<PAGE> 1
Dear Investors:
We are pleased to provide you with this report on the operations of the JNL
Series Trust for the
six-month period ended September 30, 1996.
The JNL Series Trust has sixteen Series, each of which is managed by one of
eight professional money managers. The performance of each of the Series is
influenced by its investment objective and the investment style of its money
manager. Despite their differing approaches to the markets, all of the Series
returned positive performance during the six-month period ended September 30,
1996.
The United States financial markets were extremely volatile during the
period. The equity markets declined significantly in July, then recovered and
posted a gain for the period. Interest rates rose early in the period, putting
pressure on stocks, but fell after the Federal Reserve Board chose not to raise
rates at both the August and September Federal Open Market Committee meetings.
The bond markets diverged sharply from the equity markets. The bond markets fell
during the second calendar quarter and, while they posted both gains and losses
throughout the second half of the period, ended the third calendar quarter close
to where they started. The volatility in both the equity and bond markets was
driven by divergent opinions concerning the strength of the economy.
The international markets performed well overall during the period with
most of the gains occurring in the second calendar quarter. The emerging markets
sector posted impressive returns and the European markets turned in good
performance, while the Japanese market showed some weakness.
I hope you are pleased with the performance of the JNL Series Trust. Thank
you for your continued confidence in our products and services. We strive to
provide successful investment vehicles for your financial goals.
Respectfully,
John A. Knutson
John A. Knutson
President
<PAGE> 2
JNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
JNL/PHOENIX
JNL JNL/EAGLE JNL/EAGLE INVESTMENT
AGGRESSIVE JNL CAPITAL JNL GLOBAL JNL/ALGER CORE SMALLCAP COUNSEL
GROWTH GROWTH EQUITIES GROWTH EQUITY EQUITY BALANCED
SERIES SERIES SERIES SERIES SERIES SERIES SERIES
----------- ----------- ----------- ----------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at
cost......................... $24,321,530 $26,454,895 $35,300,069 $30,435,298 $ 937,472 $ 944,404 $18,915,346
=========== =========== =========== =========== ========== ========== ===========
Investments in securities, at
value........................ $26,486,903 $31,274,410 $39,814,877 $32,946,280 $ 942,822 $ 984,263 $19,608,187
Cash........................... 93,424 16,020 33,249 1,695,344 62,585 50,562 4,819
Foreign currency............... -- -- -- -- -- -- --
Receivables:
Dividends and interest....... 6,131 119,656 28,592 11,163 740 758 96,249
Forward foreign currency
exchange contracts......... 1,297,257 1,380,352 9,305,727 -- -- -- --
Foreign taxes recoverable.... 981 1,765 12,114 -- -- -- 16
Investment securities sold... 42,118 250 14,017 -- -- -- 659,404
Reimbursements from
Adviser.................... -- 4,440 -- 6,846 1,242 1,257 --
Prepaid expenses............... 448 1,192 111 33,771 -- -- 306
----------- ----------- ----------- ----------- ---------- ---------- -----------
TOTAL ASSETS................... 27,927,262 32,798,085 49,208,687 34,693,404 1,007,389 1,036,840 20,368,981
----------- ----------- ----------- ----------- ---------- ---------- -----------
LIABILITIES
Payables:
Advisor...................... 30,187 21,706 42,250 25,314 320 342 20,163
Forward foreign currency
exchange contracts......... 1,294,345 1,396,746 9,210,613 -- -- -- --
Investment securities
purchased.................. 1,433,630 455,331 582,498 698,886 -- -- 835,370
Accrued expenses and other
liabilities.................. 40,548 32,098 59,793 22,180 1,296 1,311 29,113
----------- ----------- ----------- ----------- ---------- ---------- -----------
TOTAL LIABILITIES.............. 2,798,710 1,905,881 9,895,154 746,380 1,616 1,653 884,646
----------- ----------- ----------- ----------- ---------- ---------- -----------
NET ASSETS..................... $25,128,552 $30,892,204 $39,313,533 $33,947,024 $1,005,773 $1,035,187 $19,484,335
=========== =========== =========== =========== ========== ========== ===========
NET ASSETS CONSIST OF:
Paid-in capital.............. $22,034,660 $26,410,568 $32,339,842 $32,290,557 $1,000,000 $1,000,000 $18,444,510
Undistributed net investment
income..................... 101,061 156,429 119,479 12,625 423 362 172,584
Net realized gain (loss) on
investments and foreign
currency related items..... 824,545 (478,116) 2,244,324 (867,140) -- (5,034) 174,400
Net unrealized appreciation
(depreciation) on:
Investments.................. 2,165,373 4,819,515 4,514,808 2,510,982 5,350 39,859 692,841
Foreign currency related
items...................... 2,913 (16,192) 95,080 -- -- -- --
----------- ----------- ----------- ----------- ---------- ---------- -----------
NET ASSETS..................... $25,128,552 $30,892,204 $39,313,533 $33,947,024 $1,005,773 $1,035,187 $19,484,335
=========== =========== =========== =========== ========== ========== ===========
TOTAL SHARES OUTSTANDING (NO
PAR VALUE), UNLIMITED SHARES
AUTHORIZED................... 1,779,453 2,019,588 2,518,932 3,154,363 100,000 100,000 1,658,414
=========== =========== =========== =========== ========== ========== ===========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE... $14.12 $15.30 $15.61 $10.76 $10.06 $10.35 $11.75
=========== =========== =========== =========== ========== ========== ===========
</TABLE>
See notes to the financial statements.
2
<PAGE> 3
<TABLE>
<CAPTION>
SALOMON
JNL/PHOENIX PPM PPM PPM SALOMON BROTHERS/JNL T. ROWE
INVESTMENT AMERICA/JNL AMERICA/JNL AMERICA/JNL BROTHERS/JNL U.S. PRICE/JNL
COUNSEL HIGH YIELD MONEY VALUE GLOBAL GOVERNMENT ESTABLISHED
GROWTH BOND MARKET EQUITY BOND & QUALITY BOND GROWTH
SERIES SERIES SERIES SERIES SERIES SERIES SERIES
----------- ----------- ----------- ----------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$14,135,262 $12,320,541 $23,818,375 $11,960,870 $12,555,628 $ 10,362,920 $24,614,841
=========== =========== =========== =========== =========== =========== ===========
$14,654,644 $12,527,608 $23,818,375 $12,774,913 $12,772,911 $ 10,341,130 $27,005,996
799 42,655 2,068 212,125 257 26,782 349
-- -- -- -- -- -- 75,940
9,775 297,145 -- 20,379 245,220 63,226 32,900
-- -- -- -- 3,470,348 -- --
9 -- -- -- -- -- 3,040
499,778 373,920 -- -- 17,906 972,016 --
-- 6,252 3,488 15,825 -- 4,646 --
1,187 786 257 2,180 246 181 303
----------- ----------- ----------- ----------- ----------- ----------- -----------
15,166,192 13,248,366 23,824,188 13,025,422 16,506,888 11,407,981 27,118,528
----------- ----------- ----------- ----------- ----------- ----------- -----------
17,855 7,437 10,816 7,371 12,635 4,589 29,666
-- -- -- -- 3,440,646 -- --
785,781 379,297 75,215 1,181,709 3,018,335 1,104,260
21,941 21,804 18,581 22,844 37,115 20,015 26,044
----------- ----------- ----------- ----------- ----------- ----------- -----------
825,577 408,538 29,397 105,430 4,672,105 3,042,939 1,159,970
----------- ----------- ----------- ----------- ----------- ----------- -----------
$14,340,615 $12,839,828 $23,794,791 $12,919,992 $11,834,783 $ 8,365,042 $25,958,558
=========== =========== =========== =========== =========== =========== ===========
$13,332,116 $12,113,927 $23,794,791 $11,827,306 $10,900,993 $ 8,189,238 $23,512,055
41,578 502,413 -- 97,630 511,008 187,410 77,261
447,539 16,421 -- 181,013 169,223 10,184 (21,509)
519,382 207,067 -- 814,043 217,283 (21,790) 2,391,155
-- -- -- -- 36,276 -- (404)
----------- ----------- ----------- ----------- ----------- ----------- -----------
$14,340,615 $12,839,828 $23,794,791 $12,919,992 $11,834,783 $ 8,365,042 $25,958,558
=========== =========== =========== =========== =========== =========== ===========
1,017,953 1,184,860 23,794,791 954,336 1,051,811 810,997 2,090,438
=========== =========== =========== =========== =========== =========== ===========
$14.09 $10.84 $1.00 $13.54 $11.25 $10.31 $12.42
=========== =========== =========== =========== =========== =========== ===========
<CAPTION>
T. ROWE
PRICE/JNL T. ROWE
INTERNATIONAL PRICE/JNL
EQUITY MID-CAP
INVESTMENT GROWTH
SERIES SERIES
------------- -----------
<S> <C> <C>
$ 34,755,901 $35,503,115
=========== ===========
$ 38,179,720 $38,862,592
1,742,158 448
134,873 --
87,633 8,640
32,101 --
-- 314
5,092 20,673
-- --
146 108
----------- -----------
40,181,723 38,892,775
----------- -----------
95,737 38,821
-- --
156,187 1,165,423
40,081 28,108
----------- -----------
292,005 1,232,352
----------- -----------
$ 39,889,718 $37,660,423
=========== ===========
$ 36,044,012 $33,483,082
385,715 31,705
36,552 786,159
3,423,819 3,359,477
(380) --
----------- -----------
$ 39,889,718 $37,660,423
=========== ===========
3,407,083 2,578,564
=========== ===========
$11.71 $14.61
=========== ===========
</TABLE>
3
<PAGE> 4
JNL SERIES TRUST
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED, SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
JNL/PHOENIX
JNL JNL/EAGLE INVESTMENT
AGGRESSIVE JNL CAPITAL JNL GLOBAL JNL/ALGER CORE JNL/EAGLE COUNSEL
GROWTH GROWTH EQUITIES GROWTH EQUITY SMALLCAP BALANCED
SERIES SERIES SERIES SERIES SERIES* EQUITY SERIES* SERIES
---------- ----------- ---------- ---------- --------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends......................... $ 47,240 $ 203,486 $ 206,396 $ 66,887 $ 467 $ -- $ 31,582
Interest.......................... 137,505 53,181 78,369 52,450 330 758 179,215
Foreign tax withholding........... (2,579) (2,066) (17,955) -- -- -- (31)
---------- ---------- ---------- ---------- ------ ------- --------
TOTAL INVESTMENT INCOME........... 182,166 254,601 266,810 119,337 797 758 210,766
---------- ---------- ---------- ---------- ------ ------- --------
EXPENSES:
Investment advisory fees........ 77,495 86,405 131,014 104,937 320 342 54,125
Custodian fees.................. 30,149 22,066 58,930 10,114 115 130 7,831
Transfer agent fees............. 1,069 1,069 1,069 1,069 -- -- 1,069
Portfolio accounting fees....... 2,458 2,458 4,027 2,866 -- -- 2,479
Registration fees............... 49 100 82 66 26 26 33
Professional fees............... 14,224 14,224 18,114 14,739 1,057 1,057 14,717
Trustee fees.................... 887 887 887 887 36 36 887
Other........................... 1,905 1,905 1,905 1,905 62 62 1,905
---------- ---------- ---------- ---------- ------ ------- --------
TOTAL EXPENSES.................... 128,236 129,114 216,028 136,583 1,616 1,653 83,046
Less:
Reimbursement from Advisor...... (38,513) (29,151) (65,683) (15,822) (1,242) (1,257) (20,478)
Fees paid indirectly............ (927) (1,791) (476) (14,049) -- -- --
---------- ---------- ---------- ---------- ------ ------- --------
NET EXPENSES...................... 88,796 98,172 149,869 106,712 374 396 62,568
---------- ---------- ---------- ---------- ------ ------- --------
NET INVESTMENT INCOME (LOSS)...... 93,370 156,429 116,941 12,625 423 362 148,198
---------- ---------- ---------- ---------- ------ ------- --------
REALIZED AND UNREALIZED GAINS
(LOSSES)
Net realized gain (loss) on:
Investments..................... 29,322 (851,932) 750,609 (690,447) -- (5,034) 114,498
Foreign currency related
items......................... 4,123 7,898 32,114 -- -- -- --
Net change in unrealized
appreciation (depreciation) on:
Investments..................... 1,329,091 3,065,221 2,113,508 2,127,369 5,350 39,859 555,610
Foreign currency related
items......................... 2,884 (15,927) 82,122 -- -- -- --
---------- ---------- ---------- ---------- ------ ------- --------
NET REALIZED AND UNREALIZED GAIN
(LOSS).......................... 1,365,420 2,205,260 2,978,353 1,436,922 5,350 34,825 670,108
---------- ---------- ---------- ---------- ------ ------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....... $1,458,790 $2,361,689 $3,095,294 $1,449,547 $5,773 $35,187 $818,306
========== ========== ========== ========== ====== ======= ========
</TABLE>
- -------------------------
* For period September 16, 1996 (commencement of operations) through September
30, 1996.
See notes to the financial statements.
4
<PAGE> 5
<TABLE>
<CAPTION>
JNL/PHOENIX PPM PPM SALOMON T. ROWE
INVESTMENT PPM AMERICA/JNL AMERICA/JNL SALOMON BROTHERS/JNL PRICE/JNL
COUNSEL AMERICA/JNL MONEY VALUE BROTHERS/JNL U.S. GOVERNMENT ESTABLISHED
GROWTH HIGH YIELD MARKET EQUITY GLOBAL BOND & QUALITY BOND GROWTH
SERIES BOND SERIES SERIES SERIES SERIES SERIES SERIES
----------- ------------ ----------- ----------- ------------ --------------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 26,948 $ 3,681 $ -- $ 111,773 $ -- $ -- $ 118,813
51,174 425,456 366,196 -- 400,532 178,633 37,806
-- -- -- -- (176) -- (4,142)
---------- -------- -------- -------- -------- -------- ----------
78,122 429,137 366,196 111,773 400,356 178,633 152,477
---------- -------- -------- -------- -------- -------- ----------
34,240 33,750 39,799 27,285 37,428 19,090 69,887
981 5,194 4,474 16,963 7,187 5,687 753
1,069 887 1,068 1,069 1,069 1,069 1,069
2,479 2,458 2,457 2,479 2,458 2,479 2,458
33 66 50 16 66 33 166
12,121 16,223 13,216 14,121 18,423 13,915 14,511
887 887 887 887 887 887 887
1,905 1,905 1,905 1,905 1,905 1,905 1,905
---------- -------- -------- -------- -------- -------- ----------
53,715 61,370 63,856 64,725 69,423 45,065 91,636
(13,757) (20,870) (14,108) (31,982) (25,390) (21,887) (9,473)
(476) (1,298) (105) (3,835) (422) (132) (119)
---------- -------- -------- -------- -------- -------- ----------
39,482 39,202 49,643 28,908 43,611 23,046 82,044
---------- -------- -------- -------- -------- -------- ----------
38,640 389,935 316,553 82,865 356,745 155,587 70,433
---------- -------- -------- -------- -------- -------- ----------
311,235 41,296 -- 121,640 108,715 306 (96,804)
-- -- -- -- 4,843 -- (6,948)
381,685 176,262 -- 318,908 191,958 11,234 1,780,547
-- -- -- -- 30,516 -- (416)
---------- -------- -------- -------- -------- -------- ----------
692,920 217,558 -- 440,548 336,032 11,540 1,676,379
---------- -------- -------- -------- -------- -------- ----------
$ 731,560 $607,493 $316,553 $523,413 $692,777 $167,127 $1,746,812
========== ======== ======== ======== ======== ======== ==========
<CAPTION>
T. ROWE
PRICE/JNL T. ROWE
INTERNATIONAL PRICE/JNL
EQUITY MID-CAP
INVESTMENT GROWTH
SERIES SERIES
------------- ----------
<S> <C>
$ 476,481 $ 34,865
67,052 79,517
(37,955) --
---------- ----------
505,578 114,382
---------- ----------
176,085 109,605
1,556 4,881
1,069 1,069
4,085 3,376
66 66
14,424 14,717
887 887
1,905 1,905
---------- ----------
200,077 136,506
-- (9,623)
-- (69)
---------- ----------
200,077 126,814
---------- ----------
305,501 (12,432)
---------- ----------
90,988 406,887
(48,898) --
969,824 1,957,302
(731) --
---------- ----------
1,011,183 2,364,189
---------- ----------
$ 1,316,684 $2,351,757
========== ==========
</TABLE>
5
<PAGE> 6
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
<TABLE>
<CAPTION>
JNL AGGRESSIVE JNL CAPITAL JNL GLOBAL
GROWTH SERIES GROWTH SERIES EQUITIES SERIES
--------------------------- --------------------------- ---------------------------
SIX MONTHS PERIOD FROM SIX MONTHS PERIOD FROM SIX MONTHS PERIOD FROM
ENDED MAY 15, ENDED MAY 15, ENDED MAY 15,
SEPTEMBER 30, 1995* TO SEPTEMBER 30, 1995* TO SEPTEMBER 30, 1995* TO
1996 MARCH 31, 1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ----------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)........... $ 93,370 $ 14,650 $ 156,429 $ (27,120) $ 116,941 $ 41,731
Net realized gain (loss) on:
Investments.......................... 29,322 1,017,633 (851,932) 822,061 750,609 1,904,209
Foreign currency related items....... 4,123 (27,706) 7,898 (6,783) 32,114 (114,384)
Net change in unrealized appreciation
(depreciation) on:
Investments.......................... 1,329,091 836,282 3,065,221 1,754,294 2,113,508 2,401,300
Foreign currency related items....... 2,884 29 (15,927) (265) 82,122 12,958
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets from
operations........................... 1,458,790 1,840,888 2,361,689 2,542,187 3,095,294 4,245,814
----------- ---------- ----------- ---------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income.................. -- -- -- -- -- (2,088)
Net realized gain on investment
transactions......................... -- (205,786) -- (422,240) -- (365,329)
----------- ---------- ----------- ---------- ----------- -----------
Total distributions to shareholders.... -- (205,786) -- (422,240) -- (367,417)
----------- ---------- ----------- ---------- ----------- -----------
SHARE TRANSACTIONS:
Proceeds from the sale of shares....... 15,970,221 6,815,571 19,678,347 7,274,705 21,265,271 11,922,082
Reinvested income dividends............ -- -- -- -- -- 2,088
Reinvested capital gain
distributions........................ -- 205,786 -- 422,240 -- 365,329
Cost of shares redeemed................ (827,514) (129,404) (725,365) (239,359) (1,187,581) (27,347)
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets from share
transactions......................... 15,142,707 6,891,953 18,952,982 7,457,586 20,077,690 12,262,152
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets............. 16,601,497 8,527,055 21,314,671 9,577,533 23,172,984 16,140,549
Net assets beginning of period......... 8,527,055 -- 9,577,533 -- 16,140,549 --
----------- ---------- ----------- ---------- ----------- -----------
NET ASSETS END OF PERIOD............... $25,128,552 $8,527,055 $30,892,204 $9,577,533 $39,313,533 $16,140,549
=========== ========== =========== ========== =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME.... $ 101,061 $ 7,691 $ 156,429 $ -- $ 119,479 $ 2,538
=========== ========== =========== ========== =========== ===========
</TABLE>
- -------------------------
* Commencement of operations.
See notes to the financial statements.
6
<PAGE> 7
<TABLE>
<CAPTION>
JNL/EAGLE JNL/EAGLE JNL/PHOENIX
CORE EQUITY SMALLCAP INVESTMENT
JNL/ALGER SERIES EQUITY SERIES JNL/PHOENIX INVESTMENT COUNSEL
GROWTH SERIES ------------- ------------- COUNSEL BALANCED SERIES GROWTH SERIES
----------------------------- PERIOD FROM PERIOD FROM ----------------------------- -------------
SIX MONTHS PERIOD FROM SEPTEMBER 16, SEPTEMBER 16, SIX MONTHS PERIOD FROM SIX MONTHS
ENDED OCTOBER 16, 1996* TO 1996* TO ENDED MAY 15, ENDED
SEPTEMBER 30, 1995* TO SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 1995* TO SEPTEMBER 30,
1996 MARCH 31, 1996 1996 1996 MARCH 31, 1996
(UNAUDITED) 1996 (UNAUDITED) (UNAUDITED) (UNAUDITED) 1996 (UNAUDITED)
------------- ----------- ------------- ------------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 12,625 $ (4,334) $ 423 $ 362 $ 148,198 $ 64,994 $ 38,640
(690,447) (176,693) -- (5,034) 114,498 121,825 311,235
-- -- -- -- -- -- --
2,127,369 383,613 5,350 39,859 555,610 137,231 381,685
-- -- -- -- -- -- --
----------- ---------- ---------- ---------- ----------- ---------- -----------
1,449,547 202,586 5,773 35,187 818,306 324,050 731,560
----------- ---------- ---------- ---------- ----------- ---------- -----------
-- -- -- -- -- (40,871) --
-- -- -- -- -- (61,660) --
----------- ---------- ---------- ---------- ----------- ---------- -----------
-- -- -- -- -- (102,531) --
----------- ---------- ---------- ---------- ----------- ---------- -----------
25,849,399 8,603,764 1,000,000 1,000,000 14,734,044 4,496,694 11,583,833
-- -- -- -- -- 40,871 --
-- -- -- -- -- 61,660 --
(2,001,159) (157,113) -- -- (828,644) (60,115) (492,848)
----------- ---------- ---------- ---------- ----------- ---------- -----------
23,848,240 8,446,651 1,000,000 1,000,000 13,905,400 4,539,110 11,090,985
----------- ---------- ---------- ---------- ----------- ---------- -----------
25,297,787 8,649,237 1,005,773 1,035,187 14,723,706 4,760,629 11,822,545
8,649,237 -- -- -- 4,760,629 -- 2,518,070
----------- ---------- ---------- ---------- ----------- ---------- -----------
$33,947,024 $8,649,237 $1,005,773 $1,035,187 $19,484,335 $4,760,629 $14,340,615
=========== ========== ========== ========== =========== ========== ===========
$ 12,625 $ -- $ 423 $ 362 $ 172,584 $ 24,386 $ 41,578
=========== ========== ========== ========== =========== ========== ===========
<CAPTION>
PPM AMERICA/JNL
HIGH YIELD BOND SERIES
-----------------------------
PERIOD FROM SIX MONTHS PERIOD FROM
MAY 15, ENDED MAY 15,
1995* TO SEPTEMBER 30, 1995* TO
MARCH 31, 1996 MARCH 31,
1996 (UNAUDITED) 1996
----------- ------------- -----------
<S> <C> <C>
$ 3,173 $ 389,935 $ 384,605
254,010 41,296 (24,875)
-- -- --
137,697 176,262 30,805
-- -- --
---------- ----------- ----------
394,880 607,493 390,535
---------- ----------- ----------
(235) -- (272,127)
(117,706) -- --
---------- ----------- ----------
(117,941) -- (272,127)
---------- ----------- ----------
2,128,041 6,597,049 5,775,829
235 -- 272,127
117,706 -- --
(4,851) (520,243) (10,835)
---------- ----------- ----------
2,241,131 6,076,806 6,037,121
---------- ----------- ----------
2,518,070 6,684,299 6,155,529
-- 6,155,529 --
---------- ----------- ----------
$2,518,070 $12,839,828 $6,155,529
========== =========== ==========
$ 2,938 $ 502,413 $ 112,478
========== =========== ==========
</TABLE>
7
<PAGE> 8
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PPM AMERICA/JNL PPM AMERICA/JNL SALOMON BROTHERS/JNL
MONEY MARKET SERIES VALUE EQUITY SERIES GLOBAL BOND SERIES
------------------------------ ------------------------------ ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED PERIOD FROM ENDED PERIOD FROM ENDED PERIOD FROM
SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995*
1996 TO MARCH 31, 1996 TO MARCH 31, 1996 TO MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss).................... $ 316,553 $ 234,137 $ 82,865 $ 48,909 $ 356,745 $ 417,787
Net realized gain (loss) on:
Investments............... -- -- 121,640 90,665 108,715 76,520
Foreign currency related
items................... -- -- -- -- 4,843 14,461
Net change in unrealized
appreciation
(depreciation) on:
Investments............... -- -- 318,908 495,135 191,958 25,325
Foreign currency related
items................... -- -- -- -- 30,516 5,760
----------- ---------- ----------- ---------- ----------- ----------
Net increase in net assets
from operations........... 316,553 234,137 523,413 634,709 692,777 539,853
----------- ---------- ----------- ---------- ----------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS:
Net investment income....... (316,553) (234,137) -- (34,144) -- (284,881)
Net realized gain on
investment transactions... -- -- -- (31,292) -- (13,959)
----------- ---------- ----------- ---------- ----------- ----------
Total distributions to
shareholders.............. (316,553) (234,137) -- (65,436) -- (298,840)
----------- ---------- ----------- ---------- ----------- ----------
SHARE TRANSACTIONS:
Proceeds from the sale of
shares.................... 25,017,715 7,080,475 9,325,091 2,744,940 5,025,882 5,906,032
Reinvested income
dividends................. 316,553 234,137 -- 34,144 -- 284,881
Reinvested capital gain
distributions............. -- -- -- 31,292 -- 13,959
Cost of shares redeemed..... (8,355,116) (498,973) (293,817) (14,344) (263,939) (65,822)
----------- ---------- ----------- ---------- ----------- ----------
Net increase in net assets
from share transactions... 16,979,152 6,815,639 9,031,274 2,796,032 4,761,943 6,139,050
----------- ---------- ----------- ---------- ----------- ----------
Net increase in net
assets.................... 16,979,152 6,815,639 9,554,687 3,365,305 5,454,720 6,380,063
----------- ---------- ----------- ---------- ----------- ----------
Net assets beginning of
period.................... 6,815,639 -- 3,365,305 -- 6,380,063 --
----------- ---------- ----------- ---------- ----------- ----------
NET ASSETS END OF PERIOD.... $23,794,791 $ 6,815,639 $12,919,992 $ 3,365,305 $11,834,783 $ 6,380,063
=========== ========== =========== ========== =========== ==========
UNDISTRIBUTED NET INVESTMENT
INCOME.................... $ -- $ -- $ 97,630 $ 14,765 $ 511,008 $ 154,263
=========== ========== =========== ========== =========== ==========
</TABLE>
- -------------------------
* Commencement of operations.
See notes to the financial statements.
