International Henderson Equity Fund Prospectus April 30, 2010 HIEIX Class I Shares April 30, 2010 Henderson International Equity Fund Prospectus Class I Shares (HIEIX) The Henderson International Equity Fund’s (the “Fund”) investment objective is to achieve long-term capital appreciation primarily through investments in equities of non- US companies. As with all other mutual fund securities, the Securities and Exchange Commission has not approved or disapproved these securities or determined whether the information in this prospectus is adequate or accurate. Anyone who tells you otherwise is committing a crime. 1 Table of Contents Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Additional Information about Investment Strategies and Risks . . . . . . . . 8 Management of the Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Description of Share Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 How to Purchase and Redeem Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Investor Services and Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2 Fund Summary Investment Objective The Fund’s investment objective is to achieve long-term capital appreciation primarily through investment in equities of non-US companies. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Class I Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None Maximum Deferred Sales Charge (Load) (as a percentage of offering price) None Redemption Fee (shares redeemed or exchanged within 30 days of purchase) 2.00% Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class I Shares Management Fees 0.85% Distribution and/or Service (12b-1) Fees None Other Expenses 1.46% Acquired Fund Fees and Expenses 0.01% Total Annual Fund Operating Expenses 2.32% Fee Waiver and/or Expense Reimbursement (a) 1.16% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.16% (a) The Fund’s adviser has contractually agreed to waive its management fee and, if necessary, to reimburse other operating expenses of the Fund in order to limit total annual ordinary operating expenses to 1.15% of the Fund’s average daily net assets, excluding interest, taxes, brokerage commissions and other investment related costs and extraordinary expenses such as litigation or other expenses incurred in the ordinary course of business. The Fund’s Expense Limitation Agreement shall terminate upon the earlier of the termination of the Advisory Agreement or July 31, 2020. The Fund’s adviser may discontinue the Expense Limitation Agreement at any time after its expiration date. Expense Example The example is intended to help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The expense example assumes that the adviser’s agreement to waive fees and/or reimburse expenses expires on July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1-Year 3-Year 5-Year 10-Year $118 $369 $639 $1,414 You would pay the following expenses if you did not redeem your shares: 1-Year 3-Year 5-Year 10-Year $118 $369 $639 $1,414 3 Fund Summary Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 64% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Fund invests primarily in equity securities of non-US companies of all sizes. Under normal market conditions, at least 80% of its net assets will be invested in equity securities. Equity securities include common stocks and related securities, such as preferred stock, convertible securities and depositary receipts. Non-US companies are broadly defined to include any company that meets one of the following tests: • its country of organization, its primary business office and/or the principal trading market of its stock are located outside of the US • 50% or more of its assets are located in a country other than the US • 50% or more of its revenues are derived from outside of the US In choosing investments, the manager applies a fundamental, bottom-up approach. The managers generally seek companies which it believes can offer above average growth sustainably, or those whose growth has been underestimated by the market. Normally, the Fund’s investments will be divided among Continental Europe, the United Kingdom, Japan and the markets of the Pacific Basin. However, selective investments may also be made in Latin America and in other parts of the world. The Fund may invest in emerging markets and may invest in new companies, both through initial public offerings and private placements. The Fund may also invest a substantial amount of its assets (i.e., more than 25% of its assets) in issuers located in a single country or a limited number of countries. The Fund may use derivatives for both hedging and nonhedging purposes. Derivatives are financial instruments whose value is derived from the value of another security, a commodity (such as gold or oil), currency or an index. Examples of derivatives include forwards, options, contracts for differences, indexed securities, swaps, futures and options on futures. To the extent the Fund purchases derivatives, they may be used to enhance potential gain, to manage or adjust the risk profile of the Fund, to replace more traditional direct investments, or to obtain exposure to certain markets. Using derivatives may involve greater risks to the Fund than investing directly in securities. The Fund generally sells a stock when, in the managers’ opinion, there is deterioration in the company’s fundamentals, the company fails to meet performance expectations, the stock achieves its target price, its earnings are disappointing or its revenue growth has slowed. The Fund may also sell a stock if the managers believe that negative country or regional factors may affect the company’s outlook, if, in the managers’ opinion, a superior investment opportunity arises or to meet cash requirements. Some of the Fund’s investments may produce income, although income from dividends and interest will be incidental and not an important consideration in choosing investments. The Fund may engage in active and frequent trading to achieve its investment objective. The Fund does not limit its investments to companies of any particular size and may invest a significant portion of its assets in smaller and less seasoned issuers. However, in an attempt to reduce portfolio risks, the managers will invest across countries, industry groups and/or securities. 4 Fund Summary Principal Investment Risks You can lose money by investing in the Fund and your investment in the Fund may not perform as well as other similar investments. As with any fund, the value of the Fund’s investments and therefore the value of the Fund’s shares as well as the amount of any dividend paid may fluctuate significantly. The Fund may not achieve its investment objective, and is not intended as a complete investment program. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks that could adversely affect the total return on your investment include: • Market and Equity Securities Risk. The risk that the stock price of one or more of the companies will fall, or will fail to rise. Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry. Because the Fund’s portfolio primarily consists of common stocks, it is expected that the Fund’s net asset value (NAV) will be subject to greater price fluctuation than a portfolio containing primarily fixed income securities. • Smaller and Less Seasoned Companies Risk. The risk that the Fund may invest in securities issued by smaller companies and in less seasoned issuers, including through initial public offerings and private placements. Smaller companies and, to a greater extent, less seasoned companies, may have more limited product lines, markets and financial resources than larger, more seasoned companies and, especially in the case of initial public offerings and private placements, their securities may trade less frequently and in more limited volume than those of larger, more mature companies, and the prices of their securities may be more volatile than those of larger, more established companies. • Foreign Investments Risk. The risks of investing outside the U.S. include currency fluctuations, economic or financial insolvency, a lack of timely or reliable financial information, possible imposition of foreign withholding taxes or unfavorable political or legal developments. These risks are typically greater in less developed or emerging market countries. • Emerging Markets Risk. The risks of foreign investments are typically greater in less developed countries, which are sometimes referred to as emerging markets. For example, political and economic structures in these countries may be changing rapidly, which can cause instability and greater risk of loss. