<PAGE> PAGE 1
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<PAGE> PAGE 2
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007 C021200 T. ROWE PRICE/JNL INT'L. EQUITY INVESTMENT
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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008 A000801 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B000801 A
008 C000801 801-41015
008 D010801 LANSING
008 D020801 MI
008 D030801 48911
008 A000802 PPM AMERICA, INC.
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008 D010802 CHICAGO
008 D020802 IL
008 D030802 60606
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<PAGE> PAGE 41
028 E020800 0
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060 A000800 Y
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<PAGE> PAGE 42
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066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
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066 F000800 N
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067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
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070 K020800 N
<PAGE> PAGE 43
070 L010800 Y
070 L020800 N
070 M010800 N
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070 P020800 N
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070 R020800 N
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<PAGE> PAGE 44
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008 A000901 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B000901 A
008 C000901 801-41015
008 D010901 LANSING
008 D020901 MI
008 D030901 48911
008 A000902 SALOMON BROTHERS ASSET MANAGEMENT INC
008 B000902 S
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<PAGE> PAGE 45
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<PAGE> PAGE 46
048 J020900 0.000
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<PAGE> PAGE 47
070 E010900 N
070 E020900 N
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070 I010900 N
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070 M010900 Y
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<PAGE> PAGE 48
072 T000900 0
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<PAGE> PAGE 49
008 A001001 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001001 A
008 C001001 801-41015
008 D011001 LANSING
008 D021001 MI
008 D031001 48911
008 A001002 SALOMON BROTHERS ASSET MANAGEMENT INC
008 B001002 S
008 C001002 801-32046
008 D011002 NEW YORK
008 D021002 NY
008 D031002 10048
024 001000 N
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<PAGE> PAGE 50
048 C021000 0.600
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055 A001000 Y
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060 B001000 Y
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062 P001000 8.1
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063 B001000 11.6
064 A001000 N
<PAGE> PAGE 51
064 B001000 N
066 A001000 N
067 001000 N
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069 001000 N
070 A011000 Y
070 A021000 Y
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070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 Y
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
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070 R011000 Y
070 R021000 N
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071 C001000 1808
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<PAGE> PAGE 52
072 F001000 13
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<PAGE> PAGE 53
074 R031000 0
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008 A001101 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001101 A
008 C001101 801-41015
008 D011101 LANSING
008 D021101 MI
008 D031101 48911
008 A001102 T. ROWE PRICE ASSOCIATES, INC.
008 B001102 S
008 C001102 801-856
008 D011102 BALTIMORE
008 D021102 MD
008 D031102 21202
024 001100 Y
025 A001101 JP MORGAN & CO., INC.
025 B001101 13-3224016
025 C001101 E
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<PAGE> PAGE 54
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055 A001100 N
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<PAGE> PAGE 55
059 001100 Y
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066 D001100 N
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067 001100 N
068 A001100 N
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070 A011100 Y
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<PAGE> PAGE 56
070 J011100 Y
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<PAGE> PAGE 57
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008 A001201 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001201 A
008 C001201 801-41015
008 D011201 LANSING
008 D021201 MI
008 D031201 48911
008 A001202 ROWE-PRICE FLEMING INTERNATIONAL, INC.
008 B001202 S
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008 D011202 BALTIMORE
<PAGE> PAGE 58
008 D021202 MD
008 D031202 21202
024 001200 N
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<PAGE> PAGE 59
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055 A001200 N
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<PAGE> PAGE 60
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070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 N
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070 L021200 N
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070 O021200 N
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070 Q021200 N
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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008 B001301 A
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008 D011301 LANSING
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008 D031301 48911
008 A001302 T. ROWE PRICE ASSOCIATES, INC.
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008 D021302 MD
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<PAGE> PAGE 63
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057 001300 N
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058 B001300 N
058 C001300 N
058 D001300 N
058 E001300 N
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060 A001300 Y
060 B001300 Y
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062 A001300 N
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<PAGE> PAGE 64
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066 E001300 N
066 F001300 N
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068 B001300 N
069 001300 N
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070 Q021300 N
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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008 A001401 FRED ALGER MANAGEMENT, INC.
