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<PAGE> PAGE 10
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
058 B000400 N
058 C000400 N
058 D000400 N
058 E000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 250000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
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062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
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<PAGE> PAGE 22
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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<PAGE> PAGE 23
071 D000400 0
072 A000400 12
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072 I000400 72
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<PAGE> PAGE 24
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SIGNATURE THOMAS SHEEHAN
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SCHRODER
EMERGING MARKETS FUND INSTITUTIONAL PORTFOLIO (FUND) ANNUAL REPORT DATED
OCTOBER 31, 1997.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> SCHRODER EMERGING MARKETS INSTITIUTIONAL PORTFOLIO (FUND)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 202,498,537
<INVESTMENTS-AT-VALUE> 204,415,739
<RECEIVABLES> 389,939
<ASSETS-OTHER> 14,533
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,820,211
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104,449
<TOTAL-LIABILITIES> 104,449
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,131,683
<SHARES-COMMON-STOCK> 2,276,150
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 431,813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,764,936)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,917,202
<NET-ASSETS> 204,715,762
<DIVIDEND-INCOME> 3,811,777
<INTEREST-INCOME> 447,639
<OTHER-INCOME> (2,756,426)
<EXPENSES-NET> 418,158
<NET-INVESTMENT-INCOME> 1,084,832
<REALIZED-GAINS-CURRENT> (4,692,069)
<APPREC-INCREASE-CURRENT> 242,848
<NET-CHANGE-FROM-OPS> (3,364,389)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,884
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,015,324
<NUMBER-OF-SHARES-REDEEMED> 103,102
<SHARES-REINVESTED> 10,884
<NET-CHANGE-IN-ASSETS> 37,145,712
<ACCUMULATED-NII-PRIOR> 152,823
<ACCUMULATED-GAINS-PRIOR> (6,701,953)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446,542
<AVERAGE-NET-ASSETS> 18,471,642
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.11
<EXPENSE-RATIO> 1.66
<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
EMERGING MARKETS FUND INSTITUTIONAL PORTFOLIO (FUND) ANNUAL REPORT DATED
OCTOBER 31, 1997.
</LEGEND>
<SERIES>
<NUMBER> 040
<NAME> SCHRODER EMERGING MARKETS INSTITIUTIONAL PORTFOLIO (FUND)
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 202,498,537
<INVESTMENTS-AT-VALUE> 204,415,739
<RECEIVABLES> 389,939
<ASSETS-OTHER> 14,533
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,820,211
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104,449
<TOTAL-LIABILITIES> 104,449
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,131,683
<SHARES-COMMON-STOCK> 16,199,944
<SHARES-COMMON-PRIOR> 15,153,374
<ACCUMULATED-NII-CURRENT> 431,813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,764,936)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,917,202
<NET-ASSETS> 204,715,762
<DIVIDEND-INCOME> 3,811,777
<INTEREST-INCOME> 447,639
<OTHER-INCOME> (2,756,426)
<EXPENSES-NET> 418,158
<NET-INVESTMENT-INCOME> 1,084,832
<REALIZED-GAINS-CURRENT> (4,692,069)
<APPREC-INCREASE-CURRENT> 242,848
<NET-CHANGE-FROM-OPS> (3,364,389)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 150,511
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,703,940
<NUMBER-OF-SHARES-REDEEMED> 26,043,240
<SHARES-REINVESTED> 87,690
<NET-CHANGE-IN-ASSETS> 37,145,712
<ACCUMULATED-NII-PRIOR> 152,823
<ACCUMULATED-GAINS-PRIOR> (6,701,953)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446,542
<AVERAGE-NET-ASSETS> 205,143,313
<PER-SHARE-NAV-BEGIN> 11.06
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS DOCUMENT CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
SCHRODER INTERNATIONAL EQUITY FUND ANNUAL REPORT DATED OCTOBER 31, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> SCHRODER INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 163,583,764
<INVESTMENTS-AT-VALUE> 190,992,943
<RECEIVABLES> 410,865