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluation, which could hurt their economies and securities markets. For these and other reasons, investments in emerging markets are often considered speculative. • Non-Diversification Risk. The risk that, because the Fund may invest a higher percentage of its assets in a small number of issuers, the Fund is more susceptible to any single economic, political or regulatory event affecting one or more of those issuers than is a diversified fund. • Frequent Trading Risk. The risk that frequent buying and selling of investments will involve higher trading costs and other expenses that may affect the Fund’s performance over time. High rates of portfolio turnover may result in the realization of short-term capital gains, which could adversely affect the after tax return on your investment in the Fund. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. The Fund’s portfolio turnover rate may be 100% or more. • Geographic Focus Risk. To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, developments in these economies will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. • Derivatives Risk. Derivatives involve special risks different from, and potentially greater than, the risks associated with investing directly in securities and may result in greater losses. The successful use of derivatives depends on the managers’ ability to manage these sophisticated instruments, which require investment techniques and risk analysis different from those of other investments. Derivatives involve the risk of mispricing or improper valuation and the prices of derivatives may move in unexpected ways especially in unusual market conditions, and may result in increased volatility and unexpected losses. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses. The use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the managers’ potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for a Fund’s derivatives positions at any time. In fact, many over-the- counter instruments (investments not traded on an exchange) are not liquid. Over-the-counter instruments also involve the risk that the other party to the derivative transaction will not meet its obligations. Derivatives also may involve credit and interest rate risks. In addition, the risks associated with the use of derivatives are magnified to the extent that a larger portion of the Fund’s assets are committed to derivatives in general or are invested in a few types of derivatives. 5 Fund Summary Performance The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund’s performance and by showing the Fund’s average annual total returns for the calendar period compared to those of a broad-based securities market index. When you consider this information, please remember the Fund’s performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.hendersonglobalinvestors.com, or by calling 800.657.1493. Total Return (%) per calendar year 50 39.26 40 30 20 10 0 -10 -20 2009 During the one-year period ended December 31, 2009, the Fund’s highest and lowest quarterly returns were 30.94% and (11.64)% for the quarters ended June 30, 2009 and March 31, 2009, respectively. AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2009 (including maximum sales charges) 1 Year % Since Inception % CLASS I (Inception 1/31/08) Return Before Taxes 39.26 (9.06) Return After Taxes on Distributions 39.25 (9.94) Return After Taxes on Distributions and Sale of Fund Shares 25.54 (8.22) MSCI EAFE Index (reflects no deductions for fees, expenses or taxes) 32.46 (9.21) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Management Henderson Global Investors (North America) Inc. is the investment adviser and Henderson Investment Management Limited is the sub-adviser of the Fund. The following individuals make up the Fund’s portfolio management team: • Manraj Sekhon, Head of International Equities, has been a member of the Fund’s portfolio management team since January 31, 2008. • Yu-Jen Shih, CFA, Assistant Fund Manager for International Equities, has been a member of the Fund’s portfolio management team since January 31, 2008. • lain Clark, Chief Investment Officer of Henderson, has been a member of the Fund’s portfolio management team since January 31, 2008. • Simon Savill, European Small Cap Specialist, has been a member of the Fund’s portfolio management team since January 31, 2008. • Yun-Young Lee, CFA, Japanese Small Cap Specialist, has been a member of the Fund’s portfolio management team since January 31, 2008. 6 Fund Summary Purchases and Sales of Fund Shares The following table illustrates the minimum investment requirements for the Fund’s shares: Account Type Minimum to Open an Account Minimum Balance Institutions and Individuals $100,000 $0 You may purchase or redeem shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase or redeem shares of the Fund either through a financial intermediary or directly through the Fund. Tax Information The Fund intends to make distributions. You will generally have to pay federal income taxes, and any applicable state or local taxes, on the distributions you receive from the Fund as ordinary income or capital gains unless you are investing through a tax-exempt account such as a qualified retirement plan. Financial Intermediary Compensation If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. 7 Additional Information about Investment Strategies and Risks Investment Strategies The Fund may purchase stocks that trade at a higher multiple of current earnings than other stocks. The value of Please see the section entitled “Principal Investment such stocks may be more sensitive to changes in current Strategies” in the “Fund Summary” above, for a complete or expected earnings than the values of other stocks. If the discussion of the Fund’s principal investment strategies. managers’ assessment of the prospects for a company’s Temporary Defensive Investments. As a temporary earnings growth is wrong, or if the managers’ judgment of measure for defensive purposes, the Fund may invest up how other investors will value the company’s earnings to 100% of its assets in other types of securities such as growth is wrong, then the price of the company’s stock may nonconvertible debt securities, government and money fall or not approach the value that a manager has placed market securities of U.S. and non-U.S. issuers, or hold on it. cash. The Fund may make these investments or increase Companies whose stock the managers believe is its investment in these securities when the managers are undervalued by the market may have experienced adverse unable to find enough attractive long-term investments, to business developments or may be subject to special risks reduce exposure to the Fund’s primary investments when that have caused their stocks to be out of favor. If the the managers believe it is advisable to do so, or to meet managers’ assessment of a company’s prospects is wrong, anticipated levels of redemption. The Fund will normally or if other investors do not similarly recognize the value of invest a portion of its portfolio in U.S. dollars or short-term the company, then the price of the company’s stock may interest bearing U.S. dollar denominated securities to fall or may not approach the value that a manager has provide for possible redemptions. Investments in short-term placed on it. debt securities can be sold easily and have limited risk of loss but earn only limited returns. Temporary defensive Foreign Investments. Foreign investments involve special investments may limit the Fund’s ability to meet its risks, including: investment objective. • Unfavorable changes in currency exchange rates: Foreign investments are typically issued and traded Investment Risks in foreign currencies. As a result, their values may be affected by changes in exchange rates between Please see the section entitled “Principal Investment Risks” foreign currencies and the U.S. dollar. in the “Fund Summary” above, for a complete discussion of • Political and economic developments: Foreign the Fund’s principal investment risks. investments may be subject to the risks of seizure by a foreign government, imposition of restrictions Common Stock Risk. Common stock represents an on the exchange or export of foreign currency, and ownership interest in a company. The value of a company’s tax increases. stock may fall as a result of factors directly relating to that • Unreliable or untimely information: There may be company, such as decisions made by its management or less information publicly available about a foreign lower demand for the company’s products or services. A company than about most U.S. companies, and stock’s value may also fall because of factors affecting not foreign companies are usually not subject to just the company, but also companies in the same industry accounting, auditing and financial reporting standards or in a number of different industries, such as increases in and practices as stringent as those in the U.S. production costs. The value of a company’s stock may also • Limited legal recourse: In relation to foreign be affected by changes in financial markets that are companies, legal remedies for investors may be relatively unrelated to the company or its industry, such more limited than the remedies available in the U.S. as changes in interest rates or currency exchange rates. • Limited markets: Certain foreign investments may be In addition, a company’s stock generally pays dividends less liquid (harder to buy and sell) and more volatile only after the company invests in its own business and than most U.S. investments, which means a makes required payments to holders of its bonds and other manager may at times be unable to sell these foreign debt. For this reason, the value of a company’s stock will investments at desirable prices. For the same usually react more strongly than its bonds and other debt reason, a manager may at times find it difficult to to actual or perceived changes in the company’s financial value the Fund’s foreign investments. condition or prospects. Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. 8 Additional Information about Investment Strategies and Risks • Trading practices: Brokerage commissions and other Although ADRs, GDRs and EDRs do not eliminate the risks fees are generally higher for foreign investments than inherent in investing in the securities of foreign issuers, for U.S. investments. The procedures and rules which include market, political, currency and regulatory governing foreign transactions and custody may also risk, by investing in ADRs, GDRs or EDRs rather than involve delays in payment, delivery or recovery of directly in stocks of foreign issuers, a Fund may avoid money or investments. currency risks during the settlement period for purchases • Lower yield: Common stocks of foreign companies or sales. In general, there is a large, liquid market in the have historically tended to pay lower dividends than U.S. for many ADRs. The information available for ADRs is stocks of comparable U.S. companies. Foreign subject to accounting, auditing and financial reporting withholding taxes may further reduce the amount standards of the domestic market or exchange on which of income available to distribute to shareholders of the Fund. they are traded. These standards generally are more uniform and more exacting than those to which many • Emerging Markets: The risks of foreign investments foreign issuers may be subject. are typically greater in less developed countries, which are sometimes referred to as emerging Defensive Investment Strategies. In addition, the Fund markets. For example, political and economic may depart from its principal investment strategies by structures in these countries may be changing temporarily investing for defensive purposes in short-term rapidly, which can cause instability and greater risk of obligations (such as cash or cash equivalents) when loss. These countries are also more likely to adverse market, economic or political conditions exist. To experience higher levels of inflation, deflation or currency devaluation, which could hurt their the extent that the Fund invests defensively, it may not be economies and securities markets. For these and able to pursue its investment objective. The Fund’s other reasons, investments in emerging markets are defensive investment position may not be effective in often considered speculative. protecting its value. Certain of these risks may also apply to some extent to Securities Loans. The Fund may make secured loans of U.S. traded investments that are denominated in foreign its portfolio securities amounting to not more than 33 1/3% of currencies, investments in U.S. companies that are traded its total assets (taken at market value at the time of such in foreign markets or investments in U.S. companies that loan), with a view to realizing additional income. The risks have significant foreign operations. in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the Distributions of earnings from dividends paid by certain securities or possible loss of rights in the collateral should “qualified foreign corporations” may qualify for federal the borrower fail financially. Securities loans are made to income tax purposes as qualified dividend income, banks and broker-dealers, via State Street Bank and Trust provided certain holding period and other requirements are Company as lending agent, pursuant to agreements satisfied. Distributions of earnings from dividends paid by requiring that loans be continuously secured by collateral other foreign corporations will not be considered qualified at least equal at all times to the value of the securities on dividend income. Additional US tax considerations may loan. The borrower pays to the Fund an amount equal to apply to a Fund’s foreign investments, as described in the any dividends or interest received on securities lent. statement of additional information (SAI). The Fund retains all or a portion of the interest received on The Fund may invest in foreign securities in the form of investment of the cash collateral or receives a fee from the depositary receipts. Depositary receipts represent borrower. Although voting rights, or rights to consent, with ownership of securities in foreign companies and are held respect to the loaned securities pass to the borrower, the in banks and trust companies. They can include American Fund retains the right to call the loans at any time on Depositary Receipts (ADRs), which are traded on U.S. reasonable notice, and it will do so in order that the exchanges and are U.S. dollar-denominated, and Global securities may be voted by the Fund if the holders of such Depositary Receipts (GDRs) and European Depositary securities are asked to vote upon or consent to matters Receipts (EDRs), which are traded on foreign exchanges that the Adviser believes might materially affect the and may not be denominated in the same currency as the investment. The Fund may also call such loans in order to security they represent. sell the securities involved. 9 Additional Information about Investment Strategies and Risks Impact of Actions by Other Shareholders. The Fund, Changes in Policies and Additional Information like all mutual funds, pools the investments of many Changes in Policies. The Fund’s Trustees may change investors. Actions by one investor or multiple investors may the Fund’s investment objective, investment strategies and have an impact on the Fund and on other investors. For other policies without shareholder approval. The Fund example, significant levels of new investments may cause will give shareholders at least 60 days notice of any the Fund to have more cash than would otherwise be the change in the policy to invest at least 80% of its net assets case, which might have a positive or negative impact on in equity securities. Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities or borrow funds, Additional Information on Investment Strategies and which might generate a capital gain or loss or cause the Risks. The Fund may invest in various types of securities Fund to incur costs that, in effect, would be borne by all and engage in various investment techniques and practices shareholders, not just those investors who redeemed. which are not the principal focus of the Fund and therefore Shareholder purchase and redemption activity may also are not described in this Prospectus. The types of affect the per share amount of the Fund’s distributions of securities and investment techniques and practices in its net investment income and net realized capital gains, if which the Fund may engage are discussed, together with any, thereby increasing or reducing the tax burden on the their risks, in the Fund’s SAI which you may obtain by Fund’s shareholders subject to income tax. contacting shareholder services. (See back cover for address and phone number.) Disclosure of Portfolio Holdings. The Fund’s SAI includes a description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio holdings. Currently, the Fund publicly discloses its portfolio holdings monthly on its website at http://www.hendersonglobalinvestors.com. 10 Management of the Fund Investment Adviser and Subadviser Having completed his degree, Mr. Shih went on to become a CFA charterholder in 2003 while working as an Henderson Global Investors (North America) Inc., 737 Investment Analyst for Baring Asset Management. North Michigan Avenue, Suite 1700, Chicago, IL, 60611, referred to herein as “the Adviser,” is the Fund’s investment lain Clark is the Chief Investment Officer of Henderson adviser. Henderson Investment Management Limited, (since 1992). Mr. Clark joined Henderson Global Investors 201 Bishopsgate, London, UK