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Previous: EMPIRE STATE MUNICIPAL EXEMPT TRUST GUARANTEED SERIES 111, 497J, 1995-12-06 |
Next: JHAVERI TRUST, N-30D, 1995-12-06 |
<PAGE> 1
JNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995*
(UNAUDITED)
<TABLE>
<CAPTION>
JNL/ JNL/
Phoenix Phoenix
JNL JNL JNL Investment Investment
Aggressive Capital Global Counsel Counsel
Growth Growth Equities Balanced Growth
Series Series Series Series Series
========================================================================================================================
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (a) $6,077,762 $6,216,955 $11,468,082 $2,162,012 $1,235,995
Foreign currency (b) - - - - -
Cash 75,573 908 649,471 16,123 10,353
Receivables:
Dividends and interest 2,176 1,963 7,463 8,046 516
Forward foreign currency exchange contracts
(Note 7) 827,516 241,604 2,082,442 - -
Foreign taxes recoverable 125 - 3,570 - -
Investments sold 11,106 210,272 226,163 20,003 3,455
Prepaid expenses 1,115 1,115 1,115 1,115 1,115
- ------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 6,995,373 6,672,817 14,438,306 2,207,299 1,251,434
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Shareholder dividends - - - - -
Forward foreign currency exchange contracts
(Note 7) 862,100 242,731 2,101,903 - -
Investments purchased - 164,873 50,900 18,043 24,311
Custodian overdraft - - - - -
Custodian foreign currency overdraft (b) - - 231 - -
Accrued expenses and other liabilities 39,337 27,036 40,638 22,199 18,635
- ------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 901,437 434,640 2,193,672 40,242 42,946
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $6,093,936 $6,238,177 $12,244,634 $2,167,057 $1,208,488
========================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $5,000,000 $5,000,000 $10,000,000 $2,000,000 $1,000,000
Undistributed net investment income (loss) 7,340 (2,188) 32,474 23,321 1,034
Net realized gains (losses) on:
Investments 125,725 358,892 322,143 61,993 54,948
Foreign currency related items (491) (2,673) (42,244) - -
Net unrealized appreciation (depreciation) on:
Investments 995,950 885,273 1,951,821 81,743 152,506
Foreign currency related items (34,588) (1,127) (19,560) - -
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $6,093,936 $6,238,177 $12,244,634 $2,167,057 $1,208,488
========================================================================================================================
========================================================================================================================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED 500,000 500,000 1,000,000 200,000 100,000
========================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $12.19 $12.48 $12.24 $10.84 $12.08
========================================================================================================================
<CAPTION>
Salomon
PPM PPM PPM Salomon Brothers/JNL
America/JNL America/JNL America/JNL Brothers/JNL U.S.
High Yield Money Value Global Government
Bond Market Equity Bond & Quality Bond
Series Series Series Series Series
============================================================================================================================
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (a) $4,681,563 $5,103,236 $2,265,475 $5,285,865 $2,862,043
Foreign currency (b) - - - - -
Cash 51,720 7,543 17,705 30,466 706
Receivables:
Dividends and interest 198,371 - 3,882 113,457 14,364
Forward foreign currency exchange contracts
(Note 7) - - - - -
Foreign taxes recoverable - - - - -
Fund shares sold - - - - -
Investments sold 1,386,625 - - 4,172 2,742
Prepaid expenses 1,115 1,115 1,115 1,115 1,115
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 6,319,394 5,111,894 2,288,177 5,435,075 2,880,970
- ----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Shareholder dividends - 21,160 - - -
Forward foreign currency exchange contracts
(Note 7) - - - - -
Fund shares redeemed - - - - -
Investments purchased 1,191,883 - - 293,438 815,370
Custodian overdraft - - - - -
Custodian foreign currency overdraft (b) - - - - -
Accrued expenses and other liabilities 14,295 12,379 12,272 20,062 12,268
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,206,178 33,539 12,272 313,500 827,638
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSETS $5,113,216 $5,078,355 $2,275,905 $5,121,575 $2,053,332
============================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $5,000,000 $5,078,355 $2,000,000 $5,000,000 $2,000,000
Undistributed net investment income (loss) 166,509 - 20,833 165,626 40,117
Net realized gains (losses) on:
Investments (49,056) - 16,388 12,401 8,396
Foreign currency related items - - - - -
Net unrealized appreciation (depreciation) on:
Investments (4,237) - 238,684 (56,452) 4,819
Foreign currency related items - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSETS $5,113,216 $5,078,355 $2,275,905 $5,121,575 $2,053,332
============================================================================================================================
============================================================================================================================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED 500,000 5,078,355 200,000 500,000 200,000
============================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $10.23 $1.00 $11.38 $10.24 $10.27
============================================================================================================================
<CAPTION>
T. Rowe
T. Rowe Price/JNL T. Rowe
Price/JNL International Price/JNL
Established Equity Mid-Cap
Growth Investment Growth
Series Series Series
===========================================================================================
<S> <C> <C> <C>
ASSETS
Investments in securities, at value (a) $5,859,134 $19,504,807 $6,082,705
Foreign currency (b) - 143,026 -
Cash 12,148 1,247,060 139,336
Receivables:
Dividends and interest 6,039 45,553 3,621
Forward foreign currency exchange contract
(Note 7) - - -
Foreign taxes recoverable 554 9,190 -
Investments sold - - 99,757
Prepaid expenses 1,115 1,115 1,115
- -------------------------------------------------------------------------------------------
TOTAL ASSETS 5,878,990 20,950,751 6,326,534
- -------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Shareholder dividends - - -
Forward foreign currency exchange contract
(Note 7) - - -
Fund shares redeemed - - -
Investments purchased - 21,537 188,858
Custodian overdraft - - -
Custodian foreign currency overdraft (b) - - -
Accrued expenses and other liabilities 20,756 73,788 21,462
- -------------------------------------------------------------------------------------------
TOTAL LIABILITIES 20,756 95,325 210,320
- -------------------------------------------------------------------------------------------
NET ASSETS $5,858,234 $20,855,426 $6,116,214
===========================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $5,000,000 $20,000,000 $5,000,000
Undistributed net investment income (loss) 24,049 97,234 7,446
Net realized gains (losses) on:
Investments 151,955 36,938 178,339
Foreign currency related items 99 (196,031) -
Net unrealized appreciation (depreciation) on:
Investments 682,117 913,871 930,429
Foreign currency related items 14 3,414 -
- -------------------------------------------------------------------------------------------
NET ASSETS $5,858,234 $20,855,426 $6,116,214
===========================================================================================
===========================================================================================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED 500,000 2,000,000 500,000
===========================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $11.72 $10.43 $12.23
===========================================================================================
</TABLE>
* JNL/Alger Growth Series commences operations on October 16, 1995.
(a) The costs of investments in securities are: $5,081,812; $5,331,682;
$9,516,261; $2,080,269; $1,083,489; $4,685,800; $5,103,236; $2,026,791;
$5,342,317; $2,857,224; $5,177,017; $18,590,936; and $5,152,276, for each
Series, respectively.
(b) The costs of custodian foreign currency overdraft and foreign currency
are: $(221); and $139,950, for the Global Equities Series; and
International Equity Series, respectively.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 2
JNL SERIES TRUST
STATEMENTS OF OPERATIONS
FOR THE PERIOD MAY 15, 1995* THROUGH SEPTEMBER 30, 1995**
(UNAUDITED)
<TABLE>
<CAPTION>
JNL/ JNL/
Phoenix Phoenix
JNL JNL JNL Investment Investment
Aggressive Capital Global Counsel Counsel
Growth Growth Equities Balanced Growth
Series Series Series Series Series
===========================================================================================================================
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 16,331 $ 9,031 $ 62,427 $ 6,305 $ 3,837
Interest 15,637 12,843 23,593 25,277 1,591
Net foreign tax withholding (1,082) (634) (4,727) - (7)
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 30,886 21,240 81,293 31,582 5,421
- ---------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fees 20,364 20,233 42,470 7,080 3,760
Custodian fees 27,701 15,400 25,671 10,588 7,601
Transfer agent fees 1,035 1,035 1,035 1,035 1,035
Portfolio accounting fees 1,892 1,892 1,905 1,885 1,885
Registration fees 784 784 1,525 339 192
Professional fees 7,681 7,681 10,260 8,110 7,681
Trustee fees 1,488 1,488 1,488 1,488 1,488
Other 413 413 413 413 413
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 61,358 48,926 84,767 30,938 24,055
Less: Expenses reimbursed by adviser (37,812) (25,498) (35,948) (22,677) (19,668)
- ---------------------------------------------------------------------------------------------------------------------------
NET EXPENSES 23,546 23,428 48,819 8,261 4,387
- ---------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 7,340 (2,188) 32,474 23,321 1,034
- ---------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) on:
Investments 125,725 358,892 322,143 61,993 54,948
Foreign currency related items (491) (2,673) (42,244) - -
Net change in unrealized appreciation (depreciation) on:
Investments 995,950 885,273 1,951,821 81,743 152,506
Foreign currency related items (34,588) (1,127) (19,560) - -
- ---------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) 1,086,596 1,240,365 2,212,160 143,736 207,454
- ---------------------------------------------------------------------------------------------------------------------------
===========================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,093,936 $1,238,177 $2,244,634 $167,057 $208,488
===========================================================================================================================
<CAPTION>
Salomon
PPM PPM PPM Salomon Brothers/JNL
America/JNL America/JNL America/JNL Brothers/JNL U.S.
High Yield Money Value Global Government
Bond Market Equity Bond & Quality Bond
Series Series Series Series Series
=================================================================================================================================
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ - $ - $ 25,949 $ - $ -
Interest 183,623 113,804 2,100 184,669 46,891
Net foreign tax withholding - - - - -
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 183,623 113,804 28,049 184,669 46,891
- -----------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fees 14,262 11,431 6,013 16,197 5,356
Custodian fees 1,377 1,180 1,089 5,852 1,086
Transfer agent fees 1,035 1,035 1,035 1,035 1,035
Portfolio accounting fees 1,889 1,889 1,885 1,889 1,885
Registration fees 784 784 339 784 339
Professional fees 8,970 7,250 7,681 10,260 7,681
Trustee fees 1,488 1,488 1,488 1,488 1,488
Other 413 413 413 413 413
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 30,218 25,470 19,943 37,918 19,283
Less: Expenses reimbursed by adviser (13,104) (11,181) (12,727) (18,875) (12,509)
- -----------------------------------------------------------------------------------------------------------------------------
NET EXPENSES 17,114 14,289 7,216 19,043 6,774
- -----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 166,509 99,515 20,833 165,626 40,117
- -----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) on:
Investments (49,056) - 16,388 12,401 8,396
Foreign currency related items - - - - -
Net change in unrealized appreciation (depreciation) on:
Investments (4,237) - 238,684 (56,452) 4,819
Foreign currency related items - - - - -
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) (53,293) - 255,072 (44,051) 13,215
- -----------------------------------------------------------------------------------------------------------------------------
=============================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $113,216 $ 99,515 $275,905 $121,575 $53,332
=============================================================================================================================
<CAPTION>
T. Rowe
T. Rowe Price/JNL T. Rowe
Price/JNL International Price/JNL
Established Equity Mid-Cap
Growth Investment Growth
Series Series Series
=====================================================================================================
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 32,373 $ 144,194 $ 13,344
Interest 13,120 63,915 17,282
Net foreign tax withholding (792) (14,061) (71)
- -----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 44,701 194,048 30,555
- -----------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fees 17,573 85,114 19,991
Custodian fees 8,694 57,314 9,397
Transfer agent fees 1,035 1,035 1,035
Portfolio accounting fees 1,891 1,919 1,892
Registration fees 784 3,008 784
Professional fees 8,110 10,260 8,110
Trustee fees 1,488 1,488 1,488
Other 413 413 413
- -----------------------------------------------------------------------------------------------------
TOTAL EXPENSES 39,988 160,551 43,110
Less: Expenses reimbursed by adviser (19,336) (63,737) (20,001)
- -----------------------------------------------------------------------------------------------------
NET EXPENSES 20,652 96,814 23,109
- -----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 24,049 97,234 7,446
- -----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) on:
Investments 151,955 36,938 178,339
Foreign currency related items 99 (196,031) -
Net change in unrealized appreciation (depreciation) on:
Investments 682,117 913,871 930,429
Foreign currency related items 14 3,414 -
- -----------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) 834,185 758,192 1,108,768
- -----------------------------------------------------------------------------------------------------
=====================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $858,234 $855,426 $1,116,214
=====================================================================================================
</TABLE>
* Commencement of operations.
** JNL/Alger Growth Series commences operations on October 16, 1995.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 3
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD MAY 15, 1995* THROUGH SEPTEMBER 30, 1995**
(UNAUDITED)
<TABLE>
<CAPTION>
JNL/ JNL/
Phoenix Phoenix
JNL JNL JNL Investment Investment
Aggressive Capital Global Counsel Counsel
Growth Growth Equities Balanced Growth
Series Series Series Series Series
============================================================================================================================
<S> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 7,340 $ (2,188) $ 32,474 $ 23,321 $ 1,034
Net realized gains (losses) on:
Investments 125,725 358,892 322,143 61,993 54,948
Foreign currency related items (491) (2,673) (42,244) - -
Net change in unrealized appreciation (depreciation)
on:
Investments 995,950 885,273 1,951,821 81,743 152,506
Foreign currency related items (34,588) (1,127) (19,560) - -
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 1,093,936 1,238,177 2,244,634 167,057 208,488
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - - - - -
Net realized gain on investment transactions - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS
Proceeds from the sale of shares 5,000,000 5,000,000 10,000,000 2,000,000 1,000,000
Reinvested dividends - - - - -
Cost of shares redeemed - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from share transactions 5,000,000 5,000,000 10,000,000 2,000,000 1,000,000
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 6,093,936 6,238,177 12,244,634 2,167,057 1,208,488
Net assets beginning of period - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSETS END OF PERIOD (a) $6,093,936 $6,238,177 $12,244,634 $2,167,057 $1,208,488
============================================================================================================================
<CAPTION>
Salomon
PPM PPM PPM Salomon Brothers/JNL
America/JNL America/JNL America/JNL Brothers/JNL U.S.
High Yield Money Value Global Government
Bond Market Equity Bond & Quality Bond
Series Series Series Series Series
==================================================================================================================================
<S> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 166,509 $ 99,515 $ 20,833 $ 165,626 $ 40,117
Net realized gains (losses) on:
Investments (49,056) - 16,388 12,401 8,396
Foreign currency related items - - - - -
Net change in unrealized appreciation (depreciation) on:
Investments (4,237) - 238,684 (56,452) 4,819
Foreign currency related items - - - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 113,216 99,515 275,905 121,575 53,332
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - (99,515) - - -
Net realized gain on investment transactions - - - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders - (99,515) - - -
- ----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS
Proceeds from the sale of shares 5,000,000 5,000,000 2,000,000 5,000,000 2,000,000
Reinvested dividends - 78,355 - - -
Cost of shares redeemed - - - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from share transactions 5,000,000 5,078,355 2,000,000 5,000,000 2,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 5,113,216 5,078,355 2,275,905 5,121,575 2,053,332
Net assets beginning of period - - - - -
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS END OF PERIOD (a) $5,113,216 $5,078,355 $2,275,905 $5,121,575 $2,053,332
==================================================================================================================================
<CAPTION>
T. Rowe
T. Rowe Price/JNL T. Rowe
Price/JNL International Price/JNL
Established Equity Mid-Cap
Growth Investment Growth
Series Series Series
=====================================================================================================
<S> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 24,049 $ 97,234 $ 7,446
Net realized gains (losses) on:
Investments 151,955 36,938 178,339
Foreign currency related items 99 (196,031) -
Net change in unrealized appreciation (depreciation) on:
Investments 682,117 913,871 930,429
Foreign currency related items 14 3,414 -
- -----------------------------------------------------------------------------------------------------
Net increase in net assets from operations 858,234 855,426 1,116,214
- -----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - - -
Net realized gain on investment transactions - - -
- -----------------------------------------------------------------------------------------------------
Total distributions to shareholders - - -
- -----------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS
Proceeds from the sale of shares 5,000,000 20,000,000 5,000,000
Reinvested dividends - - -
Cost of shares redeemed - - -
- -----------------------------------------------------------------------------------------------------
Net increase in net assets from share transactions 5,000,000 20,000,000 5,000,000
- -----------------------------------------------------------------------------------------------------
Net increase in net assets 5,858,234 20,855,426 6,116,214
Net assets beginning of period - - -
- -----------------------------------------------------------------------------------------------------
NET ASSETS END OF PERIOD (a) $5,858,234 $20,855,426 $6,116,214
=====================================================================================================
</TABLE>
* Commencement of operations.