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 191,403,808
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184,675
<TOTAL-LIABILITIES> 184,675
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,379,246
<SHARES-COMMON-STOCK> 10,410,792
<SHARES-COMMON-PRIOR> 10,134,012
<ACCUMULATED-NII-CURRENT> 2,915,645
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,515,063
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,409,179
<NET-ASSETS> 191,219,133
<DIVIDEND-INCOME> 2,858,125
<INTEREST-INCOME> 421,646
<OTHER-INCOME> (1,486,649)
<EXPENSES-NET> 474,991
<NET-INVESTMENT-INCOME> 1,318,131
<REALIZED-GAINS-CURRENT> 17,315,084
<APPREC-INCREASE-CURRENT> (3,581,079)
<NET-CHANGE-FROM-OPS> 15,052,136
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,570,768
<DISTRIBUTIONS-OF-GAINS> 26,130,027
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,836,994
<NUMBER-OF-SHARES-REDEEMED> 81,436,338
<SHARES-REINVESTED> 17,731,934
<NET-CHANGE-IN-ASSETS> (11,516,069)
<ACCUMULATED-NII-PRIOR> 4,398,568
<ACCUMULATED-GAINS-PRIOR> 26,102,194
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 572,244
<AVERAGE-NET-ASSETS> 197,962,259
<PER-SHARE-NAV-BEGIN> 20.01
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> .46
<PER-SHARE-DISTRIBUTIONS> 2.63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.37
<EXPENSE-RATIO> .99
<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 FUND ANNUAL REPORT DATED OCTOBER 31, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> SCHRODER INTERNATIONAL SMALLER COMPANIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 7,778,786
<INVESTMENTS-AT-VALUE> 6,825,551
<RECEIVABLES> 34,442
<ASSETS-OTHER> 12,088
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,872,081
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,997
<TOTAL-LIABILITIES> 35,997
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,402,031
<SHARES-COMMON-STOCK> 741,676
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 377,721
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (953,235)
<NET-ASSETS> 6,836,084
<DIVIDEND-INCOME> 100,427
<INTEREST-INCOME> 20,623
<OTHER-INCOME> (84,784)
<EXPENSES-NET> 21,198
<NET-INVESTMENT-INCOME> 15,068
<REALIZED-GAINS-CURRENT> 377,647
<APPREC-INCREASE-CURRENT> (953,235)
<NET-CHANGE-FROM-OPS> (560,520)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,427
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,555,555
<NUMBER-OF-SHARES-REDEEMED> 153,524
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,836,084
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,161
<AVERAGE-NET-ASSETS> 7,141,662
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.79)
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.22
<EXPENSE-RATIO> 1.50
<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 U.S. EQUITY FUND ANNUAL REPORT DATED OCTOBER 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> SCHRODER U.S. EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 9,458,266
<INVESTMENTS-AT-VALUE> 13,613,774
<RECEIVABLES> 13,265
<ASSETS-OTHER> 293,115
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,920,154
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,004
<TOTAL-LIABILITIES> 59,004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,839,530
<SHARES-COMMON-STOCK> 1,412,181
<SHARES-COMMON-PRIOR> 1,761,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,866,112
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,155,508
<NET-ASSETS> 13,861,150
<DIVIDEND-INCOME> 208,569
<INTEREST-INCOME> 14,098
<OTHER-INCOME> 0
<EXPENSES-NET> 237,584
<NET-INVESTMENT-INCOME> (14,917)
<REALIZED-GAINS-CURRENT> 3,881,030
<APPREC-INCREASE-CURRENT> 164,449
<NET-CHANGE-FROM-OPS> 4,030,562
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41,186
<DISTRIBUTIONS-OF-GAINS> 3,648,561
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 187,894
<NUMBER-OF-SHARES-REDEEMED> 6,538,574
<SHARES-REINVESTED> 2,684,379
<NET-CHANGE-IN-ASSETS> (3,325,486)
<ACCUMULATED-NII-PRIOR> 41,186
<ACCUMULATED-GAINS-PRIOR> 3,648,560
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118,887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266,006
<AVERAGE-NET-ASSETS> 15,851,647
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 2.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>