<PAGE> 1
SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 16, 1996
FOR THE JNL SERIES TRUST
JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES, JNL/PHOENIX INVESTMENT COUNSEL
GROWTH SERIES AND PPM AMERICA/JNL VALUE EQUITY SERIES
On February 20, 1997, the Trustees of the JNL Series Trust (the "Trust") called
a Special Meeting of Shareholders to be held on April 24, 1997, for the
following purposes: To approve Putnam Investment Management, Inc. as the new
sub-adviser for the JNL/Phoenix Investment Counsel Growth Series and the PPM
America/JNL Value Equity Series; to approve PPM America, Inc. as the new
sub-adviser for the JNL/Phoenix Investment Counsel Balanced Series; to approve a
proposed Amendment to the Amended Investment Advisory and Management Agreement
between the Trust and the Adviser which provides for a fee increase at certain
breakpoints and to approve changes to the investment objectives and policies of
the JNL/Phoenix Investment Counsel Growth Series and the PPM America/JNL Value
Equity Series.
The proposed investment objective of the JNL/Phoenix Investment Counsel Growth
Series is to seek long-term capital growth. The proposed changes to the
investment policies of the JNL/Phoenix Investment Counsel Growth Series are: the
addition of emphasis on the intent to invest primarily in common stocks of
companies believed by the sub-adviser to have opportunities for capital growth;
the elimination of diversification as an important consideration in the
selection of securities; the elimination of "investment grade" in the
description of bonds; the addition of permitted investment in foreign securities
of up to 20% of the Series' net assets; and the expansion of the use of
financial futures transactions for other than hedging purposes.
The proposed investment objective of the PPM America/JNL Value Equity Series is
capital growth, with income as a secondary objective, by investing primarily in
common stocks which the sub-adviser believes to be undervalued relative to
underlying asset value or earnings potential at the time of purchase.
Subject to approval by the Shareholders, the changes described above will become
effective on May 1, 1997, and the names of JNL/Phoenix Investment Counsel Growth
Series, PPM America/JNL Value Equity Series and JNL/Phoenix Investment Counsel
Balanced Series will be changed to JNL/Putnam Growth Series, JNL/Putnam Value
Equity Series and PPM America/JNL Balanced Series, respectively.
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
The following disclosure replaces the disclosure in the Prospectus under the
Section "Management of the Trust," the Heading "Portfolio Management," and the
Sub-Heading "T. Rowe Price/JNL Established Growth Series:"
Robert W. Smith is responsible for the day-to-day management of the T. Rowe
Price/JNL Established Growth Series. Mr. Smith is a Vice President and Equity
Portfolio Manager for T. Rowe and Price-Fleming. He is also responsible for the
North American component of other investment company and institutional client
portfolios. Prior to joining T. Rowe in 1992, Mr. Smith was employed as an
Investment Analyst for Massachusetts Financial Services. He earned a BS (finance
and economics) from the University of Delaware and an MBA (finance) from the
Darden Graduate School of Business Administration, University of Virginia. Mr.
Smith has had responsibility for the day-to-day management of the T. Rowe
Price/JNL Established Growth Series since February 21, 1997.
This Supplement is dated March 7, 1997.
VC 2870 3/97
