SCHRODER SERIES TRUST
NSAR-A, 1997-06-27
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<PAGE>      PAGE  1
000 A000000 04/30/97
000 C000000 0000908802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SCHRODER SERIES TRUST
001 B000000 811-7840
001 C000000 2126413900
002 A000000 787 SEVENTH AVE 34TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 SCHRODER EQUITY VALUE FUND
007 C030100 N
007 C010200  2
007 C020200 SCHRODER SMALL CAPITALIZATION VALUE FUND
007 C030200 N
007 C010300  3
007 C020300 SCHRODER HIGH YIELD INCOME FUND
007 C030300 N
007 C010400  4
007 C020400 SCHRODER INVESTMENT GRADE INCOME FUND
007 C030400 N
007 C010500  5
007 C020500 SCHRODER SHORT-TERM INVESTMENT FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SCHRODER CAPITAL MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-8415
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10019
010 A00AA01 STATE STREET BANK AND TRUST COMPANY
010 B00AA01 85-05003
010 C01AA01 BOSTON
<PAGE>      PAGE  2
010 C02AA01 MA
010 C03AA01 02210
011 A00AA01 SCHRODER FUND ADVISERS, INC.
011 B00AA01 8-16918
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02210
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10105
014 A00AA01 LEWCO SECURITIES
014 B00AA01 8-6661
014 A00AA02 SCHRODER WERTHEIM & CO., INC.
014 B00AA02 8-016612
014 A00AA03 SCHRODER FUND ADVISERS, INC.
014 B00AA03 8-24129
014 A00AA04 SCHRODER STRUCTURED INVESTMENTS, INC.
014 B00AA04 8-27173
014 A00AA05 ONE WALL STREET PARTNERS, L.P.
014 B00AA05 8-33933
014 A00AA06 WSCI, L.P.
014 B00AA06 8-29018
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 WEEDEN & CO.