8
<PAGE> 9
<TABLE>
<CAPTION>
T. ROWE
SALOMON BROTHERS/JNL U.S. PRICE/JNL
GOVERNMENT & QUALITY T. ROWE PRICE/JNL T. ROWE PRICE/JNL INTERNATIONAL MID-CAP
BOND SERIES ESTABLISHED GROWTH SERIES EQUITY INVESTMENT SERIES GROWTH SERIES
------------------------------- ------------------------------- ------------------------------- -------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED PERIOD FROM ENDED PERIOD FROM ENDED PERIOD FROM ENDED
SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30,
1996 TO MARCH 31, 1996 TO MARCH 31, 1996 TO MARCH 31, 1996
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED)
------------- ------------- ------------- ------------- ------------- ------------- -------------
<S><C> <C> <C> <C> <C> <C> <C>
$ 155,587 $ 101,972 $ 70,433 $ 39,667 $ 305,501 $ 144,763 $ (12,432)
306 16,922 (96,804) 755,376 90,988 28,284 406,887
-- -- (6,948) (688) (48,898) (98,371) --
11,234 (33,024) 1,780,547 610,608 969,824 2,453,995 1,957,302
-- -- (416) 12 (731) 351 --
---------- ---------- ----------- ---------- ----------- ----------- -----------
167,127 85,870 1,746,812 1,404,975 1,316,684 2,529,022 2,351,757
---------- ---------- ----------- ---------- ----------- ----------- -----------
-- (69,090) -- (32,938) -- -- --
-- (8,103) -- (672,346) -- -- --
---------- ---------- ----------- ---------- ----------- ----------- -----------
-- (77,193) -- (705,284) -- -- --
---------- ---------- ----------- ---------- ----------- ----------- -----------
5,543,166 2,948,026 16,199,751 7,552,012 15,322,029 21,710,034 26,459,224
-- 69,090 -- 32,938 -- -- --
-- 8,103 -- 672,346 -- -- --
(352,040) (27,107) (760,047) (184,945) (959,966) (28,085) (1,695,706)
---------- ---------- ----------- ---------- ----------- ----------- -----------
5,191,126 2,998,112 15,439,704 8,072,351 14,362,063 21,681,949 24,763,518
---------- ---------- ----------- ---------- ----------- ----------- -----------
5,358,253 3,006,789 17,186,516 8,772,042 15,678,747 24,210,971 27,115,275
---------- ---------- ----------- ---------- ----------- ----------- -----------
3,006,789 -- 8,772,042 -- 24,210,971 -- 10,545,148
---------- ---------- ----------- ---------- ----------- ----------- -----------
$ 8,365,042 $ 3,006,789 $25,958,558 $ 8,772,042 $39,889,718 $24,210,971 $37,660,423
========== ========== =========== ========== =========== =========== ===========
$ 187,410 $ 31,823 $ 77,261 $ 6,828 $ 385,715 $ 80,214 $ 31,705
========== ========== =========== ========== =========== =========== ===========
<CAPTION>
T. ROWE
PRICE/JNL
MID-CAP
GROWTH SERIES
-------------
PERIOD FROM
MAY 15, 1995*
TO MARCH 31,
1996
-------------
<S><C>
$ 45,840
646,003
(638)
1,402,175
--
-----------
2,093,380
-----------
(1,703)
(266,093)
-----------
(267,796)
-----------
8,712,257
1,703
266,093
(260,489)
-----------
8,719,564
-----------
10,545,148
-----------
--
-----------
$10,545,148
===========
$ 44,137
===========
</TABLE>
9
<PAGE> 10
JNL SERIES TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
JNL AGGRESSIVE JNL CAPITAL JNL GLOBAL JNL/ALGER
GROWTH SERIES GROWTH SERIES EQUITIES SERIES GROWTH SERIES
---------------------------- ---------------------------- ----------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS PERIOD FROM SIX MONTHS
ENDED PERIOD FROM ENDED PERIOD FROM ENDED MAY 15, 1995* ENDED PERIOD FROM
SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, 1996 SEPTEMBER 30, OCTOBER 16,
1996 TO MARCH 31, 1996 TO MARCH 31, 1996 TO MARCH 31, 1996 1995* TO
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) MARCH 31, 1996
------------- ------------- ------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED
PER
SHARE
DATA
NET
ASSET
VALUE,
BEGINNING
OF
PERIOD... $ 13.13 $ 10.00 $ 13.86 $ 10.00 $ 13.75 $ 10.00 $ 10.38 $10.00
INCOME
FROM
INVESTMENT
OPERATIONS:
Net
investment
income... 0.04 0.01 0.08 -- 0.05 0.10 -- --
Net
realized
and
unrealized
gains
on
investments
and
foreign
currency
related
items... 0.95 3.53 1.36 4.70 1.81 4.02 0.38 0.38
------- ------ ------- ------ ------- ------- ------- -----
Total
income
from
investment
operations.. 0.99 3.54 1.44 4.70 1.86 4.12 0.38 0.38
------- ------ ------- ------ ------- ------- ------- -----
LESS
DISTRIBUTIONS:
From
net
investment
income... -- -- -- -- -- -- -- --
From
net
realized
gains
on
investment
transactions.. -- (0.41) -- (0.84) -- (0.37) -- --
------- ------ ------- ------ ------- ------- ------- -----
Total
distributions.. -- (0.41) -- (0.84) -- (0.37) -- --
------- ------ ------- ------ ------- ------- ------- -----
Net
increase... 0.99 3.13 1.44 3.86 1.86 3.75 0.38 0.38
------- ------ ------- ------ ------- ------- ------- -----
NET
ASSET
VALUE,
END
OF
PERIOD... $ 14.12 $ 13.13 $ 15.30 $ 13.86 $ 15.61 $ 13.75 $ 10.76 $10.38
======= ======= ======= ======= ======= ======= ======= ======
TOTAL
RETURN(A).. 7.54% 35.78% 10.39% 47.94% 13.53% 41.51% 3.66% 3.80%
RATIOS
AND
SUPPLEMENTAL
DATA
Net
assets,
end
of
period
(in
thousands).. $25,129 $ 8,527 $30,892 $ 9,578 $39,314 $16,141 $33,947 $8,649
Ratio
of
net
expenses
to
average
net
assets
(b)(c)... 1.08% 1.09% 1.07% 1.09% 1.14% 1.15% 0.99% 1.03%
Ratio
of
net
investment
income
to
average
net
assets(b)(c)... 1.14% 0.27% 1.71% (0.49)% 0.89% 0.39% 0.12% (0.17)%
Portfolio
turnover
rate... 59.66% 163.84% 101.13% 128.56% 30.55% 142.36% 40.59% 50.85%
Average
commission
rate
paid(d)... $ 0.021 -- $ 0.019 -- $ 0.011 -- $ 0.044 --
RATIO
INFORMATION
ASSUMING
NO
EXPENSE
REIMBURSEMENT
OR
FEES
PAID
INDIRECTLY
Ratio
of
expenses
to
average
net
assets(b)... 1.56% 2.77% 1.41% 2.08% 1.64% 2.25% 1.27% 1.89%
Ratio
of
net
investment
income
to
average
net
assets(b)... 0.66% (1.41)% 1.37% (1.48)% 0.40% (0.71)% (0.16)% (1.03)%
</TABLE>
- -------------------------
* Commencement of operations.
(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. Total
return is not annualized.
(b) Annualized.
(c) Computed after giving effect to the Adviser's expense reimbursement and
earnings credits on uninvested cash balances held at the custodian which
were used to reduce custodian expenses.
(d) Average commission rate paid is presented for fiscal periods beginning on or
after September 1, 1995 in conformance with requirements issued by the SEC.
See notes to the financial statements.
10
<PAGE> 11
<TABLE>
<CAPTION>
JNL/EAGLE
JNL/EAGLE SMALLCAP PPM
CORE EQUITY EQUITY AMERICA/JNL
SERIES SERIES JNL/PHOENIX INVESTMENT JNL/PHOENIX INVESTMENT HIGH YIELD
- ------------- -------------- COUNSEL BALANCED SERIES COUNSEL GROWTH SERIES BOND SERIES
PERIOD FROM PERIOD FROM -------------------------------- -------------------------------- --------------
SEPTEMBER 16, SEPTEMBER 16, SIX MONTHS SIX MONTHS SIX MONTHS
1996* TO 1996* TO ENDED PERIOD FROM ENDED PERIOD FROM ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30,
1996 1996 1996 TO MARCH 31, 1996 TO MARCH 31, 1996
(UNAUDITED) (UNAUDITED) (UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED)
- ------------- -------------- -------------- ------------- -------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
$ 10.00 $10.00 $ 11.17 $ 10.00 $ 12.50 $ 10.00 $ 10.23
-- -- 0.05 0.25 0.03 0.01 0.24
0.06 0.35 0.53 1.40 1.56 3.66 0.37
------ ------ ------- ------- ------- ------- -------
0.06 0.35 0.58 1.65 1.59 3.67 0.61
------ ------ ------- ------- ------- ------- -------
-- -- -- (0.19) -- -- --
-- -- -- (0.29) -- (1.17) --
------ ------ ------- ------- ------- ------- -------
-- -- -- (0.48) -- (1.17) --
------ ------ ------- ------- ------- ------- -------
0.06 0.35 0.58 1.17 1.59 2.50 0.61
------ ------ ------- ------- ------- ------- -------
$ 10.06 $10.35 $ 11.75 $ 11.17 $ 14.09 $ 12.50 $ 10.84
====== ====== ======= ======= ======= ======= =======
0.60% 3.50% 5.19% 16.60% 12.72% 37.69% 5.96%
$ 1,006 $1,035 $ 19,484 $ 4,761 $ 14,341 $ 2,518 $ 12,840
1.05% 1.10% 1.03% 1.01% 1.03% 0.95% 0.87%
1.19% 1.01% 2.45% 2.99% 1.01% 0.28% 8.63%
-- 24.72% 87.18% 115.84% 76.44% 255.03% 49.14%
$ 0.039 $0.025 $ 0.035 -- $ 0.020 -- --
4.53% 4.60% 1.37% 3.71% 1.40% 5.38% 1.36%
(2.29)% (2.49)% 2.11% 0.29% 0.64% (4.15)% 8.14%
<CAPTION>
PPM
AMERICA/JNL
HIGH YIELD
BOND SERIES
-------------
PERIOD FROM
MAY 15, 1995*
TO MARCH 31,
1996
-------------
<S> <C>
$ 10.00
0.73
0.04
-------
0.77
-------
(0.54)
--
-------
(0.54)
-------
0.23
-------
$ 10.23
=======
7.82%
$ 6,156
0.88%
8.34%
186.21%
--
1.50%
7.72%
</TABLE>
11
<PAGE> 12
JNL SERIES TRUST
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
PPM AMERICA/JNL PPM AMERICA/JNL SALOMON BROTHERS/JNL
MONEY MARKET SERIES VALUE EQUITY SERIES GLOBAL BOND SERIES
------------------------------ ------------------------------ ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED PERIOD FROM ENDED PERIOD FROM ENDED PERIOD FROM
SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995*
1996 TO MARCH 31, 1996 TO MARCH 31, 1996 TO MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING
OF PERIOD................. $ 1.00 $ 1.00 $ 12.77 $ 10.00 $ 10.46 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income....... 0.02 0.04 0.05 0.23 0.23 0.81
Net realized and unrealized
gains on investments and
foreign currency related
items..................... -- -- 0.72 2.86 0.56 0.24
------- ------ ------- ------ ------- ------
Total income from investment
operations................ 0.02 0.04 0.77 3.09 0.79 1.05
------- ------ ------- ------ ------- ------
LESS DISTRIBUTIONS:
From net investment
income.................... (0.02) (0.04) -- (0.17) -- (0.56)
From net realized gains on
investment transactions... -- -- -- (0.15) -- (0.03)
------- ------ ------- ------ ------- ------
Total distributions......... (0.02) (0.04) -- (0.32) -- (0.59)
------- ------ ------- ------ ------- ------
Net increase................ -- -- 0.77 2.77 0.79 0.46
------- ------ ------- ------ ------- ------
NET ASSET VALUE, END OF
PERIOD.................... $ 1.00 $ 1.00 $ 13.54 $ 12.77 $ 11.25 $ 10.46
======= ====== ======= ====== ======= ======
TOTAL RETURN (A)............ 2.39% 4.59% 6.03% 31.14% 7.55% 10.74%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(in thousands)............ $23,795 $ 6,816 $12,920 $ 3,365 $11,835 $ 6,380
Ratio of net expenses to
average net
assets(b)(c).............. 0.74% 0.75% 0.80% 0.87% 0.99% 1.00%
Ratio of net investment
income to average net
assets(b)(c).............. 4.74% 5.06% 2.26% 2.33% 8.07% 9.01%
Portfolio turnover rate..... -- -- 8.20% 30.12% 62.85% 152.89%
Average commission rate
paid(d)................... -- -- $ 0.026 -- -- --
RATIO INFORMATION ASSUMING
NO EXPENSE REIMBURSEMENT
OR FEES PAID INDIRECTLY
Ratio of expenses to average
net assets(b)............. 0.96% 1.30% 1.77% 2.28% 1.57% 2.14%
Ratio of net investment
income to average net
assets(b)................. 4.52% 4.51% 1.29% 0.91% 7.50% 7.87%
</TABLE>
- -------------------------
* Commencement of operations.
(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. Total
return is not annualized.
(b) Annualized.
(c) Computed after giving effect to the Adviser's expense reimbursement and
earnings credits on uninvested cash balances held at the custodian which
were used to reduce custodian expenses.
(d) Average commission rate paid is presented for fiscal periods beginning on or
after September 1, 1995 in conformance with requirements issued by the SEC.
See notes to the financial statements.
12
<PAGE> 13
<TABLE>
<CAPTION>
T. ROWE
SALOMON BROTHERS/JNL U.S. PRICE/JNL
GOVERNMENT & QUALITY T. ROWE PRICE/JNL T. ROWE PRICE/JNL INTERNATIONAL MID-CAP
BOND SERIES ESTABLISHED GROWTH SERIES EQUITY INVESTMENT SERIES GROWTH SERIES
------------------------------- ------------------------------- ------------------------------- -------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED PERIOD FROM ENDED PERIOD FROM ENDED PERIOD FROM ENDED
SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30, MAY 15, 1995* SEPTEMBER 30,
1996 TO MARCH 31, 1996 TO MARCH 31, 1996 TO MARCH 31, 1996
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED)
------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 10.09 $ 10.00 $ 11.36 $ 10.00 $ 11.25 $ 10.00 $ 13.43
0.12 0.45 0.03 0.07 0.08 0.04 (.04)
.10 0.02 1.03 2.68 0.38 1.21 1.22
------ ------ ------- ------ ------- ------- -------
0.22 0.47 1.06 2.75 0.46 1.25 1.18
------ ------ ------- ------ ------- ------- -------
-- (0.34) -- (0.06) -- -- --
-- (0.04) -- (1.33) -- -- --
------ ------ ------- ------ ------- ------- -------
-- (0.38) -- (1.39) -- -- --
------ ------ ------- ------ ------- ------- -------
0.22 0.09 1.06 1.36 0.46 1.25 1.18
------ ------ ------- ------ ------- ------- -------
$ 10.31 $ 10.09 $ 12.42 $ 11.36 $ 11.71 $ 11.25 $ 14.61
====== ====== ======= ====== ======= ======= =======
2.18% 4.65% 9.33% 28.23% 4.09% 12.50% 8.79%
$ 8,365 $ 3,007 $25,959 $ 8,772 $39,890 $24,211 $37,660
0.84% 0.84% 0.99% 1.00% 1.25% 1.25% 1.09%
5.66% 5.41% 0.85% 0.75% 1.90% 0.78% (0.11)%
128.63% 253.37% 36.27% 101.13% 3.01% 16.45% 11.96%
-- -- $ 0.028 -- $ 0.025 -- $ 0.033
1.64% 2.53% 1.11% 2.09% 1.25% 2.14% 1.18%
4.86% 3.72% 0.73% (0.34)% 1.90% (0.11)% (0.20)%
<CAPTION>
T. ROWE
PRICE/JNL
MID-CAP
GROWTH SERIES
-------------
PERIOD FROM
MAY 15, 1995*
TO MARCH 31,
1996
-------------
<S><C>
$ 10.00
0.06
3.90
-------
3.96
-------
--
(0.53)
-------
(0.53)
-------
3.43
-------
$ 13.43
=======
40.06%
$10,545
1.10%
0.82%
66.04%
--
2.10%
(0.18)%
</TABLE>
13
<PAGE> 14
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1996
- --------------------------------------------------------------------------------
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
sixteen (16) 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/Eagle Core Equity and JNL/Eagle SmallCap
Equity for which Eagle Asset Management, Inc. serves as 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. PPM America, Inc. is an affiliate of the Adviser. Shares
are presently offered only to Jackson National and its separate account.
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. On September 16, 1996, Jackson National purchased
100,000 shares in each of the JNL/Eagle Core Equity and JNL/Eagle SmallCap
Equity Series. As of September 30, 1996, Jackson National's investment in the
Trust totaled $102,924,045.
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.
USE OF ESTIMATES -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of net increase (decrease) in
net assets from operations during the reporting period. Actual results could
differ from those estimates.
SECURITY VALUATION -- Bonds are valued on the basis of prices furnished by
a service which determines prices
14
<PAGE> 15
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
for normal institutional size trading units of bonds, without regard to exchange
or over-the-counter prices. When quotations are not readily available, bonds are
valued at fair market value determined by procedures approved by the Board of
Trustees. Stocks listed on a national or foreign stock exchange are valued at
the final sale price, or final bid price in absence of a sale. Stocks not listed
on a national or foreign stock exchange are valued at the closing bid price on
the over-the-counter market. Short-term securities maturing within 60 days of
purchase, and all securities in the PPM America/JNL Money Market Series, are
valued at amortized cost, which with accrued interest approximates market value.
American Depository Receipts ("ADRs"), which are certificates representing
shares of foreign securities deposited in domestic and foreign banks, are traded
and valued in U.S. dollars.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for no later than 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, including
level-yield amortization of discounts and premiums, is accrued daily. Realized
gains and losses are determined on the specific identification basis, which is
the same basis used for federal income tax purposes.
FOREIGN CURRENCY TRANSLATIONS -- The accounting records of the Trust are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S. dollars
using exchange rates in effect at the close of the New York Stock Exchange.
Purchases and sales of investment securities, income receipts, and expense
payments are translated into U.S. dollars at the exchange rates prevailing on
the respective dates of such transactions.
Realized gains and losses arising from selling foreign currencies and
certain non-dollar denominated fixed income securities, 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 primarily included in net realized gains (losses) on
investments and net unrealized appreciation (depreciation) on investments,
respectively.
FOREIGN CURRENCY CONTRACTS -- Some of the Series may enter into foreign
currency contracts ("contracts"), generally to hedge foreign currency exposure
between trade date and settlement date on security purchases and sales ("spot
hedges") or to minimize foreign currency risk on portfolio securities
denominated in foreign currencies ("position hedges"). All contracts are valued
at the forward currency exchange 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. See Note 7 for a
listing of open forward foreign currency exchange contracts as of September 30,
1996.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS -- The Series may purchase
securities on a when-issued or delayed delivery basis. On the trade date, the
Series record purchases of when-issued securities and reflects the values of
such securities in determining net asset value in the same manner as other
portfolio securities. 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 in which the Series
sells mortgage securities and simultaneously 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
15
<PAGE> 16
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
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 may 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. Securities pledged as collateral for repurchase
agreements are held by the Series custodian bank until the maturity of the
repurchase agreement. Procedures for all repurchase agreements have been
designed to assure that the daily market value of the collateral is in excess of
the repurchase agreement in the event of default.
DISTRIBUTIONS TO SHAREHOLDERS -- The PPM America/
JNL Money Market Series declares dividends daily and pays dividends monthly. For
all other Series, 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 the Internal Revenue Code applicable to regulated investment
companies and to distribute income in amounts that will avoid federal income or
excise taxes for each Series. The Trust may periodically make reclassifications
among certain of its capital accounts as a result of the recognition and
characterization of certain income and capital gain distributions determined
annually in accordance with federal tax regulations which may differ from
generally accepted accounting principles.
For federal income tax purposes, PPM America/JNL High Yield Bond Series
had a capital loss carryover totaling $24,875 expiring in 2004 which can be
used to offset future realized capital gains.
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 Trust.
As compensation for its services, JNFSI receives a fee from each Series.
The fees, which are accrued daily and payable monthly, are calculated on the
basis of the average daily net assets of each Series. 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.
16
<PAGE> 17
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
$150 $300
$0 TO $50 TO TO TO OVER
(M -- MILLIONS) $50 M $150 M $300 M $500 M $500 M
- --------------------------------------------------------------- ----- ------ ------ ------ ------
<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/Alger Growth Series........................................ .975% .975% .975% .95% .90%
JNL/Eagle Core Equity Series................................... .90% .85% .85% .75% .75%
JNL/Eagle SmallCap Equity Series............................... .95% .95% .90% .90% .85%
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%
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 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>
$100 $150 $300
$0 TO $50 TO TO TO TO OVER
(M -- MILLIONS) $50 M $100 M $150 M $300 M $500 M $500 M
- ------------------------------------------------------- ----- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series*.......................... .55% .55% .50% .50% .50% .45%
JNL Capital Growth Series*............................. .55% .55% .50% .50% .50% .45%
JNL Global Equities Series*............................ .55% .55% .50% .50% .50% .45%
JNL/Alger Growth Series................................ .55% .55% .55% .55% .50% .45%
JNL/Eagle Core Equity Series........................... .45% .40% .40% .40% .30% .30%
JNL/Eagle SmallCap Equity Series....................... .50% .50% .50% .45% .45% .40%
JNL/Phoenix Investment Counsel Balanced Series......... .50% .40% .40% .30% .25% .20%
JNL/Phoenix Investment Counsel Growth Series........... .50% .40% .40% .30% .25% .20%
PPM America/JNL High Yield Bond Series................. .25% .20% .20% .175% .15% .125%
PPM America/JNL Money Market Series.................... .20% .15% .15% .125% .10% .075%
PPM America/JNL Value Equity Series.................... .25% .20% .20% .175% .15% .125%
Salomon Brothers/JNL Global Bond Series................ .375% .35% .35% .30% .30% .25%
Salomon Brothers/JNL U.S. Government & Quality Bond
Series............................................... .225% .225% .225% .175% .15% .10%
</TABLE>
17
<PAGE> 18
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
$20
$0 TO TO $50 TO
$20 M $50 M $200 M $200 M+
----- ----- ------ -------
<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>
* Prior to September 16, 1996, the sub-advisory fees payable to Janus for these
Series were: $0 to $50 million -- .60%; $50 to $150 million -- .55%; $150 to
$300 million -- .45%; $300 to $500 million -- .40%; over $500 million --
.40%.
** 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 $2,500 for
each meeting of the Board of Trustees attended as well as certain out of pocket
expenses. No remuneration has been paid by the Trust to any of the officers or
affiliated Trustees. The Trust paid fees of $12,500 to non-affiliated Trustees
for the period ended September 30, 1996.
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.
During the period ended September 30, 1996, the Series earned credits on
uninvested cash balances held by each Series at the custodian. These credits
were used to reduce custodian expenses. Of the credits for the JNL/Alger Growth
Series, $14,049 was used to reduce expenses and the remaining $45,173 in credits
are included in interest income.
18
<PAGE> 19
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 4. SECURITY TRANSACTIONS
During the period ended September 30, 1996, cost of purchases and proceeds
from sales and 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................................................ $16,569 $ 6,906
JNL Capital Growth Series................................................... 34,687 17,283
JNL Global Equities Series.................................................. 22,091 7,331
JNL/Alger Growth Series..................................................... 27,972 7,347
JNL/Eagle Core Equity Series................................................ 937 --
JNL/Eagle SmallCap Equity Series............................................ 1,200 251
JNL/Phoenix Investment Counsel Balanced Series.............................. 23,209 11,474
JNL/Phoenix Investment Counsel Growth Series................................ 13,888 4,600
PPM America/JNL High Yield Bond Series...................................... 10,705 4,268
PPM America/JNL Value Equity Series......................................... 9,843 849
Salomon Brothers/JNL Global Bond Series..................................... 12,179 7,365
Salomon Brothers/JNL U.S. Government & Quality Bond Series.................. 13,165 8,246
T. Rowe Price/JNL Established Growth Series................................. 20,964 5,766
T. Rowe Price/JNL International Equity Investment Series.................... 15,359 927
T. Rowe Price/JNL Mid-Cap Growth Series..................................... 24,943 2,499
</TABLE>
Included in these transactions were purchases and sales of U.S. Government
obligations of $5,679,353 and $1,487,929 in the JNL/Phoenix Investment Counsel
Balanced Series; $2,110,573 and $1,062,194 in the Salomon Brothers/JNL Global
Bond Series; $8,704,457 and $3,843,357 in the Salomon Brothers/JNL U.S.
Government & Quality Bond Series, respectively.
The federal income tax cost basis and gross unrealized appreciation and
depreciation on investments as of September 30, 1996, were as follows (in
thousands):
<TABLE>
<CAPTION>
TAX NET UNREALIZED
COST GROSS GROSS APPRECIATION
BASIS APPRECIATION (DEPRECIATION) (DEPRECIATION)
------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series............................ $24,356 $ 2,318 $ (187) $ 2,131
JNL Capital Growth Series............................... 26,474 5,175 (375) 4,800
JNL Global Equities Series.............................. 35,316 5,042 (543) 4,499
JNL/Alger Growth Series................................. 30,437 3,057 (548) 2,509
JNL/Eagle Core Equity Series............................ 937 13 (8) 5
JNL/Eagle SmallCap Equity Series........................ 944 49 (9) 40
JNL/Phoenix Investment Counsel Balanced Series.......... 18,915 853 (160) 693
JNL/Phoenix Investment Counsel Growth Series............ 14,137 720 (202) 518
PPM America/JNL High Yield Bond Series.................. 12,321 243 (36) 207
PPM America/JNL Value Equity Series..................... 11,961 939 (125) 814
Salomon Brothers/JNL Global Bond Series................. 12,559 328 (114) 214
Salomon Brothers/JNL U.S. Government & Quality Bond
Series................................................ 10,363 19 (41) (22)
T. Rowe Price/JNL Established Growth Series............. 24,615 2,674 (283) 2,391
T. Rowe Price/JNL International Equity Investment
Series................................................ 34,758 4,332 (910) 3,422
T. Rowe Price/JNL Mid-Cap Growth Series................. 35,505 4,366 (1,009) 3,357
</TABLE>
19
<PAGE> 20
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 5. TRUST TRANSACTIONS
Transactions of trust shares for the period ending September 30, 1996 were
as follows:
<TABLE>
<CAPTION>
SHARES DISTRIBUTIONS SHARES NET
PURCHASED REINVESTED REDEEMED INCREASE
---------- ------------- ---------- ----------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series............................ 1,192,768 -- (62,740) 1,130,028
JNL Capital Growth Series............................... 1,379,606 -- (51,042) 1,328,564
JNL Global Equities Series.............................. 1,424,348 -- (79,300) 1,345,048
JNL/Alger Growth Series................................. 2,519,286 -- (197,812) 2,321,474
JNL/Eagle Core Equity Series............................ 100,000 -- -- 100,000
JNL/Eagle SmallCap Equity Series........................ 100,000 -- -- 100,000
JNL/Phoenix Investment Counsel Balanced Series.......... 1,305,167 -- (72,769) 1,232,398
JNL/Phoenix Investment Counsel Growth Series............ 852,662 -- (36,112) 816,550
PPM America/JNL High Yield Bond Series.................. 633,050 -- (49,723) 583,327
PPM America/JNL Money Market Series..................... 25,017,715 316,553 (8,355,116) 16,979,152
PPM America/JNL Value Equity Series..................... 713,159 -- (22,446) 690,713
Salomon Brothers/JNL Global Bond Series................. 466,362 -- (24,489) 441,873
Salomon Brothers/JNL U.S. Government & Quality Bond
Series................................................ 547,891 -- (34,787) 513,104
T. Rowe Price/JNL Established Growth Series............. 1,382,747 -- (64,512) 1,318,235
T. Rowe Price/JNL International Equity Investment
Series................................................ 1,337,650 -- (83,437) 1,254,213
T. Rowe Price/JNL Mid-Cap Growth Series................. 1,915,379 -- (122,212) 1,793,167
</TABLE>
Transactions of trust shares for the period ending March 31, 1996 were as
follows:
<TABLE>
<CAPTION>
SHARES DISTRIBUTIONS SHARES NET
PURCHASED REINVESTED REDEEMED INCREASE
--------- ------------- -------- ---------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series............................. 642,443 17,149 (10,167) 649,425
JNL Capital Growth Series................................ 675,761 33,752 (18,489) 691,024
JNL Global Equities Series............................... 1,146,694 29,253 (2,063) 1,173,884
JNL/Alger Growth Series.................................. 848,221 -- (15,332) 832,889
JNL/Phoenix Investment Counsel Balanced Series........... 422,105 9,270 (5,359) 426,016
JNL/Phoenix Investment Counsel Growth Series............. 191,590 10,203 (390) 201,403
PPM America/JNL High Yield Bond Series................... 575,596 26,997 (1,060) 601,533
PPM America/JNL Money Market Series...................... 7,080,475 234,137 (498,973) 6,815,639
PPM America/JNL Value Equity Series...................... 259,328 5,480 (1,185) 263,623
Salomon Brothers/JNL Global Bond Series.................. 586,655 29,530 (6,247) 609,938
Salomon Brothers/JNL U.S. Government & Quality Bond
Series................................................. 293,083 7,487 (2,677) 297,893
T. Rowe Price/JNL Established Growth Series.............. 723,123 65,547 (16,467) 772,203
T. Rowe Price/JNL International Equity Investment
Series................................................. 2,155,419 -- (2,549) 2,152,870
T. Rowe Price/JNL Mid-Cap Growth Series.................. 783,616 21,614 (19,833) 785,397
</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.
