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Sgr & Frdlndr AIM 3 (VICT)

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Friday 21 September, 2001

Sgr & Frdlndr AIM 3

Interim Results

Singer & Friedlander AIM 3 VCT PLC
21 September 2001

                      SINGER & FRIEDLANDER AIM 3 VCT plc

      Interim Report for the period 10th January 2001 to 31st July 2001

Chairman's Statement

I am pleased to present the first Interim Report of the Trust and to welcome
shareholders to the register. The original Offer for Subscription was well
received by the market leading to strong demand and the consequent decision to
raise an additional 10% over and above the prospectus target of £30 million.
The Board and the Manager aim to reward shareholders' confidence with a
superior return in the coming years.

This initial reporting period has been a short one, the Manager was only in a
position to invest from the middle of April onwards, as a result little of
note has so far taken place. As at the 31st July the Manager had invested some
£4.2 million in 10 qualifying AIM, OFEX or Private companies. The remainder of
the net funds raised by the Offer are currently invested in a range of fixed
interest securities and cash. Shareholders will be aware that it is the
Manager's objective to invest 80% of the net funds raised in the Offer in
qualifying investments within 3 years of launch. The Board is confident that
this target will be met.

The stock market trend in recent months has not been favourable particularly
at the smaller company end of the market. Against this background the
Directors are pleased with the first few months performance. The Net Asset
Value (NAV) at the period end was 94.7p compared to an initial figure of 95p
(after launch expenses). During the same period the AIM Index fell by over 9%.

The Manager is confident that the current malaise in the stock market will
provide the Trust with many opportunities to invest in qualifying companies at
attractive valuation levels which should provide a sound base for capital
growth once sentiment improves.

The Directors are not declaring an interim dividend but expect to recommend a
final dividend in respect of the financial period to 31st January 2002.

R O Bernays

21st September 2001


Accidentcare Group            Provider of accident management services
Aero Inventory                Inventory management for aerospace companies
Blooms of Bressingham         Garden centre operator
Capcon Holdings               Stocktaking & commercial investigation services
Imprint Search & Selection    Recruitment consultancy
Oasis Healthcare              Provider of dental healthcare
Proactive Sports              Sports marketing and management
Stanhope Telecom              Fixed line & mobile telephony services provider
Tikit Group                   IT services & software to the legal market
U4EA                          Data transfer management

Summary Financial Information at 31st July 2001

Unaudited Statement of Total Return (incorporating the revenue account*) of the
Company for the period 10th January 2001 to 31st July 2001**

                                                Revenue   Capital      Total

                                                   £         £           £

Unrealised gains on investments                        -    13,861      13,861
Income                                           576,892         -     576,892
Investment management fees                      (52,151) (156,456)   (208,607)
Other expenses                                 (133,351)         -   (133,351)
Return on ordinary activities before taxation    391,390 (142,595)     248,795

Taxation on ordinary activities                (107,681)    50,848    (56,833)

Return attributable to equity shareholders       283,709  (91,747)     191,962
Dividends in respect of equity shareholders            -         -           -
Transfer to/(from) reserves                      283,709  (91,747)     191,962

Return per ordinary share                         1.30 p  (0.42) p      0.88 p


* The revenue column of this statement is the profit and loss account of the

** The Company was incorporated on 10th January 2001 and commenced investing
on 11th April 2001.

All revenue and capital items in the above statement derive from continuing
operations. No operations were discontinued during the period.

These accounts are unaudited and are not the Company's statutory accounts.

Unaudited Balance sheet as at 31st July 2001
                                                             £           £
Fixed Assets
Investments                                                          27,880,800

Current Assets
Debtors and Prepayments                                     23,088
Accrued Interest on Fixed Interest Securities              347,680
Cash at Bank                                             3,666,217

Creditors: Amounts falling due within one year
Corporation Tax                                             56,833
Other creditors and accruals                               322,244
Net Current Assets                                                    3,657,908
Net Assets                                                           31,538,708

Capital & Reserves
Called-up share capital                                               1,649,543
Share premium account                                                29,697,203
Capital reserve:realised                                              (105,608)
Capital reserve:unrealised                                               13,861
Revenue reserve                                                         283,709

Total equity shareholders' funds                                     31,538,708

Net Asset Value per share (excluding current period
revenue)                                                                 94.74p

These accounts are unaudited and are not the Company's statutory accounts.

