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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE TOM SHEEHAN
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM SCHRODER EMERGING MARKETS FUND INSTITUTIONAL
PORTFOLIO DATED OCTOBER 31, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
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<NUMBER> 002
<NAME> SCHRODER EMERGING MARKETS FUND INSTITUTIONAL PORTFOLIO
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<TABLE> <S> <C>
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<LEGEND>
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<SERIES>
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<NAME> INTERNATIONAL EQUITY FUND
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 184,466,525
<INVESTMENTS-AT-VALUE> 211,687,295
<RECEIVABLES> 3,313,003
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,098,574
<TOTAL-ASSETS> 219,098,872
<PAYABLE-FOR-SECURITIES> 7,252,086
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162,929
<TOTAL-LIABILITIES> 7,415,015
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,278,074
<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> 27,405,783
<NET-ASSETS> 211,683,857
<DIVIDEND-INCOME> 2,858,125
<INTEREST-INCOME> 422,524
<OTHER-INCOME> 0
<EXPENSES-NET> 1,487,497
<NET-INVESTMENT-INCOME> 1,793,152
<REALIZED-GAINS-CURRENT> 17,268,916
<APPREC-INCREASE-CURRENT> (3,584,475)
<NET-CHANGE-FROM-OPS> 15,477,593
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70,336,827
<NUMBER-OF-SHARES-REDEEMED> (76,873,862)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,940,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 892,167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,534,968
<AVERAGE-NET-ASSETS> 198,259,366
<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> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM SCHRODER INTERNATIONAL SMALLER COMPANIES
PORTFOLIO DATED OCTOBER 31, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> SCHRODER INTERNATIONAL SMALLER COMPANIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 7,555,878
<INVESTMENTS-AT-VALUE> 6,602,443
<RECEIVABLES> 52,512
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 207,856
<TOTAL-ASSETS> 6,862,811
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,260
<TOTAL-LIABILITIES> 37,260
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,778,786
<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> (953,235)
<NET-ASSETS> 6,825,551
<DIVIDEND-INCOME> 100,427
<INTEREST-INCOME> 20,623
<OTHER-INCOME> 0
<EXPENSES-NET> 84,784
<NET-INVESTMENT-INCOME> 36,266
<REALIZED-GAINS-CURRENT> 377,647
<APPREC-INCREASE-CURRENT> (953,235)
<NET-CHANGE-FROM-OPS> (539,322)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,554,417
<NUMBER-OF-SHARES-REDEEMED> (189,544)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,825,551
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60,033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192,009
<AVERAGE-NET-ASSETS> 7,141,036
<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> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
