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SCHRODER
EM CORE PORTFOLIO
SEMI-ANNUAL REPORT
November 30, 1997
(Unaudited)
Schroder Capital Funds
<PAGE>
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
COMMON STOCK - 77.6%
SHARES VALUE US$
------ ---------
ARGENTINA (3.7%)
3,200 Cresud SA ADR (a)
CONSUMER NON-DURABLES $ 62,800
3,300 Banco de Galicia y Buenos Aires SA de CV ADR
FINANCE 77,550
9,400 Quilmes Industrial SA ADR
CONSUMER NON-DURABLES 122,200
7,700 Telefonica de Argentina SA ADR
SERVICES 254,582
11,100 YPF Sociedad Anonima, ADR
ENERGY 372,544
-----------------
889,676
-----------------
BOTSWANA (0.4%)
90,000 Sechaba Ord (a)
CONSUMER NON-DURABLES 96,136
-----------------
BRAZIL (11.6%)
7,800 Aracruz Celulose ADR
SERVICES 112,125
24,300 Centrais Electricas Brasileiras S/A-Eletrobras
ENERGY 596,912
5,800 Cia Ener De Minas Gerais ADR
ENERGY 282,332
11,200 Companhia Brasileira ADR
SERVICES 166,600
15,000 Comphania Vale do Rio Doce
ENERGY 269,081
17,700 Petrol Brasileiro - Petrobras
ENERGY 386,124
8,400 Telecomunicacoes Brasileiras SA Telebras ADR
SERVICES 876,750
4,600 Unibanco-Uniao Banco (a)
FINANCE 132,250
-----------------
2,822,174
-----------------
CHILE (4.4%)
10,200 Banco BHIF ADR
FINANCE 175,950
</TABLE>
1
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
CHILE (CONCLUDED)
9,700 Chilectra SA
ENERGY $ 242,112
4,500 Compania Cervecerias Unidas SA
CONSUMER NON-DURABLES 121,500
13,200 Compania de Telecomunicacion de Chile SA ADR
SERVICES 357,225
9,900 Distribucion y Servicio (a)
SERVICES 172,631
-----------------
1,069,418
-----------------
CHINA, PEOPLES REPUBLIC OF (1.5%)
10,500 China Steel Corp. GDS
MATERIALS 149,625
4,000 Huaneng Power International Inc. ADR (a)
ENERGY 88,000
220,000 Qingling Motors Co.
SERVICES 117,395
-----------------
355,020
-----------------
CZECH REPUBLIC (0.6%)
1,300 SPT Telekom AS (a)
SERVICES 136,959
-----------------
EGYPT (0.9%)
11,200 Commercial International Bank GDR
FINANCE 228,200
-----------------
GREECE (0.5%)
4,800 Hellenic Bottling Co. SA
CONSUMER NON-DURABLES 113,070
-----------------
HONG KONG (3.6%)
132,000 Anhui Expressway Co. Ltd.
SERVICES 21,515
244,000 Beijing Datang Power (a)
MULTI-INDUSTRY 112,842
52,000 Cheung Kong Infrastructure Holdings
CAPITAL EQUIPMENT 121,082
204,000 China Resources Beijing (a)
FINANCE 95,663
</TABLE>
2
<PAGE>
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
HONG KONG (CONCLUDED)
48,000 China Resources Enterprise, Ltd.
FINANCE $ 103,385
40,000 Citic Pacific Ltd.
FINANCE 159,373
90,000 Cosco Pacific Ltd.
FINANCE 62,870
90,000 Guangnan Holdings
CONSUMER NON-DURABLES 67,526
162,000 Guangshen Railway
SERVICES 34,578
46,000 New World Infrastructure (a)
CAPITAL EQUIPMENT 90,747
-----------------
869,581
-----------------
HUNGARY (2.2%)
2,600 Gedeon Richter
CONSUMER NON-DURABLES 244,075
2,900 Matav RT ADR (a)
SERVICES 58,725
4,400 MOL Magyar Olaj GDR
ENERGY 92,400
4,600 OTP Bank GDR (a)
FINANCE 143,198
-----------------
538,398
-----------------
INDIA (5.9%)
7,500 BSES Ltd. GDR (a)
ENERGY 101,250
14,000 Grasim Industries Ltd. GDR
MATERIALS 119,099
8,000 Indian Hotels Company Ltd.