20
<PAGE> 21
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 7. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
At September 30, 1996, the following Series had entered into "position
hedge" forward foreign currency exchange contracts that obligate the Series to
deliver and receive currencies at specified future dates. The unrealized
appreciation (depreciation) of $(1,778), $(16,202), $10,744, and $29,703 in the
JNL Aggressive Growth Series, JNL Capital Growth Series, JNL Global Equities
Series, and Salomon Brothers/JNL Global Bond Series, respectively, is included
in net unrealized appreciation on foreign currency related items in the
accompanying financial statements. The terms of the open contracts are as
follows:
JNL AGGRESSIVE GROWTH SERIES
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 9/30/96 CURRENCY TO BE RECEIVED AT 9/30/96
- ---------- ------------------------------------ ------------ -------------------------- ------------
<C> <C> <S> <C> <C> <C> <C>
10/22/96 150,000 Deutsche Mark $ 98,488 99,933 US $ $ 99,933
12/4/96 175,000 Deutsche Mark 115,228 115,779 US $ 115,779
10/22/96 15,000 Finnish Marka 3,289 3,166 US $ 3,166
12/4/96 130,000 Finnish Marka 28,583 28,317 US $ 28,317
1/27/97 10,000 Finnish Marka 2,207 2,234 US $ 2,234
10/22/96 4,000 British Sterling Pound 6,252 6,032 US $ 6,032
12/4/96 47,000 British Sterling Pound 73,436 72,391 US $ 72,391
1/16/97 35,000 British Sterling Pound 54,679 54,600 US $ 54,600
11/15/96 150,000,000 Italian Lire 98,204 95,431 US $ 95,431
1/27/97 70,000,000 Italian Lire 45,627 45,625 US $ 45,625
2/10/97 30,000,000 Italian Lire 19,540 19,526 US $ 19,526
11/15/96 63,802 US $ 63,802 100,000,000 Italian Lire 65,469
1/27/97 35,786 US $ 35,786 55,000,000 Italian Lire 35,850
10/22/96 1,400,000 Japanese Yen 12,613 13,436 US $ 13,436
10/22/96 13,659 US $ 13,659 1,400,000 Japanese Yen 12,613
10/22/96 400,000 Swedish Kronor 60,388 59,529 US $ 59,529
12/4/96 577,000 Swedish Kronor 87,118 87,477 US $ 87,477
12/11/96 235,000 Swedish Kronor 35,482 35,111 US $ 35,111
1/27/97 80,000 Swedish Kronor 12,080 12,164 US $ 12,164
-------- --------
$866,461 $864,683
======== ========
</TABLE>
JNL CAPITAL GROWTH SERIES
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 9/30/96 CURRENCY TO BE RECEIVED AT 9/30/96
- ---------- ------------------------------------ ------------ -------------------------- ------------
<C> <C> <S> <C> <C> <C> <C>
11/25/96 125,000 British Sterling Pound $195,315 188,638 US $ $188,638
12/4/96 48,000 British Sterling Pound 74,998 73,952 US $ 73,952
1/16/97 115,000 British Sterling Pound 179,659 179,400 US $ 179,400
1/24/97 300,000 British Sterling Pound 468,658 465,090 US $ 465,090
-------- --------
$918,630 $902,428
======== ========
</TABLE>
21
<PAGE> 22
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
JNL GLOBAL EQUITIES SERIES
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 9/30/96 CURRENCY TO BE RECEIVED AT 9/30/96
- ---------- ------------------------------------ ------------ ------------------------------- ------------
<C> <C> <S> <C> <C> <C> <C>
11/12/96 122,000 Swiss Franc $ 97,805 $100,082 US $ $ 100,082
1/16/97 600,000 Swiss Franc 484,474 484,539 US $ 484,539
1/27/97 150,000 Swiss Franc 121,244 125,408 US $ 125,408
1/16/97 30,000 Deutsche Mark 19,816 19,840 US $ 19,840
1/17/97 275,000 Deutsche Mark 181,656 183,541 US $ 183,541
1/27/97 400,000 Deutsche Mark 264,422 272,067 US $ 272,067
11/12/96 93,000 Finnish Marka 20,419 19,538 US $ 19,538
1/16/97 750,000 Finnish Marka 165,401 165,213 US $ 165,213
1/16/97 500,000 French Franc 97,476 97,656 US $ 97,656
11/19/96 350,000 British Sterling Pound 546,903 527,573 US $ 527,573
1/16/97 100,000 British Sterling Pound 156,225 152,105 US $ 152,105
1/17/97 210,000 British Sterling Pound 328,071 324,971 US $ 324,971
12/11/96 9,000,000 Japanese Yen 81,662 84,230 US $ 84,230
1/16/97 115,250,000 Japanese Yen 1,051,635 1,057,276 US $ 1,057,276
11/12/96 457,000 Netherland Florins 267,960 272,641 US $ 272,641
1/17/97 6,400,000 Swedish Kronor 966,412 970,727 US $ 970,727
1/27/97 700,000 Swedish Kronor 105,704 106,727 US $ 106,727
---------- ----------
$ 4,957,285 $ 4,968,029
========== ==========
</TABLE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 9/30/96 CURRENCY TO BE RECEIVED AT 9/30/96
- ---------- ------------------------------------ ------------ ------------------------------- ------------
<C> <C> <S> <C> <C> <C> <C>
10/22/96 2,730,844 Deutsche Mark $ 1,793,028 $1,849,005 US $ $ 1,849,005
10/22/96 1,178,908 US $ 1,178,908 1,752,119 Deutsch Mark 1,150,412
10/22/96 148,558 Irish Punts 237,910 238,927 US $ 238,927
10/22/96 91,403 US $ 91,403 56,850 Irish Punts 91,042
10/22/96 119,078 Netherland Florins 69,715 71,734 US $ 71,734
10/22/96 69,680 US $ 69,680 118,244 Netherland Florins 69,227
---------- ----------
$ 3,440,644 $ 3,470,347
========== ==========
</TABLE>
NOTE 8. SHAREHOLDER MEETING RESULTS
A special meeting of shareholders of JNL Series Trust was held on July 24,
1996. The shareholders of the following Series approved an amendment to the
Sub-Advisory Agreement between Jackson National Financial Services, Inc. and
Janus Capital Corporation with respect to a change in the sub-advisory fee:
<TABLE>
<CAPTION>
FOR: AGAINST: ABSTAIN FROM:
------------- ---------- -------------
<S> <C> <C> <C>
JNL Capital Growth Series.................................... 782,134.300 59,908.833 38,451.186
JNL Aggressive Growth Series................................. 790,942.062 52,156.636 54,760.428
JNL Global Equities Series................................... 1,178,098.210 66,406.166 152,637.780
</TABLE>
22
<PAGE> 23
JNL AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS -- 66.04%
- --------------------------------------
FINLAND -- 0.36%
- --------------------------------------
DURABLE GOODS -- 0.36%
Metra Oy, B Shares.................. 1,656 $ 94,991
FRANCE -- 0.30%
- --------------------------------------
DURABLE GOODS -- 0.30%
Axime(a)............................ 806 80,580
GERMANY -- 1.33%
- --------------------------------------
COMPUTERS & SOFTWARE -- 1.33%
SAP AG.............................. 2,094 352,146
ITALY -- 0.43%
- --------------------------------------
BANKS -- 0.06%
Banca Popolare Di Bergamo........... 1,047 16,785
TELECOMMUNICATIONS -- 0.37%
Telecom Italia Mobile(a)............ 43,732 97,115
-----------
Total Italy....................... 113,900
MEXICO -- 0.18%
- --------------------------------------
BROKERAGE -- 0.18%
Grupo Financiero Inbursa, S.A. de
C.V............................... 12,100 47,278
SWEDEN -- 0.94%
- --------------------------------------
HOLDING COMPANY -- 0.51%
Kinnevik AB -- Class B.............. 5,104 133,302
SECURITY SYSTEMS -- 0.21%
Securitas AB -- Class B............. 2,307 55,725
TELECOMMUNICATIONS -- 0.22%
Netcom Systems...................... 5,201 58,496
-----------
Total Sweden...................... 247,523
UNITED KINGDOM -- 2.01%
- --------------------------------------
BUSINESS SERVICES -- 1.37%
Rentokil Group...................... 55,558 363,073
DRUGS -- 0.22%
Glaxo Wellcome...................... 1,128 17,653
SmithKline Beecham -- Class A....... 3,204 39,096
-----------
56,749
FINANCIAL -- 0.42%
Barclays............................ 7,653 112,349
-----------
Total United Kingdom.............. 532,171
UNITED STATES -- 60.49%
- --------------------------------------
AEROSPACE & AIRCRAFT -- 0.18%
General Motors Corp -- Class H...... 800 46,200
APPAREL -- 3.20%
Abercrombie & Fitch Co.(a).......... 13,100 320,950
Nike, Inc., B Shares................ 100 12,150
Nordstrom, Inc. .................... 1,150 43,700
Gucci Group N.V.-N.Y.(a)............ 6,175 447,688
Tommy Hilfiger Corp.(a)............. 400 23,700
-----------
848,188
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
BANKS -- 2.94%
Wells Fargo & Co. .................. 2,991 $ 777,660
BUSINESS SERVICES -- 0.60%
Olsten Corp. ....................... 375 9,328
Outdoor Systems Inc.(a)............. 3,175 149,225
-----------
158,553
CHEMICALS -- 2.88%
Lilly Eli & Co. .................... 8,850 570,825
Praxair, Inc. ...................... 1,300 55,900
SmithKline Beecham PLC-ADR.......... 2,225 135,447
-----------
762,172
COMPUTERS & SOFTWARE -- 14.96%
Alternative Resources, Inc. ........ 8,900 250,312
Aspen Technology Inc.(a)............ 1,500 101,625
Ciber, Inc.(a)...................... 2,675 101,650
Cisco Systems, Inc.(a).............. 7,200 446,846
Dell Computers Corp.(a)............. 750 58,312
First Data Corp. ................... 3,825 312,216
HBO & Co. .......................... 5,800 387,150
Indus Group, Inc.(a)................ 3,775 75,500
Intelligroup, Inc.(a)............... 20,000 277,500
JDA Software, Inc.(a)............... 12,875 354,062
Keane, Inc.(a)...................... 5,000 240,000
Macronix International ADR(a)....... 10,739 130,210
Meta Group, Inc.(a)................. 9,150 253,913
Netscape Communications Corp.(a).... 2,375 110,141
Parametric Technology Corp.(a)...... 2,375 117,266
Peoplesoft, Inc.(a)................. 750 62,438
Shiva Corp.(a)...................... 1,025 58,809
Sterling Commerce, Inc.(a).......... 1,600 47,200
Xylan Corp.(a)...................... 10,650 577,763
-----------
3,962,913
CONFECTIONS & BEVERAGES -- 0.33%
Pepsico, Inc. ...................... 3,050 86,163
DRUGS -- 3.46%
Cardinal Health, Inc. .............. 525 43,378
Centocor, Inc(a).................... 22,650 804,075
Glaxo Wellcome ADR.................. 1,175 36,572
IDEC Pharmaceuticals................ 1,325 31,800
-----------
915,825
ELECTRONICS -- 3.76%
Analog Devices, Inc.(a)............. 23,762 644,544
Itron, Inc.(a)...................... 3,150 82,687
Lernout & Haupsie Speech
Products NV(a).................... 2,125 50,469
Pittway Corp., Class A.............. 4,900 218,663
-----------
996,363
ENTERTAINMENT -- 0.18%
MGM Grand, Inc. .................... 1,150 48,588
</TABLE>
See notes to the financial statements.
23
<PAGE> 24
JNL AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
FINANCIAL SERVICES -- 1.50%
Associates First Capital Corp. ..... 2,825 $ 115,825
First USA Paymentech, Inc.(a)....... 3,075 124,922
National Processing, Inc. .......... 5,050 98,475
SunAmerica, Inc. ................... 1,700 58,650
-----------
397,872
FOOD SERVICE & RESTAURANT -- 0.06%
Papa John's International,
Inc.(a)........................... 275 14,438
GAMES & TOYS -- 0.39%
International Game Technology....... 5,000 102,500
GAMING -- 0.62%
Anchor Gaming(a).................... 2,650 164,963
HEALTH PRODUCTS -- 0.14%
Bristol-Myers Squibb Co. ........... 375 36,141
HOTEL & MOTEL -- 1.04%
Extended Stay America, Inc.(a)...... 1,000 20,500
Hospitality Franchise System,
Inc.(a)........................... 3,825 255,797
-----------
276,297
INSURANCE -- 1.50%
Compdent Corp.(a)................... 3,150 118,912
Oxford Health Plans, Inc.(a)........ 1,650 82,088
UNUM Corp. ......................... 3,075 197,184
-----------
398,184
MACHINERY -- 1.04%
Rofin-Sinar Technologies, Inc.(a)... 25,450 276,769
MEDICAL SERVICES & SUPPLIES -- 3.20%
Coherent, Inc.(a)................... 375 13,219
Fresenius Medical Care ADR.......... 4,200 97,650
ICU Medical, Inc.(a)................ 1,650 13,819
Medicis Pharmaceutical, Class
A(a).............................. 5,475 264,169
Nellcor Puritan Bennett, Inc.(a).... 3,600 79,200
Omnicare, Inc. ..................... 5,000 152,500
Respironics, Inc.(a)................ 900 21,825
St. Jude Medical, Inc. ............. 1,091 44,049
Target Therapeutics, Inc.(a)........ 3,775 161,381
-----------
847,812
MINING -- 0.97%
Potash Corp. of Saskatchewan,
Inc. ............................. 3,520 257,400
OFFICE EQUIPMENT & SUPPLIES -- 0.52%
Danka Business Systems PLC.......... 1,700 67,575
Viking Office Products, Inc. ....... 2,375 71,250
-----------
138,825
OIL & GAS -- 0.85%
Triton Energy Corp.(a).............. 5,075 225,838
REAL ESTATE -- 0.25%
Redwood Trust, Inc. ................ 2,050 65,600
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
RETAIL -- 1.43%
Black & Decker Corp. ............... 3,000 $ 124,500
Fila Holding SPA-ADR................ 925 88,916
Global Direct Mail Corp.(a)......... 2,475 118,181
Thrifty Payless Holdings, Inc.(a)... 2,500 46,562
-----------
378,159
SAVINGS & LOAN -- 0.08%
Glendale Federal Bank............... 1,175 20,856
TELECOMMUNICATIONS -- 13.29%
Ascend Communications, Inc.(a)...... 1,750 115,719
Cascade Communications Corp.(a)..... 8,625 702,937
Cincinnati Bell, Inc. .............. 9,900 524,700
Commnet Cellular, Inc.(a)........... 1,875 54,141
CPT Telefonica Del Peru SA.......... 2,300 52,612
Korean Mobile
Telecommunications(a)............. 5,150 77,894
MFS Communications Co., Inc.(a)..... 18,922 825,472
Millicom International Cellular
S.A.(a)........................... 1,050 42,394
Orckit Communications, Ltd.(a)...... 1,250 22,969
Paging Network, Inc.(a)............. 6,375 127,500
Palmer Wireless, Inc.(a)............ 7,250 128,231
Pricellular Corp., Class A(a)....... 1,125 16,172
Telecomunicacoes Brasileiras SA..... 1,475 115,787
U.S. Robotics Corp.(a).............. 1,525 98,553
U.S. Satellite Broadcasting
Co.(a)............................ 4,325 100,556
Westell Technologies, Inc. --
Class A(a)........................ 100 4,425
Worldcom, Inc. ..................... 23,800 508,725
-----------
3,518,787
TRANSPORTATION -- 0.26%
Wisconsin Central Transportation
Corp.(a).......................... 1,950 69,956
WHOLESALE -- 0.86%
Alco Standard Corp. ................ 4,575 228,178
-----------
Total United States............... 16,021,198
-----------
Total Common Stock
(cost $15,324,414)............ 17,489,787
-----------
SHORT-TERM INVESTMENTS -- 33.96%
- --------------------------------------
U.S. TREASURY BILLS -- 0.74%
5.16%, 01/09/1997................... $ 200,000 197,116
COMMERCIAL PAPER -- 33.22%
Federal Home Discount Note
5.70%, 10/01/1996................. 8,800,000 8,800,000
-----------
Total Short-Term Investments
(cost $8,997,116)............... 8,997,116
-----------
TOTAL INVESTMENTS -- 100%
- --------------------------------------
(cost $24,321,530).................. $26,486,903
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
24
<PAGE> 25
JNL CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS -- 92.31%
- ---------------------------------------
FRANCE -- 0.96%
- ---------------------------------------
CONSUMER PRODUCTS -- 0.96%
Grand Optical Photoservice........... 2,261 $ 299,203
SWITZERLAND -- 0.64%
- ---------------------------------------
BUSINESS SERVICES -- 0.64%
Fotolabo S.A. ....................... 618 201,637
UNITED KINGDOM -- 12.27%
- ---------------------------------------
BUSINESS SERVICES -- 4.45%
Rentokil Group....................... 212,888 1,391,229
CONFECTIONS & BEVERAGES -- 3.72%
PizzaExpress PLC..................... 156,007 1,162,193
FOOD SERVICE/RESTAURANT -- 4.10%
J.D. Wetherspoon PLC................. 78,098 1,282,037
----------
Total United Kingdom............... 3,835,459
UNITED STATES -- 78.44%
- ---------------------------------------
AUTOMOBILE & PARTS -- 1.64%
APS Holding Corp. -- Class A(a)...... 7,950 231,544
O'Reilly Automotive, Inc.(a)......... 8,125 280,312
----------
511,856
BROADCASTING & COMMUNICATIONS -- 0.57%
Univision, Inc. ..................... 5,325 178,388
BUILDING MATERIALS -- 1.56%
Barnett, Inc.(a)..................... 7,075 167,147
Dayton Superior Cl. A................ 26,000 321,750
----------
488,897
BUSINESS SERVICES -- 5.35%
CCC Information Services Corp.(a).... 1,650 34,650
CUC International, Inc.(a)........... 22,625 902,172
Lamar Advertising Co.(a)............. 12,825 532,237
Profit Recovery Group International,
Inc.(a)............................ 14,000 203,000
----------
1,672,059
CHEMICALS -- 0.98%
Airgas, Inc.(a)...................... 975 24,741
Cuno, Inc.(a)........................ 18,225 282,487
----------
307,228
COMPUTERS & SOFTWARE -- 1.16%
Keane, Inc.(a)....................... 5,675 272,400
Technology Solutions Co.(a).......... 2,587 90,222
----------
362,622
CONSUMER PRODUCTS -- 3.82%
CoinMachine Laundry Corp.(a)......... 49,075 1,024,441
Culligan Water Technologies,
Inc.(a)............................ 4,500 170,437
----------
1,194,878
CONTAINERS -- 1.28%
Sealed Air Corp.(a).................. 10,750 400,437
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- ---------------------------------------
UNITED STATES (CONTINUED)
- ---------------------------------------
DRUGS -- 0.67%
Depotech Corp.(a).................... 8,425 $ 145,331
Theratech, Inc.(a)................... 6,262 64,186
----------
209,517
ELECTRONICS -- 0.47%
Littelfuse, Inc.(a).................. 3,825 148,219
ENTERTAINMENT -- 0.54%
Premiere Technologies, Inc.(a)....... 7,350 169,050
FINANCIAL SERVICES -- 1.78%
Associates First Capital Corp. ...... 2,100 86,100
First USA Paymentech, Inc.(a)........ 750 30,469
PacificAmerica, Inc. ................ 20,000 440,000
----------
556,569
FOOD SERVICE -- 4.54%
Einstein/Noah Bagel Corp.(a)......... 10,675 328,256
JP Foodservice, Inc.(a).............. 14,750 350,313
Papa John's International, Inc.(a)... 14,150 742,875
----------
1,421,444
HEALTH PRODUCTS & CARE -- 0.83%
Pacificare Health Systems, Inc.
Class B(a)......................... 3,000 259,500
HOTEL & MOTEL -- 4.91%
Hospitality Franchise Systems,
Inc.(a)............................ 20,875 1,396,016
Renters Choice, Inc.(a).............. 7,400 138,750
----------
1,534,766
HOUSING -- 0.86%
Assisted Living Concepts, Inc.(a).... 3,050 44,225
Karrington Health, Inc.(a)........... 13,200 171,600
Omnicare, Inc. ...................... 1,700 51,850
----------
267,675
INSURANCE -- 2.50%
Oxford Health Plans, Inc. ........... 5,725 284,818
Protective Life Corp. ............... 5,425 204,794
UICI(a).............................. 11,250 292,500
----------
782,112
MACHINERY -- 0.78%
MSC Industrial Direct Co., Inc.(a)... 6,850 244,031
MEDICAL SERVICES & SUPPLIES -- 0.95%
Fresenius Medical Care ADR........... 12,800 297,600
MINING -- 1.52%
Minerals Technologies, Inc. ......... 12,700 474,662
OFFICE EQUIPMENT & SUPPLIES -- 1.47%
Viking Office Products, Inc. ........ 15,275 458,250
</TABLE>
See notes to the financial statements.
25
<PAGE> 26
JNL CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- ---------------------------------------
UNITED STATES (CONTINUED)
- ---------------------------------------
REAL ESTATE -- 3.32%
Insignia Financial Group, Inc.
Class A(a)......................... 40,750 $ 1,039,125
RECREATION -- 1.79%
Family Golf Centers, Inc.(a)......... 19,325 560,425
RETAIL -- 15.56%
Fastenal Co. ........................ 42,800 2,118,600
Global DirectMail Corp.(a)........... 30,775 1,469,506
Petco Animal Supplies(a)............. 36,100 983,725
Staples, Inc.(a)..................... 2,050 45,484
Wilmar Industries, Inc.(a)........... 11,000 250,250
-----------
4,867,565
TELECOMMUNICATIONS -- 16.03%
Commnet Cellular, Inc.(a)............ 9,950 287,306
Millicom International Cellular
SA(a).............................. 10,600 427,975
Omnipoint Corp.(a)................... 27,200 792,200
Paging Network, Inc.(a).............. 96,550 1,931,000
Pricellular Corp. -- Class A(a)...... 24,906 358,023
Telespectrum Worldwide, Inc.(a)...... 5,450 106,275
Teletech Holdings, Inc.(a)........... 27,450 1,001,925
Western Wireless Corp. -- Class
A(a)............................... 6,400 108,800
-----------
5,013,504
TRANSPORTATION -- 2.76%
Wisconsin Central Transportation
Corp.(a)........................... 24,050 862,794
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- ---------------------------------------
UNITED STATES (CONTINUED)
- ---------------------------------------
UTILITIES -- 0.80%
Trigen Energy Corp. ................. 11,100 $ 249,750
-----------
Total United States................ 24,532,923
-----------
Total Common Stocks
(cost $24,058,920)............. 28,869,222
-----------
WARRANTS -- 0.18%
- ---------------------------------------
WARRANTS -- 0.18%
Littelfuse, Inc. (Expire 12/27/2001)
(cost $48,137)..................... 1,850 57,350
-----------
SHORT-TERM INVESTMENTS -- 7.51%
- ---------------------------------------
U.S. TREASURY BILL -- 0.47%
5.16%, 01/09/1997.................... $ 150,000 147,838
COMMERCIAL PAPER -- 7.04%
Federal Home Discount Note
5.70%, 10/01/1996.................. 2,200,000 2,200,000
-----------
Total Short-Term Investments
(cost $2,347,838)................ 2,347,838
-----------
TOTAL INVESTMENTS -- 100%
- ---------------------------------------
(cost $26,454,895)................... $31,274,410
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
26
<PAGE> 27
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS -- 84.56%
- --------------------------------------
AUSTRIA -- 0.97%
- --------------------------------------
TEXTILES -- 0.97%
Wolford AG.......................... 1,508 $ 385,077
AUSTRALIA -- 1.62%
- --------------------------------------
HOTELS -- 0.44%
Crown Ltd. ......................... 77,225 174,148
LEISURE -- 0.90%
Aristocrat Leisure Ltd. ............ 127,384 357,815
PRINTING & PUBLISHING -- 0.28%
News Corporation Ltd. .............. 26,025 111,610
-----------
Total Australia................... 643,573
BELGIUM -- 0.36%
- --------------------------------------
TELECOMMUNICATIONS -- 0.36%
Telinfo SA.......................... 3,720 142,211
BRAZIL -- 0.32%
- --------------------------------------
CONSUMER PRODUCTS -- 0.32%
Souza Cruz SA....................... 19,000 127,473
DENMARK -- 0.61%
- --------------------------------------
CONSUMER PRODUCTS -- 0.15%
Sophus Berendsen AS -- Ord 'B'...... 508 60,632
DURABLE GOODS -- 0.46%
Neurosearch AS...................... 4,500 184,410
-----------
Total Denmark..................... 245,042
FINLAND -- 3.01%
- --------------------------------------
AGRICULTURAL MACHINERY -- 0.09%
Rauma Oy............................ 1,816 37,572
COMPUTERS & SOFTWARE -- 0.55%
Tietotehdas Oy, Class B............. 3,978 219,476
CONSUMER PRODUCTS -- 0.36%
Amer Group Ltd. .................... 6,327 142,678
FINANCIAL -- 0.16%
Valmet Corp. ....................... 3,736 61,592
FOOD SERVICE -- 1.23%
Raision Tehtaat Oy.................. 8,117 488,708
RETAIL -- 0.62%
Kesko............................... 15,467 248,556
-----------
Total Finland..................... 1,198,582
FRANCE -- 2.14%
- --------------------------------------
CONSTRUCTION EQUIPMENT -- 0.05%
Bouygues............................ 236 21,006
CONSUMER GOODS -- 0.41%
Grand Optical--Photoservice......... 1,223 161,842
DURABLE GOODS -- 0.64%
Axime(a)............................ 2,244 224,346
Moulinex(a)......................... 1,732 30,202
-----------
254,548
FINANCIAL -- 1.04%
Lagardere S.C.H. ................... 16,862 415,567
-----------
Total France...................... 852,963
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
GERMANY -- 4.26%
- --------------------------------------
CHEMICALS -- 1.65%
SGL Carbon AG....................... 1,520 $ 177,387
Hoechst AG.......................... 13,136 479,536
-----------
656,923
FINANCIAL -- 1.07%
Deutsche Bank AG.................... 9,071 427,605
RETAIL -- 1.54%
Adidas AG........................... 6,709 610,969
-----------
Total Germany..................... 1,695,497
HONG KONG -- 0.81%
- --------------------------------------
BUILDING EQUIPMENT -- 0.21%
Cheung Kong Infrastructure Ltd. .... 46,000 75,844
New World Infrastructure Ltd.(a).... 3,400 8,046
-----------
83,890
HOLDING COMPANY -- 0.60%
Citic Pacific Ltd. ................. 13,000 58,839
First Pacific Company Ltd. ......... 35,000 52,955
HSBC Holdings....................... 2,600 48,248
JCG Holdings Limited................ 86,000 77,292
-----------
237,334
-----------
Total Hong Kong................... 321,224
INDONESIA -- 0.37%
- --------------------------------------
CONFECTIONS & BEVERAGES -- 0.37%
HM Sampoerna........................ 15,000 146,026
ITALY -- 2.38%
- --------------------------------------
AGRICULTURAL MACHINERY -- 0.82%
Gildemeister Italy.................. 15,000 55,189
Parmalat Finanziaria SPA............ 188,469 271,178
-----------
326,367
BUSINESS SERVICES -- 0.44%
BCA Pop Di Milano................... 33,268 175,952
MANUFACTURING -- 0.52%
Pagnossin SPA....................... 54,000 205,776
TELECOMMUNICATIONS -- 0.60%
Telecom Italia Mobile(a)............ 56,638 125,775
Telecom Italia SPA.................. 52,359 116,445
-----------
242,220
-----------
Total Italy....................... 950,315
JAPAN -- 4.87%
- --------------------------------------
AEROSPACE & AIRCRAFT -- 0.27%
Mitsubishi Heavy Industries
Limited............................. 13,000 105,868
AUTOMOBILE & PARTS -- 0.77%
Honda Motor Co. .................... 8,000 201,122
Isuzu Motors Limited................ 14,000 76,049
Yamaha Motor Co. ................... 3,000 29,091
-----------
306,262
BUILDING EQUIPMENT -- 0.30%
Kawasaki Heavy Industries........... 25,000 120,539
</TABLE>
See notes to the financial statements.
27
<PAGE> 28
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -------------------------
JAPAN (CONTINUED)
- -----------------
COMPUTERS & SOFTWARE -- 0.86%
NTT Data Communications Systems
Company(a).......................... 11 $ 341,729
DRUGS -- 0.77%
Eisai Limited....................... 11,350 216,045
Takeda Chemical Industries.......... 5,000 91,582
-----------
307,627
ELECTRONICS -- 0.22%
Sony Corp. ......................... 1,400 88,368
GROCERY -- 0.14%
Ito-Yokado Co. ..................... 1,000 56,835
HOUSEHOLD FURNITURE & APPLIANCES -- 0.12%
Amway Japan Limited................. 1,100 47,803
REAL ESTATE -- 0.24%
Mitsubishi Estate Co. Ltd. ......... 6,000 82,424
Mitsui Fudosan Co. ................. 1,000 13,289
-----------
95,713
RETAIL -- 1.13%
Credit Saison Co. .................. 9,900 237,333
Daimaru, Inc. ...................... 4,000 26,505
Hankyu Department Stores............ 6,000 74,882
Isetan.............................. 8,000 109,899
-----------
448,619
STEEL -- 0.05%
NKK Corp. .......................... 8,000 20,543
-----------
Total Japan....................... 1,939,906
NETHERLANDS -- 6.17%
- --------------------
BUILDING & CONSTRUCTION -- 0.42%
Hunter Douglas N.V. ................ 2,433 169,936
BUSINESS SERVICES -- 0.96%
CMG Information Services, Inc.(a)... 33,653 381,593
COMPUTERS & SOFTWARE -- 1.33%
Getronics N.V. ..................... 20,865 529,277
CONSUMER PRODUCTS -- 1.11%
Heineken NV......................... 300 54,796
Nutricia Verenigde Bedrijven........ 2,929 386,904
-----------
441,700
ELECTRONICS -- 0.41%
Philips Electronics................. 4,506 162,763
OFFICE EQUIPMENT & SUPPLIES -- 0.58%
Oce Grinten......................... 2,105 229,952
PRINTING & PUBLISHING -- 1.06%
Wolters Kluwer N.V. ................ 3,374 424,585
TRANSPORTATION -- 0.30%
Nedlloyd NV......................... 4,639 118,490
-----------
Total Netherlands................. 2,458,296
NORWAY -- 0.23%
- ---------------
HEALTH PRODUCTS -- 0.23%
Tomra System AS..................... 8,216 90,987
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -------------------------
PHILIPPINES -- 0.63%
- --------------------
BUILDING & CONSTRUCTION -- 0.63%
Fortune Cement Corp.(a)............. 43,900 $ 23,008
Hi-Cement Corp.(a).................. 673,500 225,912
-----------
Total Philippines................. 248,920
SOUTH AFRICA -- 0.13%
- ---------------------
METALS & MINING -- 0.13%
De Beers Centenary Link AG.......... 1,727 53,677
SPAIN -- 0.32%
- --------------
COMMERCIAL SERVICES -- 0.32%
Prosegur CIA de Seguridad SA........ 3,195 128,143
SWEDEN -- 6.94%
- ---------------
BANKS -- 0.41%
Bure Investment AB.................. 7,770 74,486
Nordbanken AB....................... 2,737 70,243
Sparbanken Sverige AB............... 1,337 19,377
-----------
164,106
BUSINESS SERVICES 1.01%
WM -- Data AB....................... 6,301 403,325
COMMERCIAL SERVICES -- 1.63%
Securitas AB, Class B............... 26,891 649,541
COMPUTERS & SOFTWARE -- 0.47%
Enator AB(a)........................ 4,965 109,434
Frontec AB, Class B(a).............. 6,472 76,210
-----------
185,644
ELECTRONICS -- 1.86%
Assa Abloy AB(a).................... 51,970 741,420
HEALTH PRODUCTS & CARE -- 0.85%
Nobel Bio--Care AB.................. 17,824 336,353
HOLDING COMPANY -- 0.50%
Kinnevik AB......................... 7,623 199,091
INDUSTRIAL MACHINERY -- 0.21%
Althin Medical AB, Class B.......... 3,964 83,780
-----------
Total Sweden...................... 2,763,260
SWITZERLAND -- 7.10%
- --------------------
BANKS -- 1.22%
Roche Holding AG.................... 66 486,227
BUILDING & CONSTRUCTION -- 0.70%
Sulzer AG........................... 476 279,855
BUSINESS SERVICES -- 0.21%
Fotolabo S.A. ...................... 252 82,221
DRUGS -- 2.87%
CIBA................................ 635 812,524
Sandoz AG........................... 274 329,180
-----------
1,141,704
FOREST PRODUCTS -- 0.25%
Christ Aesch........................ 125 99,717
HOLDING COMPANY -- 1.22%
CS Holdings......................... 4,894 484,110
INSURANCE -- 0.26%
Swiss Reinsurance Group(a).......... 98 103,351
</TABLE>
See notes to the financial statements.
