<PAGE> PAGE 1
000 B000000 05/31/97
000 C000000 0001003159
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 SCHRODER CAPITAL FUNDS, INC.
001 B000000 811-9130
001 C000000 2078798909
002 A000000 2 PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 U.S. SMALLER COMPANIES PORTFOLIO
007 C030300 N
007 C010400 4
020 A000001 CREDIT LYONNAIS
020 C000001 88
020 A000002 JARDINE FLEMING SECURITIES
020 C000002 85
020 A000003 MORGAN STANLEY SECURITIES
020 B000003 13-2655998
020 C000003 78
020 A000004 ROBERT FLEMING & CO. LTD.
020 B000004 13-3298866
020 C000004 77
020 A000005 SBC WARBURG SECURITIES
020 C000005 68
020 A000006 JP MORGAN SECURITIES
020 B000006 13-3224016
020 C000006 59
020 A000007 UBS LIMITED SECURITIES
020 B000007 13-2932996
020 C000007 50
020 A000008 BZW SECURITIES LIMTIED
020 C000008 48
020 A000009 MERRILL LYNCH
020 B000009 13-5674085
020 C000009 47
<PAGE> PAGE 2
020 A000010 BARING SECURITIES LIMITED
020 B000010 01-2455153
020 C000010 46
021 000000 1167
022 A000001 CHASE SECURITIES INC.
022 B000001 13-5227302
022 C000001 1439109
022 D000001 0
022 A000002 UBS LIMITED SECURITIES
022 B000002 13-2932996
022 C000002 3907
022 D000002 1891
022 A000003 SBC WARBURG SECURITIES
022 C000003 3992
022 D000003 424
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 2197
022 D000004 311
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 2441
022 D000005 427
022 A000006 ROBERT FLEMING & CO. LTD.
022 B000006 13-3298866
022 C000006 2064
022 D000006 373
022 A000007 MORGAN STANLEY SECURITIES
022 B000007 13-2655998
022 C000007 2336
022 D000007 230
022 A000008 SMITH BARNEY
022 B000008 13-3371860
022 C000008 2121
022 D000008 63
022 A000009 CREDIT LYONNAIS
022 C000009 1144
022 D000009 1024
022 A000010 ROBINSON HUMPHREY
022 B000010 58-1472560
022 C000010 1011
022 D000010 797
023 C000000 1550575
023 D000000 14028
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 3
026 G020000 N
026 H000000 Y
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 1275
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
008 A000301 SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC
008 B000301 A
008 C000301 801-15843
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10019
010 A000301 SCHRODER FUND ADVISORS INC.
010 C010301 NEW YORK
010 C020301 NY
010 C030301 10019
010 A000302 FORUM ADMINISTRATIVE SERVICES INC., LLC
010 C010302 PORTLAND
010 C020302 ME
010 C030302 04101
012 A000301 FORUM FINANCIAL CORP
012 B000301 84-01612
<PAGE> PAGE 4
012 C010301 PORTLAND
012 C020301 ME
012 C030301 04112
013 A000301 COOPERS & LYBRAND LLP
013 B010301 BOSTON
013 B020301 MA
013 B030301 02109
014 A000301 SCHRODER CAPITAL DISTRIBUTORS, INC.
014 B000301 8-A-40973
014 A000302 WERTHEIM, SCHRODER, INC.
014 B000302 8--A-99999
015 A000301 CHASE MANHATTAN BANK N.A.
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 11245
015 E010301 X
018 000300 Y
019 A000300 N
019 B000300 0
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
<PAGE> PAGE 5
028 F030300 0
028 F040300 0
028 G010300 0
028 G020300 0
028 G030300 0
028 G040300 0
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
<PAGE> PAGE 6
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 10000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
<PAGE> PAGE 7
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
<PAGE> PAGE 8
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 77465
071 B000300 19124
071 C000300 55514
071 D000300 34
072 A000300 7
072 B000300 116
072 C000300 260
072 D000300 0
072 E000300 0
072 F000300 211
072 G000300 26
072 H000300 0
072 I000300 7
072 J000300 33
072 K000300 0
072 L000300 0
072 M000300 2
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 21
072 R000300 22
072 S000300 1
072 T000300 0
072 U000300 3
072 V000300 0
072 W000300 8
072 X000300 334
072 Y000300 35
072 Z000300 77
072AA000300 2312
072BB000300 0
072CC010300 8080
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 6923
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 95242
074 G000300 0
<PAGE> PAGE 9
074 H000300 0
074 I000300 0
074 J000300 2252
074 K000300 0
074 L000300 79
074 M000300 21
074 N000300 104517
074 O000300 1049
074 P000300 26
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 57
074 S000300 0
074 T000300 103385
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
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SIGNATURE ROBERT CAMPBELL
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
SCHRODER U.S. SMALLER COMPANIES PORTFOLIO ANNUAL REPORT DATE 5/31/97
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 030
<NAME> US SMALLER COS. PORTFOLIO
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 84,209,629
<INVESTMENTS-AT-VALUE> 95,241,557
<RECEIVABLES> 2,331,566
<ASSETS-OTHER> 6,943,976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,517,099
<PAYABLE-FOR-SECURITIES> 1,049,223
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,618
<TOTAL-LIABILITIES> 1,131,841
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,353,330
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,031,928
<NET-ASSETS> 103,385,258
<DIVIDEND-INCOME> 260,037
<INTEREST-INCOME> 116,204
<OTHER-INCOME> 0
<EXPENSES-NET> 298,892
<NET-INVESTMENT-INCOME> 77,349
<REALIZED-GAINS-CURRENT> 2,311,789
<APPREC-INCREASE-CURRENT> 8,079,833
<NET-CHANGE-FROM-OPS> 10,468,971
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,106,539
<NUMBER-OF-SHARES-REDEEMED> 5,119,729
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 74,455,781
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 211,277
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 334,288
<AVERAGE-NET-ASSETS> 60,625,731
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
