Interim Management Statement

RNS Number : 7227C

Schroder UK Growth Fund PLC

04 September 2008

SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 July 2008

The Board of Schroder UK Growth Fund plc ('the Company') announces its first Interim Management Statement for the year ending 30 April 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 May 2008 to 31 July 2008.

Investment Objective

The Company's principal investment objective is to achieve capital growth predominantly from investment in UK equities, with the aim of providing a total return in excess of the FTSE All-Share Index.

Company Statistics as at 31 July 2008

Gross Assets	£239.3 million
Net Asset Value per Ordinary Share	125.44p
Share Price	121.50p
Premium/(Discount)	(3.1%)
Number of Holdings	37
Net Gearing	21.4%
Yield	3.3%

% Cumulative Performance to 31 July 2008

Performance over	3m	6m	1yr
Share Price (Total Return)	(7.6)	(4.6)	(13.7)
Net Asset Value (Total Return)	(9.2)	(5.8)	(15.8)
FTSE All-Share Total Return Index	(10.6)	(6.2)	(13.3)

All Performance Data Source: Fundamental Data

Portfolio Information as at 31 July 2008

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Barclays	Financials	12,309,754	5.34
BG Group	Oil & Gas	11,503,044	4.99
Xstrata	Basic Materials	10,906,387	4.73
BHP Billiton	Basic Materials	10,093,846	4.38
BP	Oil & Gas	9,859,904	4.28
Invensys	Technology	9,031,631	3.92
Charter	Industrials	8,455,616	3.67
Standard Chartered	Financials	7,839,001	3.40
Burberry Group International Personal Finance	Consumer Goods Financials	7,289,975 7,028,180	3.16 3.05

Sector Allocation

Sector

Percentage

of NAV

Financials	33.80
Consumer Services	16.20
Oil & Gas	14.10
Basic Materials Industrials Consumer Goods	14.05 10.34 9.11
Technology	9.98
Utilities Healthcare	3.26 3.30
Telecommunications	2.71

Changes to Share Capital during the Quarter ended 31 July 2008

	Issued Ordinary Shares of 25p each
As at 1 May 2008	157,376,900
Shares bought back for cancellation during the quarter	Nil
Shares bought for holding in treasury during the quarter	Nil
Shares sold from treasury during the quarter	Nil
Shares already held in treasury	500,000
Shares cancelled from treasury	500,000
Shares remaining in issue as at 31 July 2008	156,876,900

Material Events or Transactions

Appointment and Retirement of Directors

Mr Andrew Hutton was appointed as a Director of the Company on 3 September 2008 following the retirement of Mr Ian Phillips from the Board at the Annual General Meeting of the Company held on 5 August 2008.

Second Interim Dividend

The second interim dividend of 2.20 pence per share for the year ended 30 April 2008 was paid on 31 July 2008.

Company Information as at 31 July 2008

SEDOL Code	0791348
Sector	Equity Investment Instruments
Launch Date	25/04/1994
Financial Year End	30 April
Last Dividend Payment	31 July 2008
Last Ex Div Date	16 July 2008