Interim Results

Schroder Split Investment Fund PLC
01 July 2005

                                                                     1 July 2005


PRESS RELEASE

                              PRELIMINARY RESULTS


The Directors of Schroder Split Investment Fund plc announce the unaudited
preliminary results for the Group's six months ending 30 April 2005


Highlights                                     30 April 2005               31 October 2004          % change
                                                   Pence                        Pence
Net asset value per

Zero Dividend Preference Share                    127.42p                      122.82p                    +3.8
Ordinary Share                                     88.25p                       82.73p                    +6.7
Share price per

Zero Dividend Preference Share                    133.00p                      130.00p                    +2.3
Ordinary Share                                     78.00p                       65.50p                   +19.1
Total return  to shareholders           Results for the 6 months to  Results for the 6 months to
                                               30 April 2005                30 April 2004

                                                   £'000                        £'000
Zero Dividend Preference Shares                    1,265                        1,187                        _
Ordinary Shares                                    3,510                        3,388                        _




CHAIRMAN'S STATEMENT



Performance



I am pleased to report that during the six-month period ended 30 April 2005 the
Group's net asset value produced a total return of 7.0% (the total return for
the equity portfolio was 7.7%), outperforming the FTSE All-Share Index, which
produced a total return of 6.1% and matching the FTSE 350 Higher Yield Index,
which produced a total return of 7.0% over the same period.



The long-term performance of the Group remains good. Since launch in January
2002 the Group's net asset value has outperformed both the FTSE All-Share Index
and the FTSE 350 Higher Yield Index. The Group's net asset value produced a
total return of 22.4% from launch to 30 April 2005, comparing favourably to the
total return from the FTSE All-Share of 6.2% and the FTSE 350 Higher Yield of
16.8% over the same period.



The ordinary shares produced a total return of 24.4% during the six-month period
to 30 April 2005 as the discount to net asset value narrowed significantly from
20.8% to 11.6%, with sentiment towards the Company and the sector improving.



Dividends



As previously announced your Board has declared an increased second interim
dividend for the year ended 31 October 2005 of 1.5p compared with 1.4p in 2004.
This follows an increased first interim dividend for the year of 1.5p (1.4p in
2004).



Your Directors expect, on the basis of current market forecasts for income
receivable, that they will be able to declare dividends for the year ended 31
October 2005 totalling in excess of the 6.2p paid to shareholders in respect of
the year ending 31 October 2004. This is not a profit forecast.



Outlook



Our manager has a cautious view of the world economy. Its research based style
lends itself to such market conditions and gives us confidence that they will
continue to provide shareholders with satisfactory performance. We remain
confident that the strong performance of the Group should continue to provide
shareholders with reassurance that the business model adopted at launch remains
appropriate.





John Padovan

Chairman

1 July 2005








Investment Manager's Reports



Equity Investments

Performance



The value of the UK equity investments rose by 7.7 per cent. during the six
month period to 30 April 2005 compared to a rise in the FT All Share and FTSE
350 High Yield Indices of 6.1 per cent and 7.0 per cent respectively.



Market Background



The market rose sharply during the first four months driven by corporate merger
and acquisition activity.  However, during March and April the market fell due
to concerns that inflation would be higher than had been previously expected,
driven by sharp rises in the price of oil and other commodities.  At the same
time there were mounting signs of a slow down in UK consumer spending.  This led
to a heightened level of risk aversion within the market.  These trends
benefited the portfolio which was further boosted by takeovers for RAC and
Allied Domecq.



The increasing demand for yield has led to a re-rating of companies with
defensive earnings streams such as tobacco and utilities.  Now the re-rating has
occurred the fund is gradually redeploying capital away from these areas into
major capitalisation companies which we believe offer better medium term growth
prospects but are trading at lower multiples such as Vodafone, Pearson and
Rentokil.



Outlook



The outlook for the world economy is one of relative caution.  The major
economic imbalances in the world, in particular those in the US economy, have
yet to be resolved, whilst lack of domestic demand growth still dogs most of
Europe and Japan.



This is a risky backdrop for both corporate and portfolio investors and we
reflect this in your portfolio.





Corporate Bond and Monthly High Income Funds



During the six month period to 30 April 2005 the value of the Schroder Corporate
Bond Fund and the Schroder Monthly High Income Fund rose by 2.8% and 3.6%
respectively (source Micropal).



Corporate bonds were able to make good progress over the six months to end
April, despite having faced numerous challenges late in the reporting period.
Earlier, the market had benefited from companies continuing to repair balance
sheets and from strong market fundamentals - such as low default rates and
demand outstripping the supply of new bonds. However, markets later backtracked
a little, as uncertainties brought about by profitability issues at two of the
US's largest automakers and the high and sustained oil price weighed negatively
on market sentiment.



Despite the challenging backdrop, both the Schroder Corporate Bond and the
Schroder Monthly High Income Funds outperformed the average returns of their
peer groups. Strong stock selection decisions were of particular benefit, with
both funds owning bonds in companies which received credit ratings upgrades or
which reported strong financial results. In addition, both funds had zero
exposure to the auto sector, which came under intense pressure as both General
Motors and Ford reported falling sales and profitability. This ultimately led to
both companies' bonds being downgraded to below investment grade - a key driver
of the recent pick-up in volatility and risk aversion.