** JNL/Alger Growth Series commences operations on October 16, 1995.
(a) Including undistributed investment income (loss) of $7,340; $(2,188);
$32,474; $23,321; $1,034; $166,509; $0; $20,833; $165,626; $40,117;
$24,049; $97,234; and $7,446 for each Series, respectively.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 4
JNL SERIES TRUST
FINANCIAL HIGHLIGHTS
FOR THE PERIOD MAY 15, 1995* THROUGH SEPTEMBER 30, 1995**
(UNAUDITED)
<TABLE>
<CAPTION>
JNL/ JNL/
Phoenix Phoenix
JNL JNL JNL Investment Investment
Aggressive Capital Global Counsel Counsel
Growth Growth Equities Balanced Growth
Series Series Series Series Series
===========================================================================================================================
<S> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00 $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.01 - 0.03 0.12 0.01
Net realized and unrealized gains (losses) on investments
and foreign currency related items 2.18 2.48 2.21 0.72 2.07
- ---------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 2.19 2.48 2.24 0.84 2.08
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
From net investment income - - - - -
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions - - - - -
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 2.19 2.48 2.24 0.84 2.08
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD 12.19 12.48 12.24 10.84 12.08
===========================================================================================================================
TOTAL RETURN (a)(b)(c) 57.92% 65.59% 59.25% 22.22% 55.01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $6,094 $6,238 $12,245 $2,167 $1,208
Ratio of net expenses to average net assets (b)(d) 1.10% 1.10% 1.15% 1.05% 1.05%
Ratio of net investment income to average net assets (b)(d) 0.34% (0.10)% 0.76% 2.96% 0.25%
Portfolio turnover rate 31.66% 62.49% 55.59% 98.28% 113.69%
Ratio information assuming no expenses reimbursed by adviser:
Ratio of expenses to average net assets (b) 2.86% 2.30% 1.99% 3.93% 5.76%
Ratio of net investment income to average net assets (b) (1.42)% (1.30)% (0.08)% 0.08% (4.46)%
=============================================================================================================================
<CAPTION>
Salomon
PPM PPM PPM Salomon Brothers/JNL
America/JNL America/JNL America/JNL Brothers/JNL U.S.
High Yield Money Value Global Government
Bond Market Equity Bond & Quality Bond
Series Series Series Series Series
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $1.00 $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.33 0.02 0.10 0.33 0.20
Net realized and unrealized gains (losses) on investments
and foreign currency related items (0.10) - 1.28 (0.09) 0.07
- ---------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.23 0.02 1.38 0.24 0.27
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
From net investment income - (0.02) - - -
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions - (0.02) - - -
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 0.23 - 1.38 0.24 0.27
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD 10.23 1.00 11.38 10.24 10.27
===========================================================================================================================
TOTAL RETURN (a)(b)(c) 6.08% 5.31% 36.50% 6.35% 7.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $5,113 $5,078 $2,276 $5,122 $2,053
Ratio of net expenses to average net assets (b)(d) 0.90% 0.75% 0.90% 1.00% 0.85%
Ratio of net investment income to average net assets (b)(d) 8.76% 5.22% 2.60% 8.69% 5.28%
Portfolio turnover rate 93.48% - 11.19% 100.37% 311.55%
Ratio information assuming no expenses reimbursed by adviser:
Ratio of expenses to average net assets (b) 1.59% 1.33% 2.49% 1.99% 2.52%
Ratio of net investment income to average net assets (b) 8.07% 4.64% 1.01% 7.70% 3.61%
===========================================================================================================================
<CAPTION>
T. Rowe
T. Rowe Price/JNL T. Rowe
Price/JNL International Price/JNL
Established Equity Mid-Cap
Growth Investment Growth
Series Series Series
=======================================================================================================
<S> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.05 0.01
Net realized and unrealized gains (losses) on investments
and foreign currency related items 1.67 0.38 2.22
- -------------------------------------------------------------------------------------------------------
Total income from investment operations 1.72 0.43 2.23
- -------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
From net investment income - - -
- -------------------------------------------------------------------------------------------------------
Total distributions - - -
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) 1.72 0.43 2.23
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD 11.72 10.43 12.23
=======================================================================================================
TOTAL RETURN (a)(b)(c) 45.49% 11.37% 58.98%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $5,858 $20,855 $6,116
Ratio of net expenses to average net assets (b)(d) 1.00% 1.25% 1.10%
Ratio of net investment income to average net assets (b)(d) 1.16% 1.26% 0.35%
Portfolio turnover rate 16.18% 7.58% 27.54%
Ratio information assuming no expenses reimbursed by adviser:
Ratio of expenses to average net assets (b) 1.93% 2.08% 2.05%
Ratio of net investment income to average net assets (b) 0.23% 0.43% (0.60)%
=======================================================================================================
</TABLE>
* Commencement of operations.
** JNL/Alger Growth Series commences operations on October 16, 1995.
(a) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(b) Annualized.
(c) The non-annualized total return for each Series for the period
May 15, 1995 through September 30, 1995 was: 21.90%; 24.80%; 22.40%;
8.40%; 20.80%; 2.30%; 2.01%; 13.80%; 2.40%; 2.70%; 17.20%; 4.30%; and
22.30%, for each Series, respectively.
(d) Computed after giving effect to the Adviser's expense reimbursement.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 5
JNL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
NOTE 1. ORGANIZATION
JNL Series Trust ("Trust") is an open-end management investment company
organized under the laws of Massachusetts, by a Declaration of Trust, dated
June 1, 1994. The Trust is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. The Trust currently
offers shares in fourteen (14) separate Series, each with its own investment
objective. The shares of the Trust are sold primarily to life insurance
company separate accounts to fund the benefits of variable annuity policies.
The Trust is comprised of the following Series: JNL Aggressive Growth, JNL
Capital Growth and JNL Global Equities for which Janus Capital Corporation
serves as the sub-adviser; JNL/Alger Growth for which Fred Alger Management,
Inc. serves as the sub-adviser; JNL/Phoenix Investment Counsel Balanced and
JNL/Phoenix Investment Counsel Growth for which Phoenix Investment Counsel,
Inc. serves as the sub-adviser; PPM America/JNL High Yield Bond, PPM
America/JNL Money Market and PPM America/JNL Value Equity for which PPM
America, Inc. serves as the sub-adviser; Salomon Brothers/JNL Global Bond and
Salomon Brothers/JNL U.S. Government & Quality Bond for which Salomon Brothers
Asset Management Inc serves as the sub-adviser; T. Rowe Price/JNL Established
Growth and T. Rowe Price/JNL Mid-Cap Growth for which T. Rowe Price Associates,
Inc. serves as the sub-adviser; and T. Rowe Price/JNL International Equity
Investment for which Rowe Price-Fleming International, Inc. serves as the
sub-adviser. Salomon Brothers Asset Management Inc has entered into a
sub-advisory consulting agreement with its London based affiliate, Salomon
Brothers Asset Management Limited pursuant to which it will provide certain
sub-advisory services to Salomon Brothers Asset Management Inc relating to
currency transactions and investments in non-dollar denominated debt securities
for the benefit of the Series. Jackson National Financial Services, Inc.
("JNFSI"), a wholly-owned subsidiary of Jackson National Life Insurance Company
("Jackson National"), serves as investment adviser ("Adviser") for all the
Series of the Trust.
On May 15, 1995, Jackson National purchased 100,000 shares of JNL/Phoenix
Investment Counsel Growth Series; 200,000 shares in each of the JNL/Phoenix
Investment Counsel Balanced, PPM America/JNL Value Equity, and Salomon
Brothers/JNL U.S. Government & Quality Bond Series; 500,000 shares in each of
the JNL Aggressive Growth, JNL Capital Growth, PPM America/JNL High Yield Bond,
Salomon Brothers/JNL Global Bond, T. Rowe Price/JNL Established Growth and T.
Rowe Price/JNL Mid-Cap Growth Series; 1,000,000 shares of the JNL Global
Equities Series; 2,000,000 shares of the T. Rowe Price/JNL International Equity
Investment Series; and 5,000,000 shares of the PPM America/JNL Money Market
Series. On October 16, 1995 Jackson National purchased 500,000 shares of
JNL/Alger Growth Series.
The costs associated with the organization of the Trust and certain other
initial period costs have been borne by Jackson National.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements.
SECURITY VALUATION -- Securities, including American Depository Receipts
("ADRs"), traded on a principal exchange (U.S. or foreign) and on the NASDAQ
National Market are valued at the closing prices
<PAGE> 6
on such markets, or if such price is lacking, such securities are valued at
their current bid price. Securities traded on over-the-counter markets are
valued at their closing bid prices. Short-term money market securities
maturing within 60 days of purchase are valued at amortized cost. For the
PPM/America Money Market Series securities are valued at amortized cost, which
approximates market value, in accordance with Rule 2a7 of the Investment
Company Act of 1940. ADRs, which are certificates representing shares of
foreign securities deposited in domestic and foreign banks, are traded and
valued in U.S. dollars. Foreign securities and currencies are converted to
U.S. dollars using exchange rates in effect at the close of the New York Stock
Exchange. When market quotations are not readily available, securities and
other assets are valued at their fair value, determined in good faith under
procedures established by and under the general supervision of the Series'
Trustees.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME -- Investment transactions are
accounted for on trade date plus one. Dividend income is recorded on the
ex-dividend date or, in the case of certain foreign securities, as soon as
reliable information is available to the Trust. Interest income is recorded on
the accrual basis and includes amortization of discounts and premiums.
Discounts and premiums on securities purchased are amortized over the life of
the bonds using the yield to maturity method. Gains and losses are determined
on the specific identification basis, which is the same basis used for federal
income tax purposes.
FOREIGN CURRENCY TRANSACTIONS -- The accounting records of the Trust are
maintained in U.S. dollars. All assets and liabilities initially expressed in
foreign currencies are converted into U.S. dollars using exchange rates in
effect at the close of the New York Stock Exchange. Purchases and sales of
investment securities, as well as dividend and interest, are converted into
U.S. dollars at the currency exchange rates prevailing on the respective dates
of such transactions.
Realized gains and losses arising from selling foreign currencies, entering
into forward foreign currency exchange contracts, and accruing income or
settling portfolio purchases and sales denominated in a foreign currency paid
or received at a later date are recorded as net realized foreign currency
related gains (losses) and are considered ordinary income for tax purposes.
Realized and unrealized gains and losses on investments which result from
changes in foreign currency exchange rates are included in net realized gains
(losses) on investments and net unrealized appreciation (depreciation) on
investments, respectively.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- Some of the Series may enter
into forward foreign currency exchange contracts ("contracts"). All contracts
are valued at the forward rate and are marked-to-market daily. When the
contract is open, the change in market value is recorded as net unrealized
appreciation (depreciation) on foreign currency related items. When the
contract is closed, the difference between the value of the contract at the
time it was opened and the value at the time it was closed is recorded as net
realized gain (loss) on foreign currency related items.
The use of forward foreign currency exchange contracts does not eliminate
fluctuations in the underlying prices of the Series' portfolio securities, but
it does establish a rate of exchange that can be achieved in the future.
Although contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should
the value of the currency increase. Additionally, the Series could be exposed
to the risk of a previously hedged position becoming unhedged if the
counterparties to the contracts are unable to meet the terms of the contracts.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS -- The Series may engage in
when-issued or delayed delivery transactions. On the trade date, assets of the
Series are segregated on the Series' records in a dollar amount sufficient to
make payment for the securities to be purchased. Income is not accrued until
settlement date.
DOLLAR ROLL TRANSACTIONS -- The Salomon Brothers/JNL Global Bond Series and
the Salomon Brothers/JNL U.S. Government & Quality Bond Series entered into
dollar roll transactions with respect to mortgage securities issued by FNMA in
which the Series sells mortgage securities and simultaneously
<PAGE> 7
agrees to repurchase similar (same type, coupon and maturity) securities at a
later date at an agreed upon price. During the period between the sale and
repurchase, the Series forgoes principal and interest paid on the mortgage
securities sold. The Series is compensated by the interest earned on the cash
proceeds of the initial sale and from negotiated fees paid by brokers offered
as an inducement to the Series to "roll over" its purchase commitments.
REPURCHASE AGREEMENTS -- Certain Series in the Trust invest in repurchase
agreements. A repurchase agreement involves the purchase of a security by a
Series and a simultaneous agreement (generally by a bank or broker-dealer) to
repurchase that security back from the Series at a specified price and date or
upon demand. Sellers under the repurchase agreements provide collateral to the
applicable Series with a value generally maintained at 102% of the repurchase
price. The Series monitors the value of the collateral on a daily basis, and
if the value of the collateral falls below required levels, the Series intends
to seek additional collateral from the seller or terminate the repurchase
agreement. If the seller defaults, the Series would suffer a loss to the
extent that the proceeds from the sale of the underlying securities were less
than the repurchase price.
DISTRIBUTIONS TO SHAREHOLDERS -- The PPM America/JNL Money Market Series
declares dividends daily and pays dividends monthly. Dividends from net
investment income are declared and paid annually, but may be done more
frequently to avoid excise tax, for the rest of the Series. Distributions of
net realized capital gains, if any, will be distributed at least annually. All
income, dividends, and capital gains distributions, if any, on Series shares
are reinvested automatically in additional shares of the Series at the NAV
determined on the first business day following the record date, unless
otherwise requested by the shareholder.
FEDERAL INCOME TAXES -- The Trust's policy is to comply with the requirements
of Subchapter M of the Internal Revenue Code. Each Series intends to
distribute all its taxable net investment income and capital gains and will not
be required to pay any federal income tax.
NOTE 3. INVESTMENT MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES
JNFSI is the investment adviser of each Series and provides each Series with
professional investment supervision and management. JNFSI provides accounting
services, preparation of financial statements, tax services, and regulatory
reports to the Trust. In addition to providing the services described above,
JNFSI selects, contracts with and compensates sub-advisers to manage the
investment and reinvestment of the assets of the Series of the Trust.
As compensation for its services, JNFSI receives a fee from the Trust computed
separately for each Series. The fee for each Series is stated as an annual
percentage of the current value of the net assets of the Series. The fees,
which are accrued daily and payable monthly, are calculated on the basis of
the average of all valuations of net assets of each Series made at the close of
business on each business day of the Trust during the period for which such
fees are paid through the date of calculation. Once the average net assets of
a Series exceed specified amounts, the fee is reduced with respect to such
excess. The following is a schedule of the fees each Series is currently
obligated to pay JNFSI.
<TABLE>
<CAPTION>
$0 to $50 to $150 to $300 to Over
(M - Millions) $50M $150M $300M $500M $500M
- -------------- ----- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series .95% .95% .90% .85% .85%
JNL Capital Growth Series .95% .95% .90% .85% .85%
JNL Global Equities Series 1.00% 1.00% .95% .90% .90%
JNL/Phoenix Investment Counsel Balanced Series .90% .80% .75% .70% .65%
JNL/Phoenix Investment Counsel Growth Series .90% .85% .80% .75% .70%
PPM America/JNL High Yield Bond Series .75% .70% .675% .65% .625%
PPM America/JNL Money Market Series .60% .60% .575% .55% .525%
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C> <C> <C> <C>
PPM America/JNL Value Equity Series .75% .70% .675% .65% .625%
Salomon Brothers/JNL Global Bond Series .85% .85% .80% .80% .75%
Salomon Brothers/JNL U.S. Government & Quality Bond Series .70% .70% .65% .60% .55%
T. Rowe Price/JNL Established Growth Series .85% .85% .80% .80% .80%
T. Rowe Price/JNL International Equity Investment Series 1.10% 1.05% 1.00% .95% .90%
T. Rowe Price/JNL Mid-Cap Growth Series .95% .95% .90% .90% .90%
</TABLE>
As compensation for their services, the sub-advisers receive fees from JNFSI
computed separately for each Series. The fee for each Series is stated as an
annual percentage of the current value of the net assets of such Series. The
following is a schedule of the management fees JNFSI currently is obligated to
pay the sub-advisers out of the advisory fee it receives from each Series as
specified above.