28
<PAGE> 29
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
SWITZERLAND (CONTINUED)
- --------------------------------------
TRANSPORTATION -- 0.37%
SwissAir............................ 180 $ 148,044
-----------
Total Switzerland................. 2,825,229
THAILAND -- 0.06%
- --------------------------------------
BANKS -- 0.06%
Bangkok Bank Public Co. Ltd. ....... 1,700 22,205
UNITED KINGDOM -- 14.58%
- --------------------------------------
BUSINESS SERVICES -- 6.80%
Hays PLC............................ 132,309 972,206
Rentokil Group...................... 265,787 1,736,926
-----------
2,709,132
COMPUTERS & SOFTWARE -- 1.16%
JBA Holdings PLC.................... 10,836 86,399
Misys PLC........................... 26,216 356,375
Sema Group Systems AG............... 1,350 17,128
-----------
459,902
CONSUMER PRODUCTS -- 0.38%
Compass Group PLC................... 7,436 64,986
London International Group.......... 36,736 88,160
-----------
153,146
DRUGS -- 1.00%
Glaxo Wellcome PLC.................. 10,168 159,126
Smithkline Beecham ADR.............. 19,464 237,507
-----------
396,633
ENTERTAINMENT -- 0.60%
London Clubs International PLC...... 50,800 238,263
FINANCIAL -- 1.22%
Barclays............................ 18,997 278,883
Lloyd's TSB Group................... 35,000 206,838
-----------
485,721
FOOD SERVICE -- 0.83%
Harvey Nichols PLC.................. 49,582 271,696
Wetherspoon PLC..................... 3,662 60,114
-----------
331,810
METALS & MINING -- 1.27%
Powerscreen International, PLC...... 59,063 507,405
PRINTING & PUBLISHING -- 0.93%
EMAP................................ 2,114 24,705
Pearson PLC......................... 5,614 59,727
WPP Group........................... 78,054 285,550
-----------
369,982
RETAIL -- 0.39%
Thorn PLC........................... 27,165 154,378
-----------
Total United Kingdom.............. 5,806,372
UNITED STATES -- 26.68%
- --------------------------------------
AEROSPACE-AIRCRAFT -- 0.44%
Boeing Co. ......................... 950 89,775
UTD Technologies Corp. ............. 725 87,091
-----------
176,866
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
AUTOMOBILE & PARTS -- 0.58%
Mahindra & Mahindra Ltd. ........... 3,807 $ 38,070
Tata Engineering (144a)............. 5,968 78,330
Tata Engineering.................... 700 9,188
Tata Engineering & Locomotive Co.
Limited........................... 8,025 105,328
-----------
230,916
BANKS -- 0.96%
Citicorp............................ 1,200 108,750
Wells Fargo & Co. .................. 1,058 275,080
-----------
383,830
BROADCAST & COMMUNICATIONS -- 2.00%
Canwest Global Communications
Corp.............................. 6,150 59,962
GPO Radio Centro SA................. 36,875 304,219
Grupo Televisa SA................... 9,825 283,697
TV Filme, Inc.(a)................... 10,825 148,844
-----------
796,722
CHEMICALS -- 0.24%
Lilly Eli & Co. .................... 1,450 93,525
COMPUTERS & SOFTWARE -- 1.44%
Computer Sciences Corp.(a).......... 1,375 105,703
Dassault Systemes SA(a)............. 2,300 96,313
First Data Corp. ................... 3,600 293,850
Macronix International ADR(a)....... 3,362 40,764
SunGard Data Systems, Inc.(a)....... 800 36,000
-----------
572,630
CONFECTIONS & BEVERAGES -- 0.77%
Pepsico, Inc. ...................... 7,500 211,875
Quilmes Industrial SA............... 8,950 92,856
-----------
304,731
CONSUMER PRODUCTS -- 0.22%
AMRE, Inc. ......................... 2,650 36,769
Harland (John H.) Co. .............. 1,750 52,500
-----------
89,269
DRUGS -- 0.71%
Elan Corp.(a)....................... 8,550 255,431
Qiagen NV(a)........................ 950 28,025
-----------
283,456
ELECTRICAL -- 0.37%
UCar International, Inc.(a)......... 3,675 148,837
ELECTRONICS -- 0.70%
Philips Electronics................. 6,700 240,363
Samsung Electronics America
(144a)(a)......................... 750 36,937
-----------
277,300
FOOD SERVICE/RESTAURANT -- 0.11%
Disco SA(a)......................... 2,300 45,137
FINANCIAL SERVICES -- 0.18%
Associates First Capital Corp. ..... 1,650 67,650
Federal National Mortgage
Association....................... 75 2,616
-----------
70,266
GAMING -- 0.53%
Sodak Gaming, Inc.(a)............... 9,200 211,600
</TABLE>
See notes to the financial statements.
29
<PAGE> 30
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
HEALTH PRODUCTS & CARE -- 2.16%
Grupo Casa Autrey ADR............... 12,725 $ 284,722
Pfizer Inc. ........................ 4,100 324,413
SmithKline Beecham ADR.............. 4,150 252,631
-----------
861,766
HOTEL & MOTEL -- 1.09%
Hospitality Franchise Systems,
Inc.(a)........................... 1,825 122,047
Indian Hotels Co.(a)................ 5,161 118,703
Mandarin Oriental International
Ltd. ............................. 107,000 158,360
Renaissance Hotel Group N.V.(a)..... 1,700 34,000
-----------
433,110
MACHINERY -- 2.94%
Oakley, Inc.(a)..................... 1,050 44,625
Pfeiffer Vacuum Technology AG(a).... 18,825 289,434
Rofin-Sinar Technologies, Inc.(a)... 60,675 659,841
Toolex Alpha NV(a).................. 7,800 175,500
-----------
1,169,400
MEDICAL-HOSPITAL SERVICES -- 0.91%
Fresenius Medical Care ADR.......... 15,525 360,956
METALS & MINING -- 0.23%
Potash Corp. of Saskatchewan,
Inc. ............................. 1,236 90,382
OFFICE EQUIPMENT & SUPPLIES -- 1.28%
Danka Business Systems PLC.......... 12,850 510,787
OIL -- 0.93%
YPF Sociedad Anonima................ 16,225 371,147
RETAIL -- 2.76%
Blue Square-Israel Ltd. ............ 30,000 442,500
Santa Isabel SA..................... 2,900 74,312
Sunglass Hut International,
Inc.(a)........................... 5,925 94,427
Gucci Group N.V.-N.Y.(a)............ 6,725 487,563
-----------
1,098,802
TELECOMMUNICATIONS -- 3.88%
Airtouch Communications, Inc.(a).... 1,375 37,984
Asia Satellite Telecommunications
Holdings, Ltd. ................... 3,300 88,687
CPT Telefonica Del Peru SA.......... 10,500 240,188
Korean Mobile Telecommunications,
Inc. (144a)(a).................... 7,525 113,816
MFS Communications, Inc.(a)......... 5,300 231,213
Millicom International Cellular
SA(a)............................. 7,100 286,663
Paging Network, Inc.(a)............. 1,050 21,000
Portugal Telecom SA ADR............. 3,600 92,700
Telecom Argentina SA................ 75 3,028
Telefonos De Argentina ADR.......... 4,325 107,584
Telecomunicacoes Brasileiras SA..... 3,800 298,300
U.S. Robotics Corp.(a).............. 375 24,234
-----------
1,545,397
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
TRANSPORTATION -- 0.01%
Tranz Rail Holdings ADR(a).......... 300 $ 4,350
WHOLESALE -- 1.24%
Alco Standard Corp. ................ 9,875 492,516
-----------
Total United States............... 10,623,698
-----------
Total Common Stocks
(cost $29,180,922)............ 33,668,676
-----------
PREFERRED STOCK -- 1.37%
- --------------------------------------
BRAZIL -- 0.15%
- --------------------------------------
BEVERAGES -- 0.03%
Brahma.............................. 21,000 13,061
ENERGY -- 0.12%
Cemig CIA Energetica Minas.......... 1,611,000 48,441
-----------
Total Brazil...................... 61,502
GERMANY -- 1.22%
- --------------------------------------
HEALTH PRODUCTS & CARE -- 1.17%
Fresenius AG........................ 1,700 314,309
Wella AG............................ 251 151,398
-----------
465,707
RETAIL -- 0.05%
Escada AG........................... 136 18,992
-----------
Total Germany..................... 484,699
-----------
Total Preferred Stocks
(cost $519,147)............... 546,201
-----------
SHORT-TERM SECURITIES -- 14.07%
- -------------------------------
COMMERCIAL PAPER -- 14.07%
Federal Home Discount Note,
5.70%, 10/01/1996
(cost $5,600,000)................. $5,600,000 5,600,000
-----------
TOTAL INVESTMENTS -- 100%
- --------------------------------------
(cost $35,300,069).................. $39,814,877
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
30
<PAGE> 31
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK -- 90.91%
- ----------------------
AEROSPACE & DEFENSE -- 4.36%
Boeing Co. .......................... 6,500 $ 614,250
McDonnell Douglas Corp. ............. 8,600 451,500
Sundstrand Corp. .................... 9,500 370,500
----------
1,436,250
AGRICULTURAL MACHINERY -- 0.43%
Case Equipment Corp. ................ 2,900 141,375
APPAREL -- 0.81%
Tommy Hilfiger Corp.(a).............. 4,500 266,625
BANKS -- 4.11%
Chase Manhattan Corp. ............... 9,000 721,125
Citicorp............................. 7,000 634,375
----------
1,355,500
BROADCASTING -- 0.46%
Univision Communications, Inc.(a).... 4,500 150,750
BUILDING & CONSTRUCTION -- 0.61%
Clayton Homes, Inc. ................. 9,125 200,750
CHEMICALS -- 2.24%
Monsanto Co. ........................ 20,200 737,300
COMPUTERS & TECHNOLOGY -- 17.18%
Cisco Systems, Inc.(a)............... 16,000 992,992
Computer Sciences Corp.(a)........... 2,100 161,438
Compuware Corp.(a)................... 8,000 366,000
Electronic Data Systems Corp. ....... 8,000 491,000
First Data Corp. .................... 12,378 1,010,354
Informix Corp.(a).................... 22,900 638,338
Intel Corp. ......................... 10,200 973,457
Parametric Tech Corp.(a)............. 4,900 241,938
Sun Microsystems, Inc.(a)............ 5,200 323,050
3 Com Corp.(a)....................... 7,700 462,477
----------
5,661,044
CONSUMER PRODUCTS -- 1.91%
Colgate-Palmolive Co. ............... 2,675 232,391
CUC International, Inc.(a)........... 10,000 398,750
----------
631,141
DRUGS -- 6.50%
Eli Lilly & Co. ..................... 11,400 735,300
Merck & Company, Inc. ............... 13,000 914,875
Pfizer, Inc. ........................ 6,200 490,575
----------
2,140,750
ELECTRONICS -- 4.97%
Adaptec, Inc(a)...................... 8,600 516,000
Input/Output, Inc.(a)................ 6,000 178,500
Maxim Integrated Products(a)......... 3,900 137,962
Xerox Corp. ......................... 15,000 804,375
----------
1,636,837
FINANCE COMPANIES -- 4.54%
Greentree Financial Corp. ........... 8,000 314,000
MBNA Corp. .......................... 5,750 199,813
MGIC Investment Corp. ............... 4,700 316,662
Money Store (The), Inc. ............. 12,000 318,000
Schwab Charles Corp. ................ 15,000 346,875
----------
1,495,350
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
GAMING -- 1.00%
Mirage Resorts, Inc.(a).............. 12,800 $ 328,000
HEALTH CARE & PRODUCTS -- 7.05%
Astra AB(a).......................... 9,800 412,825
Amgen, Inc.(a)....................... 2,800 176,750
Biochemical Pharmaceuticals,
Inc.(a)............................ 7,100 284,888
Boston Scientific Corp.(a)........... 4,500 258,750
Columbia HCA/Healthcare Corp. ....... 6,500 369,688
Guidant Corp. ....................... 6,100 337,025
Johnson & Johnson.................... 676 34,645
Medtronic, Inc. ..................... 5,100 327,037
SmithKline Beecham PLC-ADR........... 2,000 121,750
----------
2,323,358
HOSPITALITY -- 2.73%
Boston Chicken, Inc.(a).............. 7,900 278,475
Lone Star Hospitality Corp.(a)....... 12,800 389,594
Outback Steakhouse, Inc.(a).......... 2,500 60,312
Safeway, Inc.(a)..................... 4,000 170,500
----------
898,881
INSURANCE -- 3.89%
American International Group,
Inc. .............................. 10,000 1,007,500
Travelers Group, Inc. ............... 10,000 275,000
----------
1,282,500
LEISURE TIME & RECREATION -- 1.77%
International Game Tech.............. 28,500 584,250
MANUFACTURING -- 0.45%
Oakley, Inc.(a)...................... 3,500 148,750
MERCHANDISING -- 2.80%
Gap, Inc. ........................... 10,000 288,750
Nike, Inc. -- Class B................ 2,700 328,050
9 West Group, Inc.(a)................ 3,000 162,750
TJX Companies, Inc. ................. 4,000 143,500
----------
923,050
OIL -- 4.69%
BJ Services Co.(a)................... 3,800 137,750
Halliburton Co. ..................... 8,900 459,463
Schlumberger Ltd. ................... 5,000 422,500
Smith International, Inc.(a)......... 4,000 140,500
Tidewater, Inc. ..................... 10,300 384,962
----------
1,545,175
RETAIL -- 5.70%
Dollar General Corp. ................ 5,000 155,625
Gucci Group N V(a)................... 7,000 507,500
Home Depot, Inc. .................... 15,000 853,125
Officemax, Inc.(a)................... 25,800 361,200
----------
1,877,450
SERVICE INDUSTRIES -- 4.34%
Loewen Group, Inc. .................. 13,200 552,750
Service Corp. International.......... 29,000 877,250
----------
1,430,000
</TABLE>
See notes to the financial statements.
31
<PAGE> 32
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
TELECOMMUNICATIONS -- 4.82%
- ---------------------------
Telecomunicacoes Brasileiras SA
ADR................................ 3,400 $ 266,900
Ascend Communications, Inc.(a)....... 5,000 330,625
Cascade Communications Co.(a)........ 4,000 326,000
Excel Communications, Inc.(a)........ 1,100 34,787
Glenayre Technologies, Inc.(a)....... 3,000 69,000
LCI International, Inc.(a)........... 4,700 148,050
MFS Communications, Inc.(a).......... 3,400 148,325
WorldCom, Inc.(a).................... 12,300 262,913
-----------
1,586,600
TEXTILES -- 1.07%
Cintas Corp. ........................ 6,300 352,800
TRANSPORTATION -- 0.55%
Delta Air Line, Inc. ................ 2,500 180,000
WASTE DISPOSAL -- 1.93%
United Waste Systems, Inc.(a)........ 8,800 305,800
USA Waste Services, Inc.(a).......... 10,500 330,750
-----------
636,550
-----------
Total Common Stocks
(cost $27,440,054)................. 29,951,036
-----------
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.09%
- -------------------------------
U.S. TREASURY BILLS -- 9.09%
4.94%, 10/10/1996.................... $2,000,000 $ 1,997,530
4.86%, 10/17/1996.................... 1,000,000 997,714
-----------
Total Short-Term Investments
(cost $2,995,244)................ 2,995,244
-----------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $30,435,298)................... $32,946,280
===========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
32
<PAGE> 33
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
--------- --------
<S> <C> <C>
COMMON STOCKS -- 96.62%
- -----------------------------------------
AUTOMOBILES -- 0.66%
Ford Motor Co. ........................ 200 $ 6,250
BANKS -- 4.53%
BankAmerica Corp. ..................... 200 16,425
Mellon Bank Corp. ..................... 150 8,887
Nationsbank Corp. ..................... 200 17,375
--------
42,687
BROADCASTING -- 3.36%
Westinghouse Electric Corp. ........... 1,700 31,663
BUSINESS SERVICES -- 4.52%
CUC International, Inc.(a)............. 400 15,950
Omnicom Group.......................... 450 21,037
Wallace Computer Services, Inc. ....... 200 5,650
--------
42,637
COMMUNICATIONS & INFORMATION -- 5.70%
Cisco Systems, Inc.(a)................. 200 12,413
Electronic Data Systems Corp. ......... 200 12,275
First Data Corp. ...................... 200 16,325
Oracle Systems Corp.(a)................ 300 12,769
--------
53,782
DEFENSE -- 3.06%
General Motors Corp. .................. 500 28,875
DRUGS & HEALTH CARE -- 5.45%
Johnson & Johnson...................... 300 15,375
Merck & Co., Inc. ..................... 200 14,075
Pfizer, Inc. .......................... 200 15,825
SmithKline Beecham PLC................. 100 6,087
--------
51,362
ELECTRICAL EQUIPMENT -- 2.90%
General Electric Co. .................. 300 27,300
ELECTRONICS -- 1.72%
Thermo Electron Corp.(a)............... 400 16,200
FINANCIAL SERVICES -- 6.01%
Federal Home Loan Mortgage Corp. ...... 200 19,575
Federal National Mortgage
Association.......................... 500 17,438
Travelers Group, Inc. ................. 400 19,650
--------
56,663
FOOD & BEVERAGES -- 1.50%
Pepsico, Inc. ......................... 500 14,125
GAS & PIPELINE UTILITIES -- 0.81%
Williams Companies, Inc. .............. 150 7,650
GAS EXPLORATION -- 3.24%
Enron Corp. ........................... 750 30,562
HOTELS & RESTAURANTS -- 1.75%
Marriot International, Inc. ........... 300 16,538
<CAPTION>
MARKET
SHARES VALUE
--------- --------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -----------------------------------------
HOUSEHOLD PRODUCTS -- 3.60%
Gillette Co. .......................... 200 $ 14,425
Procter & Gamble Co. .................. 200 19,500
--------
33,925
INSURANCE -- 2.91%
American International Group, Inc. .... 200 20,150
Marsh & McLennan Companies, Inc. ...... 75 7,284
--------
27,434
INTERNATIONAL OIL -- 7.16%
Mobil Corp. ........................... 75 8,681
Royal Dutch Petroleum Co. ............. 200 31,225
Texaco, Inc. .......................... 300 27,600
--------
67,506
PLASTICS -- 1.53%
Illinois Tool Works, Inc. ............. 200 14,425
PUBLISHING -- 0.68%
McGraw Hill Companies, Inc. ........... 150 6,394
REAL ESTATE -- 3.67%
Duke Realty Investments, Inc. ......... 200 6,525
Nationwide Health Properties Inc. ..... 300 6,600
Rouse Co. ............................. 300 7,800
Storage Trust Realty................... 300 6,525
Sun Communities Inc. .................. 250 7,125
--------
34,575
RETAIL TRADE -- 5.08%
Home Depot, Inc. ...................... 200 11,375
Intimate Brands, Inc. ................. 400 7,300
Kohls Corp. ........................... 400 14,400
Walgreen Co. .......................... 400 14,800
--------
47,875
TELECOMMUNICATIONS -- 11.58%
Alltel Corp. .......................... 250 6,969
Bell Atlantic Corp. ................... 500 29,938
Frontier Corp. ........................ 200 5,325
GTE Corp. ............................. 200 7,700
Telecomunicacoes Brasileiras S A....... 400 31,400
Telefonica De Espana S A............... 500 27,812
--------
109,144
TOBACCO -- 6.99%
American Brands, Inc. ................. 700 29,575
Philip Morris Companies Inc. .......... 75 6,731
UST, Inc. ............................. 1,000 29,625
--------
65,931
</TABLE>
See notes to the financial statements.
33
<PAGE> 34
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
--------- --------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -----------------------------------------
UTILITIES -- 8.21%
American Water Works, Inc. ............ 300 $ 6,488
FPL Group.............................. 150 6,487
Pacificorp............................. 1,400 28,875
Teco Energy, Inc. ..................... 1,200 28,500
UGI Corp. ............................. 300 7,050
--------
77,400
--------
Total Common Stocks
(cost $905,584).................... 910,903
--------
PREFERRED STOCKS -- 3.38%
- ----------------------------------------------------------------
FINANCIAL SERVICES -- 0.81%
Sci Finances LLC....................... 75 7,688
<CAPTION>
MARKET
SHARES VALUE
--------- --------
<S> <C> <C>
PREFERRED STOCKS (CONTINUED)
- -----------------------------------------
HOUSEHOLD PRODUCTS -- 0.90%
Corning Delaware LP.................... 150 $ 8,475
INSURANCE -- 0.89%
Jefferson Pilot Corp. ................. 100 8,425
RETAIL -- 0.78%
Kmart.................................. 150 7,331
--------
Total Preferred Stocks
(cost $31,888)..................... 31,919
--------
TOTAL INVESTMENTS -- 100%
- -----------------------------------------
(cost $937,472)........................ $942,822
========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
34
<PAGE> 35
JNL/EAGLE SMALLCAP EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ --------
<S> <C> <C>
COMMON STOCKS -- 100%
- ---------------------
BUSINESS SERVICES -- 7.42%
RMH Teleservices, Inc.(a)................. 2,300 $ 33,925
Wackenhut Corp. .......................... 2,500 39,063
--------
72,988
CHEMICALS -- 3.55%
Tetra Technologies, Inc.(a)............... 1,900 34,912
COMMUNICATIONS EQUIPMENT -- 9.76%
Ampex Corp.(a)............................ 4,700 37,012
Computer Products, Inc.(a)................ 2,700 59,063
--------
96,075
CONSTRUCTION -- 4.97%
Lennar Corp. ............................. 2,200 48,950
ELECTRONICS -- 3.30%
Computational Systems, Inc.(a)............ 2,000 32,500
ENVIRONMENTAL -- 14.19%
Envirosource, Inc.(a)..................... 9,500 35,625
IMCO Recycling, Inc. ..................... 6,400 104,000
--------
139,625
FINANCIAL SERVICES -- 3.58%
Legg Mason, Inc. ......................... 1,100 35,200
FOOD & BEVERAGES -- 4.60%
Cott Corp. ............................... 6,000 45,375
<CAPTION>
MARKET
SHARES VALUE
------ --------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -------------------------
HOTELS & RESTAURANTS -- 6.25%
Apple South, Inc. ........................ 1,700 $ 22,738
Capstar Hotel Co.(a)...................... 2,300 38,813
--------
61,551
MAINTENANCE -- 3.89%
American Residential Services, Inc.(a).... 2,000 38,250
PETROLEUM SERVICES -- 13.14%
Camco International, Inc. ................ 1,100 41,112
Marine Drilling Companies, Inc.(a)........ 4,100 39,462
Trico Marine Services, Inc.(a)............ 1,600 48,800
--------
129,374
PUBLISHING -- 9.54%
Houghton Mifflin Co. ..................... 1,000 47,125
World Color Press, Inc.(a)................ 2,100 46,725
--------
93,850
REAL ESTATE -- 8.45%
Mid-America Apartment Communities,
Inc. ................................... 1,600 40,200
Public Storage, Inc. ..................... 1,900 42,988
--------
83,188
RETAIL -- 3.62%
Cash America International, Inc. ......... 5,000 35,625
WASTE DISPOSAL -- 3.74%
Superior Services, Inc.(a)................ 2,300 36,800
--------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $944,404)........................... $984,263
========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
35
<PAGE> 36
JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK -- 54.45%
- ----------------------
AEROSPACE & AIRCRAFT -- 1.64%
Boeing Co. ......................... 1,500 $ 141,750
United Technologies Corp. .......... 1,500 180,188
-----------
321,938
APPAREL -- 1.24%
Nike, Inc. ......................... 2,000 243,000
BROADCASTING -- 0.19%
Westinghouse Electric Corp. ........ 2,000 37,250
BANKS -- 2.20%
BankAmerica Corp. .................. 800 65,700
Chase Manhattan Corp. .............. 2,400 192,300
Citicorp............................ 1,900 172,187
-----------
430,187
CHEMICALS -- 1.16%
DuPont De Neumours.................. 500 44,125
Monsanto Co. ....................... 5,000 182,500
-----------
226,625
COMMERCIAL SERVICES -- 0.55%
Corrections Corp.(a)................ 2,300 71,875
Service Corp. International......... 1,200 36,300
-----------
108,175
COMPUTERS & TECHNOLOGY -- 7.63%
Computer Associates International,
Inc. ............................. 2,450 146,387
Cisco Systems, Inc.(a).............. 4,000 248,248
First Data Corp. ................... 1,900 155,087
International Business Machines
Corp. ............................ 3,000 373,500
Microsoft Corp.(a).................. 1,500 197,813
Netscape Communications Corp.(a).... 1,300 60,288
Oracle Systems Corp.(a)............. 2,500 106,405
Sun Microsystems, Inc.(a)........... 2,400 149,100
3Com Corp.(a)....................... 1,000 60,062
-----------
1,496,890
CONFECTIONS & BEVERAGES -- 1.61%
Coca-Cola Co. ...................... 3,500 178,063
Pepsico, Inc. ...................... 4,900 138,425
-----------
316,488
CONGLOMERATES -- 0.72%
Allied Signal, Inc. ................ 1,500 98,812
Tyco International, Ltd. ........... 1,000 43,125
-----------
141,937
CONSUMER PRODUCTS -- 1.33%
Central Garden & Pet Co.(a)......... 3,500 70,438
Gillette Co. ....................... 2,500 180,312
Proctor & Gamble Co. ............... 100 9,750
-----------
260,500
DRUGS -- 0.49%
Healthsouth Corp.(a)................ 2,500 95,938
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
ELECTRONICS -- 6.62%
Dynatech Corp.(a)................... 5,600 $ 256,200
General Electric Co. ............... 4,500 409,500
Honeywell, Inc. .................... 1,500 94,687
Intel Corp. ........................ 4,100 391,292
Micron Technology, Inc. ............ 1,000 30,500
Perkin-Elmer Corp. ................. 2,000 115,750
-----------
1,297,929
FINANCIAL SERVICES -- 2.85%
Conseco, Inc. ...................... 2,000 98,500
Donaldson Lufkin & Jenrette,
Inc. ............................. 2,200 77,275
Equifax, Inc. ...................... 4,100 108,137
Green Tree Financial Corp. ......... 2,000 78,500
Travelers Group, Inc. .............. 4,000 196,500
-----------
558,912
HEALTH PRODUCTS & CARE -- 6.66%
American Home Products Corp. ....... 1,960 124,950
Amgen, Inc.(a)...................... 1,500 94,688
Columbia/HCA Healthcare Corp. ...... 3,300 187,687
Guidant Corp. ...................... 3,000 165,750
Johnson & Johnson................... 3,000 153,750
Medtronic, Inc. .................... 2,800 179,550
Merck & Co., Inc. .................. 2,300 161,863
Pfizer, Inc. ....................... 3,000 237,375
-----------
1,305,613
HOTEL -- 1.25%
Hospitality Franchise Systems,
Inc.(a)........................... 2,100 140,438
Marriott International, Inc. ....... 1,900 104,737
-----------
245,175
INSURANCE -- 1.65%
Allstate Corp. ..................... 4,000 197,000
American International Group,
Inc. ............................. 1,250 125,937
-----------
322,937
MACHINERY -- 0.34%
Dover Corp. ........................ 1,400 66,850
MANUFACTURING -- 0.44%
Lear Corp.(a)....................... 2,600 85,800
OFFICE EQUIPMENT -- 0.82%
Xerox Corp. ........................ 3,000 160,875
OIL & GAS -- 6.63%
Anadarko Petroleum Corp. ........... 1,500 83,812
Apache Corp. ....................... 2,900 86,275
Baker Hughes, Inc. ................. 3,300 100,238
British Petroleum PLC ADR........... 1,400 175,000
Consolidated Natural Gas Co. ....... 1,500 80,438
Enron Corp. ........................ 1,800 73,350
Enron Oil & Gas Co. ................ 3,200 79,600
Ensco International, Inc.(a)........ 2,000 65,000
Halliburton Co. .................... 2,000 103,250
</TABLE>
See notes to the financial statements.
