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<PAGE> PAGE 10
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072BB000400 50819
<PAGE> PAGE 21
072CC010400 20937
072CC020400 0
072DD010400 6522
072DD020400 1184
072EE000400 0
073 A010400 0.2700
073 A020400 0.2300
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 5426
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 185937
074 G000400 0
074 H000400 0
074 I000400 193206
074 J000400 6389
074 K000400 0
074 L000400 955
074 M000400 49
074 N000400 391962
074 O000400 1023
074 P000400 335
074 Q000400 0
074 R010400 0
074 R020400 190741
074 R030400 0
074 R040400 72
074 S000400 0
074 T000400 199791
074 U010400 18057
074 U020400 4165
074 V010400 8.99
074 V020400 8.98
074 W000400 0.0000
074 X000400 523
074 Y000400 0
075 A000400 0
075 B000400 276172
076 000400 0.00
015 A000501 CUSTODIAL TRUST COMPANY
015 B000501 C
015 C010501 PRINCETON
015 C020501 NJ
015 C030501 08540
015 C040501 6231
015 E010501 X
028 A010500 152
028 A020500 0
<PAGE> PAGE 22
028 A030500 0
028 A040500 398
028 B010500 266
028 B020500 0
028 B030500 0
028 B040500 359
028 C010500 253
028 C020500 188
028 C030500 0
028 C040500 283
028 D010500 413
028 D020500 0
028 D030500 0
028 D040500 415
028 E010500 186
028 E020500 0
028 E030500 0
028 E040500 270
028 F010500 96
028 F020500 0
028 F030500 0
028 F040500 529
028 G010500 1366
028 G020500 188
028 G030500 0
028 G040500 2254
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.100
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 23
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 Y
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
<PAGE> PAGE 24
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 Y
071 A000500 17573
071 B000500 9938
071 C000500 6434
071 D000500 154
072 A000500 12
072 B000500 9
072 C000500 204
072 D000500 0
072 E000500 0
072 F000500 7
072 G000500 10
072 H000500 0
072 I000500 14
072 J000500 3
072 K000500 0
072 L000500 0
072 M000500 1
072 N000500 34
072 O000500 0
072 P000500 0
072 Q000500 43
072 R000500 16
072 S000500 1
072 T000500 0
072 U000500 1
072 V000500 0
072 W000500 4
072 X000500 134
072 Y000500 110
072 Z000500 190
072AA000500 110
072BB000500 0
<PAGE> PAGE 25
072CC010500 0
072CC020500 240
072DD010500 183
072DD020500 5
072EE000500 0
073 A010500 0.2400
073 A020500 0.2200
073 B000500 0.0000
073 C000500 0.0000
074 A000500 86
074 B000500 110
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 6831
074 J000500 0
074 K000500 5
074 L000500 1
074 M000500 401
074 N000500 7434
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 145
074 S000500 0
074 T000500 7289
074 U010500 717
074 U020500 26
074 V010500 9.81
074 V020500 9.79
074 W000500 0.0000
074 X000500 41
074 Y000500 0
075 A000500 0
075 B000500 7163
076 000500 0.00
015 A000601 CUSTODIAL TRUST COMPANY
015 B000601 C
015 C010601 PRINCETON
015 C020601 NJ
015 C030601 08540
015 C040601 6231
015 E010601 X
028 A010600 1050
028 A020600 0
<PAGE> PAGE 26
028 A030600 0
028 A040600 0
028 B010600 8988
028 B020600 0
028 B030600 0
028 B040600 34
028 C010600 127
028 C020600 53
028 C030600 0
028 C040600 0
028 D010600 23734
028 D020600 0
028 D030600 0
028 D040600 64
028 E010600 739
028 E020600 0
028 E030600 0
028 E040600 126
028 F010600 915
028 F020600 0
028 F030600 0
028 F040600 231
028 G010600 35553
028 G020600 53
028 G030600 0
028 G040600 455
028 H000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 1.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
<PAGE> PAGE 27
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 Y
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
<PAGE> PAGE 28
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 Y
071 A000600 55637
071 B000600 32640
071 C000600 22477
071 D000600 145
072 A000600 6
072 B000600 423
072 C000600 129
072 D000600 0
072 E000600 0
072 F000600 94
072 G000600 14
072 H000600 0
072 I000600 6
072 J000600 6
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072 R000600 18
072 S000600 13
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072 W000600 170
072 X000600 366
072 Y000600 107
072 Z000600 294
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072BB000600 925
<PAGE> PAGE 29
072CC010600 744
072CC020600 0
