Chemistry Lab Report on standardization of acid and bases Essay

Purpose: To prepare standardize solution of sodium hydroxide and to determine the concentration of unknown sulfuric acid solution. Data and Calculations: This experiment is divided into two parts (Part A and Part B). In the first part of experiment, the standardize solution of sodium hydroxide is prepared by titrating it with base Potassium hydrogen phthalate (KHP). The indicator Phenolphthalein is used to determine that whether titration is complete or not. PART A: Standardization of a Sodium Hydroxide solution NaOH Sample Code = O Trial 1 Mass of KHP transferred = 0.42 g Volume of Distilled water = 25 mL Volume of NaOH used = 22.50 mL Molar mass of KHP = 204.22 g/mol No. of moles of KHP = Mass of KHP used / Molar mass = 0.42 g / 204.22 g/mol = 0.0021 moles Concentration of NaOH = No. of moles / Volume = [0.0021 mol / {(22.50 + 25) / 1000} L] * 100 = 4.4 M Trial 2 Mass of KHP transferred = 0.4139 g Volume of Distilled water = 25 mL Volume of NaOH used = 22.80 mL Molar mass of KHP = 204.22 g/mol No. of moles of KHP = Mass of KHP used / Molar mass = 0.4139 g / 204.22 g/mol = 0.0020267 moles Concentration of NaOH = No. of moles / Volume = [0.0020267 mol / {(22.80 + 25) / 1000} L] * 100 = 4.24 M Trial 3 Mass of KHP transferred = 0.4239 g Volume of Distilled water = 25 mL Volume of NaOH used = 23.10 mL Molar mass of KHP = 204.22 g/mol No. of moles of KHP = Mass of KHP used / Molar mass = 0.4239 g / 204.22 g/mol = 0.0020757 moles Concentratio n of NaOH = No. of moles / Volume = [0.0020757 mol / {(23.10 + 25) / 1000} L] * 100 = 4.32 M Trial 4 Mass of KHP transferred = 0.4311 g Volume of Distilled water = 25 mL Volume of NaOH used = 22.60 mL Molar mass of KHP = 204.22 g/mol No. of moles of KHP = Mass of KHP used / Molar mass = 0.4311 g / 204.22 g/mol = 0.0021109 moles Concentration of NaOH = No. of moles / Volume = [0.0021109 mol / {(22.60 + 25) / 1000} L] * 100 = 4.43 M Table: Trail 1 Mass weighing bottle + KHP (g) Mass empty weighing bottle (g) Mass of KHP transferred (g) Initial volume of burette, Vi (mL) Final Volume of burette, Vf(mL) Volume of NaOH used (mL) Trial 2 Trial 3 Trial 4 11.561 11.6217 11.6113 11.6329 11.1461 11.2078 11.1874 11.2018 0.4200 0.4139 0.4239 0.4311 4.30 6.30 10.1 33.20 26.80 29.10 33.20 55.80 22.50 22.80 23.10 22.60 Concentration of NaOH (moles/L) 4.4 4.24 4.32 Average concentration of NaOH = [4.4 M + 4.24 M + 4.32 M + 4.43 M] / 4 = 4.35 M 1. % Difference between Trial 1 and Trail 2 = [4.24 M / 4.4 M] * 100 % = 96.3 % Difference = (100 – 96.3) % = 3.7 % 2. % Difference between Trial 2 and Trail 3 = [4.24 M / 4.32 M] * 100 % = 98.1 % Difference = (100 – 98.1) % = 1.9 % 3. % Difference between Trial 3 and Trail 4 = [4.32 M / 4.43 M] * 100 % = 97.5 % Difference = (100 – 97.5) % = 2.5 % 4.43 Observations: KHP is white color crystals and has definite shape. NaOH is clear and transparent solution with no color. In the first trial, after adding 90 drops of NaOH solution there was repeatedly appearance and disappearance of light pink color. When the whole solution of KHP and water get titrated then, the color of solution becomes light pink and it stays permanently. The same color changes happen with the next three trials. Concentration of NaOH was almost similar for every trials. PART B: Concentration of Sulfuric Acid solution H2SO4 Sample Code = 34 Trial 1: Volume diluted acid = 25 mL Volume of NaOH used = 14.39 mL H2SO4 (aq) + 2NaOH (aq) 2H2O (l) + 2Na2SO4 (aq) Average concentration of NaOH = 4.35 M No. of moles of NaOH = (Average concentration of NaOH) * (Volume of NaOH used) = 4.35 M * (14.39 / 1000) L = 0.0626 moles No. of moles of H2SO4 = 0.0626 mol / 2 = 0.0313 moles Concentration of H2SO4 = No. of moles / (volume of diluted acid / 1000) = 0.0313 mol / (25 / 1000) L = 1.2 M Trial 2: Volume diluted acid = 25 mL Volume of NaOH used = 13.51 mL H2SO4 (aq) + 2NaOH (aq) 2H2O (l) + 2Na2SO4 (aq) Average concentration of NaOH = 4.35 M No. of moles of NaOH = (Average concentration of NaOH) * (Volume of NaOH used) = 4.35 M * (13.51 / 1000) L = 0.0588 moles No. of moles of H2SO4 = 0.0588 mol / 2 = 0.0294 moles Concentration of H2SO4 = No. of moles / (volume of diluted acid / 1000) = 0.0294 mol / (25 / 1000) L = 1.2 M Trial 3: Volume diluted acid = 25 mL Volume of NaOH used = 14.10 mL H2SO4 (aq) + 2NaOH (aq) 2H2O (l) + 2Na2SO4 (aq) Av erage concentration of NaOH = 4.35 M No. of moles of NaOH = (Average concentration of NaOH) * (Volume of NaOH used) = 4.35 M * (14.10 / 1000) L = 0.0613 moles No. of moles of H2SO4 = 0.0613 mol / 2 = 0.0307 moles Concentration of H2SO4 = No. of moles / (volume of diluted acid / 1000) = 0.0307 mol / (25 / 1000) L = 1.2 M Trial 4: Volume diluted acid = 25 mL Volume of NaOH used = 14.20 mL H2SO4 (aq) + 2NaOH (aq) 2H2O (l) + 2Na2SO4 (aq) Average concentration of NaOH = 4.35 M No. of moles of NaOH = (Average concentration of NaOH) * (Volume of NaOH used) = 4.35 M * (14.20 / 1000) L = 0.0618 moles No. of moles of H2SO4 = 0.0618 mol / 2 = 0.0309 moles Concentration of H2SO4 = No. of moles /  (volume of diluted acid / 1000) = 0.0309 mol / (25 / 1000) L = 1.2 M % Difference between Trail 1 and Trail 2 = [1.2 M / 1.2 M] * 100 % = 100 % Difference = (100 – 100) % =0% % Difference between Trail 1 and Trail 2 = [1.2 M / 1.2 M] * 100 % = 100 % Difference = (100 – 100) % =0% % Diff erence between Trail 1 and Trail 2 = [1.2 M / 1.2 M] * 100 % = 100 % Difference = (100 – 100) % =0% % Difference between Trail 1 and Trail 2 = [1.2 M / 1.2 M] * 100 % = 100 % Difference = (100 – 100) % =0% Table 2: Trail 1 Volume diluted acid titrated (mL) Initial Volume of burette, Vi (mL) Final Volume of burette, Vf (mL) Volume NaOH used (mL) Concentration Of Sulfuric Acid Trail 2 Trial 3 Trial 4 25 25 25 25 2.41 17.20 8.50 22.60 16.94 30.71 22.60 36.80 14.39 13.51 14.10 14.20 1.2 M 1.2 M 1.2 M 1.2 M Observations: The H2SO4 is colorless and transparent liquid. The NaOH solution is colorless, odorless and transparent liquid. While doing the first trail, there were continuous appearance and disappearance of light pink color. After adding 10 mL of NaOH solution the pink color starts appearing. At certain volume the light pink color appeared, indicating that titration is done. The indictor phenolphthalein has no color and there was no specific odor of reagent. Discussion: Average concentration of NaOH solution was 4.35 M. There are many sources of error in this experiment as we got some percentage differences in the two different trials. For the Trial 1 and Trial 2, the percentage difference is 3.7 % which is significant difference to be noted. This percentage difference could occur due to many reasons such as not measuring the KHP properly as we got 0.42 g for first trial and 0.4139 g for second trial of KHP for performing titration but it is more than required value as per literature value is concerned (0.40 g). The almost same percentagedifference occurs for next two trials (1.9 % and 2.5 %). The KHP is always 99.9 % pure, so the titration should give perfect results (Lab Manual). The other possible errors was due to the disturbance on the shelf by other students where analytical balance is placed in balance room, as it cause variability in the values in weight of KHP. In Part B of experiment, the average concentration of sulfuric was found to be 1.2 M and there was 100 % titration of both reagent (NaOH and H2SO4). This 100 % results comes due to significant figures, if significant figures would not be concerned then there would be error of 1.0 % to 2.0 % in every two trials. There was identical difference of volume of NaOH used to titrate the acid for each  trial due to some possible errors. The possible errors in this Part of experiment were same as for Part A, as the process is followed in the same way. The most significant error could occur by not shaking the flask properly while adding sodium hydroxide solution and not recognizing the pink color on the instant it appears and adding the NaOH solution vigorously into the sulfuric acid. Questions: The 10 mL volumetric pipette is rinse 2 or 5 times to make sure there is no bubble inside because air bubble can cause error in the measurement of concentration because the actual volume of unknown will be less. The accuracy and precision for both sets of experiment was almost same as there were percentage difference of concentrations lies only in 2 % to 4 %. The endpoints of titration for each set of trails in both cases (Part A and Part B) were almost same but there is little difference in volume of NaOH used which cause errors in accuracy and precision of experiment. Using the analytical balance is really careful job as it is most accurate weighing machine with accuracy of 0.0004 g (Lab Manual) and we need to be prà ©cised using the balance but some few disturbance can cause big error such as disturbance other students on the shelf it is placed on and not reading the balance properly and taking measurements fastly. Using Volumetric glassware is other method to be more accurate in experiment but there are some possible random error while reading the values such as not reading the lower meniscus of liquid cause error and not removing the air bubble from the burette and using the beaker in place graduated cylinder in case of volume as graduated cylinder is more accurate as compared to beaker (0.02 g) (Lab Manual). Sources of Experimental Error include: The Analytical balance could