<PAGE>
LETTER TO SHAREHOLDERS [PHOTOGRAPH]
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 June 30, 1998. The performance of
the Series varied widely during this period, reflecting the activity in the
markets.
The United States economy exhibited strong growth and low inflation during the
first half of 1998. The stock market continued its advance, led by a small
segment of large-capitalization stocks which outperformed mid-sized and small
company stocks. Growth stocks outperformed value stocks. The bond market
advanced with long-term yields hitting record lows during the period. The high
yield market was favorable during much of the period but concerns over global
events resulted in underperformance by lower quality and cyclical sectors.
The international financial markets varied greatly by region. The major European
markets rose in the aggregate. The economic troubles in Asia affected equities
across the Pacific region and emerging markets equities declined because of
economic and political uncertainties in many developing countries.
The JNL Series Trust offers a selection of Series, each with its own investment
objective. The performance of each Series is influenced by its investment
objective and the investment style of its money manager, as well as the market
environment. We hope that the selection of Series in the JNL Series Trust allows
you the opportunity to create a portfolio that meets your investment objectives
and needs.
Thank you for your continued confidence in our products and services. We strive
to provide successful investment vehicles for your financial goals and hope that
you are pleased with the performance of the JNL Series Trust.
Respectfully,
/s/ Andrew B. Hopping
Andrew B. Hopping
President
<PAGE>
JNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
June 30, 1998
<TABLE>
<CAPTION>
JNL JNL JNL
Aggressive Capital Global JNL/Alger JNL/Alliance
Growth Growth Equities Growth Growth
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ............ $ 91,231,699 $ 76,533,957 $175,105,856 $ 93,442,197 $ 2,314,691
============ ============ ============ ============ ============
Investments in securities, at value ........... 116,021,039 96,351,525 229,383,421 125,329,037 2,551,212
Cash .......................................... 37,834 92,977 102,240 -- --
Foreign currency .............................. 123,925 90,568 2,727,000 -- --
Receivables:
Dividends and interest ..................... 9,728 16,878 83,941 56,216 2,020
Forward foreign currency exchange contracts 31,634 428 900,431 -- --
Foreign taxes recoverable .................. 3,921 3,725 188,408 -- --
Fund shares sold ........................... 32,503 20,584 318,309 365,404 --
Investment securities sold ................. 1,360,541 137,377 2,473,178 1,584,304 21,317
Reimbursement from Adviser ................. -- 6,564 27,046 -- 3,442
------------ ------------ ------------ ------------ ------------
Total assets .................................. 117,621,125 96,720,626 236,203,974 127,334,961 2,577,991
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 84,028 68,607 170,777 95,457 1,540
Forward foreign currency exchange contracts 64,825 118,766 795,718 -- --
Fund shares redeemed ....................... 49,955 3,709 62,865 16,506 11
Investment securities purchased ............ 152,839 2,115,984 15,897,085 -- 10,711
Variation margin .............................. -- -- 5,409 -- --
Other liabilities ............................. 10,361 16,303 29,419 20,268 12,898
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 362,008 2,323,369 16,961,273 132,231 25,160
------------ ------------ ------------ ------------ ------------
Net assets .................................... $117,259,117 $ 94,397,257 $219,242,701 $127,202,730 $ 2,552,831
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 85,477,069 68,495,582 161,416,318 90,575,782 2,278,087
Undistributed net investment income (loss) .... 211,706 -303,154 1,187,267 -41,932 1,788
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. 6,814,850 6,505,280 2,485,297 4,782,040 36,435
Net unrealized appreciation (depreciation) on:
Investments ................................ 24,789,340 19,817,568 54,277,565 31,886,840 236,521
Futures contracts and foreign currency
related items ........................... (33,848) (118,019) (123,746) -- --
------------ ------------ ------------ ------------ ------------
Net assets .................................... $117,259,117 $ 94,397,257 $219,242,701 $127,202,730 $ 2,552,831
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 6,207,839 4,881,064 9,897,297 7,496,108 226,248
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share ............... $ 18.89 $ 19.34 $ 22.15 $ 16.97 $ 11.28
============ ============ ============ ============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
JNL/JPM
JNL/Eagle JNL/Eagle International JNL/PIMCO
Core SmallCap & Emerging Total JNL/Putnam
Equity Equity Market Return Bond Growth
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ............ $ 21,563,655 $ 23,757,498 $ 5,077,841 $ 3,649,687 $106,799,393
============ ============ ============ ============ ============
Investments in securities, at value ........... 24,280,386 25,796,200 4,997,491 3,723,551 137,032,991
Cash .......................................... -- 550,137 -- -- --
Foreign currency .............................. -- -- 247,974 -- --
Receivables:
Dividends and interest ..................... 44,430 11,737 9,994 19,809 75,714
Forward foreign currency exchange contracts -- -- 41,673 -- --
Foreign taxes recoverable .................. 94 -- 6,947 -- --
Fund shares sold ........................... 76,771 198,745 -- -- 263,042
Investment securities sold ................. 154,460 -- 93,284 -- 263,663
Reimbursement from Adviser ................. 3,260 2,105 5,222 3,312 --
------------ ------------ ------------ ------------ ------------
Total assets .................................. 24,559,401 26,558,924 5,402,585 3,746,672 137,635,410
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 16,318 18,656 4,073 2,038 94,938
Forward foreign currency exchange contracts -- -- 30,583 -- --
Fund shares redeemed ....................... 2,710 1,680 1 26 15,915
Investment securities purchased ............ 928,260 1,005,971 218,347 -- 3,821
Variation margin .............................. -- -- 941 -- --
Other liabilities ............................. 13,287 15,800 19,312 13,257 18,077
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 960,575 1,042,107 273,257 15,321 132,751
------------ ------------ ------------ ------------ ------------
Net assets .................................... $ 23,598,826 $ 25,516,817 $ 5,129,328 $ 3,731,351 $137,502,659
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 20,557,375 22,990,365 5,013,763 3,621,517 104,454,949
Undistributed net investment income (loss) .... 89,000 -53,536 35,083 51,790 70,182
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. 235,720 541,286 150,617 (15,820) 2,743,930
Net unrealized appreciation (depreciation) on:
Investments ................................ 2,716,731 2,038,702 (80,350) 73,864 30,233,598
Futures contracts and foreign currency
related items ........................... -- -- 10,215 -- --
------------ ------------ ------------ ------------ ------------
Net assets .................................... $ 23,598,826 $ 25,516,817 $ 5,129,328 $ 3,731,351 $137,502,659
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 1,552,099 1,597,701 501,330 361,359 6,599,448
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share ............... $ 15.20 $ 15.97 $ 10.23 $ 10.33 $ 20.84
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Goldman
Sachs/JNL Lazard/JNL Lazard/JNL PPM
JNL/Putnam Growth & Small Cap Mid Cap America/JNL
Value Equity Income Value Value Balanced
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ............ $154,608,925 $ 3,409,638 $ 5,189,387 $ 4,947,543 $ 77,984,944
============ ============ ============ ============ ============
Investments in securities, at value ........... 164,325,898 3,261,118 4,941,707 4,798,687 83,555,772
Cash .......................................... -- -- -- -- --
Foreign currency .............................. -- -- -- -- --
Receivables:
Dividends and interest ..................... 316,929 6,537 3,293 2,947 673,155
Forward foreign currency exchange contracts -- -- -- -- --
Foreign taxes recoverable .................. 6,443 -- -- 1,231 --
Fund shares sold ........................... 191,972 15,000 -- 3,000 113,314
Investment securities sold ................. 3,053,819 8,799 3,153 -- 54,811
Reimbursement from Adviser ................. -- 3,371 3,162 3,210 3,694
------------ ------------ ------------ ------------ ------------
Total assets .................................. 167,895,061 3,294,825 4,951,315 4,809,075 84,400,746
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 119,371 2,305 4,183 3,555 49,417
Forward foreign currency exchange contracts -- -- -- -- --
Fund shares redeemed ....................... 55,136 54 5 29 21,855
Investment securities purchased ............ 571,799 33,769 5,059 241,519 537,568
Variation margin .............................. -- 758 -- -- --
Other liabilities ............................. 7,166 13,060 13,129 13,536 13,181
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 753,472 49,946 22,376 258,639 622,021
------------ ------------ ------------ ------------ ------------
Net assets .................................... $167,141,589 $ 3,244,879 $ 4,928,939 $ 4,550,436 $ 83,778,725
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 151,527,710 3,348,317 5,113,964 4,712,582 74,902,038
Undistributed net investment income (loss) .... 729,456 10,721 199 6,169 1,414,878
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. 5,167,450 35,119 62,456 (19,459) 1,890,981
Net unrealized appreciation (depreciation) on:
Investments ................................ 9,716,973 (148,520) (247,680) (148,856) 5,570,828
Futures contracts and foreign currency
related items ........................... -- (758) -- -- --
------------ ------------ ------------ ------------ ------------
Net assets .................................... $167,141,589 $ 3,244,879 $ 4,928,939 $ 4,550,436 $ 83,778,725
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 9,167,488 333,200 511,520 470,403 5,947,685
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share ............... $ 18.23 $ 9.74 $ 9.64 $ 9.67 $ 14.09
============ ============ ============ ============ ============
</TABLE>
PPM
America/JNL
High Yield
Bond
Series
------
Assets
Investments in securities, at cost ............ $ 95,424,085
============
Investments in securities, at value ........... 95,471,960
Cash .......................................... --
Foreign currency .............................. --
Receivables:
Dividends and interest ..................... 1,732,835
Forward foreign currency exchange contracts --
Foreign taxes recoverable .................. --
Fund shares sold ........................... 90,577
Investment securities sold ................. 1,010,000
Reimbursement from Adviser ................. --
------------
Total assets .................................. 98,305,372
------------
Liabilities
Payables:
Investment advisory fees ................... 56,816
Forward foreign currency exchange contracts --
Fund shares redeemed ....................... 8,017
Investment securities purchased ............ 1,000,000
Variation margin .............................. --
Other liabilities ............................. 14,017
------------
Total liabilities ............................. 1,078,850
------------
Net assets .................................... $ 97,226,522
============
Net assets consist of:
Paid-in capital ............................... 91,587,760
Undistributed net investment income (loss) .... 3,468,090
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. 2,122,797
Net unrealized appreciation (depreciation) on:
Investments ................................ 47,875
Futures contracts and foreign currency
related items ........................... --
------------
Net assets .................................... $ 97,226,522
============
Total shares outstanding (no par value),
unlimited shares authorized .............. 8,058,472
============
Net asset value, offering and
redemption price per share ............... $ 12.07
============
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (continued)
June 30, 1998
<TABLE>
<CAPTION>
America/JNL Salomon Brothers/JNL Brothers/JNL Brothers/JNL
Money Brothers/JNL Global High Yield U.S. Government
Market Balanced Bond Bond & Quality
Series Series Series Series Bond Series
------ ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ........... $ 54,472,935 $ 2,150,394 $ 54,576,155 $ 5,689,391 $ 46,974,232
============ ============ ============ ============ ============
Investments in securities, at value ........... 54,472,935 2,147,242 54,723,965 5,641,815 47,833,463
Cash .......................................... -- -- -- -- --
Foreign currency .............................. -- -- 3,761 -- --
Receivables:
Dividends and interest ..................... 9 20,552 706,956 119,151 380,978
Forward foreign currency exchange contracts -- -- 48,806 -- --
Foreign taxes recoverable .................. -- -- -- -- --
Fund shares sold ........................... -- 12,000 36,684 6,000 10,637
Investment securities sold ................. -- -- -- -- --
Reimbursement from Adviser ................. 652 3,499 6,506 3,083 1,972
------------ ------------ ------------ ------------ ------------
Total assets ................................. $ 54,473,596 $ 2,183,293 $ 55,526,678 $ 5,770,049 $ 48,227,050
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 28,963 1,261 32,336 3,639 20,214
Forward foreign currency exchange contracts -- -- 26,277 -- --
Fund shares redeemed ....................... 595,470 43 8,213 28 7,223
Investment securities purchased ............ -- 79,846 8,576,529 -- 12,564,596
Variation margin .............................. -- -- -- -- --
Other liabilities ............................. 9,710 13,799 12,544 13,892 18,455
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 634,143 94,949 8,655,899 17,559 12,610,488
------------ ------------ ------------ ------------ ------------
Net assets ................................... $ 53,839,453 $ 2,088,344 $ 46,870,779 $ 5,752,490 $ 35,616,562
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 53,839,453 2,069,483 45,017,850 5,678,568 33,746,092
Undistributed net investment income (loss) .... -- 21,417 1,462,822 121,446 912,323
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. -- 596 221,267 52 98,916
Net unrealized appreciation (depreciation) on:
Investments ................................ -- (3,152) 147,810 (47,576) 859,231
Futures contracts and foreign currency
related items ........................... -- -- 21,030 -- --
------------ ------------ ------------ ------------ ------------
Net assets ................................... $ 53,839,453 $ 2,088,344 $ 46,870,779 $ 5,752,490 $ 35,616,562
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 53,839,453 204,220 4,112,807 567,228 3,210,192
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share .............. $ 1.00 $ 10.23 $ 11.40 $ 10.14 $ 11.09
============ ============ ============ ============ ============
</TABLE>
See notes to the financial statements.
<TABLE>
<CAPTION>
T. Rowe
T. Rowe Price/JNL T. Rowe
Price/JNL International Price/JNL JNL/S&P JNL/S&P
Established Equity Mid-Cap Conservative Moderate
Growth Investment Growth Growth Growth
Series Series Series Series I Series I
------ ------ ------ -------- --------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ........... $151,169,540 $ 72,086,752 $137,366,618 $ 1,738,231 $ 1,690,601
============ ============ ============ ============ ============
Investments in securities, at value ........... 185,069,695 87,518,362 172,688,734 1,763,884 1,722,378
Cash .......................................... -- -- -- -- --
Foreign currency .............................. 17,675 797,310 (20) -- --
Receivables:
Dividends and interest ..................... 108,381 121,220 24,395 240 --
Forward foreign currency exchange contracts -- 80 -- -- --
Foreign taxes recoverable .................. 13,619 127,443 314 -- --
Fund shares sold ........................... 129,682 22,207 116,231 -- 5,333
Investment securities sold ................. 846,774 154,099 1,302,773 5,554 --
Reimbursement from Adviser ................. -- 7,186 -- -- --
------------ ------------ ------------ ------------ ------------
Total assets ................................. $186,185,826 $ 88,747,907 $174,132,427 $ 1,769,678 $ 1,727,711
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 121,286 78,593 126,675 271 284
Forward foreign currency exchange contracts 1,426 442 -- -- --
Fund shares redeemed ....................... 92,360 5,444 28,600 5,554 --
Investment securities purchased ............ 2,762,230 -- 1,147,652 -- 5,333
Variation margin .............................. -- -- -- -- --
Other liabilities ............................. 14,904 42,139 13,867 -- --
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 2,992,206 126,618 1,316,794 5,825 5,617
------------ ------------ ------------ ------------ ------------
Net assets ................................... $183,193,620 $ 88,621,289 $172,815,633 $ 1,763,853 $ 1,722,094
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 141,581,039 74,067,519 129,240,357 1,738,142 1,690,949
Undistributed net investment income (loss) .... 425,534 508,292 (237,447) 74 (284)
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. 7,287,208 (1,383,722) 8,490,601 (16) (348)
Net unrealized appreciation (depreciation) on:
Investments ................................ 33,900,155 15,431,610 35,322,116 25,653 31,777
Futures contracts and foreign currency
related items ........................... (316) (2,410) 6 -- --
------------ ------------ ------------ ------------ ------------
Net assets ................................... $183,193,620 $ 88,621,289 $172,815,633 $ 1,763,853 $ 1,722,094
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 10,004,226 6,457,461 8,528,000 175,471 169,889
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share .............. $ 18.31 $ 13.72 $ 20.26 $ 10.05 $ 10.14
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P JNL/S&P
JNL/S&P Very JNL/S&P Equity JNL/S&P
Aggressive Aggressive Equity Aggressive Conservative
Growth Growth Growth Growth Growth
Series I Series I Series I Series I Series II
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ........... $ 1,000,973 $ 704,284 $ 1,190,061 $ 606,833 $ 2,334,837
============ ============ ============ ============ ============
Investments in securities, at value ........... 1,029,404 728,964 1,195,716 625,215 2,317,286
Cash .......................................... -- -- -- -- --
Foreign currency .............................. -- -- -- -- --
Receivables:
Dividends and interest ..................... -- -- -- -- --
Forward foreign currency exchange contracts -- -- -- -- --
Foreign taxes recoverable .................. -- -- -- -- --
Fund shares sold ........................... -- -- -- -- --
Investment securities sold ................. 39 28 46 24 95
Reimbursement from Adviser ................. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total assets ................................. $ 1,029,443 $ 728,992 $ 1,195,762 $ 625,239 $ 2,317,381
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 184 96 216 94 900
Forward foreign currency exchange contracts -- -- -- -- --
Fund shares redeemed ....................... 39 28 46 24 95
Investment securities purchased ............ -- -- -- -- --
Variation margin .............................. -- -- -- -- --
Other liabilities ............................. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 223 124 262 118 995
------------ ------------ ------------ ------------ ------------
Net assets ................................... $ 1,029,220 $ 728,868 $ 1,195,500 $ 625,121 $ 2,316,386
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 1,000,976 705,217 1,191,781 606,838 2,335,289
Undistributed net investment income (loss) .... (184) (96) (216) (94) (900)
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. (3) (933) (1,720) (5) (452)
Net unrealized appreciation (depreciation) on:
Investments ................................ 28,431 24,680 5,655 18,382 (17,551)
Futures contracts and foreign currency
related items ........................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets ................................... $ 1,029,220 $ 728,868 $ 1,195,500 $ 625,121 $ 2,316,386
============ ============ ============ ============ ============
Total shares outstanding (no par value),
unlimited shares authorized .............. 100,568 70,476 119,886 62,062 233,914
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share .............. $ 10.23 $ 10.34 $ 9.97 $ 10.07 $ 9.90
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P JNL/S&P
JNL/S&P JNL/S&P Very JNL/S&P Equity
Moderate Aggressive Aggressive Equity Aggressive
Growth Growth Growth Growth Growth
Series II Series II Series II Series II Series II
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities, at cost ............ $ 1,677,257 $ 294,915 $ 244,322 $ 455,074 $ 237,884
============ ============ ============ ============ ============
Investments in securities, at value ........... 1,671,819 293,650 248,686 454,319 237,076
Cash .......................................... -- -- -- -- --
Foreign currency .............................. -- -- -- -- --
Receivables:
Dividends and interest ..................... -- -- -- -- --
Forward foreign currency exchange contracts -- -- -- -- --
Foreign taxes recoverable .................. -- -- -- -- --
Fund shares sold ........................... -- -- -- -- --
Investment securities sold ................. 69 12 10 19 10
Reimbursement from Adviser ................. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total assets .................................. $ 1,671,888 $ 293,662 $ 248,696 $ 454,338 $ 237,086
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment advisory fees ................... 586 98 92 110 91
Forward foreign currency exchange contracts -- -- -- -- --
Fund shares redeemed ....................... 69 12 10 19 10
Investment securities purchased ............ -- -- -- -- --
Variation margin .............................. -- -- -- -- --
Other liabilities ............................. -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total liabilities ............................. 655 110 102 129 101
------------ ------------ ------------ ------------ ------------
Net assets .................................... $ 1,671,233 $ 293,552 $ 248,594 $ 454,209 $ 236,985
============ ============ ============ ============ ============
Net assets consist of:
Paid-in capital ............................... 1,677,625 294,935 244,385 455,167 237,966
Undistributed net investment income (loss) .... (586) (98) (92) (110) (91)
Accumulated net realized gain (loss)
on investments, future contracts, and
foreign currency related items ............. (368) (20) (63) (93) (82)
Net unrealized appreciation (depreciation) on:
Investments ................................ (5,438) (1,265) 4,364 (755) (808)
Futures contracts and foreign currency
related items ........................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets .................................... $ 1,671,233 $ 293,552 $ 248,594 $ 454,209 $ 236,985
============ ============ ============ ============ ============
Total shares outstanding (no par
value), unlimited shares authorized ...... 168,597 29,804 24,497 46,333 23,898
============ ============ ============ ============ ============
Net asset value, offering and
redemption price per share ............... $ 9.91 $ 9.85 $ 10.15 $ 9.80 $ 9.92
============ ============ ============ ============ ============
</TABLE>
JNL SERIES TRUST
STATEMENTS OF OPERATIONS (UNAUDITED)
For the Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
JNL JNL JNL
Aggressive Capital Global JNL/Alger JNL/Alliance
1
Growth Growth Equities Growth Growth
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ 238,898 $ 105,496 $ 1,608,927 $ 353,208 $ 7,875
Interest ............................. 133,043 49,008 196,964 157,616 936
Foreign tax withholding .............. (12,008) (3,813) (205,250) (3,015) (193)
---------- ---------- ---------- ---------- -------
Total investment income ................. 359,933 150,691 1,600,641 507,809 8,618
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 457,587 388,157 909,461 509,324 5,722
Custodian fees ....................... 39,659 22,451 188,599 9,449 4,664
Portfolio accounting fees ............ 12,483 12,483 22,825 12,759 5,520
Professional fees .................... 9,891 9,016 14,500 10,460 3,186
Other ................................ 11,396 10,544 21,439 7,749 1,080
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 531,016 442,651 1,156,824 549,741 20,172
Less:
Reimbursement from Adviser ........... 1,178 6,591 109,634 -- 13,342
---------- ---------- ---------- ---------- -------
Net expenses ............................ 529,838 436,060 1,047,190 549,741 6,830
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ (169,905) (285,369) 553,451 (41,932) 1,788
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... 6,492,296 6,662,266 4,507,685 3,686,984 36,435
Foreign currency related items ....... 50,587 (62,400) 173,745 -- --
Options written ...................... -- -- -- -- --
Futures contracts .................... -- -- 21,500 -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... 18,956,376 7,029,407 37,356,219 20,128,944 236,521
Futures contracts and foreign currency
related items ..................... (24,426) (101,005) (57,824) -- --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 25,474,833 13,528,268 42,001,325 23,815,928 272,956
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 25,304,928 $ 13,242,899 $ 42,554,776 $ 23,773,996 $ 274,744
============ ============ ============ ============ ============
</TABLE>
- --------------------------------------------------------
1
Period from March 2, 1998 (commencement of operations).