072DD010600 52
072DD020600 1
072EE000600 0
073 A010600 0.0500
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074 A000600 0
074 B000600 4390
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074 V010600 10.46
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074 W000600 0.0000
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075 B000600 21073
076 000600 0.00
SIGNATURE GARY TENKMAN
TITLE DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SMALL CAPITALIZATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 478064421
<INVESTMENTS-AT-VALUE> 480392796
<RECEIVABLES> 8024005
<ASSETS-OTHER> 16094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 488432895
<PAYABLE-FOR-SECURITIES> 7942105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3321383
<TOTAL-LIABILITIES> 11263488
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 532919811
<SHARES-COMMON-STOCK> 58128793<F1>
<SHARES-COMMON-PRIOR> 55092836<F1>
<ACCUMULATED-NII-CURRENT> 473408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 58552187
<ACCUM-APPREC-OR-DEPREC> 2328375
<NET-ASSETS> 477169407
<DIVIDEND-INCOME> 6782141
<INTEREST-INCOME> 403518
<OTHER-INCOME> 82301
<EXPENSES-NET> 6461743
<NET-INVESTMENT-INCOME> 806217
<REALIZED-GAINS-CURRENT> (57710206)
<APPREC-INCREASE-CURRENT> (79559913)
<NET-CHANGE-FROM-OPS> (136463902)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 748548<F1>
<DISTRIBUTIONS-OF-GAINS> 5068928<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 22599032<F1>
<NUMBER-OF-SHARES-REDEEMED> 20192247<F1>
<SHARES-REINVESTED> 629172<F1>
<NET-CHANGE-IN-ASSETS> (111893545)
<ACCUMULATED-NII-PRIOR> 451096
<ACCUMULATED-GAINS-PRIOR> 4695121
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5065260
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6880504
<AVERAGE-NET-ASSETS> 512603215<F1>
<PER-SHARE-NAV-BEGIN> 9.76<F1>
<PER-SHARE-NII> 0.01<F1>
<PER-SHARE-GAIN-APPREC> (2.02)<F1>
<PER-SHARE-DIVIDEND> 0.01<F1>
<PER-SHARE-DISTRIBUTIONS> 0.08<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 7.66<F1>
<EXPENSE-RATIO> 1.13<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SMALL CAPITALIZATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 478064421
<INVESTMENTS-AT-VALUE> 480392796
<RECEIVABLES> 8024005
<ASSETS-OTHER> 16094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 488432895
<PAYABLE-FOR-SECURITIES> 7942105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3321383
<TOTAL-LIABILITIES> 11263488
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 532919811
<SHARES-COMMON-STOCK> 2022256<F1>
<SHARES-COMMON-PRIOR> 1788847<F1>
<ACCUMULATED-NII-CURRENT> 473408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 58552187
<ACCUM-APPREC-OR-DEPREC> 2328375
<NET-ASSETS> 477169407
<DIVIDEND-INCOME> 6782141
<INTEREST-INCOME> 403518
<OTHER-INCOME> 82301
<EXPENSES-NET> 6461743
<NET-INVESTMENT-INCOME> 806217
<REALIZED-GAINS-CURRENT> (57710206)
<APPREC-INCREASE-CURRENT> (79559913)
<NET-CHANGE-FROM-OPS> (136463902)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 244354<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2607621<F1>
<NUMBER-OF-SHARES-REDEEMED> 2399867<F1>
<SHARES-REINVESTED> 25655<F1>
<NET-CHANGE-IN-ASSETS> (111893545)
<ACCUMULATED-NII-PRIOR> 451096
<ACCUMULATED-GAINS-PRIOR> 4695121
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5065260
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6880504
<AVERAGE-NET-ASSETS> 23820823<F1>
<PER-SHARE-NAV-BEGIN> 9.75<F1>
<PER-SHARE-NII> 0<F1>
<PER-SHARE-GAIN-APPREC> (2.02)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0.08<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 7.65<F1>
<EXPENSE-RATIO> 1.29<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>ADVISER SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> BARR ROSENBERG SERIES TRUST, U.S. SMALL CAPITALIZATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 478064421
<INVESTMENTS-AT-VALUE> 480392796
<RECEIVABLES> 8024005
<ASSETS-OTHER> 16094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 488432895
<PAYABLE-FOR-SECURITIES> 7942105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3321383
<TOTAL-LIABILITIES> 11263488
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 532919811