give wrong reading because of the disturbance due to other students on the shelf it is placed on. Also, taking the reading rapidly and not considering the reading when balance display gets steady. The possible error can occur using wrong glassware like using beaker instead of graduated cylinder. The error could occur while taking reading through graduated cylinder and not considering the lower meniscus of liquid. The air bubble in burette can cause error in the true value of NaOH used. Few drops of liquid remain in burette and volumetric pipette which causes the error. Not shaking the flask properly while adding the NaOH solution. Adding the NaOH solution vigorously into the flask. Not recognizing the pink color instantly as it appears.  Adding the more drops of indicator as needed (2 or 3 drops). The biggest error occur due to leaking of NaOH solution form burette, we lost 4 drops during every one trial and it cause the significant error in reading the volume of NaOH used. There is water left after washing the glass wares which can cause the error. This lab could be improved by improving the method of drying the graduated cylinder and beaker before filling it with the NaOH solution. The glassware could be dried by small amount of acetone. Any acetone could be removed by evaporation. Finally, the experimenter should remove the clinging droplets to the neck of burette and volumetric pipette by using Kim Wipe. Conclusion: After careful consideration of all the results and all the possible concentration, it is concluded that the average concentration of NaOH (sample code O) was 4.35 M and average concentration of H2SO4 (sample code 34) was 1.2 M.

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Market risk: The value of the instruments in which the Target Fund invests, may go up or down in response to the prospects of individual companies and/or prevailing economic conditions. Movement of overseas markets may also have an impact on the local markets. Currency risk: The Fund invests up to 95% of its NAV in the Target Fund denominated in USD. Fluctuation in foreign exchange rates will affect the value of the Fund’s foreign investments when converted into local currency and subsequently the value of Unit Holders’ investments. When USD moves unfavourably against the Ringgit, these investments will suffer currency losses. This is in addition to any capital gains or losses in the investment (please note that capital gains or losses in the Feeder Fund’s investment in the Target Fund is also exposed to currency gains or losses resulting from fluctuations in the foreign exchange rates between USD and the other currencies which the Target Fund may be e exposed to. RHBIM may utilise the hedging of currencies to mitigate this risk. Liquidity risk: The liquidity risk that exists at the Fund level is associated with the inability of the Target Fund to meet large redemption in a timely manner. In the event of large redemption request that would result in the total redemption shares in the Target Fund to be more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferred for a period typically not exceeding ten Target Fund Business Days. Regulatory risk: Any changes in national policies and regulations may have an effect on the capital markets in which the Target Fund is investing. If this occurs, there is a possibility that the unit price of the Fund may be adversely affected. Risk of Substantial Redemptions Substantial redemptions of shares within a limited period of time could require the Target Fund to liquidate positions more rapidly than would otherwise be desirable, which could adversely affect the value of the shares of the Target Fund. This risk may be exacerbated where an investment with a fixed life or where investments utilizing hedging techniques is made by the Target Fund. Suspension of NAV Calculation / Limitation of Redemption Payments The Umbrella Fund may in certain circumstances temporarily suspend the determination of the net asset value per share of the Target Fund or a specific share class of the Target Fund and the issue, redemption or exchange of shares or a particular share class in the Target Fund. As further described in the Target Fund Prospectus, if on any given date requests for redemption of shares relate to more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferr ed for a period typically not exceeding ten (10) Target Fund Business Days. CIMB Principal Equity fund Investment objective To provide investors with an opportunity to gain consistent and stable income by investing in a diversified portfolio of dividend yielding equities and fixed income securities. The Fund may also provide moderate capital growth potential over the medium to long term period. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark As this Fund is an equity fund with up to 30% of its NAV in foreign equities, the benchmark of the Fund is a composite comprising 70% KLCI + 30% MSCI AC Asia ex Japan. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on MSCI AC Asia ex Japan can be obtained from http://www.msci.com/overview/index.html and Bloomberg L.P. Investment policy and principal investment strategy The Fund may invest up to a maximum of 98% of its NAV in equities in order to gain long-term capital growth. The Fund may opt to invest in foreign equities up to a maximum of 30% of its NAV. In line with its objective, the investment policy and strategy of the Fund will be to invest in a diversified portfolio of high dividend yielding stocks and/or fixed income securities aimed at providing a stable income stream in the form of distributions to investors. The asset allocation strategy for this Fund is as follows:  up to 98% of the Fund’s NAV in a diversified portfolio of dividend yielding equities and/or fixed income securities; and at least 2% in liquid assets. The asset allocation will be reviewed periodically depending on the country’s economic and stock market outlook. The Manager will underweight/overweight equities and/or fixed income securities when necessary. CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a  review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB-Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. The criteria for stock selection would include stocks that have a medium term (2 to 5 years) dividend record or a yearly distribution policy. The Manager will also actively search for under-valued high dividend yielding stocks that may also offer promising long term capital appreciation. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. CIMB-Principal employs an active asset allocation strategy depending upon the equity market expectations. Where appropriate, the Manager will also employ an active trading strategy in managing the Fund. As this Fund is defensive in nature and designed to cater for the needs of more risk-averse equity investors, this Fund will serve well in bear market conditions. However, in bull market the Fund will underperform the market as the Manager will not take on more risk to divert into highly volatile aggressive stocks. Further, in times of adversity in equity markets and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. The Manager has appointed CIMB-Principal (S), as the Sub-Manager for the foreign investments of this Fund with the approval of the SC and the Trustee. CIMB-Principal (S) will be responsible for investing and managing these foreign investments in accordance with the investment objective and within the investment restrictions. All costs of this appointment will be borne by the Manager to ensure no additional fee is levied on the Unit holders of this Fund. The Fund may invest in foreign markets where the regulatory authorities are members of the International Organisation of Securities Commissions (IOSCO). The Fund’s investments in foreign markets will be subject to the limit set by BNM and any conditions imposed by the SC from time to time. Currently, the Fund’s holding in foreign investments will not exceed 30% of its NAV. The Sub-Manager may invest beyond this limit provided the approvals are obtained from the relevant authorities (where necessary) and any increase will be reflected in a supplementary prospectus (if deemed necessary). Notwithstanding the aforesaid, the Sub-Manager may decide not to invest in foreign securities as may be agreed upon by the Manager from time to time. Balanced fund Investment objective: To grow the value of investment over the long term through a diversified portfolio with equity and fixed income securities. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: As this Fund may invest up to 60% of it NAV in equities with the balance in fixed income securities, the benchmark of the Fund is a composite comprising 60% KLCI + 40% CIMB Bank 1-month Fixed Deposit Rate. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on CIMB Bank 1-month Fixed Deposit Rate can be obtained from CIMB Bank website (www.cimbbank.com.my). Investment policy and principal investment strategy The Fund aims to invest in a diversified portfolio of equities and fixed income investments. In line with its objective, the investment policy and strategy of the Fund will be to maintain a balanced portfolio between equities and fixed income investments in the ratio of 60:40. The fixed income portion of the Fund is to provide some capital stability to the Fund whilst the equity portion will provide the added return in a rising market. The investments by the Fund in equity securities shall not exceed 60% of the NAV of the Fund and investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund with a minimum rating of â€Å"BBB3† or â€Å"P3† by RAM or equivalent rating by MARC, Moody’s, SP or Fitch. The asset allocation strategy for this Fund is as follows: the equity securities will not exceed 60% of the Net Asset Value of the Fund; investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund; and at all times, at least 2% of the NAV of the Fund must be maintained in liquid assets. The asset allocation will be reviewed periodically depending on the countrys economic and stock market outlook. In a rising market, the 60% limit may be breached. However, the Manager will seek to adjust this within a time frame approved by the Trustee. CIMB-Principal will adopt an active trading strategy and is therefore especially selective in the buying and selling of securities for the Fund. For the fixed income portion, CIMB-Principal formulates the interest rate outlook by considering factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit for the Fu nd. In the unlikely event of a credit rating downgrade, the investment manager reserves the right to deal with the security in the best interest of the Unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB-Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the Unit holders. For the equities portion, CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB-Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. Sto ck selection is based on the growth style of equity investing. As such, the criteria for stock selection would include improving fundamentals and growth at reasonable valuations. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal employs an active asset allocation strategy  depending upon the equity market expectations, and at the same time monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. Additionally, for investments in debt markets, the Manager may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. Bond fund Investment objective: The objective of CIMB-Principal Bond Fund is to provide regular income as well as to achieve medium to long term capital appreciation through investments primarily in Malaysian bonds. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: The benchmark of the Fund is the RAM Quant shop MGS Bond Index (Medium Sub-Index). Information on the benchmark can be obtained from http://www.quantshop.com Investment policy and principal investment strategy Up to 98% of the Fund’s NAV may be invested in debentures carrying at least an â€Å"A3† or â€Å"P2† rating by RAM or equivalent rating by MARC, Moody’s, SP or Fitch. The rest of the Fund is maintained in the form of liquid assets to meet any redemption payments to Unit holders. In line with its objective, the investment strategy and policy of the Fund is to invest in a diversified portfolio of approved fixed income securities consisting primarily of bonds, aimed to provide a steady stream of income. The asset allocation for the  Fund is as follows: †¢ up to 98% in debentures and other permissible investments; and †¢ at least 2% in liquid assets. The asset allocation strategy will be reviewed periodically depending on the country’s economic and bond market outlook. CIMB Principal will adopt an active trading strategy and will be especially selective in the buying and selling of securities for the Fund. CIMB-Principal formulates an interest rate outlook through examining factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit for the Fund. In the unlikely event of a credit rating downgrade, the Manager reserves the right to deal with the security in the best interest of the unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the unit holders. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. The Manager may also from time to time invest in liquid assets to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines for purposes such as hedging. Invesco Asia Infrastructure Fund (â€Å"the Target Fund†) is a sub-fund of Invesco Funds (the â€Å"SICAV†). The SICAV is incorporated as a socià ©tà © anonyme under the laws of the Grand-Duchy of Luxembourg and qualifies as an open-ended socià ©tà © d’investissement à   capital variable. The SICAV is authorized as an undertaking for collective  investment in transferable securities under the law of 20th December, 2002. The SICAV was incorporated in Luxembourg on 31st July, 1990. The Directors of the SICAV are responsible for the management and administration of the SICAV and for its overall investment policy. The Directors of the SICAV have appointed Invesco Management S.A. as management company to