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BARR ROSENBERG SERIES TRUST
Supplement dated January 5, 1998
To
Prospectus dated July 18, 1997
As indicated on page 30 of the Prospectus, the Trust reserves the right to
suspend the offering of shares of its Funds when such suspension is in the best
interests of the Trust. The Trustees have decided to close the U.S. Small
Capitalization Series to new investors when such fund's assets reach $500
million in market value. The following categories of existing shareholders will
still be permitted to purchase additional shares of the U.S. Small
Capitalization Series: (i) shareholders who own shares of the U.S. Small
Capitalization Series on the date such Fund closes (the "Closing Date") will be
permitted to purchase additional shares of the U.S. Small Capitalization Series
for as long as they continue to own some shares of such Fund; (ii) shareholders
who beneficially own shares of the U.S. Small Capitalization Series on the
Closing Date through accounts maintained by a registered investment adviser or
financial adviser for as long as such registered investment adviser or financial
adviser continues to maintain an account with the U.S. Small Capitalization
Series; and (iii) participants in any self-directed qualified benefit plan (for
example, 401(a), 401(k), 457 and 403(b) plans, but not IRAs) that owns shares on
the Closing Date will be eligible to direct the purchase of the shares of the
U.S. Small Capitalization series by their plan account for so long as the plan
continues to own some shares of such Fund for any single plan participant. In
the event a shareholder redeems all of his, her or its shares of the U.S. Small
Capitalization Series, all participants in a benefit plan described above redeem
their shares of such Fund, or a registered investment adviser or financial
adviser redeems all of its accounts with such Fund, such shareholder, the
participants in such plan, or existing shareholders who invest through such
registered investment adviser or financial adviser will no longer be eligible to
purchase shares of the U.S. Small Capitalization Series.
Shareholders of other Funds will not be permitted to exchange any of their
shares for shares of the U.S. Small Capitalization Series unless such
shareholders are independently eligible to purchase shares of the U.S. Small
Capitalization Series as described above. The Trust reserves the right at any
time to modify the restrictions set forth above, including the suspension of all
sales of shares of the U.S. Small Capitalization Series or the lifting of
restrictions on different classes of investors and/or transactions.
