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1、Annual Report30 September 2009HLG European Dividend-Growth FundAudited2008/2009HLG European Dividend-Growth FundContentsPagesManagers Review and Report 1-1213-22Income Statement 23Balance Sheet 24Statement of Changes in Net Asset Value 25Cash Flow Statement 26Notes to the Financial Statements 27-38T
2、rustees Report 39Statement by the Manager 40Statutory Declaration 41Independent Auditors Report 42-43Performance Data 44-45Corporate Directory / 46Corporate Information / 47Statement by the Manager and audited financial statements for the financial year ended 30 September 20091H L G E u r o p E a n
3、D i v i D E n D - G r o w t H F u n DDear unitholder,it is our pleasure to present to you HLG European Dividend- Growth Funds (HLGEDGF) annual report for the 12-month financial year ended 30 September 2009.Global equity markets had been subject to severe adversity during the fourth quarter of 2008 o
4、n concerns over a worldwide recession caused by the u.S. sub-prime crisis and tight credit conditions. Global markets retraced further to multi-year lows in first quarter of 2009 on concerns that the u.S. governments new rescue plan for the u.S. financial sector may not be adequate in helping select
5、ed banks remain solvent. However, credit conditions appear to have improved since following several measures by global central banks and governments to inject liquidity into their financial systems and coordinated interest rate cuts since early october 2008. Hence, global markets subsequently contin
6、ued to rise as institutional investors rebalanced their portfolio towards higher equity weightings due to expectations that global economic activities were stabilising.although the MSCi Europe total return (tr) index rebounded marginally by 2.87% during the financial year under review, the index is
7、up 32.48% on a year-to-date basis. Stock markets generally trade ahead of economic cycles with an average lead time of six to nine months. thus, global equity markets rebounded in second quarter of 2009 due to perceptions that economic activities have stabilised following aggressive fiscal stimulus
8、packages and accommodative monetary policies undertaken by governments of key economies. in addition, the rebound in equity markets is also attributable to the fact that investors risk aversion has reduced, resulting in investors rebalancing their portfolios from cash/bonds to equities.on the macro
9、front, the global economy is expanding again and financial conditions have improved markedly. recent data from Europe suggest that the pace of decline is moderating. in the second quarter of 2009, euro area Managers Review and Report2H L G E u r o p E a n D i v i D E n D - G r o w t H F u n Dgross d
10、omestic product (GDp) contracted less than previously expected, with France and Germany posting positive growth and the united Kingdom registering a more moderate decline. the improvements are being driven by policy support and recovering confidence and trade output in France and Germany, which expa
11、nded moderately in the second quarter of 2009. the pace of decline in activity appears to be moderating, but the recovery will likely be modest during the coming quarters. the turnaround in the coming quarters is expected to be driven mainly by rising exports and a turn in the inventory cycle, with
12、continued support from policy stimulus. the euro area is projected to emerge from recession in the second half of 2009, with recovery strengthening over the course of 2010, while inflation should remain low. Looking ahead, anecdotal evidence suggests that downside risks to the outlook for Europe are
13、 receding, and some upside risk has surfaced in several economies. Having said that, the potential risk of countries implementing exit strategies or policy tightening implies that some level of volatility still exists in world financial markets. However, selected global equity markets continue to be
14、 supported by below trend valuations, easing inflationary pressures, accommodative monetary policies and low real interest rates. Last but not least, we would like to thank you for all the support that you have rendered us and we will strive to make the opportunity work for you.I. HLGEDGFs PERFORMAN
15、CE MEAsURED AGAINsT INVEsTMENT OBJECTIVE HLGEDGF is a European equity growth and income fund that intends to invest primarily in equity and equity-related securities of large and mid cap European companies from the DJ Stoxx and/or the MSCi Europe indices, selected according to their growth and divid
16、end prospects. the European countries include but are not limited to austria, Belgium, Denmark, Finland, 3H L G E u r o p E a n D i v i D E n D - G r o w t H F u n DFrance, Germany, Greece, ireland, italy, the netherlands, norway, portugal, Spain, Sweden, Switzerland and the u.K. the Fund endeavours to provide investors with regular income and medium-to-long term capital growth by investing in a diversified