<SHARES-COMMON-STOCK> 2128066<F1>
<SHARES-COMMON-PRIOR> 3466223<F1>
<ACCUMULATED-NII-CURRENT> 473408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 58552187
<ACCUM-APPREC-OR-DEPREC> 2328375
<NET-ASSETS> 477169407
<DIVIDEND-INCOME> 6782141
<INTEREST-INCOME> 403518
<OTHER-INCOME> 82301
<EXPENSES-NET> 6461743
<NET-INVESTMENT-INCOME> 806217
<REALIZED-GAINS-CURRENT> (57710206)
<APPREC-INCREASE-CURRENT> (79559913)
<NET-CHANGE-FROM-OPS> (136463902)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 259575<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 951183<F1>
<NUMBER-OF-SHARES-REDEEMED> 2321370<F1>
<SHARES-REINVESTED> 32030<F1>
<NET-CHANGE-IN-ASSETS> (111893545)
<ACCUMULATED-NII-PRIOR> 451096
<ACCUMULATED-GAINS-PRIOR> 4695121
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5065260
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6880504
<AVERAGE-NET-ASSETS> 26383422<F1>
<PER-SHARE-NAV-BEGIN> 9.73<F1>
<PER-SHARE-NII> (0.01)<F1>
<PER-SHARE-GAIN-APPREC> (2.01)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0.08<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 7.63<F1>
<EXPENSE-RATIO> 1.42<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>SELECT SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> BARR ROSENBERG SERIES TRUST, JAPAN SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 916528
<INVESTMENTS-AT-VALUE> 1081761
<RECEIVABLES> 5997
<ASSETS-OTHER> 34834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1122592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21571
<TOTAL-LIABILITIES> 21571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1902045
<SHARES-COMMON-STOCK> 192872<F1>
<SHARES-COMMON-PRIOR> 183415<F1>
<ACCUMULATED-NII-CURRENT> 979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 967590
<ACCUM-APPREC-OR-DEPREC> 165587
<NET-ASSETS> 1101021
<DIVIDEND-INCOME> 8994
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 13682
<NET-INVESTMENT-INCOME> (4688)
<REALIZED-GAINS-CURRENT> (168186)
<APPREC-INCREASE-CURRENT> 316505
<NET-CHANGE-FROM-OPS> 143631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 189362<F1>
<NUMBER-OF-SHARES-REDEEMED> 179905<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 185131
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1611
<OVERDIST-NET-GAINS-PRIOR> 792129
<GROSS-ADVISORY-FEES> 9032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129654
<AVERAGE-NET-ASSETS> 858931<F1>
<PER-SHARE-NAV-BEGIN> 4.72<F1>
<PER-SHARE-NII> (0.02)<F1>
<PER-SHARE-GAIN-APPREC> 0.76<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 5.46<F1>
<EXPENSE-RATIO> 1.50<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> BARR ROSENBERG SERIES TRUST, JAPAN SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 916528
<INVESTMENTS-AT-VALUE> 1081761
<RECEIVABLES> 5997
<ASSETS-OTHER> 34834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1122592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21571
<TOTAL-LIABILITIES> 21571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1902045
<SHARES-COMMON-STOCK> 8756<F1>
<SHARES-COMMON-PRIOR> 10603<F1>
<ACCUMULATED-NII-CURRENT> 979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 967590
<ACCUM-APPREC-OR-DEPREC> 165587
<NET-ASSETS> 1101021
<DIVIDEND-INCOME> 8994
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 13682
<NET-INVESTMENT-INCOME> (4688)
<REALIZED-GAINS-CURRENT> (168186)
<APPREC-INCREASE-CURRENT> 316505
<NET-CHANGE-FROM-OPS> 143631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3723<F1>
<NUMBER-OF-SHARES-REDEEMED> 5570<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 185131
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 1611
<OVERDIST-NET-GAINS-PRIOR> 792129
<GROSS-ADVISORY-FEES> 9032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129654
<AVERAGE-NET-ASSETS> 44296<F1>
<PER-SHARE-NAV-BEGIN> 4.71<F1>
<PER-SHARE-NII> (0.04)<F1>
<PER-SHARE-GAIN-APPREC> 0.77<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 5.44<F1>
<EXPENSE-RATIO> 1.80<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>SELECT SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> BARR ROSENBERG SERIES TRUST, INTERNATIONAL SMALL CAPITALIZATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 38783810
