 (a) 10.00 0.77 0.25 1.02 (0.40) 0.00 (0.40)
CLASS W
Period Ended 1/31/2010 $7.12 0.17 0.25 0.42 (0.22) 0.00 (0.22)
Period Ended 7/31/2009 (a) 6.08 0.32 1.00 1.32 (0.28) 0.00 (0.28)
(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
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.
46
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
----------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ----------------------------------------------------------------------------------------------------
0.00* $23.37 18.34% $313,367 1.60% (0.98)% 1.60% 53%
0.00* 20.32 (14.12) 299,183 1.72 1.52 1.72 51
0.01 28.57 (13.28) 719,752 1.46 0.85 1.49 70
0.00 37.04 36.52 1,010,786 1.53 0.39 1.53 61
0.00 29.36 23.72 368,593 1.59 0.44 1.59 64
0.00 25.30 34.43 182,831 2.00 0.18 1.73 51
0.00* $22.24 17.89% $36,304 2.35% (1.73)% 2.35% 53%
0.00* 19.33 (14.75) 31,555 2.47 0.64 2.47 51
0.01 27.17 (13.92) 50,949 2.21 0.11 2.24 70
0.00 35.46 35.47 67,668 2.28 (0.46) 2.28 61
0.00 28.41 22.79 35,977 2.34 (0.41) 2.34 64
0.00 24.71 33.54 26,964 2.75 (0.67) 2.48 51
0.00* $22.24 17.89% $130,452 2.35% (1.73)% 2.35% 53%
0.00* 19.33 (14.75) 114,401 2.47 0.72 2.47 51
0.01 27.17 (13.92) 250,126 2.21 0.10 2.24 70
0.00 35.46 35.52 346,856 2.28 (0.31) 2.28 61
0.00 28.40 22.80 110,465 2.34 (0.39) 2.34 64
0.00 24.70 33.48 74,207 2.75 (0.62) 2.48 51
0.00 $23.37 18.51% $67,767 1.35% (0.74)% 1.35% 53%
0.00 20.34 52.36 8,954 1.60 0.78 1.60 51
0.00* $7.31 5.79% $275,414 1.37% 4.86% 1.39% 53%
0.00* 7.11 (12.93) $186,248 1.40 8.45 1.50 155
0.00* 8.85 (9.99) 189,490 1.40 8.83 1.44 155
0.00 10.65 10.68 94,377 1.40 11.36 1.85 100
0.00* $7.29 5.57% $213,595 2.12% 4.05% 2.14% 53%
0.00* 7.08 (13.64) 131,990 2.15 7.40 2.25 155
0.00* 8.82 (10.66) 166,946 2.15 8.12 2.19 155
0.00 10.62 10.11 73,070 2.15 10.64 2.60 100
0.00 $7.32 5.91% $50,633 1.12% 4.47% 1.14% 53%
0.00 7.12 22.03 9,119 1.15 13.83 1.32 155
See Notes to Financial Statements.
47
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED RETURN
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL OF TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS CAPITAL DISTRIBUTIONS
- -------------------------------------------------------------------------------------------------------------------
GLOBAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2010 $7.88 (0.04) 0.66 0.62 0.00 0.00 0.00 0.00
Year Ended 7/31/2009 10.00 0.02 (2.10) (2.08) (0.04) 0.00 0.00 (0.04)
Year Ended 7/31/2008 11.41 0.08 (1.39) (1.31) (0.04) (0.06) 0.00 (0.10)
Period Ended 7/31/2007 (a) 10.00 0.01 1.40 1.41 0.00 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2010 $7.90 (0.07) 0.66 0.59 0.00 0.00 0.00 0.00
Year Ended 7/31/2009 10.07 (0.03) (2.13) (2.16) (0.01) 0.00 0.00 (0.01)
Year Ended 7/31/2008 11.53 (0.01) (1.39) (1.40) 0.00 (0.06) 0.00 (0.06)
Period Ended 7/31/2007 (a) 10.00 (0.05) 1.58 1.53 0.00 0.00 0.00 0.00
GLOBAL TECHNOLOGY
CLASS A
Period Ended 1/31/2010 $13.32 (0.10) 1.62 1.52 0.00 0.00 0.00 0.00
Year Ended 7/31/2009 13.88 (0.09) (0.47) (0.56) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 16.43 (0.13) (2.15) (2.28) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 12.19 (0.17) 4.41 4.24 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.68 (0.19) 0.87 0.68 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.54 (0.14) 1.91 1.77 0.00 (0.63) 0.00 (0.63)
CLASS B
Period Ended 1/31/2010 $12.59 (0.14) 1.53 1.39 0.00 0.00 0.00 0.00
Year Ended 7/31/2009 13.22 (0.17) (0.46) (0.63) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 15.77 (0.23) (2.06) (2.29) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 11.79 (0.26) 4.24 3.98 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.39 (0.28) 0.85 0.57 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.36 (0.21) 1.87 1.66 0.00 (0.63) 0.00 (0.63)
CLASS C
Period Ended 1/31/2010 $12.56 (0.14) 1.52 1.38 0.00 0.00 0.00 0.00
Year Ended 7/31/2009 13.19 (0.17) (0.46) (0.63) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 15.73 (0.23) (2.04) (2.27) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 11.76 (0.26) 4.23 3.97 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.35 (0.28) 0.86 0.58 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.34 (0.21) 1.85 1.64 0.00 (0.63) 0.00 (0.63)
CLASS W
Period Ended 1/31/2010 $13.34 (0.09) 1.64 1.55 0.00 0.00 0.00 0.00
Period Ended 7/31/2009 (a) 9.94 (0.03) 3.43 3.40 0.00 0.00 0.00 0.00
(a) The Henderson Global Opportunities Fund commenced operations on
November 30, 2006. The Henderson Global Technology Fund Class W
commenced operations on March 31, 2009.
(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.