<TABLE>
<CAPTION>
$0 to $50 to $150 to $300 to Over
(M - Millions) $50M $150M $300M $500M $500M
- -------------- ----- ------ ------ ----- ------
<S> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series .60% .55% .45% .40% .40%
JNL Capital Growth Series .60% .55% .45% .40% .40%
JNL Global Equities Series .60% .55% .45% .40% .40%
JNL/Phoenix Investment Counsel Balanced Series .50% .40% .30% .25% .20%
JNL/Phoenix Investment Counsel Growth Series .50% .40% .30% .25% .20%
PPM America/JNL High Yield Bond Series .25% .20% .175% .15% .125%
PPM America/JNL Money Market Series .20% .15% .125% .10% .075%
PPM America/JNL Value Equity Series .25% .20% .175% .15% .125%
Salomon Brothers/JNL Global Bond Series .375% .35% .30% .30% .25%
Salomon Brothers/JNL U.S. Government & Quality
Bond Series .225% .225% .175% .15% .10%
</TABLE>
<TABLE>
<CAPTION>
$0 to $20 to $50 to
$20M $50M $200M $200M+
----- ----- ------ -------
<S> <C> <C> <C> <C>
T. Rowe Price/JNL Established Growth Series .45% .40% .40%* .40%
T. Rowe Price/JNL International Equity Investment Series .75% .60% .50% .50%*
T. Rowe Price/JNL Mid-Cap Growth Series .60% .50%. .50%* .50%
</TABLE>
* When average assets exceed this amount, the sub-advisory fee asterisked is
applicable to all amounts in this Series.
Trustees not affiliated with Jackson National receive a fee of two thousand
five hundred dollars for each meeting of the Board of Trustees attended. No
remuneration has been paid by the Trust to any of the officers or affiliated
Trustees. The Trust paid fees of $30,000 to non-affiliated Trustees for the
period ended September 30, 1995. This included fees paid for meetings that
took place prior to the Series' commencement date.
Each Series is charged for those expenses that are directly attributable to it,
such as advisory, custodian, accounting services and certain shareholder
service fees, while other expenses that cannot be directly attributable to a
Series are allocated in equal proportion to each Series.
Currently, the Adviser reimburses each of the Series for annual expenses
(excluding the management fee) in excess of .15 % of average daily net assets.
These voluntary reimbursements may be modified or discontinued by the Adviser
at any time.
<PAGE> 9
NOTE 4. INVESTMENT TRANSACTIONS
During the period ended September 30, 1995, purchases and sales or maturities
of securities, other than short-term investments, were as follows (in
thousands):
<TABLE>
<CAPTION>
Cost of Proceeds from sales
Purchases and maturities
--------- --------------
<S> <C> <C>
JNL Aggressive Growth Series $ 6,339 $ 1,382
JNL Capital Growth Series 7,592 2,730
JNL Global Equities Series 13,268 5,003
JNL/Phoenix Investment Counsel Balanced Series 3,195 1,516
JNL/Phoenix Investment Counsel Growth Series 1,906 993
PPM America/JNL High Yield Bond Series 8,480 3,740
PPM America/JNL Value Equity Series 2,208 198
Salomon Brothers/JNL Global Bond Series 7,061 2,950
Salomon Brothers/JNL U.S. Government & Quality Bond Series 5,984 4,533
T. Rowe Price/JNL Established Growth Series 5,624 720
T. Rowe Price/JNL International Equity Investment Series 19,757 1,196
T. Rowe Price/JNL Mid-Cap Growth Series 6,027 1,189
</TABLE>
Included in these transactions were purchases and sales of U.S. Government
obligations of $1,251,678 and $439,654 in the JNL/Phoenix Investment Counsel
Balanced Series; $2,706,835 and $1,872,406 in the Salomon Brothers/JNL Global
Bond Series; $5,659,352 and $4,533,300 in the Salomon Brothers/JNL U.S.
Government & Quality Bond Series, respectively.
Currently, the cost of investments is substantially the same for financial
reporting purposes and Federal income tax purposes.
The gross unrealized appreciation and depreciation on investments at September
30, 1995, were as follows (in thousands):
<TABLE>
<CAPTION>
Net unrealized
appreciation
Appreciation (Depreciation) (depreciation)
------------ -------------- --------------
<S> <C> <C> <C>
JNL Aggressive Growth Series 1,062 (66) 996
JNL Capital Growth Series 942 (57) 885
JNL Global Equities Series 1,978 (26) 1,952
JNL/Phoenix Investment Counsel Balanced Series 99 (17) 82
JNL/Phoenix Investment Counsel Growth Series 164 (11) 153
PPM America/JNL High Yield Bond Series 25 (29) (4)
PPM America/JNL Value Equity Series 247 (8) 239
Salomon Brothers/JNL Global Bond Series 45 (101) (56)
Salomon Brothers/JNL U.S. Government &
Quality Bond Series 8 (3) 5
T. Rowe Price/JNL Established Growth Series 764 (82) 682
T. Rowe Price/JNL International Equity Investment Series 1,516 (602) 914
T. Rowe Price/JNL Mid-Cap Growth Series 958 (28) 930
</TABLE>
<PAGE> 10
NOTE 5. TRUST TRANSACTIONS
As of September 30, 1995 transactions in trust shares were as follows:
<TABLE>
<CAPTION>
Shares Dividends Shares Net
purchased reinvested redeemed increase
--------- ---------- -------- --------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series 500,000 - - 500,000
JNL Capital Growth Series 500,000 - - 500,000
JNL Global Equities Series 1,000,000 - - 1,000,000
JNL/Phoenix Investment Counsel Balanced Series 200,000 - - 200,000
JNL/Phoenix Investment Counsel Growth Series 100,000 - - 100,000
PPM America/JNL High Yield Bond Series 500,000 - - 500,000
PPM America/JNL Money Market Series 5,000,000 78,355 - 5,078,355
PPM America/JNL Value Equity Series 200,000 - - 200,000
Salomon Brothers/JNL Global Bond Series 500,000 - - 500,000
Salomon Brothers/JNL U.S. Government &
Quality Bond Series 200,000 - - 200,000
T. Rowe Price/JNL Established Growth Series 500,000 - - 500,000
T. Rowe Price/JNL International Equity
Investment Series 2,000,000 - - 2,000,000
T. Rowe Price/JNL Mid-Cap Growth Series 500,000 - - 500,000
</TABLE>
NOTE 6. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in
U.S. companies and the U.S. Government. These risks include revaluation of
currencies and future adverse political and economic developments. Moreover,
securities of many foreign companies and foreign governments and their markets
may be less liquid and their prices more volatile than those of securities of
comparable U.S. companies and the U.S. Government.
NOTE 7. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
At September 30, 1995, the following Series had entered into currency exchange
contracts that obligate the Series to deliver and receive currencies at
specified future dates. The unrealized depreciation of $34,584, $1,127 and
$19,461 in the JNL Aggressive Growth Series, JNL Capital Growth Series, JNL
Global Equities Series, respectively, is included in the accompanying financial
statements. The terms of the open contracts are as follows:
<TABLE>
<CAPTION>
JNL AGGRESSIVE GROWTH
Settlement U.S. $ value Currency to U.S. $ value
Date Currency to be delivered at 9/30/95 be received at 9/30/95
---------- ------------------------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
12/14/95 51,000 Swiss Franc $ 44,685 42,219 US $ $ 42,218
3/28/96 1,000 Swiss Franc 885 892 US $ 892
12/14/95 1,000,000 Finnish Marka 234,656 228,233 US $ 228,233
3/28/96 335,000 Finnish Marka 78,578 77,278 US $ 77,278
12/14/95 109,000 French Franc 22,177 21,452 US $ 21,452
3/28/96 14,000 French Franc 2,843 2,848 US $ 2,848
12/14/94 67,000 British Sterling Pound 105,872 103,260 US $ 103,260
3/28/96 21,000 British Sterling Pound 33,116 32,970 US $ 32,970
12/14/95 1,577,000 Swedish Kronor 227,508 213,252 US $ 213,252
1/11/96 775,000 Swedish Kronor 111,780 105,112 US $ 105,113
-------------- ------------
$ 862,100 $ 827,516
============== ============
</TABLE>
<PAGE> 11
JNL CAPITAL GROWTH
<TABLE>
<CAPTION>
Settlement U.S. $ value Currency to U.S. $ value
Date Currency to be delivered at 9/30/95 be received at 9/30/95
---------- ------------------------ ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
12/14/95 51,000 Swiss Franc $ 44,685 42,219 US $ $ 42,219
10/26/95 375,000 Finnish Marka 88,009 91,407 US $ 91,407
12/14/95 65,000 Finnish Marka 15,253 15,281 US $ 15,281
12/14/95 48,000 British Sterling Pound 75,848 74,146 US $ 74,146
2/22/96 12,000 British Sterling Pound 18,936 18,551 US $ 18,551
------------ ------------
$ 242,731 $ 241,604
============ ============
</TABLE>
JNL GLOBAL EQUITIES
<TABLE>
<CAPTION>
Settlement U.S. $ value Currency to U.S. $ value
Date Currency to be delivered at 9/30/95 be received at 9/30/95
---------- ------------------------ -------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
11/9/95 122,000 Swiss Franc $ 106,557 105,628 US $ $ 105,628
11/9/95 121,000 Deutsche Mark 85,212 86,351 US $ 86,351
1/25/96 350,000 Deutsche Mark 247,470 239,267 US $ 239,267
11/9/95 93,000 Finnish Marka 21,825 22,096 US $ 22,096
11/9/95 1,296,000 French Franc 263,811 266,409 US $ 266,409
11/9/95 132,000 British Sterling Pound 208,725 210,758 US $ 210,758
11/21/95 3,400,000 Japanese Yen 34,749 37,943 US $ 37,943
2/8/96 4,700,000 Japanese Yen 48,637 54,443 US $ 54,443
3/14/96 6,100,000 Japanese Yen 63,463 61,252 US $ 61,252
11/9/95 457,000 Netherland Florins 287,533 291,361 US $ 291,361
11/9/95 2,586,000 Swedish Kronor 373,184 359,481 US $ 359,481
11/21/95 2,500,000 Swedish Kronor 360,737 347,452 US $ 347,453
-------------- ------------
$ 2,101,903 $ 2,082,442
============== ============
</TABLE>
<PAGE> 12
JNL AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
-------- -----------
<S> <C> <C>
COMMON STOCKS - 100%
BRAZIL - .54%
TELECOMMUNICATIONS - .54%
Telecomunicacoes Brasileiras S/A-Telebras 700 $ 33,075
CANADA - 1.05%
MINING - 1.05
Potash Corp. of Saskatchewan, Inc. 1,025 63,806
FINLAND - 6.42%
CONFECTIONS & BEVERAGES - .90%
Huhtamaki Group 1,586 54,724
DURABLE GOODS - .94%
Metra Oy 1,225 56,933
FOOD PRODUCTS - .99%
Cultor Oy 1,575 59,890
TELECOMMUNICATIONS - 3.59%
Nokia Corp ADR Series A 525 36,619
Nokia Oy AB 2,576 181,396
-----------
218,015
Total Finland 389,562
FRANCE - .54%
INDUSTRIAL MACHINERY - .54%
Sidel, SA 102 32,656
GERMANY - 3.41%
COMPUTERS & SOFTWARE - 3.41%
SAP Systeme 1,268 207,360
REPUBLIC OF KOREA - .29%
TELECOMMUNICATIONS - .29%
Korea Mobile Telecommunications (a) 500 17,815
MEXICO - .67%
BROKERAGE - .67%
Grupo Financiero Inbursa, S.A. de C.V. 12,900 40,737
NETHERLANDS - .92%
HOUSEHOLD APPLIANCES - .92%
Singer Company N.V. 2,100 55,913
SWEDEN - 6.86%
AUTOMOBILE & PARTS - 1.15%
Volvo AB, B Shares 2,858 70,138
HOLDING COMPANY - 3.12%
Kinnevik AB, B Shares 6,220 189,908
</TABLE>
<PAGE> 13
<TABLE>
<S> <C> <C>
PAPER & FOREST PRODUCTS - 2.14%
Mo och Domsjo AB, B Shares 1,024 64,451
Rottneros AB 32,375 56,083
Stora Kopparbergs 712 9,713
---------
Subtotal 130,247
SECURITY SYSTEMS - .45%
Securitas AB, B Shares 769 27,642
---------
Total Sweden 417,935
SWITZERLAND - 1.05%
BANKS - 1.05%
Roche Holding AG 9 63,916
UNITED KINGDOM - 3.14%
BROADCAST & COMMUNICATIONS - .48%
Thorn EMI plc 1,240 28,918
COMMERCIAL SERVICES - .54%
Rentokil Group plc 6,455 32,692
DRUGS - .52%
SmithKline Beecham, Class A 3,145 31,857
TELECOMMUNICATIONS - 1.60%
Vodafone Group plc 2,375 97,375
---------
Total United Kingdom 190,842
UNITED STATES - 75.11%
BANKS - .76%
Chase Manhattan Corp 750 45,844
BUILDING MATERIALS - 1.13%
Oakwood Homes Corp. 1,950 68,737
BUSINESS SERVICES - 1.62%
CUC International, Inc. (b) 2,812 98,069
CHEMICALS - .18%
IMC Global, Inc. 175 11,091
COMPUTERS & SOFTWARE - 18.37%
BDM International (b) 3,050 83,875
Boca Research (b) 4,300 104,275
Ciber, Inc. (b) 1,775 43,044
Computer Associates International 975 41,194
Computer Horizons Corp. (b) 15,875 317,500
Comverse Technologies, Inc. (b) 1,800 39,150
First Data Corp. 2,025 125,550
General Motors Corp., Class E 1,775 80,762
Keane, Inc. (b) 2,025 58,472
Macromedia, Inc. (b) 625 35,703
Microcom, Inc. (b) 3,375 63,703
Peoplesoft, Inc. (b) 175 15,903
Pyxis Corp. (b) 125 2,422
Softkey International, Inc. (b) 1,875 83,086
Sterling Software (b) 475 21,613
---------
Subtotal 1,116,252
CONTAINERS - 1.40%
Crown Cork & Seal Co., Inc. 2,200 85,250
</TABLE>
<PAGE> 14
<TABLE>
<S> <C> <C>
DRUGS - 1.72%
Amgen (b) 700 34,912
Crown Vantage, Inc. (b) 183 4,072
Merck & Co Inc 1,175 65,800
---------
Subtotal 104,784
ELECTRONICS - 18.37%
Altera Corp. (b) 1,800 112,275
Analog Devices, Inc. (b) 6,875 238,047
Applied Materials (b) 1,125 115,031
Cypress Semiconductor (b) 675 26,072
Cyrix Corp. (b) 650 24,781
ITI Technologies (b) 1,050 28,481
LSI Logic Corp. (b) 4,300 248,325
MEMC Electronics Materials (b) 525 14,241
Micron Technology 1,100 87,450
National Semiconductor (b) 375 10,360
Nexgen, Inc. (b) 4,675 87,656
Pittway Corp. 1,350 83,700
VLSI Technology, Inc. (b) 1,175 40,244
---------
Subtotal 1,116,663
HEALTH PRODUCTS - 5.55%
Pfizer, Inc. 2,650 141,444
Steris Corp. (b) 1,300 54,762
UpJohn Co. 275 12,272
Warner Lambert Co. 1,350 128,587
---------
Subtotal 337,065
HOLDING COMPANY - 1.43%
First Bank System 1,800 86,625
HOTEL & MOTEL - 1.65%
Hospitality Franchise System 1,625 85,109
La Quinta Inns 550 15,400
---------
Subtotal 100,509
INDUSTRIAL MACHINERY - .76%
American Standard Co. (b) 1,575 46,462
INSURANCE - 2.67%
UNUM Corp. 3,075 162,206
MEDICAL SERVICES & SUPPLIES - 2.11%
Daig Corp. 1,175 28,494
I-Stat Corp. (b) 1,075 40,044
Nellcor Puritan Bennett, Inc. (b) 1,200 59,700
---------
Subtotal 128,238
PACKAGED FOOD - .70%
General Mills, Inc. 500 27,875
Kellogg Co. 200 14,475
---------
Subtotal 42,350
PAPER - 6.71%
Boise Cascade Corp. 2,675 108,003
Bowater, Inc. 1,675 78,097
Champion International Corp. 1,525 82,159
Georgia Pacific Corp. 925 80,937
James River Co. 1,825 58,400
---------
Subtotal 407,596
PRINTING AND PUBLISHING - 2.04%
News Corporation 5,625 123,750
</TABLE>
<PAGE> 15
<TABLE>
<S> <C> <C>
RECREATIONAL EQUIPMENT - .96%
Coleman Co. (b) 1,550 58,125
RETAIL - 2.30%
Federated Department Stores (b) 2,250 63,844
Global Direct Mail Corp. (b) 3,075 75,722
----------
Subtotal 139,566
TELECOMMUNICATIONS - 4.69%
Airtouch Communications, Inc. (b) 1,950 59,719
California Microwac 200 5,050
Commnet Cellular (b) 1,875 54,375
Millicom International Cellular (b) 1,050 33,731
Paging Network, Inc. (b) 1,775 85,200
US Robotics Corp. (b) 550 46,888
----------
Subtotal 284,963
Total United States 4,564,145
----------
TOTAL INVESTMENTS - 100%
(cost $5,081,812) $6,077,762
==========
</TABLE>
(a) Security exempt from registration under Rule 144a of the Securities Act of
securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value
of these securities amounted to $17,815 or .29% of net assets.