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
JNL/JPM
JNL/Eagle JNL/Eagle International JNL/PIMCO
Core SmallCap & Emerging Total Return JNL/Putnam
Equity Equity Markets Bond Growth
1 1
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ 142,281 $ 17,517 $ 59,185 $ -- $ 425,869
Interest ............................. 33,498 33,417 2,647 60,812 100,649
Foreign tax withholding .............. (2,633) -- (7,448) -- (134)
---------- ---------- ---------- ---------- -------
Total investment income ................. 173,146 50,934 54,384 60,812 526,384
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 73,692 90,561 16,728 7,430 489,275
Custodian fees ....................... 5,719 6,048 9,860 4,696 19,175
Portfolio accounting fees ............ 12,736 12,736 9,600 5,520 13,075
Professional fees .................... 5,022 5,753 3,186 3,186 10,994
Other ................................ 2,782 1,920 1,080 1,080 8,949
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 99,951 117,018 40,454 21,912 541,468
Less:
Reimbursement from Adviser ........... 15,672 12,158 21,153 12,890 --
---------- ---------- ---------- ---------- -------
Net expenses ............................ 84,279 104,860 19,301 9,022 541,468
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ 88,867 (53,926) 35,083 51,790 (15,084)
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... 195,729 344,219 170,703 (15,820) 2,517,389
Foreign currency related items ....... -- -- (20,086) -- --
Options written ...................... 1,520 -- -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... 1,214,606 603,257 (80,350) 73,864 19,660,382
Futures contracts and foreign currency
related items ..................... (2) -- 10,215 -- --
Options written ...................... (457) -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 1,411,396 947,476 80,482 58,044 22,177,771
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 1,500,263 $ 893,550 $ 115,565 $ 109,834 $ 22,162,687
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Goldman
JNL/Putnam Sachs/JNL Lazard/JNL Lazard/JNL PPM
Value Growth & Small Cap Mid Cap America/JNL
Equity Income Value Value Balanced
1 1 1
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ 1,272,530 $ 17,116 $ 12,007 $ 17,464 $ 417,257
Interest ............................. 144,516 3,107 8,258 5,634 1,290,946
Foreign tax withholding .............. (4,477) (57) (74) (636) --
---------- ---------- ---------- ---------- -------
Total investment income ................. 1,412,569 20,166 20,191 22,462 1,708,203
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 627,110 8,127 17,493 14,120 265,926
Custodian fees ....................... 29,583 4,678 4,757 4,735 11,497
Portfolio accounting fees ............ 13,001 5,520 5,520 5,520 4,924
Professional fees .................... 11,132 3,186 3,186 3,186 8,455
Other ................................ 10,188 1,080 1,080 1,080 17,470
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 691,014 22,591 32,036 28,641 308,272
Less:
Reimbursement from Adviser ........... -- 13,146 12,044 12,348 3,694
---------- ---------- ---------- ---------- -------
Net expenses ............................ 691,014 9,445 19,992 16,293 304,578
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ 721,555 10,721 199 6,169 1,403,625
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... 4,914,706 17,608 62,456 (19,459) 1,695,502
Foreign currency related items ....... 7 -- -- -- --
Options written ...................... -- 17,511 -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... 3,999,682 (148,520) (247,680) (148,856) 1,965,414
Futures contracts and foreign currency
related items ..................... -- (758) -- -- --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 8,914,395 (114,159) (185,224) (168,315) 3,660,916
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 9,635,950 $ (103,438) $ (185,025) $ (162,146) $ 5,064,541
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
PPM PPM Salomon
America/JNL America/JNL Salomon Salomon Brothers/JNL
High Yield Money Brothers/JNL Brothers/JNL High Yield
Bond Market Balanced Global Bond Bond
1 1
Series Series Series Series Series
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ 44,107 $ -- $ 6,951 $ -- $ --
Interest ............................. 3,754,967 1,368,798 19,297 1,667,957 137,906
Foreign tax withholding .............. -- -- (91) (318) --
---------- ---------- ---------- ---------- -------
Total investment income ................. 3,799,074 1,368,798 26,157 1,667,639 137,906
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 296,438 144,790 3,991 177,460 13,861
Custodian fees ....................... 10,088 7,801 4,640 12,453 4,763
Portfolio accounting fees ............ 12,759 12,776 5,520 4,370 5,520
Professional fees .................... 8,864 6,492 3,186 5,723 3,186
Other ................................ 7,093 5,927 1,080 5,451 1,080
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 335,242 177,786 18,417 205,457 28,410
Less:
Reimbursement from Adviser ........... -- 1,184 13,677 16,519 11,950
---------- ---------- ---------- ---------- -------
Net expenses ............................ 335,242 176,602 4,740 188,938 16,460
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ 3,463,832 1,192,196 21,417 1,478,701 121,446
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... 1,923,509 -- 597 187,121 52
Foreign currency related items ....... -- -- (1) 37,471 --
Options written ...................... -- -- -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... (1,721,359) -- (3,152) (733,541) (47,576)
Futures contracts and foreign currency
related items ..................... -- -- -- (14,264) --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 202,150 -- (2,556) (523,213) (47,524)
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 3,665,982 $ 1,192,196 $ 18,861 $ 955,488 $ 73,922
============ ============ ============ ============ ============
</TABLE>
<PAGE>
JNL SERIES TRUST
STATEMENTS OF OPERATIONS (UNAUDITED) (continued)
For the Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
PPM Salomon
America/JNL Salomon Salomon Brothers/JNL
Money Brothers/JNL Brothers/JNL High Yield
Market Balanced Global Bond Bond
1 1
Series Series Series Series
------ ------ ------ ------
<S> <C> <C> <C> <C>
Investment income
Dividends ........................... $ -- $ 6,951 $ -- $ --
Interest ............................. 1,368,798 19,297 1,667,957 137,906
Foreign tax withholding .............. -- (91) (318) --
---------- ---------- ---------- -------
Total investment income ................. 1,368,798 26,157 1,667,639 137,906
---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 144,790 3,991 177,460 13,861
Custodian fees ....................... 7,801 4,640 12,453 4,763
Portfolio accounting fees ............ 12,776 5,520 4,370 5,520
Professional fees .................... 6,492 3,186 5,723 3,186
Other ................................ 5,927 1,080 5,451 1,080
---------- ---------- ---------- -------
Total operating expenses ................ 177,786 18,417 205,457 28,410
Less:
Reimbursement from Adviser ........... 1,184 13,677 16,519 11,950
---------- ---------- ---------- -------
Net expenses ............................ 176,602 4,740 188,938 16,460
---------- ---------- ---------- -------
Net investment income (loss) ............ 1,192,196 21,417 1,478,701 121,446
---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... -- 597 187,121 52
Foreign currency related items ....... -- (1) 37,471 --
Options written ...................... -- -- -- --
Futures contracts .................... -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... -- (3,152) (733,541) (47,576)
Futures contracts and foreign currency
related items ..................... -- -- (14,264) --
Options written ...................... -- -- -- --
---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ -- (2,556) (523,213) (47,524)
---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 1,192,196 $ 18,861 $ 955,488 $ 73,922
============ ============ ============ ============
</TABLE>
- ------------------------------------------
1
Period from March 2, 1998 (commencement of operations).
2
Period from April 1, 1998 (commencement of operations).
3
Period from April 8, 1998 (commencement of operations).
4
Period from April 9, 1998 (commencement of operations).
5
Period from April 13, 1998 (commencement of operations).
6
Period from April 15, 1998 (commencement of operations).
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
T. Rowe
Salomon T. Rowe Price/JNL T. Rowe
Brothers/JNL Price/JNL International Price/JNL JNL/S&P
U.S. Government Established Equity Mid-Cap Conservative
& Quality Bond Growth Investment Growth Growth
4
Series Series Series Series Series I
------ ------ ------ ------ --------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ -- $ 864,990 $ 1,165,332 $ 198,320 $ 345
Interest ............................. 1,037,374 246,583 83,752 326,187 --
Foreign tax withholding .............. -- (33,660) (141,015) (362) --
---------- ---------- ---------- ---------- -------
Total investment income ................. 1,037,374 1,077,913 1,108,069 524,145 345
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 108,051 650,335 470,460 709,266 271
Custodian fees ....................... 5,234 23,072 50,425 15,083 --
Portfolio accounting fees ............ 12,084 13,068 21,201 13,252 --
Professional fees .................... 7,256 11,695 9,993 11,858 --
Other ................................ 3,954 11,755 7,151 12,133 --
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 136,579 709,925 559,230 761,592 271
Less:
Reimbursement from Adviser ........... 5,812 -- 28,716 -- --
---------- ---------- ---------- ---------- -------
Net expenses ............................ 130,767 709,925 530,514 761,592 271
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ 906,607 367,988 577,555 (237,447) 74
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... 76,383 6,599,894 (538,921) 7,147,419 (16)
Foreign currency related items ....... -- (36,277) 21,682 1 --
Options written ...................... -- -- -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... 170,347 16,310,837 10,577,225 15,556,237 25,653
Futures contracts and foreign currency
related items ..................... -- 413 (450) 3 --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 246,730 22,874,867 10,059,536 22,703,660 25,637
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 1,153,337 $ 23,242,855 $ 10,637,091 $ 22,466,213 $ 25,711
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P JNL/S&P
JNL/S&P JNL/S&P Very JNL/S&P Equity
Moderate Aggressive Aggressive Equity Aggressive
Growth Growth Growth Growth Growth
3 3 2 5 6
Series I Series I Series I Series I Series I
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ -- $ -- $ -- $ -- $ --
Interest ............................. -- -- -- -- --
Foreign tax withholding .............. -- -- -- -- --
---------- ---------- ---------- ---------- -------
Total investment income ................. -- -- -- -- --
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 284 184 96 216 94
Custodian fees ....................... -- -- -- -- --
Portfolio accounting fees ............ -- -- -- -- --
Professional fees .................... -- -- -- -- --
Other ................................ -- -- -- -- --
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 284 184 96 216 94
Less:
Reimbursement from Adviser ........... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net expenses ............................ 284 184 96 216 94
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ (284) (184) (96) (216) (94)
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... (348) (3) (933) (1,720) (5)
Foreign currency related items ....... -- -- -- -- --
Options written ...................... -- -- -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... 31,777 28,431 24,680 5,655 18,382
Futures contracts and foreign currency
related items ..................... -- -- -- -- --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ 31,429 28,428 23,747 3,935 18,377
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ 31,145 $ 28,244 $ 23,651 $ 3,719 $ 18,283
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P
JNL/S&P JNL/S&P JNL/S&P Very JNL/S&P
Conservative Moderate Aggressive Aggressive Equity
Growth Growth Growth Growth Growth
5 5 5 5 5
Series II Series II Series II Series II Series II
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investment income
Dividends ........................... $ -- $ -- $ -- $ -- $ --
Interest ............................. -- -- -- -- --
Foreign tax withholding .............. -- -- -- -- --
---------- ---------- ---------- ---------- -------
Total investment income ................. -- -- -- -- --
---------- ---------- ---------- ---------- -------
Expenses
Investment advisory fees ............. 900 586 98 92 110
Custodian fees ....................... -- -- -- -- --
Portfolio accounting fees ............ -- -- -- -- --
Professional fees .................... -- -- -- -- --
Other ................................ -- -- -- -- --
---------- ---------- ---------- ---------- -------
Total operating expenses ................ 900 586 98 92 110
Less:
Reimbursement from Adviser ........... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net expenses ............................ 900 586 98 92 110
---------- ---------- ---------- ---------- -------
Net investment income (loss) ............ (900) (586) (98) (92) (110)
---------- ---------- ---------- ---------- -------
Realized and unrealized gains (losses)
Net realized gain (loss) on:
Investments .......................... (452) (368) (20) (63) (93)
Foreign currency related items ....... -- -- -- -- --
Options written ...................... -- -- -- -- --
Futures contracts .................... -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments .......................... (17,551) (5,438) (1,265) 4,364 (755)
Futures contracts and foreign currency
related items ..................... -- -- -- -- --
Options written ...................... -- -- -- -- --
---------- ---------- ---------- ---------- -------
Net realized and unrealized gains
(losses) ............................ (18,003) (5,806) (1,285) 4,301 (848)
---------- ---------- ---------- ---------- -------
Net increase (decrease) in net assets
resulting from operations ............. $ (18,903) $ (6,392) $ (1,383) $ 4,209 $ (958)
============ ============ ============ ============ ============
</TABLE>
<PAGE>
JNL SERIES TRUST
STATEMENTS OF OPERATIONS (UNAUDITED) (continued)
For the Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
JNL/S&P JNL/S&P
JNL/S&P Very JNL/S&P Equity
Aggressive Aggressive Equity Aggressive
Growth Growth Growth Growth
5 5 5 5
Series II Series II Series II Series II
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Investment income $ -- $ -- $ -- $ --
Dividends ........................... -- -- -- --
Interest ............................. -- -- -- --
Foreign tax withholding .............. ---------- ---------- ------- ----------
-- -- -- --
Total investment income ................. ---------- ---------- ------- ----------
Expenses 98 92 110 91
Investment advisory fees ............. -- -- -- --
Custodian fees ....................... -- -- -- --
Portfolio accounting fees ............ -- -- -- --
Professional fees .................... -- -- -- --
Other ................................ ---------- ---------- ------- ----------
98 92 110 91
Total operating expenses ................
Less: -- -- -- --
Reimbursement from Adviser ........... ---------- ---------- ------- ----------
98 92 110 91
Net expenses ............................ ---------- ---------- ------- ----------
(98) (92) (110) (91)
Net investment income (loss) ............ ---------- ---------- ------- ----------
Realized and unrealized gains (losses)
Net realized gain (loss) on: (20) (63) (93) (82)
Investments .......................... -- -- -- --
Foreign currency related items ....... -- -- -- --
Options written ...................... -- -- -- --
Futures contracts ....................
Net change in unrealized appreciation
(depreciation) on: (1,265) 4,364 (755) (808)
Investments ..........................
Futures contracts and foreign currency -- -- -- --
related items ..................... -- -- -- --
Options written ...................... ---------- ---------- ------- ----------
Net realized and unrealized gains (1,285) 4,301 (848) (890)
(losses) ............................ ---------- ---------- ------- ----------
Net increase (decrease) in net assets
resulting from operations ............. $ (1,383) $ 4,209 $ (958) $ (981)
============ ============ ============ ============
</TABLE>
- -----------------------------------------
5
Period from April 13, 1998 (commencement of operations).
See notes to financial statements.
<PAGE>
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
<TABLE>
<CAPTION>
JNL Aggressive Growth Series JNL Capital Growth Series
---------------------------- ---------------------------
Six months Six months
ended Year ended ended Year ended
June 30, December 31, June 30, December 31,
1998 1997 1998 1997
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ (169,905) $ 224,729 $ (285,369) $ (173,959)
Net realized gain (loss) on:
Investments ......................................... 6,492,296 3,158,027 6,662,266 250,781
Foreign currency related
items ............................................ 50,587 149,464 (62,400) (105,156)
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 18,956,376 3,997,177 7,029,407 10,161,826
Futures contracts and foreign
currency related items ........................... (24,426) (5,389) (101,005) 55,218
---------- --------- ---------- ----------
Net increase in net assets
from operations ..................................... 25,304,928 7,524,008 13,242,899 10,188,710
---------- --------- ---------- ----------
Distributions to shareholders:
From net investment income ............................. -- -- -- (82,884)
From net realized gains on
investment transactions ............................. -- (2,833,974) -- (157,215)
Return of capital ...................................... -- -- -- (331,198)
---------- --------- ---------- ----------
Total distributions to
shareholders ........................................ -- (2,833,974) -- (571,297)
---------- --------- ---------- ----------
Share transactions:
Proceeds from the sale of
shares .............................................. 27,740,216 54,409,351 19,097,454 40,823,421
Reinvestment of distributions .......................... -- 2,776,615 -- 557,860
Cost of shares redeemed ................................ (14,656,371) (12,560,301) (11,691,895) (14,196,046)
---------- --------- ---------- ----------
Net increase in net assets
from share transactions ............................. 13,083,845 44,625,665 7,405,559 27,185,235
---------- --------- ---------- ----------
Net increase in net assets ................................ 38,388,773 49,315,699 20,648,458 36,802,648
Net assets beginning of
period ................................................. 78,870,344 29,554,645 73,748,799 36,946,151
---------- --------- ---------- ----------
Net assets end of period .................................. $ 117,259,117 $ 78,870,344 $ 94,397,257 $ 73,748,799
============= ============= ============= =============
Undistributed net
investment income (loss) ............................... $ 211,706 $ 381,611 $ (303,154) $ (17,785)
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
JNL Global Equities Series
---------------------------
Six months
ended Year ended
June 30, December 31,
1998 1997
---------- ------------
<S> <C> <C>
Operations:
Net investment income (loss) ........................... $ 553,451 $ 350,018
Net realized gain (loss) on:
Investments ......................................... 4,507,685 2,328,631
Foreign currency related
items ............................................ 173,745 1,151,326
Futures contracts ................................... 21,500 --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 37,356,219 10,283,961
Futures contracts and foreign
currency related items ........................... (57,824) (207,133)
---------- ----------
Net increase in net assets
from operations ..................................... 42,554,776 13,906,803
---------- ----------
Distributions to shareholders:
From net investment income ............................. -- --
From net realized gains on
investment transactions ............................. -- (5,237,204)
Return of capital ...................................... -- --
---------- ----------
Total distributions to
shareholders ........................................ -- (5,237,204)
---------- ----------
Share transactions:
Proceeds from the sale of
shares .............................................. 40,844,185 109,725,346
Reinvestment of distributions .......................... -- 5,176,815
Cost of shares redeemed ................................ (15,206,535) (21,159,959)
---------- ----------
Net increase in net assets
from share transactions ............................. 25,637,650 93,742,202
---------- ----------
Net increase in net assets ................................ 68,192,426 102,411,801
Net assets beginning of
period ................................................. 151,050,275 48,638,474
---------- ----------
Net assets end of period .................................. $ 219,242,701 $ 151,050,275
============= =============
Undistributed net
investment income (loss) ............................... $ 1,187,267 $ 633,816
============= =============
</TABLE>
- ----------------------------------------
* Commencement of operations.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
JNL/Alliance JNL/Eagle Core
JNL/Alger Growth Series Growth Series Equity Series
--------------------------- ------------- --------------
Six months Period from Six months
ended Year ended March 2, ended
June 30, December 31, 1998* to June 30,
1998 1997 June 30, 1998 1998
---------- ------------ ------------- --------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ (41,932) $ (44,675) $ 1,788 $ 88,867
Net realized gain (loss) on:
Investments ......................................... 3,686,984 5,005,844 36,435 197,249
Foreign currency related
items ............................................ -- -- -- --
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 20,128,944 8,093,212 236,521 1,214,149
Futures contracts and foreign
currency related items ........................... -- -- -- (2)
---------- ---------- ------- ---------
Net increase in net assets
from operations ..................................... 23,773,996 13,054,381 274,744 1,500,263
---------- ---------- ------- ---------
Distributions to shareholders:
From net investment income ............................. -- -- -- --
From net realized gains on
investment transactions ............................. -- (3,165,534) -- --
Return of capital ...................................... -- -- -- --
---------- ---------- ------- ---------
Total distributions to
shareholders ........................................ -- (3,165,534) -- --
---------- ---------- ------- ---------
Share transactions:
Proceeds from the sale of
shares .............................................. 29,528,450 45,948,085 2,281,766 12,681,804
Reinvestment of distributions .......................... -- 3,096,106 -- --
Cost of shares redeemed ................................ (11,976,563) (11,308,282) (3,679) (2,479,709)
---------- ---------- ------- ---------
Net increase in net assets
from share transactions ............................. 17,551,887 37,735,909 2,278,087 10,202,095
---------- ---------- ------- ---------
Net increase in net assets ................................ 41,325,883 47,624,756 2,552,831 11,702,358
Net assets beginning of
period ................................................. 85,876,847 38,252,091 -- 11,896,468
---------- ---------- ------- ---------
Net assets end of period .................................. $ 127,202,730 $ 85,876,847 $ 2,552,831 $ 23,598,826
============= ============= ============= =============
Undistributed net
investment income (loss) ............................... $ (41,932) $ -- $ 1,788 $ 89,000
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
JNL/Eagle Core JNL/Eagle SmallCap
Equity Series Equity Series
-------------- ---------------------------
Six months
Year ended ended Year ended
December 31, June 30, December 31,
1997 1998 1997
-------------- ---------- ------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 67,995 $ (53,926) $ (40,539)
Net realized gain (loss) on:
Investments ......................................... 233,207 344,219 247,335
Foreign currency related
items ............................................ -- -- (2)
Futures contracts ................................... -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 1,423,310 603,257 1,221,736
Futures contracts and foreign
currency related items ........................... 2 -- --
--------- ---------- ---------
Net increase in net assets
from operations ..................................... 1,724,514 893,550 1,428,530
--------- ---------- ---------
Distributions to shareholders:
From net investment income ............................. (67,862) -- --
From net realized gains on
investment transactions ............................. (190,309) -- --
Return of capital ...................................... -- -- --
--------- ---------- ---------
Total distributions to
shareholders ........................................ (258,171) -- --
--------- ---------- ---------
Share transactions:
Proceeds from the sale of
shares .............................................. 8,561,855 16,544,534 12,054,510
Reinvestment of distributions .......................... 227,752 -- --
Cost of shares redeemed ................................ (313,679) (5,414,646) (1,933,750)
--------- ---------- ---------
Net increase in net assets
from share transactions ............................. 8,475,928 11,129,888 10,120,760
--------- ---------- ---------
Net increase in net assets ................................ 9,942,271 12,023,438 11,549,290
Net assets beginning of
period ................................................. 1,954,197 13,493,379 1,944,089
--------- ---------- ---------
Net assets end of period .................................. $ 11,896,468 $ 25,516,817 $ 13,493,379
============= ============= =============
Undistributed net
investment income (loss) ............................... $ 133 $ (53,536) $ 390
============= ============= =============
<PAGE>
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (continued)
JNL/JPM
International JNL/PIMCO
& Emerging Total Return
Markets Series Bond Series JNL/Putnam Growth Series
-------------- -------------- ------------------------------
Period from Period from Six months
March 2, March 2, ended Year ended
1998* to 1998* to June 30, December 31,
June 30, 1998 June 30, 1998 1998 1997
------------- ------------- ---------- ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 35,083 $ 51,790 $ (15,084) $ 169,636
Net realized gain (loss) on:
Investments ......................................... 170,703 (15,820) 2,517,389 1,060,161
Foreign currency related
items ............................................ (20,086) -- -- (4)
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... (80,350) 73,864 19,660,382 10,282,868
Futures contracts and foreign
currency related items ........................... 10,215 -- -- --
--------- --------- ---------- ----------
Net increase in net assets
from operations ..................................... 115,565 109,834 22,162,687 11,512,661
--------- --------- ---------- ----------
Distributions to shareholders:
From net investment income ............................. -- -- -- (84,366)
From net realized gains on
investment transactions ............................. -- -- -- (1,494,204)
Return of capital ...................................... -- -- -- --
--------- --------- ---------- ----------
Total distributions to
shareholders ........................................ -- -- -- (1,578,570)
--------- --------- ---------- ----------
Share transactions:
Proceeds from the sale of
shares .............................................. 5,015,805 3,626,769 43,250,420 73,766,092
Reinvestment of distributions .......................... -- -- -- 1,560,371
Cost of shares redeemed ................................ (2,042) (5,252) (11,522,900) (24,451,617)
--------- --------- ---------- ----------
Net increase in net assets
from share transactions ............................. 5,013,763 3,621,517 31,727,520 50,874,846
--------- --------- ---------- ----------
Net increase in net assets ................................ 5,129,328 3,731,351 53,890,207 60,808,937
Net assets beginning of
period ................................................. -- -- 83,612,452 22,803,515
--------- --------- ---------- ----------
Net assets end of period .................................. $ 5,129,328 $ 3,731,351 $ 137,502,659 $ 83,612,452
============= ============= ============= =============
Undistributed net
investment income (loss) ............................... $ 35,083 $ 51,790 $ 70,182 $ 85,266
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
JNL/Putnam Value
Equity Series
--------------------------
Six months
ended Year ended
June 30, December 31,
1998 1997
---------- -----------
<S> <C> <C>
Operations:
Net investment income (loss) ........................... $ 721,555 $ 795,372
Net realized gain (loss) on:
Investments ......................................... 4,914,706 4,469,530
Foreign currency related
items ............................................ 7 (3)
Futures contracts ................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 3,999,682 3,766,196
Futures contracts and foreign
currency related items ........................... -- --
--------- ---------
Net increase in net assets
from operations ..................................... 9,635,950 9,031,095
--------- ---------
Distributions to shareholders:
From net investment income ............................. -- (792,740)
From net realized gains on
investment transactions ............................. -- (4,348,955)
----------
Return of capital ...................................... -- --