48
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
----------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ----------------------------------------------------------------------------------------------------
0.00* $8.50 7.87% $9,114 1.95% (0.93)% 2.41% 42%
0.00* $7.88 (20.73) 6,329 1.95% 0.25 2.74 234
0.00* 10.00 (11.67) 12,291 1.95 0.74 3.12 135
0.00 11.41 14.10 4,052 1.95 0.15 13.40 40
0.00* $8.49 7.47% $7,306 2.70% (1.64)% 3.16% 42%
0.00* 7.90 (21.41) 6,988 2.70 (0.37) 3.49 234
0.00* 10.07 (12.26) 5,282 2.70 (0.06) 4.01 135
0.00 11.53 15.30 2,530 2.70 (0.66) 14.15 40
0.00* $14.84 11.41% $89,031 1.68% (1.28)% 1.68% 41%
0.00* 13.32 (4.03) 71,472 1.81 (0.83) 1.81 160
0.00* 13.88 (14.22) 123,129 1.57 (0.80) 1.57 196
0.00 16.43 34.78 60,329 1.87 (1.14) 1.87 129
0.00 12.19 5.83 24,685 1.99 (1.41) 2.50 159
0.00 11.68 16.90 3,331 2.00 (1.26) 6.58 164
0.00* $13.98 11.04% $7,229 2.43% (2.03)% 2.43% 41%
0.00* 12.59 (4.77) 5,994 2.56 (1.65) 2.56 160
0.01 13.22 (14.82) 7,465 2.32 (1.52) 2.32 196
0.00 15.77 33.76 2,621 2.62 (1.89) 2.62 129
0.00 11.79 5.01 1,187 2.74 (2.20) 3.25 159
0.00 11.39 16.10 906 2.75 (1.92) 7.33 164
0.00* $13.94 10.99% $46,664 2.43% (2.02)% 2.43% 41%
0.00* 12.56 (4.78) 39,330 2.56 (1.61) 2.56 160
0.00* 13.19 (14.79) 61,795 2.32 (1.52) 2.32 196
0.00 15.73 33.76 25,536 2.62 (1.89) 2.62 129
0.00 11.76 5.11 10,752 2.74 (2.15) 3.25 159
0.00 11.35 15.93 $1,356 2.75 (1.96) 7.33 164
0.00* $14.89 11.62% $11,386 1.43% (1.15)% 1.43% 41%
0.00* 13.34 34.21 2,914 1.71 (0.74) 1.71 160
49
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- -------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2010 $18.87 (0.02) 0.40 0.38 (0.07) 0.00 (0.07)
Year Ended 7/31/2009 22.11 0.25 (3.20) (2.95) (0.20) (0.09) (0.29)
Year Ended 7/31/2008 26.91 0.19 (2.63) (2.44) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.52 0.02 6.43 6.45 (0.04) (1.02) (1.06)
Year Ended 7/31/2006 17.77 0.14 4.36 4.50 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.94 0.00 3.08 3.08 0.00 (0.25) (0.25)
CLASS B
Period Ended 1/31/2010 $17.92 (0.09) 0.39 0.30 0.00* 0.00 0.00
Year Ended 7/31/2009 21.00 0.12 (3.02) (2.90) (0.09) (0.09) (0.18)
Year Ended 7/31/2008 25.85 (0.02) (2.47) (2.49) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.82 (0.17) 6.22 6.05 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.35 (0.03) 4.25 4.22 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.70 (0.14) 3.04 2.90 0.00 (0.25) (0.25)
CLASS C
Period Ended 1/31/2010 $17.91 (0.09) 0.38 0.29 0.00* 0.00 0.00
Year Ended 7/31/2009 20.99 0.12 (3.02) (2.90) (0.09) (0.09) (0.18)
Year Ended 7/31/2008 25.83 (0.01) (2.47) (2.48) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.81 (0.16) 6.20 6.04 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.33 (0.01) 4.24 4.23 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.68 (0.13) 3.03 2.90 0.00 (0.25) (0.25)
CLASS R
Period Ended 1/31/2010 $18.70 (0.05) 0.41 0.36 (0.08) 0.00 (0.08)
Year Ended 7/31/2009 21.94 0.19 (3.16) (2.97) (0.18) (0.09) (0.27)
Year Ended 7/31/2008 26.78 0.15 (2.63) (2.48) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.46 0.01 6.38 6.39 (0.05) (1.02) (1.07)
Period Ended 7/31/2006 (a) 19.07 0.09 3.50 3.14 0.00 (0.75) (0.75)
CLASS W
Period Ended 1/31/2010 $18.89 (0.01) 0.43 0.42 (0.10) 0.00 (0.10)
Period Ended 7/31/2009 (a) 13.96 0.11 4.82 4.93 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.
(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.
50
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
-----------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
PAYMENT VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION BY END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES AFFILIATES PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ---------------------------------------------------------------------------------------------------------------
0.00* 0.00 $19.18 2.02% $2,191,040 1.51% (0.21)% 1.51% 29%
0.00* 0.00 18.87 (12.86) 2,036,371 1.61 1.52 1.61 66
0.00* 0.00 22.11 (10.54) 2,811,488 1.45 0.75 1.45 83
0.00 0.00 26.91 30.69 2,166,598 1.56 0.07 1.56 79
0.00 0.00 21.52 25.98 1,007,241 1.66 0.68 1.66 100
0.00 0.00 17.77 20.77 332,370 2.00 (0.01) 1.84 79
0.00* 0.00 $18.22 1.68% $91,816 2.26% (0.93)% 2.26% 29%
0.00* 0.00 17.92 (13.55) 91,697 2.36 0.77 2.36 66
0.00* 0.00 21.00 (11.20) 126,231 2.20 (0.08) 2.20 83
0.00 0.00 25.85 29.75 130,558 2.31 (0.71) 2.31 79
0.00 0.00 20.82 24.97 77,695 2.41 (0.16) 2.41 100
0.00 0.00 17.35 19.87 37,291 2.75 (0.84) 2.59 79
0.00* 0.00 $18.20 1.63% $763,575 2.26% (0.94)% 2.26% 29%
0.00* 0.00 17.91 (13.55) 713,020 2.36 0.78 2.36 66
0.00* 0.00 20.99 (11.17) 1,155,137 2.20 (0.06) 2.20 83
0.00 0.00 25.83 29.72 1,073,481 2.31 (0.67) 2.31 79
0.00 0.00 20.81 25.06 497,402 2.41 (0.05) 2.41 100
0.00 0.00 17.33 19.90 161,712 2.75 (0.80) 2.59 79
0.00* 0.00 $18.98 1.89% $5,834 1.76% (0.53)% 1.76% 29%
0.00* 0.00 18.70 (13.10) 3,093 1.86 1.18 1.86 66
0.00* 0.00 21.94 (10.75) 2,053 1.70 0.61 1.70 83
0.00 0.00 26.78 30.52 903 1.81 0.04 1.81 79
0.00 0.00 21.46 17.07 131 1.91 0.54 1.91 100
0.00* 0.00 $19.21 2.18% $536,394 1.26% (0.11)% 1.26% 29%
0.00* 0.00 $18.89 35.32 $86,447 1.43 1.98 1.43% 66%
51
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- -------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------------------------
JAPAN-ASIA FOCUS
CLASS A
Period Ended 1/31/2010 $7.03 (0.01) (0.30) (0.31) 0.00 0.00 0.00
Year Ended 7/31/2009 7.75 0.02 (0.74) (0.72) 0.00 0.00 0.00
Year Ended 7/31/2008 10.13 0.01 (2.02) (2.01) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.65 (0.05) 0.53 0.48 0.00 0.00 0.00
Period Ended 7/31/2006 (a) 10.00 (0.03) (0.32) (0.35) 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2010 $6.84 (0.03) (0.29) (0.32) 0.00 0.00 0.00
Year Ended 7/31/2009 7.60 (0.02) (0.74) (0.76) 0.00 0.00 0.00
Year Ended 7/31/2008 10.03 (0.06) (2.00) (2.06) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.62 (0.12) 0.53 0.41 0.00 0.00 0.00
Period Ended 7/31/2006 (a) 10.00 (0.07) (0.31) (0.38) 0.00 0.00 0.00
(a) 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.
