<PAGE>
BARR ROSENBERG SERIES TRUST
Supplement dated August 18, 2000
to
Prospectus dated July 31, 2000
This supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The average annual total return for the AXA Rosenberg Japan Fund for the
10-year period ended March 31, 2000 is 0.82%. The subsection entitled "AXA
Rosenberg Japan Fund" in the section entitled "Management Discussion of Fund
Performance" is hereby amended accordingly.
FINANCIAL HIGHLIGHTS
The section entitled "Financial Highlights" is replaced hereby in its
entirety by the following:
The financial highlights table is intended to help you understand each
Fund's financial performance for the past five years (or, if shorter, the period
of the Fund's operations). Certain information reflects financial results for a
single Fund share. The total returns in the tables represent the rate that an
investor would have earned (or lost) on an investment in the particular Fund
(assuming reinvestment of all dividends and distributions). This information has
been audited by PricewaterhouseCoopers LLP, whose report, along with the Trust's
financial statements, is included in the Fund's Annual Report, which is
available upon request.
<PAGE>
<TABLE>
<CAPTION>
INCOME FROM INVESTMENT OPERATIONS
----------------------------------------------
NET REALIZED
AND UNREALIZED
GAIN/(LOSS)
NET ASSET ON INVESTMENTS
VALUE, NET AND FOREIGN TOTAL FROM
BEGINNING INVESTMENT CURRENCY INVESTMENT
FISCAL YEAR OR PERIOD OF PERIOD INCOME (LOSS) TRANSACTIONS OPERATIONS
--------------------- --------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
AXA ROSENBERG U.S. SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $ 7.66 $ -- $ 2.40 $ 2.40
Year ended 3/31/99..... 9.76 0.01(a) -2.02 -2.01
Year ended 3/31/98..... 7.13 0.02(a) 3.14 3.16
Year ended 3/31/97..... 7.60 0.04 1.39 1.43
Year ended 3/31/96..... 6.97 0.03 2.34 2.37
Adviser Shares
Year ended 3/31/00..... $ 7.65 $ -- $ 2.37 $ 2.37
Year ended 3/31/99..... 9.75 --(a) -2.02 -2.02
Year ended 3/31/98..... 7.14 -0.01(a) 3.14 3.13
1/21/97(d) to
3/31/97.............. 7.38 0.02 -0.26 -0.24
Investor Shares
Year ended 3/31/00..... $ 7.63 $ -- $ 2.37 $ 2.37
Year ended 3/31/99..... 9.73 -0.01(a) -2.01 -2.02
Year ended 3/31/98..... 7.13 -0.02(a) 3.14 3.12
10/22/96(d) to
3/31/97.............. 8.49 0.07 0.47 0.54
AXA ROSENBERG
INTERNATIONAL SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $ 9.11 $ 0.15 $ 2.74 $ 2.89
Year ended 3/31/99..... 10.10 0.12(a) -1.02 -0.90
Year ended 3/31/98..... 10.13 0.08(a) 0.14 0.22
9/23/96(d) to
3/31/97.............. 10.00 0.02(a) 0.11 0.13
Investor Shares
Year ended 3/31/00..... $ 9.10 $ 0.13 $ 2.71 $ 2.84
Year ended 3/31/99..... 10.09 0.07(a) -1.00 -0.93
Year ended 3/31/98..... 10.13 0.06(a) 0.14 0.20
10/29/96(d) to
3/31/97.............. 10.04 0.02(a) 0.07 0.09
AXA ROSENBERG JAPAN FUND
Institutional Shares
Year ended 3/31/00..... $ 5.46 $ -0.07 $ 2.54 $ 2.47
Year ended 3/31/99..... 4.72 -0.02(a) 0.76 0.74