SERVICES 151,000
14,000 ITC
MULTI-INDUSTRY 220,500
17,500 Mahindra & Mahindra Ltd.
CAPITAL EQUIPMENT 153,125
5,000 Ranbaxy Laboratories Ltd.
MATERIALS 115,000
22,400 Reliance Industries Ltd. (a)
MATERIALS 178,080
</TABLE>
3
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
INDIA (CONCLUDED)
13,000 State Bank of India
FINANCE $ 166,725
550 Tata Electric Co. (b)
ENERGY 127,842
8,500 VSNL GDR (a)
SERVICES 104,125
-----------------
1,436,746
-----------------
INDONESIA (1.6%)
38,000 Astra
CAPITAL EQUIPMENT 19,794
105,000 London Sumatra Indonesia
CONSUMER NON-DURABLES 94,277
335,000 PT Bank Internasional Indonesia
FINANCE 43,627
15,000 PT Gudang Garam
CONSUMER NON-DURABLES 31,871
5,000 PT Indofoods Sukses Makmur
CONSUMER NON-DURABLES 3,290
20,000 PT Indostat
SERVICES 45,374
198,000 PT Telekomunikasi Indonesia
SERVICES 145,209
-----------------
383,442
-----------------
ISRAEL (2.6%)
166,300 Bank Leumi Le-Israel
SERVICES 265,505
7,640 Teva Pharmaceutical Industries, Ltd. ADR
MATERIALS 378,180
-----------------
643,685
-----------------
KOREA, REPUBLIC OF (1.9%)
4,000 Kookmin Bank
FINANCE 21,479
3,000 Korea Electric Power Corp.
ENERGY 33,861
12,000 LG Electronics
CONSUMER DURABLES 134,416
1,500 Pohang Iron & Steel Company Ltd.
MATERIALS 59,613
</TABLE>
4
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
KOREA, REPUBLIC OF (CONCLUDED)
2,500 Samsung Electronics Co.
CONSUMER DURABLES $ 90,688
5,500 Shinhan Bank
FINANCE 28,358
200 SK Telecom Co. Ltd.
SERVICES 66,099
3,500 Yukong Ltd.
ENERGY 33,519
-----------------
468,033
-----------------
MALAYSIA (0.3%)
8,000 Berjaya Sports Toto Berhad
SERVICES 17,531
30,000 Magnum Corp. Berhad
SERVICES 19,507
18,000 Malayan Banking Berhad
FINANCE 46,148
-----------------
83,186
-----------------
MEXICO (13.0%)
17,000 ALFA SA de CV
MULTI-INDUSTRY 127,958
146,000 Cemex SA de CV (a)
MATERIALS 629,486
267,000 Cifra SA de CV
SERVICES 515,106
245,000 Controladora Com Mexicana
SERVICES 266,171
25,000 Desc SA de C.V.
MULTI-INDUSTRY 236,892
48,000 Fomento Economico Mexicano SA de CV
CONSUMER NON-DURABLES 397,539
113,000 Grupo Financiero Bancomer (a)
FINANCE 64,273
12,600 Telefonos de Mexico SA ADS
SERVICES 623,700
8,400 TV Azteca SA de C.V. (a)
SERVICES 173,775
</TABLE>
5
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
MEXICO (CONCLUDED)
6,000 Tubos de Acero de Mexico SA ADR (a)
MATERIALS $ 132,750
-----------------
3,167,650
-----------------
PAKISTAN (0.5%)
4,000 Hub Power Co. Ltd. (a)
ENERGY 122,000
-----------------
PERU (1.0%)
5,800 CPT Telefonica del Peru SA ADS
SERVICES 121,800
6,700 Credicorp Ltd.