52
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
-----------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
PAYMENT VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION BY END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES AFFILIATES PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ---------------------------------------------------------------------------------------------------------------
0.00 0.00 $6.72 (4.41)% $13,721 1.99% (0.22)% 2.04% 18%
0.00* 0.00 7.03 (9.29) 18,031 1.97 0.31 2.13 68
0.00* 0.03 7.75 (20.25)(d) 32,021 1.75 0.12 1.75 68
0.00 0.00 10.13 4.97 61,316 1.84 (0.47) 1.83 61
0.00 0.00 9.65 (3.50) 39,381 2.00 (0.63) 2.40 29
0.00 0.00 $6.52 (4.68)% $10,005 2.74% (0.96)% 2.79% 18%
0.00* 0.00 6.84 (10.00) 12,632 2.72 (0.39) 2.88 68
0.00* 0.03 7.60 (20.97)(d) 19,920 2.50 (0.71) 2.50 68
0.00 0.00 10.03 4.26 36,496 2.59 (1.23) 2.58 61
0.00 0.00 9.62 (3.80) 18,508 2.75 (1.37) 3.15 29
See Notes to Financial Statements.
53
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. ORGANIZATION
Henderson Global Funds (the "Trust") was organized on May 11, 2001, as a
Delaware business trust and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust has an unlimited number of authorized shares that are
divided among nine series. Three series of the Trust, Henderson International
Equity Fund, Henderson Money Market Fund and Henderson Worldwide Income Fund,
are not included in this report because their fiscal year end is December 31.
Henderson European Focus Fund ("European Focus"), Henderson Global Equity
Income Fund ("Global Equity Income"), Henderson Global Opportunities Fund
("Global Opportunities"), Henderson Global Technology Fund ("Global
Technology"), Henderson International Opportunities Fund ("International
Opportunities") and Henderson Japan-Asia Focus Fund ("Japan-Asia Focus")
(collectively, the "Funds") are each a separate series of the Trust and are
diversified. Each of the Funds except Global Equity Income, Global
Opportunities and Japan-Asia Focus, offer Class A shares, Class B and Class C
shares. Global Equity Income offers Class A shares, Class C shares and Class W
shares, Global Opportunities and Japan-Asia Focus offer Class A shares and
Class C shares. European Focus, Global Equity Income, 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 Funds adopted Financial Accounting Standards Board ("FASB") Accounting
Standards Codification Topic 820 Fair Value Measurements and Disclosures ("ASC
820"). ASC 820 defines fair value, establishes a framework for measuring fair
value generally accepted accounting principles ("GAAP") and expands disclosure
about fair value measurements.
Various inputs are used in determining the value of the Funds' investments. ASC
820 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
54
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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)
On January 21, 2010, the FASB issued an ASU, Fair Value Measurements and
Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements
which provides guidance on how investment assets and liabilities are to be
valued and disclosed. Specifically, the amendment requires reporting entities to
disclose; i) the input and valuation techniques used to measure fair value for
both recurring and nonrecurring fair value measurements, for Level 2 or Level 3
positions; ii) transfers between all levels (including Level 1 and Level 2) will
be required to be disclosed on a gross basis (i.e. transfers out must be
disclosed separately from transfers in) as well as the reason(s) for the
transfer and iii) purchases, sales, issuances and settlements must be shown on a
gross basis in the Level 3 rollforward rather than as one net number. The
effective date of the amendment is for interim and annual periods beginning
after December 15, 2009 however, the requirement to provide the Level 3 activity
for purchases, sales, issuances and settlements on a gross basis will be
effective for interim and annual periods beginning after December 15, 2010. At
this time the Funds are evaluating the implications of the amendment to ASC 820
and the impact to the financial statements.