Year ended 3/31/98..... 6.20 -0.04(a) -1.44 -1.48
Year ended 3/31/97..... 8.77 -0.05(a) -2.45 -2.50
Year ended 3/31/96..... 8.96 0.04 -0.15 -0.11
Investor Shares
Year ended 3/31/00..... $ 5.44 $ -0.07 $ 2.52 $ 2.45
Year ended 3/31/99..... 4.71 -0.04(a) 0.77 0.73
Year ended 3/31/98..... 6.20 -0.04(a) -1.45 -1.49
10/22/96(d) to
3/31/97.............. 8.08 -0.01(a) -1.80 -1.81
AXA ROSENBERG VALUE
MARKET NEUTRAL FUND
Institutional Shares
Year ended 3/31/00..... $ 8.99 $ 0.34 $ -1.58 $ -1.24
Year ended 3/31/99..... 9.97 0.29(a) -1.00 -0.71
12/16/97(d) to
3/31/98.............. 10.00 0.10(a) -0.13 -0.03
Investor Shares
Year ended 3/31/00..... $ 8.98 $ 0.32 $ -1.59 $ -1.27
Year ended 3/31/99..... 9.96 0.25(a) -1.00 -0.75
12/18/97(d) to
3/31/98.............. 10.00 0.08(a) -0.12 -0.04
AXA ROSENBERG DOUBLE
ALPHA MARKET FUND
Institutional Shares
Year ended 3/31/00..... $ 9.81 $ 0.35 $ -0.57 $ -0.22
4/22/98(d) to
3/31/99.............. 10.00 0.26 -0.21 0.05
Investor Shares
Year ended 3/31/00..... $ 9.79 $ 0.32 $ -0.56 $ -0.24
4/22/98(d) to
3/31/99.............. 10.00 0.21 -0.20 0.01
AXA ROSENBERG SELECT
SECTORS MARKET NEUTRAL
FUND
Institutional Shares
Year ended 3/31/00..... $10.46 $ 0.44 $ 0.57 $ 1.01
10/19/98(d) to
3/31/99.............. 10.00 0.11 0.40 0.51
Investor Shares
Year ended 3/31/00..... $10.43 $ 0.43 $ 0.53 $ 0.96
11/11/98(d) to
3/31/99.............. 10.00 0.07 0.40 0.47
</TABLE>
FOOTNOTES TO THE FINANCIAL HIGHLIGHTS
(a) Calculated based on the average shares outstanding during the period.
(b) Distribution per share was less than $0.005.
(c) Annualized.
(d) Class inception date.
2
<PAGE>
<TABLE>
<CAPTION>
DIVIDENDS AND DISTRIBUTIONS
-------------------------------------------------------------------
DISTRIBUTIONS
IN EXCESS OF
NET REALIZED
DISTRIBUTIONS FROM GAIN ON
NET REALIZED INVESTMENTS
DIVIDENDS GAINS ON AND NET ASSET
FROM NET INVESTMENTS AND FOREIGN TOTAL VALUE,
INVESTMENT FOREIGN CURRENCY CURRENCY DISTRIBUTIONS END OF TOTAL
FISCAL YEAR OR PERIOD INCOME TRANSACTIONS TRANSACTIONS TO SHAREHOLDERS PERIOD RETURN
--------------------- -------------- ------------------ -------------- --------------- --------- --------------
<S> <C> <C> <C> <C> <C> <C>
AXA ROSENBERG U.S. SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $ --(b) $ -- $ -- $ -- $10.06 31.36%
Year ended 3/31/99..... -0.01 -0.08 -- -0.09 7.66 -20.56%
Year ended 3/31/98..... -0.01 -0.52 -- -0.53 9.76 44.95%
Year ended 3/31/97..... -0.05 -1.85 -- -1.90 7.13 19.53%
Year ended 3/31/96..... -0.01 -1.73 -- -1.74 7.60 35.69%
Adviser Shares
Year ended 3/31/00..... $ --(b) $ -- $ -- $ -- $10.02 31.00%
Year ended 3/31/99..... -- -0.08 -- -0.08 7.65 -20.70%
Year ended 3/31/98..... -- -0.52 -- -0.52 9.75 44.50%
1/21/97(d) to
3/31/97.............. -- -- -- -- 7.14 -3.25%
Investor Shares
Year ended 3/31/00..... $ -- $ -- $ -- $ -- $10.00 31.06%
Year ended 3/31/99..... -- -0.08 -- -0.08 7.63 -20.74%
Year ended 3/31/98..... -- -0.52 -- -0.52 9.73 44.42%
10/22/96(d) to
