<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 0000832545
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 BARR ROSENBERG SERIES TRUST
001 B000000 811-5547
001 C000000 2124921633
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 ROSENBERG U.S. SMALL CAP FUND
007 C030100 N
007 C010200 2
007 C020200 ROSENBERG JAPAN FUND
007 C030200 N
007 C010300 3
007 C020300 ROSENBERG INTERNATIONAL SMALL CAP FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ROSENBERG INSTITUTIONAL EQUITY MANAGEMENT
008 B00AA01 A
008 C00AA01 801-23519
008 D01AA01 ORINDA
008 D02AA01 CA
008 D03AA01 94563
010 A00AA01 BISYS FUND SERVICES LIMITED PARTNERSHIP
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 84-0000000
012 C01AA01 COLUMBUS
<PAGE> PAGE 2
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 BARR ROSENBERG FUNDS DISTRIBUTOR, INC.
014 B00AA01 8-00000000
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET
020 C000001 130
020 A000002 CANTOR FITZGERALD
020 C000002 32
020 A000003 JEFFERIES
020 C000003 21
020 A000004 SMITH BARNEY
020 C000004 7
020 A000005 POSIT
020 C000005 7
020 A000006 UBS SECURITIES
020 C000006 6
020 A000007 JONES & ASSOC
020 C000007 5
020 A000008 HG ASIA
020 C000008 5
020 A000009 ENGELMAN SECURITY
020 C000009 4
020 A000010 DE SHAW
020 C000010 4
021 000000 270
022 A000001 INSTINET
022 C000001 39813
022 D000001 213
022 A000002 JEFFERIES
022 C000002 8351
022 D000002 0
022 A000003 CANTOR FITZGERALD
022 C000003 5375
022 D000003 61
022 A000004 POSIT
022 C000004 5114
022 D000004 0
022 A000005 FIRST BOSTON
022 C000005 1500
022 D000005 0
022 A000006 ENGLSMAN SECURITY
022 C000006 1398
022 D000006 0
022 A000007 FID
<PAGE> PAGE 3
022 C000007 1057
022 D000007 0
022 A000008 DE SHAW
022 C000008 988
022 D000008 0
022 A000009 UBS SECURITIES
022 C000009 896
022 D000009 0
022 A000010 SMITH BARNEY
022 C000010 390
022 D000010 441
023 C000000 73119
023 D000000 796
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
<PAGE> PAGE 4
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 10000
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 FIDELITY AND DEPOSIT COMPANY, MARYLAND