36
<PAGE> 37
JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
OIL & GAS (CONTINUED)
Sonat Offshore Drilling, Inc. ...... 1,500 $ 66,375
Tidewater, Inc. .................... 2,000 74,750
Transocean Offshore, Inc. .......... 2,500 153,125
Weatherford Enterra, Inc.(a)........ 5,800 158,775
-----------
1,299,988
PACKAGED FOODS -- 0.36%
Northland Cranberries -- Class A.... 4,200 71,400
RETAIL -- 5.70%
Dayton Hudson Corp. ................ 800 26,400
Federated Department Stores,
Inc.(a)........................... 4,000 134,000
Home Depot, Inc. ................... 3,200 182,000
Lowe's Companies, Inc. ............. 3,000 122,625
Melville Corp. ..................... 2,600 114,725
Petsmart, Inc.(a)................... 4,200 108,675
Safeway Stores, Inc.(a)............. 4,100 174,762
Staples, Inc.(a).................... 6,000 133,122
TJX Companies, Inc. ................ 3,400 121,975
-----------
1,118,284
TELECOMMUNICATIONS -- 1.73%
Ericsson Lm Tel SP-ADR.............. 2,200 55,825
Lucent Technologies, Inc. .......... 2,000 91,750
Newbridge Networks Corp.(a)......... 3,000 191,250
-----------
338,825
WASTE DISPOSAL -- 0.64%
USA Waste Services, Inc.(a)......... 4,000 126,000
-----------
Total Common Stocks
(cost $9,968,468)................. 10,677,516
-----------
CORPORATE BONDS -- 0.18%
- ------------------------
FINANCIAL -- 0.10%
Astra O/S Fin PTAST 144(a)
8.750%, 08/07/2003................ $ 20,000 19,850
INDUSTRIAL -- 0.08%
Buckeye Cellulos
9.250%, 09/15/2008................ 15,000 15,000
-----------
Total Corporate Bonds
(cost $34,827).................... 34,850
-----------
MUNICIPAL BONDS -- 0.21%
- ------------------------
CALIFORNIA -- 0.07%
Long Beach Pension Obligation --
FSA Insured
6.870%, 09/01/2006................ 5,000 4,839
San Bernardino County Authority
Pension -- MBIA Insured 6.940%
08/01/2009........................ 5,000 4,720
Ventura County Municipal Bond --
FSA Insured
5.680%, 11/01/2006................ 5,000 4,719
-----------
14,278
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS (CONTINUED)
- ---------------------------
FLORIDA -- 0.14%
Miami Beach Pension Project --
AMBAC Insured
8.600%, 09/01/2021................ $ 10,000 $ 10,946
University of Miami -- MBIA Insured
Adjustable Rate 7.650%,
04/01/2020........................ 15,000 15,137
-----------
26,083
-----------
Total Municipal Bonds
(cost $40,973).................... 40,361
-----------
U.S. GOVERNMENT SECURITIES -- 27.36%
- ------------------------------------
U.S. TREASURY NOTES -- 22.75%
6.875%, 07/31/1999.................. 200,000 202,968
6.625%, 07/31/2001.................. 600,000 603,654
6.375%, 09/30/2001.................. 500,000 498,205
5.875%, 11/15/2005.................. 300,000 283,407
6.875%, 05/15/2006.................. 2,325,000 2,352,249
7.000%, 07/15/2006.................. 500,000 510,390
6.000%, 02/15/2026.................. 10,000 8,787
-----------
4,459,660
U.S. GOVERNMENTAL AGENCIES -- 4.61%
Resolution Trust Corporation Strip
Interest 6.80%, 05/25/2027........ 96,920 91,559
Government National Mortgage
Association
6.50%, 12/15/2023................. 275,428 259,506
6.50%, 02/15/2026................. 209,125 195,532
6.50%, 04/15/2026................. 382,825 357,941
-----------
904,538
-----------
Total U.S. Government Securities
(cost $5,372,380)................. 5,364,198
-----------
MORTGAGE BACKED SECURITIES -- 0.80%
- -----------------------------------
DLJMA 1996-CF1 A1B, 144(a), 7.58%,
12/17/2027........................ 50,000 50,328
Green Tree 1996-4 A6, 7.40%,
06/15/2027........................ 15,000 14,920
Residential Funding Mortgage
Security I 6.75%, 02/25/2011
(cost $99,447).................... 98,107 92,088
-----------
Total Mortgage Backed Securities
(cost $164,772)................... 157,336
-----------
SHORT-TERM INVESTMENTS -- 17.00%
- --------------------------------
U.S. TREASURY BILLS -- 0.71%
5.75%, 09/30/1997................... 140,000 139,912
U.S. GOVERNMENT AGENCY -- 2.45%
Federal Home Loan Bank Discount Note
5.70%, 10/01/1996................... 480,000 480,000
</TABLE>
See notes to the financial statements.
37
<PAGE> 38
JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
- ----------------------------------
COMMERCIAL PAPER -- 2.85%
Allied Signal
5.17%, 10/09/1996................. $ 110,000 $ 109,885
Pfizer, Inc. 4(2)
5.37%, 10/03/1996................. 450,000 449,866
-----------
559,751
DEMAND NOTES -- 10.99%
Anheuser-Busch
5.38%, 10/10/1996................. 200,000 199,731
Beta Finance, Inc. 4(2) 5.50%,
11/15/1996........................ 350,000 347,594
DuPont De Nemours
5.35%, 10/23/1996................. 275,000 274,101
Heinz H J
5.35%, 10/17/1996................. 350,000 349,168
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
- ----------------------------------
DEMAND NOTES (CONTINUED)
Preferred Receivables 5.32%,
10/02/1996........................ $ 390,000 $ 389,942
Private Export Funding Corp. 5.32%,
10/15/1996........................ 335,000 334,307
Vermont American Corp. 4(2) 5.35%,
10/16/1996........................ 260,000 259,420
-----------
2,154,263
-----------
Total Short-Term Investments
(cost $3,333,926)................. 3,333,926
-----------
TOTAL INVESTMENTS -- 100%
(cost $18,915,346).................. $19,608,187
===========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
38
<PAGE> 39
JNL/PHOENIX INVESTMENT COUNSEL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
COMMON STOCKS -- 82.23%
- ---------------------------------------
AEROSPACE & AIRCRAFT -- 6.19%
Boeing Co. .......................... 1,000 $ 94,500
General Motors, Inc. Class H......... 3,000 173,250
Lockheed Martin Co. ................. 4,000 360,500
Raytheon Co. ........................ 5,000 278,125
----------
906,375
AGRICULTURAL MACHINERY -- 1.14%
Deere & Co. ......................... 4,000 168,000
BANKS -- 0.37%
Citicorp............................. 600 54,375
BUSINESS SERVICES -- 1.35%
CUC International, Inc.(a)........... 5,000 199,375
CHEMICALS -- 4.29%
IMC Global, Inc. .................... 7,000 273,875
Monsanto Co. ........................ 4,900 178,850
Potash Corp. ........................ 2,400 175,500
----------
628,225
COMPUTERS & SOFTWARE -- 5.50%
Cisco Systems, Inc.(a)............... 2,000 124,124
Informix Corp.(a).................... 5,000 139,375
Netscape Communications Corp.(a)..... 2,000 92,750
Oracle Systems Corp.(a).............. 5,000 212,810
Storage Technology(a)................ 2,700 102,263
Verifone, Inc. ...................... 3,000 134,250
----------
805,572
CONGLOMERATES -- 2.50%
ITT Corp.(a)......................... 5,000 218,125
Litton Industries, Inc.(a)........... 3,000 147,750
----------
365,875
CONSUMER PRODUCTS -- 7.49%
Kimberly-Clark Corp. ................ 4,000 352,500
Ralston Purina Group................. 3,000 205,500
Seagram Co. Ltd. .................... 6,000 224,250
Unilever NV.......................... 2,000 315,250
----------
1,097,500
ELECTRONICS -- 1.02%
Raychem Corp. ....................... 2,000 150,000
ENTERTAINMENT, LEISURE & GAMING --
1.67%
Carnival............................. 6,400 198,400
Grupo Televisa S.A.(a)............... 1,600 46,200
----------
244,600
FINANCIAL SERVICES -- 1.57%
Equifax, Inc. ....................... 7,000 184,625
Student Loan Marketing Association... 600 44,775
----------
229,400
<CAPTION>
MARKET
SHARES VALUE
--------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- ---------------------------------------
HEALTH PRODUCTS & CARE -- 7.18%
Astra AB ADR A....................... 5,000 $ 210,625
Columbia HCA Healthcare Corp. ....... 6,000 341,250
Lilly (Eli) & Co. ................... 1,500 96,750
Mallinckrodt, Inc. .................. 6,000 249,750
Manor Care, Inc. .................... 4,000 153,500
----------
1,051,875
HOTEL & LODGING -- 1.13%
Marriott International, Inc. ........ 3,000 165,375
INSURANCE -- 2.22%
ACE Limited.......................... 1,800 95,175
Torchmark Corp. ..................... 5,000 229,375
----------
324,550
MEDICAL SERVICES & SUPPLIES -- 3.69%
Baxter International, Inc. .......... 5,000 233,750
Johnson & Johnson.................... 6,000 307,500
----------
541,250
METALS & MINING -- 1.54%
Oregon Metallurgical Corp.(a)........ 7,000 227,500
OFFICE EQUIPMENT & SUPPLIES -- 1.10%
Xerox Corp. ......................... 3,000 160,875
OIL & GAS -- 12.84%
Apache Corp. ........................ 5,100 151,725
Atwood Oceanics, Inc.(a)............. 1,700 74,800
Burlington Resources, Inc. .......... 2,000 88,750
Diamond Offshore Drilling(a)......... 2,200 121,000
Elf Aquitaine Sponsored ADR.......... 7,000 275,625
Energy Ventures, Inc.(a)............. 2,500 101,250
Ensco International, Inc.(a)......... 4,000 130,000
Halliburton Co. ..................... 3,000 154,875
Nabors Industries, Inc.(a)........... 25,000 340,625
Tidewater, Inc. ..................... 6,000 224,250
Tosco Corp. ......................... 2,500 137,187
Weatherford Enterra, Inc.(a)......... 3,000 82,125
----------
1,882,212
PROFESSIONAL SERVICES -- 2.93%
Carriage Services, Inc.(a)........... 10,000 192,500
Olsten Corp. ........................ 4,000 99,500
Primark Corp.(a)..................... 5,000 136,875
----------
428,875
RETAIL -- 7.67%
American Stores, Co. ................ 10,000 400,000
Home Depot, Inc. .................... 4,000 227,500
Melville Corp. ...................... 8,000 353,000
Price/Costco, Inc.(a)................ 7,000 143,500
----------
1,124,000
</TABLE>
See notes to the financial statements.
39
<PAGE> 40
JNL/PHOENIX INVESTMENT COUNSEL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- ---------------------------------------
TELECOMMUNICATIONS -- 2.92%
General Instrument Corp.(a).......... 8,000 $ 198,000
Lucent Technologies, Inc. ........... 5,000 229,375
-----------
427,375
TRANSPORTATION -- 2.80%
Burlington Northern Sante Fe......... 3,000 253,125
Pittston Brinks Group................ 5,000 156,875
-----------
410,000
WASTE DISPOSAL -- 3.12%
WMX Technologies Inc. ............... 13,900 456,963
-----------
Total Common Stocks (cost
$11,530,765)................... 12,050,147
-----------
SHORT-TERM INVESTMENTS -- 17.77%
- -----------------------------------------------------------------
U.S. GOVERNMENT AGENCIES -- 3.82%
Federal Home Discount Note,
5.70%, 10/01/1996.................. $315,000 315,000
Federal Home Loan Mortgage,
5.30%, 10/17/1996.................. 245,000 244,423
-----------
559,423
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
- ---------------------------------------
COMMERCIAL PAPER -- 13.95%
Anheuser-Busch,
5.00%, 10/10/1996.................. $100,000 $ 99,865
BellSouth Telecommunications,
5.00%, 10/21/1996.................. 390,000 388,841
DuPont De Nemours,
5.00%, 10/23/1996.................. 300,000 299,019
General Electric,
5.25%, 10/07/1996.................. 165,000 164,856
Heinz H J,
5.35%, 10/17/1996.................. 205,000 204,513
Preferred Receivable,
5.00%, 10/17/1996.................. 335,000 334,950
Private Export Funding Corp.,
5.00%, 10/15/1996.................. 205,000 204,576
5.30%, 10/31/1996.................. 350,000 348,454
-----------
2,045,074
-----------
Total Short-Term Investments
(cost $2,604,497).............. 2,604,497
-----------
TOTAL INVESTMENTS -- 100%
- ---------------------------------------
(cost $14,135,262)................... $14,654,644
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
40
<PAGE> 41
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
CORPORATE BONDS -- 95.22%
- ---------------------------------------
AEROSPACE & AIRCRAFT -- 0.83%
Coltec Industries, Inc.,
9.75%, 11/01/1999.................. $100,000 $ 103,500
AGRICULTURAL MACHINERY -- 0.80%
AGCO Corp. (144a),
8.50%, 03/15/2006.................. 100,000 99,750
AUTOMOTIVE & ACCESSORIES -- 7.73%
Aftermarket Technology Corp.,
12.00%, 08/01/2004................. 100,000 109,000
Exide Corp., (Step-Up),
12.25%, 12/15/2004(a).............. 200,000 180,000
Hayes Wheels International, Inc.,
11.00%, 07/15/2006................. 100,000 105,250
Lear Seating Corp.,
9.50%, 07/15/2006.................. 200,000 207,000
Speedy Muffler King, Inc.,
10.875%, 10/01/2006................ 250,000 257,500
SPX Corp.,
11.75%, 06/01/2002................. 100,000 109,750
-----------
968,500
BANKS -- 2.50%
First Nationwide Bank, (144A),
10.625%, 10/01/2003................ 300,000 313,875
BUILDING -- 5.11%
Schuller International Group, Inc.,
10.875%, 12/15/2004................ 300,000 327,750
Toll Corp.,
10.50%, 03/15/2002................. 300,000 312,750
-----------
640,500
CHEMICALS -- 5.16%
Laroche Industries, Inc.,
13.00%, 08/15/2004................. 300,000 328,500
Terra Industries, Inc.,
10.50%, 06/15/2005................. 200,000 213,000
Texas Petrochemicals, (144A),
11.125%, 07/01/2006................ 100,000 105,500
-----------
647,000
COMMUNICATIONS -- 5.66%
Bell & Howell Co. Ser. B (Step-Up),
11.50%, 03/01/2005................. 300,000 213,750
Gray Communications,
10.625%, 10/01/2006................ 200,000 204,500
K-III Communications,
8.50%, 02/01/2006.................. 200,000 188,000
Rogers Communications, Inc.,
10.875%, 04/15/2004................ 100,000 103,000
-----------
709,250
CONSUMER PRODUCTS -- 3.38%
Coty, Inc.,
10.25%, 05/01/2005................. 400,000 423,000
CONTAINERS -- 0.85%
Gaylord Container,
11.50%, 05/15/2001................. 100,000 106,000
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
- ---------------------------------------
DEFENSE -- 0.86%
Alliant Techsystems, Inc.,
11.75%, 03/01/2003................. $100,000 $ 108,250
ELECTRICAL -- 0.81%
Remington Products, (144A),
11.00%, 05/15/2006................. 100,000 101,000
FABRICATED METAL PRODUCTS -- 3.47%
Ryerson Tull, Inc.,
8.50%, 07/15/2001.................. 200,000 198,500
UCAR Global Enterprises, Inc.,
12.00%, 01/15/2005................. 207,000 236,239
-----------
434,739
FINANCIAL -- 2.47%
AIM Management Group, Inc.,
9.00%, 11/15/2003.................. 300,000 309,000
FOOD & BEVERAGES -- 4.28%
Americold Corp.,
11.50%, 03/01/2005................. 100,000 104,500
Dominick's Finer Foods,
10.875%, 05/01/2005................ 300,000 324,750
Keebler Corp., (144A),
10.75%, 07/01/2006................. 100,000 106,500
-----------
535,750
GAMING -- 8.22%
Argosy Gaming Co., (144A)
13.25%, 06/01/2004................. 200,000 199,000
Aztar Corp.
11.00%, 10/01/2002................. 100,000 100,000
13.75%, 10/01/2004................. 100,000 113,000
Harvey's Casino Resorts,
10.625%, 06/01/2006................ 200,000 208,000
Showboat, Inc.
9.25%, 05/01/2008................. 100,000 99,750
13.00%, 08/01/2009................. 100,000 113,500
Station Casinos, Inc.,
10.125%, 03/15/2006................ 200,000 196,500
-----------
1,029,750
HEALTH CARE -- 2.57%
GranCare, Inc.,
9.375%, 09/15/2005................. 100,000 105,000
Tenet Healthcare Corp.,
10.125%, 03/01/2005................ 200,000 217,000
-----------
322,000
INDUSTRIAL -- 1.69%
Clark-Schwebel, Inc.,
10.50%, 04/15/2006................. 100,000 103,000
Norcal Waste System, Inc.,
12.50%, 11/15/2005(a).............. 100,000 108,500
-----------
211,500
</TABLE>
See notes to the financial statements.
41
<PAGE> 42
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
- ---------------------------------------
MACHINERY -- 2.46%
American Standard Corp.,
10.50%, 06/01/2005(a).............. $100,000 $ 91,750
Primeco, Inc.,
12.75%, 03/01/2005................. 100,000 112,000
Terex Corp., (144A),
11.25%, 05/15/2002................. 100,000 104,500
-----------
308,250
MEDIA CABLE -- 6.57%
Century Communications
9.75%, 02/15/2002.................. 100,000 101,750
9.50%, 03/01/2015.................. 100,000 99,750
Jones Intercable, Inc.,
9.625%, 03/15/2002................. 200,000 208,000
Marcus Cable Co.,
11.875%, 10/01/2005................ 200,000 211,500
Rogers Cablesystems Limited
9.625%, 08/01/2002................. 100,000 100,500
10.00%, 03/15/2005................. 100,000 101,750
-----------
823,250
MERCHANDISING -- 5.87%
E & S Holdings Corp., (144A),
10.375%, 10/01/2006................ 400,000 406,250
Federated Department Stores, Inc.
8.125%, 10/15/2002................. 125,000 126,329
8.50%, 06/15/2003.................. 100,000 102,744
Simmons Co.,
10.75%, 04/15/2006................. 100,000 100,410
-----------
735,733
OIL & GAS -- 3.22%
Cliffs Drilling Co.,
10.25%, 05/15/2003................. 300,000 302,250
Falcon Drilling, Inc.,
9.75%, 01/15/2005.................. 100,000 101,250
-----------
403,500
PAPER -- 3.49%
Doman Industries Ltd.,
8.75%, 03/15/2004.................. 200,000 186,000
Quno Corp.,
9.125%, 05/15/2005................. 250,000 251,250
-----------
437,250
PETROLEUM -- 3.22%
Chesapeake Energy Corp.,
9.125%, 04/15/2006................. 100,000 98,750
Nuevo Energy Co.,
9.50%, 04/15/2006.................. 100,000 102,000
Oryx Energy Co.,
8.125%, 10/15/2005................. 100,000 98,742
Plains Resources, Inc.,
10.25%, 03/15/2006................. 100,000 104,000
-----------
403,492
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
- ---------------------------------------
PRINTING & PUBLISHING -- 3.47%
Big Flower Press, Inc.,
10.75% 08/01/2003.................. $125,000 $ 126,250
Printpack Inc., (144A),
10.625%, 08/15/2006................ 300,000 309,000
-----------
435,250
STEEL -- 3.95%
AK Steel Corp, Inc.,
10.75%, 04/01/2004................. 270,000 294,300
Bar Technologies, Inc.,
13.50%, 04/01/2001................. 100,000 100,500
NS Group, Inc.,
13.50%, 07/15/2003................. 100,000 100,000
-----------
494,800
TEXTILES -- 2.55%
Day International Group,
11.125%, 06/01/2005................ 100,000 103,125
Synthetic Industries, Inc.,
12.75%, 12/01/2002................. 200,000 216,000
-----------
319,125
TOBACCO -- 2.41%
Dimon, Inc.,
8.875%, 06/01/2006................. 300,000 301,500
TRANSPORTATION -- 1.62%
Viking Star Shipping, Inc.,
9.625%, 07/15/2003................. 200,000 203,500
-----------
Total Corporate Bonds
(cost $11,742,697)............... 11,929,014
-----------
COMMON STOCK -- 1.99%
- ---------------------------------------
CHEMICALS -- 1.99%
Arcadian Corp.
(cost $228,000).................... 10,000 248,750
-----------
WARRANTS -- 0.00%
- ---------------------------------------
STEEL -- 0.00%
Bar Technologies, Inc. .............. 100 0
-----------
COMMERCIAL PAPER -- 2.79%
- ---------------------------------------
American Express Corp.,
5.35%, 10/03/1996.................. 200,000 199,911
Ford Motor Credit Co.,
5.36%, 10/03/1996.................. 150,000 149,933
-----------
Total Commercial Paper
(cost $349,844).................. 349,844
-----------
TOTAL INVESTMENTS -- 100%
- ---------------------------------------
(cost $12,320,541)................... $12,527,608
==========
</TABLE>
- -------------------------
(a) Denotes deferred interest security that receives no coupon payments until a
predetermined date at which time the stated coupon rate becomes effective.
See notes to the financial statements.
42
<PAGE> 43
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
COMMERCIAL PAPER -- 100%
- ------------------------
CAPTIVE FINANCE -- 23.54%
American Express Credit Corp.
5.35%, 10/04/1996.................. $170,000 $ 169,924
5.35%, 10/09/1996.................. 300,000 299,643
5.30%, 10/17/1996.................. 175,000 174,588
5.29%, 10/21/1996.................. 200,000 199,413
Chrysler Financial Corp.,
5.41%, 01/30/1997.................. 260,000 255,272
Ford Motor Credit Co.
5.44%, 10/04/1996.................. 125,000 124,943
5.45%, 10/10/1996.................. 120,000 119,837
5.42%, 10/25/1996.................. 190,000 189,314
5.37%, 10/29/1996.................. 150,000 149,374
5.35%, 02/18/1997.................. 300,000 293,758
General Motors Acceptance Corp.
5.46%, 10/24/1996.................. 120,000 119,581
5.44%, 11/25/1996.................. 105,000 104,127
5.35%, 12/03/1996.................. 280,000 277,379
5.53%, 12/30/1996.................. 125,000 123,272
5.45%, 01/06/1997.................. 110,000 108,375
5.46%, 01/27/1997.................. 110,000 108,031
5.48%, 02/24/1997.................. 100,000 97,778
J C Penney Corp.,
5.34%, 11/21/1996.................. 300,000 297,731
John Deere Capital Corp.
5.44%, 10/16/1996.................. 145,000 144,671
5.39%, 11/21/1996.................. 245,000 243,129
5.42%, 02/24/1997.................. 325,000 317,856
Pitney Bowes Credit Corp.
5.42%, 10/11/1996.................. 420,000 419,368
5.38%, 10/15/1996.................. 150,000 149,686
5.58%, 02/19/1997.................. 225,000 220,083
Sears Roebuck Acceptance Corp.
5.32%, 10/24/1996.................. 410,000 408,603
5.45%, 01/13/1997.................. 200,000 196,851
5.44%, 01/31/1997.................. 300,000 294,469
----------
5,607,056
CHEMICALS -- 2.35%
E.I. DuPont De Nemours Co.,
5.36%, 01/22/1997.................. 570,000 560,428
COMPUTERS -- 5.89%
Hewlett Packard Co.
5.41%, 10/15/1996.................. 100,000 99,790
5.42%, 12/03/1996.................. 295,000 292,214
International Business Machines
Credit Corp.
5.30%, 10/03/1996.................. 135,000 134,960
5.27%, 10/18/1996.................. 100,000 99,751
5.30%, 10/30/1996.................. 115,000 114,509
5.48%, 11/06/1996.................. 350,000 348,110
5.29%, 11/20/1996.................. 117,000 116,140
5.39%, 11/22/1996.................. 200,000 198,443
----------
1,403,917
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
- ----------------------------
CONSUMER FINANCE -- 15.30%
American General Financial Corp.
5.37%, 11/20/1996.................. $100,000 $ 99,254
5.34%, 12/06/1996.................. 100,000 99,021
5.38%, 12/18/1996.................. 175,000 172,990
5.46%, 12/20/1996.................. 125,000 123,483
5.48%, 01/14/1997.................. 250,000 246,026
5.50%, 01/17/1997.................. 195,000 191,782
Beneficial Corp.
5.28%, 10/02/1996.................. 160,000 159,977
5.27%, 10/09/1996.................. 165,000 164,807
5.29%, 10/17/1996.................. 200,000 199,530
5.42%, 11/12/1996.................. 205,000 203,704
5.47%, 11/15/1996.................. 150,000 148,974
Household Financial Corp.
5.29%, 10/08/1996.................. 100,000 99,897
5.40%, 10/29/1996.................. 100,000 99,580
5.32%, 10/31/1996.................. 300,000 298,670
5.40%, 11/15/1996.................. 170,000 168,853
5.53%, 01/21/1997.................. 300,000 294,839
Norwest Financial, Inc.
5.36%, 10/01/1996.................. 160,000 160,000
5.34%, 10/03/1996.................. 200,000 199,941
5.29%, 10/16/1996.................. 200,000 199,559
5.29%, 10/30/1996.................. 140,000 139,403
5.30%, 11/13/1996.................. 175,000 173,892
----------
3,644,182
CONSUMER PRODUCTS -- 8.33%
Conagra, Inc.
5.44%, 10/01/1996.................. 250,000 250,000
5.47%, 11/26/1996.................. 130,000 128,894
Hasbro, Inc.
5.55%, 11/05/1996.................. 330,000 328,239
5.52%, 11/19/1996.................. 250,000 248,122
5.37%, 12/16/1996.................. 170,000 168,073
5.45%, 12/17/1996.................. 150,000 148,251
5.35%, 12/20/1996.................. 100,000 98,811
Hershey Foods Corp.,
5.29%, 10/08/1996.................. 190,000 189,804
Tyson Foods, Inc.,
5.51%, 10/18/1996.................. 425,000 423,894
----------
1,984,088
HEALTH CARE -- 10.22%
Allergan, Inc.
5.27%, 10/01/1996.................. 300,000 300,000
5.37%, 10/15/1996.................. 100,000 99,791
5.34%, 10/22/1996.................. 200,000 199,377
5.42%, 11/12/1996.................. 305,000 303,086
American Home Products Corp.
5.33%, 10/10/1996.................. 400,000 399,467
5.35%, 10/22/1996.................. 255,000 254,204
A.H. Robins, Inc.,
5.616%, 10/26/1996................. 250,000 249,025
Schering Corp.
5.43%, 11/19/1996.................. 450,000 446,674
5.32%, 01/29/1997.................. 185,000 181,720
----------
2,433,344
</TABLE>
See notes to the financial statements.
43
<PAGE> 44
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
- ----------------------------
INDEPENDENT FINANCE -- 10.40%
Associates Corp. -- North America
5.40%, 11/26/1996.................. $185,000 $ 183,446
5.42%, 12/10/1996.................. 375,000 371,048
5.38%, 12/19/1996.................. 200,000 197,639
5.37%, 12/27/1996.................. 250,000 246,756
CIT Group Holdings, Inc.,
5.40%, 11/18/1996.................. 510,000 506,328
General Electric Capital Corp.
5.29%, 10/18/1996.................. 115,000 114,713
5.42%, 10/31/1996.................. 100,000 99,548
5.45%, 11/25/1996.................. 115,000 114,042
5.56%, 01/07/1997.................. 200,000 196,973
5.48%, 01/29/1997.................. 350,000 343,700
5.42%, 01/30/1997.................. 105,000 103,091
-----------
2,477,284
INSURANCE -- 3.98%
USAA Capital Corp.
5.45%, 10/07/1996.................. 205,000 204,814
5.28%, 11/14/1996.................. 300,000 298,064
5.40%, 12/09/1996.................. 200,000 197,930
5.35%, 01/16/1997.................. 250,000 246,025
-----------
946,833
MEDIA -- 2.76%
McGraw Hill, Inc.,
5.42%, 10/28/1996.................. 660,000 657,317
MORTGAGE BANKING -- 4.00%
Countrywide Corp.