55
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
The following is a summary of the inputs used as of January 31, 2010 in valuing
the Funds' 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 $-- $18,160,968 $-- $18,160,968
Canada -- 17,721,984 -- 17,721,984
Denmark -- 8,576,970 -- 8,576,970
Finland -- 5,817,153 -- 5,817,153
France -- 37,851,894 -- 37,851,894
Germany -- 63,463,090 -- 63,463,090
Greece -- 1,850,265 -- 1,850,265
Ireland -- 7,201,573 -- 7,201,573
Italy -- 5,154,776 -- 5,154,776
Kazakhstan 29,073,762 -- -- 29,073,762
Luxembourg -- 15,795,514 -- 15,795,514
Netherlands -- 28,413,300 -- 28,413,300
Norway -- 5,005,714 -- 5,005,714
Portugal -- 8,824,513 -- 8,824,513
Spain -- 1,845,743 -- 1,845,743
Switzerland -- 32,085,926 -- 32,085,926
United Arab Emirates 13,561,493 -- -- 13,561,493
United Kingdom 1,849,602 173,209,740 -- 175,059,342
United States 9,144,533 -- -- 9,144,533
- -------------------------------------------------------------------------------------------
Total Common Stock 53,629,390 430,979,123 -- 484,608,513
- -------------------------------------------------------------------------------------------
Preferred Stock
Germany -- 18,367,576 -- 18,367,576
- -------------------------------------------------------------------------------------------
Total Preferred Stock -- 18,367,576 -- 18,367,576
- -------------------------------------------------------------------------------------------
REITs
United Kingdom -- 5,425,021 -- 5,425,021
- -------------------------------------------------------------------------------------------
Total REITs -- 5,425,021 -- 5,425,021
- -------------------------------------------------------------------------------------------
Short Term Investment 49,537,426 -- -- 49,537,426
- -------------------------------------------------------------------------------------------
Total Investments 103,166,816 454,771,720 -- 557,938,536
- -------------------------------------------------------------------------------------------
Total $103,166,816 $454,771,720 $-- $557,938,536
- -------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
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 AUGUST 1, DISCOUNTS/ REALIZED APPRECIATION NET NET IN TO OUT OF JANUARY JANUARY 31,
IN SECURITIES 2009 PREMIUMS GAIN/(LOSS) (DEPRECIATION) PURCHASES SALES LEVEL 3 LEVEL 3 31, 2010 2010
- -----------------------------------------------------------------------------------------------------------------------------------
Common Stocks
Netherlands
Amtel Vredestein
N.V, GDR $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ($4,563,922)
United Kingdom
Aero Inventory plc $ -- $ -- $ -- ($3,013,625) $ -- $ -- $3,013,625 $ -- $ -- ($5,570,247)
- -----------------------------------------------------------------------------------------------------------------------------------
Total $ -- $ -- $ -- ($3,013,625) $ -- $ -- $3,013,625 $ -- $ -- ($10,134,169)
- -----------------------------------------------------------------------------------------------------------------------------------
56
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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
Australia $-- $28,753,202 $-- $28,753,202
Austria -- 3,425,873 -- 3,425,873
China 6,438,882 3,957,432 -- 10,396,314
Cyprus -- 5,665,698 -- 5,665,698
Czech Republic -- 3,605,704 -- 3,605,704
France -- 31,889,212 -- 31,889,212
Germany -- 19,031,997 -- 19,031,997
Greece -- 6,160,527 -- 6,160,527
Italy -- 22,629,806 -- 22,629,806
Japan -- 13,621,574 -- 13,621,574
Korea 6,105,567 -- -- 6,105,567
Luxembourg -- 6,126,578 -- 6,126,578
Netherlands -- 16,348,381 -- 16,348,381
Singapore -- 6,631,723 -- 6,631,723
Spain -- 19,481,029 -- 19,481,029
Switzerland -- 10,057,960 -- 10,057,960
Taiwan -- 12,345,381 -- 12,345,381
United Kingdom -- 183,113,174 -- 183,113,174
United States 90,300,319 -- -- 90,300,319
- ------------------------------------------------------------------------------------------------------
Total Common Stock 102,844,768 392,845,251 -- 495,690,019
- ------------------------------------------------------------------------------------------------------
Short Term Investment 31,290,157 -- -- 31,290,157
- ------------------------------------------------------------------------------------------------------
Total Investments 134,134,925 392,845,251 -- 526,980,176
- ------------------------------------------------------------------------------------------------------
Total $134,134,925 $392,845,251 $-- $526,980,176
- ------------------------------------------------------------------------------------------------------
Other Financial Instruments (+) -- 2,416,292 -- 2,416,292
- ------------------------------------------------------------------------------------------------------
Total $134,134,925 $395,261,543 $-- $529,396,468
- ------------------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
+ Other financial instruments are derivative instruments such as forwards,
which are valued at the unrealized appreciation/depreciation on the
instrument.
57
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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 $-- $194,848 $-- $194,848
Brazil 218,875 -- -- 218,875
China 157,013 151,497 -- 308,510
Hong Kong -- 825,879 -- 825,879
India 277,087 -- -- 277,087
Indonesia 102,960 139,480 -- 242,440
Ireland 422,176 -- -- 422,176
Italy -- 157,265 -- 157,265
Japan -- 1,660,427 -- 1,660,427
Netherlands 206,720 277,017 -- 483,737
Singapore -- 971,984 -- 971,984
Switzerland -- 909,450 -- 909,450
Taiwan -- 424,016 -- 424,016
United Kingdom -- 1,445,620 -- 1,445,620
United States 6,675,882 -- -- 6,675,882
- ------------------------------------------------------------------------------------------
Total Common Stock 8,060,713 7,157,483 -- 15,218,196
- ------------------------------------------------------------------------------------------
Preferred Stock
Germany -- 433,390 -- 433,390
- ------------------------------------------------------------------------------------------
Total Preferred Stock -- 433,390 -- 433,390
- ------------------------------------------------------------------------------------------
Short Term Investment 1,163,031 -- -- 1,163,031
- ------------------------------------------------------------------------------------------
Total Investments 9,223,744 7,590,873 -- 16,814,617
- ------------------------------------------------------------------------------------------
Total $9,223,744 $7,590,873 $-- $16,814,617
- ------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
58
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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 $6,964,196 $2,083,008 $-- $9,047,204
Ireland 2,433,248 -- -- 2,433,248
Korea -- 4,565,266 -- 4,565,266
Netherlands -- 2,200,592 -- 2,200,592
Switzerland -- 2,551,839 -- 2,551,839
Taiwan -- 16,123,573 -- 16,123,573
United Kingdom -- 7,219,759 -- 7,219,759
United States 106,228,665 -- -- 106,228,665
- -------------------------------------------------------------------------------------------
Total Common Stock 115,626,109 34,744,037 -- 150,370,146
- -------------------------------------------------------------------------------------------
Short Term Investment 4,459,435 -- -- 4,459,435
- -------------------------------------------------------------------------------------------
Total Investments 120,085,544 34,744,037 -- 154,829,581
- -------------------------------------------------------------------------------------------
Total $120,085,544 $34,744,037 $-- $154,829,581
- -------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
59
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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 $-- $44,173,401 $-- $44,173,401
China 24,487,867 211,906,451 -- 236,394,318
Finland -- 58,171,532 -- 58,171,532
France -- 391,838,929 -- 391,838,929
Germany -- 181,840,937 -- 181,840,937
Hong Kong -- 98,036,576 -- 98,036,576
India -- 47,434,030 -- 47,434,030
Ireland -- 52,419,266 -- 52,419,266
Japan -- 612,473,879 -- 612,473,879
Korea -- 36,006,180 -- 36,006,180
Luxembourg -- 92,026,308 -- 92,026,308
Netherlands 30,096,750 94,459,115 -- 124,555,865
Singapore -- 103,083,821 -- 103,083,821
Spain -- 78,900,637 -- 78,900,637
Switzerland -- 286,972,776 -- 286,972,776
Taiwan 41,512,500 24,275,825 -- 65,788,325
United Kingdom -- 595,132,923 -- 595,132,923
United States 99,332,520 -- -- 99,332,520
- -----------------------------------------------------------------------------------------------------------
Total Common Stock 195,429,637 3,009,152,586 -- 3,204,582,223
- -----------------------------------------------------------------------------------------------------------
Preferred Stock
Germany -- 186,761,777 -- 186,761,777
- -----------------------------------------------------------------------------------------------------------
Total Preferred Stock -- 186,761,777 -- 186,761,777
- -----------------------------------------------------------------------------------------------------------
Short Term Investments 278,251,637 -- -- 278,251,637
- -----------------------------------------------------------------------------------------------------------
Total Investments 473,681,274 3,195,914,363 -- 3,669,595,637
- -----------------------------------------------------------------------------------------------------------
Total $473,681,274 $3,195,914,363 $-- $3,669,595,637
- -----------------------------------------------------------------------------------------------------------
Other Financial Instruments (+) -- 493,717 -- 493,717
- -----------------------------------------------------------------------------------------------------------
Total $473,681,274 $3,196,408,080 $-- $3,670,089,354
- -----------------------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
+ Other financial instruments are derivative instruments such as forwards,
which are valued at the unrealized appreciation/depreciation on the
instrument.