EC2M 3AE, referred to in 1985 and has over 30 years of investment management herein as “Henderson,” is the subadviser for the Fund. The expertise. Mr. Clark was also Chief investment Officer Adviser and Henderson are indirect, wholly-owned of Seligman Henderson (1992 to 2000). Mr. Clark has subsidiaries of Henderson Group plc and, together with managed several funds for Henderson Global Investors. their subsidiaries, are referred to as “Henderson Global Simon Savill is a European Small Cap Specialist and Investors” in this Prospectus. manages the Pan-European small cap element of the As a global money manager, Henderson Global Investors portfolio. Mr. Savill joined Henderson a trainee Fund provides a full spectrum of investment products and Manager in 1995 and has over 12 years of investment services to institutions and individuals around the world. experience. Mr. Savill is an Associate Member of the Headquartered in London at 201 Bishopsgate, London, UK Society of Investment Professionals (ASIP). EC2M 3AE, Henderson Global Investors has been Yun-Young Lee is a Japanese Small Cap Specialist and is managing assets for clients since 1934. Today, Henderson responsible for the Japanese small cap element of the Global Investors is a dynamic multi-skill, multi-asset portfolio. He is based in Henderson’s Tokyo office. Mr. Lee management business with a fast growing worldwide joined Henderson in 2005 and has over 11 years’ industry distribution network. experience. Mr. Lee began his career as a Market Analyst The Adviser provides services and facilities to the Fund. for Dow Chemical before moving to Tokyo Securities Co. in The Fund pays the Adviser a monthly fee at an annual rate 1996. Mr. Lee graduated from the Korea Advanced Institute of the Fund’s average net assets as set forth below: of Science and Technology with an MS in Chemical Engineering and has an MBA from the University of Hawaii 0.85% for the first $250 million; at Manao. Mr. Lee is a CFA charterholder. 0.80% for the next $250 million; 0.75% for the next $500 million; and The SAI provides additional information about the Portfolio 0.65% over $1 billion. Managers’ compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers’ ownership For the most recent fiscal year, the Adviser waived its entire of securities in the Fund. management fee and reimbursed the Fund an additional 0.31% pursuant to the expense limitations and/or fee waivers then in effect. A discussion regarding the basis for the Board of Trustees’ approval of the investment advisory agreements for the Fund is available in the Funds’ Semi-Annual Report dated June 30, 2009. Portfolio Managers Manraj Sekhon is Head of International Equities at Henderson Global Investors. Mr. Sekhon joined Henderson in 2003. Previously, he served as Deputy Head of Global Equities at Invesco Asset Management. Mr. Sekhon has over 12 years of experience in the investment management industry. Yu-Jen Shih is Assistant Fund Manager for International Equities. Mr. Shih has 8 years of investment experience and joined Henderson Global Investors in 2007. Mr. Shih graduated from the University of London having achieved a Masters degree in Finance and a Masters degree in Electrical and Electronics Engineering with Management. 11 Description of Share Class The Fund offers Class I shares through this Prospectus. Class I shares are offered without a sales charge to: • Institutional investors (including: state, county, city or any instrumentality, department authority or agency thereof, corporations, qualified non-profit organizations, charitable trusts, foundations, and endowments) and individual investors with at least $100,000 to invest in the Fund. 12 How to Purchase and Redeem Shares You may purchase and redeem shares of the Fund in the manner described below. The Fund reserves the right to modify the following policies at any time and to reject any investment for any reason. How to Purchase Shares Investment Minimums: Minimum to Open Subsequent an Account Investment Institutions and Individuals $100,000 $0 Except as noted below, the Fund requires that you maintain • Financial Adviser. You can establish an account by a minimum account balance as listed above. If your account having your financial adviser process your purchase. value declines below the respective minimum because you • Wire. Call 800.657.1493 to arrange for this have redeemed or exchanged some of your shares, the transaction: Fund may notify you of its intent to liquidate your account State Street Bank and Trust Company unless it reaches the required minimum. You may prevent Attn: Mutual Funds such liquidation by increasing the value of your account Boston, MA 02110 to at least the minimum within ninety days of the notice ABA # 0110-0002-8 from the Fund. Attn: Henderson Global Funds Deposit DDA #9905-541-0 The Fund may be limited in its ability to monitor or ensure FBO: (please specify the Fund name, account that accounts opened through a financial intermediary meet number and name(s) on account); the minimum investment requirements. Nevertheless, the Generally, the Fund does not accept investments from Fund expects that financial intermediaries will comply with non-U.S. residents. If you are attempting to open an the Fund’s investment requirements including applicable account with a financial intermediary, your account must investment minimums. In the event the Fund is unable to be established manually prior to placing any investments. prevent an account with a below minimum balance from Please have a representative of the financial intermediary opening, the Fund reserves the right to liquidate the fax full account registration instructions to our shareholder account at any time. services department. These instructions should include the The Fund reserves the right to waive any investment following information: minimum to the extent such a decision is determined to be • Account Registration in the best interest of the Fund. The Fund also reserves • Dealer Number the right to liquidate your account regardless of size. • Branch and Rep Number • Dealer Account Number (BIN) Opening Your Account • Matrix level You can open a new account in the following ways: • Cash/Reinvestment Option • Complete the Application. Please call 800.657.1493 Shareholder Services will contact the financial intermediary to obtain an application. Make check payable to the when the account has been established and is ready name of the Fund. Mail to: for investment. Orders received prior to this confirmation Regular Mail will not be considered complete and will not be eligible Henderson Global Funds for pricing. PO Box 8391 Boston, MA 02266-8391 The Fund does not accept foreign correspondent or foreign Overnight Mail private banking accounts. Boston Financial Data Services c/o Henderson Global Funds 30 Dan Road Canton, MA 02021-2809 800.657.1493 13 How to Purchase and Redeem Shares Adding to Your Account Redeeming Through Your Financial Adviser There are several easy ways you can make additional You can request your financial adviser to process a investments to any Fund in your account: redemption on your behalf. Your financial adviser will be responsible for furnishing all necessary documents to • ask your financial adviser to purchase shares on shareholder services and may charge you for this service. your behalf • send a check to shareholder services Redeeming Directly Through Shareholder Services • wire additional investments through your bank using the wire instructions as detailed above • By Mail. To redeem shares by mail, you can send a • authorize transfers by telephone between your bank letter to shareholder services with the name of your account and your Henderson account through Fund, your account number and the number of Automated Clearinghouse (ACH). You may elect this shares or dollar amount to be sold. Mail to: privilege on your account application or through a Regular Mail written request Henderson Global Funds PO Box 8391 Boston, MA 02266-8391 How to Redeem Shares Overnight Mail You may redeem your shares either by having your Boston Financial Data Services financial adviser process your redemption or by contacting c/o Henderson Global Funds shareholder services directly. The Fund normally sends 30 Dan Road your redemption proceeds within seven calendar days after Canton, MA 02021-2809 your request is received in good order. “Good order” 800.657.1493 means shareholder services has received your request • By Wire and/or ACH. Redemptions in excess of with the name of your fund, your account number and the $500 may be wired to your financial institution that is number of shares or dollar amount to be sold, as described indicated on your account application. Please note below for redemptions processed by mail. that proceeds sent via wire will arrive