080 C00AA00 550
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
015 A000101 STATE STREET BANK & TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02110
015 E010101 X
028 A010100 109
028 A020100 0
028 A030100 0
028 A040100 3969
028 B010100 9846
028 B020100 0
028 B030100 0
<PAGE> PAGE 5
028 B040100 1
028 C010100 5190
028 C020100 11678
028 C030100 0
028 C040100 12663
028 D010100 7915
028 D020100 0
028 D030100 0
028 D040100 10
028 E010100 3488
028 E020100 0
028 E030100 0
028 E040100 168
028 F010100 10326
028 F020100 0
028 F030100 0
028 F040100 118
028 G010100 36874
028 G020100 11678
028 G030100 0
028 G040100 16929
028 H000100 0
037 000100 Y
038 000100 92
039 000100 N
040 000100 Y
041 000100 N
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.900
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
<PAGE> PAGE 6
048 K010100 0
048 K020100 0.000
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 N
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
<PAGE> PAGE 7
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 87155
071 B000100 79237
071 C000100 62391
071 D000100 127
072 A000100 12
072 B000100 31
072 C000100 821
072 D000100 0
072 E000100 38
072 F000100 544
072 G000100 81
072 H000100 0
072 I000100 17
072 J000100 77
072 K000100 0
072 L000100 23
072 M000100 58
072 N000100 32
072 O000100 0
072 P000100 0
<PAGE> PAGE 8
072 Q000100 61
072 R000100 35
072 S000100 27
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 23
072 X000100 978
072 Y000100 308
072 Z000100 220
072AA000100 17712
072BB000100 0
072CC010100 0
072CC020100 7399
072DD010100 303
072DD020100 1
072EE000100 11442
073 A010100 0.0500
073 A020100 0.0500
073 B000100 1.8500
073 C000100 0.0000
074 A000100 0
074 B000100 6425
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 77769
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 935
074 K000100 17
074 L000100 3654
074 M000100 3428
074 N000100 92228
074 O000100 3945
074 P000100 46
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 3538
074 S000100 0
074 T000100 84699
074 U010100 11510
074 U020100 362
074 V010100 7.13
074 V020100 7.13
074 W000100 0.0000
074 X000100 9999
074 Y000100 0
<PAGE> PAGE 9
075 A000100 0
075 B000100 77003
076 000100 0.00
015 A000201 SUMITOMO BANK
015 B000201 S
015 C010201 TOKYO
015 D010201 JAPAN
015 E040201 X
028 A010200 10
028 A020200 0
028 A030200 0
028 A040200 1
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 10
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 5
028 D020200 12
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 5
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 30
028 G020200 12
028 G030200 0
028 G040200 0
028 H000200 0
037 000200 Y
038 000200 0
039 000200 N
040 000200 Y
041 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
<PAGE> PAGE 10
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 Y
054 E000200 Y
054 F000200 Y
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 Y
054 L000200 Y
054 M000200 Y
054 N000200 Y
054 O000200 Y
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
<PAGE> PAGE 11
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 668
071 B000200 649
071 C000200 337
071 D000200 52
072 A000200 12
<PAGE> PAGE 12
072 B000200 0
072 C000200 9
072 D000200 0
072 E000200 0
072 F000200 12
072 G000200 2
072 H000200 0
072 I000200 12
072 J000200 32
072 K000200 0
072 L000200 8
072 M000200 1
072 N000200 32
072 O000200 0
072 P000200 0
072 Q000200 35
072 R000200 15
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 19
072 X000200 169
072 Y000200 152
072 Z000200 -8
072AA000200 0
072BB000200 89
072CC010200 0
072CC020200 304
072DD010200 10
072DD020200 0
072EE000200 0
073 A010200 0.0700
073 A020200 0.0700
073 B000200 0.0000
073 C000200 0.0000
074 A000200 54
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 977
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 21
074 K000200 33
074 L000200 0
074 M000200 5
074 N000200 1090
074 O000200 28
<PAGE> PAGE 13
074 P000200 10
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 30
074 S000200 0
074 T000200 1022
074 U010200 163
074 U020200 2
074 V010200 6.20
074 V020200 6.20
074 W000200 0.0000
074 X000200 9999
074 Y000200 0
075 A000200 0
075 B000200 1020
076 000200 0.00
015 A000301 STATE STREET BANK & TRUST CO.
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02110
015 E010301 X
028 A010300 1957
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 1005
028 B020300 0
028 B030300 0
028 B040300 1
028 C010300 274
028 C020300 0
028 C030300 0
028 C040300 83
028 D010300 1610
028 D020300 0
028 D030300 0
028 D040300 190
028 E010300 1674
028 E020300 0
028 E030300 0
028 E040300 10
028 F010300 3590
028 F020300 0
028 F030300 0
028 F040300 48
028 G010300 10110
028 G020300 0
028 G030300 0
<PAGE> PAGE 14
028 G040300 332
028 H000300 0
037 000300 Y
038 000300 67
039 000300 N
040 000300 Y
041 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 N