3/31/97.............. -0.05 -1.85 -- -1.90 7.13 6.84%
AXA ROSENBERG
INTERNATIONAL SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $ -0.19 $ -- $ -- $ -0.19 $11.81 32.04%
Year ended 3/31/99..... -0.09 -- -- -0.09 9.11 -8.83%
Year ended 3/31/98..... -0.05 -0.06 -0.14 -0.25 10.10 2.51%
9/23/96(d) to
3/31/97.............. -- -- -- -- 10.13 1.30%
Investor Shares
Year ended 3/31/00..... -0.17 $ -- $ -- -0.17 $11.77 31.47%
Year ended 3/31/99..... -0.06 -- -- -0.06 9.10 -9.16%
Year ended 3/31/98..... -0.04 -0.06 -0.14 -0.24 10.09 2.22%
10/29/96(d) to
3/31/97.............. -- -- -- -- 10.13 0.90%
AXA ROSENBERG JAPAN FUND
Institutional Shares
Year ended 3/31/00..... -0.01 $ -- $ -- $ -0.01 $ 7.92 45.24%
Year ended 3/31/99..... -- -- -- -- 5.46 15.68%
Year ended 3/31/98..... -- -- -- -- 4.72 -23.87%
Year ended 3/31/97..... -0.04 -- -0.03 -0.07 6.20 -28.68%
Year ended 3/31/96..... -- -- -0.08 -0.08 8.77 -1.20%
Investor Shares
Year ended 3/31/00..... $ -- $ -- $ -- $ -- $ 7.89 45.04%
Year ended 3/31/99..... -- -- -- -- 5.44 15.50%
Year ended 3/31/98..... -- -- -- -- 4.71 -24.03%
10/22/96(d) to
3/31/97.............. -0.04 -- -0.03 -0.07 6.20 -22.59%
AXA ROSENBERG VALUE
MARKET NEUTRAL FUND
Institutional Shares
Year ended 3/31/00..... $ -0.33 $ -- $ -- $ -0.33 $ 7.42 -14.13%
Year ended 3/31/99..... -0.27 -- -- -0.27 8.99 -7.31%
12/16/97(d) to
3/31/98.............. -- -- -- -- 9.97 -0.30%
Investor Shares
Year ended 3/31/00..... $ -0.30 $ -- $ -- $ -0.30 $ 7.41 -14.41%
Year ended 3/31/99..... -0.23 -- -- -0.23 8.98 -7.66%
12/18/97(d) to
3/31/98.............. -- -- -- -- 9.96 -0.40%
AXA ROSENBERG DOUBLE
ALPHA MARKET FUND
Institutional Shares
Year ended 3/31/00..... $ -0.35 $ -0.83 $ -- $ -1.18 $ 8.41 -2.63%
4/22/98(d) to
3/31/99.............. -0.24 -- -- -0.24 9.81 0.53%
Investor Shares
Year ended 3/31/00..... $ -0.32 $ -0.83 $ -- $ -1.15 $ 8.40 -2.78%
4/22/98(d) to
3/31/99.............. -0.22 -- -- -0.22 9.79 0.18%
AXA ROSENBERG SELECT
SECTORS MARKET NEUTRAL
FUND
Institutional Shares
Year ended 3/31/00..... $ -0.42 $ -- $ -- $ -0.42 $11.05 9.82%
10/19/98(d) to
3/31/99.............. -0.05 -- -- -0.05 10.46 5.14%
Investor Shares
Year ended 3/31/00..... $ -0.40 $ -- $ -- $ -0.40 $10.99 9.39%
11/11/98(d) to
3/31/99.............. -0.04 -- -- -0.04 10.43 4.71%
<CAPTION>
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA
----------------------------------
NET INVESTMENT
INCOME/(LOSS)
NET ASSETS, BEFORE
END OF PERIOD WAIVERS/
FISCAL YEAR OR PERIOD (000'S OMITTED) REIMBURSEMENTS
--------------------- --------------- -----------------
<S> <C> <C>
AXA ROSENBERG U.S. SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $447,879 -0.05%
Year ended 3/31/99..... 445,476 0.10%
Year ended 3/31/98..... 537,891 0.04%
Year ended 3/31/97..... 82,116 -0.12%
Year ended 3/31/96..... 60,046 0.22%
Adviser Shares
Year ended 3/31/00..... $ 7,884 -0.23%
Year ended 3/31/99..... 15,465 -0.06%
Year ended 3/31/98..... 17,448 -0.22%
1/21/97(d) to