the next business day and a $10.00 fee applies. Proceeds Under unusual circumstances such as when the New York sent via ACH will arrive in 2-3 business days with no Stock Exchange (NYSE) is closed, trading on the NYSE is additional fee. restricted or if there is an emergency, the Fund may Note: If an address change has occurred within 30 days of suspend redemptions or postpone payment. If you the redemption, a signature guarantee will be required. purchased the shares you are redeeming by check, the Fund may delay the payment of the redemption proceeds until the check has cleared, which may take up to 15 days Signature Guarantee / Additional Documentation from the purchase date. Your signature may need to be guaranteed by an eligible If the Federal Reserve Bank is closed on the day that the bank, broker, dealer, credit union, national securities redemption proceeds would ordinarily be wired, wiring the exchange, registered securities association, clearing redemption proceeds may be delayed one additional agency, or savings association. A notary public cannot business day. provide a signature guarantee. A Medallion signature To change the bank designated on your Account guarantee may be required if: Application, you must send written instructions signed by • You would like the redemption proceeds sent to an an authorized person designated on the account address that is not your address of record; or application to the Transfer Agent. • You would like to change your current bank The Fund does not assume any responsibility for the designations. performance of your bank or any intermediaries in the A Medallion signature guarantee must be obtained from a transfer process. If a problem with such performance bank, brokerage firm or other financial intermediary that is arises, you should deal directly with your bank or any a member of an approved Medallion Guarantee Program such intermediaries. or that is otherwise approved by the Trust. A notary public cannot provide a Medallion signature guarantee. Additional documentation may be required. 14 How to Purchase and Redeem Shares Shareholder services may require additional documentation intermediary and across intermediaries. Please contact for certain types of registrations and transactions, in any of your financial intermediary for details about revenue the following situations: sharing payments it may receive. • You request a change to your current account The Fund may reimburse the Adviser for a portion of registration, including your name and address, or are networking and sub-transfer agent fees paid to financial establishing or changing a TOD (Transfer on Death) intermediaries as described in the SAI. beneficiary • You want your redemption check mailed to an Certain dealers and financial intermediaries may charge address other than the address on your account their customers a processing or service fee in connection registration with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and • Your address of record was changed within the past 30 days disclosed to its customers by each individual dealer. Processing or service fees typically are fixed, nominal • You want to redeem shares, and you instruct the dollar amounts and are in addition to the sales and other Fund to wire the proceeds to a bank or brokerage account, but you do not have the redemption by wire charges described in the Prospectus and SAI. Your dealer plan on your account will provide you with specific information about any processing or service fees you will be charged. These fees • Your name has changed by marriage or divorce will not be charged if you purchase or redeem Fund shares (send a letter indicating your account number(s) and old and new names, signing the letter in directly from the Fund. both the old and new names and having both Right to Reject or Restrict Purchase Orders. Purchases signatures guaranteed) orders should be made for investment purposes only. The • You want to change the bank designated on your account Fund does not accept a check drawn on foreign banks, • You want the check made payable to someone other third party checks, cashier’s checks or official checks, than the account owner temporary checks, electronic checks, drawer checks, • You want your redemption proceeds wired to an starter checks, cash, money orders, travelers cheques, account other than your account of record credit card checks, currency or monetary instruments in bearer form. The Fund reserves the right to reject or restrict any specific purchase request. Other Considerations We are required by law to obtain certain personal Intermediaries. In addition, the Adviser may make information from you which will be used to verify your payments to financial intermediaries for distribution and/or identity. If you do not provide the information, we may not shareholder servicing activities out of its past profits or be able to open your account. If we are unable to verify other available sources. For example, the Adviser may pay your identity, we reserve the right to close your account or compensation to financial intermediaries for administrative, take such other steps as we deem reasonable. sub-accounting, or shareholder processing services and/or for providing the Fund with “shelf space” or access to a Anti-Money Laundering Laws. The Fund is required to third party platform or fund offering list, or other access to comply with certain federal anti-money laundering laws and promote sales of shares of the Fund including, without regulations. The Fund may be required to “freeze” the limitation, inclusion of the Fund on preferred or account of a shareholder if certain account information recommended sales lists, mutual fund “supermarket” matches information on government lists of known platforms and other formal sales programs; granting terrorists or other suspicious persons or if the shareholder access to the third party firm’s sales force; granting access appears to be involved in suspicious activity, or the Fund to the third party firm’s conferences and meetings; and may be required to transfer the account or the proceeds of obtaining other forms of marketing support. The Adviser the account to a government agency. may also make payments for marketing, promotional or related expenses to financial intermediaries through which Frequent Purchases and Redemptions of Fund Shares. investors may purchase shares of the Fund. These The Fund is designed for long-term investors and payments are often referred to as “revenue sharing” discourages short-term trading (market timing) and other payments. In some circumstances, such payments may excessive trading practices. These practices may disrupt create an incentive for an intermediary or its employees or portfolio management strategies and harm fund associated persons to recommend or sell shares of the performance. However, the Fund receives purchase orders Fund to you. These payments may differ for each fund of and sales orders through financial intermediaries and the Henderson Global Funds, including within the same cannot always know or reasonably detect excessive trading 15 How to Purchase and Redeem Shares which may be facilitated by these intermediaries or by the to accounts traded through a particular intermediary may use of omnibus accounts by intermediaries. Omnibus vary depending on the system capabilities, applicable accounts are comprised of multiple investors whose contractual and legal restrictions and cooperation of the purchases and redemptions are aggregated and netted particular intermediary. If you purchase Fund shares before being submitted to the Fund making it more difficult through a financial intermediary, you should contact to identify and eliminate market timers. To the degree the the intermediary for more information about whether Fund is able to identify excessive or short-term trading in and how restrictions or limitations on trading activity accounts maintained by an intermediary, the Fund will seek will be applied to your account. the cooperation of the intermediary to enforce the Fund’s Shares redeemed within 30 days of purchase may be excessive trading policy. In certain instances, subject to a redemption fee of 2.00% of the redemption intermediaries may be unable to implement these policies proceeds that will be deducted from those proceeds. The or, may not be able to implement them in the same manner redemption fee is retained by the Fund from which you are as the Fund due to system or other constraints or issues. redeeming shares and is intended to deter short-term Certain intermediaries may possess other capabilities to trading and offset the trading costs, market impact and deter short-term or excessive trading upon which the Fund other costs associated with short-term trading in and out of may rely. In