FINANCE 122,275
-----------------
244,075
-----------------
PHILIPPINES (2.6%)
307,000 Ayala Land Inc. (a)
SERVICES 121,196
810,000 Belle Corp. (a)
SERVICES 39,070
350,000 Digital Telecommunications Philippines Inc. (a)
SERVICES 17,686
38,000 Manila Electric Company "B" Shares
ENERGY 132,012
12,000 Philippine Long Distance Telephone Co.
SERVICES 289,406
256,000 SM Prime Holdings
SERVICES 40,425
-----------------
639,795
-----------------
POLAND (2.2%)
35,000 Elektrim Spolka Akcyjna
MULTI-INDUSTRY 336,443
3,500 Wedel SA
CONSUMER NON-DURABLES 193,950
-----------------
530,393
-----------------
RUSSIA (1.6%)
1,300 Lukoil Holding
ENERGY 99,060
</TABLE>
6
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
RUSSIA (CONCLUDED)
12,660 Pliva DD GDR
MATERIALS $ 192,116
4,550 Unified Energy Systems (a)
CAPITAL EQUIPMENT 105,506
-----------------
396,682
-----------------
SINGAPORE (0.5%)
11,000 Asia Pulp & Paper Co. ADR
MATERIALS 119,625
-----------------
SOUTH AFRICA (7.6%)
4,400 Anglo American Corporation of South Africa Ltd.
FINANCE 183,012
3,000 Anglo American Industrial
MULTI-INDUSTRY 79,069
25,000 Barlow, Ltd.
MULTI-INDUSTRY 237,311
30,000 Dimension Data Holdings Ltd. (a)
FINANCE 129,723
13,000 Ellerine Holdings Ltd.
CONSUMER DURABLES 90,477
15,000 Fedsure Holdings Ltd.
FINANCE 173,582
20,000 First National Bank Holdings Ltd.
FINANCE 168,846
17,000 Foodcorp Ltd.
CONSUMER NON-DURABLES 84,711
31,800 Nampak Ltd .
MATERIALS 104,767
10,200 Rembrandt Group Ltd.
MULTI-INDUSTRY 78,234
19,600 Sasol Ltd.
MULTI-INDUSTRY 197,554
9,600 South African Breweries Ltd.
MULTI-INDUSTRY 235,231
15,000 South African Druggists Ltd.
MATERIALS 92,659
-----------------
1,855,176
-----------------
</TABLE>
7
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SCHRODER EM CORE PORTFOLIO
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SCHEDULE OF INVESTMENTS (CONCLUDED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
TAIWAN (4.6%)
26,000 Acer Inc. GDR (a)
SERVICES $ 200,200
10,000 Asia Cement Corp. GDR
MATERIALS 116,750
7,500 Asustek Computer Inc. (a)
CAPITAL EQUIPMENT 120,375
13,000 ROC Taiwan Fund
FINANCE 123,500
10,000 Silicon Precision Industries Co. (a)
ENERGY 137,000
2,500 Taiwan Fund Inc.
FINANCE 47,813
12,000 Taiwan Semiconductor Manufacturing Co. (a)
ENERGY 264,000
8,000 Teco Electric & Machinery GDR (a)
MULTI-INDUSTRY 108,480
-----------------
1,118,118
-----------------
THAILAND (0.8%)
7,000 Advanced Info Service Public Co. Ltd.
SERVICES 36,521
20,000 Electricity Generating Public Co. Ltd.
SERVICES 38,509
11,000 PTT Exploration and Production Public Co. Ltd.
ENERGY 121,888
-----------------
196,918
-----------------
VENEZUELA (1.5%)
9,000 Compania Anonima
SERVICES 355,500
-----------------
Total Investments - 77.6% (cost $19,724,127) 18,879,656
Other Assets Less Liabilites - 22.4% 5,460,816
-----------------
Total Net Assets - 100.0% 24,340,472
=================
</TABLE>
- -------------------------------
(a) Non-income producing security
(b) Valued pursuant to methodology approved by the Board of Trustees.
