Structures Available to Small Voluntary Organizations Case Study - 6

Structures Available to Small Voluntary Organizations - Case Study Example Despite of there is a rather thorough interview process for volunteers that is aimed at determining the skill-need matches as well as a prior verbal scheduling of all the volunteer times, there seems to be a pertinent problem with the communication process at the organization as the volunteer supervisor constantly did not have the projects ready for the volunteers to work on during their previously agreed upon volunteer time slots. This persistent lack of a communication plan and clear communication processes is seen to have resulted in there being diminished enthusiasm for the cause fronted by the volunteer organization. There are a number of different communication processes that can effectively be used by small voluntary organizations; these processes which include the horizontal communication processes, diagonal communication processes, lateral communication processes and vertical communication processes. Horizontal Communication Processes: Horizontal communication structures and processes which are also referred to as lateral communication are defined as being the flow of messages across the different functional areas at a given level within the organization. In lateral communication processes, people working at the same level within an organization are able to communicate directly with each other without their having to go through the different levels of the organization. Lateral Communication Processes: Lateral communication processes and structures are seen to involve communication which occurs between individuals that do not stand in any form of a hierarchical relationship with each other. Diagonal Communication Processes: Diagonal communication structures and processes are seen to refer to communication that occurs between an organization’s workers and managers who happen to be located at different functional levels.

Stock analysis Essay Example | Topics and Well Written Essays - 1500 words

Stock analysis - Essay Example Samsung gets some space: A federal judge in California rejected a request from Apple Inc. to block Samsung from importing 4 Samsung producs: Infuse 4G, Galaxy S 4G, Droid Change and Galaxy Tab 10.1. Apple had claims that these products violates its patents. The judge rules that the products are not a significant threat to Apple. A trial is scheduled in July to settle the patent liability issue Apple Inc. is a leading organization involved in designing, manufacturing, and marketing of personal computers, mobile communication devices, portable digital music and video players. The company is also involved in related software, services, peripherals, networking solutions, and third-party digital content and applications worldwide. Its products and services include iPhone, iPad, Mac, iPod, Apple TV, iOS and the Mac OS X, I Cloud and various accessory and support offerings. It’s customers include small and mid-sized business, consumers, enterprises as well as government customers. The company’s sales force include retail stores, online stores, as well as direct sales force. The company also sells its products through partnership with third-party cellular network carriers, wholesalers, retailers and value-added resellers. It primarily started as a company in the personal computers industry. The industry has been witnessing significant changes in terms of the way services are provided to the customer. Some of the key competitors in the space include Dell, Microsoft and HP. The market for personal computers is characterized by minimal differentiation. Apple is the only manufacturer that uses Mac OS. As a result, the operating system has a significantly less market share. Majority of the market in this space is dominated by Windows, the operating system from Microsoft. The industry has been witnessing downward trend in terms of shipments in US. In the mobile handset industry, the company faces stiff competition from companies like Samsung, HTC, Google, Nokia,

