<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER INTERNATIONAL FUND
ADVISOR SHARES
Supplement to Prospectus
Dated May 15, 1996
PORTFOLIO MANAGEMENT
The next to last paragraph in the section "Management -- Investment Adviser and
Portfolio Manager", on Page 12 of the Prospectus, is replaced in its entirety by
the following paragraph:
The investment management team of Mark J. Smith, a Trustee and President of the
Trust and Schroder Core, and Michael Perelstein, Vice President of the Trust and
Schroder Core, with the assistance of an SCMI investment committee, is primarily
responsible for the day-to-day management of the Portfolio's investment
portfolio. Mr. Smith, who has managed the Fund's portfolio since October 1989
and the Portfolio's investments since its inception, has been a First Vice
President of SCMI since April 1990 and a Director thereof since April 1993. He
has been employed by various Schroder Group companies in the investment research
and portfolio management areas since 1983. Mr. Perelstein has been a Senior Vice
President of SCMI since January 2, 1997. Prior thereto, Mr. Perelstein was a
Managing Director at MacKay Shields. Mr. Perelstein has more than twelve years
of international and global investment experience.
January 16, 1997
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER INTERNATIONAL FUND
INVESTOR SHARES
Supplement to Prospectus
Dated May 16, 1996
PORTFOLIO MANAGEMENT
The next to last paragraph in the section "Management -- Investment Adviser and
Portfolio Manager", on Page 11 of the Prospectus, is replaced in its entirety by
the following paragraph:
The investment management team of Mark J. Smith, a Trustee and President of the
Trust and Schroder Core, and Michael Perelstein, Vice President of the Trust and
Schroder Core, with the assistance of an SCMI investment committee, is primarily
responsible for the day-to-day management of the Portfolio's investment
portfolio. Mr. Smith, who has managed the Fund's portfolio since October 1989
and the Portfolio's investments since its inception, has been a First Vice
President of SCMI since April 1990 and a Director thereof since April 1993. He
has been employed by various Schroder Group companies in the investment research
and portfolio management areas since 1983. Mr. Perelstein has been a Senior Vice
President of SCMI since January 2, 1997. Prior thereto, Mr. Perelstein was a
Managing Director at MacKay Shields. Mr. Perelstein has more than twelve years
of international and global investment experience.
January 16, 1997
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER EMERGING MARKETS FUND
INSTITUTIONAL PORTFOLIO
ADVISOR SHARES
Supplement to Prospectus
Dated May 17, 1996
PORTFOLIO MANAGEMENT
The third paragraph in the section "Management -- Investment Adviser and
Portfolio Manager", on Page 17 of the Prospectus, is replaced in its entirety by
the following paragraph:
John A. Troiano, a Vice President of the Trust and Schroder Core, with the
assistance of an SCMI investment committee, is primarily responsible for the
day-to-day management of the Portfolio's investment portfolio. Mr. Troiano
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 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 1988.
January 16, 1997
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER EMERGING MARKETS FUND
INSTITUTIONAL PORTFOLIO
INVESTOR SHARES
Supplement to Prospectus
Dated May 17, 1996
PORTFOLIO MANAGEMENT
The third paragraph in the section "Management -- Investment Adviser and
Portfolio Manager", on Page 18 of the Prospectus, is replaced in its entirety by
the following paragraph:
John A. Troiano, a Vice President of the Trust and Schroder Core, with the
assistance of an SCMI investment committee, is primarily responsible for the
day-to-day management of the Portfolio's investment portfolio. Mr. Troiano
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 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 1988.
January 16, 1997