60
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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
China $-- $935,161 $-- $935,161
Hong Kong -- 615,352 -- 615,352
Japan -- 21,585,865 -- 21,585,865
Singapore -- 650,220 -- 650,220
- ------------------------------------------------------------------------------------------
Total Common Stock -- 23,786,598 -- 23,786,598
- ------------------------------------------------------------------------------------------
Short Term Investment 86,669 -- -- 86,669
- ------------------------------------------------------------------------------------------
Total Investments 86,669 23,786,598 -- 23,873,267
- ------------------------------------------------------------------------------------------
Total $86,669 $23,786,598 $-- $23,873,267
- ------------------------------------------------------------------------------------------
* Consists of certain foreign securities whose values were determined by a
pricing service as a result of movement in the U.S. markets that exceeded a
specified threshold. These investments in securities were classified as
Level 2 rather than Level 1.
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.
DERIVATIVE INSTRUMENTS
The Funds adopted FASB Accounting Standards Codification Topic ASC 815,
Disclosures about Derivative and Hedging ("ASC 815"). ASC 815 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 Funds'
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 table summarizes the fair value of the Funds' derivative
instruments held at January 31, 2010 and the related location on the
accompanying Statement of Assets and Liabilities, presented by primary
underlying risk exposure:
GLOBAL EQUITY INCOME:
- -----------------------------------------------------
ASSET DERIVATIVES
-----------------------------------
RISK EXPOSURE STATEMENT OF
CATEGORY ASSETS AND LIABILITIES FAIR VALUE
- -----------------------------------------------------
Forward foreign Receivable for open
currency exchange forward foreign
contracts currency contracts $2,416,292
INTERNATIONAL OPPORTUNITIES:
- -----------------------------------------------------
ASSET DERIVATIVES
-----------------------------------
RISK EXPOSURE STATEMENT OF
CATEGORY ASSETS AND LIABILITIES FAIR VALUE
- -----------------------------------------------------
Forward foreign Receivable for open
currency exchange forward foreign
contracts currency contracts $493,717
61
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
The effect of derivative instruments in the statement of operations for the six
months ended January 31, 2010 are as follows:
GLOBAL EQUITY INCOME:
- -------------------------------------------------
AMOUNT OF REALIZED GAIN (LOSS)
ON DERIVATIVES RECOGNIZED IN INCOME
- -------------------------------------------------
RISK EXPOSURE FORWARD FOREIGN CURRENCY
CATEGORY EXCHANGE CONTRACTS
- -------------------------------------------------
Forward foreign currency
exchange contracts $277,130
CHANGE IN UNREALIZED OR
APPRECIATION/(DEPRECIATION) ON
DERIVATIVES RECOGNIZED IN INCOME
- -------------------------------------------------
RISK EXPOSURE FORWARD FOREIGN CURRENCY
CATEGORY EXCHANGE CONTRACTS
- -------------------------------------------------
Forward foreign currency
exchange contracts $3,302,360
INTERNATIONAL OPPORTUNITIES:
- -------------------------------------------------
AMOUNT OF REALIZED GAIN (LOSS)
ON DERIVATIVES RECOGNIZED IN INCOME
- -------------------------------------------------
RISK EXPOSURE FORWARD FOREIGN CURRENCY
CATEGORY EXCHANGE CONTRACTS
Forward foreign currency
exchange contracts $(4,183,622)
CHANGE IN UNREALIZED
APPRECIATION/(DEPRECIATION ON
DERIVATIVES RECOGNIZED IN INCOME
- -------------------------------------------------
RISK EXPOSURE FORWARD FOREIGN CURRENCY
CATEGORY EXCHANGE CONTRACTS
- -------------------------------------------------
Forward foreign currency
exchange contracts $1,890,925
During the six months ended January 31, 2010, the Global Equity Income Fund and
International Opportunities Fund exposure to derivatives was approximately
20.7% and 1.4% of net assets, respectively.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts primarily to hedge
against foreign currency exchange rate risks on their non-U.S. dollar
denominated investment securities. When entering into forward foreign currency
contracts, a Fund agrees to receive or deliver a fixed quantity of foreign
currency for an agreed-upon price on an agreed future date. Realized gains or
losses on forwards include net gains or losses on contracts that have matured or
which a Fund has terminated by entering into offsetting closing transactions.
Forward foreign currency contracts are valued daily and the unrealized
appreciation or depreciation is included in the Statements of Assets and
Liabilities. These instruments involve market risk, credit risk, or both kinds
of risks, in excess of the amount recognized in the Statements of Operations.
These risks arise from the possible inability of counterparties to meet the
terms of their contracts and from unfavorable currency fluctuations.
The Funds held the following open forward foreign currency contracts at January
31, 2010:
LOCAL UNREALIZED
VALUE AMOUNT CURRENT APPRECIATION/
DATE (000'S) VALUE (DEPRECIATION)
- ----------------------------------------------------------------
GLOBAL EQUITY
INCOME
- ----------------------------------------------------------------
British
Pound Short 4/12/10 $37,000,000 $59,135,560 $(83,560)
- ----------------------------------------------------------------
Euro Short 4/12/10 36,000,000 49,911,396 2,499,852
- ----------------------------------------------------------------
INTERNATIONAL
OPPORTUNITIES
- ----------------------------------------------------------------
Japanese Yen
Short 2/12/10 $4,621,250,000 $51,198,118 $493,717
- ----------------------------------------------------------------
During the six months ended January 31,2010, the Global Equity Income Fund and
International Opportunities Fund average notional value related to open Forward
Foreign Currency Contracts was $109 and $51 million or 20.2% and 1.4% of net
assets, respectively For the six months ended January 31, 2010 European Focus,
Global Technology Fund, Japan-Asia Focus Fund and Global Opportunities Fund did
not invest in derivative instruments or engage in related hedging activities.
