Prospectus Henderson Global Investors

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					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                                                  publicinfo@sec.gov
     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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