<PAGE>
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
To Investor Shares Prospectus dated March 1, 2000
SCHRODER LARGE CAPITALIZATION EQUITY FUND
The information relating to Schroder Large Capitalization Equity Fund and Mr.
Paul Morris is deleted from the table under "Portfolio Managers" on page 16 of
the Prospectus. Investment decisions for that Fund are made by Schroder's
U.S. equity investment team.
April 4, 2000
<PAGE>
SCHRODER SERIES TRUST
PROSPECTUS SUPPLEMENT
To Advisor Shares Prospectus dated March 1, 2000
SCHRODER LARGE CAPITALIZATION EQUITY FUND
The information relating to Schroder Large Capitalization Equity Fund and Mr.
Paul Morris is deleted from the table under "Portfolio Managers" on page 15 of
the Prospectus. Investment decisions for that Fund are made by Schroder's
U.S. equity investment team.
April 4, 2000
