Interim Management Statement

RNS Number : 3165P

Schroder UK Growth Fund PLC

30 September 2011

SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter Ended 31 July 2011

The Board of Schroder UK Growth Fund Plc ("the Company") announces its first Interim Management Statement for the year ending 30 April 2012, as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 May 2011 to 31 July 2011.

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.

Annual General Meeting

The Annual General Meeting of the Company was held on 1 August 2011 with all resolutions being passed by shareholders.

Company Statistics as at 31 July 2011

Gross Assets	£244.2 million
Net Asset Value per Ordinary Share (Diluted Cum Income)	136.50p
Share Price	128.50p
Discount	5.86%
Number of Holdings	38
Net Effective Gearing	10.7%
Yield	2.3%

% Cumulative Performance to 31 July 2011 (Total Return Basis)

Performance over	3m	6m	1yr	3yr
Share Price	(5.1)	(2.1)	11.1	16.5
Net Asset Value	(3.3)	0.6	15.3	19.2
FTSE All-Share Index	(3.3)	1.2	14.9	22.8

Source for all performance data: Morningstar

Portfolio Information as at 31 July 2011

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of Net Asset Value
GlaxoSmithKline	Healthcare	11,489,040	4.73
Royal Dutch Shell B	Oil & Gas	10,211,474	4.21
Xstrata	Basic Materials	10,133,867	4.17
BG Group	Oil & Gas	9,455,557	3.89
Rio Tinto	Basic Materials	9,340,976	3.85
Tate & Lyle	Consumer Goods	8,518,059	3.51
Burberry Group	Consumer Goods	7,939,879	3.27
Misys	Technology	7,827,261	3.22
Virgin Media	Telecommunications	7,509,784	3.09
Lloyds Banking Group	Financials	7,362,437	3.03

Sector Allocation

Sector

Percentage of

Net Asset Value

Consumer Services	19.6
Financials	18.8
Consumer Goods	12.4
Basic Materials	12.4
Technology	11.5
Oil & Gas	11.3
Industrials	8.4
Healthcare	8.2
Utilities	5.1
Telecommunications Other net liabilities	3.4 (11.1)

Changes to Share Capital during the Quarter Ended 31 July 2011

None - there remained a total of 155,907,095 ordinary shares of 25p each and 28,769,892 subscription shares of 1p each in issue at 31 July 2011. For changes in share capital since the quarter-end, see below.

Conversion of Subscription Shares Subsequent to the Quarter End

On 15 August 2011, the Company issued 7,368,010 ordinary shares following the exercise of conversion rights by a number of subscription shareholders. These ordinary shares rank pari passu with the existing ordinary shares and commenced trading on 15 August 2011.

Following this issue, there are now 163,275,105 ordinary shares and 21,401,882 subscription shares in issue.

Material Events or Transactions

There have been no other material events or transactions that have taken place between 31 July 2011 and the date of publication of this Statement.

Company Information as at 31 July 2011

SEDOL Code	0791348
Sector	Equity Investment Instruments
Launch Date	25 April 1994
Financial Year End	30 April
Next Dividend Payment	January 2012
Next Ex Dividend Date	December 2011