ADR - American Depository Receipts
GDR - Global Depository Receipts
8
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SCHRODER EM CORE PORTFOLIO
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STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments (Note 2)
Investments at cost $ 19,724,127
Net unrealized appreciation (depreciation) (844,471)
--------------------
Total Investments at value 18,879,656
Cash 5,950,618
Organization costs, net of amortization (Note 2) 5,895
Receivable for dividends and interest 31,689
--------------------
Total Assets 24,867,858
--------------------
LIABILITIES:
Payable for investments purchased 489,642
Payable to investment adviser (Note 3) 8,278
Payable to administrator (Note 3) 2,222
Payable to subadministrator (Note 3) 1,666
Accrued expenses 25,578
--------------------
Total Liabilities 527,386
--------------------
Net Assets $ 24,340,472
====================
COMPONENTS OF NET ASSETS:
Investors' capital $ 25,184,974
Net unrealized appreciation (depreciation) on investments (844,502)
--------------------
Net Assets $ 24,340,472
====================
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
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SCHRODER EM CORE PORTFOLIO
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<TABLE>
<S> <C>
FOR THE PERIOD
STATEMENT OF OPERATIONS OCTOBER 30, 1997
(COMMEMCEMET OF OPERATION)
THROUGH NOVEMBER 30,1997
(UNAUDITED)
--------------------------------
INVESTMENT INCOME:
Interest income 78,681
Dividend income (net of foreign withholding taxes of $114) $ 9,381
--------------------------------
Total Investment Income 88,062
--------------------------------
EXPENSES:
Investment advisory ( Note 3) 22,219
Administration (Note 3) 2,222
Subadministration (Note 3) 1,666
Transfer agency (Note 3) 1,067
Custody 4,500
Accounting (Note 3) 5,323
Audit 5,000
Amortization of organization costs (Note 2) 105
Legal 2,000
Miscellaneous 2,075
--------------------------------
Total Expenses 46,177
Fees waived (Note 6) (13,941)
--------------------------------
Net Expenses 32,236
--------------------------------
NET INVESTMENT INCOME (LOSS) 55,826
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) on foreign currency transactions (5,678)
--------------------------------
Net change in unrealized appreciation (depreciation) on investments (844,471)
Net change in unrealized appreciation (depreciation) on foreign currency
transactions transactions (31)
--------------------------------
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions (844,502)
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS (850,180)
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (794,354)
================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
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SCHRODER EM CORE PORTFOLIO
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<TABLE>
<S> <C>
STATEMENT OF CHANGE IN NET ASSETS FOR THE PERIOD
OCTOBER 30, 1997
(COMMENCEMENT OF OPERATIONS)
THROUGH NOVEMBER 30, 1997
(UNAUDITED)
-----------------------------------
NET ASSETS, BEGINNING OF PERIOD $ -
-----------------------------------
OPERATIONS:
Net investment income (loss) 55,826
Net realized gain (loss) on foreign currency transactions (5,678)
Net change in unrealized appreciation (depreciation) on investments (844,502)
-----------------------------------
Net increase (decrease) in net assets resulting from operations (794,354)
-----------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions 33,435,944
Withdrawals (8,301,118)
-----------------------------------
Net increase (decrease) in net assets from
transactions from investors' beneficial interest 25,134,826
-----------------------------------
Net increase (decrease) in net assets 24,340,472
-----------------------------------
NET ASSETS, END OF PERIOD $ 24,340,472
===================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
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SCHRODER EM CORE PORTFOLIO
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<TABLE>
<S> <C>
FINANCIAL HIGHLIGHTS
Portfolio performance for the period:
FOR THE PERIOD OCTOBER 30, 1997
(COMMENCEMENT OF OPERATIONS)
THROUGH NOVEMBER 30, 1997
(UNAUDITED)
--------------------------------------
Ratio to Average Net Assets:
Expenses including waiver of fees 1.45%(a)
Expenses excluding waiver of fees 2.08%(a)
Net investment income including waiver of fees 2.51%(a)
Average Commission Rate Per Share (b) $0.0084
Portfolio Turnover Rate 0.00%
</TABLE>
- ---------------------------------------------------
(a) Annualized
(b) Amount represents the average commission per share paid by the Portfolio
to brokers on the purchase and sale of equity securities on which
commissions are charged.