(b) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this schedule.
<PAGE> 16
JNL CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
------------ ---------
COMMON STOCKS - 98.23%
<S> <C> <C>
FINLAND - 3.71%
CONFECTIONS & BEVERAGES - 1.77%
Huhtamaki 3,181 $109,759
TELECOMMUNICATION - 1.94%
Nokia Corp. ADR Series A 1,725 120,319
--------
Total Finland 230,078
UNITED KINGDOM - 1.78%
FOOD SERVICE - 1.78%
Wetherspoon 11,374 110,980
UNITED STATES - 92.74%
AUTOMOBILE & PARTS - 7.42%
APS Holding Corp. - Class A (a) 7,950 192,788
Exide Corp. 5,375 268,750
--------
Subtotal 461,538
BANKS - 2.01%
First Empire State Corp. 325 61,750
First Interstate Bancorp 625 62,969
--------
Subtotal 124,719
BROADCAST & COMMUNICATIONS - 1.45%
Katz Media Group, Inc. (a) 4,425 90,159
BUSINESS SERVICES - 3.33%
CUC International (a) 4,125 143,859
Medaphis Corp. (a) 2,250 63,000
--------
Subtotal 206,859
COMPUTERS & SOFTWARE - 5.47%
First Data Corp. 5,175 320,850
Fiserv, Inc. (a) 675 19,491
--------
Subtotal 340,341
CONTAINERS - 2.11%
Sealed Air Corp. (a) 2,375 130,922
DRUGS - 12.09%
Cardinal Health 2,875 159,203
Health South Corp. (a) 2,625 66,938
RP Scherer Corp. (a) 8,800 381,700
Theratech, Inc. (a) 8,325 143,606
--------
Subtotal 751,447
ENERGY - 3.34%
Trigen Energy Corp. 9,375 207,422
FINANCAL SERIVES - 1.70%
Credit Acceptance Corp. (a) 575 15,525
United Asset Management 2,250 90,281
--------
Subtotal 105,806
FOOD SERVICE - 3.08%
JP Foodservice (a) 8,075 143,331
Lone Star Steakhouse & Saloon (a) 1,175 48,175
--------
Subtotal 191,506
</TABLE>
<PAGE> 17
<TABLE>
<S> <C> <C>
HEALTH PRODUCTS & CARE - 1.35%
Health Care & Retirement Corp. (a) 1,925 61,841
Pacificare Health Systems B (a) 325 22,100
----------
Subtotal 83,941
HOTEL & MOTEL - 4.32%
Hospitality Franchise Systems (a) 5,125 268,422
INSURANCE - 2.91%
Protective Life 1,025 29,981
UNUM Corp. 2,275 120,006
Oxford Health Plans (a) 425 30,919
----------
Subtotal 180,906
MEDICAL SERVICES & SUPPLIES - 5.45%
I-Stat Corp. (a) 4,550 169,488
Omnicare 4,350 169,650
----------
Subtotal 339,138
MINING - 3.06%
Minerals Technologies, Inc. 5,050 190,006
OFFICE EQUIPMENT & SUPPLIES - 3.35%
Viking Office Products (a) 3,875 161,781
Harnischfeger Industries, Inc. 1,400 46,725
----------
Subtotal 208,506
REAL ESTATE - 3.90%
Insignia Financial - Class A (a) 7,825 242,575
RECREATION - 1.27%
Family Golf Centers, Inc. (a) 4,300 79,013
RETAIL - 4.35%
General Nutrition, Inc. (a) 1,375 62,563
Petco Animal Supplies (a) 8,000 208,000
----------
Subtotal 270,563
TELECOMMUNICATIONS - 20.78%
Arch Communications Group (a) 5,675 148,969
Commnet Cellular (a) 8,225 238,525
Millicom International Cellular S.A. (a) 2,075 66,659
Paging Network, Inc. (a) 10,950 525,600
Wisconsin Central Transport Corp. (a) 2,875 191,906
Worldcom, Inc. (a) 3,750 120,468
----------
Subtotal 1,292,127
Total United States 5,765,916
Total Common Stocks
(cost $5,221,701) 6,106,974
SHORT-TERM INVESTMENTS - 1.77%
COMMERCIAL PAPER - 1.77%
Household Finance 6.25%, 10/02/1995 $110,000 109,981
----------
Total Short-Term Investments
(cost $109,981) 109,981
----------
TOTAL INVESTMENTS - 100%
(cost $5,331,682) $6,216,955
==========
</TABLE>
(a) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 18
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
----------- ---------
<S> <C> <C>
COMMON STOCKS - 91.89%
FINLAND - 1.05%
CONFECTIONS & BEVERAGES - 1.05%
Huhtamaki Group 3,492 $ 120,490
FRANCE - 3.34%
CONSUMER GOODS - 3.34%
Accor 1,669 207,344
Societe Nationale (Seita) 4,827 175,969
------------
Subtotal 383,313
GERMANY - 5.11%
COMPUTERS & SOFTWARE - 3.78%
SAP Systeme (a) 2,650 433,364
CHEMICALS - 1.10%
SGL Carbon AG (a) (b) 1,938 125,981
INSURANCE - .23%
Muenchener Ruckver AG (b) 13 26,586
------------
Total Germany 585,931
HONG KONG - 3.41%
HOLDING COMPANY - 3.41%
Citic Pacific Limited 36,000 108,724
First Pacific Company Ltd. 60,000 64,024
HSBC Holdings 6,400 88,987
Hutchinson Whampoa 12,000 65,033
JCG Holdings Limited 86,000 63,959
------------
Subtotal 390,727
INDONESIA - .87%
RETAIL - .87%
Matahari Putra Prima 55,250 99,967
ITALY - 1.28%
CONSUMER GOODS - .73%
Bulgari SPA (a) 10,900 83,872
TELECOMMUNICATIONS - .55%
Telecom Italia SPA 19,015 31,446
Telecom Italia Mobile (b) 19,015 31,741
------------
Subtotal 63,187
Total Italy 147,059
JAPAN - 1.43%
REAL ESTATE - .53%
Mitsui Fudosan Co. 5,000 60,314
TELECOMMUNICATIONS - .90%
NTT Nippon Tel & Tel Corp. 12 103,761
------------
Total Japan 164,075
MEXICO - .84%
HOLDING COMPANY - .84%
Grupo Carso SA (b) 16,200 96,207
</TABLE>
<PAGE> 19
<TABLE>
<S> <C> <C>
NETHERLANDS - 5.75%
COMPUTERS & SOFTWARE - 2.74%
Getronics NV 6,363 314,775
PRINTING & PUBLISHING - 3.01%
Wolters Kluwer NV 3,738 344,725
-----------
Total Netherlands 659,500
SPAIN - 1.79%
TELECOMMUNICATIONS - 1.79%
Telefonica de Espana 14,951 205,714
SWEDEN - 9.94%
BANKS - .17%
Sparbanken Sverige AB 2,005 19,537
BUSINESS SERVICES 1.64%
WM - Data AB 5,170 188,076
COMMERCIAL SERVICES - 1.93%
Securitas AB 6,149 221,027
CONSUMER PRODUCTS - 1.25%
IRO AB (a) 10,378 137,830
Ssab Svenskt Stal AB (b) 558 5,961
-----------
Subtotal 143,791
ELECTRONICS - 2.47%
Assa Abloy AB 43,148 283,409
HOLDING COMPANY - 2.48%
Kinnevik AB 9,320 284,557
-----------
Total Sweden 1,140,397
SWITZERLAND - 2.11%
BANKS - 2.11%
Roche Holdings Limited ADR 34 241,462
THAILAND - .27%
BANKS - .27%
Thai Farmers Bank 3,500 30,423
UNITED KINGDOM - 1.19%
BROADCAST & COMMUNICATIONS - 1.19%
Thorn EMI plc 5,829 135,939
UNITED STATES - 53.51%
AEROSPACE & AIRCRAFT - 1.80%
Rockwell International Corp. 4,375 206,719
BROADCAST & COMMUNICATIONS - 3.34%
Grupo Televisa S.A. 1,475 29,500
Katz Media Group Inc. (b) 5,925 120,722
Viacom Inc. (b) 4,675 232,581
-----------
Subtotal 382,803
CHEMICALS - .48%
Reliance Industries GDR (b) 2,975 54,666
COMPUTERS & SOFTWARE - 14.14%
Astea International Inc. (b) 2,450 49,000
Computron Software (b) 6,825 117,731
Discreet Logic Inc. (b) 2,725 149,875
Eagle Point Software (b) 2,250 42,188
First Data Corp. 3,600 223,200
</TABLE>
<PAGE> 20
<TABLE>
<S> <C> <C>
Maxis Inc. (b) 5,000 220,000
MDL Information Systems, Inc. (b) 16,250 302,656
Novadigm Inc. (b) 1,575 26,578
Ontrak Systems Inc. (b) 1,825 50,416
Premenos Technology Corp. (b) 2,075 67,438
Programmer's Paradise, Inc. (b) 4,100 43,050
Technology Solutions (b) 5,475 98,550
UUNET Technologies Inc. (b) 5,000 231,250
------------
Subtotal 1,621,932
ELECTRICAL - 4.45%
AVX Corp. (b) 13,125 439,687
C.P. Clare Corp. (b) 2,775 70,762
------------
Subtotal 510,449
ELECTRONICS - 3.34%
MEMC Electronic Material (b) 7,325 198,691
Nexgen (b) 4,650 87,186
Samsung Electronics America (a) 577 81,068
TelCom Semiconductors Inc. (b) 1,350 15,525
------------
Subtotal 382,470
FOOD SERVICE - .13%
Logan's Roadhouse Inc. (b) 825 14,438
HEALTH PRODUCTS & CARE - 6.87%
Pfizer Inc. 7,400 394,975
Smithkline Beecham ADR 7,750 392,344
------------
Subtotal 787,319
HOTEL & MOTEL - 1.27%
Hospitality Franchise Systems (b) 2,200 115,225
Renaissance Hotel Group N.V. (b) 1,700 30,175
------------
Subtotal 145,400
HOUSEHOLD FURNISHINGS - .82%
Singer Co. NV 3,550 94,519
MEDICAL SERVICES & SUPPLIES - 2.09%
Nellcor Puritan Bennett, Inc. (b) 4,825 240,044
OFFICE EQUIPMENT & SUPPLIES - 2.68%
Viking Office Products (b) 7,375 307,906
PACKAGED FOOD - 2.89%
Nabisco Holdings Corp. 11,175 331,059
PRINTING & PUBLISHING - 3.13%
Mecklermedia Corp. (b) 3,250 60,937
News Corporation ADR 13,575 298,650
------------
Subtotal 359,587
RETAIL - 3.33%
Federated Department Stores, Inc. (b) 6,250 177,344
Global Direct Mail Corp. (b) 8,325 205,003
------------
Subtotal 382,347
TELECOMMUNICATIONS - 1.63%
Korean Mobile Telephone (a) 1,550 55,227
Telebras Telecommunication Brasilia ADR 2,776 131,166
------------
Subtotal 186,393
</TABLE>
<PAGE> 21
<TABLE>
<S> <C> <C>
TRANSPORTATION - 1.12%
Atlas Air, Inc. (b) 4,800 106,800
Pao De Acucar GDR (a) 2,000 22,000
--------------
Subtotal 128,800
--------------
Total United States 6,136,851
--------------
Total Common Stocks 10,538,055
(cost $8,586,604)
RIGHTS - .00%
UNITED STATES - .00%
ELECTRONICS - .00%
Samsung Electric (a) 6 720
--------------
Total Rights
(cost $ 351) 720
SHORT-TERM SECURITIES - 8.11%
U.S. GOVERNMENT AGENCIES - 6.10%
Federal Home Demand Note, 5.68%, 10/11/95 $ 300,000 299,534
Federal Home Demand Note, 5.69%, 10/4/95 400,000 399,813
--------------
Total U.S. Government
(cost $699,346) 699,347
COMMERCIAL PAPER
Household Finance 6.25%, 10/02/1995 230,000 229,960
--------------
Total Commercial Paper
(cost $229,960) 229,960
--------------
Total Short-term Securities
(cost $929,306) 929,307
--------------
TOTAL INVESTMENTS - 100%
(cost $9,516,261) $ 11,468,082
==============
</TABLE>
(a) Security exempt from registration under Rule 144(a) of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period end,
the value of these securities amounted to $ 506,698 or 4.14% of net assets.
(b) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 22
JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR PRINCIPAL MARKET
AMOUNT VALUE
------------- ---------------
<S> <C> <C>
COMMON STOCK - 44.91%
AEROSPACE & AIRCRAFT - 1.10%
Boeing Co. 350 $23,888
AGRICULTURAL MACHINERY - .68%
Case Corp. 400 14,700
BANKS - 4.74%
Bank of Boston Corp. 300 14,288
Bankers Trust New York 300 21,075
Boatmens Bancshares, Inc. 300 11,100
Citicorp 300 21,225
Compass Bancshares, Inc. 100 3,125
Great Western Financial 900 21,375
Integra Financial Corp. 100 5,813
Mercantile Bancorp 100 4,475
----------
Subtotal 102,476
BROADCAST & COMMUNICATIONS - 1.98%
Capital Cities / ABC, Inc. 200 23,525
Liberty Media - Class A (a) 200 5,350
Tele Communications, Inc. (a) 800 14,000
----------
Subtotal 42,875
BROKERAGE - .87%
Merrill Lynch & Co. 300 18,750
BUILDING & CONSTRUCTION - 1.70%
Caterpillar, Inc. 300 17,062
Fluor Corp. 350 19,600
----------
Subtotal 36,662
BUSINESS SERVICES - 1.11%
Silicon Graphics Inc. (a) 300 10,312
3 Com Corp. (a) 300 13,650
----------
Subtotal 23,962
CHEMICALS - 1.70%
Engelhard Corp. 1,450 36,794
COMPUTERS & SOFTWARE - 4.82%
Borland International, Inc. (a) 1,200 17,550
Cisco Systems Inc. (a) 200 13,800
HBO & Co. 200 12,500
Informix Corp. (a) 300 9,750
International Business Machines Corp. 200 18,875
Sybase, Inc. (a) 700 22,487
UUNET Technologies, Inc. (a) 200 9,250
----------
Subtotal 104,212
DRUGS - 2.99%
Amgen Inc. (a) 500 24,938
</TABLE>
<PAGE> 23
<TABLE>
<S> <C> <C>
Genzyme Corp. (a) 200 11,600
Merck & Co., Inc. 500 28,000
----------
Subtotal 64,538
ELECTRONICS - 3.39%
General Electric Co. 350 22,312
Honeywell, Inc. 500 21,438
Motorola, Inc. 250 19,094
S3, Inc. (a) 300 10,462
----------
Subtotal 73,306
FINANCIAL SERVICES - 1.03%
American Express Co. 500 22,188
HEALTH PRODUCTS & CARE - 1.10%
Cerner Corp. (a) 400 13,700
Manor Care Inc. 300 10,200
----------
Subtotal 23,900
INSURANCE - 2.69%
Aetna Life 200 14,675
Allstate Corp. 125 4,422
American International Group 150 12,750
Cigna Corp. 100 10,413
Travelers Group 300 15,937
----------
Subtotal 58,197
MANUFACTURING-1.02%
Tyco International Limited 350 22,050
MEDICAL SERVICE & SUPPLIES - 1.24%
Medtronic, Inc. 500 26,875
OIL & GAS - 5.69%
Baker Hughes, Inc. 800 16,300
Ensco International, Inc. (a) 1,000 17,000
Royal Dutch Petroleum ADR 150 18,413
Schlumberger Limited 300 19,575
Sonat Offshore Drilling, Inc. 300 9,788
Texaco, Inc. 300 19,387
Tidewater, Inc. 800 22,500
----------
Subtotal 122,963
PRINTING & PUBLISHING - .87%
Scholastic Corp. (a) 300 18,825
TELECOMMUNICATIONS - 6.19%
Ascend Communications (a) 200 16,000
AT&T Corp. 200 13,150
BellSouth Corp. 300 21,937
Equifax, Inc. 400 16,750
GTE Corp. 600 23,550
Interpublic Group 500 19,875
Netcom On-Line Communication (a) 200 8,800
Qualcomm, Inc. (a) 300 13,761
----------
Subtotal 133,823
----------
Total Common Stocks
(cost $901,153) 970,984
</TABLE>
<PAGE> 24
<TABLE>
<S> <C> <C>
CORPORATE BONDS - 1.14%
RESTAURANTS - 1.14%
Boston Chicken, Inc., 0%, 06/01/2015
Convertible to 8.532 shares $100,000 24,625
----------
Total Corporate Bonds
(cost $21,413) 24,625
MUNICIPAL BONDS - 1.54%
Florida State Board Capital Outlay 5.25%, 6/1/2023 5,000 4,527
Intermountain Power Agency 5.0%, 7/1/2023 5,000 4,242
New York State Power 5.25%, 1/1/2018 5,000 4,613
Northern California Power Agency 5.5%, 01/01/2024 5,000 4,614
Miami Beach, Florida Pension Project 8.6%,
09/01/2021 10,000 10,907
South Carolina State 5.0%, 01/01/2025 5,000 4,430
----------
Total Municipal Bonds
(cost $33,779) 33,333
U.S. GOVERNMENT SECURITIES - 36.71%
U.S. TREASURY BONDS - 9.16%
U.S. Treasury Bond 7.625%, 2/15/2025 175,000 198,160
U.S. TREASURY NOTES - 14.29%
U.S. Treasury Note 6.875%, 7/31/1999 300,000 308,907
U.S. GOVERNMENTAL AGENCIES - 13.26%
General National Mortgage Association 6.5%,
12/15/2023 297,000 286,605
----------
Total U.S. Government Securities
(cost $784,477) 793,672
SHORT-TERM INVESTMENTS - 15.70%
U.S. TREASURY BILLS - 15.70%
U.S.Treasury Bill 5.0%, 10/5/1995 165,000 164,885
U.S. Treasury Bill 5.27%, 10/19/1995 175,000 174,513
----------
Total Short-Term Investments
(cost $339,447) 339,398
----------
TOTAL INVESTMENTS - 100%
(cost $2,080,269) $2,162,012
==========
</TABLE>
(a) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 25
JNL/PHOENIX INVESTMENT COUNSEL GROWTH SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
--------- -------
<S> <C> <C>
COMMON STOCKS - 89.91%
AEROSPACE & AIRCRAFT - 2.21%
Boeing Co. 400 $27,300
AGRICULTURAL MACHINERY - 2.08%
Case Corp. 700 25,725
BANKS - 3.01%
California Federal Bank - Class A (a) 1,200 18,900
Chase Manhattan Corp. 300 18,337
----------
Subtotal 37,237
BROADCAST & COMMUNICATIONS - 7.84%
Evergreen Media Corp. - Class A (a) 500 14,250
Sinclair Broadcast - Class A (a) 800 23,000
Viacom, Inc. (a) 800 39,800
Westwood One, Inc. (a) 1,100 19,800
----------
Subtotal 96,850
BROKERAGE - 1.82%
Dean Witter Discover 400 22,500
CHEMICALS - 6.02%
Arcadian Corp. (a) 1,300 26,487
Cytec Industries, Inc. (a) 500 28,937
Engelhard Corp. 750 19,031
----------
Subtotal 74,455
COMPUTERS & SOFTWARE - 10.39%
Applied Voice Technology (a) 1,500 22,125
Bay Networks, Inc. (a) 500 26,687
Cadence Design Systems, Inc. (a) 400 15,700
HBO & Co. 200 12,500
Komag, Inc. (a) 400 26,150
Oak Technology, Inc. (a) 600 25,200
----------
Subtotal 128,362
DRUGS - 4.24%
Biogen, Inc. (a) 500 30,000
Merck & Co., Inc. 400 22,400
----------
Subtotal 52,400
ELECTRONICS - 3.65%
Cirrus Logic, Inc. (a) 300 17,175
Nokia Corp. - ADR 200 13,950
S3, Inc. (a) 400 13,950
----------
Subtotal 45,075
FINANCE COMPANIES - 1.90%
Capital One Financial Corp. 800 23,500
INSURANCE - 3.56%
Aetna Life 600 44,025
</TABLE>
<PAGE> 26
<TABLE>
<S> <C> <C>
MEDICAL SERVICES & SUPPLIES - 7.51%
IDEXX Laboratories Inc. (a) 400 14,900
Oxford Health Plans (a) 300 21,825
PhyCor, Inc. (a) 900 30,825
St. Jude Medical (a) 400 25,300
----------
Subtotal 92,850
OFFICE EQUIPMENT & SUPPLIES - 1.62%
Harnischfeger Industries, Inc. 600 20,025
OIL & GAS - 8.75%
Energy Ventures (a) 800 18,600
Schlumberger Ltd. 300 19,575
Seagull Energy (a) 1,100 22,275
Sonat Offshore Drilling Co. 600 19,575
Tidewater Inc. 1,000 28,125
----------
Subtotal 108,150
PAPER - 1.51%
Bowater, Inc. 400 18,650
RETAIL - 5.98%
Office Depot (a) 500 15,063
Petsmart Inc. (a) 500 16,875
Staples, Inc. (a) 600 16,950
Sunglass Hut International (a) 500 25,000
----------
Subtotal 73,888
TELECOMMUNICATIONS - 12.14%
Ascend Communications, Inc. (a) 200 16,000
Ericsson LM Telephone Co. 600 14,700
Glenayre Technologies, Inc. (a) 400 28,800
MFS Communications (a) 400 17,500
Mobile Telecommunication Technologies Corp. (a) 500 15,438
Paging Network, Inc. (a) 600 28,800
Periphonics Corp. (a) 1,000 28,750
----------
Subtotal 149,988
TRANSPORTATION - 3.79%
AMR Corp. (a) 300 21,638
CSX Corp. 300 25,238
----------
Subtotal 46,876
WASTE DISPOSAL - 1.89%
USA Waste Services (a) 1,200 23,400
Total Common Stocks
(cost $958,002) 1,111,256
----------
PREFERRED STOCKS - .80%
PRINTING & PUBLISHING - .80%
News Corp., Non convertible 500 9,938
----------
Total Preferred Stocks
(cost $10,669) 9,938
----------
</TABLE>
<PAGE> 27
<TABLE>
<S> <C> <C>
SHORT-TERM INVESTMENTS - 9.29%
U.S. TREASURY BILLS - 9.29%
U.S. Treasury Bill 5.18%, 10/12/1995 $115,000 114,801
----------
Total Short-Term Investments
(cost $114,818) 114,801
----------
TOTAL INVESTMENTS - 100%
(cost $1,083,489) $1,235,995
==========
</TABLE>
(a) Non-income producing.
The accompanying notes to the unaudited financial statements are an integral
part of this statement.
<PAGE> 28
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- ----------
<S> <C> <C>
CORPORATE BONDS - 100%
AEROSPACE & AIRCRAFT - 2.21%
Coltec Industries, Inc., 9.75%, 11/01/1999 $ 100,000 $ 103,750
AUTOMOTIVE & ACCESSORIES - 6.71%
Exide Corp., 10.75%,12/15/2002 100,000 106,500
Harvard Industries, Inc. 11.125%, 08/01/2005 (a) 100,000 101,000
SPX Corp., 11.75%, 06/01/2002 100,000 106,500
----------
Subtotal 314,000
BUILDING - 4.61%
American Standard, Inc., 9.875%, 06/01/2001 100,000 106,000
Schuller International Group, Inc., 10.875%,
12/15/2004 100,000 110,000
----------
Subtotal 216,000
CHEMICALS - 6.79%
Arcadian Partners, 10.75%,05/01/2005 100,000 105,000
Huntsman Corp., 10.625%, 04/15/2001 100,000 106,500
Laroche Industries, Inc., 13.00%, 08/15/2004 100,000 106,500
----------
Subtotal 318,000
COMMUNICATIONS - 2.14%
Century Communications, 9.50%, 03/01/2005 100,000 100,000
CONTAINERS - 2.35%
Owens-Illinois, Inc., 11.00%, 12/01/2003 100,000 109,875
COSMETICS - 2.34%
Revlon Worldwide, 0.0%, 03/15/1998 (b) 150,000 109,687
DEFENSE - 2.32%
Alliant Techsystems, Inc., 11.75%, 03/01/2003 100,000 108,500
FABRICATED METAL PRODUCTS - 2.55%
UCAR Global Enterprises, Inc., 12.00%,
01/15/2005 107,000 119,305
FINANCIAL - 6.48%
AIM Management Group, Inc., 9.00%, 11/15/2003 200,000 201,000
Van Kampen Merritt, Inc., 9.75%, 02/15/2003 100,000 102,500
----------
Subtotal 303,500
FOOD & BEVERAGES - 2.16%
Cott Corp., 9.00%, 07/01/2005 100,000 101,000
FOOD CHAIN STORES - 8.35%
Dominick's Finer Foods, 10.875%, 05/01/2005 (a) 100,000 101,500
Farm Fresh, Inc., 12.25%, 10/01/2000 100,000 86,500
PMI Acquisition Corp., 10.25%, 09/01/2003 100,000 102,500
Vons Cos Inc., 8.375%, 10/01/1999 100,000 100,500
----------
Subtotal 391,000
GAMING - 2.31%
Showboat, Inc., 13.00%, 08/01/2009 100,000 108,000
HEALTH CARE - 2.15%
GranCare, Inc., 9.375%, 09/15/2005 100,000 100,750
</TABLE>
<PAGE> 29
<TABLE>
<S> <C> <C>
INDUSTRIAL - 2.20%
Weirton Steel Corp., 11.50%, 03/01/1998 100,000 103,000
MANUFACTURING - 4.33%
Lear Seating Corp., 8.25%, 02/01/2002 100,000 97,250
Terra Industries, Inc., 10.50%, 06/15/2005 100,000 105,250
----------
Subtotal 202,500
MEDIA CABLE - 8.85%
CF Cable TV, Inc., 9.125%, 07/15/2007 100,000 101,000
Continental Cablevision, Inc., 9.00%, 09/01/2008 100,000 102,250
Infinity Broadcasting Corp., 10.375%, 03/15/2002 100,000 107,000
Jones Intercable, Inc., 9.625%, 03/15/2002 100,000 104,000
----------
Subtotal 414,250
MOTOR CARRIERS - 2.13%
Trism, Inc., 10.75%, 12/15/2000 100,000 99,750
NON-FERROUS METALS - 2.11%
Magma Copper Co., 8.7%, 05/15/2005 100,000 98,750
OIL & GAS - 8.98%
Clark Oil Refining Corp., 10.50%, 12/01/2001 100,000 105,250
Falcon Drilling, Inc., 9.75%, 01/15/2005 100,000 100,000
Louis Dreyfus Natural Gas Corp., 9.25%,
06/15/2004 100,000 106,821
Rowan Cos, Inc., 11.875%, 12/01/2001 100,000 108,250
----------
Subtotal 420,321
PAPER - 9.02%
Domtar, Inc., 12.00%, 04/15/2001 100,000 115,000
Quno Corp., 9.125%, 05/15/2005 100,000 99,000
Rainy River Forest Products, Inc., 10.75%,
10/15/2001 100,000 107,000
Repap New Brunswick, Inc., 10.625%, 04/15/2005 100,000 101,500
----------
Subtotal 422,500
STEEL - 2.28%
AK Steel Corp., Inc., 10.75%, 04/01/2004 100,000 106,875
TEXTILES - 4.45%
Day International Group, 11.125%, 06/01/2005 (a) 100,000 103,250
Reeves Industries, Inc., 11.00%, 07/15/2002 100,000 105,000
----------
Subtotal 208,250
TRANSPORTATION - 2.18%
Trans Ocean Container Corp., 12.25%, 07/01/2004 100,000 102,000
----------
Total Corporate Bonds
(cost $4,685,800) 4,681,563
----------
TOTAL INVESTMENTS - 100%
(cost $4,685,800) $4,681,563
==========
</TABLE>
(a) Security exempt from registration under Rule 144(a) of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period end,
the value of these securities amounted to $305,750 or 5.98% of net assets.
(b) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 30
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
S&P PRINCIPAL MARKET
RATING AMOUNT VALUE
COMMERCIAL PAPER - 100% ------- -------- --------
<S> <C> <C> <C>
CAPTIVE FINANCE COMPANIES - 20.28%
American Express Credit Corp., 5.70%, 11-06-1995 A1 $150,000 $ 149,145
Chrysler Financial Corp., 5.62%, 10-11-1995 A2 185,000 184,711
Ford Motor Credit Co., 5.73%, 10-20-1995 A1 150,000 149,546
General Motors Acceptance Corp., 5.72%, 12-26-1995 A2 190,000 187,404
JC Penney Funding Corp., 5.72%, 10-10-1995 A1 185,000 184,735
Pitney Bowes Credit Corp., 5.68%, 10-23-1995 A1+ 180,000 179,375
----------
Subtotal 1,034,916
CONSUMER FINANCE - 14.77%
American General Finance Corp., 5.65%, 10-13-1995 A1+ 185,000 184,652
Beneficial Corp., 5.65%, 10-13-1995 A1 190,000 189,642
Household Finance Corp., 5.72%, 10-05-1995 A1 200,000 199,873
Norwest Financial, Inc., 5.70%, 10-19-1995 A1+ 180,000 179,487
----------
Subtotal 753,654
CONSUMER PRODUCTS - 17.96%
Campbell Soup, 5.75%, 11-01-1995 A1+ 200,000 199,010
Conagra, Inc., 5.80%, 10-13-1995 A2 100,000 99,807
HJ Heinz Co., 5.75%, 10-31-1995 A1 200,000 199,042
Hershey Foods Corp., 5.70%, 10-06-1995 A1+ 150,000 149,881
Pepsico, Inc., 5.68%, 11-03-1995 A1 170,000 169,115
Tyson Foods, Inc., 5.86%, 10-12-1995 A2 100,000 99,821
----------
Subtotal 916,676
ENERGY - 8.80%
Chevron Oil Finance Co., 5.70%, 10-26-1995 A1+ 160,000 159,352
Consolidated Natural Gas Co., 6.40%, 10-02-1995 A1+ 100,000 99,982
Dresser Industries, Inc., 5.72%, 10-19-1995 A1 190,000 189,457
----------
Subtotal 448,791
HEALTH CARE - 5.66%
Allergan, Inc., 5.67%, 12-05-1995 A1 100,000 98,976
American Home Products Corp., 5.75%, 10-06-1995 A2 190,000 189,848
----------
Subtotal 288,824
INDEPENDENT FINANCE COMPANIES - 6.80%
Associates Corp., 5.67%, 12-08-1995 A1+ 200,000 197,858
General Electric Capital Corp., 5.70%, 11-06-1995 A1+ 150,000 149,145
----------
Subtotal 347,003
MEDIA - 2.14%
McGraw Hill, Inc., 5.85%, 11-13-1995 A1 110,000 109,231
MORTGAGE BANK - 3.61%
Countrywide Funding Corp., 5.76%, 10-20-1995 A1 185,000 184,438
RETAIL - 2.45%
Wal-Mart Stores, Inc., 5.70%, 10-02-95 A1+ 125,000 124,980
TELECOMMUNICATIONS - 14.59%
AT&T Corp., 5.68%, 10-13-1995 A1+ 150,000 149,716
GTE Corp., 5.92%, 10-26-1995 A2 200,000 199,179
Southwestern Bell Capital Corp., 5.60%, 02-02-1996 A1 200,000 196,142
US West Communications, Inc., 5.75%, 10-10-1995 A1+ 200,000 199,713
----------
Subtotal 744,750
UTILITIES - 2.94%
Florida Power Corp., 6.50%, 10-02-1995 A1+ 150,000 149,973
----------
TOTAL INVESTMENTS - 100%
(amortized cost $5,103,236) $5,103,236
==========
</TABLE>
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 31
PPM AMERICA/JNL VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
COMMON STOCKS - 100% --------- -------
<S> <C> <C>
AEROSPACE & AIRCRAFT - 7.36%
Lockheed Martin Corp. 700 $ 46,987
Raytheon Co. 500 42,500
Rockwell International Corp. 700 33,075
United Technologies Corp. 500 44,188
-------
Subtotal 166,750
AUTOMOTIVE - 2.62%
Ford Motor Co. 700 21,787
General Motors Corp. 800 37,500
-------
Subtotal 59,287
BANKS - 5.32%
Boatmen's Bancshares, Inc. 900 33,300
Chemical Banking Corp. 700 42,613
Mellon Bank Corp. 1,000 44,625
-------
Subtotal 120,538
CHEMICALS - 5.05%
WR Grace & Co. 600 40,050
Polaroid Corp. 700 27,825
PPG Industries, Inc. 1,000 46,500
-------
Subtotal 114,375
DRUGS - 7.21%
Bristol Myers Squibb Co. 600 43,725
Columbia / HCA Healthcare Corp. 800 38,900
Lilly, Eli & Co. 500 44,937
Upjohn Co. 800 35,700
-------
Subtotal 163,262
ELECTRIC UTILITIES - 7.86%
General Public Utilities Corp. 1,500 46,688
Ohio Edison Co. 2,100 47,775
PECO Energy Co. 1,700 48,663
Texas Utilities Co. 1,000 34,875
-------
Subtotal 178,001
ELECTRONICS - 7.36%
General Electric Co. 500 31,875
Harris Corp. 800 43,900
ITT Corp. 300 37,200
Xerox Corp. 400 53,750
-------
Subtotal 166,725
FINANCIAL - 7.80%
BankAmerica Corp. 700 41,912
Beneficial Corp. 900 47,025
KeyCorp 1,300 44,525
Student Loan Marketing Association 800 43,200
-------
Subtotal 176,662
</TABLE>
<PAGE> 32
<TABLE>
<S> <C> <C>
FOOD & BEVERAGE - 7.35%
American Brands, Inc. 800 33,800
Anheuser-Busch Companies Inc. 600 37,425
Philip Morris Co., Inc. 600 50,100
RJR Nabisco Holdings Corp. 1,400 45,325
----------
Subtotal 166,650
HEALTH CARE - 4.00%
Baxter International, Inc. 1,000 41,125
US Healthcare, Inc. 1,400 49,525
----------
Subtotal 90,650
INSURANCE - 6.33%
American General Corp. 1,300 48,587
Cigna Corp. 500 52,063
Transamerica Corp. 600 42,750
----------
Subtotal 143,400
METALS - 1.93%
Phelps Dodge Corp. 700 43,838
PETROLEUM - 7.63%
Ashland, Inc. 1,000 33,375
Chevron Corp. 900 43,762
Exxon Corp. 700 50,575
Texaco, Inc. 700 45,238
----------
Subtotal 172,950
RAILROADS - 3.76%
Burlington Northern, Inc. 600 43,125
CSX Corp. 500 42,063
----------
Subtotal 85,188
RETAIL - 10.84%
Dayton-Hudson Corp. 600 45,525
Dial Corp. Arizona 1,200 29,700
Federated Department Stores, Inc. (a) 1,500 42,562
Melville Corp. 800 27,600
Nike, Inc. - Class B 500 55,562
JC Penney Co., Inc. 900 44,662
----------
Subtotal 245,611
TELECOMMUNICATIONS - 5.55%
BellSouth Corp. 500 36,563
Sprint Corp. 1,200 42,000
US West 1,000 47,125
----------
125,688
TEXTILES - 2.03%
VF Corp. 900 45,900
Total Common Stocks
(cost $2,026,791) 2,265,475
----------
TOTAL INVESTMENTS - 100%
(cost $2,026,791) $2,265,475
==========
</TABLE>
(a) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 33
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
U.S. CORPORATE BONDS - 37.15% -------------- ---------------
<S> <C> <C>
INDUSTRIAL - 37.15%
Adelphia Communications, 12.50%, 5/15/02 $ 250,000 $ 250,625
Foamex L.P., 11.875%, 10/01/02 250,000 245,000
Harris Chemical North American, Inc., 7/15/01,
0.0% at 9/30/95 250,000 221,250
Jordan Industries, Inc., 10.375%, 8/01/03 250,000 233,750
Penn Traffic Co., 9.625%, 4/15/05 250,000 202,500
Samsonite Corp., 11.125%, 7/15/05 (a) 150,000 145,500
Selmer Co. Inc., 11.00%, 5/15/05 (a) 250,000 242,500
Telex Communications, 12%, 7/15/04 200,000 207,000
Waters Corp., 12.75%, 9/30/04 200,000 215,430
-----------
Subtotal 1,963,555
Total U.S. Corporate Bonds
(cost $2,026,664) 1,963,555
-----------
FOREIGN BONDS - 24.33%
FINANCIAL - 3.92%
Indah Kiat International Finance Co. 12.50%, 6/15/06 200,000 207,000
FOREIGN GOVERNMENT BONDS - 20.41%
Argentina Floating Rate Bond, 3/31/05, 6.81% at 9/30/95 250,000 154,687
Brazil C Variable Bond, 4.00%, 4/15/14 520,200 276,356
Bulgaria Floating Rate, collateralized by U.S. Treasury Bond,
7/28/24, 6.75% at 9/30/95 250,000 128,923
Ecuador Step Up Bond, 2/28/24, 3.00% at 9/30/95 250,000 81,250
Mexico Rights, 6.25%, 6/30/03 250,000 0
Mexico Fixed Rate Bond, 6.25%, 12/31/19 250,000 152,188
Poland PDI Step Up Bond, 10/27/14, 3.25% at 9/30/95 250,000 158,125
Republic of Venezuela Fixed Rate Bond, 6.75% 3/31/20 250,000 127,500
Venezuela Warrants 125,000 0
-----------
Subtotal 1,079,029
Total Foreign Bonds
(cost $ 1,283,767) 1,286,029
-----------
U.S. GOVERNMENT SECURITIES - 21.36%
U.S. GOVERNMENT AGENCIES - 5.47%
Federal National Mortgage Association 6.5%, 9/01/25 300,000 289,312
U.S. TREASURY BOND - 1.19%
US Treasury Bond 8.875%, 8/15/17 50,000 62,696
U.S. TREASURY NOTES - 14.70%
U.S. Treasury Note 6.125%, 5/31/97 50,000 50,195
U.S. Treasury Note 7.75%, 1/31/00 200,000 212,938
U.S. Treasury Note 6.75%, 4/30/00 500,000 514,140
-----------
Subtotal 777,273
Total U.S. Government Securities
(cost $1,124,886) 1,129,281
-----------
</TABLE>
<PAGE> 34
<TABLE>
<S> <C> <C>
SHORT TERM INVESTMENTS - 17.16%
REPURCHASE AGREEMENTS
Repurchase Agreement with Merrill Lynch, 5.75%, 10/02/1995
collateralized by U.S. Treasury Note, 7.25%, 11/30/96, $895,000
907,000 907,000
-----------
Total Short-Term Investments
(cost $907,000) 907,000
TOTAL INVESTMENTS - 100%
(cost $5,342,317) $ 5,285,865
===========
</TABLE>
(a) Security exempt from registration under Rule 144(a) of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period end,
the value of these securities amounted to $388,000, or 7.58% of net assets.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 35
SALOMON BROTHERS/JNL
U.S. GOVERNMENT & QUALITY BOND FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30,1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES - 59.14%
U.S. GOVERNMENT AGENCIES - 53.40%
Federal Home Loan Bank 5.94%, 6-13-2000 $ 300,000 $ 297,000
Federal Home Loan Mortgage 6.0%,10-01-2010 100,000 96,969
Federal National Mortgage Association 11.5%, 2-01-2020 56,818 63,481
Federal National Mortgage Association 6.5%, 9-01-2010 (a) 120,000 118,350
Federal National Mortgage Association 6.5%, 6-20-2025 (a) 450,000 433,966
Federal National Mortgage Association 7.0%, 8-15-2025 (a) 100,000 98,625
Student Loan Marketing Association 7.5%, 3-08-2000 400,000 420,000
----------
Subtotal 1,528,391
U.S. TREASURY NOTES - 5.74%
U.S. Treasury Note 8.125%, 08-15-2019 140,000 164,237
----------
Total U.S. Government Securities
(cost $1,687,810) 1,692,628
----------
CORPORATE BONDS - 11.30%
FINANCIAL - 11.30%
Ford Motor Credit Co. 8.20%, 02-15-2002 300,000 323,415
----------
Total Corporate Bonds
(cost $ 323,414) 323,415
----------
SHORT-TERM INVESTMENTS - 29.56%
REPURCHASE AGREEMENTS - 29.56%
Merrill Lynch Repurchase Agreement 5.75%, 10-02-1995
collateralized by a U.S. Treasury Note, 7.25%,
11-30-1996,
$835,000 846,000 846,000
----------
Total Short-Term Investments
(cost $846,000) 846,000
----------
TOTAL INVESTMENTS - 100%
(cost $2,857,224) $2,862,043
==========
</TABLE>
(a) Investments purchased on a when-issued basis.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 36
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARE OR
PRINCIPAL MARKET
AMOUNT VALUE
----------- -----------
<S> <C> <C>
COMMON STOCK - 97.97%
CANADA - .75%
MINING - .75%
Barrick Gold Corp. 1,700 $ 43,987
FRANCE - 1.62%
CONFECTIONS & BEVERAGES - 1.62%
Lvmh Moet-Hennessy 500 94,600
GERMANY - 2.04%
BANKS - 2.04%
Deutsche Bank AG (b) 2,500 119,523
GHANA - .24%
BUILDING MATERIALS - .24%
Ashanti Goldfields GDS (a)(b) 700 14,000
HONG KONG - 3.42%
FINANCE COMPANIES - 3.42%
Hutchinson Whampoa 37,000 200,517
ITALY - 4.86%
FINANCE COMPANIES - 2.36%
Banca Fideuram SPA 124,000 138,505
Telecommunications - 2.50%
Telecom Italia SPA 32,000 52,920
Telecom Italia Di Risp, saving shares 16,500 21,604
Telecom Italia Mobile (b) 32,000 53,416
Telecom Italia Mobile Di Risp, saving 16,500 18,225
shares(b) --------
Subtotal 146,165
Total Italy 284,670
MEXICO - .42%
TELECOMMUNICATIONS - .42%
Grupo Iusacell ADS-EAC (b) 1,900 24,700
NETHERLANDS - 3.29%
COMPUTERS & SOFTWARE - 2.11%
Getronics NV 2,500 123,674
CONSUMER PRODUCTS - 1.18%
Hagemeyer NV (b) 1,500 69,119
--------
Total Netherlands 192,793
</TABLE>
<PAGE> 37
<TABLE>
<S> <C> <C>
SOUTH AFRICA - .60%
MINING - .60%
De Beers Centenary Mines ADR 1,300 35,425
SWEDEN - 2.53%
DRUGS - 2.53%
Astra AB B Shares 4,200 147,939
SWITZERLAND - 1.62%
INDUSTRIAL MACHINERY - 1.62%
Sig Schweizerische Industrie (b) 45 95,170
UNITED KINGDOM - 6.62%
HEALTH PRODUCTS & CARE - .95%
Smithkline Beecham PLC ADR 1,100 55,687
PRINTING & PUBLISHING - 1.26%
Reuters Holdings 1,400 74,025
TELECOMMUNICATIONS - 4.41%
Vodafone Group PLC ADR 2,300 94,300
Vodafone Group PLC 39,000 163,881
-------
Subtotal 258,181
Total United Kingdom 387,893
UNITED STATES - 69.96%
AEROSPACE & AIRCRAFT - 1.10%
Boeing Co. 800 54,600
Coltec Industries, Inc. (b) 800 9,600
------
Subtotal 64,200
AUTOMOBILE & PARTS - .60%
Exide Corp. 700 35,000
BROADCAST & COMMUNICATIONS - 4.08%
Multimedia, Inc. (b) 1,400 60,900
Turner Broadcasting System, Inc. - Class B 1,800 49,500
Viacom, Inc. (b) 300 14,925
Viacom, Inc. - Class B (b) 900 44,775
Walt Disney Co. 1,200 68,850
-------
Subtotal 238,950
BUSINESS SERVICES - 2.96%
CUC International, Inc. (b) 1,950 68,006
Gaylord Entertainment Co. - Class A 1,260 34,178
Time Warner, Inc. 1,800 71,550
-------
Subtotal 173,734
CHEMICALS - 2.28%
Great Lakes Chemical Corp. 1,400 94,675
Sigma-Aldrich Corp. 800 38,800
-------
Subtotal 133,475
COMPUTERS & SOFTWARE - 5.41%
Automatic Data Processing 800 54,500
Intuit, Inc. (b) 600 28,200
Microsoft Corp. (b) 400 36,200
Oracle Systems Corp. (b) 1,000 38,375
Spyglass, Inc. (b) 3,000 137,250
Sybase, Inc. (b) 700 22,487
-------
Subtotal 317,012
</TABLE>
<PAGE> 38
<TABLE>
<S> <C> <C>
CONFECTIONS & BEVERAGES - 4.59%
Anheuser-Busch Cos., Inc. 600 37,425
Coca-Cola Co. 2,100 144,900
Pepsico, Inc. 1,700 86,700
---------
Subtotal 269,025
CONSUMER PRODUCTS - 1.11%
Eastman Kodak Co. 1,100 65,175
DRUGS - 3.30%
Amgen, Inc. (b) 1,200 59,850
Cardinal Health, Inc. 1,500 83,063
Merck & Company, Inc. 900 50,400
---------
Subtotal 193,313
ELECTRONICS - 5.85%
Emerson Electric Co. 500 35,750
General Electric Co. 2,200 140,250
Hewlett Packard Co. 1,000 83,375
Intel Corp. 500 30,063
Motorola, Inc. 700 53,462
---------
Subtotal 342,900
FINANCE COMPANIES - 6.69%
Federal Home Loan Mortgage Corp. 2,500 172,812
Federal National Mortgage Association 1,200 124,200
First Financial Management Corp. 500 48,813
JP Morgan & Co., Inc. 600 46,425
---------
Subtotal 392,250
FOOD SERVICE - 3.08%
Campbell Soup Co. 800 40,200
McDonald's Corp. 1,200 45,900
Philip Morris Cos., Inc. 800 66,800
Pioneer Hi-Bred International, Inc. 600 27,600
---------
Subtotal 180,500
HEALTH PRODUCTS & CARE - 4.09%
Johnson & Johnson 1,600 118,600
Pfizer, Inc. 1,200 64,050
Warner-Lambert Co. 600 57,150
---------
Subtotal 239,800
HOUSEHOLD FURNITURE & APPLIANCES - .68%
Newell Co. 1,600 39,600
INSURANCE - 3.58%
American International Group 750 63,750
Partnerre Holdings Limited 1,500 37,125
UNUM Corp. 1,500 79,125
Zurich Reinsurance (b) 1,000 29,750
---------
Subtotal 209,750
MEDICAL SERVICES & SUPPLIES - 5.36%
Abbott Labatories 3,400 144,925
Alza Corp. (b) 1,500 34,500
Columbia / HCA Health Corp. 1,500 72,937
Schering-Plough Corp. 1,200 61,800
---------
Subtotal 314,162
</TABLE>
<PAGE> 39
<TABLE>
<S> <C> <C>
METALS - .69%
Alumax, Inc. (b) 1,200 40,500
OIL & GAS - 2.06%
Halliburton Co. 700 29,225
Schlumberger Limited 1,400 91,350
----------
Subtotal 120,575
OFFICE SUPPLIES - 1.16%
Alco Standard Corp. 800 67,800
PACKAGED FOOD - 1.32%
Sara Lee Corp. 2,600 77,350
PRINTING & PUBLISHING - 2.05%
American Greetings Corp. - Class A 1,700 51,850
Washington Post Co. - Class B 220 68,420
----------
Subtotal 120,270
RETAIL - 4.67%
Harcourt General, Inc. 2,000 83,750
Hasbro, Inc. 1,200 37,350
Price / Costco, Inc. (b) 2,500 42,812
Revco D.S., Inc. 1,000 23,500
Toys R Us, Inc. (b) 1,700 45,900
UST, Inc. 1,400 40,075
----------
Subtotal 273,387
TELECOMMUNICATIONS - 3.25%
Alltel Corp. 2,700 80,663
DSC Communications Corp. (b) 600 35,550
Northern Telecom Limited 900 32,063
Sprint Corp. 1,200 42,000
----------
Subtotal 190,276
----------
Total United States 4,099,004
----------
Total Common Stock
(cost $5,058,089) 5,740,221
----------
SHORT-TERM INVESTMENTS - 2.03%
U.S. TREASURY BILLS - 2.03%
U.S. Treasury Bill 5.33%, 10/05/1995 $30,000 29,978
U.S. Treasury Bill 5.30%, 10/05/1995 89,000 88,935
----------
Subtotal 118,913
Total Short-Term Investments
(cost $118,928) 118,913
----------
TOTAL INVESTMENTS - 100%
(cost $5,177,017) $5,859,134
==========
</TABLE>
(a) Security exempt from registration under Rule 144(a) of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $14,000 or .24% of net
assets.