Total distributions to
shareholders ........................................ -- (5,141,695)
----------
Share transactions:
Proceeds from the sale of
shares .............................................. 59,674,356 87,596,492
Reinvestment of distributions .......................... -- 5,112,708
Cost of shares redeemed ................................ (10,733,739) (5,794,256)
----------- ----------
Net increase in net assets
from share transactions ............................. 48,940,617 86,914,944
---------- ----------
Net increase in net assets ................................ 58,576,567 90,804,344
---------- ----------
Net assets beginning of
period ................................................. 108,565,022 17,760,678
----------- ----------
Net assets end of period .................................. $ 167,141,589 $ 108,565,022
============= =============
Undistributed net
investment income (loss) ............................... $ 729,456 $ 7,901
============= =============
</TABLE>
- ----------------------------------------
* Commencement of operations.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Goldman
Sachs/JNL Lazard/JNL Lazard/JNL
Growth & Small Cap Mid Cap
Income Series Value Series Value Series
------------- ------------- -------------
Period from Period from Period from
March 2, March 2, March 2,
1998* to 1998* to 1998* to
June 30, 1998 June 30, 1998 June 30, 1998
------------- ------------- -------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 10,721 $ 199 $ 6,169
Net realized gain (loss) on:
Investments ......................................... 17,608 62,456 (19,459)
Foreign currency related
items ............................................ -- -- --
Futures contracts ................................... 17,511 -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... (148,520) (247,680) (148,856)
Futures contracts and foreign
currency related items ........................... (758) -- --
------------ ------------ ------------
Net increase in net assets
from operations ..................................... (103,438) (185,025) (162,146)
------------ ------------ ------------
Distributions to shareholders:
From net investment income ............................. -- -- --
From net realized gains on
investment transactions ............................. -- -- --
Return of capital ...................................... -- -- --
------------ ------------ ------------
Total distributions to
shareholders ........................................ -- -- --
------------ ------------ ------------
Share transactions:
Proceeds from the sale of
shares .............................................. 3,379,852 5,115,890 4,731,613
Reinvestment of distributions .......................... -- -- --
Cost of shares redeemed ................................ (31,535) (1,926) (19,031)
------------ ------------ ------------
Net increase in net assets
from share transactions ............................. 3,348,317 5,113,964 4,712,582
------------ ------------ ------------
Net increase in net assets ................................ 3,244,879 4,928,939 4,550,436
Net assets beginning of
period ................................................. -- -- --
------------ ------------ ------------
Net assets end of period .................................. $ 3,244,879 $ 4,928,939 $ 4,550,436
============ ============ ============
Undistributed net
investment income (loss) ............................... $ 10,721 $ 199 $ 6,169
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
PPM America/JNL PPM America/JNL
Balanced Series High Yield Bond Series
-------------------------- --------------------------
Six months Six months
ended Year ended ended Year ended
June 30, December 31, June 30, December 31,
1998 1997 1998 1997
---------- ------------ ---------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 1,403,625 $ 1,540,576 $ 3,463,832 $ 3,007,939
Net realized gain (loss) on:
Investments ......................................... 1,695,502 2,477,967 1,923,509 1,066,669
Foreign currency related
items ............................................ -- -- -- --
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 1,965,414 2,991,325 (1,721,359) 1,355,284
Futures contracts and foreign
currency related items ........................... -- -- -- --
------------ ------------ ------------ ------------
Net increase in net assets
from operations ..................................... 5,064,541 7,009,868 3,665,982 5,429,892
------------ ------------ ------------ ------------
Distributions to shareholders:
From net investment income ............................. -- (1,524,222) -- (3,009,722)
From net realized gains on
investment transactions ............................. -- (2,918,420) -- (1,036,946)
Return of capital ...................................... -- -- -- --
------------ ------------ ------------ ------------
Total distributions to
shareholders ........................................ -- (4,442,642) -- (4,046,668)
------------ ------------ ------------ ------------
Share transactions:
Proceeds from the sale of
shares .............................................. 24,168,003 33,426,507 41,276,956 51,335,721
Reinvestment of distributions .......................... -- 4,400,386 -- 4,011,473
Cost of shares redeemed ................................ (5,148,310) (5,118,205) (10,428,080) (7,415,150)
------------ ------------ ------------ ------------
Net increase in net assets
from share transactions ............................. 19,019,693 32,708,688 30,848,876 47,932,044
------------ ------------ ------------ ------------
Net increase in net assets ................................ 24,084,234 35,275,914 34,514,858 49,315,268
------------ ------------ ------------ ------------
Net assets beginning of
period ................................................. 59,694,491 24,418,577 62,711,664 13,396,396
------------ ------------ ------------ ------------
Net assets end of period .................................. $ 83,778,725 $ 59,694,491 $ 97,226,522 $ 62,711,664
============ ============ ============ ============
Undistributed net
investment income (loss) ............................... $ 1,414,878 $ 11,253 $ 3,468,090 $ 4,258
============ ============ ============ ============
</TABLE>
<PAGE>
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (continued)
<TABLE>
<CAPTION>
Salomon
Brothers/JNL
PPM America/JNL Balanced
Money Market Series Series
-------------------------- -------------
Six months Period from
ended Year ended March 2,
June 30, December 31, 1998* to
1998 1997 June 30, 1998
---------- ------------ -------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 1,192,196 $ 1,699,439 $ 21,417
Net realized gain (loss) on:
Investments ......................................... -- -- 597
Foreign currency related
items ............................................ -- -- (1)
Futures contracts ................................... -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... -- -- (3,152)
Futures contracts and foreign
currency related items ........................... -- -- --
------------ ------------ ------------
Net increase in net assets
from operations ..................................... 1,192,196 1,699,439 18,861
------------ ------------ ------------
Distributions to shareholders:
From net investment income ............................. (1,192,196) (1,699,439) --
From net realized gains on
investment transactions ............................. -- -- --
Return of capital ...................................... -- -- --
------------ ------------ ------------
Total distributions to
shareholders ........................................ (1,192,196) (1,699,439) --
------------ ------------ ------------
Share transactions:
Proceeds from the sale of
shares .............................................. 61,247,339 87,270,526 2,091,751
Reinvestment of distributions .......................... 1,192,196 1,658,199 --
Cost of shares redeemed ................................ (50,407,929) (70,873,065) (22,268)
------------ ------------ ------------
Net increase in net assets
from share transactions ............................. 12,031,606 18,055,660 2,069,483
------------ ------------ ------------
Net increase in net assets ................................ 12,031,606 18,055,660 2,088,344
Net assets beginning of
period ................................................. 41,807,847 23,752,187 --
------------ ------------ ------------
Net assets end of period .................................. $ 53,839,453 $ 41,807,847 $ 2,088,344
============ ============ ============
Undistributed net
investment income (loss) ............................... $ -- $ -- $ 21,417
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Salomon
Brothers/JNL
Salomon Brothers/JNL High Yield
Global Bond Series Bond Series
-------------------------- -------------
Six months Period from
ended Year ended March 2,
June 30, December 31, 1998* to
1998 1997 June 30, 1998
---------- ------------ -------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 1,478,701 $ 1,712,722 $ 121,446
Net realized gain (loss) on:
Investments ......................................... 187,121 76,786 52
Foreign currency related
items ............................................ 37,471 74,761 --
Futures contracts ................................... -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... (733,541) 677,987 (47,576)
Futures contracts and foreign
currency related items ........................... (14,264) 50,955 --
------------ ------------ ------------
Net increase in net assets
from operations ..................................... 955,488 2,593,211 73,922
------------ ------------ ------------
Distributions to shareholders:
From net investment income ............................. -- (1,801,495) --
From net realized gains on
investment transactions ............................. -- (164,331) --
Return of capital ...................................... -- (33,012) --
------------ ------------ ------------
Total distributions to
shareholders ........................................ -- (1,998,838) --
------------ ------------ ------------
Share transactions:
Proceeds from the sale of
shares .............................................. 14,115,635 26,946,293 5,687,613
Reinvestment of distributions .......................... -- 1,962,974 --
Cost of shares redeemed ................................ (4,925,176) (5,261,751) (9,045)
------------ ------------ ------------
Net increase in net assets
from share transactions ............................. 9,190,459 23,647,516 5,678,568
------------ ------------ ------------
Net increase in net assets ................................ 10,145,947 24,241,889 5,752,490
Net assets beginning of
period ................................................. 36,724,832 12,482,943 --
------------ ------------ ------------
Net assets end of period .................................. $ 46,870,779 $ 36,724,832 $ 5,752,490
============ ============ ============
Undistributed net
investment income (loss) ............................... $ 1,462,822 $ (15,879) $ 121,446
============ ============ ============
</TABLE>
- ----------------------------------------
* Commencement of operations.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Salomon Brothers/JNL
U.S. Government T. Rowe Price/JNL
& Quality Bond Series Established Growth Series
--------------------------- ---------------------------
Six months Six months
ended Year ended ended Year ended
June 30, December 31, June 30, December 31,
1998 1997 1998 1997
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 906,607 $ 1,013,295 $ 367,988 $ 334,356
Net realized gain (loss) on:
Investments ......................................... 76,383 13,329 6,599,894 5,371,177
Foreign currency related
items ............................................ -- -- (36,277) (22,021)
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 170,347 639,103 16,310,837 13,594,661
Futures contracts and foreign
currency related items ........................... -- -- 413 (785)
------------- ------------- ------------- -------------
Net increase in net assets
from operations ..................................... 1,153,337 1,665,727 23,242,855 19,277,388
------------- ------------- ------------- -------------
Distributions to shareholders:
From net investment income ............................. -- (965,070) -- (250,893)
From net realized gains on
investment transactions ............................. -- (43,260) -- (4,612,029)
Return of capital ...................................... -- -- -- --
------------- ------------- ------------- -------------
Total distributions to
shareholders ........................................ -- (1,008,330) -- (4,862,922)
------------- ------------- ------------- -------------
Share transactions:
Proceeds from the sale of
shares .............................................. 14,315,614 18,344,542 50,908,579 84,604,291
Reinvestment of distributions .......................... -- 986,266 -- 4,813,632
Cost of shares redeemed ................................ (5,240,922) (4,431,412) (14,979,758) (12,101,386)
------------- ------------- ------------- -------------
Net increase in net assets
from share transactions ............................. 9,074,692 14,899,396 35,928,821 77,316,537
------------- ------------- ------------- -------------
Net increase in net assets ................................ 10,228,029 15,556,793 59,171,676 91,731,003
Net assets beginning of
period ................................................. 25,388,533 9,831,740 124,021,944 32,290,941
------------- ------------- ------------- -------------
Net assets end of period .................................. $ 35,616,562 $ 25,388,533 $ 183,193,620 $ 124,021,944
============= ============= ============= =============
Undistributed net
investment income (loss) ............................... $ 912,323 $ 5,716 $ 425,534 $ 57,546
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
T. Rowe Price/JNL
International Equity T. Rowe Price/JNL
Investment Series Mid-Cap Growth Series
--------------------------- ----------------------------
Six months Six months
ended Year ended ended Year ended
June 30, December 31, June 30, December 31,
1998 1997 1998 1997
---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 577,555 $ 502,649 $ (237,447) $ (227,852)
Net realized gain (loss) on:
Investments ......................................... (538,921) 513,591 7,147,419 3,012,259
Foreign currency related
items ............................................ 21,682 (43,913) 1 (9,918)
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 10,577,225 (279,483) 15,556,237 14,655,100
Futures contracts and foreign
currency related items ........................... (450) (5,020) 3 3
------------- ------------- ------------- -------------
Net increase in net assets
from operations ..................................... 10,637,091 687,824 22,466,213 17,429,592
------------- ------------- ------------- -------------
Distributions to shareholders:
From net investment income ............................. -- (531,066) -- --
From net realized gains on
investment transactions ............................. -- (1,459,893) -- (1,652,413)
Return of capital ...................................... -- -- -- --
------------- ------------- ------------- -------------
Total distributions to
shareholders ........................................ -- (1,990,959) -- (1,652,413)
------------- ------------- ------------- -------------
Share transactions:
Proceeds from the sale of
shares .............................................. 10,925,675 38,069,689 40,303,168 76,676,391
Reinvestment of distributions .......................... -- 1,367,879 -- 1,622,324
Cost of shares redeemed ................................ (11,626,125) (7,654,114) (17,006,017) (14,128,114)
------------- ------------- ------------- -------------
Net increase in net assets
from share transactions ............................. (700,450) 31,783,454 23,297,151 64,170,601
------------- ------------- ------------- -------------
Net increase in net assets ................................ 9,936,641 30,480,319 45,763,364 79,947,780
Net assets beginning of
period ................................................. 78,684,648 48,204,329 127,052,269 47,104,489
------------- ------------- ------------- -------------
Net assets end of period .................................. $ 88,621,289 $ 78,684,648 $ 172,815,633 $ 127,052,269
============= ============= ============= =============
Undistributed net
investment income (loss) ............................... $ 508,292 $ (69,263) $ (237,447) $ --
============= ============= ============= =============
</TABLE>
<PAGE>
JNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (continued)
<TABLE>
<CAPTION>
JNL/S&P
JNL/S&P JNL/S&P JNL/S&P Very
Conservative Moderate Aggressive Aggressive
Growth Growth Growth Growth
Series I Series I Series I Series I
------------- ------------- ------------- -------------
Period from Period from Period from Period from
April 9, April 8, April 8, April 1,
1998* to 1998* to 1998* to 1998* to
June 30, 1998 June 30, 1998 June 30, 1998 June 30, 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 74 $ (284) $ (184) $ (96)
Net realized gain (loss) on:
Investments ......................................... (16) (348) (3) (933)
Foreign currency related
items ............................................ -- -- -- --
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 25,653 31,777 28,431 24,680
Futures contracts and foreign
currency related items ........................... -- -- -- --
----------- ----------- ----------- -----------
Net increase in net assets
from operations ..................................... 25,711 31,145 28,244 23,651
----------- ----------- ----------- -----------
Distributions to shareholders:
From net investment income ............................. -- -- -- --
From net realized gains on
investment transactions ............................. -- -- -- --
Return of capital ...................................... -- -- -- --
----------- ----------- ----------- -----------
Total distributions to
shareholders ........................................ -- -- -- --
----------- ----------- ----------- -----------
Share transactions:
Proceeds from the sale of
shares .............................................. 1,739,243 1,717,380 1,001,302 772,532
Reinvestment of distributions .......................... -- -- -- --
Cost of shares redeemed ................................ (1,101) (26,431) (326) (67,315)
----------- ----------- ----------- -----------
Net increase in net assets
from share transactions ............................. 1,738,142 1,690,949 1,000,976 705,217
----------- ----------- ----------- -----------
Net increase in net assets ................................ 1,763,853 1,722,094 1,029,220 728,868
Net assets beginning of
period ................................................. -- -- -- --
----------- ----------- ----------- -----------
Net assets end of period .................................. $ 1,763,853 $ 1,722,094 $ 1,029,220 $ 728,868
=========== =========== =========== ===========
Undistributed net
investment income (loss) ............................... $ 74 $ (284) $ (184) $ (96)
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P
JNL/S&P Equity
Equity Aggressive
Growth Growth
Series I Series I
------------- -------------
Period from Period from
April 13, April 15,
1998* to 1998* to
June 30, 1998 June 30, 1998
------------- -------------
Operations:
<S> <C> <C>
Net investment income (loss) ........................... $ (216) $ (94)
Net realized gain (loss) on:
Investments ......................................... (1,720) (5)
Foreign currency related
items ............................................ -- --
Futures contracts ................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... 5,655 18,382
Futures contracts and foreign
currency related items ........................... -- --
----------- -----------
Net increase in net assets
from operations ..................................... 3,719 18,283
----------- -----------
Distributions to shareholders:
From net investment income ............................. -- --
From net realized gains on
investment transactions ............................. -- --
Return of capital ...................................... -- --
----------- -----------
Total distributions to
shareholders ........................................ -- --
----------- -----------
Share transactions:
Proceeds from the sale of
shares .............................................. 1,235,668 606,983
Reinvestment of distributions .......................... -- --
Cost of shares redeemed ................................ (43,887) (145)
----------- -----------
Net increase in net assets
from share transactions ............................. 1,191,781 606,838
----------- -----------
Net increase in net assets ................................ 1,195,500 625,121
Net assets beginning of
period ................................................. -- --
----------- -----------
Net assets end of period .................................. $ 1,195,500 $ 625,121
=========== ===========
Undistributed net
investment income (loss) ............................... $ (216) $ (94)
=========== ===========
</TABLE>
- ----------------------------------------
* Commencement of operations.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
JNL/S&P
JNL/S&P JNL/S&P JNL/S&P Very
Conservative Moderate Aggressive Aggressive
Growth Growth Growth Growth
Series II Series II Series II Series II
------------- ------------- ------------- -------------
Period from Period from Period from Period from
April 13, April 13, April 13, April 13,
1998* to 1998* to 1998* to 1998* to
June 30, 1998 June 30, 1998 June 30, 1998 June 30, 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ (900) $ (586) $ (98) $ (92)
Net realized gain (loss) on:
Investments ......................................... (452) (368) (20) (63)
Foreign currency related
items ............................................ -- -- -- --
Futures contracts ................................... -- -- -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... (17,551) (5,438) (1,265) 4,364
Futures contracts and foreign
currency related items ........................... -- -- -- --
----------- ----------- ----------- -----------
Net increase in net assets
from operations ..................................... (18,903) (6,392) (1,383) 4,209
----------- ----------- ----------- -----------
Distributions to shareholders:
From net investment income ............................. -- -- -- --
From net realized gains on
investment transactions ............................. -- -- -- --
Return of capital ...................................... -- -- -- --
----------- ----------- ----------- -----------
Total distributions to
shareholders ........................................ -- -- -- --
----------- ----------- ----------- -----------
Share transactions:
Proceeds from the sale of
shares .............................................. 2,379,451 1,701,555 298,228 248,807
Reinvestment of distributions .......................... -- -- -- --
Cost of shares redeemed ................................ (44,162) (23,930) (3,293) (4,422)
----------- ----------- ----------- -----------
Net increase in net assets
from share transactions ............................. 2,335,289 1,677,625 294,935 244,385
----------- ----------- ----------- -----------
Net increase in net assets ................................ 2,316,386 1,671,233 293,552 248,594
Net assets beginning of
period ................................................. -- -- -- --
----------- ----------- ----------- -----------
Net assets end of period .................................. $ 2,316,386 $ 1,671,233 $ 293,552 $ 248,594
=========== =========== =========== ===========
Undistributed net
investment income (loss) ............................... $ (900) $ (586) $ (98) $ (92)
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
JNL/S&P
JNL/S&P Equity
Equity Aggressive
Growth Growth
Series II Series II
------------- -------------
Period from Period from
April 13, April 13,
1998* to 1998* to
June 30, 1998 June 30, 1998
------------- -------------
<S> <C> <C>
Operations:
Net investment income (loss) ........................... $ (110) $ (91)
Net realized gain (loss) on:
Investments ......................................... (93) (82)
Foreign currency related
items ............................................ -- --
Futures contracts ................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments ......................................... (755) (808)
Futures contracts and foreign
currency related items ........................... -- --
----------- -----------
Net increase in net assets
from operations ..................................... (958) (981)
----------- -----------
Distributions to shareholders:
From net investment income ............................. -- --
From net realized gains on
investment transactions ............................. -- --
Return of capital ...................................... -- --
----------- -----------
Total distributions to
shareholders ........................................ -- --
----------- -----------
Share transactions:
Proceeds from the sale of
shares .............................................. 459,659 242,350
Reinvestment of distributions .......................... -- --
Cost of shares redeemed ................................ (4,492) (4,384)
----------- -----------
Net increase in net assets
from share transactions ............................. 455,167 237,966
----------- -----------
Net increase in net assets ................................ 454,209 236,985
Net assets beginning of
period ................................................. -- --
----------- -----------
Net assets end of period .................................. $ 454,209 $ 236,985
=========== ===========
Undistributed net
investment income (loss) ............................... $ (110) $ (91)
=========== ===========
</TABLE>
<PAGE>
JNL SERIES TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
<TABLE>
<CAPTION>
Income from Operations
----------------------------------
Net realized &
unrealized gains
Net Asset Net on investments
value, investment & foreign
beginning income currency
Period or Year Ended of period (loss) related items
- -------------------- --------- ------------- ----------------
<S> <C> <C> <C>
JNL Aggressive Growth Series
Six months ended 6/30/98 ........................... $ 14.53 $ (0.03) $ 4.39
Year ended 12/31/97 ................................ 13.38 0.04 1.65
Period from 4/1/96 to 12/31/96 ..................... 13.13 0.05 1.10
Period from 5/15/95* to 3/31/96 .................... 10.00 0.01 3.53
JNL Capital Growth Series
Six months ended 6/30/98 ........................... 16.50 (0.06) 2.90
Year ended 12/31/97 ................................ 14.46 (0.06) 2.23
Period from 4/1/96 to 12/31/96 ..................... 13.86 0.06 0.70
Period from 5/15/95* to 3/31/96 .................... 10.00 -- 4.70
JNL Global Equities Series
Six months ended 6/30/98 ........................... 17.48 0.06 4.61
Year ended 12/31/97 ................................ 15.20 0.07 2.84
Period from 4/1/96 to 12/31/96 ..................... 13.75 0.03 2.72
Period from 5/15/95* to 3/31/96 .................... 10.00 0.10 4.02
JNL/Alger Growth Series
Six months ended 6/30/98 ........................... 13.56 (0.01) 3.42
Year ended 12/31/97 ................................ 11.16 (0.01) 2.93
Period from 4/1/96 to 12/31/96 ..................... 10.38 -- 0.78
Period from 10/16/95* to 3/31/96 ................... 10.00 -- 0.38
JNL/Alliance Growth Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 0.01 1.27
JNL/Eagle Core Equity Series
Six months ended 6/30/98 ........................... 13.75 0.06 1.39
Year ended 12/31/97 ................................ 10.62 0.08 3.35
Period from 9/16/96* to 12/31/96 ................... 10.00 0.03 0.62
JNL/Eagle SmallCap Equity Series
Six months ended 6/30/98 ........................... 14.73 (0.04) 1.28
Year ended 12/31/97 ................................ 11.54 (0.07) 3.26
Period from 9/16/96* to 12/31/96 ................... 10.00 (0.01) 1.55
JNL/JPM International & Emerging Markets Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 0.07 0.16
JNL/PIMCO Total Return Bond Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 0.15 0.18
</TABLE>
<TABLE>
<CAPTION>
Distributions
---------------------------------------------------
From net
From net realized gains
investment on investment Return of
Period or Year Ended income transactions Capital
- -------------------- ---------- -------------- ----------------
<S> <C> <C> <C>
JNL Aggressive Growth Series
Six months ended 6/30/98 ........................... $ -- $ -- $ --
Year ended 12/31/97 ................................ -- (0.54) --
Period from 4/1/96 to 12/31/96 ..................... (0.05) (0.71) (0.14)
Period from 5/15/95* to 3/31/96 .................... -- (0.41) --
JNL Capital Growth Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.02) (0.04) (0.07)
Period from 4/1/96 to 12/31/96 ..................... -- (0.16) --
Period from 5/15/95* to 3/31/96 .................... -- (0.84) --
JNL Global Equities Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ -- (0.63) --
Period from 4/1/96 to 12/31/96 ..................... (0.08) (0.90) (0.32)
Period from 5/15/95* to 3/31/96 .................... -- (0.37) --
JNL/Alger Growth Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ -- (0.52) --
Period from 4/1/96 to 12/31/96 ..................... -- -- --
Period from 10/16/95* to 3/31/96 ................... -- -- --
JNL/Alliance Growth Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
JNL/Eagle Core Equity Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.08) (0.22) --
Period from 9/16/96* to 12/31/96 ................... (0.03) -- --
JNL/Eagle SmallCap Equity Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ -- -- --
Period from 9/16/96* to 12/31/96 ................... -- -- --
JNL/JPM International & Emerging Markets Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
JNL/PIMCO Total Return Bond Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
</TABLE>
- --------------------------------------------------------
* Commencement of operations.