5.39%, 10/01/1996.................. 100,000 100,000
5.39%, 10/04/1996.................. 470,000 469,789
5.42%, 10/11/1996.................. 200,000 199,699
5.29%, 10/25/1996.................. 185,000 184,348
-----------
953,836
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- -----------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
- ----------------------------
PACKAGING -- 1.19%
Crown, Cork & Seal, Inc.,
5.55%, 10/30/1996.................. $284,000 $ 282,733
TELECOMMUNICATIONS -- 12.04%
American Telephone & Telegraph Co.,
5.75%, 10/01/1996.................. 347,000 347,000
Ameritech Corp.,
5.28%, 10/18/1996.................. 135,000 134,663
Bell South Telecommunications Corp.
5.28%, 10/11/1996.................. 220,000 219,677
5.31%, 12/11/1996.................. 295,000 291,899
GTE Corp.
5.38%, 10/07/1996.................. 500,000 499,552
5.41%, 10/29/1996.................. 205,000 204,137
Southwestern Bell Capital Corp.,
5.37%, 11/07/1996.................. 410,000 407,737
U S West Communications, Inc.
5.41%, 10/15/1996.................. 175,000 174,632
5.42%, 10/23/1996.................. 590,000 588,060
-----------
2,867,357
-----------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $23,818,375)................... $23,818,375
===========
</TABLE>
See notes to the financial statements.
44
<PAGE> 45
PPM AMERICA/JNL VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ -----------
<S> <C> <C>
COMMON STOCKS -- 100%
- ---------------------
AEROSPACE -- 6.82%
Lockheed Martin Corp. ................. 2,000 $ 180,250
Rockwell International Corp. .......... 3,500 197,313
TRW, Inc. ............................. 2,600 241,800
United Technologies Corp. ............. 2,100 252,262
-----------
871,625
AUTOMOTIVE -- 3.92%
Ford Motor Co. ........................ 8,200 256,250
General Motors Corp. .................. 5,100 244,800
-----------
501,050
BANKS -- 4.00%
Chase Manhattan........................ 3,200 256,400
Mellon Bank Corp. ..................... 4,300 254,775
-----------
511,175
CHEMICALS -- 5.20%
Grace (W.R.) & Co. .................... 2,600 192,400
Polaroid Corp. ........................ 4,800 211,200
PPG Industries, Inc. .................. 4,800 261,000
-----------
664,600
COMPUTERS -- 2.34%
International Business Machines
Corp. ............................... 2,400 298,800
ELECTRIC UTILITIES -- 7.89%
Edison International................... 14,100 252,037
General Public Utilities Corp. ........ 8,200 252,150
Ohio Edison Co. ....................... 13,000 251,875
PECO Energy Co. ....................... 10,600 251,750
-----------
1,007,812
ELECTRONICS & INSTRUMENTATION -- 4.33%
Harris Corp. .......................... 4,200 273,525
Xerox Corp. ........................... 5,200 278,850
-----------
552,375
FINANCIAL -- 8.32%
BankAmerica Corp. ..................... 2,300 188,887
Beneficial Corp. ...................... 4,500 258,750
Charter One Financial, Inc. ........... 4,400 176,000
KeyCorp................................ 5,900 259,600
Student Loan Marketing Association..... 2,400 179,100
-----------
1,062,337
FOOD & BEVERAGE -- 7.62%
American Brands, Inc. ................. 6,600 278,850
Anheuser-Busch Cos., Inc. ............. 5,000 188,125
Philip Morris Co., Inc. ............... 2,800 251,300
RJR Nabisco Holdings Corp. ............ 9,800 254,800
-----------
973,075
<CAPTION>
MARKET
SHARES VALUE
------ -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- -------------------------
HEALTH CARE -- 7.52%
Aetna, Inc. ........................... 2,300 $ 161,863
Baxter International, Inc. ............ 4,500 210,375
Bristol Myers Squibb Co. .............. 2,600 250,575
Columbia/ HCA Healthcare Corp. ........ 3,700 210,437
Pharmacia & Upjohn Co. ................ 3,100 127,875
-----------
961,125
INSURANCE -- 6.97%
American General Corp. ................ 5,100 192,525
CIGNA Corp. ........................... 2,200 263,725
ITT Hartford Group, Inc. .............. 4,400 259,600
Transamerica Corp. .................... 2,500 174,688
-----------
890,538
LEISURE & ENTERTAINMENT -- 2.01%
Hasbro, Inc. .......................... 6,900 256,163
MACHINERY -- 2.06%
Cooper Industries, Inc. ............... 6,100 263,825
MANUFACTURING -- 1.97%
Parker-Hannifin Corp. ................. 6,000 252,000
MERCHANDISING -- 3.92%
Federated Department Stores,
Inc.(a) ............................. 7,500 251,250
Penney (J.C.) Co., Inc. ............... 4,600 248,975
-----------
500,225
NON-FERROUS METALS -- 2.11%
Phelps Dodge Corp. .................... 4,200 269,325
PAPER -- 2.02%
Mead Corp. ............................ 4,400 257,950
PETROLEUM -- 7.98%
Ashland, Inc. ......................... 5,200 206,700
Chevron Corp. ......................... 4,000 250,500
Exxon Corp. ........................... 3,700 308,025
Occidental Petroleum Corp. ............ 10,900 254,787
-----------
1,020,012
RAILROADS -- 3.19%
Burlington Northern Sante Fe, Inc. .... 1,900 160,313
CSX Corp. ............................. 4,900 247,450
-----------
407,763
TELECOMMUNICATIONS -- 7.83%
AT&T................................... 4,800 250,800
Providian Corp. ....................... 3,600 154,800
Sprint Corp. .......................... 7,500 291,563
US West, Inc. ......................... 10,200 303,450
-----------
1,000,613
TEXTILES -- 1.98%
VF Corporation......................... 4,200 252,525
-----------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $11,960,870)..................... $12,774,913
===========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
45
<PAGE> 46
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
CORPORATE BONDS -- 36.79%
- -------------------------
UNITED STATES -- 36.79%
- -----------------------
AEROSPACE INDUSTRIES -- 1.23%
Talley Industries,
10.75%, 10/15/2003................ $ 150,000 $ 156,750
CAPITAL GOODS -- 1.23%
Alvey Systems,
11.375%, 01/31/2003............... 150,000 157,500
FINANCIAL -- 1.59%
Mellon Financial,
9.75%, 06/15/2001................. 50,000 55,275
Trump Atlantic City,
11.25%, 05/01/2006................ 150,000 147,750
-----------
203,025
INDUSTRIAL -- 25.53%
Clark-Schwebel,
10.50%, 04/15/2006................ 250,000 257,500
Cliffs Drilling,
10.25%, 05/15/2003................ 150,000 156,000
Dole Food,
6.75%, 07/15/2000................. 100,000 98,837
Foamex L.P.,
11.875%, 10/01/2002............... 250,000 265,000
Iron Mountain, Inc.,
10.125%, 10/01/2006............... 150,000 153,750
Jordan Industries, Inc.,
10.375%, 08/01/2003............... 250,000 241,250
Muzak Limited Partnership,
10.00%, 10/01/2003................ 100,000 100,000
NL Industries, (Step-Up Series),
13.00%, 10/15/2005(a)............. 150,000 126,375
Noram Energy,
8.875%, 07/15/1999................ 100,000 104,803
Norcal Waste System,
12.75%, 11/15/2005................ 150,000 162,750
Penn Traffic Co.,
9.625%, 04/15/2005................ 250,000 168,750
Printpack, Inc., (144A),
10.625%, 08/15/2006............... 100,000 103,000
Remington Product, (144A),
11.00%, 05/15/2006................ 150,000 151,500
Renco Metals, Inc.,
11.50%, 07/01/2003................ 150,000 156,375
Samsonite Corp.,
11.125%, 07/15/2005............... 150,000 159,000
Selmer Co., Inc., (144A),
11.00%, 05/15/2005................ 250,000 262,500
Southdown, Inc. Ser. B,
10.00%, 03/01/2006................ 125,000 126,250
Telex Communications,
12.00%, 07/15/2004................ 200,000 214,000
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
- ---------------------------
UNITED STATES (CONTINUED)
- -------------------------
Twin Labs, Inc., (144A),
10.25%,05/15/2006................. $ 150,000 $ 150,750
Wyndham Hotel Corp.,
10.50%, 05/15/2006................ 100,000 102,625
-----------
3,261,015
PUBLISHING -- 2.06%
American Media Operations,
11.625%, 11/15/2004............... 250,000 263,125
RETAIL -- 1.21%
Apparel Retailer, (Step-up Series),
12.75%, 08/15/2005(a)............. 175,000 154,000
TELECOMMUNICATION -- 2.88%
Adelphia Communications,
12.50%, 05/15/2002................ 150,000 158,250
People's Choice (Step-up Series),
13.125%, 06/01/2004(a)............ 250,000 154,375
Winstar Communications, Inc.,
(Step-up Series), 14.00%,
10/15/2005........................ 100,000 55,500
-----------
368,125
TRANSPORTATION -- 1.06%
Airplanes Pass-through Trust,
10.875%, 03/15/2019............... 125,000 135,000
-----------
Total Corporate Bonds
(cost $4,667,011)............... 4,698,540
-----------
GOVERNMENT BONDS -- 49.37%
- --------------------------
ARGENTINA -- 8.31%
- ------------------
Argentina Floating Rate Bond,
6.625%, 03/31/2005(b)............. 1,269,180 1,061,352
BRAZIL -- 4.71%
- ---------------
Brazil IDU Trust -- Merrill,
6.6875%, 01/01/2001(b)............ 227,500 219,396
Brazil C Bond (payment-in-kind
bond),
8.00%, 04/15/2014(c).............. 541,216 381,557
-----------
Total Brazil...................... 600,953
ECUADOR -- 0.79%
- ----------------
Ecuador Pars (step-up bond),
3.25%, 02/28/2025(d).............. 250,000 100,312
GERMANY -- 1.76%
- ----------------
Germany (Federal Republic),
6.00%, 04/20/1998................. 230,000 156,314
Bundesschatzanw (Germany),
6.375%, 08/14/1998................ 100,000 68,723
-----------
Total Germany..................... 225,037
</TABLE>
See notes to the financial statements.
46
<PAGE> 47
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
GOVERNMENT BONDS (CONTINUED)
- ----------------------------
IRELAND -- 1.16%
- ----------------
Ireland Government Bond,
6.50%, 10/18/2001................. $ 60,000 $ 96,912
8.00%, 08/18/2006................. 30,000 51,531
-----------
Total Ireland..................... 148,443
MEXICO -- 3.89%
- ---------------
Mexico Global Bond,
11.50%, 05/15/2026................ 500,000 497,032
MOROCCO -- 1.54%
- ----------------
Morocco Loan Participation,
6.4375%, 01/01/2009(b)............ 250,000 197,187
NEW ZEALAND -- 3.12%
- --------------------
New Zealand Government Bond,
8.00%, 07/15/1998................. 570,000 398,162
PHILIPPINES -- 1.89%
- --------------------
Philippines Debt Conversion Bond,
6.4375%, 12/01/2009(b)............ 250,000 241,100
SOUTH KOREA -- 1.71%
- --------------------
Korea Development Bank,
9.60%, 12/01/2000................. 200,000 219,006
UNITED STATES -- 19.13%
- -----------------------
U.S. GOVERNMENT AGENCIES -- 4.94%
- ---------------------------------
Federal Home Loan Mortgage Company
10.00%, 05/15/2020................ 50,000 53,250
6.50%, 10/01/2026(e).............. 300,000 282,093
Federal National Mortgage
Association
13.00%, 11/15/2015................ 12,862 15,276
6.50%, 02/01/2026................. 298,554 280,360
-----------
630,979
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
GOVERNMENT BONDS (CONTINUED)
- ----------------------------
U.S. TREASURY NOTES -- 14.19%
U.S. Treasury Note
5.00%, 01/31/1998................. $ 300,000 $ 296,298
5.625%, 02/28/2001................ 280,000 271,337
6.25%, 04/30/2001................. 300,000 297,609
6.50%, 08/31/2001................. 150,000 150,141
5.875%, 11/15/2005................ 275,000 259,790
6.875%, 05/15/2006................ 380,000 384,453
7.00%, 07/15/2006................. 150,000 153,117
-----------
1,812,745
-----------
Total United States............... 2,443,724
-----------
VENEZUELA -- 1.36%
- ------------------
Republic of Venezuela-Par,
6.75%, 03/31/2020................. 250,000 174,063
-----------
Total Government Bonds
(cost $6,120,617)............... 6,306,371
-----------
WARRANTS -- 0.00%
- -----------------
VENEZUELA -- 0.00%
- ------------------
Republic of Venezuela Warrants........ 1,250 0
-----------
SHORT-TERM INVESTMENTS -- 13.84%
- --------------------------------
REPURCHASE AGREEMENTS -- 13.84%
Repurchase Agreement with Merrill
Lynch, 5.60% (Collateralized by
U.S. Treasury STRIP), acquired
on 9/30/96, due 10/1/96
(cost $1,768,000)................. 1,768,000 1,768,000
-----------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $12,555,628).................. $12,772,911
==========
</TABLE>
- -------------------------
(a) Denotes deferred interest security that receives no coupon payments until a
predetermined date at which time the stated coupon rate becomes effective.
(b) Coupon is indexed to 6 Month Libor. Rate stated is rate in effect on
September 30, 1996.
(c) Currently a portion of this security's coupon payment is received in
additional principal.
(d) Coupon payment periodically increases over the life of the security. Rate
stated is in effect as of September 30, 1996.
(e) Investment purchased on a when-issued basis.
See notes to the financial statements.
47
<PAGE> 48
SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES -- 67.16%
- --------------------------------------
U.S. TREASURY NOTES -- 25.47%
U.S. Treasury Note
5.625%, 02/28/2001................ $ 500,000 $ 484,530
6.50%, 05/31/2001................. 100,000 100,125
6.625%, 07/31/2001................ 300,000 301,827
6.50%, 08/31/2001................. 500,000 500,470
6.50%, 08/15/2005................. 80,000 78,975
5.875%, 11/15/2005................ 185,000 174,768
6.875%, 05/15/2006................ 250,000 252,930
7.00%, 07/15/2006................. 525,000 535,910
7.00%, 07/15/2006................. 200,000 204,156
------------
2,633,691
U.S. TREASURY BONDS -- 1.51%
8.125%, 08/15/2019................ 140,000 156,559
U.S. GOVERNMENT AGENCY & AGENCY BACKED
ISSUES -- 40.18%
Federal Home Loan Mortgage Corp.
5.94%, 06/13/2000................. 300,000 294,327
6.00%, 10/01/2010................. 4,575 4,378
11.75%, 01/01/2011................ 16,989 18,897
7.00%, 07/01/2011................. 129,171 127,798
Federal National Mortgage
Association
14.50%, 11/15/2014................ 12,205 15,102
12.50%, 08/01/2015................ 8,976 10,387
12.50%, 09/20/2015................ 30,785 35,937
13.00%, 11/15/2015................ 27,439 32,588
12.00%, 01/15/2016................ 27,886 32,440
11.50%, 09/01/2019................ 8,971 10,112
11.50%, 02/01/2020................ 42,843 48,292
9.50%, 08/01/2022................. 50,891 54,623
7.00%, 08/01/2025(a).............. 100,000 96,468
6.50%, 03/01/2026................. 446,819 419,590
7.00%, 10/01/2026................. 348,568 336,257
7.00%, 09/01/2026(a).............. 500,000 482,340
7.00%, 10/01/2026(a).............. 300,000 289,404
8.00%, 10/01/2026(a).............. 100,000 100,875
8.00%, 10/01/2026(a).............. 800,000 807,000
Government National Mortgage
Association
13.50%, 07/15/2010................ 197,240 236,877
7.00%, 12/25/2025(a).............. 300,000 288,750
Student Loan Marketing Association
7.50%, 03/08/2000................. 400,000 412,248
------------
4,154,690
------------
Total U.S. Government Securities
(cost $6,952,880)............. 6,944,940
------------
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
CORPORATE BONDS -- 2.27%
- ------------------------
FINANCIAL -- 2.27%
Associate Corp.
5.60%, 01/15/2001................. $ 100,000 $ 95,308
Ford Motor Credit Co.
6.25%, 12/08/2005................. 150,000 139,056
------------
Total Corporate Bonds
(cost $248,214)............... 234,364
------------
SHORT-TERM INVESTMENTS -- 30.57%
- --------------------------------
DISCOUNT NOTES -- 10.63%
Federal Home Loan Bank,
5.98%, 10/01/1996................. 1,100,000 1,099,826
REPURCHASE AGREEMENTS -- 19.94%
Repurchase agreement with J.P.
Morgan, 5.60%
(Collateralized by U.S. Treasury
Strip), acquired on 9/30/96, due
10/01/96........................ 2,062,000 2,062,000
------------
Total Short-Term Investments
(cost $3,161,826)............. 3,161,826
------------
TOTAL INVESTMENTS -- 100%
- -------------------------
(cost $10,362,920).................. $10,341,130
============
</TABLE>
- -------------------------
(a) Investment purchased on a when-issued basis.
See notes to the financial statements.
48
<PAGE> 49
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK -- 92.80%
- -----------------------------------------
CANADA -- 0.49%
- -----------------------------------------
INSURANCE -- 0.49%
Fairfax Financial Holdings, Ltd.(a).... 700 $ 132,575
FINLAND -- 0.50%
- -----------------------------------------
CONFECTIONS & BEVERAGES -- 0.50%
Huhtamaki Group........................ 3,600 135,567
FRANCE -- 0.40%
- -----------------------------------------
CONFECTIONS & BEVERAGES -- 0.40%
LVMH (Moet-Hennessy Louis Vuitton)..... 500 108,598
HONG KONG -- 0.92%
- -----------------------------------------
FINANCE COMPANIES -- 0.92%
Hutchinson Whampoa Ltd. ............... 37,000 248,804
ITALY -- 1.07%
- -----------------------------------------
FINANCE COMPANIES -- 0.68%
Banca Fideuram SPA..................... 77,200 183,610
TELECOMMUNICATIONS -- 0.39%
Telecom Italia SPA..................... 18,600 34,278
Telecom Italia Mobile(a)............... 32,000 71,062
-----------
105,340
-----------
Total Italy.......................... 288,950
MALAYSIA -- 0.86%
- -----------------------------------------
BUILDING & CONSTRUCTION -- 0.86%
United Engineers (Malaysia) Ltd. ...... 29,900 231,422
MEXICO -- 0.61%
- -----------------------------------------
CONSUMER PRODUCTS -- 0.61%
Kimberly-Clark De Mexico, SA de CV..... 8,700 164,781
NETHERLANDS -- 2.57%
- -----------------------------------------
CONSUMER PRODUCTS -- 1.72%
Elsevier NV............................ 11,100 183,605
Hagemeyer NV........................... 1,250 97,025
Ver Ned Uitgevers...................... 9,400 184,055
-----------
464,685
COMPUTERS & TECHNOLOGY -- 0.85%
Getronics NV........................... 9,000 228,301
-----------
Total Netherlands.................... 692,986
SOUTH AFRICA -- 0.53%
- -----------------------------------------
METALS & MINING -- 0.53%
Rustenburg Platinum Holdings........... 9,100 143,426
SWEDEN -- 1.68%
- -----------------------------------------
DRUGS -- 0.72%
Astra AB -- Class B.................... 4,700 193,350
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ----------------------------------------------------------------
SWEDEN (CONTINUED)
- ----------------------------------------------------------------
FINANCE COMPANIES -- 0.42%
Kinnevik AB -- Class B................. 4,300 $ 112,304
RETAIL -- 0.54%
Hennes & Mauritz -- Class B............ 1,200 147,282
-----------
Total Sweden......................... 452,936
SWITZERLAND -- 2.31%
- -----------------------------------------
DRUGS -- 1.91%
Sandoz AG.............................. 430 516,597
INDUSTRIAL MACHINERY -- 0.40%
SIG Schweizerische Industrie........... 45 107,694
-----------
Total Switzerland.................... 624,291
UNITED KINGDOM -- 3.44%
- -----------------------------------------
BUSINESS SERVICES -- 1.18%
Rentokil Group PLC..................... 48,600 317,602
FINANCIAL SERVICES -- 1.76%
Tomkins PLC............................ 109,500 475,060
TELECOMMUNICATIONS -- 0.50%
Vodafone Group PLC..................... 39,000 135,055
-----------
Total United Kingdom................. 927,717
UNITED STATES -- 77.42%
- -----------------------------------------
AUTOMOBILE & PARTS -- 0.62%
Exide Corp. ........................... 6,500 168,188
BROADCAST & COMMUNICATIONS -- 1.41%
Walt Disney Co. ....................... 6,000 380,250
BUSINESS SERVICES -- 4.21%
CUC International(a)................... 4,800 191,400
Gaylord Entertainment Co. ............. 12,535 283,604
3 Com Corp.(a)......................... 11,000 660,682
-----------
1,135,686
CHEMICALS -- 1.10%
Great Lakes Chemical Corp. ............ 5,200 296,400
COMPUTERS & SOFTWARE -- 5.65%
Automatic Data Processing, Inc. ....... 7,700 335,913
Cisco Systems, Inc.(a)................. 3,100 192,392
Ceridian Corp.(a)...................... 5,200 260,000
First Data Corp. ...................... 3,751 306,175
Microsoft Corp.(a)..................... 1,600 211,000
Oracle Systems Corp.(a)................ 4,150 176,632
Sybase, Inc.(a)........................ 3,000 44,625
-----------
1,526,737
CONFECTIONS & BEVERAGES -- 4.77%
Anheuser-Busch Cos., Inc. ............. 6,800 255,850
Coca-Cola Co. ......................... 16,200 824,175
Pepsico, Inc. ......................... 7,400 209,050
-----------
1,289,075
</TABLE>
See notes to the financial statements.
49
<PAGE> 50
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ----------------------------------------------------------------
UNITED STATES (CONTINUED)
- ----------------------------------------------------------------
CONSUMER PRODUCTS -- 3.61%
Nike, Inc. Class B..................... 1,500 $ 182,250
Philip Morris Cos., Inc. .............. 2,100 188,475
Pioneer HI Bred International, Inc. ... 4,500 272,250
Proctor & Gamble Co. .................. 3,400 331,500
-----------
974,475
DIVERSIFIED -- 1.04%
Tyco International, Ltd. .............. 6,500 280,313
DRUGS -- 4.65%
Amgen, Inc.(a)......................... 6,200 391,375
Biogen, Inc.(a)........................ 2,900 220,400
Cardinal Health, Inc. ................. 3,800 313,975
Merck & Co., Inc. ..................... 4,700 330,763
-----------
1,256,513
ELECTRONICS -- 7.11%
Electronic Data Systems Corp. ......... 1,200 73,650
General Electric Co. .................. 9,700 882,700
Hewlett Packard Co. ................... 4,900 238,875
Intel Corp. ........................... 5,500 524,903
Maxim Integrated Products, Inc.(a)..... 2,900 102,588
Xilinx, Inc.(a)........................ 2,900 98,600
-----------
1,921,316
FINANCIAL SERVICES -- 7.73%
Federal Home Loan Mortgage Corp. ...... 8,600 841,725
Federal National Mortgage
Association.......................... 22,700 791,662
Green Tree Financial Corp. ............ 6,600 259,050
JP Morgan & Co., Inc. ................. 2,200 195,525
-----------
2,087,962
FOOD SERVICE -- 0.86%
McDonald's Corp. ...................... 4,900 232,138
HEALTH PRODUCTS & CARE -- 5.64%
Johnson & Johnson...................... 11,200 574,000
Pfizer, Inc. .......................... 5,500 435,187
Warner-Lambert Co. .................... 7,800 514,800
-----------
1,523,987
INSURANCE -- 5.77%
Ace Limited............................ 4,900 259,088
Fairfax Financial Holding.............. 150 38,700
Partner Re Holdings Limited............ 11,500 327,750
Traveler's/Aetna Property Casualty
Corp. ............................... 16,400 451,000
UNUM Corp. ............................ 7,500 480,937
-----------
1,557,475
MEDICAL SERVICES & SUPPLIES -- 6.24%
Boston Scientific Corp.(a)............. 2,000 115,000
Columbia/HCA Health Corp. ............. 5,400 307,125
Genentech, Inc.(a)..................... 8,100 428,288
Medtronic, Inc. ....................... 2,900 185,962
Tag Heuer International, SA(a)......... 32,800 647,800
-----------
1,684,175
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ----------------------------------------------------------------
UNITED STATES (CONTINUED)
- ----------------------------------------------------------------
MERCHANDISING -- 0.85%
Tupperware Corp. ...................... 4,700 $ 230,300
METALS & MINING -- 1.14%
Barrick Gold Corp. .................... 7,900 198,487
Pohang Iron & Steel Co. ADR............ 800 17,100
Rustenburg Platinum Holdings........... 6,020 92,573
-----------
308,160
OIL & GAS -- 1.70%
Royal Dutch Petroleum Co. ADR.......... 1,500 234,187
Western Atlas, Inc. ................... 3,600 224,100
-----------
458,287
PACKAGED FOOD -- 0.99%
Heinz H J Co. ......................... 7,900 266,625
PRINTING & PUBLISHING -- 0.92%
Reuters Holdings PLC ADR............... 3,600 249,300
RETAIL -- 6.12%
Circuit City Stores, Inc. ............. 9,300 335,962
Hasbro, Inc. .......................... 6,000 222,750
Home Depot, Inc. ...................... 5,200 295,750
Revco D.S., Inc.(a).................... 16,100 472,938
Walmart Stores, Inc. .................. 12,300 324,412
-----------
1,651,812
TELECOMMUNICATIONS -- 3.59%
Grupo Iusacell S.A. ADR(a)............. 1,900 14,250
Grupo Iusacell S.A. DE CV.............. 32,300 209,950
Telecomunicacoes Brasileiras Telebras
SA ADR............................... 3,400 266,900
360 Communications, Co.(a)............. 7,300 171,550
Vodafone Group PLC ADR................. 9,000 307,125
-----------
969,775
TRANSPORTATION -- 0.80%
Tranz Rail Holdings ADR(a)............. 14,900 216,050
WHOLESALE -- 0.90%
Alco Standard Corp. ................... 4,900 244,388
-----------
Total United States.................. 20,909,387
-----------
Total Common Stock
(cost $22,670,577)............... 25,061,440
-----------
CORPORATE BONDS -- 0.23%
- -----------------------------------------
INDUSTRIAL -- 0.23%
Reliance Industries Ltd. Convertible B,
3.50%, 11/03/1999, convertible until
10/03/1999........................... $ 60,000 62,100
-----------
Total Corporate Bonds
(cost $61,808)................... 62,100
-----------
</TABLE>
See notes to the financial statements.