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
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SCHRODER EM CORE PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
Schroder Capital Funds ("Schroder Core") was organized as a Delaware business
trust on September 7, 1995. Schroder Core, which is registered as an open-end,
management investment company under the Investment Company Act of 1940 (the
"Act"), currently has six investment portfolios. Included in this report is
Schroder EM Core Portfolio (the "Portfolio"), a non-diversified portfolio that
commenced operations on October 30, 1997. Under its Trust Instrument, Schroder
Core is authorized to issue an unlimited number of interests without par value.
Interests in the Portfolio are sold in private placement transactions without
any sales charges to qualified investors, including open-end, management
investment companies.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of increase and decrease in net assets from
operations during the fiscal period. Actual results could differ from those
estimates.
The following represent significant accounting policies of the Portfolio:
SECURITY VALUATION - Portfolio securities listed on recognized stock exchanges
are valued at the last reported sale price on the exchange on which the
securities are principally traded. Listed securities traded on recognized stock
exchanges where last sale prices are not available are valued at the last sale
price on the preceding trading day or at closing mid-market prices. Securities
traded in over-the-counter markets are valued at the most recent reported
mid-market price. Short-term investments having a maturity of 60 days or less
are valued at amortized cost, which approximates market value. Other securities
and assets for which market quotations are not readily available are valued at
fair value as determined in good faith using methods approved by Schroder Core's
Board of Trustees.
SECURITY TRANSACTIONS AND INVESTMENT INCOME - Investment transactions are
accounted for on the trade date. Dividend income is recorded on the ex-dividend
date except that certain dividends from foreign securities where the ex-dividend
date may have passed are recorded as soon as the Portfolio is informed of the
ex-dividend date. Dividend income is recorded net of withholding tax. Interest
income, including amortization of discount or premium, is recorded as earned.
Identified cost of investments sold is used to determine realized gain and loss
for both financial statement and federal income tax purposes. Foreign dividend
and interest income amounts and realized capital gain and loss are converted to
U.S. dollar equivalents using foreign exchange rates in effect at the date of
the transactions.
Foreign currency amounts are translated into U.S. dollars at the mean of the bid
and asked prices of such currencies against U.S. dollars as follows: (i) assets
and liabilities at the rate of exchange at the end of the respective period; and
(ii) purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. The portion of the
results of operations arising from changes in the exchange rates and the portion
due to fluctuations arising from changes in the market prices of securities are
not isolated. Such fluctuations are included with the net realized and
unrealized gain or loss on investments.
EXPENSE ALLOCATION - Schroder Core accounts separately for the assets and
liabilities and operation of each Portfolio. Expenses that are directly
attributable to more than one Portfolio are allocated among the respective
Portfolios.
ORGANIZATIONAL COSTS - Costs incurred by the Portfolio in connection with its
organization and initial registration are being amortized on a straight line
basis over a five year period.
13
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SCHRODER EM CORE PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (CONCLUDED) (UNAUDITED)
NOTE 3. INVESTMENT ADVISORY AND OTHER SERVICES
INVESTMENT ADVISER - Schroder Capital Management International Inc. ("SCMI"), is
the investment adviser. Pursuant to an Investment Advisory Agreement, SCMI is
entitled to receive an annual fee, payable monthly, of 1.00% of the average
daily net assets of the Portfolio.
