We investigate a class of nominal algebraic Henkin-style models for the simply typed lambda-calculus in which variables map to names in the denotation and lambda-abstraction maps to a (non-functional) name-abstraction operation. The resulting denotations are smaller and better-behaved, in ways we make precise, than functional valuation-based models. Using these new models, we then develop a generalisation of λ-term syntax enriching them with existential meta-variables, thus yielding a theory of incomplete functions. This incompleteness is orthogonal to the usual notion of incompleteness given by function abstraction and application, and corresponds to holes and incomplete objects.