<INVESTMENTS-AT-VALUE> 35888550
<RECEIVABLES> 1220122
<ASSETS-OTHER> 651749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37760421
<PAYABLE-FOR-SECURITIES> 1256322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 514915
<TOTAL-LIABILITIES> 1771237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40708522
<SHARES-COMMON-STOCK> 3763097<F1>
<SHARES-COMMON-PRIOR> 3883289<F1>
<ACCUMULATED-NII-CURRENT> 221862
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2050739
<ACCUM-APPREC-OR-DEPREC> (2890461)
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<DIVIDEND-INCOME> 1171281
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<NET-INVESTMENT-INCOME> 538747
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<APPREC-INCREASE-CURRENT> (3711442)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 403961<F1>
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<NUMBER-OF-SHARES-SOLD> 2699769<F1>
<NUMBER-OF-SHARES-REDEEMED> 2866134<F1>
<SHARES-REINVESTED> 46173<F1>
<NET-CHANGE-IN-ASSETS> (4603343)
<ACCUMULATED-NII-PRIOR> 31131
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 394451
<GROSS-ADVISORY-FEES> 424779
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 851496
<AVERAGE-NET-ASSETS> 40315882<F1>
<PER-SHARE-NAV-BEGIN> 10.10<F1>
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> (1.02)<F1>
<PER-SHARE-DIVIDEND> 0.09<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.11<F1>
<EXPENSE-RATIO> 1.50<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> BARR ROSENBERG SERIES TRUST, INTERNATIONAL SMALL CAPITALIZATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 38783810
<INVESTMENTS-AT-VALUE> 35888550
<RECEIVABLES> 1220122
<ASSETS-OTHER> 651749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37760421
<PAYABLE-FOR-SECURITIES> 1256322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 514915
<TOTAL-LIABILITIES> 1771237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40708522
<SHARES-COMMON-STOCK> 186624<F1>
<SHARES-COMMON-PRIOR> 136230<F1>
<ACCUMULATED-NII-CURRENT> 221862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2050739
<ACCUM-APPREC-OR-DEPREC> (2890461)
<NET-ASSETS> 35989184
<DIVIDEND-INCOME> 1171281
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<NET-INVESTMENT-INCOME> 538747
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<APPREC-INCREASE-CURRENT> (3711442)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15734<F1>
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<NUMBER-OF-SHARES-SOLD> 324076<F1>
<NUMBER-OF-SHARES-REDEEMED> 275479<F1>
<SHARES-REINVESTED> 1797<F1>
<NET-CHANGE-IN-ASSETS> (4603343)
<ACCUMULATED-NII-PRIOR> 31131
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 394451
<GROSS-ADVISORY-FEES> 424779
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 851496
<AVERAGE-NET-ASSETS> 2162186<F1>
<PER-SHARE-NAV-BEGIN> 10.09<F1>
<PER-SHARE-NII> 0.07<F1>
<PER-SHARE-GAIN-APPREC> (1.00)<F1>
<PER-SHARE-DIVIDEND> 0.06<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.10<F1>
<EXPENSE-RATIO> 1.95<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>SELECT SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> BARR ROSENBERG SERIES TRUST, MARKET NEUTRAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 191898355
<INVESTMENTS-AT-VALUE> 191365684
<RECEIVABLES> 7343459
<ASSETS-OTHER> 193252957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 391962100
<PAYABLE-FOR-SECURITIES> 1022707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 191148222
<TOTAL-LIABILITIES> 192170929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 229639185
<SHARES-COMMON-STOCK> 18056909<F1>
<SHARES-COMMON-PRIOR> 16860138<F1>
<ACCUMULATED-NII-CURRENT> 1560774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 53013504
<ACCUM-APPREC-OR-DEPREC> 21604716
<NET-ASSETS> 199791171
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<INTEREST-INCOME> 13248586
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<NET-INVESTMENT-INCOME> 7985288
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6521535<F1>
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<NUMBER-OF-SHARES-REDEEMED> 21509301<F1>
