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SCHRODER INTERNATIONAL FUND
INVESTOR SHARES
Amendment to Prospectus Dated May 16, 1996
The following language replaces the "Expenses" language found on page 13 of
the Prospectus.
EXPENSES
SCMI and Schroder Advisors have voluntarily undertaken to assume certain
expenses of the Fund and the Portfolio (or waive their respective fees). This
undertaking is designed to place a maximum limit on total Fund expenses
(excluding taxes, interest, brokerage commissions and other portfolio
transaction expenses and extraordinary expenses) of 0.99% of the average daily
net assets of the Fund attributable to Investor Shares. This expense limitation
cannot be modified or withdrawn except by a majority vote of the Trustees of the
Trust who are not affiliated with SCMI or Schroder Advisors. If expense
reimbursements are required, they will be made on a monthly basis. SCMI will
reimburse the Fund for four-fifths of the amount required and Schroder Advisors
will reimburse the Fund for the remaining one-fifth; provided, however, that
neither SCMI nor Schroder Advisors will be required to make any reimbursements
or waive any fees in excess of the fees payable to them by the Fund and the
Portfolio on a monthly basis for their respective advisory and administrative
services.
November 7, 1996