(a) Assumes investment at net asset value at the beginning of the period,
reinvestment of all 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 for the periods ended June 30, 1998, December 31, 1996 and March
31, 1996.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Ratios and Supplemental Data
---------------------------------------------
Ratio of net Ratio of net
operating investment
Net asset Net assets, expenses to income to
value, end Total Return end of period average net average net Portfolio
Period or Year Ended of period (a) (in thousands) assets (b) (c) assets (b) (c) turnover
- -------------------- --------- ------------ ----------------------------- -------------- --------
<S> <C> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series
Six months ended 6/30/98 .................... $ 18.89 30.01 % $ 117,259 1.10 % (0.35)% 67.57 %
Year ended 12/31/97 ......................... 14.53 12.67 % 78,870 1.10 % 0.39 % 137.26 %
Period from 4/1/96 to 12/31/96 .............. 13.38 8.72 % 29,555 1.09 % 0.77 % 85.22 %
Period from 5/15/95* to 3/31/96 ............. 13.13 35.78 % 8,527 1.09 % 0.27 % 163.84 %
JNL Capital Growth Series
Six months ended 6/30/98 .................... 19.34 17.21 % 94,397 1.07 % (0.70)% 59.38 %
Year ended 12/31/97 ......................... 16.50 15.01 % 73,749 1.10 % (0.30)% 131.43 %
Period from 4/1/96 to 12/31/96 .............. 14.46 5.45 % 36,946 1.09 % 0.91 % 115.88 %
Period from 5/15/95* to 3/31/96 ............. 13.86 47.94 % 9,578 1.09 % (0.49)% 128.56 %
JNL Global Equities Series
Six months ended 6/30/98 .................... 22.15 26.72 % 219,243 1.14 % 0.60 % 32.13 %
Year ended 12/31/97 ......................... 17.48 19.12 % 151,050 1.15 % 0.33 % 97.21 %
Period from 4/1/96 to 12/31/96 .............. 15.2 19.99 % 48,638 1.14 % 0.37 % 52.02 %
Period from 5/15/95* to 3/31/96 ............. 13.75 41.51 % 16,141 1.15 % 0.39 % 142.36 %
JNL/Alger Growth Series
Six months ended 6/30/98 .................... 16.97 25.15 % 127,203 1.05 % (0.08)% 43.09 %
Year ended 12/31/97 ......................... 13.56 26.20 % 85,877 1.10 % (0.07)% 125.44 %
Period from 4/1/96 to 12/31/96 .............. 11.16 7.51 % 38,252 1.07 % (0.02)% 59.92 %
Period from 10/16/95* to 3/31/96 ............ 10.38 3.80 % 8,649 1.03 % (0.17)% 50.85 %
JNL/Alliance Growth Series
Period from 3/2/98* to 6/30/98 .............. 11.28 12.80 % 2,553 0.93 % 0.24 % 142.01 %
JNL/Eagle Core Equity Series
Six months ended 6/30/98 .................... 15.20 10.55 % 23,599 1.03 % 1.09 % 33.43 %
Year ended 12/31/97 ......................... 13.75 32.35 % 11,896 1.05 % 1.00 % 51.48 %
Period from 9/16/96* to 12/31/96 ............ 10.62 6.47 % 1,954 1.05 % 1.10 % 1.36 %
JNL/Eagle SmallCap Equity Series
Six months ended 6/30/98 .................... 15.97 8.42 % 25,517 1.10 % (0.57)% 30.46 %
Year ended 12/31/97 ......................... 14.73 27.64 % 13,493 1.10 % (0.54)% 60.78 %
Period from 9/16/96* to 12/31/96 ............ 11.54 15.40 % 1,944 1.10 % (0.26)% 28.01 %
JNL/JPM International & Emerging Markets Series
Period from 3/2/98* to 6/30/98 .............. 10.23 2.30 % 5,129 1.13 % 2.04 % 129.65 %
JNL/PIMCO Total Return Bond Series
Period from 3/2/98* to 6/30/98 .............. 10.33 3.30 % 3,731 0.85 % 4.88 % 371.87 %
</TABLE>
Ratio information assuming
no expense reimbursement
or fees paid indirectly
-----------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets (b) assets (b)
---------- ----------
JNL Aggressive Growth Series
Six months ended 6/30/98 .................... 1.10 % (0.35)%
Year ended 12/31/97 ......................... 1.17 % 0.32 %
Period from 4/1/96 to 12/31/96 .............. 1.40 % 0.46 %
Period from 5/15/95* to 3/31/96 ............. 2.77 % (1.41)%
JNL Capital Growth Series
Six months ended 6/30/98 .................... 1.08 % (0.71)%
Year ended 12/31/97 ......................... 1.11 % (0.31)%
Period from 4/1/96 to 12/31/96 .............. 1.27 % 0.73 %
Period from 5/15/95* to 3/31/96 ............. 2.08 % (1.48)%
JNL Global Equities Series
Six months ended 6/30/98 .................... 1.26 % 0.48 %
Year ended 12/31/97 ......................... 1.37 % 0.11 %
Period from 4/1/96 to 12/31/96 .............. 1.63 % (0.12)%
Period from 5/15/95* to 3/31/96 ............. 2.25 % (0.71)%
JNL/Alger Growth Series
Six months ended 6/30/98 .................... 1.05 % (0.08)%
Year ended 12/31/97 ......................... 1.10 % (0.07)%
Period from 4/1/96 to 12/31/96 .............. 1.19 % (0.14)%
Period from 10/16/95* to 3/31/96 ............ 1.89 % (1.03)%
JNL/Alliance Growth Series
Period from 3/2/98* to 6/30/98 .............. 2.73 % (1.56)%
JNL/Eagle Core Equity Series
Six months ended 6/30/98 .................... 1.22 % 0.90 %
Year ended 12/31/97 ......................... 1.54 % 0.51 %
Period from 9/16/96* to 12/31/96 ............ 4.57 % (2.42)%
JNL/Eagle SmallCap Equity Series
Six months ended 6/30/98 .................... 1.23 % (0.70)%
Year ended 12/31/97 ......................... 1.51 % (0.95)%
Period from 9/16/96* to 12/31/96 ............ 4.77 % (3.93)%
JNL/JPM International & Emerging Markets Series
Period from 3/2/98* to 6/30/98 .............. 2.36 % 0.81 %
JNL/PIMCO Total Return Bond Series
Period from 3/2/98* to 6/30/98 .............. 2.06 % 3.67 %
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED) (continued)
<TABLE>
<CAPTION>
Income from Operations
---------------------------------
Net realized &
unrealized gains
Net Asset Net on investments
value, investment & foreign
beginning income currency
Period or Year ended of period (loss) related items
- -------------------- ---------- ----------- ----------------
<S> <C> <C> <C>
JNL/Putnam Growth Series
Six months ended 6/30/98 ........................... $ 16.99 $ -- $ 3.85
Year ended 12/31/97 ................................ 14.21 0.04 3.07
Period from 4/1/96 to 12/31/96 ..................... 12.50 0.04 2.12
Period from 5/15/95* to 3/31/96 .................... 10.00 0.01 3.67
JNL/Putnam Value Equity Series
Six months ended 6/30/98 ........................... 16.82 0.09 1.32
Year ended 12/31/97 ................................ 14.50 0.13 3.03
Period from 4/1/96 to 12/31/96 ..................... 12.77 0.10 1.97
Period from 5/15/95* to 3/31/96 .................... 10.00 0.23 2.86
Goldman Sachs/JNL Growth & Income Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 0.03 (0.29)
Lazard/JNL Small Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 -- (0.36)
Lazard/JNL Mid Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 10.00 0.01 (0.34)
PPM America/JNL Balanced Series
Six months ended 6/30/98 ........................... 13.06 0.24 0.79
Year ended 12/31/97 ................................ 11.92 0.36 1.83
Period from 4/1/96 to 12/31/96 ..................... 11.17 0.10 0.98
Period from 5/15/95* to 3/31/96 .................... 10.00 0.25 1.40
PPM America/JNL High Yield Bond Series
Six months ended 6/30/98 ........................... 11.48 0.43 0.16
Year ended 12/31/97 ................................ 10.67 0.59 1.02
Period from 4/1/96 to 12/31/96 ..................... 10.23 0.51 0.64
Period from 5/15/95* to 3/31/96 .................... 10.00 0.73 0.04
PPM America/JNL Money Market Series
Period ended 6/30/98 ............................... 1.00 0.02 --
Year ended 12/31/97 ................................ 1.00 0.05 --
Period from 4/1/96 to 12/31/96 ..................... 1.00 0.04 --
Period from 5/15/95* to 3/31/96 .................... 1.00 0.04 --
Salomon Brothers/JNL Balanced Series
Period from 3/2/98* to 6/30/98 .................... 10.00 0.11 0.12
Salomon Brothers/JNL Global Bond Series
Six months ended 6/30/98 ........................... 11.12 0.39 (0.11)
Year ended 12/31/97 ................................ 10.63 0.54 0.59
Period from 4/1/96 to 12/31/96 ..................... 10.46 0.42 0.70
Period from 5/15/95* to 3/31/96 .................... 10.00 0.81 0.24
</TABLE>
<TABLE>
<CAPTION>
Distributions
---------------------------------------------------
From net
From net realized gains
investment on investment Return of
Period or Year Ended income transactions Capital
- -------------------- ---------- -------------- ----------------
<S> <C> <C> <C>
JNL/Putnam Growth Series
Six months ended 6/30/98 ........................... $ -- $ -- $ --
Year ended 12/31/97 ................................ (0.02) (0.31) --
Period from 4/1/96 to 12/31/96 ..................... (0.05) (0.40) --
Period from 5/15/95* to 3/31/96 .................... -- (1.17) --
JNL/Putnam Value Equity Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.13) (0.71) --
Period from 4/1/96 to 12/31/96 ..................... (0.15) (0.19) --
Period from 5/15/95* to 3/31/96 .................... (0.17) (0.15) --
Goldman Sachs/JNL Growth & Income Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
Lazard/JNL Small Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
Lazard/JNL Mid Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... -- -- --
PPM America/JNL Balanced Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.36) (0.69) --
Period from 4/1/96 to 12/31/96 ..................... (0.15) (0.18) --
Period from 5/15/95* to 3/31/96 .................... (0.19) (0.29) --
PPM America/JNL High Yield Bond Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.59) (0.21) --
Period from 4/1/96 to 12/31/96 ..................... (0.69) (0.02) --
Period from 5/15/95* to 3/31/96 .................... (0.54) -- --
PPM America/JNL Money Market Series
Period ended 6/30/98 ............................... (0.02) -- --
Year ended 12/31/97 ................................ (0.05) -- --
Period from 4/1/96 to 12/31/96 ..................... (0.04) -- --
Period from 5/15/95* to 3/31/96 .................... (0.04) -- --
Salomon Brothers/JNL Balanced Series
Period from 3/2/98* to 6/30/98 .................... -- -- --
Salomon Brothers/JNL Global Bond Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.58) (0.05) (0.01)
Period from 4/1/96 to 12/31/96 ..................... (0.69) (0.26) --
Period from 5/15/95* to 3/31/96 .................... (0.56) (0.03) --
</TABLE>
- --------------------------------------------------------
* Commencement of operations.
(a) Assumes investment at net asset value at the beginning of the period,
reinvestment of all 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 for the periods ended June 30, 1998, December 31, 1996 and March
31, 1996.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Ratio and Supplemental Data
----------------------------------------------------
Ratio of net Ratio of net
operating investment
Net asset Total Net assets, expenses to income to
value, end Return end of period average net average net Portfolio
Period or Year ended of period (a) (in thousands) assets (b)(c) assets (b)(c) turnover
- -------------------- --------- ------ -------------- ------------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
JNL/Putnam Growth Series
Six months ended 6/30/98 ........................... 20.84 22.66 % $137,503 1.00 % (0.03)% 25.98 %
Year ended 12/31/97 ................................ 16.99 21.88 % 83,612 1.05 % 0.31 % 194.81 %
Period from 4/1/96 to 12/31/96 ..................... 14.21 17.28 % 22,804 1.04 % 0.94 % 184.33 %
Period from 5/15/95* to 3/31/96 .................... 12.5 37.69 % 2,518 0.95 % 0.28 % 255.03 %
JNL/Putnam Value Equity Series
Six months ended 6/30/98 ........................... 18.23 8.38 % 167,142 0.99 % 1.03 % 43.15 %
Year ended 12/31/97 ................................ 16.82 21.82 % 108,565 1.03 % 1.43 % 112.54 %
Period from 4/1/96 to 12/31/96 ..................... 14.50 16.25 % 17,761 0.85 % 2.29 % 13.71 %
Period from 5/15/95* to 3/31/96 .................... 12.77 31.14 % 3,365 0.87 % 2.33 % 30.12 %
Goldman Sachs/JNL Growth & Income Series
Period from 3/2/98* to 6/30/98 ..................... 9.74 (2.60)% 3,245 1.07 % 1.22 % 12.69 %
Lazard/JNL Small Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 9.64 (3.60)% 4,929 1.20 % 0.01 % 9.20 %
Lazard/JNL Mid Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 9.67 (3.30)% 4,550 1.12 % 0.43 % 17.46 %
PPM America/JNL Balanced Series
Six months ended 6/30/98 ........................... 14.09 7.89 % 83,779 0.84 % 3.88 % 20.34 %
Year ended 12/31/97 ................................ 13.06 18.43 % 59,694 0.93 % 3.72 % 160.88 %
Period from 4/1/96 to 12/31/96 ..................... 11.92 9.72 % 24,419 1.04 % 2.39 % 158.15 %
Period from 5/15/95* to 3/31/96 .................... 11.17 16.60 % 4,761 1.01 % 2.99 % 115.84 %
PPM America/JNL High Yield Bond Series
Six months ended 6/30/98 ........................... 12.07 5.14 % 97,227 0.83 % 8.54 % 131.14 %
Year ended 12/31/97 ................................ 11.48 15.05 % 62,712 0.90 % 8.15 % 189.25 %
Period from 4/1/96 to 12/31/96 ..................... 10.67 11.24 % 13,396 0.88 % 8.64 % 113.08 %
Period from 5/15/95* to 3/31/96 .................... 10.23 7.82 % 6,156 0.88 % 8.34 % 186.21 %
PPM America/JNL Money Market Series
Period ended 6/30/98 ............................... 1.00 2.48 % 53,839 0.73 % 4.94 % --
Year ended 12/31/97 ................................ 1.00 5.01 % 41,808 0.75 % 4.92 % --
Period from 4/1/96 to 12/31/96 ..................... 1.00 3.61 % 23,752 0.75 % 4.75 % --
Period from 5/15/95* to 3/31/96 .................... 1.00 4.59 % 6,816 0.75 % 5.06 % --
Salomon Brothers/JNL Balanced Series
Period from 3/2/98* to 6/30/98 .................... 10.23 2.30 % 2,088 0.95 % 4.29 % 7.56 %
Salomon Brothers/JNL Global Bond Series
Six months ended 6/30/98 ........................... 11.40 2.52 % 46,871 0.90 % 7.08 % 167.19 %
Year ended 12/31/97 ................................ 11.12 10.66 % 36,725 1.00 % 6.83 % 134.55 %
Period from 4/1/96 to 12/31/96 ..................... 10.63 10.68 % 12,483 0.99 % 7.52 % 109.85 %
Period from 5/15/95* to 3/31/96 .................... 10.46 10.74 % 6,380 1.00 % 9.01 % 152.89 %
</TABLE>
<TABLE>
<CAPTION>
Ratio of information assuming
no expense reimbursement
or fees paid indirectly
-----------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
Period or Year ended assets (b) assets (b)
- -------------------- ---------- -------------
<S> <C> <C>
JNL/Putnam Growth Series
Six months ended 6/30/98 ........................... 1.00 % (0.03)%
Year ended 12/31/97 ................................ 1.05 % 0.31 %
Period from 4/1/96 to 12/31/96 ..................... 1.27 % 0.71 %
Period from 5/15/95* to 3/31/96 .................... 5.38 % (4.15)%
JNL/Putnam Value Equity Series
Six months ended 6/30/98 ........................... 0.99 % 1.03 %
Year ended 12/31/97 ................................ 1.09 % 1.37 %
Period from 4/1/96 to 12/31/96 ..................... 1.53 % 1.61 %
Period from 5/15/95* to 3/31/96 .................... 2.28 % 0.91 %
Goldman Sachs/JNL Growth & Income Series
Period from 3/2/98* to 6/30/98 ..................... 2.57 % (0.28)%
Lazard/JNL Small Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 1.92 % (0.71)%
Lazard/JNL Mid Cap Value Series
Period from 3/2/98* to 6/30/98 ..................... 1.98 % (0.43)%
PPM America/JNL Balanced Series
Six months ended 6/30/98 ........................... 0.85 % 3.87 %
Year ended 12/31/97 ................................ 0.94 % 3.71 %
Period from 4/1/96 to 12/31/96 ..................... 1.22 % 2.21 %
Period from 5/15/95* to 3/31/96 .................... 3.71 % 0.29 %
PPM America/JNL High Yield Bond Series
Six months ended 6/30/98 ........................... 0.83 % 8.54 %
Year ended 12/31/97 ................................ 0.90 % 8.15 %
Period from 4/1/96 to 12/31/96 ..................... 1.21 % 8.31 %
Period from 5/15/95* to 3/31/96 .................... 1.50 % 7.72 %
PPM America/JNL Money Market Series
Period ended 6/30/98 ............................... 0.74 % 4.93 %
Year ended 12/31/97 ................................ 0.76 % 4.91 %
Period from 4/1/96 to 12/31/96 ..................... 0.85 % 4.65 %
Period from 5/15/95* to 3/31/96 .................... 1.30 % 4.51 %
Salomon Brothers/JNL Balanced Series
Period from 3/2/98* to 6/30/98 .................... 3.69 % 1.55 %
Salomon Brothers/JNL Global Bond Series
Six months ended 6/30/98 ........................... 0.98 % 7.00 %
Year ended 12/31/97 ................................ 1.07 % 6.76 %
Period from 4/1/96 to 12/31/96 ..................... 1.44 % 7.07 %
Period from 5/15/95* to 3/31/96 .................... 2.14 % 7.87 %
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED) (continued)
<TABLE>
<CAPTION>
Income from Operations
---------------------------------
Net realized &
unrealized gains
Net Asset Net on investments
value, investment & foreign
beginning income currency
Period or Year ended of period (loss) related items
- -------------------- ---------- ----------- ----------------
<S> <C> <C> <C>
Salomon Brothers/JNL High Yield Bond Series
Period from 3/2/98* to 6/30/98 .................... $ 10.00 $ 0.22 $ (0.08)
Salomon Brothers/JNL U.S. Government &
Quality Bond Series
Six months ended 6/30/98 ........................... 10.69 0.29 0.11
Year ended 12/31/97 ................................ 10.20 0.44 0.49
Period from 4/1/96 to 12/31/96 ..................... 10.09 0.24 0.24
Period from 5/15/95* to 3/31/96 .................... 10.00 0.45 0.02
T. Rowe Price/JNL Established Growth Series
Six months ended 6/30/98 ........................... 15.62 0.04 2.65
Year ended 12/31/97 ................................ 12.56 0.06 3.64
Period from 4/1/96 to 12/31/96 ..................... 11.36 0.03 1.81
Period from 5/15/95* to 3/31/96 .................... 10.00 0.07 2.68
T. Rowe Price/JNL International Equity
Investment Series
Six months ended 6/30/98 ........................... 12.09 0.09 1.54
Year ended 12/31/97 ................................ 12.08 0.09 0.23
Period from 4/1/96 to 12/31/96 ..................... 11.25 0.06 0.90
Period from 5/15/95* to 3/31/96 .................... 10.00 0.04 1.21
T. Rowe Price/JNL Mid-Growth Series
Six months ended 6/30/98 ........................... 17.37 (0.03) 2.92
Year ended 12/31/97 ................................ 14.89 (0.03) 2.74
Period from 4/1/96 to 12/31/96 ..................... 13.43 (0.05) 1.92
Period from 5/15/95* to 3/31/96 .................... 10.00 0.06 3.90
JNL/S&P Conservative Growth Series I
Period from 4/9/98* to 6/30/98 .................... 10.00 -- 0.05
JNL/S&P Moderate Growth Series I
Period from 4/8/98* to 6/30/98 .................... 10.00 -- 0.14
JNL/S&P Aggressive Growth Series I
Period from 4/8/98* to 6/30/98 .................... 10.00 -- 0.23
JNL/S&P Very Aggressive Growth Series I
Period from 4/1/98* to 6/30/98 .................... 10.00 -- 0.34
JNL/S&P Equity Growth Series I
Period from 4/13/98* to 6/30/98 ................... 10.00 -- (0.03)
JNL/S&P Equity Aggressive Growth Series I
Period from 4/15/98* to 6/30/98 ................... 10.00 -- 0.07
</TABLE>
<TABLE>
<CAPTION>
Distributions
---------------------------------------------------
From net
From net realized gains
investment on investment Return of
Period or Year Ended income transactions Capital
- -------------------- ---------- -------------- ----------------
<S> <C> <C> <C>
Salomon Brothers/JNL High Yield Bond Series
Period from 3/2/98* to 6/30/98 .................... $ -- $ -- $ --
Salomon Brothers/JNL U.S. Government &
Quality Bond Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.42) (0.02) --
Period from 4/1/96 to 12/31/96 ..................... (0.34) (0.03) --
Period from 5/15/95* to 3/31/96 .................... (0.34) (0.04) --
T. Rowe Price/JNL Established Growth Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.03) (0.61) --
Period from 4/1/96 to 12/31/96 ..................... (0.04) (0.09) (0.51)
Period from 5/15/95* to 3/31/96 .................... (0.06) (1.33) --
T. Rowe Price/JNL International Equity
Investment Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ (0.08) (0.23) --
Period from 4/1/96 to 12/31/96 ..................... (0.12) (0.01) --
Period from 5/15/95* to 3/31/96 .................... -- -- --
T. Rowe Price/JNL Mid-Growth Series
Six months ended 6/30/98 ........................... -- -- --
Year ended 12/31/97 ................................ -- (0.23) --
Period from 4/1/96 to 12/31/96 ..................... (0.05) (0.36) --
Period from 5/15/95* to 3/31/96 .................... -- (0.53) --
JNL/S&P Conservative Growth Series I
Period from 4/9/98* to 6/30/98 .................... -- -- --
JNL/S&P Moderate Growth Series I
Period from 4/8/98* to 6/30/98 .................... -- -- --
JNL/S&P Aggressive Growth Series I
Period from 4/8/98* to 6/30/98 .................... -- -- --
JNL/S&P Very Aggressive Growth Series I
Period from 4/1/98* to 6/30/98 .................... -- -- --
JNL/S&P Equity Growth Series I
Period from 4/13/98* to 6/30/98 ................... -- -- --
JNL/S&P Equity Aggressive Growth Series I
Period from 4/15/98* to 6/30/98 ................... -- -- --
</TABLE>
- --------------------------------------------------------
* Commencement of operations.
