The investment objective of the Sub-Fund is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the European Economic and Monetary Union (the “EMU”). In order to achieve this investment objective, the investment policy of the Sub-Fund is to invest in a portfolio of equity securities that so far as possible and practicable consists of the component securities of the MSCI EMU Index, the Sub-Fund’s benchmark index. The Sub-Fund’s investments will normally be listed or traded on Regulated Markets in the EMU, but may alternatively be listed and traded on other Regulated Markets.
