<PAGE> PAGE 1
000 A000000 11/30/97
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 TWO PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 U.S. SMALLER COMPANIES PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 SCHRODER EM CORE PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 SCHRODER GLOBAL GROWTH PORTFOLIO
007 C030600 N
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 FIRST BOSTON CORPORATION
020 C000001 37
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 21
020 A000003 J.P. MORGAN SECURITIES
020 B000003 13-3224016
020 C000003 11
020 A000004 DONALDSON LUFKIN JENRETTE
020 B000004 13-2741729
020 C000004 8
020 A000005 MORGAN STANLEY & CO.
020 B000005 13-2655998
020 C000005 8
<PAGE> PAGE 2
020 A000006 MONTGOMERY SECURITIES
020 B000006 94-1701676
020 C000006 8
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 7
020 A000008 BERNSTEIN, SANFORD C.
020 B000008 13-2625874
020 C000008 7
020 A000009 SUTRO & CO., INC.
020 B000009 94-1704902
020 C000009 6
020 A000010 BRADFORD J.C.
020 B000010 62-0136910
020 C000010 5
021 000000 185
022 A000001 CHASE SECURITIES INC.
022 B000001 13-3112953
022 C000001 230000
022 D000001 0
022 A000002 MONTGOMERY SECURITIES
022 B000002 94-1701676
022 C000002 8011
022 D000002 1903
022 A000003 RAYMOND JAMES & ASSOCIATES
022 B000003 59-1237041
022 C000003 7292
022 D000003 1569
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 5940
022 D000004 1874
022 A000005 ROBINSON HUMPHREY
022 B000005 58-1472560
022 C000005 2534
022 D000005 3127
022 A000006 BRADFORD J.C.
022 B000006 62-0136910
022 C000006 4548
022 D000006 71
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 3424
022 D000007 1110
022 A000008 WHEAT FIRST SECURITIES
022 B000008 54-0796506
022 C000008 3960
022 D000008 171
022 A000009 MORGAN STANLEY & CO.
022 B000009 13-2655998
022 C000009 3751
<PAGE> PAGE 3
022 D000009 0
022 A000010 JP MORGAN SECURITIES
022 B000010 13-3224016
022 C000010 2933
022 D000010 0
023 C000000 376475
023 D000000 59051
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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 Y