50
<PAGE> 51
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
SHORT-TERM INVESTMENTS -- 6.97%
- -----------------------------------------
<S> <C> <C>
U.S. TREASURY BILLS -- 0.35%
5.15%, 10/10/1996...................... $ 26,000 $ 25,967
4.88%, 11/21/1996...................... 68,000 67,524
-----------
93,491
COMMERCIAL PAPER -- 6.62%
Bank of New York 5.35%, 10/10/1996..... 192,000 191,743
Chase Manhattan Bank 5.30%,
11/04/1996........................... 400,000 397,998
Federal Home Discount Note 5.70%,
10/01/1996........................... 64,000 64,000
Heinz H J 5.40%, 10/31/1996............ 110,000 109,505
Motorola, Inc. 5.27%, 10/24/1996....... 283,000 282,047
Preferred Receivables 5.35%,
10/22/1996........................... 746,000 743,672
-----------
1,788,965
-----------
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------
Total Short-Term Investments
(cost $1,882,456)................ $ 1,882,456
-----------
TOTAL INVESTMENTS -- 100%
- -----------------------------------------
(cost $24,614,841)..................... $27,005,996
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
51
<PAGE> 52
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 98.75%
- ------------------------------------------
ARGENTINA -- 0.20%
- ------------------------------------------
ENERGY -- 0.18%
Naviera Perez Compano -- Class B........ 10,250 $ 64,787
Sociedad Comercial Del Plata............ 2,790 6,752
-----------
71,539
TELECOMMUNICATIONS -- 0.02%
Telecom Argentina STET.................. 1,630 6,553
-----------
Total Argentina....................... 78,092
AUSTRALIA -- 1.63%
- ------------------------------------------
BASIC INDUSTRY -- 0.77%
Amcor Ltd. ............................. 6,000 36,176
Broken Hill Properties Co. ............. 6,043 77,461
Lend Lease Corp. ....................... 2,365 38,362
Smith (Howard) Ltd. .................... 5,113 40,457
Tab Corp. Holdings Ltd. ................ 13,000 64,186
Western Mining Corp. Holdings Ltd. ..... 6,000 38,597
-----------
295,239
CONSUMER PRODUCTS -- 0.30%
Coca-Cola Amatil........................ 1,771 23,262
News Corp. ............................. 6,015 31,555
Publishing & Broadcasting Ltd. ......... 7,000 33,232
Sydney Harbour Casino(a)................ 18,000 24,640
-----------
112,689
FINANCIAL COMPANIES -- 0.21%
National Australia Bank................. 3,113 32,760
Westpac Banking Corp. .................. 9,000 46,573
-----------
79,333
ENERGY -- 0.32%
Australia Gas Light Co. ................ 14,237 76,602
Woodside Petroleum Ltd. ................ 7,000 46,415
-----------
123,017
TRANSPORTATION & STORAGE -- 0.03%
TNT Ltd. ............................... 9,000 11,465
-----------
Total Australia....................... 621,743
AUSTRIA -- 0.06%
- ------------------------------------------
ENERGY -- 0.02%
EVN-Energie Versorgung Niedr............ 60 7,823
FINANCIAL COMPANIES -- 0.02%
Creditanstalt Bankverein................ 140 6,224
TRANSPORTATION & STORAGE -- 0.02%
Flughafen Wien AG....................... 190 10,022
-----------
Total Austria......................... 24,069
BELGIUM -- 0.98%
- ------------------------------------------
BASIC INDUSTRY -- 0.12%
UCB..................................... 23 44,696
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------------------------
BELGIUM (CONTINUED)
- ------------------------------------------
FINANCIAL COMPANIES -- 0.86%
Generale Banque......................... 260 $ 89,869
Kredietbank............................. 730 239,535
-----------
329,404
-----------
Total Belgium......................... 374,100
BRAZIL -- 0.99%
- ------------------------------------------
BASIC INDUSTRY -- 0.20%
Sider Nacional.......................... 706 15,282
Uniao Sid Minas Gerais.................. 44,146 44,967
White Martins SA........................ 11,320 16,298
-----------
76,547
ENERGY -- 0.14%
Electrobras............................. 42 11,318
Petrol Brasil........................... 356 40,940
-----------
52,258
TELECOMMUNICATIONS -- 0.65%
Telebras................................ 756 50,112
Telecomunicacoes Brasileiras SA......... 1,079 86,651
Telecomunicacoes do Rio de Janiero SA... 148 17,105
Telecomunicacoes de Minas Gerais --
Telemig............................... 158 18,572
Telesp -- Tel Sao Pau Pref.............. 379 76,468
-----------
248,908
-----------
Total Brazil.......................... 377,713
CANADA -- 0.24%
- ------------------------------------------
BASIC INDUSTRY -- 0.19%
Alcan Aluminium......................... 2,380 71,631
FINANCIAL COMPANIES -- 0.05%
Royal Bank of Canada.................... 740 21,077
-----------
Total Canada.......................... 92,708
CZECHOSLOVAKIA -- 0.04%
- ------------------------------------------
TELECOMMUNICATIONS -- 0.04%
SPT Telecommunications AS............... 130 16,049
DENMARK -- 0.22%
- ------------------------------------------
FINANCIAL COMPANIES -- 0.19%
Den Danske Bank AB...................... 580 42,288
Unidanmark.............................. 670 32,033
-----------
74,321
TELECOMMUNICATIONS -- 0.03%
Teledanmark -- Class B.................. 200 9,494
-----------
Total Denmark......................... 83,815
FINLAND -- 0.16%
- ------------------------------------------
CAPITAL GOODS -- 0.16%
Nokia (AB) OY........................... 1,350 60,266
</TABLE>
See notes to the financial statements.
52
<PAGE> 53
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
FRANCE -- 8.19%
- ---------------
BASIC INDUSTRY -- 0.74%
GTM Entrepose........................... 410 $ 19,701
Lapeyre................................. 880 42,284
Pathe(a)................................ 250 63,890
Saint-Gobain............................ 1,160 157,326
-----------
283,201
CAPITAL GOODS -- 0.51%
Chargeurs............................... 250 9,252
Legrand................................. 359 61,071
Rexel................................... 220 58,524
Schneider............................... 1,430 67,327
-----------
196,174
CONSUMER PRODUCTS -- 4.29%
Accor................................... 435 53,772
Canal Plus.............................. 420 103,347
Carrefour Super Marche.................. 535 300,502
Castorama Dubois Investissment.......... 212 38,446
Guilbert SA............................. 428 64,184
Havas................................... 400 26,528
L'Oreal................................. 162 54,929
LVMH Moet--Hennessy Louis Vuitton....... 1,060 230,227
Pinault Printemps Redoute............... 920 338,678
Sanofi.................................. 478 39,194
Sodexho................................. 310 149,617
Television Francais..................... 2,150 239,109
-----------
1,638,533
ENERGY -- 1.12%
Elf Aquitaine........................... 1,490 116,602
Primagaz (Cie Des Gaz Petrole).......... 545 57,338
Total SA -- Class B..................... 3,207 252,583
-----------
426,523
FINANCIAL COMPANIES -- 0.14%
Credit Local De France.................. 404 34,441
Societe Generale........................ 180 19,914
-----------
54,355
INSURANCE -- 0.11%
AXA..................................... 200 11,989
Assurances Generales.................... 1,086 30,426
-----------
42,415
TELECOMMUNICATIONS -- 0.07%
Alcatel Alsthom......................... 330 27,845
UTILITIES -- 1.21%
Eaux (Cie Generale Des)................. 4,230 459,778
-----------
Total France.......................... 3,128,824
GERMANY -- 4.32%
- ----------------
BASIC INDUSTRY -- 1.65%
Bayer AG................................ 6,850 251,500
Bilfinger & Berger Bauag................ 1,100 46,517
Hoechst AG.............................. 1,110 40,521
Shering AG.............................. 762 58,952
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
GERMANY (CONTINUED)
- -------------------
BASIC INDUSTRY (CONTINUED)
Siemens AG.............................. 661 $ 34,869
Veba AG................................. 3,795 198,800
-----------
631,159
CAPITAL GOODS -- 0.33%
Buderus AG.............................. 78 34,672
Krones AG............................... 70 26,389
Mannesmann AG........................... 168 63,003
-----------
124,064
CONSUMER PRODUCTS -- 1.31%
Altana.................................. 31 25,141
Fielmann AG............................. 336 13,989
Gehe AG................................. 5,560 371,821
Hornbach Baumarkt AG.................... 200 6,622
Hornbach Holdings....................... 510 36,781
Praktiker Bau-und Heimwerkemaekte....... 629 14,764
Volkswagen AG........................... 80 29,844
-----------
498,962
COMPUTERS & SOFTWARE -- 0.23%
Sap AG.................................. 280 46,353
Sap System.............................. 257 43,219
-----------
89,572
FINANCIAL COMPANIES -- 0.58%
Allianz AG Holdings..................... 84 148,367
Deutsche Bank AG........................ 1,540 72,595
-----------
220,962
MEDICAL SERVICES & SUPPLIES -- 0.22%
Rhon-Klinikum AG........................ 710 84,721
-----------
Total Germany......................... 1,649,440
HONG KONG -- 4.22%
- ------------------
BASIC INDUSTRY -- 0.20%
Cathay Pacific Air...................... 47,000 76,277
CHEMICALS -- 0.22%
Shanghai Petrochemical Co. Ltd. ........ 180,000 47,718
Yizheng Chemical Fiber Co. Ltd. ........ 144,000 35,008
-----------
82,726
FINANCE COMPANIES -- 3.80%
Dao Heng Bank Group Ltd. ............... 23,000 90,715
First Pacific Co. ...................... 87,315 132,107
Guangdon Investments Ltd. .............. 94,000 66,249
Guangzhou Investments................... 232,000 73,503
Guoco Group............................. 27,000 131,980
Hopewell Holdings....................... 252,000 142,571
Hutchison Whampoa Ltd. ................. 27,000 181,560
New World International................. 44,205 232,086
Swire Pacific Co. ...................... 20,000 179,102
Wharf Holdings.......................... 54,000 223,458
-----------
1,453,331
-----------
Total Hong Kong....................... 1,612,334
</TABLE>
See notes to the financial statements.
53
<PAGE> 54
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
ITALY -- 1.79%
- --------------
BASIC INDUSTRY -- 0.15%
Ente Nazionale Idrocarburi Spa (ENI).... 8,000 $ 40,919
Finanziaria Autogrill Spa(a)............ 3,031 3,286
Sasib................................... 3,669 6,484
Unicem (Union-CEM-March Emil)........... 1,400 9,437
-----------
60,126
CONSUMER PRODUCTS -- 0.05%
Rinascente (La)......................... 3,150 18,306
FINANCIAL COMPANIES -- 0.62%
Assicurazioni Generali Spa.............. 1,907 40,594
Banca Fideuram.......................... 34,440 81,911
IMI Spa................................. 7,040 59,852
Istituto National Assicurazioni......... 8,000 11,590
Mediolanum(a)........................... 3,950 42,782
-----------
236,729
UTILITIES -- 0.10%
Italgas (Societa Italiana II Gas) Spa... 10,000 37,449
TELECOMMUNICATIONS -- 0.87%
STET.................................... 30,000 104,169
STET Di Risp............................ 13,000 35,189
Telecom Italia Di Risp.................. 26,979 60,001
Telecom Italia Mobile................... 53,601 119,031
Telecom Italia Spa...................... 10,797 13,407
-----------
331,797
-----------
Total Italy........................... 684,407
JAPAN -- 24.61%
- ---------------
BASIC INDUSTRY -- 5.37%
Daiwa House Industry Co. ............... 16,000 229,854
Inax.................................... 5,000 47,587
Ishihara Sangyo Kaisha.................. 6,000 20,040
Kawada Industries....................... 1,000 7,829
Kumagai Gumi............................ 10,000 35,915
Kuraray Co. Ltd. ....................... 13,000 131,897
Mitsubishi Paper Mills Ltd. ............ 8,000 43,385
National House Industry................. 3,000 46,599
Nippon Hodo............................. 3,000 43,906
Nippon Steel Corp. ..................... 74,000 229,890
Sangetsu Co. Ltd. ...................... 1,000 23,255
Sekisui Chemical Co. Ltd. .............. 16,000 189,630
Sekisui House........................... 11,000 120,494
Shinetsu Chemical Co. Ltd. ............. 9,000 161,616
Sumitomo Electric Industries Ltd. ...... 24,000 329,697
Sumitomo Forestry Co. Ltd. ............. 7,000 101,190
Teijin.................................. 29,000 146,334
Tokyo Steel Manufacturing............... 6,000 106,128
Yurtec Corp. ........................... 2,100 33,185
-----------
2,048,431
CAPITAL GOODS -- 8.70%
Advantest............................... 1,100 45,037
Alps Electric Co. ...................... 6,000 73,805
Amada Co. Ltd. ......................... 12,000 110,976
Canon, Inc. ............................ 17,000 334,276
Citizen Watch Co. ...................... 7,000 56,440
DDI Corp. .............................. 19 153,706
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
JAPAN (CONTINUED)
- -----------------
CAPITAL GOODS (CONTINUED)
Dai Nippon Screen Manufacturing......... 11,000 $ 90,765
Daifuku Co. Ltd. ....................... 2,000 27,475
Fanuc Co. Ltd. ......................... 3,000 110,438
Hitachi Ltd. ........................... 18,000 174,545
Hitachi Zosen Corp. .................... 18,000 91,960
Kokuyo Co. ............................. 6,000 158,923
Komatsu Ltd. ........................... 15,000 130,101
Komori Corp. ........................... 5,000 115,376
Kyocera Corp. .......................... 5,000 356,902
Makita Corp. ........................... 8,000 117,082
Mitsubishi Heavy Industries Ltd. ....... 47,000 382,752
Murata Manufacturing Co. Ltd. .......... 6,000 214,411
NEC Corp. .............................. 28,000 329,338
Nippon Telephone & Telegraph Corp. ..... 14 103,075
SEGA Enterprises........................ 2,000 87,093
Tokyo Electron Ltd. .................... 2,000 58,002
-----------
3,322,478
CONSUMER PRODUCTS -- 7.39%
Daiichi Pharmaceutical.................. 11,000 173,827
Honda Motor Co. ........................ 1,000 25,140
Ito-Yokado Co. ......................... 5,000 284,175
Kao Corp. .............................. 6,000 74,882
Marui Co. Ltd. ......................... 10,000 193,042
Matsushita Electric Industrial Co. ..... 16,000 268,642
Mitsubishi Corp. ....................... 8,000 101,998
Pioneer Electronic Corp. ............... 7,000 143,300
Sankyo.................................. 11,000 281,482
Seven Eleven Japan Co. Ltd. ............ 2,000 125,701
Sharp Corp. ............................ 15,000 249,158
Sony Corp. ............................. 4,000 252,480
Sumitomo Corp. ......................... 21,000 184,216
TDK Corp. .............................. 4,000 248,889
Toppan Printing......................... 10,000 140,965
UNY Co. ................................ 4,000 73,266
-----------
2,821,163
ENERGY -- 0.09%
Mitsui Petrochemical Industries......... 5,000 34,837
FINANCIAL COMPANIES -- 1.79%
Mitsui Fudosan.......................... 24,000 318,922
Nomura Securities Co. Ltd. ............. 16,000 294,501
Tokio Marine & Fire Insurance Co. ...... 6,000 71,111
-----------
684,534
TRANSPORTATION & STORAGE -- 1.27%
East Japan Railway...................... 31 149,746
Nippondenso Co. ........................ 15,000 335,354
-----------
485,100
-----------
Total Japan........................... 9,396,543
MALAYSIA -- 2.74%
- -----------------
BASIC INDUSTRY -- 0.57%
Berjaya Sports Toto Berhad.............. 29,000 102,394
Technology Resources Industries(a)...... 44,000 115,859
-----------
218,253
</TABLE>
See notes to the financial statements.
54
<PAGE> 55
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
MALAYSIA (CONTINUED)
- --------------------
ENTERTAINMENT -- 0.35%
Resorts World Berhad.................... 7,000 $ 39,657
Tanjong................................. 26,000 93,357
-----------
133,014
CAPITAL GOODS -- 0.89%
Renong Berhad........................... 71,000 108,773
United Engineers (Malaysia) Berhad...... 30,000 232,196
-----------
340,969
FINANCIAL COMPANIES -- 0.93%
Affin Holdings Berhad................... 71,000 164,293
MBF Capital Berhad...................... 45,000 63,914
Multi-Purpose Holding................... 74,000 126,359
-----------
354,566
-----------
Total Malaysia........................ 1,046,802
MEXICO -- 0.74%
- ---------------
BASIC INDUSTRY -- 0.20%
Cemex SA................................ 12,063 44,417
Cemex SA -- Class B..................... 4,950 20,259
Grupo Embotellador De Mexico............ 7,014 10,219
-----------
74,895
CONSUMER PRODUCTS -- 0.46%
Fomento Ecomomico Ser B................. 4,629 14,316
Gruma SA(a)............................. 11,234 70,454
Grupo Industrial Maseca SA De Cv --
Class B............................... 28,800 36,620
Grupo Modelo SA -- Class C.............. 4,844 25,311
Kimberly-Clark Mexicano -- Class A...... 1,532 29,017
-----------
175,718
FINANCIAL COMPANIES -- 0.08%
Grupo Financiero Banamex -- Class A..... 14,288 30,961
Grupo Financiero Banamex -- Class L..... 465 948
-----------
31,909
-----------
Total Mexico.......................... 282,522
NETHERLANDS -- 10.88%
- ---------------------
BASIC INDUSTRY -- 0.10%
Akzo Nobel NV........................... 238 28,851
Otra NV................................. 670 11,944
-----------
40,795
CONSUMER PRODUCTS -- 7.02%
Ahold (Kon) NV.......................... 5,418 154,965
CSM NV.................................. 4,510 230,127
Elsevier NV............................. 47,164 780,139
Hagemeyer............................... 780 60,543
Nutricia Verenigde Bedrijven............ 550 72,652
Polygram NV............................. 4,467 250,125
Unilever NV............................. 1,510 238,384
Wolters Kluwer.......................... 7,089 892,081
-----------
2,679,016
ENERGY -- 1.98%
Royal Dutch Petroleum Co. .............. 4,830 755,173
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
NETHERLANDS (CONTINUED)
- -----------------------
FINANCIAL COMPANIES -- 1.65%
ABN AMRO Holdings NV.................... 3,528 $ 195,691
Fortis AMEV NV.......................... 3,835 114,765
Internationale Nederlanden Groep........ 10,300 321,480
-----------
631,936
TELECOMMUNICATIONS -- 0.13%
Koninklijke............................. 1,407 48,438
-----------
Total Netherlands..................... 4,155,358
NEW ZEALAND -- 0.57%
- --------------------
BASIC INDUSTRY -- 0.23%
Carter Holt Harvey...................... 15,000 33,044
Fernz Corp. ............................ 5,000 14,966
Fletcher Challenge Building(a).......... 1,750 3,892
Fletcher Challenge Energy............... 1,750 4,186
Fletcher Challenge Forest Division...... 15,993 23,376
Fletcher Challenge Paper(a)............. 3,500 6,951
-----------
86,415
TELECOMMUNICATIONS -- 0.29%
New Zealand Telecom..................... 24,000 112,791
TRANSPORTATION & STORAGE -- 0.05%
Air New Zealand -- Class B.............. 7,000 19,582
-----------
Total New Zealand..................... 218,788
NORWAY -- 1.41%
- ---------------
CAPITAL GOODS -- 0.60%
Orkla AS................................ 4,180 228,240
ENERGY -- 0.77%
Norsk Hydro............................. 5,920 277,265
Saga Petroleum -- Class B............... 1,190 17,480
-----------
294,745
TRANSPORTATION & STORAGE -- 0.04%
Bergesen D-Y AS......................... 650 13,797
-----------
Total Norway.......................... 536,782
PHILIPPINES -- 0.13%
- --------------------
FINANCIAL -- 0.13%
Philippine National Bank................ 2,900 47,809
PORTUGAL -- 0.48%
- -----------------
CONSUMER PRODUCTS -- 0.48%
Jeronimo Martins SGPS................... 2,000 182,070
SINGAPORE -- 1.90%
- ------------------
CAPITAL GOODS -- 0.11%
Far East-Levingston Shipbuilding........ 5,000 23,613
Jurong Shipyard......................... 2,000 9,730
Sembawang Corp. ........................ 2,000 9,374
-----------
42,717
CONSUMER PRODUCTS -- 0.28%
Fraser & Neave Ltd. .................... 2,400 24,714
Singapore Press Holdings................ 4,400 80,307
-----------
105,021
</TABLE>
See notes to the financial statements.
55
<PAGE> 56
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
SINGAPORE (CONTINUED)
- ---------------------
FINANCIAL COMPANIES -- 1.42%
DBS Land................................ 15,000 $ 49,641
Development Bank of Singapore........... 4,000 49,144
Overseas Union Bank..................... 23,000 160,891
Singapore Land.......................... 21,000 127,512
United Industrial Corp. ................ 22,000 19,374
United Overseas Bank.................... 14,000 136,212
-----------
542,774
TRANSPORTATION & STORAGE -- 0.09%
Keppel Corp. ........................... 3,000 23,223
Singapore Airlines Ltd. ................ 1,000 10,085
-----------
33,308
-----------
Total Singapore....................... 723,820
SPAIN -- 2.22%
- --------------
BASIC INDUSTRY -- 0.03%
Fomento de Construcciones y Contratas
SA.................................... 144 11,383
AC Gral Aguas........................... 4 151
-----------
11,534
CONSUMER PRODUCTS -- 0.13%
Centros Comerciales Pryca............... 1,524 37,208
Centros Commercial...................... 610 12,661
-----------
49,869
ENERGY -- 0.37%
Repsol.................................. 4,312 141,713
FINANCIAL COMPANIES -- 0.69%
Argentaria Corp. ....................... 1,205 49,925
Banco De Santander SA................... 2,024 105,294
Banco Popular Espanol................... 574 105,497
-----------
260,716
UTILITIES -- 1.00%
Aguas De Barcelona...................... 404 15,275
Empresa Nacional De Elec (Endesa)....... 3,315 195,175
Gas Natural Sdg SA...................... 548 96,792
Iberdrola I SA.......................... 7,788 75,512
-----------
382,754
-----------
Total Spain........................... 846,586
SOUTH KOREA -- 0.81%
- --------------------
BASIC INDUSTRY -- 0.26%
Pohang Iron & Steel..................... 700 50,256
Samsung Electronics..................... 400 31,380
Yukong Ltd. ............................ 600 16,119
-----------
97,755
FINANCIAL COMPANIES -- 0.37%
Cho Hung Bank........................... 3,000 33,832
Hanil Bank.............................. 2,000 19,957
Hanil Securities........................ 2,200 25,303
Kook Min Bank........................... 2,000 43,364
Samsung Fire & Marine................... 10 5,913
Seoul Bank.............................. 2,100 12,203
Shin Han Bank........................... 100 2,287
-----------
142,859
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------
SOUTH KOREA (CONTINUED)
- -----------------------
UTILITIES -- 0.18%
Korea Electric Power Corp. ............. 2,000 $ 66,763
-----------
Total South Korea..................... 307,377
SWEDEN -- 2.59%
- ---------------
BASIC INDUSTRY -- 0.08%
Stora Kopparbergs Bergsl AB............. 2,500 31,892
CAPITAL GOODS -- 0.71%
ASEA AB................................. 660 69,946
Atlas Copco AB -- Class B............... 3,780 77,609
Sandvik AB -- Class A................... 560 13,231
Sandvik AB -- Class B................... 4,290 101,680
Scribona AB............................. 750 7,699
-----------
270,165
CONSUMER PRODUCTS -- 1.80%
Astra AB................................ 9,620 395,750
Electrolux Co. -- Class B............... 2,510 141,150
Esselte -- Class B...................... 560 12,258
Hennes & Mauritz AB -- Class B.......... 1,120 137,464
-----------
686,622
-----------
Total Sweden.......................... 988,679
SWITZERLAND -- 4.54%
- --------------------
BASIC INDUSTRY -- 0.47%
Ciba Geigy AG........................... 139 177,860
BUSINESS SERVICES -- 0.36%
Adecco SA(a)............................ 503 138,435
CAPITAL GOODS -- 0.69%
BBC AG Brown, Boveri and Cie............ 217 265,548
CONSUMER PRODUCTS -- 2.56%
Nestle SA............................... 320 356,874
Roche Holdings AG....................... 50 368,354
Sandoz AG............................... 210 252,291
-----------
977,519
FINANCIAL COMPANIES -- 0.46%
CS Holdings............................. 610 60,341
Schweizerischer Bankverein.............. 600 114,515
-----------
174,856
-----------
Total Switzerland..................... 1,734,218
THAILAND -- 0.74%
- -----------------
BASIC INDUSTRY -- 0.03%
Siam Cement Public Co. ................. 300 12,228
CAPITAL GOODS -- 0.09%
Advanced Information Service PLC........ 2,540 32,977
</TABLE>
See notes to the financial statements.
56
<PAGE> 57
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------------------------
THAILAND (CONTINUED)
- ------------------------------------------
FINANCIAL COMPANIES -- 0.62%
Bangkok Bank............................ 8,700 $ 113,638
Bank of Ayudhya......................... 4,375 19,967
Land & House Public Co. ................ 700 8,648
Siam Commercial Bank Public Co. ........ 4,080 49,440
Thai Farmers Bank Public................ 4,200 44,284
-----------
235,977
-----------
Total Thailand........................ 281,182
UNITED KINGDOM -- 15.67%
- ------------------------------------------
BASIC INDUSTRY -- 1.15%
Caradon................................. 35,000 135,156
Electrocomponents PLC................... 11,000 66,210
Heywood Williams Grp.................... 3,000 11,491
Laing (John)............................ 7,000 27,688
RTZ Corp................................ 13,000 198,873
-----------
439,418
CAPITAL GOODS -- 0.76%
Rolls-Royce............................. 7,000 26,211
Tomkins................................. 61,000 264,645
-----------
290,856
CONSUMER GOODS -- 9.51%
ASDA Group.............................. 70,000 115,457
Argos................................... 16,200 190,207
Argyll Group............................ 26,000 133,327
Cadbury Schweppes....................... 19,000 152,534
Coats Viyella........................... 12,000 27,579
Compass Group........................... 11,000 96,134
GKN PLC................................. 2,000 35,052
Glaxo Wellcome.......................... 18,000 281,694
Grand Metropolitan...................... 35,000 260,737
Guiness................................. 30,000 214,577
Hillsdown Holdings...................... 11,000 30,869
Kingfisher.............................. 30,000 297,125
Ladbroke Group.......................... 16,000 52,280
Rank Organisation....................... 21,000 140,190
Reed International...................... 27,000 498,945
Sears Holdings.......................... 8,000 11,632
Smith (David S)......................... 19,000 96,540
Smithkline Beecham...................... 47,000 573,511
T&N PLC................................. 21,000 43,666
Tesco PLC............................... 23,000 109,133
United Newspapers & Media............... 25,000 269,296
-----------
3,630,485
ENERGY -- 1.37%
British Gas............................. 14,000 43,666
British Petroleum....................... 13,000 134,648
Shell Transport and Trading Co. ........ 22,500 342,972
-----------
521,286
FINANCIAL COMPANIES -- 1.92%
Abbey National.......................... 32,000 296,922
National Westminster Bank............... 41,000 435,236
-----------
732,158
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------------------------
UNITED KINGDOM (CONTINUED)
- ------------------------------------------
TRANSPORTATION & STORAGE -- 0.06%
British Airport Authority PLC........... 3,000 $ 23,170
UTILITIES -- 0.90%
Cable & Wireless........................ 27,000 189,320
East Midland Electricity................ 5,000 40,766
London Electricity...................... 9,857 94,697
National Grid Group PLC................. 7,813 20,826
-----------
345,609
-----------
Total United Kingdom.................. 5,982,982
UNITED STATES -- 5.68%
- ------------------------------------------
BANKS -- 0.16%
Banco De Galicia Buenos Aires ADR....... 1,329 29,072
Banco Frances Del Rio De La Plata ADR... 1,154 30,148
-----------
59,220
BUILDING & CONSTRUCTION -- 0.26%
Cemex SA ADS............................ 13,410 98,899
CONFECTIONS & BEVERAGES -- 0.18%
Cervecerias Unidas ADR.................. 530 11,105
Panamerica Beverages.................... 1,420 58,398
-----------
69,503
DURABLE GOODS -- 0.03%
Industrial Natuzzi ADR.................. 250 11,625
ELECTRIC UTILITIES -- 0.72%
Cemig Cia Energetica Minas Gerais ADR... 2,595 77,201
Cesp Cia Energetica De Sao Paolo ADR.... 510 4,526
Cesp Cia Energetica De Sao Paolo ADS
(144a)(a)............................. 540 4,860
Chilgener SA ADR........................ 604 14,043
Empresa National Electric ADR........... 1,860 35,108
Enersis SA ADR.......................... 1,180 38,055
Huaneng Power International, Inc.
ADR(a)................................ 5,400 89,775
Korea Electric Power SA ADR............. 600 11,325
-----------
274,893
ELECTRONICS -- 0.24%
Grupo Televisa GDR...................... 531 15,333
Samsung Electronics (144a).............. 1,650 77,754
-----------
93,087
FINANCIAL SERVICES -- 0.44%
AFP Provida ADR......................... 178 4,094
Brazil Fund, Inc. ...................... 870 19,031
Chile Fund, Inc......................... 1,320 30,360
Korea Fund, Inc......................... 6,200 113,150
-----------
166,635
MACHINERY -- 0.11%
Centrais Electricas ADR................. 3,000 40,125
METALS & MINING -- 0.45%
Pohang Iron & Steel Co. ADR............. 500 10,687
Uniao Sid Minas Gerais ADR.............. 12,080 120,800
Uniao Sid Minas Gerais ADS.............. 4,150 41,500
-----------
172,987
</TABLE>
See notes to the financial statements.
