SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER EMERGING MARKETS FUND INSTITUTIONAL PORTFOLIO
INVESTOR SHARES
Supplement Dated July 15, 1997 to
Prospectus Dated March 1, 1997
PORTFOLIO MANAGEMENT
The third paragraph under "Management of the Fund -- Investment Adviser and
Portfolio Managers" on Page 18 of the Prospectus is replaced in its entirety by
the following paragraph:
The Fund's current investment managers include John A. Troiano, a Vice
President of the Trust and Schroder Core, who managed the Fund's
investment portfolio from its inception until it invested its assets in
the Portfolio and has managed the Portfolio's assets since its
inception. Mr. Troiano is assisted by the management team of Heather
Crighton and Mark Bridgeman, who are responsible for the day-to-day
management of the investment portfolio. Mr. Troiano, Chief Executive
Officer of SCMI since April 1, 1997, has been a Managing Director of
SCMI since October 1995 and has been employed by various Schroder Group
companies in the investment research and portfolio management areas
since 1981. Ms. Crighton is a Vice President of SCMI and has been
employed by SCMI/various Schroder Group companies in the investment
research and portfolio management areas since 1992. Mr. Bridgeman, also
a Vice President of SCMI, has been employed by various Schroder Group
companies in the investment research and portfolio management areas
since 1990.
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER EMERGING MARKETS FUND INSTITUTIONAL PORTFOLIO
ADVISOR SHARES
Supplement Dated July 15, 1997 to
Prospectus Dated March 1, 1997
PORTFOLIO MANAGEMENT
The third paragraph under "Management of the Fund -- Investment Adviser and
Portfolio Managers" on Page 18 of the Prospectus is replaced in its entirety by
the following paragraph:
The Fund's current investment managers include John A. Troiano, a Vice
President of the Trust and Schroder Core, who managed the Fund's
investment portfolio from its inception until it invested its assets in
the Portfolio and has managed the Portfolio's assets since its
inception. Mr. Troiano is assisted by the management team of Heather
Crighton and Mark Bridgeman, who are responsible for the day-to-day
management of the investment portfolio. Mr. Troiano, Chief Executive
Officer of SCMI since April 1, 1997, has been a Managing Director of
SCMI since October 1995 and has been employed by various Schroder Group
companies in the investment research and portfolio management areas
since 1981. Ms. Crighton is a Vice President of SCMI and has been
employed by SCMI/various Schroder Group companies in the investment
research and portfolio management areas since 1992. Mr. Bridgeman, also
a Vice President of SCMI, has been employed by various Schroder Group
companies in the investment research and portfolio management areas
since 1990.
<PAGE>