be responsible on a day to day basis under the supervision of the Directors, for providing administration, marketing, investment management and advice services in respect of all Invesco Funds. Invesco Management S.A. has delegated the investment management services to Invesco Hong Kong Limited (â€Å"Invesco Hong Kong†), who has discretionary investment management powers in respect of the Target Fund. Invesco Management S.A. was incorporated as a â€Å"socià ©tà © anonyme† under the laws of the Grand Duchy of Luxembourg on 19th September 1991 and its articles of incorporation are deposited with the Luxembourg Registre de Commerce et des Socià ©tà ©s. Invesco Management S.A. is approved as a management company regulated by chapter 13 of the 2002 Law. As at December 2007, its capital amounts to USD 3,840,000 and the Directors of the SICAV are also composing the board of director s of Invesco Management S.A. Invesco Management S.A. shall ensure compliance of the SICAV with the investment restrictions and oversee the implementation of the SICAV’s strategies and investment policy. Invesco Management S.A. shall send reports to the Directors of the SICAV on a quarterly basis and inform each board member without delay of any noncompliance of the Company with the investment restrictions. J.P. Morgan Bank Luxembourg S.A. (â€Å"JPMorgan†) has been appointed as the Custodian of the assets of the SICAV which will be held either directly by JPMorgan or through correspondents, nominees, agents or delegates of JPMorgan. J.P. Morgan was incorporated as a socià ©tà © anonyme incorporated on 16th May, 1973 and has its registered office at 6, route de Trà ¨ves, L-2633 Senningerberg, Grand- Duchy of Luxembourg. Investment objective and policy The Target Fund aims to achieve long term capital growth from investments in a diversified portfolio of Asian securities of issuers which are predominantly engaged in infrastructure activities. At least 70% of the total assets of the Target Fund (without taking into account ancillary  liquid assets) shall be invested in equity and debt securities denominated in any convertible currency issued by Asian companies predominantly active in the infrastructure sector. â€Å"Asian companies† shall mean companies listed in an Asian stock market and having their registered office in an Asian country or established in other countries but carrying out their business activities predominantly in Asia or holding companies investing predominantly in equity of companies having their registered office in an Asian country. Up to 30% of the total assets of the Target Fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related instruments o r debt securities (including convertible debt) issued by companies or other entities not meeting the above requirement. Invesco Hong Kong is an active manager combining bottom-up and top-down multi-factor analysis, although they have a strong focus on bottom-up stock selection where they believe it can add value. The investment universe mainly includes companies in the Asia Pacific ex-Japan region that are principally engaged in infrastructure-related activities, including companies that are involved in providing the foundation of basic services, facilities and institutions upon which the growth and development of a community depends. In addition, ‘soft’ infrastructure that includes financial support (e.g. project financing from investment banks) and maintenance support (e.g. management of communication networks) also fall into this definition. Broadly speaking, infrastructure can be classified as but is not limited to: Economic Infrastructure – to support the long term growth of the economy. These assets have a long operating life and strong monopoly position. Examples: roads, airports and ports. Utilities – to provide essential services for the community. Examples: gas/ energy/ electricity generation, distribution and retailing, water distribution and waste treatment. Social Infrastructure – to provide public sector facilities for the society. This sector has emerged as governments have embraced the public private partnership concept in order to encourage operation efficiency. Examples: train stations, hospitals, schools and stadiums. Commercial infrastructure – private sector initiatives to cater for technology advancement. Examples: satellites, cable networks and renewable power plants. For the purpose of this Fund, the Manager will be investing in Class C of the Target Fund. As at LPD, only Accumulation Shares  are available for this share class. Investors holding Accumulation Shares will not receive any distributions. Instead, the income due to them will be rolled up to enhance the value of the Accumulation Shares.