57
<PAGE> 58
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK (CONTINUED)
- ------------------------------------------
UNITED STATES (CONTINUED)
- ------------------------------------------
OIL & GAS -- 0.27%
Enron Global Power & Pipeline
Partnership........................... 260 $ 6,468
Chilectra SA ADR........................ 560 31,500
Repsol SA ADR........................... 130 4,306
Sociedad Comercial Del Plata (144a)..... 500 13,375
Transportadora De Gas Del Sur ADR....... 600 7,350
YPF Sociedad Anonima ADR................ 1,696 38,796
-----------
101,795
REAL ESTATE -- 0.77%
Hong Kong Land Holdings................. 126,908 295,696
RETAIL -- 0.25%
Cifra SA ADR............................ 61,469 85,442
Pao De Acucar........................... 510 9,881
-----------
95,323
TELECOMMUNICATIONS -- 1.80%
Compania De Telecomunicaciones Chile
ADR................................... 320 30,920
CPT Telefonica Del Peru ADS............. 591 13,519
Telecom Argentina STET ADR.............. 180 7,268
Telecomunicacoes Brasileiras Telebras SA
ADR................................... 5,145 403,882
Telefonos De Mexico SA ADS.............. 4,615 148,257
Telephonos De Argentina ADR............. 2,790 69,401
Total Access Communications............. 2,000 14,800
-----------
688,047
-----------
Total United States................... 2,167,835
-----------
Total Common Stock
(cost $34,306,127)................ 37,702,913
-----------
RIGHTS & WARRANTS -- 0.29%
- ------------------------------------------
BELGIUM -- 0.00%
- ------------------------------------------
BANK -- 0.00%
Generale De Banque(a)................... 260 563
FRANCE -- 0.00%
- ------------------------------------------
ENERGY -- 0.00%
Primagaz (Cie Des Gaz Petrole)
Warrants(a)........................... 15 279
MALAYSIA -- 0.25%
- ------------------------------------------
FINANCIAL -- 0.25%
Affin Holdings Berhad Warrants(a)....... 11,000 9,918
Commerce Asset-Holdings Berhad
Warrants(a)........................... 13,000 80,910
Renong Berhad Rights(a)................. 8,200 3,010
Renong Berhad Warrants(a)............... 5,125 2,126
-----------
95,964
<CAPTION>
MARKET
SHARES VALUE
------- -----------
<S> <C> <C>
RIGHTS & WARRANTS (CONTINUED)
- ------------------------------------------
NETHERLANDS -- 0.01%
- ------------------------------------------
FINANCIAL -- 0.01%
Fortis AMEV NV Rights(a)................ 3,835 $ 1,480
TELECOMMUNICATIONS -- 0.00%
Koninklijke Warrants(a)................. 1,407 822
-----------
2,302
SINGAPORE -- 0.03%
- ------------------------------------------
FINANCIAL -- 0.03%
United Overseas Bank Warrants(a)........ 3,000 10,972
SOUTH KOREA -- 0.00%
- ------------------------------------------
BASIC INDUSTRY -- 0.00%
Yukong Ltd.(a).......................... 37 242
THAILAND -- 0.00%
- ------------------------------------------
FINANCIAL -- 0.00%
Thai Farmers Bank Warrants(a)........... 525 516
-----------
Total Rights & Warrants
(cost $89,906).................... 110,838
-----------
PREFERRED STOCK -- 0.96%
- ------------------------------------------
BRAZIL -- 0.91%
- ------------------------------------------
Banco Bradesco SA....................... 10,649 91,261
Banco Itau SA........................... 46 18,810
Brahma.................................. 90 55,974
Brasmotor SA............................ 82 30,092
Cemig CIA Energy........................ 1,322 39,739
CIM Port Itau CIA....................... 73 19,448
Coteminas--CIA Tec...................... 55 20,201
Lojas Americanas........................ 816 13,781
Unibanco--Uniao De Bancos Brasileiros... 2,036 59,833
-----------
Total Brazil.......................... 349,139
UNITED STATES -- 0.05%
- ------------------------------------------
Pao De Acucar........................... 880 16,830
-----------
Total Preferred Stock
(cost $359,868)................... 365,969
-----------
TOTAL INVESTMENTS -- 100%
- ------------------------------------------
(cost $34,755,901)...................... $38,179,720
===========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
58
<PAGE> 59
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS -- 88.93%
- --------------------------------------
SOUTH AFRICA -- 0.20%
- --------------------------------------
MINING -- 0.20%
Rustenburg Platinum Holdings........ 5,029 $ 79,262
UNITED STATES -- 88.73%
- --------------------------------------
AEROSPACE & AIRCRAFT -- 1.23%
OEA, Inc. .......................... 12,000 477,000
APPAREL -- 0.69%
Tommy Hilfiger Corp.(a)............. 4,500 266,625
BANKS -- 0.70%
Marshall & Ilsley Corp. ............ 9,000 271,125
BROADCAST & COMMUNICATIONS -- 2.88%
Catalina Marketing Corp.(a)......... 6,500 346,125
Comcast Corp. -- Class A............ 24,000 369,000
Cox Communications -- Class A(a).... 22,000 404,250
-----------
1,119,375
BUSINESS SERVICES -- 2.19%
Career Horizons, Inc.(a)............ 2,800 108,850
CUC International, Inc.(a).......... 10,000 398,750
Oxford Resource Corp. -- Class
A(a).............................. 16,000 342,000
-----------
849,600
CHEMICALS -- 3.53%
Airgas, Inc.(a)..................... 8,400 213,150
Eckerd Corp.(a)..................... 20,000 560,000
Great Lakes Chemical Corp. ......... 7,000 399,000
Polymer Group, Inc.(a).............. 14,200 198,800
-----------
1,370,950
COMMERCIAL SERVICES -- 0.22%
Alliance Entertainment Corp.(a)..... 15,000 84,375
COMPUTERS & SOFTWARE -- 10.52%
Adobe Systems, Inc. ................ 7,500 279,375
BDM International, Inc.(a).......... 6,500 386,750
BMC Software, Inc.(a)............... 4,500 357,750
Broderbund Software, Inc.(a)........ 5,000 145,000
Ceridian Corp.(a)................... 15,000 750,000
Intuit, Inc.(a)..................... 8,000 252,000
Informix Corp. ..................... 9,000 250,875
National Data Corp. ................ 8,000 349,000
Platinum Technology, Inc.(a)........ 16,000 202,000
Shiva Corp.(a)...................... 6,000 344,250
SunGard Data Systems, Inc.(a)....... 10,000 450,000
Synopsys, Inc.(a)................... 7,000 322,875
-----------
4,089,875
CONSUMER PRODUCTS -- 2.22%
American Pad & Paper Co.(a)......... 30,000 637,500
Olsten Corp. ....................... 9,000 223,875
-----------
861,375
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
DRUGS -- 3.07%
Biogen, Inc.(a)..................... 7,000 $ 532,000
Cardinal Health, Inc. .............. 8,000 661,000
-----------
1,193,000
DURABLE GOODS -- 3.35%
Alco Standard Corp. ................ 12,000 598,500
Danaher Corp. ...................... 17,000 703,375
-----------
1,301,875
ELECTRONICS -- 5.73%
ADT Limited(a)...................... 37,000 707,625
Altera Corp.(a)..................... 6,000 303,750
Maxim Integrated Products,
Inc.(a)........................... 11,000 389,125
Teleflex, Inc. ..................... 10,500 521,062
Xilinx, Inc.(a)..................... 9,000 306,000
-----------
2,227,562
ENVIRONMENT -- 1.10%
Philip Environmental, Inc.(a)....... 45,000 427,500
FINANCE COMPANIES -- 3.89%
Franklin Resources, Inc. ........... 8,000 531,000
Mercury Finance Co. ................ 42,000 504,000
Money Store (The), Inc. ............ 18,000 477,000
-----------
1,512,000
HEALTH PRODUCTS & CARE -- 5.61%
Apria Healthcare Group, Inc.(a)..... 25,000 468,750
Pacificare Health Systems, Inc. --
Class B(a)........................ 5,500 475,750
Quorum Health Group, Inc.(a)........ 30,000 742,500
Sybron International Corp.(a)....... 17,000 493,000
-----------
2,180,000
HOTEL & MOTEL -- 2.75%
Hospitality Franchise Systems,
Inc.(a)........................... 9,000 601,875
La Quinta Inns, Inc. ............... 24,000 468,000
-----------
1,069,875
INDUSTRIAL MACHINERY -- 1.01%
MSC Industrial Direct Corp.(a)...... 11,000 391,875
INSURANCE -- 5.00%
Ace Limited......................... 16,000 846,000
Partner Re Limited.................. 18,000 513,000
PMI Group, Inc. .................... 11,000 584,375
-----------
1,943,375
MERCHANDISING -- 1.39%
Tupperware Corp. ................... 11,000 539,000
</TABLE>
See notes to the financial statements.
59
<PAGE> 60
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
MINING -- 1.87%
Cambior, Inc. ...................... 28,000 $ 388,500
TVX Gold, Inc.(a)................... 50,000 337,500
-----------
726,000
OIL & GAS -- 7.37%
Camco International, Inc. .......... 11,000 411,125
Cooper Cameron Corp.(a)............. 12,000 688,500
Halliburton Co. .................... 7,000 361,375
Republic Industries, Inc.(a)........ 13,000 377,000
Smith International, Inc.(a)........ 16,000 562,000
Weatherford Enterra, Inc.(a)........ 17,000 465,375
-----------
2,865,375
PRINTING & PUBLISHING -- 0.93%
Scholastic Corp.(a)................. 5,000 362,500
RESTAURANTS -- 3.67%
Boston Chicken, Inc.(a)............. 18,000 634,500
JP Foodservice, Inc.(a)............. 22,300 529,625
Outback Steakhouse, Inc.(a)......... 10,800 260,550
-----------
1,424,675
RETAIL -- 7.65%
Circuit City Stores, Inc. .......... 18,000 650,250
Corporate Express, Inc.(a).......... 12,000 466,500
General Nutrition Companies,
Inc.(a)........................... 13,000 228,306
Kohls Corp.(a)...................... 13,000 468,000
Price/Costco, Inc.(a)............... 28,000 574,000
Revco DS, Inc.(a)................... 20,000 587,500
-----------
2,974,556
STEEL -- 1.68%
Trimas Corp.(a)..................... 27,000 654,750
TELECOMMUNICATIONS -- 5.34%
Advo, Inc. ......................... 10,000 118,750
American Portable Telecom,
Inc.(a)........................... 29,300 296,663
Palmer Wireless, Inc. Class A(a).... 20,000 353,740
Telephone & Data Systems, Inc. ..... 9,000 362,250
360 Communications Co.(a)........... 16,000 376,000
US Cellular Corp.(a)................ 6,000 181,500
Vanguard Cellular Systems -- Class
A(a).............................. 20,000 387,500
-----------
2,076,403
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
- --------------------------------------
UNITED STATES (CONTINUED)
- --------------------------------------
TOBACCO -- 1.26%
Consolidated Cigar Holdings,
Inc.(a)........................... 16,000 $ 490,000
WASTE DISPOSAL -- 1.88%
USA Waste Services, Inc.(a)......... 23,200 730,800
-----------
Total United States............... 34,481,421
-----------
Total Common Stock (cost
$31,201,206).................. 34,560,683
-----------
SHORT-TERM INVESTMENTS -- 11.07%
- --------------------------------------
U.S. TREASURY BILLS -- 10.24%
U.S. Treasury Bill
5.12%, 10/03/1996................. $ 142,000 141,960
5.04%, 10/10/1996................. 437,000 436,451
4.97%, 10/17/1996................. 59,000 58,870
4.82%, 10/24/1996................. 391,000 389,716
5.08%, 10/31/1996................. 415,000 413,250
5.01%, 11/07/1996................. 526,000 523,294
4.99%, 11/14/1996................. 1,235,000 1,226,033
4.99%, 11/21/1996................. 796,000 790,335
-----------
3,979,909
COMMERCIAL PAPER -- .83%
Federal Home Discount Note 5.70%,
10/01/1996........................ 322,000 322,000
-----------
Total Short-Term Investments
(cost $4,301,909)............. 4,301,909
-----------
TOTAL INVESTMENTS -- 100%
- --------------------------------------
(cost $35,503,115).................. $38,862,592
==========
</TABLE>
- -------------------------
(a) Non-income producing.
See notes to the financial statements.
60
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> JNL AGGRESSIVE GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 24,321,530
<INVESTMENTS-AT-VALUE> 26,486,903
<RECEIVABLES> 1,346,487
<ASSETS-OTHER> 93,872
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,927,262
<PAYABLE-FOR-SECURITIES> 2,727,975
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,735
<TOTAL-LIABILITIES> 2,798,710
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,034,660
<SHARES-COMMON-STOCK> 1,779,453
<SHARES-COMMON-PRIOR> 649,425
<ACCUMULATED-NII-CURRENT> 101,061
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 824,545
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,168,286
<NET-ASSETS> 25,128,552
<DIVIDEND-INCOME> 44,661
<INTEREST-INCOME> 137,505
<OTHER-INCOME> 0
<EXPENSES-NET> 88,796
<NET-INVESTMENT-INCOME> 93,370
<REALIZED-GAINS-CURRENT> 33,445
<APPREC-INCREASE-CURRENT> 1,331,975
<NET-CHANGE-FROM-OPS> 1,458,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,192,768
<NUMBER-OF-SHARES-REDEEMED> 62,740
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,601,497
<ACCUMULATED-NII-PRIOR> 7,691
<ACCUMULATED-GAINS-PRIOR> 791,100
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,495
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 128,236
<AVERAGE-NET-ASSETS> 16,405,576
<PER-SHARE-NAV-BEGIN> 13.13
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.95
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.12
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> JNL CAPITAL GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 26,454,895
<INVESTMENTS-AT-VALUE> 31,274,410
<RECEIVABLES> 1,506,463
<ASSETS-OTHER> 17,212
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,798,085
<PAYABLE-FOR-SECURITIES> 1,852,077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,804
<TOTAL-LIABILITIES> 1,905,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,410,568
<SHARES-COMMON-STOCK> 2,019,588
<SHARES-COMMON-PRIOR> 691,024
<ACCUMULATED-NII-CURRENT> 156,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (478,116)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,803,323
<NET-ASSETS> 30,892,204
<DIVIDEND-INCOME> 201,420
<INTEREST-INCOME> 53,181
<OTHER-INCOME> 0
<EXPENSES-NET> 98,172
<NET-INVESTMENT-INCOME> 156,429
<REALIZED-GAINS-CURRENT> (844,034)
<APPREC-INCREASE-CURRENT> 3,049,294
<NET-CHANGE-FROM-OPS> 2,361,689
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,379,606
<NUMBER-OF-SHARES-REDEEMED> 51,042
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,314,671
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 365,918
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 86,405
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129,114
<AVERAGE-NET-ASSETS> 18,307,802
<PER-SHARE-NAV-BEGIN> 13.86
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.36
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.30
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> JNL GLOBAL EQUITIES SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 35,300,069
<INVESTMENTS-AT-VALUE> 39,814,877
<RECEIVABLES> 9,360,450
<ASSETS-OTHER> 33,360
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,208,687
<PAYABLE-FOR-SECURITIES> 9,793,111
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,043
<TOTAL-LIABILITIES> 9,895,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,339,842
<SHARES-COMMON-STOCK> 2,518,932
<SHARES-COMMON-PRIOR> 1,173,884
<ACCUMULATED-NII-CURRENT> 119,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,244,324
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,609,888
<NET-ASSETS> 39,313,533
<DIVIDEND-INCOME> 188,441
<INTEREST-INCOME> 78,369
<OTHER-INCOME> 0
<EXPENSES-NET> 149,869
<NET-INVESTMENT-INCOME> 116,941
<REALIZED-GAINS-CURRENT> 782,723
<APPREC-INCREASE-CURRENT> 2,195,630
<NET-CHANGE-FROM-OPS> 3,095,294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,424,348
<NUMBER-OF-SHARES-REDEEMED> 79,300
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,172,984
<ACCUMULATED-NII-PRIOR> 2,538
<ACCUMULATED-GAINS-PRIOR> 1,461,601
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 131,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,028
<AVERAGE-NET-ASSETS> 26,329,103
<PER-SHARE-NAV-BEGIN> 13.75
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.81
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.61
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> JNL/ALGER GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 30,435,298
<INVESTMENTS-AT-VALUE> 32,946,280
<RECEIVABLES> 18,009
<ASSETS-OTHER> 1,729,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,693,404
<PAYABLE-FOR-SECURITIES> 698,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,494
<TOTAL-LIABILITIES> 746,380
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,290,557
<SHARES-COMMON-STOCK> 3,154,363
<SHARES-COMMON-PRIOR> 832,889
<ACCUMULATED-NII-CURRENT> 12,625
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (867,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,510,982
<NET-ASSETS> 33,947,024
<DIVIDEND-INCOME> 66,887
<INTEREST-INCOME> 52,450
<OTHER-INCOME> 0
<EXPENSES-NET> 106,712
<NET-INVESTMENT-INCOME> 12,625
<REALIZED-GAINS-CURRENT> (690,447)
<APPREC-INCREASE-CURRENT> 2,127,369
<NET-CHANGE-FROM-OPS> 1,449,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,519,286
<NUMBER-OF-SHARES-REDEEMED> 197,812
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,297,787
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (176,693)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104,937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136,583
<AVERAGE-NET-ASSETS> 21,658,362
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.76
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> JNL/EAGLE CORE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> SEP-16-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 937,472
<INVESTMENTS-AT-VALUE> 942,822
<RECEIVABLES> 1,982
<ASSETS-OTHER> 62,585
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,007,389
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,616
<TOTAL-LIABILITIES> 1,616
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,000,000
<SHARES-COMMON-STOCK> 100,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,350
<NET-ASSETS> 1,005,773
<DIVIDEND-INCOME> 467
<INTEREST-INCOME> 330
<OTHER-INCOME> 0
<EXPENSES-NET> 374
<NET-INVESTMENT-INCOME> 423
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,350
<NET-CHANGE-FROM-OPS> 5,773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,005,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 320
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,616
<AVERAGE-NET-ASSETS> 1,001,164
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> JNL/EAGLE SMALLCAP EQUITY SERIES
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> SEP-16-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 944,404
<INVESTMENTS-AT-VALUE> 984,263
<RECEIVABLES> 2,015
<ASSETS-OTHER> 50,562
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,036,840
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,653
<TOTAL-LIABILITIES> 1,653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,000,000
<SHARES-COMMON-STOCK> 100,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 362
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,034)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,859
<NET-ASSETS> 1,035,187
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 758
<OTHER-INCOME> 0
<EXPENSES-NET> 396
<NET-INVESTMENT-INCOME> 362
<REALIZED-GAINS-CURRENT> (5,034)
<APPREC-INCREASE-CURRENT> 39,859
<NET-CHANGE-FROM-OPS> 35,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,035,187
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 342
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,653
<AVERAGE-NET-ASSETS> 1,008,428
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 18,915,346
<INVESTMENTS-AT-VALUE> 19,608,187
<RECEIVABLES> 755,669
<ASSETS-OTHER> 5,125
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,368,981
<PAYABLE-FOR-SECURITIES> 835,370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,276
<TOTAL-LIABILITIES> 884,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,444,510
<SHARES-COMMON-STOCK> 1,658,414
<SHARES-COMMON-PRIOR> 426,016
<ACCUMULATED-NII-CURRENT> 172,584
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 174,400
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 692,841
<NET-ASSETS> 19,484,335
<DIVIDEND-INCOME> 31,551
<INTEREST-INCOME> 179,215
<OTHER-INCOME> 0
<EXPENSES-NET> 62,568
<NET-INVESTMENT-INCOME> 148,198
<REALIZED-GAINS-CURRENT> 114,498
<APPREC-INCREASE-CURRENT> 555,610
<NET-CHANGE-FROM-OPS> 818,306
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,305,167
<NUMBER-OF-SHARES-REDEEMED> 72,769
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,723,706
<ACCUMULATED-NII-PRIOR> 24,386
<ACCUMULATED-GAINS-PRIOR> 59,902
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54,125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83,046
<AVERAGE-NET-ASSETS> 12,108,225
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.75
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> JNL/PHOENIX INVESTMENT COUNSEL GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 14,135,262
<INVESTMENTS-AT-VALUE> 14,654,644
<RECEIVABLES> 509,562
<ASSETS-OTHER> 1,986
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,166,192
<PAYABLE-FOR-SECURITIES> 785,781
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,796
<TOTAL-LIABILITIES> 825,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,332,116
<SHARES-COMMON-STOCK> 1,017,953
<SHARES-COMMON-PRIOR> 201,403
<ACCUMULATED-NII-CURRENT> 41,578
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 447,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 519,382
<NET-ASSETS> 14,340,615
<DIVIDEND-INCOME> 26,948
<INTEREST-INCOME> 51,174
<OTHER-INCOME> 0
<EXPENSES-NET> 39,482
<NET-INVESTMENT-INCOME> 38,640
<REALIZED-GAINS-CURRENT> 311,235
<APPREC-INCREASE-CURRENT> 381,685
<NET-CHANGE-FROM-OPS> 731,560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 852,662
<NUMBER-OF-SHARES-REDEEMED> 36,112
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,822,545
<ACCUMULATED-NII-PRIOR> 2,938
<ACCUMULATED-GAINS-PRIOR> 136,304
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,715
<AVERAGE-NET-ASSETS> 7,673,653
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> PPM AMERICA/JNL HIGH YIELD BOND SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 12,320,541
<INVESTMENTS-AT-VALUE> 12,527,608
<RECEIVABLES> 677,317
<ASSETS-OTHER> 43,441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,248,366
<PAYABLE-FOR-SECURITIES> 379,297
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,241
<TOTAL-LIABILITIES> 408,538
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,113,927
<SHARES-COMMON-STOCK> 1,184,860
<SHARES-COMMON-PRIOR> 601,533
<ACCUMULATED-NII-CURRENT> 502,413
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,421
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 207,067
<NET-ASSETS> 12,839,828
<DIVIDEND-INCOME> 3,681
<INTEREST-INCOME> 425,456
<OTHER-INCOME> 0
<EXPENSES-NET> 39,202
<NET-INVESTMENT-INCOME> 389,935
<REALIZED-GAINS-CURRENT> 41,296
<APPREC-INCREASE-CURRENT> 176,262
<NET-CHANGE-FROM-OPS> 607,493
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 633,050
<NUMBER-OF-SHARES-REDEEMED> 49,723
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,684,299
<ACCUMULATED-NII-PRIOR> 112,478
<ACCUMULATED-GAINS-PRIOR> (24,875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,370
<AVERAGE-NET-ASSETS> 9,036,416
<PER-SHARE-NAV-BEGIN> 10.23
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> PPM AMERICA/JNL MONEY MARKET SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 23,818,375
<INVESTMENTS-AT-VALUE> 23,818,375
<RECEIVABLES> 3,488
<ASSETS-OTHER> 2,325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,824,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,397
<TOTAL-LIABILITIES> 29,397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,794,791
<SHARES-COMMON-STOCK> 23,794,791
<SHARES-COMMON-PRIOR> 6,815,639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 23,794,791
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 366,196
<OTHER-INCOME> 0
<EXPENSES-NET> 49,643
<NET-INVESTMENT-INCOME> 316,553
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 316,553
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,017,715
<NUMBER-OF-SHARES-REDEEMED> 8,355,116
<SHARES-REINVESTED> 316,553
<NET-CHANGE-IN-ASSETS> 16,979,152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 39,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,856
<AVERAGE-NET-ASSETS> 13,359,196
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> PPM AMERICA/JNL VALUE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 11,960,870
<INVESTMENTS-AT-VALUE> 12,774,913
<RECEIVABLES> 36,204
<ASSETS-OTHER> 214,305
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,025,422
<PAYABLE-FOR-SECURITIES> 75,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,215
<TOTAL-LIABILITIES> 105,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,827,306
<SHARES-COMMON-STOCK> 954,336
<SHARES-COMMON-PRIOR> 263,623
<ACCUMULATED-NII-CURRENT> 97,630
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 181,013
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 814,043
<NET-ASSETS> 12,919,992
<DIVIDEND-INCOME> 111,773
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 28,908
<NET-INVESTMENT-INCOME> 82,865
<REALIZED-GAINS-CURRENT> 121,640
<APPREC-INCREASE-CURRENT> 318,908
<NET-CHANGE-FROM-OPS> 523,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713,159
<NUMBER-OF-SHARES-REDEEMED> 22,446
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,554,687
<ACCUMULATED-NII-PRIOR> 14,765
<ACCUMULATED-GAINS-PRIOR> 59,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,285
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64,725
<AVERAGE-NET-ASSETS> 7,332,205
<PER-SHARE-NAV-BEGIN> 12.77
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.54
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> SALOMON BROTHERS/JNL GLOBAL BOND SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 12,555,628
<INVESTMENTS-AT-VALUE> 12,772,911
<RECEIVABLES> 3,733,474
<ASSETS-OTHER> 503
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,506,888
<PAYABLE-FOR-SECURITIES> 4,622,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,750
<TOTAL-LIABILITIES> 4,672,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,900,993
<SHARES-COMMON-STOCK> 1,051,811
<SHARES-COMMON-PRIOR> 609,938
<ACCUMULATED-NII-CURRENT> 511,008
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 169,223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 253,559
<NET-ASSETS> 11,834,783
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 400,356
<OTHER-INCOME> 0
<EXPENSES-NET> 43,611
<NET-INVESTMENT-INCOME> 356,745
<REALIZED-GAINS-CURRENT> 113,558
<APPREC-INCREASE-CURRENT> 222,474
<NET-CHANGE-FROM-OPS> 692,777
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 466,362
<NUMBER-OF-SHARES-REDEEMED> 24,489
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,454,720
<ACCUMULATED-NII-PRIOR> 154,263
<ACCUMULATED-GAINS-PRIOR> 55,665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,428
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 69,423
<AVERAGE-NET-ASSETS> 8,836,468
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.56
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.25
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> SALOMON BROTHERS/JNL US GOVERNMENT & QUALITY BOND SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 10,362,920
<INVESTMENTS-AT-VALUE> 10,341,130
<RECEIVABLES> 1,039,888
<ASSETS-OTHER> 26,963
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,407,981
<PAYABLE-FOR-SECURITIES> 3,018,335
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,604
<TOTAL-LIABILITIES> 3,042,939
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,189,238
<SHARES-COMMON-STOCK> 810,997
<SHARES-COMMON-PRIOR> 297,893
<ACCUMULATED-NII-CURRENT> 187,410
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,184
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (21,790)
<NET-ASSETS> 8,365,042
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 178,633
<OTHER-INCOME> 0
<EXPENSES-NET> 23,046
<NET-INVESTMENT-INCOME> 155,587
<REALIZED-GAINS-CURRENT> 306
<APPREC-INCREASE-CURRENT> 11,234
<NET-CHANGE-FROM-OPS> 167,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 547,891
<NUMBER-OF-SHARES-REDEEMED> 34,787
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,358,253
<ACCUMULATED-NII-PRIOR> 31,823
<ACCUMULATED-GAINS-PRIOR> 9,878
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,065
<AVERAGE-NET-ASSETS> 6,600,532
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 24,614,841
<INVESTMENTS-AT-VALUE> 27,005,996
<RECEIVABLES> 35,940
<ASSETS-OTHER> 76,592
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,118,528
<PAYABLE-FOR-SECURITIES> 1,104,260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,710
<TOTAL-LIABILITIES> 1,159,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,512,055
<SHARES-COMMON-STOCK> 2,090,438
<SHARES-COMMON-PRIOR> 772,203
<ACCUMULATED-NII-CURRENT> 77,261
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,509)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,390,751
<NET-ASSETS> 25,958,558
<DIVIDEND-INCOME> 114,671
<INTEREST-INCOME> 37,806
<OTHER-INCOME> 0
<EXPENSES-NET> 82,044
<NET-INVESTMENT-INCOME> 70,433
<REALIZED-GAINS-CURRENT> (103,752)
<APPREC-INCREASE-CURRENT> 1,780,131
<NET-CHANGE-FROM-OPS> 1,746,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,382,747
<NUMBER-OF-SHARES-REDEEMED> 64,512
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,186,516
<ACCUMULATED-NII-PRIOR> 6,828
<ACCUMULATED-GAINS-PRIOR> 82,243
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69,887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 91,636
<AVERAGE-NET-ASSETS> 16,537,852
<PER-SHARE-NAV-BEGIN> 11.36
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 34,755,901
<INVESTMENTS-AT-VALUE> 38,179,720
<RECEIVABLES> 124,826
<ASSETS-OTHER> 1,877,177
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,181,723
<PAYABLE-FOR-SECURITIES> 156,187
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 135,818
<TOTAL-LIABILITIES> 292,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,044,012
<SHARES-COMMON-STOCK> 3,407,083
<SHARES-COMMON-PRIOR> 2,152,870
<ACCUMULATED-NII-CURRENT> 386,716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,552
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,423,439
<NET-ASSETS> 39,889,718
<DIVIDEND-INCOME> 438,526
<INTEREST-INCOME> 67,052
<OTHER-INCOME> 0
<EXPENSES-NET> 200,077
<NET-INVESTMENT-INCOME> 305,501
<REALIZED-GAINS-CURRENT> 42,090
<APPREC-INCREASE-CURRENT> 969,093
<NET-CHANGE-FROM-OPS> 1,316,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,337,650
<NUMBER-OF-SHARES-REDEEMED> 83,437
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,678,747
<ACCUMULATED-NII-PRIOR> 80,214
<ACCUMULATED-GAINS-PRIOR> (5,538)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 176,085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200,077
<AVERAGE-NET-ASSETS> 32,100,733
<PER-SHARE-NAV-BEGIN> 11.25
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.71
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 35,503,115
<INVESTMENTS-AT-VALUE> 38,862,592
<RECEIVABLES> 29,627
<ASSETS-OTHER> 556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,892,775
<PAYABLE-FOR-SECURITIES> 1,165,423
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,929
<TOTAL-LIABILITIES> 1,232,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,483,082
<SHARES-COMMON-STOCK> 2,578,564
<SHARES-COMMON-PRIOR> 785,397
<ACCUMULATED-NII-CURRENT> 31,705
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 786,159
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,359,477
<NET-ASSETS> 37,660,423
<DIVIDEND-INCOME> 34,865
<INTEREST-INCOME> 79,517
<OTHER-INCOME> 0
<EXPENSES-NET> 126,814
<NET-INVESTMENT-INCOME> (12,432)
<REALIZED-GAINS-CURRENT> 406,887
<APPREC-INCREASE-CURRENT> 1,957,302
<NET-CHANGE-FROM-OPS> 2,351,757
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,915,379
<NUMBER-OF-SHARES-REDEEMED> 122,212
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27,115,275
<ACCUMULATED-NII-PRIOR> 44,137
<ACCUMULATED-GAINS-PRIOR> 379,272
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136,506
<AVERAGE-NET-ASSETS> 23,223,000
<PER-SHARE-NAV-BEGIN> 13.43
<PER-SHARE-NII> (0.04)
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<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 14.61
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