<SHARES-REINVESTED> 661319<F1>
<NET-CHANGE-IN-ASSETS> (3511612)
<ACCUMULATED-NII-PRIOR> 1201284
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2113934
<GROSS-ADVISORY-FEES> 5247271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8691667
<AVERAGE-NET-ASSETS> 228084779<F1>
<PER-SHARE-NAV-BEGIN> 9.97<F1>
<PER-SHARE-NII> 0.29<F1>
<PER-SHARE-GAIN-APPREC> (1.00)<F1>
<PER-SHARE-DIVIDEND> 0.27<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 8.99<F1>
<EXPENSE-RATIO> 2.00<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> BARR ROSENBERG SERIES TRUST, MARKET NEUTRAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
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<INVESTMENTS-AT-VALUE> 191365684
<RECEIVABLES> 7343459
<ASSETS-OTHER> 193252957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 391962100
<PAYABLE-FOR-SECURITIES> 1022707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 191148222
<TOTAL-LIABILITIES> 192170929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 229639185
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<SHARES-COMMON-PRIOR> 3537423<F1>
<ACCUMULATED-NII-CURRENT> 1560774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 53013504
<ACCUM-APPREC-OR-DEPREC> 21604716
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1184406<F1>
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<NUMBER-OF-SHARES-REDEEMED> 4230293<F1>
<SHARES-REINVESTED> 117217<F1>
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<GROSS-EXPENSE> 8691667
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<PER-SHARE-NAV-BEGIN> 9.96<F1>
<PER-SHARE-NII> 0.25<F1>
<PER-SHARE-GAIN-APPREC> (1.00)<F1>
<PER-SHARE-DIVIDEND> 0.23<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<PER-SHARE-NAV-END> 8.98<F1>
<EXPENSE-RATIO> 2.45<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> BARR ROSENBERG SERIES TRUST, DOUBLE ALPHA MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-22-1998
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<INVESTMENTS-AT-VALUE> 6940395
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<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145300
<TOTAL-LIABILITIES> 145300
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7417269
<SHARES-COMMON-STOCK> 716866<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 1769
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<ACCUMULATED-NET-GAINS> 110115
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (240122)
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<APPREC-INCREASE-CURRENT> (240122)
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<DISTRIBUTIONS-OF-GAINS> 0<F1>
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<NUMBER-OF-SHARES-REDEEMED> 432386<F1>
<SHARES-REINVESTED> 19034<F1>
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<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133794
<AVERAGE-NET-ASSETS> 6972827<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 0.26<F1>
<PER-SHARE-GAIN-APPREC> (0.21)<F1>
<PER-SHARE-DIVIDEND> 0.24<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.81<F1>
<EXPENSE-RATIO> 0.35<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> BARR ROSENBERG SERIES TRUST, DOUBLE ALPHA MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
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<OTHER-ITEMS-LIABILITIES> 145300
<TOTAL-LIABILITIES> 145300
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7417269
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<SHARES-COMMON-PRIOR> 0<F1>
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<ACCUMULATED-NET-GAINS> 110115
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<ACCUM-APPREC-OR-DEPREC> (240122)
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<NUMBER-OF-SHARES-REDEEMED> 29584<F1>
<SHARES-REINVESTED> 551<F1>
<NET-CHANGE-IN-ASSETS> 7289031
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133794
<AVERAGE-NET-ASSETS> 190512<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 0.21<F1>
<PER-SHARE-GAIN-APPREC> (0.20)<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<PER-SHARE-NAV-END> 9.79<F1>