Capital Punishment Essay Example for Free

Capital Punishment Essay Capital punishment is viewed by the law as the act of deterring a person from performing a certain crime that poses threat to the lives of human being. Through capital punishment, life is lost and this method in a way makes sure that a particular crime isn’t repeated by a particular person thus completely deterring the person from repeating the crime. It should be noted that though death penalty is practiced, in some instances it is discriminatory and it may not award justice to the accused party. In many instances, innocent peoples have been subjected to capital punishment when in actual since they have been innocent. In other cases, the guilty have been freed because of insufficient evidence. This therefore leaves the question as to whether it is viable for death penalty to be encouraged. The cost incurred when putting a person to death, the trials and sometimes the effects have led to many countries thinking otherwise about the issue and many are drafting the bills that are intended to abolish the act. My personal view on capital punishment is that the law should be abolished as it does not achieve the expected results and does not give the accused party the room to change behavior and in some cases, the innocent are subjected to the sentence though they didn’t perform the crime. To support this, the following facts can be made. Status of Using the Death Penalty In the U. S. Various positions have been taken concerning death penalty or capital punishment globally. Some countries have been in favor of capital punishment while others abolished the act and still others have never passed such a law. In some countries mostly in the African continent, countries have this law in place but anybody sentenced to death is not subjected to the capital punishment but they are jailed for life. In America, there are mixed reactions as some countries and state do exercise the punishment while others do not. Still, others have abolished the law concerning capital punishment. To be specific, the number of countries or states that have favored and practiced this law 37 states while 13 of the states do not favor capital punishment. Many presidents have indicated that death penalty does not work or rather doe not achieve the intended purpose. What is the Purpose of the Death Penalty Advantages/benefits of the Death Penalty There are various benefits that are associated with death penalty/ though it may not be real that they are real benefits, capital punishment is entitled to Deter a person accused of doing a certain crime from repeating the same crime or similar again. This being the case, capital punishmen6t should be advocated as it would reduce the number of capital offenders in society. At the same time, capital punishment may serve as a warning to others who may have been involved in the act to desist from committing crimes that may lead to capital punishment. Still, those who may be starting the act may fear and desist from committing these crimes for fear of the consequences. Because of the various options given to an accused person, to some extent it is difficult to kill an innocent person. This therefore being the case, capital punishment is important as it eliminates those people who are likely to disturb the societal peace. It shoed be noted that various chances are given to the accused to prove their innocent. The judges do not rule in favor of capital punishment unless they are sure that the provided evidence justifies a person to be sentenced to capital punishment. It is also sometimes to credit death penalty on the bases of an eye for an eye. If a person is therefore accused and convicted of murder or killing, why shouldn’t they be given the same fate so that it can act as a way of retribution. Many people fear death and killing a person as a sentence may forbid others who may be planning to kill others as they would think that they will also be killed if caught. A convicted [person may also kill others in prison if they know that the only possible penalty they ,may receive is fine or life imprisonment. This being the case, they should be killed to avoid killing others. Therefore death penalty is an important war to incapacitate a person. Disadvantages/disbenefits of the Death Penalty Death penalty has a lot of disadvantages and these include the fact that there may be a possibility of false conviction. This being the case, an innocent person may be killed because of may be shoddy witnesses, bribery or if there was a grudge between the parties involved. There have been mane cases where a person is convicted to be killed but just before the act takes place, new evidence delinks the person from the act. Still others were killed only new evidence obtained that de alienated the already killed person. This therefore indicated that death penalty has a lot of flaws. At the same time, the costs involved before a person I convicted of cap[ital punishment are many. A lot of time is also consumed to try the accused. It should be noted that some people because of the various trials may have repented. The system may be biased. Since we have seen that there are a lot of cost implications that are involved in the process, those who don’t have the financial capabilities may not be able to afford the required lawyers, or money required to sustain the accused. At the same time, social status and racial backgrounds play a big hand in determining who will be hanged. What are the Alternatives to the Death Penalty Advantages/benefits of the Alternatives There are various alternatives to death penalty. One of the alternatives would be to sentence the accused person to life imprisonment. This would ensure that the accused is not part of the society or rather he or she is not dealing with the society in a direct way. This therefore would deter and incapacitate the person from commuting the crime. At the same time, some people do kill unintentionally and they are not able to prove this fact in court. They may therefore feel remorse and change their behavior thus becoming good members of the society.