3/31/97.............. 208 0.07%(c)
Investor Shares
Year ended 3/31/00..... $ 11,400 -0.34%
Year ended 3/31/99..... 16,228 -0.50%
Year ended 3/31/98..... 33,724 -0.70%
10/22/96(d) to
3/31/97.............. 2,375 0.07%(c)
AXA ROSENBERG
INTERNATIONAL SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... $ 44,628 0.98%
Year ended 3/31/99..... 34,292 0.82%
Year ended 3/31/98..... 39,218 -0.32%
9/23/96(d) to
3/31/97.............. 12,859 -5.85%(c)
Investor Shares
Year ended 3/31/00..... $ 1,650 0.67%
Year ended 3/31/99..... 1,697 0.08%
Year ended 3/31/98..... 1,375 -0.83%
10/29/96(d) to
3/31/97.............. 185 -5.52%(c)
AXA ROSENBERG JAPAN FUND
Institutional Shares
Year ended 3/31/00..... $ 1,512 -8.52%
Year ended 3/31/99..... 1,053 -13.32%
Year ended 3/31/98..... 866 -13.49%
Year ended 3/31/97..... 1,009 -12.54%
Year ended 3/31/96..... 1,378 -6.38%
Investor Shares
Year ended 3/31/00..... $ 95 -8.58%
Year ended 3/31/99..... 48 -14.06%
Year ended 3/31/98..... 50 -9.10%
10/22/96(d) to
3/31/97.............. 13 -11.83%(c)
AXA ROSENBERG VALUE
MARKET NEUTRAL FUND
Institutional Shares
Year ended 3/31/00..... $ 74,401 2.46%
Year ended 3/31/99..... 162,404 2.75%
12/16/97(d) to
3/31/98.............. 168,080 2.72%(c)
Investor Shares
Year ended 3/31/00..... $ 6,155 2.01%
Year ended 3/31/99..... 37,387 2.31%
12/18/97(d) to
3/31/98.............. 35,223 2.28%(c)
AXA ROSENBERG DOUBLE
ALPHA MARKET FUND
Institutional Shares
Year ended 3/31/00..... $ 7,528 2.12%
4/22/98(d) to
3/31/99.............. 7,032 1.18%(c)
Investor Shares
Year ended 3/31/00..... $ 75 0.79%
4/22/98(d) to
3/31/99.............. 257 1.39%(c)
AXA ROSENBERG SELECT
SECTORS MARKET NEUTRAL
FUND
Institutional Shares
Year ended 3/31/00..... $ 27,835 3.45%
10/19/98(d) to
3/31/99.............. 28,814 2.00%(c)
Investor Shares
Year ended 3/31/00..... $ 904 3.16%
11/11/98(d) to
3/31/99.............. 539 1.30%(c)
</TABLE>
FOOTNOTES TO THE FINANCIAL HIGHLIGHTS
(a) Calculated based on the average shares outstanding during the period.
(b) Distribution per share was less than $0.005.
(c) Annualized.
(d) Class inception date.
3
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
-------------------------------------------------------------------------------
EXPENSES EXPENSES
(INCLUDING (EXCLUDING
DIVIDEND DIVIDEND
NET INVESTMENT EXPENSE, EXPENSE,
INCOME/(LOSS) IF ANY) IF ANY)
NET OF EXPENSES NET OF NET OF
WAIVER/ BEFORE WAIVER/ WAIVER/ WAIVER/ PORTFOLIO
FISCAL YEAR OR PERIOD REIMBURSEMENTS REIMBURSEMENTS REIMBURSEMENTS REIMBURSEMENTS TURNOVER RATIO
--------------------- --------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
AXA ROSENBERG U.S. SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... 0.02% 1.23% --% 1.15% 141.78%
Year ended 3/31/99..... 0.16% 1.19% --% 1.15% 123.66%
Year ended 3/31/98..... 0.19% 1.30% --% 1.15% 77.70%
Year ended 3/31/97..... 0.35% 1.54% --% 1.07% 126.83%
Year ended 3/31/96..... 0.47% 1.15% --% 0.90% 71.87%
Adviser Shares
Year ended 3/31/00..... -0.16% 1.39% --% 1.31% 141.78%