008 B001401 S
008 C001401 801-06709
008 D011401 NEW YORK
008 D021401 NY
008 D031401 10038
008 A001402 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001402 A
008 C001402 801-41015
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024 001400 N
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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SIGNATURE LARRY C. JORDAN
TITLE VICE PRESIDENT
Exhibit 77B 100 East Wisconsin Avenue
Telephone 414 276 9500
Suite 1500
Milwaukee, WI 53202
Price Waterhouse LLP
To the Board of Trustees of JNL Series Trust
In planning and performing our audit of the JNL Aggressive
Growth Series, JNL Capital Growth Series, JNL Global
Equities Series, JNL/Alger Growth Series, JNL/Phoenix
Investment Counsel Balanced Series, JNL/Phoenix Investment
Counsel Growth Series, PPM America/JNL High Yield Bond
Series, PPM America/JNL Money Market Series, PPM America/JNL
Value Equity Series, Salomon Brothers/JNL Global Bond
Series, Salomon Brothers/JNL U.S. Government & Quality Bond
Series, T. Rowe Price/JNL Established Growth Series, T. Rowe
Price/JNL International Equity Investment Series and T. Rowe
Price/JNL Mid-Cap Growth Series (constituting JNL Series
Trust, hereafter referred to as the "Trust") for the period
ended March 31, 1996, we considered the Trust's internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, and not to provide assurance on the internal control
structure.
The management of the Trust is responsible for establishing
and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
Price Waterhouse LLP
May 10, 1996
EX-77O
10f-3 Transactions for Period from May 1, 1995 to March 31,
1996:
Series 12 - T. Rowe Price/JNL International Equity
Investment Series
ENI S.p.A.
Total issue size: 550,000,000 shares
Rowe Price-Fleming International, Inc. purchase in total for
all its clients: 4,776,000
Rowe Price-Fleming International, Inc. purchase for all its
clients as percentage of issue: 0.868%
Date of purchase: 11/27/95
List tranches: Domestic (Italy), United Kingdom and
Ireland, Continental Europe, ROW, United States
Global coordinator: Instituto Mobiliare Italiano & CS First
Boston (joint)
Tranche from which Rowe Price-Fleming International, Inc.
purchased: United Kingdom and Ireland
Rowe Price-Fleming International, Inc. purchased through:
Nat West Securities
Name of affiliate: Robert Fleming
Purchase price: L 5,250
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</TABLE>
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<NAME> JNL GLOBAL EQUITIES
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<NAME> JNL/PHOENIX INVESTMENT COUNSEL BALANCED
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> JNL\PHOENIX INVESTMENT COUNSEL GROWTH
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PPM AMERICA/JNL HIGH YIELD BOND
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> MAY-15-1995
<PERIOD-END> MAR-31-1996
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<INVESTMENTS-AT-VALUE> 5848721
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<REALIZED-GAINS-CURRENT> (24875)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> PPM AMERICA/JNL MONEY MARKET
<S> <C>
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<PERIOD-START> MAY-15-1995
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> PPM AMERICA/JNL VALUE EQUITY
<S> <C>
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<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> MAY-15-1995
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<TOTAL-LIABILITIES> 47811
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2796032
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<ACCUMULATED-NII-CURRENT> 14765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 495135
<NET-ASSETS> 3365305
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<EXPENSES-NET> 18104
<NET-INVESTMENT-INCOME> 48909
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> SALOMON BROTHERS/JNL GLOBAL BOND
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> MAY-15-1996
<PERIOD-END> MAR-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> SALOMON BROTHERS/JNL US GOV'T & QUALITY BOND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 11
<NAME> T. ROWE PRICE/JNL ESTABLISHED GROWTH
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> T. ROWE PRICE/JNL MID-CAP GROWTH
<S> <C>
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