ADMINISTRATOR AND SUBADMINISTRATOR - The administrator of the Portfolio is
Schroder Fund Advisors Inc. ("Schroder Advisors"). In addition, the Portfolio
has entered into a Subadministration Agreement with Forum Administrative
Services, LLC ("Forum"). For its services, Schroder Advisors and Forum are
entitled to receive compensation at annual rates, payable monthly, of 0.10% and
0.075%, respectively of the average daily net assets of the Portfolio.
TRANSFER AGENT - Forum Financial Corp.(R) ("FFC") serves as the Portfolio's
transfer agent and is entitled to receive compensation for those services from
Schroder Core with respect to the Portfolio in the amount of $12,000 per year
plus certain other fees and expenses.
OTHER SERVICE PROVIDERS - FFC also performs portfolio accounting for the
Portfolio and is entitled to receive compensation for those services in the
amount of $60,000 per year, plus certain amounts based upon the number and types
of portfolio transactions.
NOTE 4. PURCHASES AND SALES OF SECURITIES
The cost of securities purchased (excluding short-term investments) for the
period ended November 30, 1997 was $19,724,127.
For federal income tax purposes, the tax basis of investment securities owned as
of November 30, 1997 was $19,724,127 and the net unrealized depreciation of
investment securities was $844,471. The aggregate gross unrealized appreciation
for all securities in which there was an excess of market value over tax cost
was $363,873 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over market value was $1,208,344.
NOTE 5. FEDERAL TAXES
The Portfolio is not required to pay federal income taxes on its net investment
income and net capital gain as it is treated as a partnership for federal income
tax purposes. All interest, dividends, gain and loss of the Portfolio are deemed
to have been "passed through" to the partners in proportion to their holdings of
the Portfolio regardless of whether such interest, dividends or gain have been
distributed by the Portfolio.
Under the applicable foreign tax law, a withholding tax may be imposed on
interest, dividends, and capital gains at various rates.
NOTE 6. WAIVER OF FEES
SCMI voluntarily has waived a portion of its advisory fee so that the Portfolio
total expenses would not exceed 1.45% of the Portfolio's average net assets.
Schroder Advisors, Forum and FFC may waive voluntarily all or a portion of their
fees from time to time. For the period ended November 30, 1997, SCMI waived fees
of $13,941.
14
<PAGE>
TRUSTEES
Hermann C. Schwab
Peter E. Guernesey
John I. Howell
Clarence F. Michalis
Mark J. Smith
David N. Dinkins
Sharon L. Haugh
Peter S. Knight
OFFICERS
Hermann C. Schwab
Chairman of the Board
Mark J. Smith
President
Mark Astley
Vice President
Robert G. Davy
Vice President
Margaret H. Douglas-Hamilton
Vice President
Richard Foulkes
Vice President
John Y. Keffer
Vice President
Jane Lucas
Vice President
Catherine A. Mazza
Vice President
Michael Perelstein
Vice President
Fariba Talebi
Vice President
John A. Troiano
Vice President
Ira L. Unschuld
Vice President
Alexandra Poe
Vice President
Secretary
Fergal Cassidy
Treasurer
<PAGE>
INVESTMENT ADVISER
Schroder Capital Management International Inc.
787 Seventh Avenue
New york, New York 10019
ADMINISTRATOR & DISTRIBUTOR
Schroder Fund Advisors Inc.
787 Seventh Avenue
New York, New York 10019
CUSTODIAN
The Chase Manhatten Bank
Global Custody Division
Woolgate House, Coleman Street
London EC2P 2HD, United Kingdom
TRANSFER AGENT
Forum Financial Corp. (R)
Two Portland Square
Portland, Maine 04101
COUNSEL
Ropes & Gray
One International Place
Boston, MA 02110
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
One Post Office Square
Boston, Massachusetts 02109
This report is for the information of the shareholders of the Schroder Global
Growth Portfolio. Its use in connection with any offering of the Portfolio's
shares is authorized only in case of a concurrent or prior delivery of the
Portfolio's current prospectus.
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