Summarised Cash Flow Statement
                                                                   Period ended
                                                                      31st July

Net cash inflow from operating activities                               186,410
Net cash outflow from capital expenditure and financial
Investment                                                         (27,866,939)
Net cash outflow before financing                                  (27,680,529)

Proceeds of share issue                                              32,990,860
Expenses of share issue                                             (1,644,114)
Net cash inflow from financing                                       31,346,746

Net funds at the end of the period                                    3,666,217

These accounts are unaudited and are not the Company's statutory accounts.


 1. Principal Accounting Policies

The following accounting policies have been applied consistently throughout
the period. Full details of principle accounting policies will be disclosed in
the Annual Report.

 a. Basis of Accounting

    The financial statements have been prepared under the historical cost
    convention, modified to include the revaluation of fixed asset investments
    and in accordance with applicable Accounting Standards in the United
    Kingdom and with the Statement of Recommended Practice regarding the
    Financial Statements of Investment Trust Companies.

 b. Investments

Investments traded on AIM and OFEX are stated at Mid-Market prices as at 31st
July 2001. Unlisted investments are stated at the Director's valuation.
Investments in unlisted companies are valued in accordance with the British
Venture Capital Association ('BVCA' guidelines). The Director's policy in
valuing unlisted investments is to carry them at cost except in the following

  * Where the company's under-performance against plan indicates a
    diminution in value of the investment, provision against cost is made as

  * Where a company is well established and profitable, the shares may be
    valued by applying a suitable price earnings ratio to the company's
    historic post-tax earnings. The ratio used is based on comparable listed
    company or sector but discounted to reflect lack of marketability.

  * Where a value is indicated by a material arms length transaction by a
    third party in the shares of a company.

Unquoted investments will not normally be revalued upwards for a period of at
least twelve months from the date of acquisition. Where trading in the
securities of an investee company is suspended, the investment is valued at
the Board's estimate of its net realisable value

Capital gains and losses on investments, whether realised or unrealised, are
dealt with in the capital reserve.

    2.     Fixed Asset Investments

Summary of Investments at 31st July 2001

                                   Purchase     Current      % of portfolio by
                                     Cost      Valuation           value

                                      £            £
AIM Listed Companies
Aero Inventory                       316,365        330,120                1.05
Capcon Holdings                      350,000        347,812                1.11
Blooms of Bressingham                470,000        504,632                1.61
Imprint Search & Selection           480,000        561,000                1.79
Oasis Healthcare                     631,180        662,739                2.12
Proactive Sports                     390,000        444,600                1.42
Tikit Group                          400,000        400,000                1.28
                                   3,037,545      3,250,903               10.38
OFEX Companies
Accidentcare Group                   300,000        125,000                0.40
                                     300,000        125,000                0.40
Private Companies
Stanhope Telecom                     500,000        500,000                1.60
U4EA                                 374,989        374,989                1.20
                                     874,989        874,989                2.80
Total Qualifying Companies         4,212,534      4,250,892               13.58

Fixed income investments
Debentures and loan stocks
General Electric Capital Corp 6%     505,750        502,875                1.61
Euro Inv Bank 6.125% BDS           2,899,025      2,905,433                9.28
KFW INTL Finance 5.5% GTD MTN      1,987,805      1,993,800                6.37
BK Ned Gemeenten 6.375% MTN        2,040,205      2,045,300                6.53
                                   7,432,785      7,447,408               23.79
UK Government loans
Treasury 7% STK 2001 GBP           3,033,000      3,015,300                9.63
Treasury 7% STK 2002 GBP           3,054,954      3,047,700                9.74
Treasury 6.5% STK 2003             5,148,609      5,145,500               16.44
Treasury 5% STK 07/06/2004         4,985,057      4,974,000               15.89
                                  16,221,620     16,182,500               51.70

Total Fixed Income Investments    23,654,405     23,629,908               75.49

Sub Total                         27,866,939     27,880,800               89.07
Cash held for investment purposes     -           3,420,697               10.93
                                  27,866,939     31,301,497              100.00

 3. Interim Dividend

    The directors do not recommend the payment of an interim dividend in
    respect of the period ended 31st July 2001.
 4. Other Information

The Company will be circulating the Interim Report to shareholders shortly and
copies will also be available from the Registered Office of the Company, 21
New Street, Bishopsgate, London EC2M 4HR.


a d v e r t i s e m e n t