<PAGE> PAGE 1
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007 C020400 JNL/PHOENIX INVESTMENT COUNSEL BALANCED
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<PAGE> PAGE 2
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014 A00AA02 JACKSON NATIONAL LIFE DISTRIBUTORS, INC.
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015 E04AA02 X
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<PAGE> PAGE 3
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015 A00AA04 GEROCREDIT BANK AG DER SPARKASSEN
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015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
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015 A00AA05 STANDARD CHARTERED BANK
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015 D01AA05 BANGLADESH
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015 A00AA06 GENERALE DE BANQUE
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015 D01AA06 BELGIUM
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015 A00AA07 BANCO BOLIVIANO AMERICANO
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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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001002 SALOMON BROTHERS ASSET MANAGEMENT INC
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
073 A021100 0.0000
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008 D021201 MI
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008 A001202 ROWE-PRICE FLEMING INTERNATIONAL, INC.
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<PAGE> PAGE 60
028 A031200 0
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<PAGE> PAGE 61
048 K011200 500000
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066 E001200 N
066 F001200 N
066 G001200 N
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069 001200 N
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070 B021200 N
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070 D011200 Y
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<PAGE> PAGE 62
070 F021200 N
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<PAGE> PAGE 63
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008 A001301 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001301 A
008 C001301 801-41015
<PAGE> PAGE 64
008 D011301 LANSING
008 D021301 MI
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008 A001302 T. ROWE PRICE ASSOCIATES, INC.
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<PAGE> PAGE 65
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055 A001300 N
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066 A001300 Y
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
<PAGE> PAGE 66
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
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070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
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070 G011300 Y
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070 H011300 Y
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070 I021300 N
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070 R021300 N
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<PAGE> PAGE 67
072 K001300 0
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<PAGE> PAGE 68
074 U021300 0
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008 A001401 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001401 A
008 C001401 801-41015
008 D011401 LANSING
008 D021401 MI
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<PAGE> PAGE 69
028 G021400 0
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045 001400 Y
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<PAGE> PAGE 70
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<PAGE> PAGE 71
070 R011400 Y
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<PAGE> PAGE 72
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008 A001501 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001501 A
008 C001501 801-41015
008 D011501 LANSING
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008 D031501 48911
008 A001502 EAGLE ASSET MANAGEMENT
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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008 A001601 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001601 A
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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066 A001600 Y
066 B001600 N
066 C001600 Y
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
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<PAGE> PAGE 79
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 Y
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 Y
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 Y
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<PAGE> PAGE 80
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074 D001600 0
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<PAGE> PAGE 81
075 B001600 1358
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SIGNATURE ANDREW B. HOPPING
TITLE VP & TREASURER
This report is signed on behalf of the registrant (or
depositor or trustee).
City of: LANSING State of: MICHIGAN Date: February 27,
1997
Name of Registrant, Depositor, or Trustee: JNL SERIES TRUST
By (Name and Title): Witness (Name and
Title):
/s/ Andrew B. Hopping /s/ Thomas J. Meyer
ANDREW B. HOPPING THOMAS J. MEYER
VICE PRESIDENT & VICE PRESIDENT &
TREASURER SECRETARY
Price Waterhouse LLP
100 East Wisconsin Avenue Suite 1500
Milwaukee, WI 53202
Telephone 414 276 9500
To the Board of Trustees of JNL Series Trust
In planning and performing our audit of the financial statements
of the JNL Aggressive Growth Series, JNL Capital Growth Series,
JNL Global Equities Series, JNL/Alger Growth Series, JNL/Eagle
Core Equity Series, JNL/Eagle SmallCap 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 December 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 policies and procedures. Two of the
objectives of an 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
December 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
February 14, 1997
77H. Jackson National Life Insurance Company reduced its position
in the JNL Series Trust between November 11, 1996 and December 31, 1996
from 26.98% to 8.54% ownership.
EXHIBIT 77O
PURCHASES OF SECURITIES DURING UNDERWRITING - RULE 10F-3
Series 12 - T. Rowe Price/JNL International Equity
Investment Series
1. 90,000,000 shares of Deutsche Telekom purchased from
Deutsche Bank on 11/18/96 at DM28.50 per share. Offering
commenced on 10/22/96. Offering price at close of first
full business day after offering commenced was DM28.50 per
share. Commission, spread or profit was DM0.42 per share,
approximately 1.5%. Purchase price was less than 3% of the
Series' total assets. Affiliated member was Robert Fleming.
Series 16 - JNL/Eagle SmallCap Equity Series
1. 1,900 shares of Hibbett Sporting Goods purchased from
Smith Barney on 10/11/96 at $16.00 per share. Closing Price
was $20.00 per share. Cost was less than 3% of total
assets. Affiliated member was Raymond James & Associates,
Inc.
