<PAGE>
Rule 497(e)
Registration No. 2-34215
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Investor Shares Prospectus dated March 1, 1999
The first paragraph under "Portfolio Managers" on page 21 of the Prospectus is
deleted and replaced with the following:
"Schroder's investment decisions for each of the Funds (or for the related
Portfolios in which certain of the Funds invest substantially all of their
assets) are generally made by an investment manager or an investment team,
with the assistance of an investment committee; all investment decisions
for Schroder International Smaller Companies Fund are made by an
investment committee. The following portfolio managers have had primary
responsibility for making investment decisions for the listed Portfolios
or Funds, as the case may be, since the years shown below. Their recent
professional experience is also shown."
In addition, the information relating to Schroder International Smaller
Companies Fund and Schroder International Smaller Companies Portfolio in the
table following the above-referenced paragraph is deleted.
July 14, 1999
<PAGE>
Rule 497(e)
Registration No. 2-34215
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Advisor Shares Prospectus dated March 1, 1999
The first paragraph under "Portfolio Managers" on pages 19-20 of the Prospectus
is deleted and replaced with the following:
"Schroder's investment decisions for each of the Funds (or for the related
Portfolios in which certain of the Funds invest substantially all of their
assets) are generally made by an investment manager or an investment team,
with the assistance of an investment committee; all investment decisions
for Schroder International Smaller Companies Fund are made by an
investment committee. The following portfolio managers have had primary
responsibility for making investment decisions for the listed Portfolios
or Funds, as the case may be, since the years shown below. Their recent
professional experience is also shown."
In addition, the information relating to Schroder International Smaller
Companies Fund and Schroder International Smaller Companies Portfolio in the
table following the above-referenced paragraph is deleted.
July 14, 1999