077 P000000 N
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
<PAGE> PAGE 4
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, LLC
010 C010302 PORTLAND
010 C020302 ME
010 C030302 04101
012 A000301 FORUM FINANCIAL CORP
012 B000301 84-01612
012 C010301 PORTLAND
012 C020301 ME
012 C030301 04101
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
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
<PAGE> PAGE 5
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
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
<PAGE> PAGE 6
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
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
053 C000300 N
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 0
062 A000300 N
<PAGE> PAGE 7
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
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
<PAGE> PAGE 8
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
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 123264
071 B000300 42984
071 C000300 149724
071 D000300 29
072 A000300 6
072 B000300 301
072 C000300 449
072 D000300 0
072 E000300 0
072 F000300 510
072 G000300 64
072 H000300 0
072 I000300 6
072 J000300 13
072 K000300 0
072 L000300 0
072 M000300 1
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 18
072 R000300 21
072 S000300 6
072 T000300 0
072 U000300 2
072 V000300 0
072 W000300 30
072 X000300 671
072 Y000300 0
072 Z000300 79
072AA000300 6150
072BB000300 0
072CC010300 10377
072CC020300 0
072DD010300 0
072DD020300 0
<PAGE> PAGE 9
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 29154
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 192043
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1798
074 K000300 0
074 L000300 108
074 M000300 18
074 N000300 223121
074 O000300 2210
074 P000300 121
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 48
074 S000300 0
074 T000300 220742
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 169665
076 000300 0.00
008 A000501 SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC
008 B000501 A
008 C000501 801-15843
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10019
010 A000501 SCHRODER FUND ADVISORS INC.
010 C010501 NEW YORK
010 C020501 NY
010 C030501 10019
010 A000502 FORUM ADMINISTRATIVE SERVICES, LLC
010 C010502 PORTLAND
010 C020502 ME
<PAGE> PAGE 10
010 C030502 04101
012 A000501 FORUM FINANCIAL CORP
012 B000501 84-01612
012 C010501 PORTLAND
012 C020501 ME
012 C030501 04101
013 A000501 COOPERS & LYBRAND LLP
013 B010501 BOSTON
013 B020501 MA
013 B030501 02109
014 A000501 SCHRODER CAPITAL DISTRIBUTORS, INC.
014 B000501 8-A-40973
014 A000502 WERTHEIM, SCHRODER, INC.
014 B000502 8-A-99999
015 A000501 CHASE MANHATTEN BANK N.A.
015 B000501 C
015 C010501 LONDON
015 D010501 UNITED KINGDOM
015 D020501 EC2P 2HD
015 E040501 X
024 000500 N
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
<PAGE> PAGE 11
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
<PAGE> PAGE 12
060 B000500 N
061 000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
<PAGE> PAGE 13
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 19724
071 B000500 0
071 C000500 18880
071 D000500 0
072 A000500 1
072 B000500 79
072 C000500 9
072 D000500 0
072 E000500 0
072 F000500 22
072 G000500 4
072 H000500 0
072 I000500 1
072 J000500 5
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 5
072 R000500 5
072 S000500 2
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 2
072 X000500 46
072 Y000500 14
072 Z000500 56
072AA000500 0
072BB000500 6
072CC010500 0
072CC020500 845
072DD010500 0
<PAGE> PAGE 14
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 5951
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 18880
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 31
074 M000500 5
074 N000500 24867
074 O000500 490
074 P000500 12
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 25
074 S000500 0
074 T000500 24340
074 U010500 0
074 U020500 0
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 0
075 A000500 0
075 B000500 25343
076 000500 0.00
008 A000601 SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC
008 B000601 A
008 C000601 801-15843
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10019
010 A000601 SCHRODER FUND ADVISORS INC.
010 C010601 NEW YORK
010 C020601 NY
010 C030601 10019
010 A000602 FORUM ADMINISTRATIVE SERVICES, LLC
010 C010602 PORTLAND
<PAGE> PAGE 15
010 C020602 ME
010 C030602 04101
012 A000601 FORUM FINANCIAL CORP
012 B000601 84-01612
012 C010601 PORTLAND
012 C020601 ME
012 C030601 04101
013 A000601 COOPERS & LYBRAND LLP
013 B010601 BOSTON
013 B020601 MA
013 B030601 02109
014 A000601 SCHRODER CAPITAL DISTRIBUTORS, INC.
014 B000601 8-A-40973
014 A000602 WERTHEIM, SCHRODER, INC.
014 B000602 8-A-99999
015 A000601 CHASE MANHATTEN BANK N.A.
015 B000601 C
015 C010601 LONDON
015 D010601 UNITED KINGDOM
015 D020601 EC2P 2HD
015 E040601 X
024 000600 N
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
<PAGE> PAGE 16
048 000600 0.500
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 Y
054 C000600 Y
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
054 H000600 Y
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 Y
054 M000600 Y
054 N000600 N
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
<PAGE> PAGE 17
060 A000600 Y
060 B000600 Y
061 000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
<PAGE> PAGE 18
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 1776
071 B000600 143
071 C000600 1519
071 D000600 9
072 A000600 2
072 B000600 3
072 C000600 1
072 D000600 0
072 E000600 0
072 F000600 2
072 G000600 0
072 H000600 0
072 I000600 1
072 J000600 1
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 8
072 R000600 4
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 1
072 X000600 17
072 Y000600 15
072 Z000600 2
072AA000600 0
072BB000600 30
072CC010600 0
072CC020600 119
<PAGE> PAGE 19
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 716
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 1484
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 13
074 L000600 3
074 M000600 6
074 N000600 2222
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 21
074 S000600 0
074 T000600 2201
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 0
075 B000600 2154
076 000600 0.00
SIGNATURE TOM SHEEHAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM SCHRODER EM CORE PORTFOLIO DATED 11/30/97 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> SCHRODER EM CORE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 19,724,127
<INVESTMENTS-AT-VALUE> 18,879,656
<RECEIVABLES> 31,689
<ASSETS-OTHER> 5,956,513
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,867,858
<PAYABLE-FOR-SECURITIES> 489,642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,744
<TOTAL-LIABILITIES> 527,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,184,974
<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> (844,502)
<NET-ASSETS> 24,340,472
<DIVIDEND-INCOME> 9,381
<INTEREST-INCOME> 78,681
<OTHER-INCOME> 0
<EXPENSES-NET> 32,236
<NET-INVESTMENT-INCOME> 55,826
<REALIZED-GAINS-CURRENT> (5,678)
<APPREC-INCREASE-CURRENT> (844,502)
<NET-CHANGE-FROM-OPS> (794,354)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,435,944
<NUMBER-OF-SHARES-REDEEMED> 8,301,118
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,340,472
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46,177
<AVERAGE-NET-ASSETS> 25,343,131
<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> 1.45
<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 GLOBAL GROWTH PORTFOLIO DATED 11/30/97 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 006
<NAME> SCHRODER GLOBAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1,602,796
<INVESTMENTS-AT-VALUE> 1,483,663
<RECEIVABLES> 16,847
<ASSETS-OTHER> 5,895
<OTHER-ITEMS-ASSETS> 715,728
<TOTAL-ASSETS> 2,222,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,654
<TOTAL-LIABILITIES> 20,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,320,612
<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> (119,133)
<NET-ASSETS> 2,201,479
<DIVIDEND-INCOME> 1,182
<INTEREST-INCOME> 2,706
<OTHER-INCOME> 0
<EXPENSES-NET> 2,362
<NET-INVESTMENT-INCOME> 1,526
<REALIZED-GAINS-CURRENT> (30,399)
<APPREC-INCREASE-CURRENT> (119,133)
<NET-CHANGE-FROM-OPS> (148,006)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,350,040
<NUMBER-OF-SHARES-REDEEMED> 555
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,201,479
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,497
<AVERAGE-NET-ASSETS> 2,153,921
<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>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
U.S. SMALLER COMPANIES PORTFOLIO DATED 11/30/97 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> U.S. SMALLER COS. PORT.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 170,633,649
<INVESTMENTS-AT-VALUE> 192,042,694
<RECEIVABLES> 1,905,486
<ASSETS-OTHER> 18,586
<OTHER-ITEMS-ASSETS> 29,153,751
<TOTAL-ASSETS> 223,120,517
<PAYABLE-FOR-SECURITIES> 2,209,562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,372
<TOTAL-LIABILITIES> 2,378,934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,332,538
<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> 21,409,045
<NET-ASSETS> 220,741,583
<DIVIDEND-INCOME> 449,403
<INTEREST-INCOME> 300,663
<OTHER-INCOME> 0
<EXPENSES-NET> 671,280
<NET-INVESTMENT-INCOME> 78,786
<REALIZED-GAINS-CURRENT> 6,149,644
<APPREC-INCREASE-CURRENT> 10,377,117
<NET-CHANGE-FROM-OPS> 16,605,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,197,618
<NUMBER-OF-SHARES-REDEEMED> 2,446,840
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 117,356,325
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 510,390
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671,280
<AVERAGE-NET-ASSETS> 169,665,127
<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> .79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