general, the Fund cannot eliminate the the Fund. possibility that market timing or other excessive trading The redemption fee is imposed to the extent that the activity will occur in the Fund. number of Fund shares you redeem exceeds the number As noted above, under “Other Considerations – Right to of Fund shares that you have held for more than 30 days. Reject or Restrict Purchase Orders,” the Fund reserves the In determining whether the minimum 30-day holding period right to reject or restrict any purchase order from any has been met, only the period during which you have held investor. To minimize harm to the Fund and its shares of the Fund from which you are redeeming is shareholders, the Fund may, at its sole discretion, exercise counted. For this purpose, shares held longest will be these rights if an investor has a history of excessive trading treated as being redeemed first and shares held shortest or if an investors trading, in the judgment of the Fund, has as being redeemed last. The Fund reserves the right to been or may be disruptive to the Fund. In making this waive the 2.00% redemption fee on a case-by-case basis. judgment, the Fund may consider trading done in multiple The 2.00% redemption fee will not be charged on accounts under common or related ownership or control. transactions involving the following: The Fund’s Board of Trustees has adopted policies • Total or partial redemptions of shares by omnibus and procedures designed to discourage short-term accounts maintained by brokers that do not have the trading and other excessive trading practices. The systematic capability to track and process the policies and procedures applicable to the Fund include: redemption fee; reviewing significant or unusual transactions or patterns • Total or partial redemptions of shares by approved of activity and fair valuing the Fund’s investments when fee-based programs that do not have the systematic appropriate (see “Other Information—Pricing of capability to track and process the redemption fee or Fund Shares” below). require waiver of redemption fees as a condition for inclusion in the program; In addition, a financial intermediary through which you may • Total or partial redemptions of shares invested purchase shares of the Fund may also independently through retirement plans maintained pursuant attempt to identify trading it considers inappropriate, which to Sections 401, 403, 408, 408A and 457 of the may include frequent or short-term trading, and take steps Code where the shares are held within omnibus to deter such activity. In some cases, the intermediary may accounts maintained by a retirement plan sponsor or require the Fund’s consent or direction to undertake those record keeper that has a written agreement to efforts, but the Fund may have little or no ability to modify provide data to assist the Fund in monitoring for the parameters or limits on trading activity set by the excessive trading; intermediary. As a result, an intermediary may limit or • Total or partial redemptions effectuated pursuant to permit trading activity of its customers who invest in Fund an automatic non-discretionary rebalancing program shares using standards different from the standards used set up in the Fund; by the Fund and discussed in this Prospectus. The Fund’s ability to impose restrictions on trading activity with respect 16 How to Purchase and Redeem Shares • Total or partial redemptions requested within 30 days following the death or post-purchase disability of (i) any registered shareholder on an account or (ii) the settlor of a living trust which is the registered shareholder of an account, of shares held in the account at the time of death or initial determination of post-purchase disability; • Total or partial redemptions of shares acquired though reinvestment of dividends; • Total or partial redemptions of shares by registered management investment companies that have an agreement with the Adviser or Distributor for that purpose; or • Redemptions initiated by the Fund. For shares purchased through a financial intermediary, shareholders should contact their financial intermediary for more information on whether the redemption fee is applied to their shares. In some cases, financial intermediaries investing wrap account assets through an omnibus account may charge the 2.00% redemption fee but apply operational policies or procedures that are more or less restrictive than those of the Fund. In-Kind Distributions. The Fund has reserved the right to pay redemption proceeds by a distribution in-kind of portfolio securities (rather than cash). In-kind distributions are taxable in the same manner as cash distributions. In the event that the Fund makes an in-kind distribution, you could incur the brokerage and transaction charges when converting the securities to cash. Should the in-kind distribution contain illiquid securities, you could have difficulty converting the assets into cash. The Fund has elected under Rule 18f-1 of the 1940 Act to commit to pay, during any 90-day period, your redemption proceeds in cash up to either $250,000 or 1% of the Fund’s net assets, whichever is less. 17 Investor Services and Programs As a shareholder of the Fund, you have available to you a number of services and investment programs. Distribution Options The following distribution options are generally available to all accounts and you may change your distribution option as often as you desire by contacting shareholder services directly: • Dividend and net capital gain distributions reinvested in additional shares (this option will be assigned if no other option is specified) • Dividend distributions in cash; net capital gain distributions reinvested in additional shares • Dividend and net capital gain distributions in cash • Dividend and net capital gain distributions reinvested in additional shares of another Henderson Fund of your choice Reinvestments (net of any tax withholding) will be made in additional full and fractional shares at the NAV as of the close of business on the reinvestment date, which is the NAV next computed for the Fund. See “Other Information- Undeliverable Distributions.” Your request to change a distribution option must be received by shareholder services at least five business days before a distribution in order to be effective for that distribution. No interest will accrue on amounts represented by uncashed distribution or redemption checks. 18 Other Information Pricing of Fund Shares • shareholder services’ close of business, if placed through a financial intermediary, so long as the The price of the Fund’s shares is based on its NAV. The NAV financial intermediary (or its authorized designee) is determined as of the close of regular trading each day that received your order by the valuation time; or the NYSE is open for trading (generally, 4:00 p.m., Eastern • the valuation time, if placed directly by you (not time) (referred to as the valuation time). The days that the through a financial intermediary such as a broker or NYSE is closed are listed in the SAI. To determine NAV, the bank) to shareholder services. Fund values its assets at current market values, or at a fair value, if current market values are not readily available. The Fund has authorized one or more brokers to receive on its behalf purchase and redemption orders. Such Current market values may be considered to be not readily brokers are authorized to designate other intermediaries to available for a security under certain circumstances, receive purchase and redemption orders on the Fund’s including when transactions in the security are infrequent, behalf. Such intermediaries may include financial advisors, the validity of quotations appears questionable, there is a custodians, trustees, retirement plan administrators or thin market, the size of reported trades is not considered recordkeepers. The Fund will be deemed to have received representative of a company’s holdings, trading for a a purchase or redemption order when an authorized broker security is restricted or halted or a significant event occurs or, if applicable, a broker’s authorized designee, receives after the close of a related exchange but before the the order. Customer orders will be priced at the Fund’s determination of the Fund’s NAV. In addition, changes in NAV next computed after they are received by an values in the U.S. markets subsequent to the close of a authorized broker or the broker’s authorized designee. foreign market may affect the values of securities traded in the foreign market. Under the Fund’s fair value pricing The Fund invests in certain securities which are primarily policies, the values of foreign securities may be adjusted listed on foreign exchanges that trade on weekends and from their last closing prices if such movements