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
<PAGE> PAGE 15
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
<PAGE> PAGE 16
070 M020300 Y
070 N010300 Y
070 N020300 Y
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 12346
071 B000300 492
071 C000300 7029
071 D000300 7
072 A000300 7
072 B000300 0
072 C000300 56
072 D000300 0
072 E000300 1
072 F000300 36
072 G000300 5
072 H000300 0
072 I000300 8
072 J000300 82
072 K000300 0
072 L000300 15
072 M000300 6
072 N000300 26
072 O000300 0
072 P000300 0
072 Q000300 64
072 R000300 22
072 S000300 2
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 3
072 X000300 269
072 Y000300 216
072 Z000300 4
072AA000300 4
072BB000300 0
072CC010300 40
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
<PAGE> PAGE 17
073 C000300 0.0000
074 A000300 1787
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 11918
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 17
074 K000300 175
074 L000300 238
074 M000300 0
074 N000300 14135
074 O000300 974
074 P000300 23
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 94
074 S000300 0
074 T000300 13044
074 U010300 1269
074 U020300 18
074 V010300 10.13
074 V020300 10.13
074 W000300 0.0000
074 X000300 9999
074 Y000300 0
075 A000300 0
075 B000300 11251
076 000300 0.00
SIGNATURE MICHAEL SAKALA
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SM CAP SERIES, INST. SH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 78655
<INVESTMENTS-AT-VALUE> 84194
<RECEIVABLES> 8034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92228
<PAYABLE-FOR-SECURITIES> 3945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3584
<TOTAL-LIABILITIES> 7529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71759
<SHARES-COMMON-STOCK> 11510
<SHARES-COMMON-PRIOR> 7902
<ACCUMULATED-NII-CURRENT> 288
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5538
<NET-ASSETS> 84699
<DIVIDEND-INCOME> 821
<INTEREST-INCOME> 31
<OTHER-INCOME> 38
<EXPENSES-NET> 670
<NET-INVESTMENT-INCOME> 220
<REALIZED-GAINS-CURRENT> 17712
<APPREC-INCREASE-CURRENT> (7399)
<NET-CHANGE-FROM-OPS> 10533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 303
<DISTRIBUTIONS-OF-GAINS> 11414
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4959
<NUMBER-OF-SHARES-REDEEMED> 3032
<SHARES-REINVESTED> 1681
<NET-CHANGE-IN-ASSETS> 3608
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> 3966
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 978
<AVERAGE-NET-ASSETS> 62500
<PER-SHARE-NAV-BEGIN> 7.60
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 1.85
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.13
<EXPENSE-RATIO> .011
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SM CAP SERIES, SEL SH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 78655
<INVESTMENTS-AT-VALUE> 84194
<RECEIVABLES> 8034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92228
<PAYABLE-FOR-SECURITIES> 3945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3584
<TOTAL-LIABILITIES> 7529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71759
<SHARES-COMMON-STOCK> 333
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 288
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5538
<NET-ASSETS> 84699
<DIVIDEND-INCOME> 821
<INTEREST-INCOME> 31
<OTHER-INCOME> 38
<EXPENSES-NET> 670
<NET-INVESTMENT-INCOME> 220
<REALIZED-GAINS-CURRENT> 17712
<APPREC-INCREASE-CURRENT> (7399)
<NET-CHANGE-FROM-OPS> 10533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 28
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 331
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 333
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> 3966
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 978
<AVERAGE-NET-ASSETS> 617
<PER-SHARE-NAV-BEGIN> 8.49
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 1.85
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.13
<EXPENSE-RATIO> .012
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SM CAP SERIES, ADV SH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 78655
<INVESTMENTS-AT-VALUE> 84194
<RECEIVABLES> 8034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92228
<PAYABLE-FOR-SECURITIES> 3945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3584
<TOTAL-LIABILITIES> 7529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71759
<SHARES-COMMON-STOCK> 29
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 288
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5538
<NET-ASSETS> 84699
<DIVIDEND-INCOME> 821
<INTEREST-INCOME> 31
<OTHER-INCOME> 38
<EXPENSES-NET> 670
<NET-INVESTMENT-INCOME> 220
<REALIZED-GAINS-CURRENT> 17712
<APPREC-INCREASE-CURRENT> (7399)
<NET-CHANGE-FROM-OPS> 10533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> 3966
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 978
<AVERAGE-NET-ASSETS> 200
<PER-SHARE-NAV-BEGIN> 7.38