Year ended 3/31/99..... -0.00% 1.35% --% 1.29% 123.66%
Year ended 3/31/98..... -0.06% 1.56% --% 1.40% 77.70%
1/21/97(d) to
3/31/97.............. 0.46%(c) 1.54%(c) --% 1.15%(c) 126.83%
Investor Shares
Year ended 3/31/00..... -0.13% 1.50% --% 1.28% 141.78%
Year ended 3/31/99..... -0.15% 1.77% --% 1.42% 123.66%
Year ended 3/31/98..... -0.24% 2.05% --% 1.59% 77.70%
10/22/96(d) to
3/31/97.............. 0.46%(c) 1.54%(c) --% 1.15%(c) 126.83%
AXA ROSENBERG
INTERNATIONAL SMALL
CAPITALIZATION FUND
Institutional Shares
Year ended 3/31/00..... 1.43% 1.96% --% 1.50% 148.72%
Year ended 3/31/99..... 1.29% 1.97% --% 1.50% 111.05%
Year ended 3/31/98..... 0.82% 2.64% --% 1.50% 77.72%
9/23/96(d) to
3/31/97.............. 0.11%(c) 7.46%(c) --% 1.50%(c) 6.71%
Investor Shares
Year ended 3/31/00..... 1.14% 2.28% --% 1.81% 148.72%
Year ended 3/31/99..... 0.79% 2.66% --% 1.95% 111.05%
Year ended 3/31/98..... 0.61% 3.35% --% 1.91% 77.72%
10/29/96(d) to
3/31/97.............. 0.44%(c) 7.46%(c) --% 1.50%(c) 6.71%
AXA ROSENBERG JAPAN FUND
Institutional Shares
Year ended 3/31/00..... -0.71% 9.31% --% 1.50% 100.31%
Year ended 3/31/99..... -0.50% 14.32% --% 1.50% 152.20%
Year ended 3/31/98..... -0.74% 14.25% --% 1.50% 102.13%
Year ended 3/31/97..... -0.63% 13.33% --% 1.42% 51.70%
Year ended 3/31/96..... -0.22% 7.16% --% 1.00% 60.60%
Investor Shares
Year ended 3/31/00..... -0.95% 9.40% --% 1.75% 100.31%
Year ended 3/31/99..... -0.91% 14.95% --% 1.80% 152.50%
Year ended 3/31/98..... -0.82% 10.12% --% 1.85% 102.13%
10/22/96(d) to
3/31/97.............. 0.00%(c) 13.33%(c) --% 1.50%(c) 51.70%
AXA ROSENBERG VALUE
MARKET NEUTRAL FUND
Institutional Shares
Year ended 3/31/00..... 2.82% 3.40% 3.04% 2.00% 139.22%
Year ended 3/31/99..... 2.97% 3.07% 2.85% 2.00% 205.32%
12/16/97(d) to
3/31/98.............. 3.31%(c) 3.33%(c) 2.75%(c) 2.00%(c) 232.93%
Investor Shares
Year ended 3/31/00..... 2.36% 3.70% 3.35% 2.29% 139.22%
Year ended 3/31/99..... 2.53% 3.52% 3.31% 2.45% 205.32%
12/18/97(d) to
3/31/98.............. 2.82%(c) 3.87%(c) 3.34%(c) 2.50%(c) 232.93%
AXA ROSENBERG DOUBLE
ALPHA MARKET FUND
Institutional Shares
Year ended 3/31/00..... 3.76% 1.99% --% 0.35% 144.75%
4/22/98(d) to
3/31/99.............. 2.81%(c) 1.98%(c) --% 0.35%(c) 154.45%
Investor Shares
Year ended 3/31/00..... 2.42% 2.23% --% 0.60% 144.75%
4/22/98(d) to
3/31/99.............. 3.07%(c) 2.14%(c) --% 0.45%(c) 154.45%
AXA ROSENBERG SELECT
SECTORS MARKET NEUTRAL
FUND
Institutional Shares
Year ended 3/31/00..... 3.99% 2.81% 2.27% 1.25% 368.26%
10/19/98(d) to
3/31/99.............. 3.15%(c) 3.90%(c) 2.75%(c) 1.25%(c) 145.22%
Investor Shares
Year ended 3/31/00..... 3.72% 3.11% 2.55% 1.52% 368.26%
11/11/98(d) to
3/31/99.............. 2.26%(c) 3.73%(c) 2.77%(c) 1.46%(c) 145.22%
</TABLE>
FOOTNOTES TO THE FINANCIAL HIGHLIGHTS
(a) Calculated based on the average shares outstanding during the period.
(b) Distribution per share was less than $0.005.
(c) Annualized.
(d) Class inception date.
4