Customer Satisfaction in Nokia

Customer Satisfaction in Nokia Marketing is a comprehensive term and it includes all resources and a set of activities necessary to direct and facilitate the flow of goods and services from producers to consumers in the process of distribution. Businessmen refer marketing process as distribution process. Human efforts, finance and management constitute the primary resources in Marketing. Marketing encompasses all activities of exchange conducted by producers and middlemen in commerce for the purpose of satisfying consumer demand. Marketing Management is responsible for organizing, directing and controlling all marketing activities included in the process of marketing. Marketing consist of a set of principles for choosing target markets, identifying consumer needs, developing wants. Satisfying products and services and delivering value to customers and profit to the company. More successful companies owe their success to practicing a thorough customer orientation. They make consumer needs the basis of company opportunities. Definition of Marketing P. Kotler defines marketing as the set of human activities directed at facilitating and consummating exchanges. The essence of marketing is exchange of products and the transaction is to satisfy human needs and wants. The American Marketing Association defines marketing as the performance of business activities that direct the flow of goods and services from producer to consumer ABOUT CUSTOMER SATISFACTION: Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. Today in the customer driven economy, all firms are engaged in a rat race to attract customers build long term relationships with their customers. The key to customer loyalty is customer satisfaction. A satisfied customer will act as a spokesperson of the companys product and bring in more customers. All the efforts put in by the marketer in the end comes down to satisfying the customers. Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. Certain ways in which customer satisfaction can be achieved: Undertaking the needs of the customer. For defter customer satisfaction a firm has to correctly determine the need of its customer. The best way to understand their needs is through collecting the opinion of the customer and finding out what they really want. Fulfilling the needs of customers. To a customer a product represents bundle of expectations. If the performance of the product falls short of expectation, the customers are dissatisfied. So a firm must try to fulfil the needs of the customers. To study the customers demand in the market. Customer demands are continuously changing. It can rise or fall. Therefore the firm should be careful and be able to satisfy the customer demand. Good quality products The firm should always be able to satisfy the customers by providing them with good quality products and be able to maintain the quality of the goods. Good service at purchase point and after sales service. Good quality services are helpful to increase the satisfaction level of the customer. Good after sales service prevents dissatisfaction, frustration and ill will among customers. It can also build up and maintain seller goodwill and better company image. STATEMENT OF PROBLEM: To find out if the customers are satisfied with services offered by NOKIA and also to find out if they have any problem with the services. Finally get the customers view on NOKIA services and also how to bring about improvements OBJECTIVES: To track customers attitude towards NOKIA To find out customer satisfaction with respect to the services offered by NOKIA To find, if the services are rendered on time to the customers and to find out if the customers would want any change in NOKIA marketing strategy SCOPE OF THE STUDY: The scope is to study the Customer Satisfaction on the Services provided By NOKIA in UK. It looks at the general satisfaction levels of the customers of NOKIA. It also tries to find out how long the customers has been associated with NOKIA, the research also seeks to provide the company with suggestions for improving the services provided by them and also provides information to the company about the rising competition faced by them. DATA COLLECTION TECHNIQUE Data collection instrument is an instrument through which data is collected as accurate as possible. It should be easy to use convenient for obtaining data and the researcher should find it easy to gather accurate data using this instruments used in research are- QUESTIONNAIRE: These contents a set of question which are all the people respond back by answering question choice answers. It is the most common method. MAIL SURVEY: This instrument is a questionnaire but it is sent by mail and response is also obtained by Mail, However, the response could be low. Apart from this there are also other mechanical or electronic devices which are also used for getting data. INDUSTRIAL PROFILE About the company Nokia Corporation (NYSE: NOK) is one of the worlds largest telecommunications equipment manufacturers. It has since established a leading brand presence in many local markets, and business has expanded considerably in all areas to support customer needs and the growth of the telecommunications industry. Nokia also produces mobile phone infrastructure and other telecommunications equipment for applications such as traditional voice telephony, ISDN, broadband access, professional mobile radio, voice over IP, wireless LAN and a line of satellite receivers. Nokia provides mobile communication equipment for every major market and protocol, including GSM, CDMA, and WCDMA. SWOT Analysis of the Company: Nokia Strengths: Nokia has largest network of distribution and selling as compared to other mobile phone company in the world. It is backed with the high quality and professional team in the HRD Dept. The financial aspect is very strong in case of Nokia as it has many profitable business. The product being user friendly and have all the accessories one want that is why is in great demand making it No-1 selling mobile phones in the world. Wide range of products for all class. The re-sell value of Nokia phones are high compared to other companys product. Weakness: Nokia has many strengths and some weakness. Some of the weakness includes the price of the product offered by the company. Some of the products are not user friendly. Not concern about the lower class of the society people. Not targeting promotion toward them. The price of the product is the main issue. The service centers in India are very few and scare. So after sales service is not good. Opportunity: Nokia has ample of opportunity to expand its business. With the wide range in products, features and different price range for different people, it has an advantage over the competitors around. With the opportunity like Telecom penetration in India being at the peak time, Nokia has an opportunity to increase its sales as well as the market share. As the standard of living in India has increased the purchasing power of the people as increased as well Threats: Nokia has many threats to tackle to maintain its position as market leader. The threats like emerging of other mobile companies in the market. The companies like Motorola, Sony Eriksson, Cingular (U.S) etc. these companies have come to the stand of tough competition with Nokia in the field of Mobile Phones. Threats can be like providing cheap phones, new features, new style and type, good after sales service etc. So, Nokia has to keep in mind the growing competition around. Nokia has to make strategies to tackle problems in the present and the near future. The growing demand of WLL network can cause drop in sales for Nokia, as Nokia provides many less CDMA phones to the customer.