During the second half of the reporting period and in response to the more
challenging environment, we adopted a more conservative stance. In both funds we
trimmed our exposure to long-dated Investment Grade bonds and to High Yield
bonds, both of which tend to suffer most during periods of slowing economic
growth. This worked well for relative performance.



Outlook



Global economic growth is slowing and against this backdrop companies are likely
to find it harder to maintain earnings growth and credit quality. We expect to
see an increase in credit rating downgrades and default rates. Given this, we
hold a preference towards shorter-maturity bonds, higher-rated bonds and those
companies less geared to the economic cycle.





Schroder Investment Management Limited

1 July 2005





Unaudited Group Statement of Total Return
                                        Results for the six months            Results for the six months
                                               30 April 2005                         30 April 2004
                                      Revenue       Capital       Total   Revenue       Capital          Total
                                          £'000       £'000       £'000       £'000       £'000          £'000
Gains on investments                          -       3,549       3,549           -       3,357          3,357
Income                                    1,973           -       1,973       1,942           -          1,942
Investment management fee                  (94)       (141)       (235)        (79)       (119)          (198)
Other administrative expenses             (147)           -       (147)       (161)           -          (161)
Return on ordinary activities             1,732       3,408       5,140       1,702       3,238          4,940
before finance costs and taxation
Interest payable                          (146)       (219)       (365)       (146)       (219)          (365)
Provision for the redemption of               -     (1,265)     (1,265)           -     (1,187)        (1,187)
Zero dividend preference shares in
the subsidiary
Return on ordinary activities             1,586       1,924       3,510       1,556       1,832          3,388
before taxation
Taxation on ordinary activities            (73)          73           -        (97)          97              -
Return after taxation attributable        1,513       1,997       3,510       1,459       1,929          3,388
to ordinary shareholders
Dividends  : ordinary shares
- first interim dividend                  (618)           -       (618)       (577)           -          (577)
1.5p per share , (2004 : 1.4p per
share)
- second interim dividend                 (618)           -       (618)       (577)           -          (577)
1.5p per share , (2004 : 1.4p per
share)

Transfer to reserves                        277       1,997       2,274         305       1,929          2,234
Return  per share
Ordinary shares                           3.67p       4.85p       8.52p       3.54p       4.68p          8.22p
Dividends per share                       3.00p           -       3.00p       2.80p           -          2.80p

Zero dividend preference shares               -        4.60p        4.60p           -        4.32p         4.32p



                                                                  Results for the  Results for the
Unaudited Abridged Group Cash Flow Statement                         six months    six months
                                                                   30 April 2005 30 April 2004
                                                                        £'000       £'000

Net cash inflow from operating activities                               1,048        864

Bank loan interest paid                                                 (365)       (146)

Dividends paid                                                        (1,442)     (1,319)

Net cash (outflow)/inflow from investing activities                     (271)       3,311

Net cash (outflow)/inflow                                             (1,030) 2,710

                                         Summary Unaudited    Summary Unaudited   Summary Balance   Summary Balance
                                      Balance Sheets at 30    Balance Sheets at      Sheets at 31      Sheets at 31
                                                April 2005        30 April 2005      October 2004      October 2004
                                                     Group              Company             Group           Company     
                                                     £'000                £'000             £'000             £'000

Fixed Asset Investments
Equities listed in the United Kingdom               65,133              65,133             60,101            60,101

           Fixed interest investments               18,294              18,294             18,160            18,160
             Investment in subsidiary                    -                  50                  -                50
                                                    83,427              83,477             78,261            78,311

                   Net current assets                   33                (17)              1,660             1,610

Creditors : Amounts falling due after
                   more than one year
                        Loan facility             (12,100)            (12,100)           (12,100)          (12,100)
     Amount owed to group undertaking                    -            (35,000)
   Zero dividend preference shares in                                                           -          (33,735)
                       the subsidiary             (35,000)                   -           (33,735)                 -
             Net Assets/(Liabilities)               36,360              36,360             34,086            34,086

               Funds attributable* to
                      Ordinary shares               36,360                                 34,086
   Zero dividend preference shares in               35,000                                 33,735
                       the subsidiary               71,360                                 67,821

    Net asset value per zero dividend              127.42p                                122.82p
                     preference share


Net asset value per ordinary share           88.25p                                  82.73p

*Funds Attributable may be defined as the net assets employed before deducting
amounts owed in respect of zero dividend preference shares.

Notes

1. The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended). The statutory
accounts for the year to 31 October 2004 have been delivered to the Registrar of
Companies.



2. The Group accounts consolidate the accounts of the Company and its wholly
owned subsidiary Schroder Split ZDP plc.



3. As permitted by Section 230 of the Companies Act 1985, the Company has not
presented its own revenue account. The net revenue after taxation for the period
to 30 April 2005 of the Company dealt with in the accounts of the Group was
£1,513,000 (Year to 31 October 2004 : £2,656,000.)





This statement was approved by the Board of Directors on 1 July 2005.



The Interim Report for the period ended 30 April 2005 will be mailed to
shareholders at their registered addresses in July 2005 and from the date of
release copies of the Annual Report and Accounts will be available to the public
at the Company's registered office: 31 Gresham Street, London, EC2V 7QA.



________________________________________________________________________________



Enquiries:                               Schroder Investment Management Limited
John Spedding                                                   (020 7658 3206)                   
                                                                 
1 July 2005



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