in the U.S. other days when the Fund does not price its shares. market exceed a specified threshold. As a result of the Therefore, the value of the Fund’s holdings may change foregoing, it is possible that fair value prices will be used by on days when you will not be able to purchase or redeem the Fund to a significant extent. The Fund has retained an its shares. independent statistical fair value pricing service to assist in the fair valuation of securities principally traded in a foreign Distributions market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and The Fund intends to pay substantially all of its net income the time as of which Fund shares are priced. (including any realized net capital gains) to shareholders at least annually. Dividends and distributions may be payable The use of fair value pricing by the Fund may cause the in cash or additional shares, with the option to receive cash NAV of its shares to differ from the NAV that would be in lieu of the shares. The Fund may at times in its calculated using last reported prices. Fair value represents discretion pay out less than the entire amount of net a good faith approximation of the value of a security. The investment income earned in any particular period and may fair value of one or more securities may not, in retrospect, at times pay out such accumulated undistributed income in be the prices at which those assets could have been sold addition to net investment income earned in other periods during the period in which particular fair values were used in order to permit the Fund to maintain a more stable level in determining the Fund’s NAV. As a result, the Fund’s of distributions. As a result, the dividend paid by the Fund sale or redemption of its shares at NAV, at a time when to shareholders for any particular period may be more or holding or holdings are valued at fair value, may have the less than the amount of net investment income earned by effect of diluting or increasing the economic interest of the Fund during such period. The Fund is not required to existing shareholders. maintain a stable level of distributions to shareholders. For The Board of Trustees has adopted procedures for valuing federal income tax purposes, the Fund is required to the Fund’s securities. Securities are fair valued according distribute substantially all of its investment net income for to methodologies adopted by the Board in advance or as each year. All or substantially all net realized capital gains, determined by the Valuation Committee of the Board. Any if any, will be distributed to the Fund’s shareholders at least securities that are fair valued will be reviewed by the Board annually. While the Fund will attempt to maintain a stable of Trustees of the Fund at the next regularly scheduled level of distributions, the Fund will still attempt to comply quarterly meeting of the Board. with Subchapter M of the Internal Revenue Code of 1986, as amended (Code). Your purchase or redemption order will be calculated at the NAV next calculated, after the deduction of any required tax See “Investor Services and Programs — Distribution withholding, if your order is complete (has all required Options” for information concerning the manner in which information) and shareholder services receives your order by: dividends and distributions to shareholders may be 19 Other Information automatically reinvested in additional shares. Dividends expected to qualify for treatment as qualified dividend and distributions will be taxable to shareholders for federal income when distributed by the Fund. Dividends paid in income tax purposes whether they are reinvested in shares January may be taxable as if they had been paid to of the Fund or received in cash. shareholders during the previous December. The Internal Revenue Service (IRS) Form 1099 that is Undeliverable Distributions mailed to you each year details your distributions and how they are treated for federal income tax purposes, including If a check representing (1) sale proceeds, (2) a withdrawal the amount, if any, of dividends that may be designated as under the systematic withdrawal plan, or (3) a “qualified dividend income.” dividend/capital gains distribution is returned as “undeliverable” or remains uncashed for six months, the Fund distributions will reduce the Fund’s NAV per share. Fund may cancel the check and reinvest the proceeds in Therefore, if you buy shares after the Fund has the Fund from which the transaction was initiated. In experienced capital appreciation but before the record date addition, after such six-month period: (1) the Fund will of a distribution of those gains, you may pay the full price terminate your systematic withdrawal plan and future for the shares and then effectively receive a portion of the withdrawals will occur only when requested, and (2) the purchase price back as a taxable distribution. Fund will automatically reinvest future dividends and The Fund may be eligible to elect to “pass through” to you distributions in the Fund. foreign income taxes that it pays if more than 50% of the value of its total assets at the close of its taxable year Federal Income Tax Considerations consists of stock or securities of foreign corporations. If the Fund is eligible for and makes this election, you will be The following discussion is very general and is limited required to include your share of those taxes in gross solely to U.S. federal income tax considerations. You are income as a distribution from the Fund. You will then be urged to consult your tax adviser before making an allowed to claim a credit (or a deduction, if you itemize investment decision regarding the effect that an investment deductions) for such amounts on your federal income tax in the Fund may have on your particular tax situation. return, subject to certain limitations. Tax-exempt holders of Taxability of Distributions. As long as the Fund qualifies Fund shares such as a qualified retirement plan, will not for treatment as a regulated investment company under the generally benefit from such a deduction or credit. Code, it pays no federal income tax on the income or gains As discussed under “Fund Summary-Principal Risks of it distributes to shareholders. Investing in the Fund,” high rates of portfolio turnover will You will generally have to pay federal income taxes, and result in the realization of short-term capital gains. The any applicable state or local taxes, on the distributions you payment of taxes on these gains could adversely affect receive from the Fund, whether you take the distributions in your after tax return on your investment in the Fund. Any cash or reinvest them in additional shares. Distributions of distributions resulting from such net capital gains will be any net investment income (including any net short-term considered ordinary income for federal income tax capital gain in excess of any net long-term capital loss), purposes and will not be eligible for treatment as qualified other than “qualified dividend income,” are taxable at dividend income. ordinary income tax rates. Distributions of net capital gain Withholding. The Fund is required in certain circumstances (the excess of net long-term capital gain over net short-term to apply backup withholding at the rate of 28% on dividends capital loss) designated as net capital gain dividends are and redemption proceeds paid to any shareholder who taxable for federal income tax purposes as long-term capital does not furnish to the Fund certain information and gains, which are currently taxable to non-corporate certifications or who is otherwise subject to backup investors at a maximum federal income tax rate of 15%. For withholding. Backup withholding is not an additional tax. taxable years beginning on or before December 31, 2010, Any amounts withheld may be credited against the distributions designated as “qualified dividend income” are shareholder’s federal income tax liability provided the generally taxed to non-corporate investors at federal income appropriate information is furnished to the IRS. If you are tax rates applicable to long-term capital gains, provided neither a citizen nor a resident of the U.S., the Fund will certain holding period and other requirements contained in generally withhold U.S. federal income tax at a rate of 30% the Code are satisfied. Dividends received by the Fund from on dividends and other payments that are subject to such most REITs and certain foreign corporations are not 20 Other Information withholding. You may be able to arrange for a lower withholding rate under an applicable income tax treaty if you supply the appropriate documentation to the Fund. Backup withholding will not be applied to payments that have been subject to non-resident alien withholding. Prospective investors