April 30, 2010
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-
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.
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
The Fund’s investment objective is to achieve long-term capital appreciation primarily through investment in equities of
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.
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
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
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.
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
• 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
• 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.
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
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.
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.
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 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.
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
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.
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
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
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.
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
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.
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.
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
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
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
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.
• 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
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.
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.
• 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.
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
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
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
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
• 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
• 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.
Investor Services and Programs
As a shareholder of the Fund, you have available to you a
number of services and investment programs.
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
• 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
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.
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
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
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.
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
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.
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
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
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:
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 firstname.lastname@example.org
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
SEC file number: 811-10399
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
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
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
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.