(a) Assumes investment at net asset value at the beginning of the period,
reinvestment of all 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 for the periods ended June 30, 1998, December 31, 1996 and March
31, 1996.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED) (continued)
<TABLE>
<CAPTION>
Ratios and Supplemental Data
-----------------------------------------------------
Ratio of net Ratio of net
operating investment
Net asset Total Net assets, expenses to income to
value, end Return end of period average net average net Portfolio
Period or Year ended of period (a) (in thousands) assets (b)(c) assets (b)(c) turnover
- -------------------- ---------- ------ -------------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Salomon Brothers/JNL High Yield Bond Series
Period from 3/2/98* to 6/30/98 .................... $ 10.14 1.40 % $ 5,752 0.95 % 7.01 % 21.25 %
Salomon Brothers/JNL U.S. Government &
Quality Bond Series
Six months ended 6/30/98 ........................... 11.09 3.74 % 35,617 0.85 % 5.51 % 324.09 %
Year ended 12/31/97 ................................ 10.69 9.16 % 25,389 0.85 % 5.99 % 378.59 %
Period from 4/1/96 to 12/31/96 ..................... 10.20 4.82 % 9,832 0.84 % 5.72 % 218.50 %
Period from 5/15/95* to 3/31/96 .................... 10.09 4.65 % 3,007 0.84 % 5.41 % 253.37 %
T. Rowe Price/JNL Established Growth Series
Six months ended 6/30/98 ........................... 18.31 17.22 % 183,194 0.92 % 0.48 % 24.38 %
Year ended 12/31/97 ................................ 15.62 29.47 % 124,022 0.98 % 0.43 % 47.06 %
Period from 4/1/96 to 12/31/96 ..................... 12.56 16.12 % 32,291 1.00 % 0.59 % 36.41 %
Period from 5/15/95* to 3/31/96 .................... 11.36 28.23 % 8,772 1.00 % 0.75 % 101.13 %
T. Rowe Price/JNL International Equity
Investment Series
Six months ended 6/30/98 ........................... 13.72 13.48 % 88,621 1.22 % 1.32 % 10.23 %
Year ended 12/31/97 ................................ 12.09 2.65 % 78,685 1.24 % 0.74 % 18.81 %
Period from 4/1/96 to 12/31/96 ..................... 12.08 8.54 % 48,204 1.25 % 1.09 % 5.93 %
Period from 5/15/95* to 3/31/96 .................... 11.25 12.50 % 24,211 1.25 % 0.78 % 16.45 %
T. Rowe Price/JNL Mid-Growth Series
Six months ended 6/30/98 ........................... 20.26 16.64 % 172,816 1.02 % (0.32)% 22.85 %
Year ended 12/31/97 ................................ 17.37 18.21 % 127,052 1.06 % (0.26)% 41.43 %
Period from 4/1/96 to 12/31/96 ..................... 14.89 13.91 % 47,104 1.10 % (0.18)% 25.05 %
Period from 5/15/95* to 3/31/96 .................... 13.43 40.06 % 10,545 1.10 % 0.82 % 66.04 %
JNL/S&P Conservative Growth Series I
Period from 4/9/98* to 6/30/98 .................... 10.05 0.50 % 1,764 0.20 % 0.05 % 0.17 %
JNL/S&P Moderate Growth Series I
Period from 4/8/98* to 6/30/98 .................... 10.14 1.40 % 1,722 0.20 % (0.20)% 4.05 %
JNL/S&P Aggressive Growth Series I
Period from 4/8/98* to 6/30/98 .................... 10.23 2.30 % 1,029 0.20 % (0.20)% 0.08 %
JNL/S&P Very Aggressive Growth Series I
Period from 4/1/98* to 6/30/98 .................... 10.34 3.40 % 729 0.20 % (0.20)% 32.92 %
JNL/S&P Equity Growth Series I
Period from 4/13/98* to 6/30/98 ................... 9.97 (0.30)% 1,196 0.20 % (0.20)% 8.59 %
JNL/S&P Equity Aggressive Growth Series I
Period from 4/15/98* to 6/30/98 ................... 10.07 0.70 % 625 0.20 % (0.20)% 0.06 %
</TABLE>
<TABLE>
<CAPTION>
Ratio information assuming
no expense reimbursement
or fees paid indirectly
--------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
Period or Year ended assets (b) assets (b)
- -------------------- ---------- ------------
<S> <C> <C>
Salomon Brothers/JNL High Yield Bond Series
Period from 3/2/98* to 6/30/98 .................... 1.64 % 6.32 %
Salomon Brothers/JNL U.S. Government &
Quality Bond Series
Six months ended 6/30/98 ........................... 0.88 % 5.48 %
Year ended 12/31/97 ................................ 0.96 % 5.88 %
Period from 4/1/96 to 12/31/96 ..................... 1.37 % 5.19 %
Period from 5/15/95* to 3/31/96 .................... 2.53 % 3.72 %
T. Rowe Price/JNL Established Growth Series
Six months ended 6/30/98 ........................... 0.92 % 0.48 %
Year ended 12/31/97 ................................ 0.98 % 0.43 %
Period from 4/1/96 to 12/31/96 ..................... 1.11 % 0.48 %
Period from 5/15/95* to 3/31/96 .................... 2.09 % (0.34)%
T. Rowe Price/JNL International Equity
Investment Series
Six months ended 6/30/98 ........................... 1.28 % 1.26 %
Year ended 12/31/97 ................................ 1.32 % 0.66 %
Period from 4/1/96 to 12/31/96 ..................... 1.29 % 1.05 %
Period from 5/15/95* to 3/31/96 .................... 2.14 % (0.11)%
T. Rowe Price/JNL Mid-Growth Series
Six months ended 6/30/98 ........................... 1.02 % (0.32)%
Year ended 12/31/97 ................................ 1.06 % (0.26)%
Period from 4/1/96 to 12/31/96 ..................... 1.14 % (0.22)%
Period from 5/15/95* to 3/31/96 .................... 2.10 % (0.18)%
JNL/S&P Conservative Growth Series I
Period from 4/9/98* to 6/30/98 .................... 0.20 % 0.05 %
JNL/S&P Moderate Growth Series I
Period from 4/8/98* to 6/30/98 .................... 0.20 % (0.20)%
JNL/S&P Aggressive Growth Series I
Period from 4/8/98* to 6/30/98 .................... 0.20 % (0.20)%
JNL/S&P Very Aggressive Growth Series I
Period from 4/1/98* to 6/30/98 .................... 0.20 % (0.20)%
JNL/S&P Equity Growth Series I
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Equity Aggressive Growth Series I
Period from 4/15/98* to 6/30/98 ................... 0.20 % (0.20)%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Income from Operations
---------------------------------
Net realized &
unrealized gains
Net Asset Net on investments
value, investment & foreign
beginning income currency
Period or Year ended of period (loss) related items
- -------------------- ---------- ----------- ----------------
<S> <C> <C> <C>
JNL/S&P Conservative Growth Series II
Period from 4/13/98* to 6/30/98 ................... $ 10.00 $ -- $ (0.10)
JNL/S&P Moderate Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.00 -- (0.09)
JNL/S&P Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.00 -- (0.15)
JNL/S&P Very Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.00 -- 0.15
JNL/S&P Equity Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.00 -- (0.20)
JNL/S&P Equity Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.00 -- (0.08)
</TABLE>
<TABLE>
<CAPTION>
Distributions
---------------------------------------------------
From net
From net realized gains
investment on investment Return of
Period or Year Ended income transactions Capital
- -------------------- ---------- -------------- ----------------
<S> <C> <C> <C>
JNL/S&P Conservative Growth Series II
Period from 4/13/98* to 6/30/98 ................... $ -- $ -- $ --
JNL/S&P Moderate Growth Series II
Period from 4/13/98* to 6/30/98 ................... -- -- --
JNL/S&P Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... -- -- --
JNL/S&P Very Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... -- -- --
JNL/S&P Equity Growth Series II
Period from 4/13/98* to 6/30/98 ................... -- -- --
JNL/S&P Equity Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... -- -- --
</TABLE>
- --------------------------------------------------------
* Commencement of operations.
(a) Assumes investment at net asset value at the beginning of the period,
reinvestment of all 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 for the periods ended June 30, 1998, December 31, 1996 and March
31, 1996.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Ratios and Supplemental Data
----------------------------------------------------
Ratio of net Ratio of net
operating investment
Net asset Total Net assets, expenses to income to
value, end Return end of period average net average net Portfolio
Period or Year ended of period (a) (in thousands) assets (b)(c) assets (b)(c) turnover
- -------------------- --------- ------ -------------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
JNL/S&P Conservative Growth Series II
Period from 4/13/98* to 6/30/98 ................... $ 9.90 (1.00)% $ 2,316.00 0.20%. (0.20)% 2.07 %
JNL/S&P Moderate Growth Series II
Period from 4/13/98* to 6/30/98 ................... 9.91 (0.90)% 1,671.00 0.20 % (0.20)% 1.72 %
JNL/S&P Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 9.85 (1.50)% 294.00 0.20 % (0.20)% 1.42 %
JNL/S&P Very Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 10.15 1.50 % 249.00 0.20 % (0.20)% 2.03 %
JNL/S&P Equity Growth Series II
Period from 4/13/98* to 6/30/98 ................... 9.80 (2.00)% 454.00 0.20 % (0.20)% 1.71 %
JNL/S&P Equity Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 9.92 (0.80)% 237.00 0.20 % (0.20)% 2.04 %
</TABLE>
<TABLE>
<CAPTION>
Ratio information assuming
no expense reimbursement
or fees paid indirectly
--------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
Period or Year ended assets (b) assets (b)
- -------------------- ----------- -------------
<S> <C> <C>
JNL/S&P Conservative Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Moderate Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Very Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Equity Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
JNL/S&P Equity Aggressive Growth Series II
Period from 4/13/98* to 6/30/98 ................... 0.20 % (0.20)%
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
JNL Series Trust ("Trust") is an open-end management investment company
organized under the laws of Massachusetts, by a Declaration of Trust, dated June
1, 1994. The Trust is registered with the Securities and Exchange Commission
under the Investment Company Act of 1940. The Trust currently offers shares in
thirty-six (36) 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/Alliance Growth for which Alliance Capital
Management L.P. 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/JPM International & Emerging Markets for which J.P. Morgan Investment
Management Inc. serves as the sub-adviser; JNL/PIMCO Total Return Bond for which
Pacific Investment Management Company serves as the sub-adviser; JNL/Putnam
Growth and JNL/Putnam Value Equity for which Putnam Investment Management, Inc.
serves as the sub-adviser; Goldman Sachs/JNL Growth & Income for which Goldman
Sachs Asset Management serves as the sub-adviser; Lazard/JNL Small Cap Value and
Lazard/JNL Mid Cap Value for which Lazard Asset Management serves as
sub-adviser; PPM America/JNL Balanced, PPM America/JNL High Yield Bond and PPM
America/JNL Money Market for which PPM America, Inc. serves as the sub-adviser;
Salomon Brothers/JNL Balanced, Salomon Brothers/JNL Global Bond, Salomon
Brothers/JNL High Yield 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; T. Rowe
Price/JNL International Equity Investment for which Rowe Price-Fleming
International, Inc. serves as the sub-adviser; and JNL/S&P Conservative Growth
I, JNL/S&P Moderate Growth I, JNL/S&P Aggressive Growth I, JNL/S&P Very
Aggressive Growth I, JNL/S&P Equity Growth I, JNL/S&P Equity Aggressive Growth
I, JNL/S&P Conservative Growth II, JNL/S&P Moderate Growth II, JNL/S&P
Aggressive Growth II, JNL/S&P Very Aggressive Growth II, JNL/S&P Equity Growth
II and JNL/S&P Equity Aggressive Growth II for which Standard & Poor's
Investment Advisory Services, 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 accounts.
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. Actual results could differ from those estimates.
Security Valuation -- Bonds are valued on the basis of prices furnished by
a service which determines prices for normal institutional size trading units of
bonds. 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 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.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (continued)
- --------------------------------------------------------------------------------
Security Transactions And Investment Income -- Security transactions are
recorded on the trade date. Dividend income is recorded on the ex-dividend date.
Interest income, including level-yield amortization of discounts and premiums,
is accrued daily. Realized gains and losses are determined on the specific
identification basis.
Foreign Currency Translations -- The accounting records of the Trust are
maintained in U.S. dollars. Investment securities and other assets and
liabilities de-nominated 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
pay-ments 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 -- A 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 for-ward
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. These
forward foreign currency contracts involve market risk in excess of the
unrealized appreciation (depreciation) of forward foreign currency contracts
reflected in the Statement of Assets and Liabilities. 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 June 30, 1998.
When-Issued and Delayed Delivery Transactions -- A 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.
Unregistered Securities -- A Series may own certain investment securities
which are unregistered and thus restricted to resale. These securities are
valued by the Series after giving due consideration to pertinent factors
including recent private sales, market conditions and the issuer's financial
performance. Where future dispositions of the securities require registration
under the Securities Act of 1933, the Series have the right to include their
securities in such registration generally without cost to the Series. The Series
have no right to require registration of unregistered securities. Unregistered
and other illiquid securities are limited to 15% (10% in the case of PPM
America/JNL Money Market Series and the JNL/Alger Growth Series) of the net
assets of a Series.
Options Transactions -- A Series may write covered call options on
portfolio securities. Written options involve, to varying degrees, risk of loss
in excess of the option value reflected in the Statement of Assets and
Liabilities. The risk in writing a covered call option is that the Series may
forego the opportunity of profit if the market price of the underlying security
increases and the option is exercised. Option contracts are valued at the
closing prices on their exchanges and the Series will realize a gain or loss
upon expiration or closing of the option transaction. When an option is
exercised, the proceeds on sales for a written call option are adjusted by the
amount of premium received.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (continued)
- --------------------------------------------------------------------------------
Futures Contracts -- A Series may utilize futures contracts to a limited
extent. The risks associated with the use of futures contracts includes the
possibility that the value may not correlate with the change in the value of the
hedged instruments. In addition, there is the risk that the Series may not be
able to enter into a closing transaction because of an illiquid market. Futures
contracts are valued based upon their quoted daily settlement prices. Changes in
initial settlement value are accounted for as unrealized appreciation
(depreciation) until the contracts are terminated at which time realized gains
and losses are recognized.
Short Positions -- A Series may sell securities short for hedging purposes.
For financial statement purposes, an amount equal to the settlement amount is
included in the Statement of Assets and Liabilities as an asset and equivalent
liability. The amount of the liability is subsequently marked-to-market to
reflect the current value of the short position. The Series is liable for any
dividends payable on securities while those securities are in a short position.
As collateral for its short positions, the Series is required under the 1940 Act
to maintain segregated assets consisting of cash, cash equivalents or liquid
securities. These segregated assets are required to be adjusted daily to reflect
changes in the value of the securities sold short.
Dollar Roll Transactions -- The Salomon Broth-ers/JNL Global Bond Series
and the Salomon Broth-ers/JNL U.S. Government & Quality Bond Series entered into
dollar roll transactions with respect to mortgage sec-urities 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
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. Dollar roll transactions involve the risk
that the market value of the securities sold by the Series may decline below the
repurchase price of those similar securities which the Series is obligated to
purchase or that the return earned by the Series with the proceeds of a dollar
roll may not exceed transaction costs.
Repurchase Agreements -- A Series 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.
Reverse Repurchase Agreements -- A Series may engage in reverse repurchase
agreements to borrow short term funds. The value of the reverse repurchase
agreements that the Series have committed to sell are reflected in the Statement
of Assets and Liabilities. The Series will maintain securities in segregated
accounts with its custodian that at all times are in an amount equal to their
obligations under the reverse repurchase agreements. Reverse repurchase
agreements involve the risks that the market value of the securities sold by the
Series may decline below the repurchase price and, if the proceeds from the
reverse repurchase agreement are invested in securities, that the market value
of the securities bought may decline below the repurchase price of the
securities sold.
Distributions To Shareholders -- The PPM Amer-ica/JNL Money Market Series
declares dividends daily and pays dividends monthly. For all other Series,
div-idends from net investment income are declared and paid annually, but may be
done more frequently to avoid excise tax. Distributions of net realized capital
gains, if any, will be distributed at least annually.
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
char-acterization of certain income and capital gain dist-ributions determined
annually in accordance with federal tax regulations which may differ from
generally accepted accounting principles.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (continued)
- --------------------------------------------------------------------------------
NOTE 3. INVESTMENT MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES
The Trust has an investment advisory agreement with JNFSI whereby JNFSI
provides investment management and transfer agency services. Each Series pays
JNFSI a fee, computed daily and payable monthly, based on a specified percentage
of the average daily net assets of each Series. The following is a schedule of
the fees each Series is currently obligated to pay JNFSI.
