Scottish Widows UK Smaller Companies Fund C

To give capital growth by investing in UK smaller companies' shares. The Fund is actively managed by the Fund Manager who chooses investments with the aim of outperforming the Numis Smaller Companies excluding Investment Trusts Index (the “Index”) by 3% per annum on a rolling 3 year basis, before deduction of fees. At least 80% of the Fund will be invested in a portfolio of UK smaller company shares. The majority of these companies are those which are incorporated, or domiciled, or have a significant part of their business in the UK. The Fund will have between 40 and 90 holdings. The Fund Manager is limited in the extent to which positions can vary to those of the Index. The limits help to provide a balance between the spread of assets within the Fund and risk management. They also provide a balance between the amount the Fund can vary from the Index and providing the Fund Manager with flexibility to seek to outperform the Index. As a result, the Fund’s performance may differ substantially from the Index. The Numis Smaller Companies excluding Investment Trusts Index has been selected as an appropriate benchmark as it provides a representation of the returns of smaller UK listed companies by value. Investors should aim to hold their investment in the Fund for the medium to long term (at least five to ten years). Any Income received by the Fund is retained in the Fund and has the effect of increasing the share price. Derivatives and stock lending may be used for the purpose of managing the Fund in a way that is designed to reduce risk or cost and/ or generate extra income or growth (often referred to as efficient portfolio management). We calculate the value of the Fund at 8am daily on working days in the UK. Our dealing times are from 9am to 5pm each working day. Instructions received before 5pm will receive the next available price.