<EXPENSE-RATIO> 0.45<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> BARR ROSENBERG SERIES TRUST, SELECT SECTORS MARKET NEUTRAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> OCT-19-1998
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<SHARES-COMMON-PRIOR> 0<F1>
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 936802
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<SHARES-REINVESTED> 5082<F1>
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<PER-SHARE-NII> 0.11<F1>
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<EXPENSE-RATIO> 1.25<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> BARR ROSENBERG SERIES TRUST, SELECT SECTORS MARKET NEUTRAL FUND
<S> <C>
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<EXPENSES-NET> 258325
<NET-INVESTMENT-INCOME> 294261
<REALIZED-GAINS-CURRENT> (925033)
<APPREC-INCREASE-CURRENT> 743804
<NET-CHANGE-FROM-OPS> 113032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 625<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 51695<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 22<F1>
<NET-CHANGE-IN-ASSETS> 29353365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 365631
<AVERAGE-NET-ASSETS> 398954<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 0.07<F1>
<PER-SHARE-GAIN-APPREC> 0.40<F1>
<PER-SHARE-DIVIDEND> 0.04<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.43<F1>
<EXPENSE-RATIO> 1.46<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
Report of Independent Accountants
To the Trustees of Barr Rosenberg Series Trust,
The Shareholders of U.S. Small Capitalization Series,
Japan Series, International Small Capitalization Series,
Market Neutral Fund,
Double Alpha Market Fund, and Select Sectors Market
Neutral Fund
In our opinion, the accompanying statements of assets
and liabilities, including the schedules of portfolio investments
and schedules of securities sold short, and the related statements
of operations and of changes in net assets and the financial
highlights for each class presented present fairly, in all material
respects, the financial position of U.S. Small Capitalization
Series, Japan Series, International Small Capitalization Series,
Market Neutral Fund, Double Alpha Market Fund, and Select
Sectors Market Neutral Fund, each a series of the Barr Rosenberg
Series Trust (the "Trust") at March 31, 1999, the results of each
of their operations, the changes in each of their net assets and their
financial highlights for the periods presented, in conformity with
generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Trust's
management; our responsibility is to express an opinion on
these financial statements based on our audits. We conducted
our audits of these financial statements in accordance with
generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits, which included
confirmation of securities at March 31, 1999 by correspondence
with the custodian and brokers and the application of alternative
auditing procedures where confirmations from brokers were not
received, provide a reasonable basis of the opinion expressed above.
PRICEWATERHOUSECOOPERS LLP
San Francisco, CA
May 18, 1999
12. Special Meeting of Shareholders (Unaudited). A Special
Meeting of Shareholders took place on December 28, 1998 for
the Barr Rosenberg Series Trust. The meeting was to vote on
the approval of a new investment management agreement between
each of the U.S. Small Capitalization Series, Japan Series,
International Small Capitalization Series, Market Neutral Fund,
Double Alpha Market Fund and the Select Sectors Market Neutral
Fund of the Trust and AXA Rosenberg Investment Management LLC.
The results of the vote were as follows:
Fund
For
Against
Abstain
U.S. Small Capitalization Series
37,512,181
213,043
2,316,919
Japan Series
188,979
0
0
International Small Capitalization Series
4,281,422
22,041
15,412
Market Neutral Fund
21,633,888
531,409
534,426
Double Alpha Market Fund
475,292
0
2,513
Select Sectors Market Neutral Fund
105,000
0
0
The Special Meeting of Shareholders on December 28, 1998 also
included the election of two persons to the Board of Trustees
to serve in accordance with the By-laws. The results of the
vote were as follows:
For
Against
Abstain
37,512,181
213,043
2,316,919