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.26)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.14
<EXPENSE-RATIO> .012
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> BARR ROSENBERG SERIES TRUST, JAPAN SERIES, INST. SH
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1250
<INVESTMENTS-AT-VALUE> 1022
<RECEIVABLES> 58
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1090
<PAYABLE-FOR-SECURITIES> 27
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41
<TOTAL-LIABILITIES> 68
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1697
<SHARES-COMMON-STOCK> 163
<SHARES-COMMON-PRIOR> 157
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (449)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (228)
<NET-ASSETS> 1022
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 17
<NET-INVESTMENT-INCOME> (8)
<REALIZED-GAINS-CURRENT> (89)
<APPREC-INCREASE-CURRENT> (304)
<NET-CHANGE-FROM-OPS> (401)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 4
<NUMBER-OF-SHARES-SOLD> 4
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 5
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> (363)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169
<AVERAGE-NET-ASSETS> 159
<PER-SHARE-NAV-BEGIN> 8.77
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> (2.45)
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.20
<EXPENSE-RATIO> .014
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> BARR ROSENBERG SERIES TRUST, JAPAN SERIES, SEL SH
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1250
<INVESTMENTS-AT-VALUE> 1022
<RECEIVABLES> 58
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1090
<PAYABLE-FOR-SECURITIES> 27
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41
<TOTAL-LIABILITIES> 68
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1697
<SHARES-COMMON-STOCK> 2
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (449)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (228)
<NET-ASSETS> 1022
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 17
<NET-INVESTMENT-INCOME> (8)
<REALIZED-GAINS-CURRENT> (89)
<APPREC-INCREASE-CURRENT> (304)
<NET-CHANGE-FROM-OPS> (401)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> (363)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169
<AVERAGE-NET-ASSETS> 9
<PER-SHARE-NAV-BEGIN> 8.08
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (1.80)
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.20
<EXPENSE-RATIO> .015
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> BARR ROSENBERG SERIES TRUST, INT'L SM CAP SER, INST. SH
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 12722
<INVESTMENTS-AT-VALUE> 12771
<RECEIVABLES> 430
<ASSETS-OTHER> 934
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14135
<PAYABLE-FOR-SECURITIES> 974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117
<TOTAL-LIABILITIES> 1091
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12990
<SHARES-COMMON-STOCK> 1269
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40
<NET-ASSETS> 13044
<DIVIDEND-INCOME> 56
<INTEREST-INCOME> 0
<OTHER-INCOME> 2
<EXPENSES-NET> 54
<NET-INVESTMENT-INCOME> 4
<REALIZED-GAINS-CURRENT> 4
<APPREC-INCREASE-CURRENT> 40
<NET-CHANGE-FROM-OPS> 48
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1302
<NUMBER-OF-SHARES-REDEEMED> 33
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 269
<AVERAGE-NET-ASSETS> 6895
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> .015
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> BARR ROSENBERG SERIES TRUST, INT'L SM CAP SER, SEL SH
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 12722
<INVESTMENTS-AT-VALUE> 12771
<RECEIVABLES> 430
<ASSETS-OTHER> 934
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14135
<PAYABLE-FOR-SECURITIES> 974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117
<TOTAL-LIABILITIES> 1091
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12990
<SHARES-COMMON-STOCK> 18
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40
<NET-ASSETS> 13044
<DIVIDEND-INCOME> 56
<INTEREST-INCOME> 0
<OTHER-INCOME> 2
<EXPENSES-NET> 54
<NET-INVESTMENT-INCOME> 4
<REALIZED-GAINS-CURRENT> 4
<APPREC-INCREASE-CURRENT> 40
<NET-CHANGE-FROM-OPS> 48
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 269
<AVERAGE-NET-ASSETS> 85
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> .015
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
May 23, 1997
To the Trustees of Barr Rosenberg Series Trust
In planning and performing our audits of the financial statements of the
Japan Series, Small Capitalization Series and International Small
Capitalization Series, each a series of the Barr Rosenberg Series Trust
(the "Trust") for the year ended March 31, 1997, we considered its internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that the
structure may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of March 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP