EXHIBIT 23(e)

                           BARR ROSENBERG SERIES TRUST
               FURTHER AMENDED AND RESTATED DISTRIBUTOR'S CONTRACT


         Further Amended and Restated Distributor's Contract dated as of June 1,
2000, by and between BARR ROSENBERG SERIES TRUST, a Massachusetts business trust
(the "Trust"), and BARR ROSENBERG FUNDS DISTRIBUTOR, INC. (the "Distributor").

         WHEREAS, the Trust and the Distributor are desirous of entering into a
further amended and restated agreement providing for the distribution of certain
classes of shares of the Trust by the Distributor;

         NOW THEREFORE, in consideration of the mutual agreements contained in
the Terms and Conditions of the Distributor's Contract attached to and forming a
part of this Contract (the "Terms and Conditions"), the Trust hereby appoints
the Distributor as a distributor of such shares of the Trust, and the
Distributor hereby accepts such appointment, all as set forth in the Terms and
Conditions.

         A copy of the Agreement and Declaration of Trust of the Trust, as
amended, is on file with the Secretary of The Commonwealth of Massachusetts and
notice is hereby given that this instrument is executed on behalf of the
Trustees of the Trust as Trustees and not individually, and that the obligations
of or arising out of this instrument are not binding upon any of the Trustees or
shareholders individually but are binding only upon the assets and property of
the Trust.

         IN WITNESS WHEREOF, BARR ROSENBERG SERIES TRUST and BARR ROSENBERG
FUNDS DISTRIBUTOR, INC. have each caused this Further Amended and Restated
Distributor's Contract to be signed in duplicate on its behalf, all as of the
day and year first above written.

                                     BARR ROSENBERG SERIES TRUST


                                     By: KENNETH REID
                                        -----------------------
                                     BARR ROSENBERG FUNDS
                                     DISTRIBUTOR, INC.


                                     By: GREGORY MADDOX
                                        -----------------------
                                     Dated: June 1, 2000





                              TERMS AND CONDITIONS
                                       OF
                             DISTRIBUTOR'S CONTRACT

         1. SALE OF SHARES TO THE DISTRIBUTOR AND SALES BY THE DISTRIBUTOR. The
Distributor will have the right, as principal, to sell shares of beneficial
interest ("shares") of the Trust's Institutional shares, Investor shares,
Adviser shares, Class A shares, Class B shares and Class C shares (each a
"Class" and collectively the "Classes") of each portfolio of the Trust
represented by a separate series of shares (a "Fund") directly to the public
against orders therefor at the applicable public offering price as described
below in the case of Class A shares, and at net asset value in the case of
Institutional shares, Investor shares, Adviser shares, Class B shares and Class
C shares. For such purposes, the Distributor will have the right to purchase
shares at net asset value. The Distributor will also have the right, as agent,
to sell shares of a Fund indirectly to the public through broker dealers who are
members of the National Association of Securities Dealers, Inc. and who are
acting as introducing brokers pursuant to agreements with the Distributor
("introducing brokers"), or to broker dealers which are members of the National
Association of Securities Dealers, Inc. and who have entered into selling
agreements with the Distributor ("participating brokers"), in each case against
orders therefor. The price for introducing brokers and participating brokers
shall be, in the case of Class A shares, the applicable public offering price
less a concession to be determined by the Distributor, which concession will not
exceed the amount of the sales charge or underwriting discount, if any,
described below and, in the case of Institutional shares, Investor shares,
Adviser shares, Class B shares and Class C shares, net asset value.

         The Trust shall sell through the Distributor, as the Trust's agent,
shares to eligible investors as described in the Prospectus. All orders through
the Distributor shall be subject to acceptance and confirmation by the Trust.
The Trust shall have the right, at its election, to deliver either shares issued
upon original issue or treasury shares.

         Prior to the time of transfer of any shares by the Trust to, or on the
order of, the Distributor or any introducing broker or participating broker, the
Distributor shall pay or cause to be paid to the Trust or to its order an amount
in New York clearing house funds equal to the applicable net asset value of the
shares. Upon receipt of registration instructions in proper form, the
Distributor will transmit or cause to be transmitted such instructions to the
Trust or its agent for registration of the shares purchased.

                  The public offering price of Class A shares shall be the net
asset value of such shares, plus any applicable sales charge as set forth in the
Prospectus. In no event will any applicable sales charge or underwriting
discount exceed the limitations on permissible sales loads imposed by Section
22(b) of the 1940 Act and Rule 2830(d) of the Conduct Rules of the National
Association of Securities Dealers, Inc., as either or both may be amended from
time to time.

         On every sale, the Fund purchased shall receive the net asset value of
the shares. The net asset value of shares shall be determined in the manner
provided in the Agreement and Declaration of Trust and By-laws of the Trust as
then amended.





     2.   FEES. For its services as distributor of a Fund's Investor shares,
Class A Shares, Class B Shares and Class C Shares, the Trust shall pay the
Distributor on behalf of the Fund a monthly distribution fee at an annual rate
equal to 0.25%, 0.50%, 1.00% and 1.00%, respectively, of the average daily net
assets of the Fund attributable to such shares, as applicable, and otherwise on
the terms and conditions set forth in any Distribution Plan in effect for
Investor shares, Class A Shares, Class B Shares and Class C Shares, each as
amended from time to time. Any such distribution fee shall be accrued daily and
paid monthly to the Distributor as soon as practicable after the end of the
calendar month in which it accrues, but in any event within 5 business days
following the last calendar day of each month.

     3.   RESERVATION OF RIGHT NOT TO SELL. The Trust reserves the right to
refuse at any time or times to sell any of its shares for any reason deemed
adequate by it.

     4.   USE OF THIRD PARTIES; NON-EXCLUSIVITY; SALES OF SHARES BY THE TRUST.
The Distributor may employ such third parties, including one or more
participating brokers or introducing brokers, for the purposes of selling shares
of the Trust as the Distributor, in its sole discretion, shall deem advisable or
desirable. The Distributor may not enter into similar arrangements with other
issuers without the consent of the Trust. The Trust reserves the right to issue
shares at any time directly to its shareholders as a stock dividend or stock
split and to sell shares to its shareholders or other persons at not less than
net asset value.

     5.   REPURCHASE OF SHARES. The Distributor will act as agent for the Trust
in connection with the repurchase and redemption of shares by the Trust upon the
terms and conditions set forth in the then current prospectus and statement of
additional information (collectively, the "prospectus") of the Trust or as the
Trust acting through its Trustees may otherwise direct. The Distributor may
employ such third parties, including one or more participating brokers or
introducing brokers, for such purposes as the Distributor, in its sole
discretion, shall deem to be advisable or desirable. Any contingent deferred
sales charge imposed on repurchases and redemptions of Class A, Class B and
Class C shares upon the terms and conditions set forth in the Prospectus shall
be paid to the Distributor in addition to the fees with respect to Class A,
Class B and Class C shares set forth in Section 2 hereof. The Trust will take
such steps as are commercially reasonable to track on a share-by-share basis the
aging of its shares for purposes of calculating any contingent deferred sales
charges and/or distribution fees.

     6.   BASIS OF PURCHASES AND SALES OF SHARES. The Distributor's obligation
to sell shares hereunder shall be on a best efforts basis only and the
Distributor shall not be obligated to sell any specific number of shares. Shares
will be sold by the Distributor only against orders therefor. The Distributor
will not purchase shares from anyone other than the Trust except in accordance
with Section 4 hereof, and will not take "long" or "short" positions in shares
contrary to any applicable provisions of the Agreement and Declaration of Trust
of the Trust, as amended or restated from time to time.


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     7.   RULES OF SECURITIES ASSOCIATIONS, ETC. As the Trust's agent, the
Distributor may sell and distribute shares in such manner not inconsistent with
the provisions hereof and the Trust's Prospectus as the Distributor may
determine from time to time. In this connection, the Distributor shall comply
with all laws, rules and regulations applicable to it, including, without
limiting the generality of the foregoing, all applicable rules or regulations
under the 1940 Act and of any securities association registered under the
Securities Exchange Act of 1934, as amended (together with the rules and
regulations thereunder, the "1934 Act"). The Distributor will conform to the
Conduct Rules of the National Association of Securities Dealers, Inc. and the
securities laws of any jurisdiction in which it sells, directly or indirectly,
any shares. The Distributor also agrees to furnish to the Trust sufficient
copies of any agreement or plans it intends to use in connection with any sales
of shares in adequate time for the Trust to file and clear them with the proper
authorities before they are put in use, and not to use them until so filed and
cleared.