<TABLE>
<CAPTION>
$0 to $50 to $100 to $150 to $200 to $250 to $300 to $350 to Over
(M - Millions) $50 M $100 M $150 M $200 M $250 M $300 M $350 M $500 M $500 M
- -------------- ----- ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series................ .95% .95% .95% .90% .90% .90% .85% .85% .85%
JNL Capital Growth Series................... .95% .95% .95% .90% .90% .90% .85% .85% .85%
JNL Global Equities Series.................. 1.00% 1.00% 1.00% .95% .95% .95% .90% .90% .90%
JNL/Alger Growth Series..................... .975% .975% .975% .975% .975% .975% .95% .95% .90%
JNL/Alliance Growth Series.................. .775% .775% .775% .775% .775% .70% .70% .70% .70%
JNL/Eagle Core Equity Series................ .90% .85% .85% .85% .85% .85% .75% .75% .75%
JNL/Eagle SmallCap Equity Series............ .95% .95% .95% .90% .90% .90% .90% .90% .85%
JNL/JPM International & Emerging
Markets Series........................... .975% .95% .95% .95% .90% .90% .90% .85% .85%
JNL/PIMCO Total Return Bond Series.......... .70% .70% .70% .70% .70% .70% .70% .70% .70%
JNL/Putnam Growth Series.................... .90% .90% .90% .85% .85% .85% .80% .80% .80%
JNL/Putnam Value Equity Series.............. .90% .90% .90% .85% .85% .85% .80% .80% .80%
Goldman Sachs/JNL Growth & Income Series.... .925% .90% .90% .90% .85% .85% .85% .80% .80%
Lazard/JNL Small Cap Value Series........... 1.05% 1.00% 1.00% .975% .975% .975% .925% .925% .925%
Lazard/JNL Mid Cap Value Series............. .975% .975% .975% .925% .925% .925% .90% .90% .90%
PPM America/JNL Balanced Series............. .75% .70% .70% .675% .675% .675% .65% .65% .625%
PPM America/JNL High Yield Bond Series...... .75% .70% .70% .675% .675% .675% .65% .65% .625%
PPM America/JNL Money Market Series......... .60% .60% .60% .575% .575% .575% .55% .55% .525%
Salomon Brothers/JNL Balanced Series........ .80% .75% .70% .70% .70% .70% .70% .70% .70%
Salomon Brothers/JNL Global Bond Series..... .85% .85% .85% .80% .80% .80% .80% .80% .75%
Salomon Brothers/JNL High Yield Bond Series. .80% .75% .70% .70% .70% .70% .70% .70% .70%
Salomon Brothers/JNL U.S. Government &
Quality Bond Series...................... .70% .70% .70% .65% .65% .65% .60% .60% .55%
T. Rowe Price/JNL Established Growth Series. .85% .85% .85% .80% .80% .80% .80% .80% .80%
T. Rowe Price/JNL International Equity
Investment Series........................ 1.10% 1.05% 1.05% 1.00% 1.00% 1.00% .95% .95% .90%
T. Rowe Price/JNL Mid-Cap Growth Series..... .95% .95% .95% .90% .90% .90% .90% .90% .90%
JNL/S&P Conservative Growth Series I........ .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Moderate Growth Series I............ .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Aggressive Growth Series I.......... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Very Aggressive Growth Series I..... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Equity Growth Series I.............. .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Equity Aggressive Growth Series I... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Conservative Growth Series II....... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Moderate Growth Series II........... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Aggressive Growth Series II........ .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Very Aggressive Growth Series II.... .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Equity Growth Series II............. .20% .20% .20% .20% .20% .20% .20% .20% .15%
JNL/S&P Equity Aggressive Growth Series II.. .20% .20% .20% .20% .20% .20% .20% .20% .15%
</TABLE>
As compensation for their services, the sub-advisers receive fees from
JNFSI calculated on the basis of the average daily net assets of each Series.
The following is a schedule of the fees JNFSI currently is obligated to pay the
sub-advisers out of the advisory fee it receives from each Series as specified
above.
<PAGE>
<TABLE>
<CAPTION>
$0 to $50 to $100 to $150 to $200 to $250 to $300 to $350 to Over
(M - Millions) $50 M $100 M $150M $200 M $250 M $300M $350 M $500M $500 M
- -------------- ----- ------ ----- ------ ------ ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
JNL Aggressive Growth Series................ .55% .55% .50% .50% .50% .50% .50% .50% .45%
JNL Capital Growth Series................... .55% .55% .50% .50% .50% .50% .50% .50% .45%
JNL Global Equities Series.................. .55% .55% .50% .50% .50% .50% .50% .50% .45%
JNL/Alger Growth Series..................... .55% .55% .55% .55% .55% .55% .50% .50% .45%
JNL/Alliance Growth Series.................. .35% .35% .35% .35% .35% .25% .25% .25% .25%
JNL/Eagle Core Equity Series................ .45% .40% .40% .40% .40% .40% .30% .30% .30%
JNL/Eagle SmallCap Equity Series............ .50% .50% .50% .45% .45% .45% .45% .45% .40%
JNL/JPM International & Emerging Markets
Series.................................. .55% .50% .50% .50% .45% .45% .45% .40% .40%
JNL/PIMCO Total Return Bond Series.......... .25% .25% .25% .25% .25% .25% .25% .25% .25%
JNL/Putnam Growth Series.................... .50% .50% .50% .45% .45% .45% .35% .35% .35%
JNL/Putnam Value Equity Series.............. .50% .50% .50% .45% .45% .45% .35% .35% .35%
Goldman Sachs/JNL Growth & Income Series.... .50% .45% .45% .45% .40% .40% .40% .35% .35%
Lazard/JNL Small Cap Value Series........... .625% .575% .575% .525% .525% .525% .475% .475% .475%
Lazard/JNL Mid Cap Value Series............. .55% .525% .525% .475% .475% .475% .45% .45% .45%
PPM America/JNL Balanced Series............. .25% .20% .20% .175% .175% .175% .15% .15% .125%
PPM America/JNL High Yield Bond Series...... .25% .20% .20% .175% .175% .175% .15% .15% .125%
PPM America/JNL Money Market Series......... .20% .15% .15% .125% .125% .125% .10% .10% .075%
Salomon Brothers/JNL Balanced Series........ .35% .30% .25% .25% .25% .25% .25% .25% .25%
Salomon Brothers/JNL Global Bond Series..... .375% .35% .35% .30% .30% .30% .30% .30% .25%
Salomon Brothers/JNL High Yield Bond Series. .35% .30% .25% .25% .25% .25% .25% .25% .25%
Salomon Brothers/JNL U.S. Government &
Quality Bond Series..................... .225% .225% .225% .175% .175% .175% .15% .15% .10%
JNL/S&P Conservative Growth Series I........ .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Moderate Growth Series I............ .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Aggressive Growth Series I.......... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Very Aggressive Growth Series I..... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Equity Growth Series I.............. .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Equity Aggressive Growth Series I... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Conservative Growth Series II....... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Moderate Growth Series II........... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Aggressive Growth Series II........ .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Very Aggressive Growth Series II.... .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Equity Growth Series II............. .10% .10% .10% .10% .10% .10% .10% .10% .075%
JNL/S&P Equity Aggressive Growth Series II.. .10% .10% .10% .10% .10% .10% .10% .10% .075%
</TABLE>
<TABLE>
<CAPTION>
$0 to $20 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>
- --------------------------------------------------------------------------------
* When average net assets exceed this amount, the sub-advisory fee
asterisked is applicable to all assets in this Series.
JNFSI has voluntarily agreed to reimburse 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 at any
time.
Trustees and officers of the Trust who are affiliated persons receive no
compensation from the Trust. Trustees who are not interested persons of the
Trust, as defined in the 1940 Act, collectively received compensation of $24,000
for the six months ended June 30, 1998.
NOTE 4. SECURITY TRANSACTIONS
During the period ended June 30, 1998, the cost of purchases and proceeds
from sales and maturities of securities, other than short-term investments, were
as follows (in thousands):
<PAGE>
<TABLE>
<CAPTION>
Cost of Proceeds from Sales
Purchases and Maturities
--------- --------------
<S> <C> <C>
JNL Aggressive Growth Series.................................................... $ 73,470 $ 62,001
JNL Capital Growth Series....................................................... 54,987 48,165
JNL Global Equities Series...................................................... 88,089 57,544
JNL/Alger Growth Series......................................................... 60,760 42,906
JNL/Alliance Growth Series...................................................... 2,899 624
JNL/Eagle Core Equity Series.................................................... 14,679 5,217
JNL/Eagle SmallCap Equity Series................................................ 14,816 5,528
JNL/JPM International & Emerging Markets Series................................. 11,212 6,377
JNL/PIMCO Total Return Bond Series.............................................. 4,461 2,695
JNL/Putnam Growth Series........................................................ 58,652 27,802
JNL/Putnam Value Equity Series.................................................. 108,481 58,065
Goldman Sachs/JNL Growth & Income Series........................................ 3,322 310
Lazard/JNL Small Cap Value Series............................................... 5,416 447
Lazard/JNL Mid Cap Value Series................................................. 5,226 730
PPM America/JNL Balanced Series................................................. 36,004 15,640
PPM America/JNL High Yield Bond Series.......................................... 138,108 103,562
Salomon Brothers/JNL Balanced Series............................................ 2,074 108
Salomon Brothers/JNL Global Bond Series......................................... 27,466 16,750
Salomon Brothers/JNL High Yield Bond Series..................................... 6,115 1,012
Salomon Brothers/JNL U.S. Government & Quality Bond Series...................... 80,090 68,239
T. Rowe Price/JNL Established Growth Series..................................... 69,488 35,826
T. Rowe Price/JNL International Equity Investment Series........................ 8,597 9,449
T. Rowe Price/JNL Mid-Cap Growth Series......................................... 54,816 32,415
JNL/S&P Conservative Growth Series I............................................ 1,739 1
JNL/S&P Moderate Growth Series I................................................ 1,717 26
JNL/S&P Aggressive Growth Series I.............................................. 1,001 -
JNL/S&P Very Aggressive Growth Series I......................................... 773 67
JNL/S&P Equity Growth Series I.................................................. 1,236 44
JNL/S&P Equity Aggressive Growth Series I....................................... 607 -
JNL/S&P Conservative Growth Series II........................................... 2,379 44
JNL/S&P Moderate Growth Series II............................................... 1,702 24
JNL/S&P Aggressive Growth Series II............................................ 298 3
JNL/S&P Very Aggressive Growth Series II........................................ 249 4
JNL/S&P Equity Growth Series II................................................. 460 4
JNL/S&P Equity Aggressive Growth Series II...................................... 242 4
</TABLE>
Included in these transactions were purchases and sales of U.S. Government
obligations of $4,355,200 and $2,695,668 in the JNL/PIMCO Total Return Bond
Series; $13,271,052 and $2,812,262 in the PPM America/JNL Balanced Series;
$1,490,789 and $81,369 in the Salomon Brothers/JNL Balanced Series; $48,466,455
and $45,599,363 in the Salomon Brothers/JNL Global Bond Series; $80,902,363 and
$68,238,555 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 June 30, 1998 were as follows (in thousands):
<TABLE>
<CAPTION>
Tax Gross Gross Net
Cost Unrealized Unrealized Unrealized
Basis Appreciation Depreciation Appreciation
----- ------------ ------------ ------------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series.................................. $ 91,238 $ 25,609 $ (826) $ 24,783
JNL Capital Growth Series..................................... 76,742 20,697 (1,088) 19,609
JNL Global Equities Series.................................... 175,106 56,054 (1,777) 54,277
JNL/Alger Growth Series....................................... 93,442 32,130 (243) 31,887
JNL/Alliance Growth Series.................................... 2,315 304 (68) 236
JNL/Eagle Core Equity Series.................................. 21,566 3,340 (626) 2,714
JNL/Eagle SmallCap Equity Series.............................. 23,757 3,457 (1,418) 2,039
JNL/JPM International & Emerging Markets Series............... 5,078 278 (358) (80)
JNL/PIMCO Total Return Bond Series............................ 3,650 74 - 74
JNL/Putnam Growth Series...................................... 106,842 31,933 (1,742) 30,191
JNL/Putnam Value Equity Series................................ 154,975 14,060 (4,709) 9,351
Goldman Sachs/JNL Growth & Income Series............................ 3,410 79 (228) (149)
Lazard/JNL Small Cap Value Series................................... 5,189 232 (479) (247)
Lazard /JNL Mid Cap Value Series.............................. 4,948 162 (311) (149)
PPM America/JNL Balanced Series............................... 77,987 6,845 (1,276) 5,569
PPM America/JNL High Yield Bond Series........................ 95,424 911 (863) 48
Salomon Brothers/JNL Balanced Series.......................... 2,150 38 (41) (3)
Salomon Brothers/JNL Global Bond Series....................... 54,576 1,007 (860) 147
Salomon Brothers/JNL High Yield Bond Series................... 5,689 9 (56) (47)
Salomon Brothers/JNL U.S. Government & Quality
Bond Series.............................................. 46,984 858 (9) 849
T. Rowe Price/JNL Established Growth Series................... 151,314 36,849 (3,094) 33,755
T. Rowe Price/JNL International Equity Investment Series...... 72,087 21,108 (5,677) 15,431
T. Rowe Price/JNL Mid-Cap Growth Series....................... 137,372 40,979 (5,662) 35,317
JNL/S&P Conservative Growth Series I................................ 1,738 27 (1) 26
JNL/S&P Moderate Growth Series I.................................... 1,691 34 (3) 31
JNL/S&P Aggressive Growth Series I.................................. 1,001 29 (1) 28
JNL/S&P Very Aggressive Growth Series I............................. 704 25 - 25
JNL/S&P Equity Growth Series I...................................... 1,190 14 (8) 6
JNL/S&P Equity Aggressive Growth Series I........................... 607 19 (1) 18
JNL/S&P Conservative Growth Series II............................... 2,335 21 (39) (18)
JNL/S&P Moderate Growth Series II................................... 1,677 21 (26) (5)
JNL/S&P Aggressive Growth Series II................................ 295 5 (6) (1)
JNL/S&P Very Aggressive Growth Series II............................ 244 9 (4) 5
JNL/S&P Equity Growth Series II..................................... 455 6 (7) (1)
JNL/S&P Equity Aggressive Growth Series II.......................... 238 6 (7) (1)
</TABLE>
NOTE 5. TRUST TRANSACTIONS
Transactions of trust shares for the period ended June 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Shares Distributions Shares
Purchased Reinvested Redeemed Net Increase
--------- ---------- -------- ------------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series.............................. 1,653,504 - (872,116) 781,388
JNL Capital Growth Series................................. 1,074,509 - (663,030) 411,479
JNL Global Equities Series................................ 2,020,076 - (765,624) 1,254,452
JNL/Alger Growth Series................................... 1,951,790 - (788,947) 1,162,843
JNL/Alliance Growth Series................................ 226,596 - (348) 226,248
JNL/Eagle Core Equity Series.............................. 856,581 - (169,505) 687,076
JNL/Eagle SmallCap Equity Series.......................... 1,013,420 - (331,831) 681,589
JNL/JPM International & Emerging Markets Series........... 501,538 - (208) 501,330
JNL/PIMCO Total Return Bond Series........................ 361,877 - (518) 361,359
JNL/Putnam Growth Series.................................. 2,277,834 - (600,995) 1,676,839
JNL/Putnam Value Equity Series ........................... 3,315,626 - (601,842) 2,713,784
Goldman Sachs/JNL Growth & Income Series.................. 336,430 - (3,230) 333,200
Lazard/JNL Small Cap Value Series......................... 511,717 - (197) 511,520
Lazard /JNL Mid Cap Value Series.......................... 472,324 - (1,921) 470,403
PPM America/JNL Balanced Series .......................... 1,747,570 - (370,757) 1,376,813
PPM America/JNL High Yield Bond Series.................... 3,472,935 - (877,027) 2,595,908
PPM America/JNL Money Market Series....................... 61,247,339 1,192,196 (50,407,929) 12,031,606
Salomon Brothers/JNL Balanced Series...................... 206,391 - (2,171) 204,220
Salomon Brothers/JNL Global Bond Series................... 1,245,074 - (434,465) 810,609
Salomon Brothers/JNL High Yield Bond Series............... 568,123 - (895) 567,228
Salomon Brothers/JNL U.S. Government & Quality
Series............................................... 1,317,565 - (481,508) 836,057
T. Rowe Price/JNL Established Growth Series............... 2,935,126 - (868,489) 2,066,637
T. Rowe Price/JNL International Equity Investment
Bond Series......................................... 820,059 - (869,341) (49,282)
T. Rowe Price/JNL Mid-Cap Growth Series................... 2,110,746 - (898,525) 1,212,221
JNL/S&P Conservative Growth Series I...................... 175,583 - (112) 175,471
JNL/S&P Moderate Growth Series I.......................... 172,561 - (2,672) 169,889
JNL/S&P Aggressive Growth Series I........................ 100,601 - (33) 100,568
JNL/S&P Very Aggressive Growth Series I................... 77,312 - (6,836) 70,476
JNL/S&P Equity Growth Series I............................ 124,387 - (4,501) 119,886
JNL/S&P Equity Aggressive Growth Series I................. 62,077 - (15) 62,062
JNL/S&P Conservative Growth Series II..................... 238,374 - (4,460) 233,914
JNL/S&P Moderate Growth Series II......................... 171,026 - (2,429) 168,597
JNL/S&P Aggressive Growth Series II...................... 30,135 - (331) 29,804
JNL/S&P Very Aggressive Growth Series II.................. 24,945 - (448) 24,497
JNL/S&P Equity Growth Series II........................... 46,791 - (458) 46,333
JNL/S&P Equity Aggressive Growth Series II................ 24,344 - (446) 23,898
</TABLE>
Transactions of trust shares for the year ending December 31, 1997 were as
follows:
<TABLE>
<CAPTION>
Shares Distributions Shares
Purchased Reinvested Redeemed Net Increase
--------- ---------- -------- ------------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series.............................. 3,894,346 191,755 (868,600) 3,217,501
JNL Capital Growth Series................................. 2,848,842 34,057 (968,352) 1,914,547
JNL Global Equities Series................................ 6,393,844 295,987 (1,246,634) 5,443,197
JNL/Alger Growth Series................................... 3,544,503 229,852 (869,988) 2,904,367
JNL/Eagle Core Equity Series.............................. 688,411 16,636 (24,082) 680,965
JNL/Eagle SmallCap Equity Series.......................... 886,938 - (139,332) 747,606
JNL/Putnam Growth Series.................................. 4,787,449 92,112 (1,561,300) 3,318,261
JNL/Putnam Value Equity Series............................ 5,270,627 304,872 (347,068) 5,228,431
PPM America/JNL Balanced Series........................... 2,579,083 337,971 (395,399) 2,521,655
PPM America/JNL High Yield Bond Series.................... 4,500,240 349,736 (642,559) 4,207,417
PPM America/JNL Money Market Series....................... 87,270,526 1,658,199 (70,873,065) 18,055,660
Salomon Brothers/JNL Global Bond Series................... 2,422,646 177,324 (471,899) 2,128,071
Salomon Brothers/JNL U.S. Government & Quality Bond
Series............................................... 1,740,847 92,434 (422,626) 1,410,655
T. Rowe Price/JNL Established Growth Series............... 5,871,440 308,764 (813,825) 5,366,379
T. Rowe Price/JNL International Equity Investment
Series.............................................. 3,010,793 112,676 (606,319) 2,517,150
T. Rowe Price/JNL Mid-Cap Growth Series................... 4,951,347 94,266 (893,009) 4,152,604
</TABLE>
NOTE 6. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments
involves special risks and considerations not typically associated with
investing in U.S. companies and the U.S. Government. These risks include
revaluation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign companies and foreign
governments and their markets may be less liquid and their prices more volatile
than those of securities of comparable U.S. companies and the U.S. Government.