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
62
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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.
SECURITIES LOANS
The Funds may make secured loans of its portfolio securities amounting to not
more than 33 1/3% of its total assets (taken at market value at the time of
such loan), thereby realizing additional income. The risks in lending portfolio
securities, as with other extensions of credit, consist of possible delay in
recovery of the securities, or possible loss of rights in the collateral should
the borrower fail financially. Securities loans are made to banks and
broker-dealers, via State Street Bank and Trust Company as lending agent,
pursuant to agreements requiring that loans be continuously secured by
collateral at least equal at all times to the value of the securities on loan.
Collateral is invested in a money market fund. The borrower pays to the Fund an
amount equal to any dividends or interest received on securities lent. The
Funds receive a fee from the borrower or retain all or a portion of the
interest received on investment of cash collateral. Income earned from
securities lending is reflected as Net securities lending income on the
Statement of Operations. The Fund may call such loans in order to sell the
securities involved. During the six months ended January 31, 2010, 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.
FEDERAL INCOME TAXES
The Trust's policy is that each Fund continues 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. Management of the
Funds is also not aware of any tax positions for which it is reasonably
possible that the total amount of unrecognized tax benefits will significantly
change in the next twelve months. 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 Funds had the following capital loss carry
forwards:
EXPIRING ON EXPIRING ON
JULY 31, 2016 JULY 31, 2017
- -------------------------------------------------------
European Focus -- $25,892,112
- -------------------------------------------------------
Global Equity Income $506,123 40,759,829
- -------------------------------------------------------
Global Opportunities -- 3,540,733
- -------------------------------------------------------
Global Technology -- 53,129,957
- -------------------------------------------------------
International Opportunities -- 185,918,664
- -------------------------------------------------------
Japan-Asia Focus 949,426 8,809,249
- -------------------------------------------------------
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
International Opportunities -- 736,831,183
Japan-Asia Focus -- 17,007,049
- ---------------------------------------------------------
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
63
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
with federal income tax regulations, which may differ from United States
generally accepted accounting principles. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are reclassified within the capital accounts based on their
federal tax-basis treatment.
The tax character of distributions paid during the six months ended January 31,
2010 and July 31, 2009 were as follows:
SIX MONTHS ENDED ESTIMATED ORDINARY
JANUARY 31, 2010 INCOME
- --------------------------------------------------------
European Focus $15,524,554
Global Equity 11,113,276
Global Opportunities --
Global Technology --
International Opportunities 10,969,094
Japan-Asia Focus --
- --------------------------------------------------------
YEAR ENDED ORDINARY LONG-TERM
JULY 31, 2009 INCOME CAPITAL GAINS
- --------------------------------------------------------
European Focus $12,835,135 $39,014,865
Global Equity 22,045,770 --
Global Opportunities 87,500 --
Global Technology -- --
International Opportunities 39,318,221 21,779
Japan-Asia Focus -- --
- --------------------------------------------------------
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
- -----------------------------------------------------------
International
Opportunities 10,968,651 -- 66,341,591
- -----------------------------------------------------------
Japan-Asia Focus -- -- (1,824,499)
- -----------------------------------------------------------
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 Group plc. HGINA supervises the
investments of the Funds and receives a management fee for such services. HGINA
receives a fee for its services with respect to each Fund, paid based on such
Fund's average daily managed 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 $1 billion 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%
- ----------------------------------------------------
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%
- ----------------------------------------------------
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 and to
1.70% of average daily net assets for Global Opportunities. These agreements
are effective through July 31, 2020. Under the Expense Limitation Agreements,
the annual expense limit
64
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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
- --------------------------------------------
International
Opportunities 2.00 2.75 2.25% 1.75
- --------------------------------------------
Japan-Asia
Focus 2.00 2.75 N/A N/A
- --------------------------------------------
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
Funds reimburse HGINA for such fees within limits specified by the Board of
Trustees. The fees are included in Transfer agent fees in the Statement of
Operations.
HGINA is a direct subsidiary of Henderson International Inc. ("HII"). At
January 31, 2010, HII owned the following number of shares in the following
Funds:
SHARES
- ------------------------------------------
European Focus Class A 222
European Focus Class W 773
Global Equity Income Class A 884
Global Equity Income Class W 1,766
Global Opportunities Class A 60,830
Global Opportunities Class C 5,032
Global Technology Class A 263
Global Technology Class W 1,006
International Opportunities Class A 255
International Opportunities Class R 1,529
International Opportunities Class W 720
- ------------------------------------------
An affiliated person of a Fund may include any company in which the fund owns
five percent of more of its outstanding voting shares. At January 31, 2010, the
International Opportunities Fund held 6.68% of NSD Co., Ltd. and 86% of the
Henderson Money Market Fund. Transactions in affiliates during the period ended
January 31, 2010 were as follows:
BALANCE BALANCE
OF SHARES OF SHARES
HELD HELD
AFFILIATE 7/31/2009 PURCHASES SALES 1/31/2010 VALUE
- -------------------------------------------------------------------------
NSD
Co.,
Ltd. 3,419,000 -- -- 3,419,000 $36,540,249
- -------------------------------------------------------------------------
Henderson
Money
Market
Fund 50,000,000 291,916,035 (296,916,035) 45,000,000 45,000,000
- -------------------------------------------------------------------------
The aggregate cost and value of affiliates at January 31, 2010 is $89,129,923
and $81,540,249, respectively. Investments in affiliates represented 2.20% of
the total net assets as of January 31, 2010.