California Youth Authority :: essays research papers

The California Youth Authority or the CYA as it is more commonly known, is an institution which provides a range of education, treatment, and training services for youthful offenders committed by courts. This system has been plagued by multitudes of problems for many years that need to be fixed. â€Å"The California Youth Authority is responsible for the protection of society form the criminal and delinquent behavior of young people(Hill, Legislative Analyst).† This is reached mainly through custodial control of these juveniles and the implementation of vocational, education, health, and mental health treatment services. As of now, CYA uses large, remote, high-security facilities. They may be called "schools," but with about 400 kids in each one, they are more like warehouses, storing wards until they are ready for release. For decades, experts and officials have dismissed this model as incapable of meeting the juvenile justice system’s goal of rehabilitating youth. The CYA is clearly not working the way the way that it was designed to run. For instance, three out of four wards who end up in the California Youth Authority are arrested on new criminal charges within three years of their release, which proves the institution's failure to rehabilitate the state's most troubled juvenile offenders. Experts say the high number does not address how much California could gain from approaches used in other states (like Mississippi) such as housing wards in smaller facilities, providing intensive treatment programs, and offering more supervision and assistance after a ward is released. â€Å"In smaller, rehabilitation centers, youth would be under the supervision of trained social workers and mental health experts – not prison guards.(LAO Report, pg. 7).† This would allow the offenders to be in closer contact with their families, as well as a variety of services. The average age of a CYA institution is 43 years old. This means the there are many maintenance and repair needs and, at some point, many buildings will have to be replaced. Also, the population that many of the institutions were designed for 40 or 50 years ago is different than today’s youthful offender. â€Å"Finally, the ward population has decreased from a high of over 10,000 in 1996 to its current level of 4,300. This decline has resulted in overcapacity and presents an opportunity to consider closure(Lao Report, pg. 11).† Closing some institutions would save the state money, and enable the state to implement programs to lower recidivism rates.

The Purpose of Education Essay -- Philosophy of Education Teaching Tea

The Purpose of Education In attempting to define the true purpose for education, people tend to focus on goals, which differ from one person to another. Most Americans approach education as a means to end. Many focus on the possible social, economic, and political benefits that can come from furthering education. While education certainly is capable of producing amazing results in these specific physical realms, perhaps we shouldn’t focus on its material goals, but rather on its mental impact, which is where reason is derived from. Through the use of reason in the form of education, we will be better able to come to terms with ourselves and our environment, which will bring us closer to reaching our full potentials as human beings. It is our advanced intelligence which makes us unique in this world, and perhaps it is the use of reason which will eventually reveal our true purpose of being. The first step toward reaching our full potential deals with gaining a better understanding of ourselves. Simply by being honest with ourselves and using our given ability to reason, we will be better able to come to terms with what is truly our purpose of living. By concerning ourselves with the absolutes of human nature we will be much closer to reality, opposed to an approach that is simply based on already established ideals. Armed with reason and a good understanding of our own human nature we will be more prepared to understand and react to our ... The Purpose of Education Essay -- Philosophy of Education Teaching Tea The Purpose of Education In attempting to define the true purpose for education, people tend to focus on goals, which differ from one person to another. Most Americans approach education as a means to end. Many focus on the possible social, economic, and political benefits that can come from furthering education. While education certainly is capable of producing amazing results in these specific physical realms, perhaps we shouldn’t focus on its material goals, but rather on its mental impact, which is where reason is derived from. Through the use of reason in the form of education, we will be better able to come to terms with ourselves and our environment, which will bring us closer to reaching our full potentials as human beings. It is our advanced intelligence which makes us unique in this world, and perhaps it is the use of reason which will eventually reveal our true purpose of being. The first step toward reaching our full potential deals with gaining a better understanding of ourselves. Simply by being honest with ourselves and using our given ability to reason, we will be better able to come to terms with what is truly our purpose of living. By concerning ourselves with the absolutes of human nature we will be much closer to reality, opposed to an approach that is simply based on already established ideals. Armed with reason and a good understanding of our own human nature we will be more prepared to understand and react to our ...

