SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER U.S. SMALLER COMPANIES FUND
INVESTOR SHARES
Supplement Dated June 1, 1997 to
Prospectus Dated March 1, 1997
PORTFOLIO MANAGEMENT
The third paragraph in the section "Management of the Fund -- Investment Adviser
and Portfolio Managers" on Page 11 of the Prospectus is replaced in its entirety
by the following paragraph:
Fariba Talebi, a Vice President of the Trust, a Group Vice President of
SCMI and a Director of Schroder Capital Management Inc. with the
assistance of the special small cap investment team is primarily
responsible for the day-to-day management of the Portfolio's
investments and has managed the Portfolio since its inception. Prior to
March 1, 1997, Ira Unschuld, a First Vice President of SCMI and a
member of the small cap investment team was a co-manager of the Fund.
Ms. Talebi has been employed by SCMI in the investment research and
portfolio management areas since 1987.
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SCHRODER CAPITAL FUNDS (DELAWARE)
SCHRODER U.S. SMALLER COMPANIES FUND
ADVISOR SHARES
Supplement Dated June 1, 1997 to
Prospectus Dated March 1, 1997
PORTFOLIO MANAGEMENT
The third paragraph in the section "Management of the Fund -- Investment Adviser
and Portfolio Managers" on Page 10 of the Prospectus is replaced in its entirety
by the following paragraph:
Fariba Talebi, a Vice President of the Trust, a Group Vice President of
SCMI and a Director of Schroder Capital Management Inc. with the
assistance of the special small cap investment team is primarily
responsible for the day-to-day management of the Portfolio's
investments and has managed the Portfolio since its inception. Prior to
March 1, 1997, Ira Unschuld, a First Vice President of SCMI and a
member of the small cap investment team was a co-manager of the Fund.
Ms. Talebi has been employed by SCMI in the investment research and
portfolio management areas since 1987.
<PAGE>