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. DISTRIBUTIONS
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, the Funds pay 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
65
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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 six months ended
January 31, 2010, were as follows:
PURCHASES SALES
- ---------------------------------------------------
European Focus $269,700,971 $289,507,141
Global Equity Income 377,843,179 209,220,342
Global Opportunities 7,528,230 6,043,997
Global Technology 80,397,609 55,167,264
International
Opportunities 1,544,754,523 920,578,358
Japan-Asia Focus 4,763,645 10,268,090
- ---------------------------------------------------
The U.S. federal income tax basis of the Funds' investments excluding foreign
currency and forward currency contracts at January 31, 2010, and the gross
unrealized appreciation and depreciation, were as follows:
EUROPEAN GLOBAL
FOCUS EQUITY INCOME
- ----------------------------------------------------------
Cost $564,078,983 $553,743,609
- ----------------------------------------------------------
Gross unrealized
appreciation 73,217,903 13,643,710
- ----------------------------------------------------------
Gross unrealized
depreciation (79,358,350) (40,407,143)
- ----------------------------------------------------------
Net unrealized depreciation (6,140,447) (26,763,433)
- ----------------------------------------------------------
GLOBAL GLOBAL
OPPORTUNITIES TECHNOLOGY
- ----------------------------------------------------------
Cost $14,307,170 $127,999,590
- ----------------------------------------------------------
Gross unrealized
appreciation 2,567,553 31,864,204
- ----------------------------------------------------------
Gross unrealized
depreciation (60,106) (5,034,213)
- ----------------------------------------------------------
Net unrealized appreciation 2,507,447 26,829,991
- ----------------------------------------------------------
INTERNATIONAL JAPAN-ASIA
OPPORTUNITIES FOCUS
- -----------------------------------------------
Cost $3,611,449,157 $26,096,494
- -----------------------------------------------
Gross unrealized
appreciation 378,068,301 2,527,667
- -----------------------------------------------
Gross unrealized
depreciation (319,921,821) (4,750,894)
- -----------------------------------------------
Net unrealized appreciation/
(depreciation) 58,146,480 (2,223,227)
- -----------------------------------------------
Identified cost may differ for book and tax basis reporting purposes primarily
due to tax deferral of losses on wash sales, PFIC transactions and amortization
of premiums reflected as of January 31, 2010.
NOTE 7. SIGNIFICANT CONCENTRATIONS
The Funds invest a substantial percentage of their assets in securities of
foreign issuers. These investments may involve certain considerations and risks
not typically associated with investments in the United States as a result of,
among other factors, the possibility of future political and economic
developments and the level of governmental supervision and regulation of
securities markets in the respective countries. Some countries in which the
Funds invest may require government approval for repatriation of investment
income, capital or the proceeds for sales of securities by foreign investors.
In addition, if there is deterioration in a country's balance of payments or
for other reasons, a country may impose temporary restrictions on foreign
capital remittances abroad. In addition, changes in currency exchange rates
will affect the value of investments denominated in a foreign currency, as well
as investment income derived from those securities.
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.
66
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 8. BORROWING ARRANGEMENTS
The Trust has a $100 million credit line 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. The commitment fee is included in Miscellaneous fees on
the Statements of Operations. No amounts were borrowed under this facility
during the six months ended January 31, 2010.
NOTE 9. REDEMPTION FEE
The Funds may impose a redemption fee of 2.00% on Class A, Class B or Class C
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. Redemption fees during the six months ended January 31,
2010 were as follows:
REDEMPTION FEES
- --------------------------------------------
European Focus $13,960
Global Equity Income 4,536
Global Opportunities 38
Global Technology 7,351
International Opportunities 26,138
Japan-Asia Focus --
- --------------------------------------------
NOTE 10. RECENT ACCOUNTING STANDARDS
In June 2009, the Financial Accounting Standards Board ("FASB") established the
FASB Accounting Standards Codification ("the Codification") as the single
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. The Codification supersedes existing
non-SEC accounting and reporting standards. All other non-grandfathered non-SEC
accounting literature not included in the Codification will become
non-authoritative. The Codification became effective for financial statements
issued for interim and annual periods ending after September 15, 2009. The
Codification did not have a material effect on the Fund's financial statements
or disclosures.
NOTE 11. SUBSEQUENT EVENT
In accordance with the provisions set forth in FASB Accounting Standards
Codification Topic 855, Subsequent Events ("ASC 855"), adopted by the Funds as
of June 30, 2009, management has evaluated the possibility of subsequent events
existing in the Funds' financial statements through March 31, 2010, Management
has determined that there are no material events that would require disclosure
in the Funds' financial statements through this date, which is the date the
financial statements were issued.
67
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 twelve months ended 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 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 www.hendersonglobalinvestors.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 www.sec.gov. Additionally, the
Portfolio of Investments may be reviewed and copied at the Commission's Public
Reference Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling 1.800. SEC.0330. The quarterly
Portfolio of Investments are also available without charge, upon request, by
calling 866.443.6337 or by visiting the Funds' website at
http://www.hendersonglobalfunds.com.
FEDERAL TAX INFORMATION
Certain tax information for the Funds is required to be provided to
shareholders based on the Funds' income and distributions for the taxable year
ended July 31, 2010. The amounts shown may differ from those elsewhere in this
report due to differences between tax and financial reporting requirements. In
February 2011, 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 2010. Shareholders are advised to check with their tax
advisors for information on the treatment of these amounts on their individual
income tax returns.
SHAREHOLDER EXPENSE
As a shareholder of the Funds, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and redemption fees
and (2) ongoing costs, including management fees, distribution (12b-1) fees,
shareholder services fees and other Fund expenses. The example in Table 1 and
Table 2 is intended to help you understand your ongoing costs of investing in
the Funds and to compare these costs with ongoing costs of investing in other
mutual funds. It is based on an investment of $1,000 invested at the beginning
of the period and held for the entire six-month period ended January 31, 2010.
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 adviser. The
annualized expense ratios used in the example are as follows:
CLASS A CLASS B CLASS C CLASS R CLASS W
- -----------------------------------------------------
European
Focus 1.60% 2.35% 2.35% N/A 1.35%
- -----------------------------------------------------
Global
Equity
Income 1.37 N/A 2.12 N/A 1.12
- -----------------------------------------------------
Global
Opportunities 1.95 N/A 2.70 N/A N/A
- -----------------------------------------------------
Global
Technology 1.68 2.43 2.43 N/A 1.43
- -----------------------------------------------------
International
Opportunities 1.51 2.26 2.26 1.76% 1.26
- -----------------------------------------------------
Japan-Asia
Focus 1.99 N/A 2.74 N/A N/A
- -----------------------------------------------------
Please note that the expenses do not reflect shareowner transaction costs such
as front end sales charges and
68
HENDERSON GLOBAL FUNDS OTHER INFORMATION
(UNAUDITED)
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 and 13. Table 2 is
useful in comparing ongoing costs only, and will not help you determine the
TABLE 1
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE PAID
AUGUST 1, JANUARY 31, DURING
ACTUAL 2009 2010 THE PERIOD*
- ---------------------------------------------------
European Focus
Class A $1,000.00 $1,183.40 $8.81
Class B 1,000.00 1,178.90 12.91
Class C 1,000.00 1,178.90 12.91
Class W 1,000.00 1,185.10 7.44
- ---------------------------------------------------
Global Equity Income
Class A 1,000.00 1,057.90 7.11
Class C 1,000.00 1,055.70 10.98
Class W 1,000.00 1,059.10 5.81
- ---------------------------------------------------
Global Opportunities
Class A 1,000.00 1,078.70 10.22
Class C 1,000.00 1,074.70 14.12
- ---------------------------------------------------
Global Technology
Class A 1,000.00 1,114.10 8.95
Class B 1,000.00 1,110.40 12.93
Class C 1,000.00 1,110.40 12.93
Class W 1,000.00 1,116.20 7.63
- ---------------------------------------------------
International Opportunities
Class A 1,000.00 1,020.20 7.69
Class B 1,000.00 1,016.80 11.49
Class C 1,000.00 1,016.80 11.49
Class R 1,000.00 1,018.90 8.96
Class W 1,000.00 1,021.80 6.42
- ---------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 955.90 9.81
Class C 1,000.00 953.20 13.49
- ---------------------------------------------------
relative total costs of owning different funds. In addition, if these
transaction costs were included, your costs would have been higher.