     8.   INDEPENDENT CONTRACTOR. The Distributor shall be an independent
contractor and neither the Distributor nor any of its officers or employees as
such, is or shall be an employee of the Trust. The Distributor is responsible
for its own conduct and the employment, control and conduct of its agents and
employees and for injury to such agents or employees or to others through its
agents or employees. The Distributor assumes full responsibility for its agents
and employees under applicable statutes and agrees to pay all employer taxes
thereunder.

     9.   REGISTRATION AND QUALIFICATION OF SHARES. The Trust agrees to execute
such papers and to do such acts and things as shall from time to time be
reasonably requested by the Distributor for the purpose of qualifying and
maintaining qualification of the shares for sale under the so-called Blue Sky
Laws of any state and for maintaining the registration of each Fund of the Trust
and the Trust under the Securities Act of 1933 (the "1933 Act") and the
Investment Company Act of 1940 (together with the rules and regulations
thereunder, the "1940 Act"), to the end that there will be available for sale
from time to time such number of shares as the Distributor may reasonably be
expected to sell. The Trust may also contract with Bisys Fund Services Limited
Partnership d.b.a. Bisys Fund Services ("Bisys Fund Services") to perform such
services, in which event the Distributor agrees to look solely to Bisys Fund
Services in the event of any breach of the agreements of the Trust set forth in
this Section 9. The Trust or Bisys Fund Services shall advise the Distributor
promptly of (a) any action of the Securities and Exchange Commission or any
authorities of any state or territory, of which it may be advised, affecting
registration or qualification of the Trust, a Fund or the shares thereof, or
rights to offer such shares for sale and (b) the happening of any event which
makes untrue any statement or which requires the making of any change in the
Trust's registration statement or prospectus in order to make the statements
therein not misleading.

     10.  EXPENSES. The Trust will pay or reimburse the Distributor for all
expenses of qualifying shares of the Trust for sale under the securities or
so-called "Blue Sky" laws of any State. The Distributor will pay all expenses of
preparing, printing and distributing advertising and sales literature (apart
from expenses of registering shares under the 1933 Act and the 1940 Act and the
preparation and printing of prospectuses and reports as


                                      -3-


required by said Acts and the direct expenses of the issue of shares, except
that the Distributor will pay the cost of the preparation and printing of
prospectuses and shareholders' reports used by it in the sale of shares to
persons other than current shareholders).

     11.  SECURITIES TRANSACTIONS. The Trust agrees that the Distributor may
effect a transaction on any national securities exchange of which it is a member
for the account of the Trust and any Fund of the Trust which is permitted by
Section 11(a) of the Securities Exchange Act of 1934.

     12.  INDEMNIFICATION OF TRUST. The Distributor agrees to indemnify and hold
harmless the Trust and each person who has been, is, or may hereafter be, a
Trustee of the Trust against expenses reasonably incurred by any of them in
connection with any claim or in connection with any action, suit or proceeding
to which any of them may be a party, which arises out of or is alleged to arise
out of any misrepresentation or omission to state a material fact, or out of any
alleged misrepresentation or omission to state a material fact, on the part of
the Distributor or any agent or employee of the Distributor or any other person
for whose acts the Distributor is responsible or is alleged to be responsible,
unless such misrepresentation or omission was made in reliance upon written
information furnished by the Trust, PROVIDED, that in no event shall anything
contained in this Agreement be construed to protect the Trust or any such person
against any liability to which the Trust or such person would otherwise be
subject by reason of willful misfeasance, bad faith or negligence in the
performance of its duties under this Agreement. The Distributor also agrees
likewise to indemnify and hold harmless the Trust and each such person in
connection with any claim or in connection with any action, suit or proceeding
which arises out of or is alleged to arise out of the Distributor's failure to
exercise reasonable care and diligence with respect to its services rendered in
connection with investment, reinvestment, employee benefit and other plans for
shares. The term "expenses" includes amounts paid in satisfaction of judgments
or in settlements which are made with the Distributor's consent. The foregoing
rights of indemnification shall be in addition to any other rights to which the
Trust or a Trustee may be entitled as a matter of law.