2. 1,000 shares of United Auto Group purchased from J.P.
Morgan on 10/23/96 at $30.00 per share. Closing Price was
$34.88 per share. Cost was less than 3% of total assets.
Affiliated member was Raymond James & Associates, Inc.
3. 1,500 shares of International Speedway Corp. purchased
from Smith Barney on 11/05/96 at $20.00 per share. Closing
Price was $20.88 per share. Cost was less than 3% of total
assets. Affiliated member was Raymond James & Associates,
Inc.
4. 500 shares of NCO Group Inc. purchased from Montgomery
on 11/07/96 at $13.00 per share. Closing Price was $17.50
per share. Cost was less than 3% of total assets.
Affiliated member was Raymond James & Associates, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> JNL AGGRESSIVE GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 28034841
<INVESTMENTS-AT-VALUE> 29870628
<RECEIVABLES> 1671587
<ASSETS-OTHER> 52939
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31595154
<PAYABLE-FOR-SECURITIES> 1495958
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 544551
<TOTAL-LIABILITIES> 2040509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27767559
<SHARES-COMMON-STOCK> 2208950
<SHARES-COMMON-PRIOR> 649425
<ACCUMULATED-NII-CURRENT> 7694
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 52362
<ACCUM-APPREC-OR-DEPREC> 1831754
<NET-ASSETS> 29554645
<DIVIDEND-INCOME> 66038
<INTEREST-INCOME> 221102
<OTHER-INCOME> 0
<EXPENSES-NET> 167800
<NET-INVESTMENT-INCOME> 119340
<REALIZED-GAINS-CURRENT> 612181
<APPREC-INCREASE-CURRENT> 995443
<NET-CHANGE-FROM-OPS> 1726964
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 104404
<DISTRIBUTIONS-OF-GAINS> 1470576
<DISTRIBUTIONS-OTHER> 289382
<NUMBER-OF-SHARES-SOLD> 1957943
<NUMBER-OF-SHARES-REDEEMED> 528956
<SHARES-REINVESTED> 130538
<NET-CHANGE-IN-ASSETS> 21027590
<ACCUMULATED-NII-PRIOR> 7691
<ACCUMULATED-GAINS-PRIOR> 791100
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215932
<AVERAGE-NET-ASSETS> 20515672
<PER-SHARE-NAV-BEGIN> 13.13
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 1.1
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> .71
<RETURNS-OF-CAPITAL> .14
<PER-SHARE-NAV-END> 13.38
<EXPENSE-RATIO> 1.09
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 34996580
<INVESTMENTS-AT-VALUE> 37622915
<RECEIVABLES> 2839026
<ASSETS-OTHER> 252651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40714592
<PAYABLE-FOR-SECURITIES> 3696934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71507
<TOTAL-LIABILITIES> 3768441
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34446324
<SHARES-COMMON-STOCK> 2555038
<SHARES-COMMON-PRIOR> 691024
<ACCUMULATED-NII-CURRENT> 133876
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 188152
<ACCUM-APPREC-OR-DEPREC> 2554103
<NET-ASSETS> 36946151
<DIVIDEND-INCOME> 274270
<INTEREST-INCOME> 83548
<OTHER-INCOME> 0
<EXPENSES-NET> 194517
<NET-INVESTMENT-INCOME> 163301
<REALIZED-GAINS-CURRENT> (192997)
<APPREC-INCREASE-CURRENT> 800074
<NET-CHANGE-FROM-OPS> 770378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3
<DISTRIBUTIONS-OF-GAINS> 390495
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2355859
<NUMBER-OF-SHARES-REDEEMED> 517730
<SHARES-REINVESTED> 25885
<NET-CHANGE-IN-ASSETS> 27368618
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 365918
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227056
<AVERAGE-NET-ASSETS> 23843238
<PER-SHARE-NAV-BEGIN> 13.86
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .7
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .16
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.46
<EXPENSE-RATIO> 1.09
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 42282196
<INVESTMENTS-AT-VALUE> 48919581
<RECEIVABLES> 7775228
<ASSETS-OTHER> 132796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56827605
<PAYABLE-FOR-SECURITIES> 7140990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1048141
<TOTAL-LIABILITIES> 8189131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42036466
<SHARES-COMMON-STOCK> 3199648
<SHARES-COMMON-PRIOR> 1173884
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 149359
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 27229
<ACCUM-APPREC-OR-DEPREC> 6778596
<NET-ASSETS> 48638474
<DIVIDEND-INCOME> 247676
<INTEREST-INCOME> 128161
<OTHER-INCOME> 0
<EXPENSES-NET> 283836
<NET-INVESTMENT-INCOME> 92001
<REALIZED-GAINS-CURRENT> 1193170
<APPREC-INCREASE-CURRENT> 4364338
<NET-CHANGE-FROM-OPS> 5649509
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 238326
<DISTRIBUTIONS-OF-GAINS> 2687572
<DISTRIBUTIONS-OTHER> 955663
<NUMBER-OF-SHARES-SOLD> 2508660
<NUMBER-OF-SHARES-REDEEMED> 698526
<SHARES-REINVESTED> 215630
<NET-CHANGE-IN-ASSETS> 32497925
<ACCUMULATED-NII-PRIOR> 2538
<ACCUMULATED-GAINS-PRIOR> 1461601
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247941
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 404758
<AVERAGE-NET-ASSETS> 33105354
<PER-SHARE-NAV-BEGIN> 13.75
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.72
