<PAGE> 1
Rule 497(e)
Registration No. 33-65632
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
TO INVESTOR SHARES PROSPECTUS DATED MARCH 1, 1998
-------------------------
The last two sentences in the third full paragraph on page 23 of the Prospectus
are amended to read as follows:
"Mr. Richard Gotterer, Assistant Vice President and Portfolio Manager at
Schroder, is primarily responsible for making recommendations to the
committee for Schroder Investment Grade Income Fund and Schroder Short-Term
Investment Fund. Each of the persons named has had that responsibility
since the organization of the Funds (other than Mr. Morris and Mr.
Gotterer, who have had that responsibility since March 1997 and March 1998,
respectively) and has several years of experience in managing investment
portfolios comparable to those for which each has such responsibility.
Mr. Gotterer has been a member of the team managing Schroder Investment
Grade Income Fund and Schroder Short-Term Investment Fund since the
organization of the Funds."
The following sentences are added after the second sentence in the second full
paragraph on page 23 of the Prospectus:
"In addition, Schroder has voluntarily undertaken, through the end of the
current fiscal year, to waive a portion of the management fees it is
entitled to receive from Schroder Large Capitalization Equity Fund and from
Schroder Investment Grade Income Fund. As a result, during the period of
the waiver, Schroder Large Capitalization Equity Fund will pay management
fees to Schroder at the annual rate of 0.50% of the Fund's average daily
net assets, and Schroder Investment Grade Income Fund will pay no
management fees."
Accordingly, the Annual Operating Expenses table and Example on pages 4 and 5,
respectively, of the Prospectus are amended to read as follows with respect to
Schroder Large Capitalization Equity Fund and Schroder Investment Grade Income
Fund:
ANNUAL OPERATING EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
Schroder Schroder
Large Investment
Capitalization Grade Income
Equity Fund Fund
-------------- ------------
<S> <C> <C>
Management Fees (after expense limitation) ...................... 0.50(1) 0.00(1)
12b-1 Fees ...................................................... None None
Other Expenses .................................................. 0.48 0.83
Total Fund Operating Expenses (after expense limitation) ........ 0.98(1) 0.83(1)
</TABLE>
- ------------------
(1) The Management Fees and Total Fund Operating Expenses for Schroder Large
Capitalization Equity Fund and Schroder Investment Grade Income Fund reflect
expense limitations currently in effect. See "Management of the Trust" below.
In the absence of the limitations, Management Fees and Total Fund Operating
Expenses, respectively, for Investor Shares of these Funds would be as follows:
Schroder Large Capitalization Equity Fund - 0.75% and 1.23%; and Schroder
Investment Grade Income Fund - 0.50% and 1.33%.
<PAGE> 2
EXAMPLE
Your investment of $1,000 would incur the following expenses, assuming 5% annual
return and redemption at the end of each period:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Funds:
Schroder Large Capitalization Equity Fund .... $10 $31 $54 $121
Schroder Investment Grade Income Fund ........ $9 $27 $46 $103
</TABLE>
The following section is added immediately prior to the section entitled
"Performance Information" on page 24 of the Prospectus:
YEAR 2000 DISCLOSURE
The Funds receive services from Schroder Capital Management Inc., Schroder Fund
Advisors Inc., BFDS, State Street Bank and Trust Company, and other providers
which rely on the smooth functioning of their respective systems and the systems
of others to perform those services. It is generally recognized that certain
systems in use today may not perform their intended functions adequately after
the Year 1999 because of the inability of the software to distinguish the Year
2000 from the Year 1900. Schroder Capital Management Inc. is taking steps that
it believes are reasonably designed to address this potential "Year 2000"
problem and to obtain satisfactory assurances that comparable steps are being
taken by each of the Funds' other major service providers. There can be no
assurance, however, that these steps will be sufficient to avoid any adverse
impact on the Funds from this problem.
