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The investment objective of the Fund is to provide a return which, before the application of fees and expenses, is similar to the return of the Russell 2000 Index. The Fund employs a passive management approach through physical acquisition of securities and seeks to track the performance of the Russell 2000 Index. The Index measures the performance of the small-cap segment of the US equity universe and is designed to represent approximately 98% of the investable US equity market. It includes approximately 2,000 of the smallest US stocks based on a combination of their market capitalisation and current index membership. The Fund aims to fully replicate the Index by investing in all, or substantially all, of its constituents, with portfolio weightings similar to those of the Index to the extent practicable. Income from the Fund's investments is reinvested and reflected in the price of the accumulating shares.

The objective of the Fund is to track the performance of smaller U.S. companies. The Fund seeks to track the performance of the Russell 2000 Index (the Index) as closely as possible. The Fund invests primarily in securities included in the Index. These securities are issued by c. 2000 smaller U.S. companies. In seeking to track the performance of the Index, the Fund will use an optimisation strategy to build a representative portfolio which should reflect the performance of the Index. Consequently, the Fund will typically hold only a subset of the securities included in the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.