     13.  INDEMNIFICATION OF THE DISTRIBUTOR. The Trust agrees to indemnify and
hold harmless the Distributor, its several officers, employees and directors,
and any person who controls the Distributor within the meaning of Section 15 of
the 1933 Act, against expenses reasonably incurred by any of them in connection
with any claim or in connection with any action, suit or proceeding to which any
of them may be a party, which arises out of or is alleged to arise out of any
misrepresentation or omission to state a material fact, or out of any alleged
misrepresentation or omission to state a material fact in the Trust's
Registration Statement or prospectus, provided that in no event shall anything
contained in this Agreement be construed so as to protect the Distributor
against any liability to the Trust or its shareholders to which the Distributor
would otherwise be subject by reason of willful misfeasance, bad faith, or
negligence, in the performance of its duties under this Agreement. The foregoing
rights of indemnification shall be in addition to any other rights to which the
Distributor may be entitled as a matter of law.


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         14. ASSIGNMENT TERMINATES THIS AGREEMENT; AMENDMENTS OF THIS AGREEMENT.
This Agreement shall automatically terminate, without the payment of any
penalty, in the event of its assignment. This agreement may be amended only if
such amendment be approved either by action of the Trustees of the Trust or at a
meeting of the shareholders of all six Classes by the affirmative vote of a
majority of the outstanding shares of the Classes, and by a majority of the
Trustees of the Trust who are not interested persons of the Trust and who have
no direct or indirect financial interest in the operation of the Distribution
Plan(s) or this Agreement by vote cast in person at a meeting called for the
purpose of voting on such approval.

         15. EFFECTIVE PERIOD AND TERMINATION OF THIS AGREEMENT. This Agreement
shall take effect upon the date first above written and shall remain in full
force and effect continuously as to a Fund and a Class of shares thereof (unless
terminated automatically as set forth in Section 14 hereof) until terminated:

                  (a) Either by such Fund or such Class or the Distributor by
         not more than sixty (60) days' nor less than thirty (30) days' written
         notice delivered or mailed by registered mail, postage prepaid, to the
         other party; or

                  (b) Automatically as to any Fund or Class thereof at the close
         of business one year from the date hereof, or upon the expiration of
         one year from the effective date of the last continuance of this
         Agreement, whichever is later, if the continuance of this Agreement is
         not specifically approved at least annually by the Trustees of the
         Trust or the shareholders of such Fund or such Class by the affirmative
         vote of a majority of the outstanding shares of such Fund or such
         Class, and by a majority of the Trustees of the Trust who are not
         interested persons of the Trust and who have no direct or indirect
         financial interest in the operation of the Distribution Plan(s) or this
         Agreement by vote cast in person at a meeting called for the purpose of
         voting on such approval.

         Action by a Fund or a Class thereof under (a) above may be taken either
(i) by vote of a majority of the Trustees of the Trust who are not interested
persons of the Trust and who have no direct or indirect financial interest in
the operation of the Distribution Plan(s) or this Agreement, or (ii) by the
affirmative vote of a majority of the outstanding shares of such Fund or such
Class. The requirement under (b) above that the continuance of this Agreement be
"specifically approved at least annually" shall be construed in a manner
consistent with the 1940 Act.

         Termination of this Agreement pursuant to this Section 15 shall be
without the payment of any penalty.

         If this Agreement is terminated or not renewed with respect to one or
more Funds or Classes thereof, it may continue in effect with respect to any
Fund or any Class thereof as to which it has not been terminated (or has been
renewed).


                                      -5-


         16. LIMITED RECOURSE. The Distributor hereby acknowledges that the
Trust's obligations hereunder with respect to the distribution fees payable with
respect to the shares of any Fund of the Trust or a particular Class of shares
of a Fund are binding only on the assets and property belonging to such Fund or
such Class.

         17. CERTAIN DEFINITIONS. For the purposes of this Agreement, the
"affirmative vote of a majority of the outstanding shares" means the affirmative
vote, at a duly called and held meeting of shareholders, (a) of the holders of
67% or more of the shares of the Trust or the Fund, as the case may be, present
(in person or by proxy) and entitled to vote at such meeting, if the holders of
more than 50% of the outstanding shares of the Trust or the Fund, as the case
may be, entitled to vote at such meeting are present in person or by proxy, or
(b) of the holders of more than 50% of the outstanding shares of the Trust or
the Fund, as the case may be, entitled to vote at such meeting, whichever is
less.

         For the purposes of this Agreement, the terms "interested persons" and
"assignment" shall have the meanings defined in the 1940 Act, subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
under said Act. Certain other items used herein that are not otherwise defined
have the meaning given in the current prospectus of the Trust or constituent
agreements or documents of the Trust.









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