NOTE 7. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
At June 30, 1998 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 ($33,104), ($118,766), $7,989, $11,079 and $22,529, in the JNL
Aggressive Growth Series, JNL Capital Growth Series, JNL Global Equities Series,
JNL/JPM International & Emerging Markets 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 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/10/98 430,000 Finnish Markka $ 78,497 78,324 US $ $ 78,324
7/17/98 2,115,000 Finnish Markka 386,248 382,459 US $ 382,459
7/17/98 392,142 US $ 392,142 2,115,000 Finnish Markka 386,248
7/23/98 160,000 Finnish Markka 29,230 29,463 US $ 29,463
7/23/98 29,074 US $ 29,074 160,000 Finnish Markka 29,230
7/31/98 15,300,000 Finnish Markka 2,796,359 2,789,007 US $ 2,789,007
7/31/98 1,228,578 US $ 1,228,578 6,730,000 Finnish Markka 1,230,033
8/7/98 1,000,000 Finnish Markka 182,837 180,157 US $ 180,157
11/4/98 195,000 Finnish Markka 35,817 36,792 US $ 36,792
11/4/98 35,611 US $ 35,611 195,000 Finnish Markka 35,817
7/10/98 90,000 British Sterling 150,192 147,870 US $ 147,870
Pound
7/10/98 148,653 US $ 148,653 90,000 British Sterling 150,192
Pound
8/7/98 170,000 British Sterling 283,265 278,704 US $ 278,704
Pound
8/7/98 278,523 US $ 278,523 170,000 British Sterling 283,264
Pound
</TABLE>
<PAGE>
JNL Aggressive Growth Series (continued)
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
8/13/98 65,000 British Sterling $ 108,271 105,040 US $ $ 105,040
Pound
8/13/98 108,030 US $ 108,030 65,000 British Sterling 108,271
Pound
8/14/98 500 British Sterling 833 817 US $ 817
Pound
8/14/98 825 US $ 825 500 British Sterling 833
Pound
10/7/98 140,000 British Sterling 232,474 232,120 US $ 232,120
Pound
10/7/98 229,162 US $ 229,162 140,000 British Sterling 232,474
Pound
8/7/98 2,085,000,000 Italian Lira 1,174,184 1,165,164 US $ 1,165,164
8/7/98 800,868 US $ 800,868 1,425,000,000 Italian Lira 802,500
11/12/98 1,115,000,000 Italian Lira 629,516 631,478 US $ 631,478
11/12/98 286,213 US $ 286,213 500,000,000 Italian Lira 282,294
7/2/98 850,000 Netherlands Guilder 418,204 414,230 US $ 414,230
7/2/98 421,798 US $ 421,798 850,000 Netherlands Guilder 418,204
7/10/98 550,000 Netherlands Guilder 270,736 272,008 US $ 272,008
7/10/98 270,812 US $ 270,812 550,000 Netherlands Guilder 270,736
7/17/98 800,000 Netherlands Guilder 393,967 392,927 US $ 392,927
7/17/98 392,290 US $ 392,290 800,000 Netherlands Guilder 393,967
7/31/98 250,000 Netherlands Guilder 123,221 123,481 US $ 123,481
7/31/98 123,887 US $ 123,887 250,000 Netherlands Guilder 123,221
7/17/98 1,310,000 Swedish Krona 164,355 164,078 US $ 164,078
7/17/98 164,190 US $ 164,190 1,310,000 Swedish Krona 164,355
----------- -----------
$12,368,862 $12,335,758
=========== ===========
</TABLE>
JNL Capital Growth Series
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/10/98 238,000 British Sterling $ 397,174 388,496 US $ $ 388,496
Pound
8/7/98 5,000 British Sterling 8,331 8,185 US $ 8,185
Pound
8/7/98 8,348 US $ 8,348 5,000 British Sterling 8,331
Pound
8/13/98 1,775,000 British Sterling 2,956,643 2,868,400 US $ 2,868,400
Pound
8/13/98 784,571 US $ 784,571 470,000 British Sterling 782,886
Pound
8/14/98 100,000 British Sterling 666,250 653,360 US $ 653,360
Pound
10/7/98 1,400,000 British Sterling 2,324,736 2,321,200 US $ 2,321,200
Pound
11/4/98 240,000 British Sterling 397,891 394,320 US $ 394,320
Pound
---------- ----------
$7,543,945 $7,425,178
========== ==========
</TABLE>
JNL Global Equities Series
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/10/98 122,000 Swiss Franc $ 80,646 84,196 US $ $ 84,196
7/2/98 3,470,000 Deutsche Mark 1,924,327 1,918,903 US $ 1,918,903
7/2/98 1,961,446 US $ 1,961,446 3,470,000 Deutsche Mark 1,924,327
7/17/98 600,000 Swiss Franc 396,900 415,512 US $ 415,512
7/23/98 150,000 Swiss Franc 99,285 105,589 US $ 105,589
10/7/98 900,000 Swiss Franc 600,148 607,287 US $ 607,287
11/4/98 600,000 Swiss Franc 401,238 415,801 US $ 415,801
12/2/98 1,928,000 Swiss Franc 1,292,996 1,305,349 US $ 1,305,349
7/10/98 680,000 Deutsche Mark 377,287 375,691 US $ 375,691
7/10/98 386,904 US $ 386,904 680,000 Deutsche Mark 377,287
7/23/98 400,000 Deutsche Mark 222,111 222,867 US $ 222,867
10/21/98 725,000 Deutsche Mark 404,651 403,748 US $ 403,748
10/21/98 414,025 US $ 414,025 725,000 Deutsche Mark 404,651
11/4/98 350,000 Deutsche Mark 195,500 200,688 US $ 200,688
11/12/98 750,000 Deutsche Mark 419,114 419,606 US $ 419,606
7/23/98 2,000,000 French Franc 331,279 330,196 US $ 330,196
7/23/98 339,403 US $ 339,403 2,000,000 French Franc 331,279
7/31/98 16,000,000 French Franc 2,651,531 2,649,148 US $ 2,649,148
7/31/98 1,051,262 US $ 1,051,262 6,200,000 French Franc 1,027,468
8/7/98 6,000,000 French Franc 994,724 988,720 US $ 988,720
8/7/98 712,795 US $ 712,795 4,200,000 French Franc 696,307
</TABLE>
<PAGE>
JNL Global Equities Series (continued)
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
10/21/98 1,500,000 French Franc $ 249,729 249,103 US $ $ 249,103
7/10/98 700,000 British Sterling 1,168,158 1,150,100 US $ 1,150,100
Pound
8/7/98 4,232,000 British Sterling 7,051,629 6,872,056 US $ 6,872,056
Pound
8/13/98 600,000 British Sterling 999,429 969,600 US $ 969,600
Pound
10/7/98 3,068,000 British Sterling 5,094,492 5,034,950 US $ 5,034,950
Pound
7/23/98 164,000,000 Japanese Yen 1,190,176 1,316,740 US $ 1,316,740
7/23/98 75,373 US $ 75,373 10,250,000 Japanese Yen 74,386
8/7/98 85,060,000 Japanese Yen 618,637 655,089 US $ 655,089
10/7/98 381,500,000 Japanese Yen 2,798,997 2,934,437 US $ 2,934,437
10/7/98 2,267,612 US $ 2,267,612 304,500,000 Japanese Yen 2,234,062
10/21/98 470,940,000 Japanese Yen 3,462,375 3,584,220 US $ 3,584,220
10/21/98 1,423,713 US $ 1,423,713 180,000,000 Japanese Yen 1,323,369
11/4/98 173,250,000 Japanese Yen 1,276,393 1,272,755 US $ 1,272,755
11/19/98 166,750,000 Japanese Yen 1,231,249 1,393,299 US $ 1,393,299
11/19/98 1,247,288 US $ 1,247,288 166,750,000 Japanese Yen 1,231,249
7/17/98 2,900,000 Netherlands Guilder 1,428,132 1,427,976 US $ 1,427,976
7/17/98 454,994 US $ 454,994 900,000 Netherlands Guilder 443,213
7/23/98 200,000 Netherlands Guilder 98,528 98,270 US $ 98,270
7/31/98 8,600,000 Netherlands Guilder 4,238,802 4,238,754 US $ 4,238,754
7/31/98 2,576,382 US $ 2,576,382 5,100,000 Netherlands Guilder 2,513,708
7/2/98 8,900,000 Swedish Krona 1,115,937 1,105,766 US $ 1,105,766
7/2/98 1,125,912 US $ 1,125,912 8,900,000 Swedish Krona 1,115,937
7/17/98 6,400,000 Swedish Krona 802,954 801,603 US $ 801,603
8/14/98 700,000 Swedish Krona 87,920 88,496 US $ 88,496
10/7/98 8,900,000 Swedish Krona 1,120,335 1,130,439 US $ 1,130,439
10/2/98 1,200,000 South African Rand 194,625 237,765 US $ 237,765
10/2/98 231,256 US $ 231,256 1,200,000 South African Rand 194,625
----------- -----------
$58,888,598 $58,596,587
=========== ===========
</TABLE>
JNL/JPM International & Emerging Markets Series
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
9/17/98 242,827 Austrian Schilling $ 19,225 19,094 US $ $ 19,094
9/17/98 239,155 Australian $ 148,598 140,384 US $ 140,384
9/17/98 1,042,594 Belgian Franc 28,157 27,974 US $ 27,974
9/17/98 204,953 US $ 204,953 300,728 Canadian $ 204,668
9/17/98 272,145 Swiss Franc 181,114 182,159 US $ 182,159
9/17/98 50,543 Deutsche Mark 28,156 1,042,594 Belgian Franc 28,157
9/17/98 177,390 Deutsche Mark 98,821 99,030 US $ 99,030
9/17/98 19,246 Deutsche Mark 10,721 15,855 Swiss Franc 10,552
9/17/98 118,646 US $ 118,646 214,275 Deutsche Mark 119,368
9/17/98 96,414 Deutsche Mark 53,710 86,840 Australian $ 53,958
9/17/98 976,787 Danish Krone 142,666 141,810 US $ 141,810
9/17/98 112,000 Deutsche Mark 62,392 426,922 Danish Krone 62,354
9/17/98 120,000 Swedish Krona 15,093 103,851 Danish Krone 15,168
9/17/98 17,148 Australian $ 10,655 70,732 Danish Krone 10,331
9/17/98 15,206 US $ 15,206 2,335,083 Spanish Paseta 15,270
9/17/98 8,089,698 Spanish Paseta 52,901 53,381 US $ 53,381
9/17/98 34,586 US $ 34,586 189,879 Finnish Markka 34,791
9/17/98 1,581,317 French Franc 262,773 261,159 US $ 261,159
9/17/98 238,100 French Franc 39,566 271,053 Danish Krone 39,625
9/17/98 58,458 British Sterling 97,183 138,862 Swiss Franc 94,112
Pound
9/17/98 507,294 US $ 507,294 311,989 British Sterling 518,662
Pound
9/17/98 14,284 British Sterling 23,746 7,310,613 Greek Drachma 23,707
Pound
9/17/98 500,000 Hong Kong $ 64,053 63,420 US $ 63,420
9/17/98 9,622 British Sterling 15,995 122,271 Hong Kong $ 15,663
Pound
9/17/98 25,264 US $ 25,264 18,228 Irish Pound 25,429
9/17/98 72,572 US $ 72,572 129,564,007 Italian Lira 73,017
9/17/98 35,000 British Sterling 58,185 102,725,000 Italian Lira 57,892
Pound
9/17/98 203,737 US $ 203,737 28,508,871 Japanese Yen 208,552
9/17/98 3,605,082 Japanese Yen 26,372 15,900 British Sterling 26,432
Pound
</TABLE>
<PAGE>
JNL/JPM International & Emerging Markets Series (continued)
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
9/17/98 6,778,195 Japanese Yen $ 49,585 49,000 US $ $ 49,000
9/17/98 3,373,995 Japanese Yen 24,682 15,000 British Sterling 24,937
Pound
9/17/98 146,682 Netherlands Guilder 72,503 72,044 US $ 72,044
9/17/98 33,884 British Sterling 56,330 110,268 Netherlands Guilder 54,503
Pound
9/17/98 39,602 Norwegian Krone 5,176 5,143 US $ 5,143
9/17/98 43,005 New Zealand $ 22,265 21,180 US $ 21,180
9/17/98 7,835,486 Portuguese Escudo 42,577 42,660 US $ 42,660
9/17/98 345,938 Swedish Krona 43,510 58,219 US $ 43,027
9/17/98 829,033 South African Rand 135,123 1,526,764 US $ 152,677
9/17/98 20,493 US $ 20,493 117,240 South African Rand 19,109
9/17/98 47,809 Deutsche Mark 26,633 145,000 South African Rand 23,633
---------- ----------
$3,121,218 $3,132,297
========== ==========
</TABLE>
Salomon Brothers/JNL Global Bond Series
<TABLE>
<CAPTION>
Settlement U.S. $ value U.S. $ value
Date Currency to be delivered at 6/30/98 Currency to be received at 6/30/98
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
8/12/98 782,175 Canadian $ $ 532,017 545,830 US $ $ 545,830
8/12/98 110,652 US $ 110,652 159,892 Canadian $ 108,755
8/12/98 46,228,000 Greek Drachma 150,890 260,000 Deutsche Mark 144,542
8/12/98 1,187,937 Deutsche Mark 660,409 670,000 US $ 670,000
8/12/98 2,064,830 US $ 206,483 366,301 Deutsche Mark 203,637
8/12/98 890,000 US $ 890,000 1,573,938 Deutsche Mark 874,998
8/12/98 280,000 Deutsche Mark 155,660 48,160,000 Greek Drachma 157,196
8/12/98 3,722,754 Danish Krone 542,877 552,337 US $ 552,337
8/12/98 26,450,277 Japanese Yen 192,505 202,219 US $ 202,219
8/12/98 104,425 Netherlands Guilder 51,506 52,501 US $ 52,502
8/12/98 205,412 New Zealand $ 106,589 110,101 US $ 110,101
---------- ----------
$3,599,588 $3,622,117
========== ==========
</TABLE>
<PAGE>
JNL/JPM INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (continued)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 95.52%
Finland -- 1.57%
Food & Beverage -- 1.57%
Raisio Group Plc (a) ....................... 100,830 $1,821,213
Italy -- 0.85%
Telecommunications -- 0.85%
Telecom Italia SpA ......................... 133,311 981,777
Norway -- 0.31%
Oil & Gas -- 0.31%
Ocean Rig ASA (a) .......................... 490,511 364,786
United States -- 92.79%
Advertising -- 2.11%
Lamar Advertising Co. (a) .................. 23,046 826,775
Outdoor Systems Inc. (a) ................... 35,724 1,000,272
Snyder Communications Inc. ................. 14,110 620,840
---------
2,447,887
Aerospace & Defense -- 0.33%
Orbital Sciences Corp. (a) ................. 10,185 380,664
Agriculture -- 0.79%
Delta & Pine Land Co. ...................... 20,725 922,263
Auto Parts & Equipment -- 1.61%
Federal-Mogul Corp. ........................ 27,630 1,865,025
Banks -- 4.22%
Bank of New York Co. Inc. .................. 16,400 995,275
BankAmerica Corp. .......................... 24,530 2,120,312
Star Banc Corp. ............................ 11,412 728,942
U.S. Bancorp ............................... 24,375 1,048,125
---------
4,892,654
Biotechnology -- 2.11%
Centocor Inc. (a) .......................... 14,595 529,069
Monsanto Co. ............................... 34,425 1,923,497
---------
2,452,566
Chemicals -- 0.77%
Solutia Inc. ............................... 31,030 890,173
Commercial Services -- 0.65%
Apollo Group Inc. (a) ...................... 6,170 203,996
CorporateFamily Solutions Inc. (a).......... 21,995 549,875
---------
753,871
Computers -- 5.12%
Cisco Systems Inc. (a) ..................... 45,807 4,217,107
Dell Computer Corp. (a) .................... 18,620 1,728,169
---------
5,945,276
Diversified Financial Services -- 2.34%
Associates First Capital Corp. ............. 21,065 1,619,372
Household International Inc. ............... 22,050 1,096,988
---------
2,716,360
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Electronics -- 2.17%
Analog Devices Inc. (a) .................... 11,323 $ 278,121
Pittway Corp. .............................. 30,390 2,245,061
-----------
2,523,182
Health Care -- 2.36%
Cognizant Corp. (a) ........................ 19,410 1,222,830
Sofamor/Danek Group Inc. (a) ............... 17,110 1,481,084
United States Surgical Corp. ............... 845 38,553
-----------
2,742,467
Holding Companies - Diversified -- 2.29%
TCI Ventures Group (a) ..................... 132,705 2,662,394
Insurance -- 2.13%
UNUM Corp. ................................. 44,423 2,465,477
Manufacturing -- 1.28%
Tyco International Ltd. .................... 23,540 1,483,020
Media -- 22.73%
CBS Corp. .................................. 49,995 1,587,341
Chancellor Media Corp. (a) ................. 23,490 1,166,425
Comcast Corp. .............................. 131,505 5,338,281
Cox Communications Inc. (a) ................ 30,710 1,487,516
Liberty Media Group (a) .................... 24,615 955,370
MediaOne Group Inc. ........................ 107,785 4,735,803
Tele-Communications Inc. (a) ............... 136,413 5,243,375
Time Warner Inc. ........................... 68,037 5,812,911
United International Holdings Inc. (a) .... 2,710 43,360
-----------
26,370,382
Pharmaceuticals -- 11.06%
ALZA Corp. (a) ............................. 32,520 1,406,490
Eli Lilly & Co. ............................ 33,020 2,181,384
Omnicare Inc. .............................. 30,517 1,163,461
Pfizer Inc. ................................ 19,335 2,101,473
Warner-Lambert Co. ......................... 86,120 5,974,575
-----------
12,827,383
Retail -- 2.08%
Amazon.com Inc. (a) ........................ 12,210 1,217,948
Costco Companies Inc. (a) .................. 18,885 1,190,935
-----------
2,408,883
Savings & Loans -- 0.22%
Ambanc Holding Co. Inc. .................... 4,295 76,236
First Defiance Financial Corp. ............. 6,835 95,690
Provident Financial Holdings Inc. (a) ...... 4,065 84,349
-----------
256,275
Semiconductors -- 0.72%
Maxim Integrated Products Inc. (a) ......... 26,350 834,966
See notes to the financial statements.
<PAGE>
JNL AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Software -- 21.34%
America Online Inc. ........................ 37,633 $3,989,098
Aspect Development Inc. (a) ................ 2,655 200,784
Aspen Technology Inc. (a) .................. 45,835 2,314,668
At Home Corp. (a) .......................... 31,430 1,487,032
Cadence Design Systems Inc. (a) ............ 63,965 1,998,906
HBO & Co. .................................. 29,795 1,050,274
Intuit Inc. (a) ............................ 22,595 1,383,944
JDA Software Group Inc. (a) ................ 21,385 935,594
Microsoft Corp. ............................ 48,205 5,224,217
Parametric Technology Corp. (a) ............ 137,125 3,719,516
PeopleSoft Inc. (a) ........................ 23,270 1,093,690
Sapient Corp. (a) .......................... 13,825 729,269
Wind River Systems Inc. (a) ................ 17,345 622,252
-----------
24,749,244
Telecommunications -- 4.36%
General Instrument Corp. (a) ............... 26,285 714,623
Nokia Corp. - ADR .......................... 47,445 3,442,728
U S West Inc. .............................. 1 38
Western Wireless Corp. (a) ................. 45,415 905,462
-----------
5,062,851
-----------
Total United States ........................ 107,653,263
-----------
Total Common Stocks
(cost $86,031,699) ..................... 110,821,039
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 4.48%
Diversified Financial Services -- 3.45%
Household Finance Corp., 6.00%,
07/01/1998 .............................. $ 4,000,000 $ 4,000,000
U.S. Government Agencies -- 1.03%
Federal Home Loan Mortgage Corp. ...........
Discount Note, 5.85%, 07/01/1998 ......... 1,200,000 1,200,000
-----------
Total Short Term Investments
(cost $5,200,000) ...................... 5,200,000
-----------
Total Investments -- 100%
(cost $91,231,699) ......................... $116,021,039
===========
See notes to the financial statements.
<PAGE>
JNL CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 95.95%
United Kingdom -- 9.04%
Commercial Services -- 1.65%
Capita Group Plc ........................... 184,471 $1,593,188
Retail -- 7.39%
J. D. Wetherspoon Plc ...................... 665,208 3,198,810
PizzaExpress Plc ........................... 272,420 3,920,890
-----------
7,119,700
-----------
Total United Kingdom ...................... 8,712,888
-----------
United States -- 86.91%
Advertising -- 3.37%
HA-LO Industries Inc. (a) .................. 15,125 470,766
Outdoor Systems Inc. (a) ................... 88,230 2,470,440
Snyder Communications Inc. (a) ............. 6,860 301,840
-----------
3,243,046
Airlines -- 1.09%
Ryanair Holdings Plc - ADR (a) ............. 29,476 1,050,082
Banks -- 5.99%
Firstar Corp. .............................. 12,230 478,604
M&T Bank Corp. ............................. 1,730 958,420
Northern Trust Corp. ....................... 18,750 1,429,688
Star Banc Corp. ............................ 37,185 2,375,192
U.S. Trust Corp. ........................... 6,970 531,463
-----------
5,773,367
Biotechnology -- 0.35%
Incyte Pharmaceuticals Inc. (a) ............ 9,920 338,520
Commercial Services -- 12.41%
Apollo Group Inc. (a) ...................... 155,053 5,126,423
Gartner Group Inc. (a) ..................... 8,425 294,875
ITT Educational Services Inc. (a)........... 73,290 2,363,603
Paychex Inc. ............................... 91,392 3,718,512
Robert Half International Inc. (a).......... 8,195 457,896
-----------
11,961,309
Diversified Financial Services -- 4.42%
Capital One Financial Corp. ................ 4,765 591,753
Capital Trust (a) .......................... 53,135 511,424
Charles Schwab Corp. ....................... 29,047 944,028
HealthCare Financial Partners Inc. (a) ..... 28,250 1,732,078
Newcourt Credit Group Inc. ................. 9,750 479,578
-----------
4,258,861
Electric -- 1.91%
AES Corp. (a) .............................. 35,040 1,841,788
Electronics -- 5.00%
SIPEX Corp. (a) ............................ 40,460 869,890
Vitesse Semiconductor Corp. (a) ............ 127,805 3,945,979
-----------
4,815,869
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Entertainment -- 3.46%
Premier Parks Inc. ......................... 24,235 $1,614,657
SFX Entertainment Inc. (a) ................. 37,500 1,720,313
-----------
3,334,970
Health Care -- 3.79%
Cyberonics Inc. (a) ........................ 7,625 81,016
Sofamor Danek Group Inc. (a) ............... 41,205 3,566,808
-----------
3,647,824
Holding Companies - Diversified -- 1.45%
American Capital Strategies Ltd. ........... 19,850 454,069
Medallion Financial Corp. .................. 34,185 940,088
-----------
1,394,157
Insurance -- 3.65%
Progressive Corp. .......................... 24,975 3,521,474
Leisure Time -- 1.69%
Family Golf Centers Inc. (a) ............... 17,070 432,084
Royal Caribbean Cruises Ltd. ............... 15,065 1,197,668
-----------
1,629,752
Media -- 17.64%
Capstar Broadcasting Corp. (a) ............. 65,875 1,655,109
Chancellor Media Corp. (a) ................. 74,560 3,702,370
Clear Channel Communications Inc. (a)....... 17,205 1,877,496
Comcast Corp. .............................. 25,500 1,035,141
Heftel Broadcasting Corp. (a) .............. 90,570 4,053,008
Jacor Communications Inc. (a) .............. 23,550 1,389,450
MediaOne Group Inc. ........................ 24,305 1,067,901
Univision Communications Inc. .............. 59,445 2,214,326
-----------
16,994,801
Pharmaceuticals -- 8.61%
ALZA Corp. (a) ............................. 19,450 841,213
MedImmune Inc. (a) ......................... 32,814 2,046,773
Omnicare Inc. .............................. 112,510 4,289,444
Sepracor Inc. (a) .......................... 5,100 211,650
Watson Pharmaceutical Inc. (a) ............. 19,400 905,738
-----------
8,294,818
Retail -- 2.59%
CVS Corp. .................................. 12,050 469,197
Fastenal Co. ............................... 19,285 895,547
MSC Industrial Direct Co. (a) .............. 39,650 1,130,025
-----------
2,494,769
Semiconductors -- 1.25%
Maxim Integrated Products Inc. (a).......... 37,965 1,203,014
Software -- 6.86%
America Online Inc. ........................ 26,360 2,794,160
At Home Corp. (a) .......................... 9,775 462,480
Cadence Design Systems Inc. (a) ............ 86,195 2,693,594
Parametric Technology Corp. (a) ............ 24,295 659,002
-----------
6,609,236
See notes to the financial statements.
<PAGE>
JNL CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Telecommunications -- 1.38%
Metromedia International Group
Inc. (a) ................................... 37,630 $449,208
U S West Inc. .............................. 1 36
Western Wireless Corp. (a) ................. 44,225 881,736
-----------
1,330,980
Total United States ....................... 83,738,637
-----------
Total Common Stocks
(cost $72,633,957) ..................... 92,451,525
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 4.05%
Diversified Financial Services -- 3.12%
Household Finance Corp., 6.00%,
07/01/1998 ............................... $3,000,000 $3,000,000
U.S. Government Agencies -- 0.93%
Federal Home Loan Mortgage Corp.
Discount Note, 5.85%, 07/01/1998.......... 900,000 900,000
-----------
Total Short Term Investments
(cost $3,900,000) ...................... 3,900,000
-----------
Total Investments -- 100%
(cost $76,533,957) ......................... $
96,351,525
===========
- -----------------------------------------------
(a) Non-income producing security.
