Interim Management Statement

Schroder UK Mid & Small Cap Fd PLC
07 February 2008


SCHRODER UK MID & SMALL CAP FUND PLC

Interim Management Statement for the Quarter ended 31 December 2007

The Board of Schroder UK Mid & Small Cap Fund Plc (the 'Company') is pleased to
announce its first Interim Management Statement as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 September 2007 to 31 December 2007.

Investment Objective

The Company's principal investment objective is to achieve a total return in
excess of the FTSE All-Share, ex-investment companies, ex-FTSE 100, Total Return
Index.

Final Dividend For the Year ended 30 September 2007

A final dividend of 4.11p net per share for the year ended 30 September 2007 is
payable on 31 January 2008 to shareholders on the register on 28 December 2007.

Annual General Meeting

The Annual General Meeting of the Company was held on 29 January 2008. All
resolutions set out in the Notice of Meeting were duly passed.

Material Events or Transactions

There have been no other material events or transactions that have taken place
between 1 October 2007 and the date of publication of this Statement.

Company Statistics as at 31 December 2007

Gross Assets                                  £92.95 million
Net Asset Value per Ordinary Share            256.49p
Share Price                                   207.65p
Discount                                      19.04%
Number of Holdings                            86
Net Gearing                                   0%
Yield                                         1.96%

Cumulative Performance to 31 December 2007

Performance Over                                                            3 m       6 m       1yr
Share Price (Total Return)                                                  (11.9)    (15.9)    (11.9)
Net Asset Value (Total Return)                                              (3.5)     (10.2)    (5.3)
FTSE All Share, ex-Its, ex-FTSE 100, Total Return Index                     (4.5)     (9.4)     (5.9)


All Performance Data Source: Fundamental Data

Portfolio Information as at 31 December 2007

Ten Largest Holdings

Stock Name                                  Sector Classification      Market Value (£)        Percentage of NAV

Atkins (WS)                                 Industrials                2,236,650               2.41
John Wood Group                             Oil & Gas                  2,160,000               2.32
Laird Group                                 Industrials                1,914,000               2.06
Premier Oil                                 Oil & Gas                  1,827,000               1.97
Meggitt                                     Industrials                1,792,939               1.93
Homeserve                                   Industrials                1,670,000               1.80
Intermediate Capital Group                  Industrials                1,653,000               1.78
Greggs                                      Consumer Services          1,645,000               1.77
Babcock International                       Industrials                1,632,700               1.76
Fisher (James)                              Industrials                1,627,500               1.75


Sector Allocation

Sector                                        Percentage of NAV
Industrials                                   41.72
Consumer Services                             13.92
Financials                                    12.81
Oil & Gas                                     10.21
Technology                                    8.14
Healthcare                                    4.83
Consumer Goods                                2.38
Basic Materials                               2.08


Changes to Share Capital during the quarter ended 31 December 2007             Issued Ordinary Shares of 25p
                                                                               each


As at 1 October 2007                                                           36,238,690
Shares bought back and cancelled during the quarter                            Nil

Shares bought for holding in treasury during the quarter                       Nil

Shares already held in treasury                                                Nil

Shares cancelled from treasury                                                 N/A

Shares remaining in issue as at 31 December 2007                               36,238,690



Company Information as at 31 December 2007


Sedol Code                                    0610841
Sector                                        Equity Investment Instruments
Launch Date                                   25 April 1994
Financial Year End                            30 September
Last Dividend Payment                         31 January 2008
Last Ex Div Date                              24 December 2007
Next AGM                                      Jan 2009


07 February 2008


Enquiries:

Louise Richard
Schroder Investment Management Limited
Company Secretary
Tel: [phone]



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