Interim Management Statement

RNS Number : 1775T

Schroder UK Growth Fund PLC

23 September 2010

SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 July 2010

The Board of Schroder UK Growth Fund Plc ("the Company") announces its first Interim Management Statement for the year ending 30 April 2011, as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 May 2010 to 31 July 2010.

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 2010

Gross Assets	£213.8million
Net Asset Value per Ordinary Share	122.38p
Share Price	118.25p
Premium/(Discount)	(3.37%)
Number of Holdings	37
Net Effective Gearing	7.0%
Yield	2.3%

% Cumulative Performance to 31 July 2010

Performance over	3m	6m	1yr
Share Price (Total Return)	2.2	13.3	26.6
Net Asset Value (Total Return)	(1.8)	9.0	24.4
FTSE All Share Total Return Index	(4.4)	4.0	19.4

All Performance Data Source: Fundamental Data

Portfolio Information as at 31 July 2010

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Lloyds Banking Group	Financials	9,637,018	4.77
Barclays	Financials	8,295,734	4.11
Misys	Technology	8,066,635	4.00
Xstrata	Basic Materials	7,943,607	3.93
Royal Dutch Shell B	Oil & Gas	7,659,746	3.79
Standard Chartered	Financials	7,508,385	3.72
Rio Tinto	Basic Materials	7,178,431	3.56
Dana Petroleum	Oil & Gas	7,151,278	3.54
Burberry Group	Consumer Goods	7,091,346	3.51
BHP Billiton	Basic Materials	6,877,925	3.41

Sector Allocation

Sector		Percentage of NAV
Financials	22.64
Consumer Services	15.89
Basic Materials	10.90
Technology	10.86
Oil & Gas Consumer Goods	10.65 10.38
Industrials	7.74
Healthcare Telecommunications	4.70 3.37
Utilities	2.87

Changes to Share Capital during the Quarter ended 31 July 2010

	Issued Ordinary Shares of 25p each
As at 1 May 2010	153,532,049
Shares bought back for cancellation during the quarter	41,000
Shares bought for holding in treasury during the quarter	Nil
Shares sold from treasury during the quarter	Nil
Shares already held in treasury	Nil
Shares cancelled from treasury	Nil
Shares remaining in issue as at 31 July 2010	153,491,049

Material Events or Transactions

Annual General Meeting

The Annual General Meeting of the Company was held on 5 August 2010 and all resolutions were passed by shareholders.

Conversion of Subscription Shares

On 9 August 2010, the Company issued 1,152,493 ordinary shares following the exercise of conversion rights by a number of subscription shareholders. The ordinary shares rank pari passu with the existing ordinary shares and commenced trading on 9 August 2010. Following this issue there are 154,643,542 ordinary shares and 30,033,445 subscription shares in issue.

There have been no other material events or transactions that have taken place between 1 May 2010 and the date of publication of this Statement.

Company Information as at 31 July 2010

SEDOL Code	0791348
Sector	Equity Investment Instruments
Launch Date	25 April 1994
Financial Year End	30 April
Next Dividend Payment	January 2011
Last Ex Dividend Date	14 July 2010