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> .90
<RETURNS-OF-CAPITAL> .32
<PER-SHARE-NAV-END> 15.20
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> JNL/PHOENIX INVESTMENT COUNSEL BALANCED SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 23665613
<INVESTMENTS-AT-VALUE> 24279702
<RECEIVABLES> 199541
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24479243
<PAYABLE-FOR-SECURITIES> 3630
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57036
<TOTAL-LIABILITIES> 60666
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23173657
<SHARES-COMMON-STOCK> 2049217
<SHARES-COMMON-PRIOR> 426016
<ACCUMULATED-NII-CURRENT> 2086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 628745
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 614089
<NET-ASSETS> 24418577
<DIVIDEND-INCOME> 65039
<INTEREST-INCOME> 335923
<OTHER-INCOME> 0
<EXPENSES-NET> 121635
<NET-INVESTMENT-INCOME> 279327
<REALIZED-GAINS-CURRENT> 933110
<APPREC-INCREASE-CURRENT> 476858
<NET-CHANGE-FROM-OPS> 1689295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 301815
<DISTRIBUTIONS-OF-GAINS> 364079
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1895883
<NUMBER-OF-SHARES-REDEEMED> 327417
<SHARES-REINVESTED> 54735
<NET-CHANGE-IN-ASSETS> 19657948
<ACCUMULATED-NII-PRIOR> 24386
<ACCUMULATED-GAINS-PRIOR> 59902
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 142967
<AVERAGE-NET-ASSETS> 15546559
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .98
<PER-SHARE-DIVIDEND> .15
<PER-SHARE-DISTRIBUTIONS> .18
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.92
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> JNL/PHOENIX INVESTMENT COUNSEL GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 23800643
<INVESTMENTS-AT-VALUE> 24090991
<RECEIVABLES> 1485539
<ASSETS-OTHER> 10359
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25586889
<PAYABLE-FOR-SECURITIES> 2731642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51732
<TOTAL-LIABILITIES> 2783374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21854859
<SHARES-COMMON-STOCK> 1604348
<SHARES-COMMON-PRIOR> 201403
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 658308
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 290348
<NET-ASSETS> 22803515
<DIVIDEND-INCOME> 72233
<INTEREST-INCOME> 96978
<OTHER-INCOME> 0
<EXPENSES-NET> 88923
<NET-INVESTMENT-INCOME> 80288
<REALIZED-GAINS-CURRENT> 1130393
<APPREC-INCREASE-CURRENT> 152651
<NET-CHANGE-FROM-OPS> 1363332
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 83226
<DISTRIBUTIONS-OF-GAINS> 608389
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1507501
<NUMBER-OF-SHARES-REDEEMED> 151986
<SHARES-REINVESTED> 47430
<NET-CHANGE-IN-ASSETS> 20285445
<ACCUMULATED-NII-PRIOR> 2938
<ACCUMULATED-GAINS-PRIOR> 136304
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76618
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108675
<AVERAGE-NET-ASSETS> 11373143
<PER-SHARE-NAV-BEGIN> 12.5
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.12
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> .4
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.21
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PPM AMERICA/JNL HIGH YIELD BOND SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 13109087
<INVESTMENTS-AT-VALUE> 13523037
<RECEIVABLES> 547681
<ASSETS-OTHER> 813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14071531
<PAYABLE-FOR-SECURITIES> 615535
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59600
<TOTAL-LIABILITIES> 675135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12806840
<SHARES-COMMON-STOCK> 1255147
<SHARES-COMMON-PRIOR> 601533
<ACCUMULATED-NII-CURRENT> 6041
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 169565
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 413950
<NET-ASSETS> 13396396
<DIVIDEND-INCOME> 4179
<INTEREST-INCOME> 758156
<OTHER-INCOME> 0
<EXPENSES-NET> 70569
<NET-INVESTMENT-INCOME> 691766
<REALIZED-GAINS-CURRENT> 217828
<APPREC-INCREASE-CURRENT> 383145
<NET-CHANGE-FROM-OPS> 1292739
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 798203
<DISTRIBUTIONS-OF-GAINS> 23388
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1157121
<NUMBER-OF-SHARES-REDEEMED> 577564
<SHARES-REINVESTED> 74057
<NET-CHANGE-IN-ASSETS> 7240867
<ACCUMULATED-NII-PRIOR> 112478
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 24875
<GROSS-ADVISORY-FEES> 59890
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96852
<AVERAGE-NET-ASSETS> 10651922
<PER-SHARE-NAV-BEGIN> 10.23
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> .64
<PER-SHARE-DIVIDEND> .69
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> PPM AMERICA/JNL MONEY MARKET SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 23003245
<INVESTMENTS-AT-VALUE> 23003245
<RECEIVABLES> 783444
<ASSETS-OTHER> 227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23786916
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34729
<TOTAL-LIABILITIES> 34729
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23752187
