The aim is for the investment to reflect the performance of the MSCI EMU Index (the "reference index") which is designed to reflect the performance of the equity markets of 10 countries within the European Economic and Monetary Union ("EMU"). The reference index currently consists of stocks from the following 10 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain. To achieve the aim, the Sub-Fund will attempt to replicate the reference index by buying all (or, on an exceptional basis, a substantial number of) the constituents of the reference index in the same proportion as the reference index as determined by the Investment Manager and Sub-Portfolio Manager.