<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Investor Shares Prospectus dated March 1, 2000
SCHRODER INTERNATIONAL FUND
Deborah Chaplin is joining Michael Perelstein as a portfolio manager
for the Schroder International Fund. Ms. Chaplin is added under the caption
"Portfolio Manager" for the Schroder International Fund in the table on page 21
of the Prospectus. Ms. Chaplin has been employed as an investment professional
at Schroder since May 2000. She is an Executive Vice President, Director and
Senior Investment Officer of Schroder. Prior to joining Schroder, Ms. Chaplin
was a Managing Director at Scudder Kemper Investments and a Manager at Spare,
Kaplan, Bischel & Associates.
SCHRODER U.S. DIVERSIFIED GROWTH FUND
(1) 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.
(2) The third sentence under "Principal Investment Strategies" on page
10 of the Prospectus is deleted and replaced with the following:
"The Fund normally invests in securities of companies with market
capitalizations of more than $5 billion (at the time of investment)."
If you have any questions regarding these matters, please contact
Schroder at (800) 464-3108.
July 27, 2000
<PAGE>
SCHRODER CAPITAL FUNDS (DELAWARE)
PROSPECTUS SUPPLEMENT
To Advisor Shares Prospectus dated March 1, 2000
SCHRODER INTERNATIONAL FUND
Deborah Chaplin is joining Michael Perelstein as a portfolio manager
for the Schroder International Fund. Ms. Chaplin is added under the caption
"Portfolio Manager" for the Schroder International Fund in the table on page 21
of the Prospectus. Ms. Chaplin has been employed as an investment professional
at Schroder since May 2000. She is an Executive Vice President, Director and
Senior Investment Officer of Schroder. Prior to joining Schroder, Ms. Chaplin
was a Managing Director at Scudder Kemper Investments and a Manager at Spare,
Kaplan, Bischel & Associates.
SCHRODER U.S. DIVERSIFIED GROWTH FUND
(1) 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.
(2) The third sentence under "Principal Investment Strategies" on page
10 of the Prospectus is deleted and replaced with the following:
"The Fund normally invests in securities of companies with market
capitalizations of more than $5 billion (at the time of investment)."
If you have any questions regarding these matters, please contact
Schroder at (800) 464-3108.
July 27, 2000