020 B000001 13-3364318
020 C000001      8
020 A000002 MORGAN STANLEY
020 B000002 13-2655998
020 C000002      6
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003      6
020 A000004 MONTGOMERY SECURITIES
020 C000004      4
020 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000005 13-5674085
020 C000005      4
<PAGE>      PAGE  3
020 A000006 BEAR STEARNS SECURITIES CORP.
020 B000006 13-3299429
020 C000006      4
020 A000007 INSTINET
020 B000007 13-3443395
020 C000007      3
020 A000008 PAINE WEBBER JACKSON & CURTIS
020 B000008 13-2638166
020 C000008      3
020 A000009 SMITH BARNEY
020 B000009 13-1912900
020 C000009      3
020 A000010 ROBINSON HUMPHREY
020 C000010      3
021  000000      108
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001   1082619
022 D000001         0
022 A000002 CS FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002     17801
022 D000002      1232
022 A000003 PENNSYLVANIA GROUP
022 C000003      8095
022 D000003      1499
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004      8090
022 D000004         0
022 A000005 CHASE MANHATTAN
022 B000005 13-3112953
022 C000005      6157
022 D000005      1008
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006      1985
022 D000006      4257
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007      2912
022 D000007      1808
022 A000008 EVEREN SECURITIES
022 C000008      3983
022 D000008       326
022 A000009 HSBC SECURITIES
022 B000009 95-2622900
022 C000009      1664
022 D000009      1494
022 A000010 UNIVERSITY EQUITIES CORP.
022 C000010      2196
<PAGE>      PAGE  4
022 D000010       800
023 C000000    1160326
023 D000000      28612
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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062 O000400   0.0
062 P000400  31.6
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  8.4
064 A000400 Y
<PAGE>      PAGE  19
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400      4406
071 B000400      5640
071 C000400     21321
071 D000400   21
072 A000400  6
072 B000400      756
072 C000400        0
072 D000400        0
072 E000400        0
<PAGE>      PAGE  20
072 F000400       55
072 G000400       18
072 H000400        0
072 I000400       21
072 J000400       20
072 K000400        0
072 L000400        3
072 M000400        5
072 N000400        5
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        8
072 S000400        7
072 T000400        0
072 U000400        5
072 V000400        0
072 W000400        0
072 X000400      147
072 Y000400       23
072 Z000400      632
072AA000400       73
072BB000400       76
072CC010400        0
072CC020400      388
072DD010400      623
072DD020400        0
072EE000400      247
073 A010400   0.2701
073 A020400   0.0000
073 B000400   0.1082
073 C000400   0.0000
074 A000400        0
074 B000400      986
074 C000400        0
074 D000400    20491
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        5
074 L000400      296
074 M000400       34
074 N000400    21812
074 O000400      204
074 P000400        9
074 Q000400        0
074 R010400        0
074 R020400        0
<PAGE>      PAGE  21
074 R030400        0
074 R040400       36
074 S000400        0
074 T000400    21563
074 U010400     2288
074 U020400        0
074 V010400     9.42
074 V020400     0.00
074 W000400   0.0000
074 X000400      693
074 Y000400        0
075 A000400        0
075 B000400    22436
076  000400     0.00
028 A010500       580
028 A020500       112
028 A030500         0
028 A040500       742
028 B010500       627
028 B020500       116
028 B030500         0
028 B040500       607
028 C010500      1309
028 C020500       115
028 C030500         0
028 C040500      1358
028 D010500      1486
028 D020500       105
028 D030500         0
028 D040500       821
028 E010500       963
028 E020500       119
028 E030500         0
028 E040500       693
028 F010500      2343
028 F020500       115
028 F030500         0
028 F040500      2371
028 G010500      7308
028 G020500       682
028 G030500         0
028 G040500      6592
028 H000500         0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.400
048 A010500        0
048 A020500 0.000
048 B010500        0
048 B020500 0.000
<PAGE>      PAGE  22
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
048 G020500 0.000
048 H010500        0
048 H020500 0.000
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
062 A000500 Y
062 B000500   4.7
062 C000500  16.8
062 D000500   2.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500  37.2
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   4.7
062 N000500  13.4
062 O000500   0.0
062 P000500  27.8
062 Q000500   0.2
062 R000500   0.0
063 A000500 177
063 B000500  0.0
064 A000500 Y
064 B000500 N
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
<PAGE>      PAGE  23
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500      6976
071 B000500      5178
071 C000500      6239
071 D000500   83
072 A000500  6
072 B000500      850
072 C000500        0
072 D000500        0
072 E000500        0
072 F000500       61
072 G000500       24
072 H000500        0
072 I000500       21
072 J000500       18
072 K000500        0
072 L000500        3
072 M000500        5
072 N000500        5
072 O000500        0
072 P000500        0
072 Q000500        0
<PAGE>      PAGE  24
072 R000500        8
072 S000500        7
072 T000500        0
072 U000500        5
072 V000500        0
072 W000500        0
072 X000500      157
072 Y000500        0
072 Z000500      693
072AA000500        0
072BB000500        1
072CC010500        0
072CC020500       32
072DD010500      692
072DD020500        0
072EE000500        0
073 A010500   0.2194
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500        1
074 B000500      645
074 C000500    11866
074 D000500    20055
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500       87
074 M000500       33
074 N000500    32687
074 O000500        0
074 P000500       11
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500      783
074 S000500        0
074 T000500    31893
074 U010500     3236
074 U020500        0
074 V010500     9.86