April 2, 1998
<PAGE> 3
Rule 497(e)
Registration No. 33-65632
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
TO ADVISOR SHARES PROSPECTUS DATED MARCH 1, 1998
-------------------------
The last two sentences in the carry-over paragraph on the top of page 18 of the
Prospectus are amended to read as follows:
"Mr. Richard Gotterer, Assistant Vice President and Portfolio Manager at
Schroder, is primarily responsible for making recommendations to the
committee for Schroder Investment Grade Income Fund. Each of the persons
named has had their responsibility since the organization of the Funds
(other than Mr. Morris and Mr. Gotterer, who have had that responsibility
since March 1997 and March 1998, respectively) and has several years of
experience in managing investment portfolios comparable to those for which
each has such responsibility. Mr. Gotterer has been a member of the team
managing Schroder Investment Grade Income Fund since the organization of
the Fund."
The following sentences are added after the second sentence in the fourth full
paragraph on page 17 of the Prospectus:
"In addition, Schroder has voluntarily undertaken, through the end of the
current fiscal year, to waive a portion of the management fees it is
entitled to receive from Schroder Large Capitalization Equity Fund and
from Schroder Investment Grade Income Fund. As a result, during the period
of the waiver, Schroder Large Capitalization Equity Fund will pay
management fees to Schroder at the annual rate of 0.50% of the Fund's
average daily net assets, and Schroder Investment Grade Income Fund will
pay no management fees."
Accordingly, the Annual Operating Expenses table and Example on pages 4 and 5,
respectively, of the Prospectus are amended to read as follows with respect to
Schroder Large Capitalization Equity Fund and Schroder Investment Grade Income
Fund:
ANNUAL OPERATING EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
Schroder Schroder
Large Investment
Capitalization Grade Income
Equity Fund Fund
-------------- ------------
<S> <C> <C>
Management Fees (after expense limitation) ...................... 0.50(1) 0.00(1)
12b-1 Fees(2) ................................................... None None
Other Expenses .................................................. 0.73 1.08
Total Fund Operating Expenses (after expense limitation) ........ 1.23(1) 1.08(1)
</TABLE>
- -------------------------------
(1) The Management Fees and Total Fund Operating Expenses for Schroder Large
Capitalization Equity Fund and Schroder Investment Grade Income Fund reflect
expense limitations currently in effect. See "Management of the Trust" below.
In the absence of the limitations, Management Fees and Total Fund Operating
Expenses, respectively, for Advisor Shares of these Funds would be as follows:
Schroder Large Capitalization Equity Fund - 0.75% and 1.48%; and Schroder
Investment Grade Income Fund - 0.50% and 1.58%.
(2) Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended. The Funds presently make no payments
under the Distribution Plans, although payments made by a Fund under its
Shareholder Servicing Plan for Advisor Shares will be considered to have been
made pursuant to the Fund's Distribution Plan, to the extent such payments may
be deemed to be primarily intended to result in the sale of the Fund's Advisor
Shares. See "How to Buy Shares -- Distribution Plans."
<PAGE> 4
EXAMPLE
Your investment of $1,000 would incur the following expenses, assuming 5% annual
return and redemption at the end of each period:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Funds:
Schroder Large Capitalization Equity Fund ..... $13 $39 $68 $150
Schroder Investment Grade Income Fund ......... $11 $35 $60 $132
</TABLE>
The following section is added immediately prior to the section entitled
"Performance Information" on page 18 of the Prospectus:
YEAR 2000 DISCLOSURE
The Funds receive services from Schroder Capital Management Inc., Schroder Fund
Advisors Inc., the Transfer Agent, State Street Bank and Trust Company, and
other providers which rely on the smooth functioning of their respective systems
and the systems of others to perform those services. It is generally recognized
that certain systems in use today may not perform their intended functions
adequately after the Year 1999 because of the inability of the software to
distinguish the Year 2000 from the Year 1900. Schroder Capital Management Inc.
is taking steps that it believes are reasonably designed to address this
potential "Year 2000" problem and to obtain satisfactory assurances that
comparable steps are being taken by each of the Funds' other major service
providers. There can be no assurance, however, that these steps will be
sufficient to avoid any adverse impact on the Funds from this problem.
April 2, 1998