An Evaluation of the Performance of Three Different Mutual Funds Essay

Asset Allocation: Up to 95% of the Fund’s NAV will be invested in equities. Minimum of 5% of the Fund’s NAV will be invested in sukuk, Islamic debt instruments, Islamic money market instruments and/or liquid assets acceptable under Shariah principle Investment Strategy And Policy RHB Islamic Growth Fund is geared towards investors who look for Shariah compliant instruments that provide long term capital appreciation. The Fund will be mainly investing in public listed companies with growth potential,  sukuk, Islamic debt securities and other securities acceptable under the Shariah principles. Selection of equity investments of the Fund will be in line with those in the SC’s Shariah list which is updated and published twice a year. The External Investment Manager utilises a strategy that seeks attractively priced companies in undervalued sectors, or in sectors that have strong upward stock price momentum by seeking businesses that demonstrate strong increase in earnings per share and continue to strengthen their fundamental capabilities and competitive positions, amongst others. The Fund may invest in fixed income securities to preserve the value of the Fund under volatile market conditions. For fixed income securities, the Fund seeks investments amongst the Shariah compliant fixed income papers that are of investment grades. As such, the equities holding may be reduced. Performance Benchmark: FTSE Bursa Malaysia Emas Shariah Index. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investors’ sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labour shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than The performance of each individual stock that a unit trust fund invests is dependent upon the management quality of the particular company and its growth potential. Hence, this would have an impact on the unit trust fund’s prices and its dividend income. RHBIAM aims to reduce all these risks by using diversification that is expected to reduce the volatility as well as the risk for the Fund’s portfolio. In addition, RHBIM will also perform continuous fundamental research and analysis to aid its active asset allocation management especially in its stock selection process. This risk is associated with investments that are quoted in foreign currency denomination. When an underlying fund is denominated in a foreign currency  which fluctuates unfavourably against the Ringgit, the investment in the Fund may face currency loss in addition to the capital gains/losses. This will lead to a lower NAV of the Fund. Currency risks could be mitigated on a two-pronged approach. Firstly by spreading the investable assets across differing currencies and secondly by utilising forward contracts to hedge the currencies if it is deemed as necessary to do so. Bond issuers may default or reschedule their repayment. When this occurs the value of the defaulted bond would fall and cause the NAV of the underlying fund to decline in a similar proportion. This risk can be mitigated by careful selection of bond funds and in any case this Fund only invests in bond funds that invest in investment grade bonds. The performance of equities and money market instruments held by the underlying funds are also dependent on company specific factors like the issuer’s business situation. If the company-specific factors deteriorate, the price of the specific security may drop significantly and permanently, possibly even regardless of an otherwise generally positive stock market trend. Risks include but are not limited to competitive operating environments, changing industry conditions and poor management. Since the Fund invests into funds managed by other fund houses, the Manager has no control over the respective fund houses’ investment technique, knowledge or management expertise. In the event of mismanagement, the NAV of the Fund which invests into the Target Funds would be affected negatively. Although the probability of such occurrences is far fetched, should the situation arise the Manager reserves the right to seek an alternative fund manager and/or other collective investment scheme that is consistent with the objective of the Fund. Any changes in national policies and regulations may have an effect on the capital markets in which the Target Funds are investing. If this occurs there is a possibility that the unit price of the Fund may be adversely affected. Since a large portion of the Fund’s NAV is invested in the Target Fund, investment into the Fund assumes the risks inherent in the respective Target Funds. The specific risks to investors when investing in the Fund include the following: Investment manager risk As this Fund invests at least 95% of its NAV in the Target Fund, it is subject to the risk associated with the investment manager of the Target  Fund. This is the risk associated with the following:- (i) The risk that the investment manager may under-perform the target or the benchmark of the Target Fund due to the investment manager making poor forecasts of the performances of securities, asset classes or markets; (ii) The risk of non-adherence to the investment objectives, strategy and policies of the Target Fund, which may occur due to system failure or the inadvertence of the investment manager; and  (iii) The risk of direct or indirect losses resulting from inadequate or failed operational and administrative processes, systems and people. RHBIM has no control over the investment manager’s investment strategy, techniques and capabilities, operational controls and management of the Target Fund. Any mismanagement of the Target Fund may negatively affect the NAV of the Fund. In the event of such occurrence, RHBIM would seek an alternative investment manager and/or other target fund that is consistent with the objective of the Fund. 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, S&P 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 country’s 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 fo r the Fund. 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, S&P 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.