074 V020500     0.00
074 W000500   0.0000
074 X000500     1036
074 Y000500        0
075 A000500        0
<PAGE>      PAGE  25
075 B000500    31058
076  000500     0.00
SIGNATURE   CATHERINE MAZZA                              
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908802
<NAME> SCHRODER SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> SCHRODER EQUITY VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         43072025
<INVESTMENTS-AT-VALUE>                        53693267
<RECEIVABLES>                                   643690
<ASSETS-OTHER>                                   37545
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                54374502
<PAYABLE-FOR-SECURITIES>                       1058384
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        72697
<TOTAL-LIABILITIES>                            1131081
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      40141819
<SHARES-COMMON-STOCK>                          4076712
<SHARES-COMMON-PRIOR>                          3523397
<ACCUMULATED-NII-CURRENT>                        94687
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        2385673
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      10621242
<NET-ASSETS>                                  53243421
<DIVIDEND-INCOME>                               412010
<INTEREST-INCOME>                                64227
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  292471
<NET-INVESTMENT-INCOME>                         183766
<REALIZED-GAINS-CURRENT>                       2431268
<APPREC-INCREASE-CURRENT>                      3384209
<NET-CHANGE-FROM-OPS>                          5999243
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       386573
<DISTRIBUTIONS-OF-GAINS>                       2294529
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         654762
<NUMBER-OF-SHARES-REDEEMED>                     317040
<SHARES-REINVESTED>                             215593
<NET-CHANGE-IN-ASSETS>                        10338162
<ACCUMULATED-NII-PRIOR>                         297494
<ACCUMULATED-GAINS-PRIOR>                      2248934
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           180555
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 292471
<AVERAGE-NET-ASSETS>                          48538037
<PER-SHARE-NAV-BEGIN>                            12.18
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           1.59
<PER-SHARE-DIVIDEND>                              0.11
<PER-SHARE-DISTRIBUTIONS>                         0.65
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.06
<EXPENSE-RATIO>                                   1.21
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908802
<NAME> SCHRODER SERIES TRUST
<SERIES>
   <NUMBER> 2
   <NAME> SCHRODER SMALL CAPITALIZATION VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         60225269
<INVESTMENTS-AT-VALUE>                        73763775
<RECEIVABLES>                                  1216250
<ASSETS-OTHER>                                   41365
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                75021390
<PAYABLE-FOR-SECURITIES>                       1225080
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       157701
<TOTAL-LIABILITIES>                            1382781
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      56281040
<SHARES-COMMON-STOCK>                          5347046
<SHARES-COMMON-PRIOR>                          3724100
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (90377)
<ACCUMULATED-NET-GAINS>                        3909440
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      13538506
<NET-ASSETS>                                  73638609
<DIVIDEND-INCOME>                               278640
<INTEREST-INCOME>                                71895
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  440912
<NET-INVESTMENT-INCOME>                        (90377)
<REALIZED-GAINS-CURRENT>                       3916931
<APPREC-INCREASE-CURRENT>                      4570872
<NET-CHANGE-FROM-OPS>                          8397426
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       5368195
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1751341
<NUMBER-OF-SHARES-REDEEMED>                     533948
<SHARES-REINVESTED>                             405553
<NET-CHANGE-IN-ASSETS>                        25024425
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      5360704
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           315265
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 440912
<AVERAGE-NET-ASSETS>                          66919099
<PER-SHARE-NAV-BEGIN>                            13.05
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                           2.00
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         1.26
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.77
<EXPENSE-RATIO>                                   1.33
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908802
<NAME> SCHRODER SERIES TRUST
<SERIES>
   <NUMBER> 3
   <NAME> SCHRODER HIGH YIELD INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         14259951
<INVESTMENTS-AT-VALUE>                        14021836
<RECEIVABLES>                                   240869
<ASSETS-OTHER>                                   32848
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                14295553
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        46216
<TOTAL-LIABILITIES>                              46216
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      15969309
<SHARES-COMMON-STOCK>                          1717782
<SHARES-COMMON-PRIOR>                          1769543
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (16400)
<ACCUMULATED-NET-GAINS>                      (1465457)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (238115)
<NET-ASSETS>                                  14249337
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               744642
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  114374