<SHARES-COMMON-STOCK> 23752187
<SHARES-COMMON-PRIOR> 6815639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 43176521
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> PPM AMERICA/JNL VALUE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 16392155
<INVESTMENTS-AT-VALUE> 18343250
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18501309
<PAYABLE-FOR-SECURITIES> 661506
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79125
<TOTAL-LIABILITIES> 740631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15672149
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<SHARES-COMMON-PRIOR> 263623
<ACCUMULATED-NII-CURRENT> 5272
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 132162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1951095
<NET-ASSETS> 17760678
<DIVIDEND-INCOME> 235569
<INTEREST-INCOME> 3240
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<EXPENSES-NET> 64346
<NET-INVESTMENT-INCOME> 174463
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<NUMBER-OF-SHARES-SOLD> 1153246
<NUMBER-OF-SHARES-REDEEMED> 219113
<SHARES-REINVESTED> 27517
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<ACCUMULATED-NII-PRIOR> 14765
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<PER-SHARE-NAV-BEGIN> 12.77
<PER-SHARE-NII> .1
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> SALOMON BROTHERS/JNL GLOBAL BOND SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 13370742
<INVESTMENTS-AT-VALUE> 13574106
<RECEIVABLES> 5899516
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19473622
<PAYABLE-FOR-SECURITIES> 6718114
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 272565
<TOTAL-LIABILITIES> 6990679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12212887
<SHARES-COMMON-STOCK> 1174127
<SHARES-COMMON-PRIOR> 609938
<ACCUMULATED-NII-CURRENT> 24906
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57447
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 187703
<NET-ASSETS> 12482943
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 650496
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<EXPENSES-NET> 75798
<NET-INVESTMENT-INCOME> 574698
<REALIZED-GAINS-CURRENT> 333016
<APPREC-INCREASE-CURRENT> 156618
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<DISTRIBUTIONS-OF-INCOME> 754598
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<NUMBER-OF-SHARES-SOLD> 898823
<NUMBER-OF-SHARES-REDEEMED> 416558
<SHARES-REINVESTED> 81924
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<ACCUMULATED-NII-PRIOR> 154263
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<GROSS-EXPENSE> 110001
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<PER-SHARE-NAV-BEGIN> 10.46
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<PER-SHARE-NAV-END> 10.63
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 11866620
<INVESTMENTS-AT-VALUE> 11916401
<RECEIVABLES> 141578
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 12057979
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 2226239
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9772004
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<ACCUM-APPREC-OR-DEPREC> 49781
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<PER-SHARE-NAV-END> 10.20
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 28994231
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<SENIOR-LONG-TERM-DEBT> 0
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<SHARES-COMMON-STOCK> 2571210
<SHARES-COMMON-PRIOR> 772203
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<OVERDISTRIBUTION-GAINS> 35557
<ACCUM-APPREC-OR-DEPREC> 3994713
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<PER-SHARE-NAV-BEGIN> 11.36
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 42636723
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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<NET-INVESTMENT-INCOME> (39345)
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<PER-SHARE-NII> (.05)
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<PER-SHARE-NAV-END> 14.89
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> JNL/ALGER GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<NET-INVESTMENT-INCOME> (3590)
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<PER-SHARE-NAV-BEGIN> 10.38
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> JNL/EAGLE CORE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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<OVERDISTRIBUTION-GAINS> 4427
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<REALIZED-GAINS-CURRENT> (4427)
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> JNL/EAGLE SMALLCAP EQUITY SERIES
<S> <C>
<PERIOD-TYPE> OTHER
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1603053
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<OVERDISTRIBUTION-GAINS> 9337
<ACCUM-APPREC-OR-DEPREC> 213709
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<NET-INVESTMENT-INCOME> (1017)
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</TABLE>
