<PAGE> 1
Rule 497(e)
Registration No. 33-65632
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
To Investor Shares Prospectus
dated March 1, 1998, as revised August 1, 1998
------------------------
The following replaces in its entirety the second paragraph under the
heading "Schroder Large Capitalization Equity Fund" on page 11 of the
Prospectus:
"In choosing portfolio investments for the Fund, Schroder will focus on
issuers it believes offer the possibility for growth of capital from
earnings potential and other factors not fully reflected in current market
prices. Such factors may include, for example, a company's probable future
earnings, the ratio of its price to earnings, and its relative strength, as
well as other factors Schroder may consider significant in a particular
industry or under varying market conditions."
September 25, 1998
<PAGE> 2
Rule 497(e)
Registration No. 33-65632
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
To Advisor Shares Prospectus
dated March 1, 1998, as revised May 12, 1998
------------------------
The following replaces in its entirety the second paragraph under the
heading "Schroder Large Capitalization Equity Fund" on page 7 of the
Prospectus:
"In choosing portfolio investments for the Fund, Schroder will focus on
issuers it believes offer the possibility for growth of capital from
earnings potential and other factors not fully reflected in current market
prices. Such factors may include, for example, a company's probable future
earnings, the ratio of its price to earnings, and its relative strength, as
well as other factors Schroder may consider significant in a particular
industry or under varying market conditions."
September 25, 1998