(b) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 40
T. ROWE PRICE / JNL
INTERNATIONAL EQUITY INVESTMENT
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- ----------
<S> <C> <C>
COMMON STOCK - 99.98%
ARGENTINA - 0.80%
CONSUMER PRODUCTS - .03%
BAESA (Buenos Aires Embotelladora) ADR 222 $ 5,161
FINANCIAL COMPANIES - .12%
Banco De Galicia Buenes Aires SA ADR 830 14,940
Banco Frances Rio Plata ADR 420 9,082
----------
Subtotal 24,022
ENERGY - .37%
Enron Global Power & Pipeline NPV 260 5,947
Naviera Perez Compano - Class B 3,940 17,220
Sociedad Comercial Del Plata (b) 2,790 6,557
Sociedad Comercial Del Plata ADR (a)(b) 500 11,750
YPF Sociedad Anonima ADR 1,660 29,880
----------
Subtotal 71,354
TELECOMMUNICATIONS - .28%
Telecom Argentina STET 1,630 6,847
Telefonos De Argentina SA 1,740 41,543
Transportadora De Gas Del SurADR 600 6,300
----------
Subtotal 54,690
----------
Total Argentina 155,227
AUSTRALIA - 2.10%
BASIC INDUSTRY - .65%
Broken Hill Proprietary Co. 3,000 41,303
Lend Lease Corp. 2,313 32,648
Tab Corp. Holdings Limited 10,000 26,041
Western Mining Corp. Holdings Limited 4,000 26,147
---------
Subtotal 126,139
CONSUMER PRODUCTS - .57%
Burns Philip & Co. 10,000 21,134
Coca-Cola Amatil 2,750 20,653
News Corp. 7,000 38,887
Publishing & Broadcasting Limited 5,000 15,549
Sydney Harbour Casino (b) 12,000 15,760
----------
Subtotal 111,983
FINANCIAL COMPANIES - .16%
Westpac Banking Corp. 8,000 32,366
ENERGY - .43%
Australia Gas Light Co. 13,000 45,137
Woodside Petroleum Limited 8,000 38,404
----------
Subtotal 83,541
TRANSPORTATION & STORAGE - .29%
Mayne Nickless 5,000 23,663
TNT Limited (b) 21,000 32,177
----------
Subtotal 55,840
----------
Total Australia 409,869
AUSTRIA - .17%
ENERGY - .07%
Oesterreichische Elektizitats 200 13,384
</TABLE>
<PAGE> 41
<TABLE>
<S> <C> <C>
FINANCIAL COMPANIES - .04%
Creditanstalt Bankverein 140 7,020
TRANSPORTATION & STORAGE - .06%
Flughafen Wien AG 190 12,052
----------
Total Austria 32,456
BELGIUM - 1.29%
BASIC INDUSTRY - .46%
UCB 78 90,462
FINANCIAL COMPANIES - .83%
Fortis AG 180 19,121
Generale Banque 130 40,917
Kredietbank 420 101,876
----------
Subtotal 161,914
----------
Total Belgium 252,376
BRAZIL - 1.09%
ENERGY - .97%
Cemig-CIA Energetica Minas Gerais ADR (b) 260 5,720
Cemig-CIA Energetica Minas Gerais (b) 260 5,655
Cesp-Cia Energetica De Sao Paolo ADR (b) 510 5,100
Cesp-Cia Energetica De Sao Paolo ADS (a)(b) 540 5,670
Telebras ADR 3,520 166,320
----------
Subtotal 188,465
FINANCE COMPANIES - .12%
Brazil Fund, Inc. 870 23,272
----------
Total Brazil 211,737
CANADA - .42%
BASIC INDUSTRY - .34%
Alcan Aluminium 1,660 53,610
Macmillan Bloedel 1,020 12,495
----------
Subtotal 66,105
FINANCIAL COMPANIES - .08%
Royal Bank of Canada 740 16,207
----------
Total Canada 82,312
CHILE - .67%
CONSUMER PRODUCTS - .06%
Cervecerias Unidas ADR 530 11,329
ENERGY - .36%
Chilectra SA ADR 390 17,355
Chilgener SA ADR 604 12,759
Empresa Nacional De Electricidad SA ADR 1,130 22,741
Enersis SA ADR 690 17,422
----------
Subtotal 70,277
FINANCIAL COMPANIES - .17%
AFP Provida ADR 178 4,339
Chile Fund 1,320 29,865
----------
Subtotal 34,204
TELECOMMUNICATIONS - .08%
Compania De Telecomunicaciones Chile ADR 220 15,207
----------
Total Chile 131,017
CHINA - .98%
BASIC INDUSTRY - .36%
Maanshan Iron & Steel 90,000 16,763
Shanghai Petrochemical 80,000 23,281
Yizheng Chemical Fibre 102,000 30,014
----------
Subtotal 70,058
</TABLE>
<PAGE> 42
<TABLE>
<S> <C> <C>
ENERGY - .39%
Huaneng Power International, Inc. (b) 4,400 75,900
FINANCIAL COMPANIES - .23%
Guangdong Investment Limited 74,000 44,267
----------
Total China 190,225
DENMARK - .29%
FINANCIAL COMPANIES - .24%
Den Danske Bank AB 390 24,858
Unidanmark 480 21,034
----------
Subtotal 45,892
TELECOMMUNICATIONS - .05%
Teledanmark - Class B 200 10,376
----------
Total Denmark 56,268
FINLAND - .32%
CAPITAL GOODS - .32%
Nokia (AB) OY 880 61,967
FRANCE - 8.14%
BASIC INDUSTRY - 1.49%
GTM Entrepose 300 20,101
Lafarage SA 836 55,130
Lapeyre 700 36,924
Poliet 650 54,672
Saint-Gobain 1,020 124,641
----------
Subtotal 291,468
CAPITAL GOODS - .75%
Chargeurs 285 59,204
Legrand 300 47,534
Valeo 857 40,458
----------
Subtotal 147,196
CONSUMER PRODUCTS - 3.92%
Accor 525 65,222
Carrefour Super Marche 250 147,144
Castorama Dubois Investissment 120 19,600
Castorama Dubois Investissment Bonus Rights (b) 120 1,940
Ecco Ste 500 87,166
Guilbert SA 100 10,590
L'Oreal 100 25,580
LVMH Moet-Hennessy Louis Vuitton 530 100,277
PSA Peugeot Citroen 175 23,986
Pinault Printemps Redoute 370 78,670
Rexel 150 25,661
Sanofi 335 21,491
Sodexho 130 31,771
Television Francais 1,270 125,703
----------
Subtotal 764,801
ENERGY - .75%
Elf Aquitaine 1,000 67,676
Primagaz Rights 15 1,120
Primagaz (Cie Des Gaz Petrole) 150 10,356
Total - Class B 1,100 66,760
----------
Subtotal 145,912
FINANCIAL COMPANIES - .24%
Assurances Generales De France 290 7,944
Societe Generale 180 18,476
Credit Local De France 244 19,683
----------
Subtotal 46,103
</TABLE>
<PAGE> 43
<TABLE>
<S> <C> <C>
UTILITIES - .99%
Eaux (Cie Generale Des) 2,000 192,662
----------
Total France 1,588,142
GERMANY - 4.23%
BASIC INDUSTRY - 1.10%
Bayer AG 280 71,626
Bilfinger & Berger Bauag 90 39,847
Hoechst AG 89 21,722
Shering AG 1,100 81,479
----------
Subtotal 214,674
CAPITAL GOODS - .74%
Buderus AG 58 25,394
Krones AG 70 27,056
Mannesmann AG 280 92,287
----------
Subtotal 144,737
CONSUMER PRODUCTS - 1.50%
Altana 50 29,516
Fielmann AG 186 9,477
Gehe AG 250 117,977
Gehe AG Rights (b) 60 27,408
Hornbach Baumarkt AG 20 11,244
Hornbach Holdings 40 43,290
Praktiker Bau-und Heimwerkemaekte 309 10,695
Volkswagen AG 130 42,345
----------
Subtotal 291,952
FINANCIAL COMPANIES - .89%
Allianz AG Holdings (b) 56 101,378
Allianz AG Holdings Rights (b) 3 5,395
Allianz AG Holdings Warrants 10 9,452
Deutsche Bank AG 1,200 57,371
----------
Subtotal 173,596
----------
Total Germany 824,959
HONG KONG - 3.68%
FINANCE COMPANIES - 3.68%
First Pacific Co. 66,000 70,426
Guangzhou Investments 226,000 44,431
Guoco Group 16,000 80,088
Hong Kong Land Holdings 70,000 122,500
Hutchison Whampoa 32,000 173,420
Swire Pacific Co. 11,000 87,144
Wharf Holdings 45,000 140,270
----------
Subtotal 718,279
ITALY - 2.12%
BASIC INDUSTRY - .21%
Danieli & Co. Di Risp 2,000 6,019
Sasib Di Risp 6,000 15,638
Sasib 2,106 10,024
Unicem (Union-CEM-March Emil) (b) 1,400 9,035
----------
Subtotal 40,716
CONSUMER PRODUCTS - .12%
Rinascente (La) 3,000 17,853
SME (Meridionale De Finanziaria) (b) 3,031 6,357
----------
Subtotal 24,210
FINANCIAL COMPANIES - .72%
Assicurazioni Generali 4,000 92,585
BCA Fideuram 18,000 20,105
Imi Spa 1,000 6,001
Istituto National Assicurazioni 8,000 10,822
RAS 1,000 10,735
----------
Subtotal 140,248
</TABLE>
<PAGE> 44
<TABLE>
<S> <C> <C>
UTILITIES - .09%
Italgas (Societa Italiana II Gas) Spa 6,000 17,946
TELECOMMUNICATIONS - .98%
STET 20,000 60,813
STET Di Risp 7,000 16,354
Telecom Italia Di Risp 13,508 17,687
Telecom Italia Mobile (b) 26,000 43,401
Telecom Italia Spa 31,557 52,187
----------
Subtotal 190,442
----------
Total Italy 413,562
JAPAN - 25.24%
BASIC INDUSTRY - 6.12%
Daiwa House Industry Co. 7,000 110,694
Inax 4,000 40,101
Ishihara Sangyo Kaisha (b) 4,000 13,178
Kumagai Gumi 8,000 35,844
Kuraray Co. 8,000 80,365
Mitsubishi Paper Mills Limited 6,000 35,094
National House Industry 2,000 37,506
Nippon Hodo 2,000 34,465
Nippon Steel Corp. 41,000 143,801
Sangetsu Co. Limited 1,000 24,227
Sekisui Chemical Co. Limited 9,000 114,952
Sekisui House 7,000 87,278
Shinetsu Chemical Co. Limited 3,000 58,388
Sumitomo Elecric Industries Limited 12,000 147,187
Sumitomo Forestry Co. Limited 4,000 63,254
Teijin 14,000 67,410
Tokyo Steel Manufacturing 3,000 58,084
Yurtec Corp. 2,000 41,561
----------
Subtotal 1,193,389
CAPITAL GOODS - 9.24%
Advantest 1,000 59,402
Alps Electric Co. 4,000 42,169
Amada Co. Limited 8,000 79,635
Canon, Inc. 8,000 143,538
Citizen Watch Co. 4,000 28,991
DDI Corp. 5 41,460
Dai Nippon Screen Manufacturing (b) 6,000 49,265
Daifuku 2,000 24,531
Fanuc Co. Limited 2,000 89,610
Hitachi 12,000 131,374
Hitachi Zosen Corp. 12,000 58,875
Kokuyo Co. 3,000 63,862
Komatsu Limited 10,000 80,689
Komori Corp. 3,000 71,465
Kyocera Corp. 3,000 247,542
Makita Corp. 5,000 79,574
Mitsubishi Heavy Industries Limited 21,000 161,784
Murata Manufacturing 2,000 75,418
NEC Corp. 11,000 153,877
Nippon Telephone & Telegraph Corp. 2 17,293
SEGA Enterprises 1,000 57,476
Tokyo Electron 1,000 43,690
----------
Subtotal 1,801,520
CONSUMER PRODUCTS - 6.73%
Daiichi Pharmaceutical 7,000 97,212
Honda Motor Co. 3,000 54,131
Ito-Yokado Co. 2,000 111,100
Marui Co. Limited 7,000 131,272
Matsushita Electric Industrial Co. 8,000 123,264
Mitsubishi Corp. 5,000 56,259
Pioneer Electronic Corp. 4,000 72,580
Sankyo 4,000 91,637
Seven Eleven Japan Co. Limited 1,000 67,511
Sharp Corp. 9,000 126,812
Sony Corp. 2,000 104,207
Sumitomo Corp. 14,000 134,394
</TABLE>
<PAGE> 45
<TABLE>
<S> <C> <C>
TDK Corp. 2,000 103,396
Toppan Printing 3,000 38,317
----------
Subtotal 1,312,092
ENERGY - .16%
Mitsui Petrochemical Industries 4,000 32,032
FINANCIAL COMPANIES - 1.67%
Mitsui Fudosan 12,000 144,754
Nomura Securities Co. Limited 7,000 137,658
Tokio Marine & Fire Insurance Co. 4,000 43,386
----------
Subtotal 325,798
TRANSPORTATION & STORAGE - 1.32%
East Japan Railway 22 109,275
Nippondenso Co. 8,000 148,403
----------
Subtotal 257,678
----------
Total Japan 4,922,509
MALAYSIA - 3.41%
BASIC INDUSTRY - .15%
Aokam Perdana Berhad 14,000 28,162
CAPITAL GOODS - 1.25%
Renong Berhad 41,000 71,205
United Engineers (Malayaysia) Berhad 27,000 173,153
----------
Subtotal 244,358
FINANCIAL COMPANIES - 2.01%
Affin Holdings Berhad 55,000 104,720
Berjaya Sports Toto Berhad 19,000 40,112
Commerce Asset-Holdings Berhad Warrants (b) 5,000 14,539
MBF Capital Berhad 32,000 34,415
Multi-Purpose Holding 47,000 73,013
Technology Resources Industries (b) 48,000 125,234
----------
Subtotal 392,033
----------
Total Malaysia 664,553
MEXICO - 1.88%
BASIC INDUSTRY - .40%
Cemex SA - Class B 4,950 19,831
Grupo Embotellador De Mexico (b) 2,251 13,085
Tolmex SA De Cv - Class B 8,870 44,873
----------
Subtotal 77,789
CAPITAL GOODS - .02%
Grupo Sidek SA De CV - Class B (b) 6,550 4,507
CONSUMER PRODUCTS - .82%
CIFRA SA De Cv ADR 52,323 59,648
Fomento Ecomomico Mexicano SA De Cv 3,859 9,810
Fomento Ecomomico Ser B 4,500 11,439
Grupo Industrial Maseca SA De Cv - Class B 20,800 16,339
Grupo Modelo SA - Class C 1,784 7,287
Grupo Televisa GDR 1,570 31,400
Panamerican Beverages ADR 860 23,112
----------
Subtotal 159,035
FINANCIAL COMPANIES - .09%
Gruma SA De Cv 3,630 13,231
Grupo Financiero Banamex - Class B 2,490 4,812
Grupo Financiero Banamex - Class L 124 221
----------
Subtotal 18,264
TELECOMMUNICATIONS - .55%
Telefonos De Mexico SA De Cv 3,360 106,680
----------
Total Mexico 366,275
</TABLE>
<PAGE> 46
<TABLE>
<S> <C> <C>