<NET-INVESTMENT-INCOME>                         630268
<REALIZED-GAINS-CURRENT>                      (135536)
<APPREC-INCREASE-CURRENT>                     (515966)
<NET-CHANGE-FROM-OPS>                          (21234)
<EQUALIZATION>                                    2164
<DISTRIBUTIONS-OF-INCOME>                       761838
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         223041
<NUMBER-OF-SHARES-REDEEMED>                     360462
<SHARES-REINVESTED>                              85660
<NET-CHANGE-IN-ASSETS>                       (1204920)
<ACCUMULATED-NII-PRIOR>                         113006
<ACCUMULATED-GAINS-PRIOR>                    (1329921)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            66411
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 152067
<AVERAGE-NET-ASSETS>                          14876251
<PER-SHARE-NAV-BEGIN>                             8.73
<PER-SHARE-NII>                                   0.37
<PER-SHARE-GAIN-APPREC>                         (0.36)
<PER-SHARE-DIVIDEND>                              0.44
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.30
<EXPENSE-RATIO>                                   1.55
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908802
<NAME> SCHRODER SERIES TRUST
<SERIES>
   <NUMBER> 4
   <NAME> SCHRODER INVESTMENT GARDE INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         21522304
<INVESTMENTS-AT-VALUE>                        21476950
<RECEIVABLES>                                   300950
<ASSETS-OTHER>                                   34117
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                21812017
<PAYABLE-FOR-SECURITIES>                        204224
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        44949
<TOTAL-LIABILITIES>                             249173
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      21618702
<SHARES-COMMON-STOCK>                          2288124
<SHARES-COMMON-PRIOR>                          2443666
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                          (7018)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        (3486)
<ACCUM-APPREC-OR-DEPREC>                       (45354)
<NET-ASSETS>                                  21562844
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               756391
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  124558
<NET-INVESTMENT-INCOME>                         631833
<REALIZED-GAINS-CURRENT>                        (3139)
<APPREC-INCREASE-CURRENT>                     (387511)
<NET-CHANGE-FROM-OPS>                           241183
<EQUALIZATION>                                  (7545)
<DISTRIBUTIONS-OF-INCOME>                       623238
<DISTRIBUTIONS-OF-GAINS>                        246070
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         114446
<NUMBER-OF-SHARES-REDEEMED>                     359682
<SHARES-REINVESTED>                              89694
<NET-CHANGE-IN-ASSETS>                       (2144755)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       246323
<OVERDISTRIB-NII-PRIOR>                         (8068)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            55634
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 147601
<AVERAGE-NET-ASSETS>                          22435994
<PER-SHARE-NAV-BEGIN>                             9.70
<PER-SHARE-NII>                                   0.27
<PER-SHARE-GAIN-APPREC>                         (0.17)
<PER-SHARE-DIVIDEND>                              0.27
<PER-SHARE-DISTRIBUTIONS>                         0.11
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.42
<EXPENSE-RATIO>                                   1.12
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908802
<NAME> SCHRODER SERIES TRUST
<SERIES>
   <NUMBER> 5
   <NAME> SCHRODER SHORT-TERM INVESTMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         32580306
<INVESTMENTS-AT-VALUE>                        32565585
<RECEIVABLES>                                    87767
<ASSETS-OTHER>                                   33994
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                32687346
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       794272
<TOTAL-LIABILITIES>                             794272
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      32011619
<SHARES-COMMON-STOCK>                          3235801
<SHARES-COMMON-PRIOR>                          3093871
<ACCUMULATED-NII-CURRENT>                         1283
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (105107)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       (14721)
<NET-ASSETS>                                  31893074
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               850147
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  157092
<NET-INVESTMENT-INCOME>                         693055
<REALIZED-GAINS-CURRENT>                         (698)
<APPREC-INCREASE-CURRENT>                      (32220)
<NET-CHANGE-FROM-OPS>                           660137
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       691719
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         741361
<NUMBER-OF-SHARES-REDEEMED>                     668636
<SHARES-REINVESTED>                              69205
<NET-CHANGE-IN-ASSETS>                         1366506
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (104409)
<OVERDISTRIB-NII-PRIOR>                           (53)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            61621
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 157092
<AVERAGE-NET-ASSETS>                          31057576
<PER-SHARE-NAV-BEGIN>                             9.87
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                         (0.01)
<PER-SHARE-DIVIDEND>                              0.22
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.86
<EXPENSE-RATIO>                                   1.02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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