should read the Henderson Global Funds’ Account Application for additional information regarding backup withholding of federal income tax. Taxability of Transactions. When you redeem, sell or exchange shares, it is generally considered a taxable event for you, unless you are a tax-exempt holder of Fund shares, such as a qualified retirement plan. Depending on the type of account in which you hold shares of the Fund, and depending on the purchase price and the sale price of the shares you redeem, sell or exchange, you may realize a gain or a loss on the transaction for federal income tax purposes. The gain or loss will generally be treated as long-term capital gain or loss if the shares were held for more than one year and, if not held for such period, as short-term capital gain or loss. You are responsible for any tax liabilities generated by your transactions. Unique Nature of the Fund Henderson and its affiliates may serve as the investment adviser to other funds which have investment goals and principal investment policies and risks similar to those of the Fund, and which may be managed by the Fund’s portfolio managers. While the Fund may have many similarities to these other funds, its investment performance will differ from the other funds’ investment performance. This is due to a number of differences between the funds, including differences in sales charges, expense ratios, investments and cash flows. Provision of Annual and Semi-Annual Reports and Prospectus The Fund produces financial reports every six months and updates the Prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the Fund’s annual and semi-annual report or Prospectus will be mailed to shareholders having the same residential address on the Fund’s records. However, any shareholder may contact shareholder services (see back cover for address and phone number) to request that copies of these reports and the Prospectus be sent personally to that shareholder. 21 Financial Highlights The financial highlights table is intended to help you understand the Fund’s financial performance for the period of the Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a particular class of the Fund (assuming reinvestment of all dividends and distributions). The information has been audited by Ernst & Young LLP, independent registered public accounting firm. The independent registered public accounting firm’s report, along with the Fund’s financial statements, are included in the annual report of the Fund, and are incorporated by reference into the Statement of Additional Information. You may obtain the annual report without charge by calling 800.657.1493. For a Share Outstanding Throughout the Periods Indicated Income (loss) from investment operations: Less distributions: Net Dividends Distributions Net asset realized and Total from from net value, Net unrealized from net realized beginning investment gain (loss) on investment investment capital Total of period income investments operations income gains distributions International Equity Fund Class I Year Ended 12/31/2009 $5.67 0.00*(b) 2.33 2.33 (0.01) 0.00 (0.01) Period Ended 12/31/2008 (a) 10.00 0.11 (b) (4.13) (4.02) (0.31) 0.00 (0.31) (a) The Henderson International Equity Fund commenced operations on January 31, 2008. (b) Per share data was calculated using average shares outstanding during the period. (c) Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized. * Amount shown is less than $0.01 per share. 22 Financial Highlights Ratios to average net assets: Annualized Annualized ratio of Annualized ratio of operating expenses ratio of net to average net Net asset Net assets, operating investment assets without value, end of expenses to income 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* $7.89 39.26% $69,501 1.15% 0.03% 2.31% 64% 0.00 5.67 (40.15) 1,779 1.15 1.36 6.40 114 23 More information about the Fund is available free upon request, including the following: Annual/Semi-Annual Reports By overnight delivery to Boston Financial Data Services You will receive unaudited semi-annual reports and clo Henderson Global Funds audited annual reports on a regular basis from the Fund. 30 Dan Road Additional information about the Fund’s investments is Canton, MA 02021-2809 available in the Fund’s semi-annual and annual reports. 800.657.1493 In the Fund’s annual report, you will find a discussion of the market conditions and investment strategies that On the Internet significantly affected the Fund’s performance during its You may also find more information about the Fund last fiscal year. on the Internet at http://www.henderson.com/sites/henderson/usinstitutional/ funddocuments, including copies of the Statement of Statement of Additional Information Additional Information and annual and semi-annual reports. Provides more details about the Fund and its policies. A This website is not considered part of the Prospectus. current Statement of Additional Information is on file with You can also obtain information about the Fund and a copy the Securities and Exchange Commission and is of the Statement of Additional Information from the incorporated by reference (is legally considered part of Securities and Exchange Commission as follows: this Prospectus). By mail You can make inquiries and request other information, Securities and Exchange Commission including a Statement of Additional Information and annual Public Reference Section or semi-annual reports, free of charge, as provided below. Washington, DC 20549-1520 (The SEC charges a fee to copy documents.) To Obtain Information: By electronic request By telephone email@example.com Call 800.657.1493 (The SEC charges a fee to copy documents.) By mail In person Write to: Public Reference Room in Washington, DC Henderson Global Funds (For more information and hours of operation, P.O. Box 8391 call (202) 551-8090.) Boston, MA 02266-8391 Via the internet on the EDGAR Database at http://www.sec.gov SEC file number: 811-10399 24 Privacy Notice Henderson Global Funds This notice describes the privacy practices followed by Henderson Global Funds. Your privacy is our top priority. Our policy is to respect the privacy of current and former shareholders and to protect personal information entrusted to us. We do not share any nonpublic personal information of shareholders or former shareholders with any nonaffiliated third parties, except as permitted by law or as authorized by our shareholders. In the course of providing products and services to you, we collect nonpublic personal information about you from various sources such as account applications or agreements, other account forms, transactions in your account, and from information captured on our website, including any information captured through our use of “cookies.” Such information may include your name, address, account or tax identification number, the types and amounts of investments, and bank account information. More detailed information about our Internet policy is available on our website, www.hendersonglobalinvestors.com. In the normal course of serving shareholders, we may share information we collect with entities that help us process information or service your request, such as transfer agents, custodians, broker-dealers and marketing service firms, as well as with other financial institutions with whom we have joint marketing agreements. We may share information in connection with servicing accounts or to inform shareholders of products and services that we believe may be of interest to them. The organizations that receive shareholder information will use that information only for the services required and as allowed by applicable law or regulation, and are not permitted to share or use this information for any other purpose. We will disclose your personal information to government agencies, law enforcement officials, and others in the limited circumstances where we believe, in good faith, that such disclosure is required or permitted by law. For example, we will disclose your personal information in order to comply with a court order, to cooperate with government or industry regulators, or law enforcement authorities. Access to customers’ nonpublic personal information is restricted to employees who need to access that information. To guard shareholder’s nonpublic personal information, we use industry standard physical, electronic, and procedural safeguards. A shareholder’s right to privacy extends to all forms of contact with us, including telephone, written correspondence, and electronic media, such as the Internet. For questions concerning this policy, please contact us by writing to: Alanna Nensel, Henderson Global Investors (North America) Inc., 737 North Michigan Avenue, Suite 1700, Chicago, Illinois 60611.
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