<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Investor Shares Prospectus dated March 1, 2000
SCHRODER U.S. DIVERSIFIED GROWTH FUND
The information relating to Schroder U.S. Diversified Growth Fund and Mr. Paul
Morris is deleted from the table under "Portfolio Managers" on page 22 of the
Prospectus. Investment decisions for that Fund are made by Schroder's U.S.
equity investment team.
April 4, 2000
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Advisor Shares Prospectus dated March 1, 2000
SCHRODER U.S. DIVERSIFIED GROWTH FUND
The information relating to Schroder U.S. Diversified Growth Fund and Mr. Paul
Morris is deleted from the table under "Portfolio Managers" on page 19 of the
Prospectus. Investment decisions for that Fund are made by Schroder's U.S.
equity investment team.
April 4, 2000