TABLE 2
BEGINNING ENDING
HYPOTHETICAL ACCOUNT ACCOUNT EXPENSES
(ASSUMING A VALUE VALUE PAID
5% RETURN AUGUST 1, JANUARY 31, DURING
BEFORE EXPENSES) 2009 2010 THE PERIOD*
- ---------------------------------------------------
European Focus
Class A $1,000.00 $ 1,016.93 $8.13
Class B 1,000.00 1,013.15 11.92
Class C 1,000.00 1,013.15 11.92
Class W 1,000.00 1,018.19 6.87
- ---------------------------------------------------
Global Equity Income
Class A 1,000.00 1,018.09 6.97
Class C 1,000.00 1,014.31 10.76
Class W 1,000.00 1,019.35 5.70
- ---------------------------------------------------
Global Opportunities
Class A 1,000.00 1,015.17 9.90
Class C 1,000.00 1,011.39 13.69
- ---------------------------------------------------
Global Technology
Class A 1,000.00 1,016.53 8.54
Class B 1,000.00 1,012.75 12.33
Class C 1,000.00 1,012.75 12.33
Class W 1,000.00 1,017.79 7.27
- ---------------------------------------------------
International Opportunities
Class A 1,000.00 1,017.39 7.68
Class B 1,000.00 1,013.61 11.47
Class C 1,000.00 1,013.61 11.47
Class R 1,000.00 1,016.13 8.94
Class W 1,000.00 1,018.65 6.41
- ---------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 1,014.97 10.11
Class C 1,000.00 1,011.19 13.89
- ---------------------------------------------------
* Expenses are equal to the Funds' Class A, Class B, Class C, Class R and
Class W shares annualized are equal to net expense ratio multiplied by the
average account value over the period multiplied by 184 days in the period
and divided by 365 (to reflect the one-half year period).
69
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, 70 Chairman Since 2001 President, KCI Inc. (private s-corporation None
and Trustee investing in non-public investments.)
Roland C. Baker, 71 Trustee Since 2001 Consultant to financial services industry. Director, North
American Company
for Life and Health
Insurance (a provider
of life insurance,
health insurance and
annuities); Director,
Midland National Life
Insurance Company (an
affiliate of North
American Company for
Life and Health
Insurance).
Faris F. Chesley, 71 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), 43 Trustee and Since 2001 Director, Global Distribution, None
President Henderson Global Investors.
Kenneth A. Kalina, 50 Chief Since 2005 Chief Compliance Officer, HGINA, 2005; Chief N/A
Compliance Compliance Officer, Columbia Wanger Asset
Officer Management, L.P., 2004-2005; Compliance
Officer, Treasurer and Chief Financial Officer
Columbia Wanger Asset Management, L.P.,
2000-2005.
Alanna P. Nensel, 34 Vice President Since 2002 Director, Retail Marketing and Product N/A
Management, HGINA.
Scott E. Volk, 38 Vice President Since 2001 Director, Retail Finance and Operations, N/A
HGINA.
70
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, 35
Troy M. Statczar, 38 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, 46 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, 2009.
2. Currently, all Trustees oversee all nine series of the Trust.
3. A Trustee may serve until his death, resignation, removal or until the end
of the calendar year in which the Trustee reaches 75 years of age. The
officers of the Trust are elected annually by the Board.
4. This Trustee is an interested person of the Trust because of his 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).
71
HENDERSON GLOBAL FUNDS
TRUSTEES INVESTMENT ADVISER
C. Gary Gerst, Chairman Henderson Global Investors (North America) Inc.
Roland C. Baker 737 North Michigan Avenue, Suite 1700
Faris F. Chesley Chicago, IL 60611
Sean Dranfield
TRANSFER AGENT
OFFICERS State Street Bank & Trust Company
Sean Dranfield, President State Street Financial Center
Alanna P. Nensel, Vice President One Lincoln Street
Scott E. Volk, Vice President Boston, MA 02111
Christopher K. Yarbrough, Secretary
Kenneth A. Kalina, Chief Compliance Officer FOR MORE INFORMATION
Troy M. Statczar, Treasurer Please call 1.866.4HENDERSON
Richard J. Mitchell, Assistant Treasurer (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 (March, 2010)
72
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. Our affiliates do not use shareholder information that we receive to
make marketing solicitations. 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.
Not required.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not required.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments is included as a part of the report to shareholders
filed under Item 1 of this Form N-CSR.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of trustees, where those
changes were implemented after the registrant last provided disclosure in
response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have evaluated the registrant's disclosure controls and
procedures within 90 days of this filing and have concluded that the
registrant's disclosure controls and procedures were effective, as of
that date, in ensuring that information required to be disclosed by the
registrant in this Form N-CSR was recorded, processed, summarized and
reported timely.
(b) There were no changes in the registrant's internal controls over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal controls over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR
270.30a-2(a)) are attached hereto.
(a)(3) Not applicable.
(b) The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are
attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
HENDERSON GLOBAL FUNDS
By: /s/ Sean Dranfield
-------------------------
Sean Dranfield
President (principal executive officer) of Henderson Global Funds
Date: April 6, 2010
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: April 6, 2010
By: /s/ Troy Statczar
-------------------------
Troy Statczar
Treasurer (principal financial officer) of Henderson Global Funds
Date: April 6, 2010