NETHERLANDS - 10.18%
BASIC INDUSTRY - .28%
Akzo Nobel NV 444 53,545
CONSUMER PRODUCTS - 6.89%
Koninklijka Ahold NV 1,170 44,144
Koninklijka Ahold NV - stock dividend 1,170 433
CSM CVA 2,400 97,935
Elsevier NV 29,260 376,565
Hagemeyer 530 24,422
Nutricia (Verenigde Bedrijven) 380 28,699
Polygram NV 2,257 147,359
Unilever NV 890 116,160
Wolters Kluwer 5,500 507,220
----------
Subtotal 1,342,937
ENERGY - 1.47%
Royal Dutch Petroleum Co. 2,330 287,575
FINANCIAL COMPANIES - 1.32%
ABN AMRO Holdings NV 1,490 61,924
ABN AMRO Holdings NV-stock dividend 1,490 1,412
Fortis AMEV NV 990 57,987
Fortis AMEV NV-stock dividend 990 0
Internationale Nederlanden Groep 2,300 134,139
Internationale Nederlanden Groep-stock dividend 2,300 2,845
----------
Subtotal 258,307
TRANSPORTATION & STORAGE - .22%
Koninklijke Ptt Nederland 1,210 42,919
----------
Total Netherlands 1,985,283
NEW ZEALAND - 1.02%
BASIC INDUSTRY - .41%
Carter Holt Harvey 11,000 25,636
Fernz Corp. 5,000 13,727
Fletcher Challenge 7,000 18,895
Fletcher Challenge Forest Division 15,993 21,374
----------
Subtotal 79,632
CONSUMER PRODUCTS - .04%
Independent Newspapers 3,000 8,690
TELECOMMUNICATIONS - .38%
New Zealand Telecom 19,000 74,176
TRANSPORTATION & STORAGE - .19%
Air New Zealand - Class B 11,000 37,295
----------
Total New Zealand 199,793
NORWAY - 1.60%
CAPITAL GOODS - .73%
Kvaerner Industrier 760 32,315
Orkla AS 2,280 110,249
----------
Subtotal 142,564
ENERGY - .80%
Norsk Hydro 3,400 146,471
Saga Petroleum - Class B 710 8,682
----------
Subtotal 155,153
TRANSPORTATION & STORAGE - .07%
Bergesen D-Y AS 650 14,442
----------
Total Norway 312,159
PORTUGAL - .27%
CONSUMER PRODUCTS - .27%
Jeronimo Martins SGPS 1,040 52,249
</TABLE>
<PAGE> 47
<TABLE>
<S> <C> <C>
SINGAPORE - 2.67%
CAPITAL GOODS - .42%
Far East-Levingston Shipbuilding 5,000 21,992
Jurong Shipyard 4,000 28,712
Sembawang Corp. 6,000 31,457
----------
Subtotal 82,161
CONSUMER PRODUCTS - .19%
Singapore Press Holdings 2,400 36,819
FINANCIAL COMPANIES - 1.63%
DBS Land 13,000 38,607
Development Bank of Singapore 3,000 34,201
Overseas Union Bank 7,000 44,828
Overseas Union Enterprises 6,000 30,401
Singapore Land 9,000 52,252
United Industrial Corp. 22,000 19,507
United Overseas Bank 10,000 86,559
United Overseas Bank Warrants (b) 3,000 11,717
----------
Subtotal 318,072
TRANSPORTATION & STORAGE - .43%
Keppel Corp. 3,000 24,068
Neptune Orient Lines 13,000 13,906
Singapore Airlines 5,000 46,446
----------
Subtotal 84,420
----------
Total Singapore 521,472
SPAIN - 2.40%
BASIC INDUSTRY - .14%
Fomento de Construcciones y Contratas SA 340 28,290
CONSUMER PRODUCTS - .34%
Centros Comerciales Pryca 3,270 65,432
ENERGY - .31%
Repsol SA ADR 130 4,127
Repsol 1,767 55,510
----------
Subtotal 59,637
FINANCIAL COMPANIES - .40%
Banco De Santander SA 1,090 45,745
Banco Popular Espanol 210 32,764
----------
Subtotal 78,509
UTILITIES - 1.21%
Empresa Nacional De Elec (Endesa) 2,090 107,223
Gas Natural Sdg SA 510 65,204
Iberdrola I SA 5,518 41,568
Sevillana De Electricidad 3,415 22,233
----------
Subtotal 236,228
----------
Total Spain 468,096
SWEDEN - 2.39%
BASIC INDUSTRY - .13%
Stora Kopparbergs Bergsl AB 1,950 26,320
CAPITAL GOODS - .82%
ASEA AB 480 48,158
Atlas Copco AB - Class B 2,720 44,959
Sandvik AB - Class B 3,360 67,421
----------
Subtotal 160,538
CONSUMER PRODUCTS - 1.44%
Astra AB 4,560 160,619
Electrolux Co. - Class B 1,510 72,261
Esselte - Class B 560 7,963
Hennes & Mauritz AB - Class B 610 39,274
----------
Subtotal 280,117
----------
Total Sweden 466,975
</TABLE>
<PAGE> 48
<TABLE>
<S> <C> <C>
SWITZERLAND - 4.53%
BASIC INDUSTRY - .25%
Ciba Geigy AG 60 48,355
CAPITAL GOODS - 1.08%
BBC AG Brown, Boveri and Cie 180 209,765
CONSUMER PRODUCTS - 2.35%
Nestle SA 150 154,439
Roche Holdings AG 30 213,055
Sandoz AG 120 91,906
----------
Subtotal 459,400
FINANCIAL COMPANIES - .85%
CS Holdings 500 47,215
Schweizerischer Bankverein 200 76,936
Union Bank of Switzerland 40 41,218
----------
Subtotal 165,369
----------
Total Switzerland 882,889
THAILAND - 1.15%
BASIC INDUSTRY - .15%
Siam Cement Public Co. 500 29,506
CAPITAL GOODS - .28%
Advanced Info Service plc 1,300 20,941
Advanced Info Service For Rg 1,000 15,789
United Communications Industries 1,400 18,198
----------
Subtotal 54,928
FINANCIAL COMPANIES - .72%
Bangkok Bank 4,000 44,976
Bank of Ayudhya 5,500 29,825
Land & House Public Co. 700 10,997
Siam Commercial Bank Public Co. 2,800 31,483
Thai Farmers Bank Public 2,600 22,600
----------
Subtotal 139,881
----------
Total Thailand 224,315
UNITED KINGDOM - 16.94%
BASIC INDUSTRY - 1.18%
Caradon 23,000 78,811
Heywood Williams Grp 3,000 9,662
Laing John 7,000 24,097
Rtz Corp 8,000 117,373
----------
Subtotal 229,943
CAPITAL GOODS - .79%
Rolls-Royce 7,000 19,277
Tomkins 34,000 135,337
----------
Subtotal 154,614
CONSUMER GOODS - 9.55%
ASDA Group 42,000 68,800
Argos 10,000 78,106
Argyll Group 15,000 79,768
Cadbury Schweppes 14,000 106,136
Coats Viyella 9,000 28,560
Compass Group 7,000 46,808
Glaxo Wellcome 11,000 133,446
Grand Metropolitan 19,000 133,818
Guiness 16,000 131,175
Hillsdown Holdings 8,000 22,348
Kingfisher 13,000 103,699
Ladbroke Group 13,000 34,669
Rank Organisation 14,000 94,171
Reed International 17,000 256,818
Sears Holdings 8,000 13,928
Smith (David S) 6,000 58,639
Smithkline Beecham 27,000 268,791
</TABLE>
<PAGE> 49
<TABLE>
<S> <C> <C>
T&N 17,000 48,162
Tesco 13,000 64,400
United News & Media 11,000 90,618
-----------
Subtotal 1,862,860
ENERGY - 1.17%
British Gas 11,000 46,223
British Petroleum 7,000 52,625
Shell Transport and Trading Co. 11,000 129,529
-----------
Subtotal 228,377
FINANCIAL COMPANIES - 2.21%
Abbey National 17,000 145,830
Heath (Ce) 2,000 4,716
National Westminster Bank 28,000 280,075
-----------
Subtotal 430,621
TRANSPORTATION & STORAGE. - .12%
BAA 3,000 23,741
UTILITIES - 1.92%
Cable & Wireless 17,000 112,063
East Midland Electricity 7,000 95,113
Eastern Group 2,000 30,784
London Electricity 10,000 136,904
-----------
Subtotal 374,864
-----------
Total United Kingdom 3,305,020
-----------
Total Common Stocks
(cost $18,586,328) 19,499,984
-----------
PREFERRED STOCK - .02%
AUSTRALIA - .02%
TRANSPORTATION & STORAGE - .02%
TNT Limited 8% Convertible Preferred 3,000 4,823
-----------
Total Preferred Stock
(cost $4,608) 4,823
-----------
TOTAL INVESTMENTS - 100%
(cost $18,590,936) $19,504,807
===========
</TABLE>
(a) Security exempt from registration under Rule 144(a) of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period end,
the value of these securities amounted to $17,420, or .08% of net assets.
(b) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
<PAGE> 50
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
----------- ----------
<S> <C> <C>
COMMON STOCKS - 97.78%
AEROSPACE & AIRCRAFT - 2.69%
OEA, Inc. 5,000 $163,750
APPAREL - 2.14%
Tommy Hilfiger Corp. (a) 4,000 130,000
BANKS - 5.14%
Integra Financial Corp. 2,000 116,250
Marshall & Ilsley Corp. 3,000 75,375
Mercantile Bancorporation 2,700 120,825
--------
Subtotal 312,450
BROADCAST & COMMUNICATIONS - 5.39%
Catalina Marketing (a) 2,200 136,400
Comcast Corp. - Class A 4,500 90,000
Cox Communications - Class A (a) 5,000 101,250
--------
Subtotal 327,650
BUSINESS SERVICES - 4.07%
CUC International, Inc. (a) 3,750 130,781
Olsten Corp. 3,000 116,625
--------
Subtotal 247,406
CHEMICALS - 5.64%
Eckerd Corp. (a) 3,000 120,000
Great Lakes Chemical Corp. 2,000 135,250
Guidant Corp. 3,000 87,750
--------
Subtotal 343,000
COMPUTERS & SOFTWARE - 9.59%
Adobe Systems, Inc. 1,000 51,750
Alantec Corp. (a) 400 12,700
America Online, Inc. (a) 700 48,125
Broderbund Software (a) 600 45,675
Ceridian Corp. (a) 2,000 88,750
Danka Business Systems 1,500 54,000
Intuit, Inc. (a) 400 18,800
National Data Corp. 3,400 91,375
Shiva Corp. (a) 400 24,500
SunGard Data Systems, Inc. (a) 4,000 117,000
Synopsys, Inc. (a) 1,000 30,750
--------
Subtotal 583,425
DRUGS - 4.11%
Biogen, Inc. (a) 1,300 78,000
Cardinal Health, Inc. 1,200 66,450
Medeva PLC 6,500 105,625
--------
Subtotal 250,075
DURABLE GOODS - 2.95%
Alco Standard Corp. 1,500 127,125
Danaher Corp. 1,600 52,400
--------
Subtotal 179,525
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ELECTRONICS - 9.14%
Actel Corp. (a) 1,500 26,438
ADT (a) 11,000 151,250
AVX Corp. (a) 3,000 100,500
Elsag Bailey Process Auto NV (a) 1,500 48,937
Hubbell Inc. - Class B 1,400 82,075
Maxim Integrated Products (a) 800 59,200
Teleflex, Inc. 1,800 72,900
Xilinx, Inc. (a) 300 14,437
--------
Subtotal 555,737
FINANCE COMPANIES - 3.50%
First Financial Management Corp. 1,000 97,625
Franklin Resources, Inc. 2,000 115,250
--------
Subtotal 212,875
FOOD SERVICE - 1.08%
Boston Chicken Inc. (a) 2,500 65,313
HEALTH PRODUCTS & CARE - 2.44%
Pacificare Health Systems - Class B (a) 1,000 68,000
Sybron International Corp. (a) 2,000 80,500
--------
Subtotal 148,500
HOTEL & MOTEL - 1.29%
Hospitality Franchise Systems, Inc. (a) 1,500 78,563
INDUSTRIAL MACHINERY - 1.15%
Albany International Corp. - Class A 3,000 70,125
INSURANCE - 1.71%
PMI Group, Inc. 2,200 104,225
MINING - 6.15%
Freeport-McMoran Copper & Gold (a) 4,000 102,500
Minerals Technologies, Inc. 2,500 94,063
Pegasus Gold, Inc. (a) 5,000 68,125
Placer Dome, Inc. 1,500 39,375
TVX Gold, Inc. (a) 10,000 70,000
--------
Subtotal 374,063
OIL & GAS - 5.80%
Camco International, Inc. 2,200 53,900
Cooper Cameron Corp. (a) 1,000 25,875
Enterra Corp. (a) 2,000 44,000
Halliburton Co. 2,000 83,500
Oceaneering International, Inc. (a) 7,000 76,125
Smith International, Inc. (a) 4,000 69,500
--------
Subtotal 352,900
RETAIL - 13.46%
Circuit City Stores, Inc. 4,000 126,500
Circle K. Corp. 2,600 53,950
Corporate Express 2,000 48,750
General Nutrition Co. (a) 3,000 136,500
Kohls Corp. (a) 2,000 103,750
Office Depot, Inc. (a) 4,000 120,500
Price/Costco, Inc. (a) 6,500 111,312
Revco DS, Inc. (a) 5,000 117,500
--------
Subtotal 818,762
STEEL - 1.02%
Trimas Corp. 3,000 62,250
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TELECOMMUNICATIONS - 7.17%
Advo, Inc. 4,500 106,875
Ascend Communications, Inc. (a) 400 32,000
Mobile Telecommunications Technologies, Corp. (a) 3,000 92,625
Paging Network, Inc. (a) 1,800 86,400
US Cellular Corp. (a) 1,700 62,050
Vanguard Cellular Systems - Class A (a) 2,200 56,375
----------
Subtotal 436,325
WASTE DISPOSAL - 2.15%
Sanifill, Inc. (a) 4,000 131,000
----------
Total Common Stocks
(cost $5,017,490) 5,947,919
----------
SHORT-TERM INVESTMENTS - 2.22%
COMMERCIAL PAPER - 2.22%
Wal-Mart Stores, 5.70%, 10/11/1995 $135,000 134,786
----------
Total Short-Term Investments
(cost $134,786) 134,786
----------
TOTAL INVESTMENTS - 100%
(cost $5,152,276) $6,082,705
==========
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(a) Non-income producing.
The accompanying notes to unaudited financial statements are an integral part
of this statement.
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