EX-99.17(B) 7 a2040299zex-99_17b.txt EXHIBIT 99.17(B) Exhibit 17(b) 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. BRG-0036S1
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 --------------------- --------- -------------- -------------- -------------- 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
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
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 --------------------- -------------- ------------------ -------------- --------------- --------- -------------- 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% 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 --------------------- --------------- ----------------- 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)
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
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 --------------------- --------------- -------------- -------------- -------------- -------------- 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%
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