See notes to the financial statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks --93.15%
Australia -- 0.03%
Banks -- 0.03%
National Australia Bank Ltd. ............... 5,822 $76,979
Austria -- 0.75%
Banks -- 0.75%
Bank Austria AG ............................ 16,756 1,364,120
Erste Bank Der Oesterreichen
Sparkassen AG ............................ 5,966 362,074
-----------
Total Austria ............................. 1,726,194
Belgium -- 0.00%
Financial Services -- 0.00%
Dexia Belgium .............................. 72 10,843
Denmark -- 0.63%
Banks -- 0.35%
BG Bank A/S ................................ 7,506 465,395
Unidanmark A/S ............................. 3,854 346,717
-----------
812,112
Pharmaceuticals -- 0.14%
Novo-Nordisk A/S "B" ....................... 2,241 309,261
Transportation -- 0.14%
SAS Danmark A/S ............................ 15,858 318,568
-----------
Total Denmark ............................. 1,439,941
Finland -- 3.76%
Banks -- 0.12%
Merita Ltd. ................................ 43,143 284,941
Food -- 0.57%
Raisio Group Plc ........................... 72,620 1,311,679
Insurance -- 0.95%
Pohjola Insurance Co. ...................... 21,619 1,076,799
Sampo Insurance Co. Plc .................... 22,664 1,075,093
-----------
2,151,892
Software -- 0.72%
Tieto Corp. ................................ 21,762 1,655,660
Telecommunications -- 1.40%
Nokia Oyj "A" .............................. 43,626 3,211,628
-----------
Total Finland ............................. 8,615,800
France -- 8.98%
Auto Manufacturers -- 1.26%
Renault SA ................................. 50,954 2,898,437
Auto Parts & Equipment -- 0.25%
Valeo SA ................................... 5,629 575,404
Market
Shares Value
------ -----
Common Stocks (continued)
France (continued)
Banks -- 0.30%
Credit Commercial de France ................ 6,243 $525,611
Dexia France ............................... 1,231 165,743
-----------
691,354
Commercial Services -- 0.48%
Vivendi .................................... 5,127 1,094,821
Computers -- 2.04%
Atos SA (a) ................................ 6,245 1,497,800
Cap Gemini SA .............................. 20,291 3,188,456
-----------
4,686,256
Engineering & Construction -- 0.28%
Compagnie Francaise d'Estudes
et de Construction Technip ............... 5,225 638,681
Food -- 0.52%
Groupe Danone .............................. 4,297 1,184,825
Insurance -- 0.32%
AXA-UAP .................................... 5,260 591,627
Groupe des Assurances Nationales ........... 5,647 151,316
-----------
742,943
Machinery -- 0.29%
Alstom (a) ................................. 20,404 671,617
Oil & Gas Producers -- 1.84%
Elf Aquitaine SA ........................... 22,294 3,134,443
Total SA ................................... 8,273 1,075,571
-----------
4,210,014
Pharmaceuticals -- 0.59%
Rhone-Poulenc SA ........................... 24,146 1,361,924
Retail -- 0.09%
Castorama Dubois Investissements .....1,129 198,696
Telecommunications -- 0.72%
Alcatel Alsthom SA ......................... 8,070 1,643,179
-----------
Total France .............................. 20,598,151
Germany -- 8.01%
Auto Manufacturers -- 0.85%
Bayerische Motoren Werke AG ................ 583 589,966
Bayerische Motoren Werke AG - New.......... 174 171,738
Volkswagen AG .............................. 1,240 1,198,436
-----------
1,960,140
Banks -- 1.85%
Deutsche Bank AG ........................... 29,519 2,497,768
Deutsche Pfandbrief &
Hypothekenbank AG ........................ 18,866 1,510,577
Dresdner Bank AG ........................... 4,443 240,202
-----------
4,248,547
See notes to the financials statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Germany (continued)
Chemicals -- 0.51%
Hoeschst AG ................................ 23,368 $1,175,883
Holding Companies - Diversified -- 0.40%
Preussag AG ................................ 2,570 920,580
Insurance -- 1.03%
Allianz AG ................................. 1,528 509,630
Allianz AG - New ........................... 44 14,553
ERGO Versicherungs Gruppe AG ............... 5,684 1,021,163
Muenchener Rueckversicher
Gesellschaft AG ......................... 1,633 811,316
-----------
2,356,662
Machinery -- 2.21%
Mannesman AG ............................... 49,020 5,042,119
Manufacturing -- 0.32%
Siemens AG ................................. 12,180 743,923
Pharmaceuticals -- 0.84%
Merck Kgaa ................................. 16,307 731,507
Schering AG ................................ 10,152 1,196,207
-----------
1,927,714
-----------
Total Germany ............................. 18,375,568
Greece -- 0.08%
Telecommunications -- 0.08%
Hellenic Telecommunication
Organization SA ......................... 6,918 177,548
Hong Kong -- 0.47%
Holding Companies - Diversified -- 0.10%
First Pacific Co. Ltd. ..................... 570,540 239,321
Telecommunications -- 0.37%
China Telecom Ltd. (a) ..................... 478,000 829,775
-----------
Total Hong Kong .......................... 1,069,096
Italy -- 3.76%
Banks -- 1.95%
Banca Commerciale Italiana ................. 364,637 2,181,563
Banca di Roma (a) .......................... 866,847 1,805,169
Credito Italiano ........................... 94,601 495,434
-----------
4,482,166
Chemicals -- 0.38%
SNIA BPD SpA ............................... 700,000 858,871
Diversified Financial Services -- 0.06%
Banca Fideuram SpA ......................... 24,876 141,899
Insurance -- 0.45%
Assicurazioni Generali ..................... 31,541 1,026,070
Market
Shares Value
------ -----
Common Stocks (continued)
Italy (continued)
Telecommunications -- 0.92%
Telecom Italia Mobile SpA (a) .............. 97,252 $594,979
Telecom Italia SpA ......................... 207,247 1,526,285
-----------
2,121,264
-----------
Total Italy ............................... 8,630,270
Japan -- 6.38%
Auto Manufacturing -- 0.48%
Honda Motor Co. Ltd. ....................... 13,000 1,107,543
Beverages -- 0.52%
Kirin Brewery Co. Ltd. ..................... 126,000 1,193,751
Cosmetics & Personal Care-- 0.25%
Kao Corp. .................................. 30,000 572,648
Diversified Financial Services -- 0.25%
Nomura Securities Co. Ltd. ................. 50,000 584,002
Home Furnishings -- 1.60%
Sony Corp. ................................. 42,300 3,655,782
Pharmaceuticals -- 1.00%
Fujisawa Pharmaceutical .................... 54,000 506,922
Takeda Chemical Industries ................. 67,000 1,788,023
-----------
2,294,945
Retail -- 0.25%
Ito-Yokado Co. Ltd. ........................ 12,000 566,717
Semiconductors -- 0.27%
Rohm Co. Ltd. .............................. 6,000 618,356
Software -- 0.98%
Meitec Corp. ............................... 32,500 1,128,227
NTT Data Corp. ............................. 31 1,123,237
-----------
2,251,464
Telecommunications -- 0.78%
Nippon Telegraph & Telephone Corp .......... 216 1,796,485
-----------
Total Japan ............................... 14,641,693
Mexico -- 0.25%
Holding Companies - Diversified -- 0.18%
Fomento Economico Mexicano SA .............. 13,240 412,576
Forest Products & Paper -- 0.02%
Kimberly-Clark de Mexico SA ................ 11,800 41,695
Retail -- 0.05%
Cifra SA "C" (a) ........................... 25,500 35,417
Cifra SA "V" (a) ........................... 51,783 77,800
-----------
113,217
-----------
Total Mexico .............................. 567,488
See notes to the financial statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Netherlands -- 6.43%
Banks -- 0.30%
ING Groep NV ............................... 10,380 $680,170
Chemicals -- 1.64%
Akzo Nobel ................................. 16,926 3,765,311
Computers -- 0.82%
Getronics NV ............................... 36,317 1,884,857
Electronics -- 1.78%
Philips Electronics NV ..................... 33,917 2,853,182
Simac Techniek NV .......................... 6,000 1,260,362
-----------
4,113,544
Entertainment -- 0.08%
PolyGram NV ................................ 3,408 174,026
Food -- 0.19%
Koninklijke Numico NV ...................... 13,685 428,845
Household Products -- 0.27%
Hagemeyer NV ............................... 14,458 625,903
Media -- 1.35%
Wolters Kluwer NV .......................... 22,463 3,085,313
-----------
Total Netherlands ......................... 14,757,969
Norway -- 0.45%
Airlines -- 0.11%
SAS Norge ASA "B" .......................... 14,869 254,138
Banks -- 0.09%
DenNorske Bank ASA ......................... 38,517 202,020
Insurance -- 0.09%
Storebrand ASA ............................. 23,774 210,925
Software -- 0.16%
Merkantildata ASA .......................... 27,970 353,981
-----------
Total Norway .............................. 1,021,064
Portugal -- 0.28%
Building Materials -- 0.28%
Cimentos de Portugal SA .................... 17,953 631,175
Spain -- 2.10%
Banks -- 0.57%
Banco Bilbao Vizcaya ....................... 2,216 113,726
Banco Central Hispanoamericano ............. 17,961 564,539
Corporacion Bancaria de Espana SA........... 27,840 624,516
-----------
1,302,781
Market
Shares Value
------ -----
Common Stocks (continued)
Spain (continued)
Electric -- 0.19%
Endesa SA .................................. 19,480 $ 426,186
Retail -- 0.94%
Telepizza .................................. 205,664 2,179,354
Telecommunications --0.34%
Telefonica SA .............................. 16,625 768,642
Tobacco -- 0.06%
Tabacalera SA .............................. 7,057 144,499
-----------
Total Spain ............................... 4,821,462
Sweden -- 5.48%
Airlines -- 0.17%
SAS Sverige AB ............................. 22,110 396,406
Banks -- 0.44%
Skandinaviska Enskilda Banken .............. 59,297 1,014,799
Commercial Services -- 0.76%
Securitas AB "B" ........................... 35,684 1,747,066
Computers -- 0.43%
WM-Data AB ................................. 28,290 982,489
Health Care -- 0.27%
Ortivus AB (a) ............................. 39,602 620,643
Home Furnishings -- 1.16%
Electrolux AB "B" .......................... 153,780 2,641,407
Metals & Mining -- 1.00%
Assa Abloy AB .............................. 58,124 2,284,588
Pharmaceuticals -- 0.70%
Astra AB "A" ............................... 78,752 1,609,400
Telecommunications -- 0.55%
Telefonaktiebolaget LM Ericsson ............ 43,278 1,264,265
-----------
Total Sweden .............................. 12,561,063
Switzerland -- 5.90%
Banks -- 2.19%
Credit Suisse Group ........................ 4,356 970,845
Julius Baer Holding AG ..................... 109 341,547
Union Bank of Switzerland .................. 9,950 3,705,871
-----------
5,018,263
Biotechnology -- 0.09%
Ares-Serono Group SA ....................... 153 213,188
See notes to the financial statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Switzerland (continued)
Insurance -- 2.43%
Baloise Holdings Ltd. ...................... 804 $ 659,426
Schweizerische
Lebensversicherungs-
und Rentenanstalt ....................... 3,683 3,122,877
Zurich ..................................... 2,773 1,772,610
Versicherungs-Gesellschaft
-----------
5,554,913
Leisure Time -- 0.24%
Kuoni Reisen Holding ....................... 112 556,930
Manufacturing -- 0.02%
Sulzer AG .................................. 61 48,217
Pharmaceuticals -- 0.93%
Novartis ................................... 1,145 1,908,459
Roche Holding AG ........................... 23 226,234
-----------
2,134,693
-----------
Total Switzerland ......................... 13,526,204
United Kingdom -- 12.39%
Banks --1.80%
Lloyds TSB Group Plc ....................... 209,071 2,927,085
National Westminster Bank Plc .............. 29,234 522,777
Schroders Plc .............................. 6,096 157,359
Standard Chartered Plc ..................... 46,776 531,874
-----------
4,139,095
Beverages -- 0.20%
Diageo Plc ................................. 37,850 448,707
Chemicals -- 0.44%
Imperial Chemical Industries ............... 63,302 1,016,789
Plc
Commercial Services -- 2.99%
Hays Plc ................................... 116,697 1,958,233
Rentokil Initial Plc ....................... 680,768 4,899,083
-----------
6,857,316
Computers -- 1.97%
Logica Plc ................................. 82,890 2,668,380
Misys Plc .................................. 29,138 1,656,591
SEMA Group Plc ............................. 17,400 204,822
-----------
4,529,793
Diversified Financial Services -- 0.28%
Amvescap Plc ............................... 64,908 634,005
Electronics -- 0.38%
Electrocomponents Plc ...................... 111,486 874,896
Food -- 0.73%
Compass Group Plc .......................... 145,910 1,678,583
Holding Companies -- 0.03%
Tomkins Plc ................................ 11,682 63,441
Market
Shares Value
------ -----
Common Stocks (continued)
United Kingdom (continued)
Insurance -- 0.30%
Royal & Sun Alliance Insurance ............. 65,565 $ 678,191
Manufacturing -- 2.04%
General Electric Plc ....................... 138,134 1,191,267
Siebe Plc .................................. 167,127 3,340,252
Williams Plc ............................... 19,507 125,398
-----------
4,656,917
Pharmaceuticals -- 0.20%
Zeneca Group Plc ........................... 10,865 466,594
Retail -- 0.04%
J. D. Wetherspoon Plc ...................... 18,310 88,048
Software -- 0.10%
JBA Holdings Plc ........................... 23,005 238,150
Telecommunications-- 0.89%
Energis Plc (a) ............................ 134,209 2,044,989
-----------
Total United Kingdom ...................... 28,415,514
United States -- 27.02%
Banks -- 0.50%
BankAmerica Corp. .......................... 8,965 774,912
Royal Bank Of Canada ....................... 4,894 295,475
Uniao de Bancos Brasileiros SA- GDR......... 2,545 75,078
-----------
1,145,465
Beverages -- 0.28%
Coca-Cola Femsa SA - ADR ................... 12,040 209,195
Compania Cervejaria Brahma - ADR............ 34,055 425,688
-----------
634,883
Biotechnology -- 1.54%
Monsanto Co. ............................... 63,070 3,524,036
Chemicals -- 1.05%
E.I. du Pont de Nemours & Co. .............. 17,590 1,312,654
Solutia Inc. ............................... 38,325 1,099,448
-----------
2,412,102
Computers -- 2.24%
Cisco Systems Inc. (a) ..................... 55,787 5,135,891
Cosmetics & Personal Care -- 0.29%
Estee Lauder Cos. Inc. ..................... 9,430 657,153
Diversified Financial Services -- 0.40%
Household International Inc. ............... 11,890 591,527
Morgan Stanley Dean Witter & Co............. 3,575 326,666
-----------
918,193
See notes to the financial statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Electric -- 0.02%
Companhia Energetica de Minas
Gerais -
ADR ..................................... 1,285 $ 39,773
Mosenergo - ADR ............................ 1,975 9,381
-----------
49,154
Electronics -- 1.65%
Philips Electronics NV - NYS ............... 44,559 3,787,515
Food -- 0.03%
Disco SA - ADR ............................. 2,300 73,600
Health Care -- 0.05%
United States Surgical Corp. ............... 2,340 106,763
Investment Company -- 0.09%
Romania Investment Fund .................... 204 210,098
Leisure Time -- 0.11%
Mattel Inc. ................................ 5,975 252,816
Manufacturing --1.80%
Tyco International Ltd. .................... 65,650 4,135,950
Media -- 5.15%
CBS Corp. .................................. 46,735 1,483,836
Comcast Corp. .............................. 49,600 2,013,450
Grupo Televisa SA - GDR .................... 28,210 1,061,401
MediaOne Group Inc. ........................ 9,215 404,884
Tele-Communications Inc. ................... 111,915 4,301,733
Time Warner Inc. ........................... 29,895 2,554,154
-----------
11,819,458
Oil & Gas Producers -- 0.17%
LUKoil-Holding -ADR ........................ 1,480 49,476
YPF SA - ADR ............................... 11,100 333,694
-----------
383,170
Pharmaceuticals -- 2.81%
Elan Corp. Plc - ADR (a) ................... 14,140 909,378
Eli Lilly & Co. ............................ 11,895 785,813
Grupo Casa Autrey SA - ADR ................. 6,208 40,352
Pfizer Inc. ................................ 7,080 769,508
Pharmacia & Upjohn Inc. .................... 14,485 668,121
SmithKline Beecham Plc - ADR ............... 15,600 943,800
Warner-Lambert Co. ......................... 33,629 2,333,012
-----------
6,449,984
Retail -- 0.36%
Costco Cos. Inc. (a) ....................... 7,665 483,374
Starbucks Corp. (a) ........................ 6,470 345,741
-----------
829,115
Semiconductors -- 0.93%
ASM Lithography Holding NV - NYS (a)........ 4,660 135,432
Texas Instruments Inc. ..................... 34,420 2,007,116
-----------
2,142,548
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Software -- 4.49%
American Management Systems (a) ............ 8,000 $ 239,500
Intuit Inc. (a) ............................ 16,595 1,016,444
Microsoft Corp. ............................ 51,100 5,537,962
Parametric Technology Corp. (a) ............ 78,645 2,133,246
PeopleSoft Inc. (a) ........................ 29,270 1,375,690
-----------
10,302,842
Telecommunications -- 3.06%
Alcatel Alshom SA - ADR .................... 2,775 112,907
Compania de Telecomunicaciones de
Chile SA - ADR .......................... 14,105 286,508
Millicom International Cellular
SA - ADR (a)............................. 2,645 115,719
Nokia Corp. - ADR .......................... 20,710 1,502,769
Nortel Inversora SA - ADR .................. 36,400 905,450
Telecom Argentina SA - ADR ................. 3,750 111,797
Telecomunicacoes Brasileiras SA - ADR....... 3,015 329,200
Telefonaktiebolaget LM Ericsson - ADR....... 31,312 896,306
Telefonica de Argentina SA - ADR ........... 16,535 536,354
Telefonos de Mexico SA - ADR ............... 9,580 460,439
WorldCom Inc. .............................. 36,390 1,762,641
-----------
7,020,090
-----------
Total United States ....................... 61,990,826
-----------
Total Common Stocks
(cost $159,959,806) .................... 213,654,848
-----------
Preferred Stocks -- 1.32%
Brazil -- 0.00%
Electric -- 0.00%
Companhia Energetic de Minas Gerais......... 574 18
Oil & Gas Producers -- 0.00%
Petroleo Brasileiro SA ..................... 500 93
-----------
Total Brazil .............................. 111
Germany -- 1.32%
Auto Manufacturers -- 0.67%
Porsche AG ................................. 537 1,548,366
Insurance -- 0.65%
Marschollek Lauten und Partner AG........... 1,487,770
-----------
Total Germany ............................. 3,036,136
-----------
Total Preferred Stocks
(cost $2,453,725) ...................... 3,036,247
-----------
Principal
Amount
------
Short Term Investments -- 5.53%
Diversified Financial Services -- 5.27%
CIT Group Inc., 6.10%,
07/01/1998 ................................. $ 2,100,000 2,100,000
See notes to the financial statements.
<PAGE>
JNL GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Diversified Financial Services
(continued)
Household Finance Corp., 6.00%,
07/01/1998 .............................. $10,000,000 $10,000,000
-----------
12,100,000
U.S. Treasury Bill -- 0.26%
U.S. Treasury Bill, 5.005%, 10/01/1998...... 600,000 592,326
-----------
Total Short Term Investments
(cost $12,692,326) ..................... 12,692,326
-----------
Total Investments -- 100%
(cost $175,105,856 ) ....................... $229,383,421
===========
- -----------------------------------------------
(a) Non-income producing security.
<PAGE>
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 96.04 %
Airlines -- 3.10%
AMR Corp. (a) .............................. 46,600 $ 3,879,450
Banks -- 10.22%
Banc One Corp. ............................. 17,465 974,765
Bank of New York Co. Inc. .................. 44,600 2,706,663
BankAmerica Corp. .......................... 18,400 1,590,450
BankBoston Corp. ........................... 22,800 1,268,250
Chase Manhattan Corp. ...................... 24,000 1,812,000
First Chicago NBD Corp. .................... 7,000 620,375
First Union Corp. .......................... 38,644 2,251,013
NationsBank Corp. .......................... 20,700 1,583,550
-----------
12,807,066
Building Materials -- 2.06%
Masco Corp. ................................ 42,600 2,577,300
Commercial Services -- 0.44%
H & R Block Inc. ........................... 13,200 556,050
Computers -- 6.60%
Ascend Communications Inc. (a) ............. 12,400 614,575
Bay Networks Inc. (a) ...................... 20,400 657,900
Cisco Systems Inc. (a) ..................... 37,850 3,484,566
Compaq Computer Corp. ...................... 84,000 2,383,500
International Business Machines Corp........ 9,900 1,136,644
-----------
8,277,185
Diversified Financial Services -- 5.40%
Federal Home Loan Mortgage Corp. ........... 32,300 1,520,119
Household International Inc. ............... 49,800 2,477,550
Morgan Stanley Dean Witter & Co. ........... 30,375 2,775,516
-----------
6,773,185
Electric -- 1.05%
AES Corp. (a) .............................. 25,000 1,314,060
Entertainment -- 1.03%
International Game Technology .............. 53,000 1,285,250
Environmental Control-- 2.05%
USA Waste Services Inc. (a) ................ 52,000 2,567,500
Food --2.54%
Safeway Inc. (a) ........................... 78,200 3,181,760
Hand & Machine Tools-- 0.49%
Black & Decker Corp. ....................... 10,100 616,100
Health Care -- 2.47%
Cognizant Corp. ............................ 39,000 2,457,000
Medtronic Inc. ............................. 10,000 637,500
-----------
3,094,500
Household Products -- 0.48%
Newell Co. ................................. 12,000 597,750
Market
Shares Value
------ -----
Common Stocks (continued)
Insurance -- 6.50%
American International Group Inc. .......... 24,900 $ 3,635,400
MGIC Investment Corp. ...................... 17,100 975,769
Travelers Group Inc. ....................... 58,400 3,540,500
-----------
8,151,669
Leisure Time -- 3.16%
Carnival Corp. ............................. 65,800 2,607,325
Mattel Inc. ................................ 32,100 1,358,231
-----------
3,965,556
Manufacturing -- 3.14%
Tyco International Ltd. .................... 62,440 3,933,718
Media -- 0.94%
CBS Corp. .................................. 37,200 1,181,100
Packaging & Containers -- 0.86%
Owens-Illinois Inc. (a) .................... 24,200 1,082,950
Pharmaceuticals -- 13.35%
Bristol-Myers Squibb Co. ................... 22,000 2,528,625
Cardinal Health Inc. ....................... 19,200 1,800,000
Elan Corp. Plc - ADR (a) ................... 9,500 610,969
Eli Lilly & Co. ............................ 9,000 594,563
McKesson Corp. ............................. 12,400 1,007,500
Pfizer Inc. ................................ 27,000 2,934,563
Schering-Plough Corp. ...................... 37,600 3,445,100
Warner-Lambert Co. ......................... 54,900 3,808,688
-----------
16,730,008
Retail -- 10.56%
CVS Corp. .................................. 65,200 2,538,725
Fred Meyer Inc. (a) ........................ 13,200 561,000
Home Depot Inc. ............................ 44,250 3,675,516
Kmart Corp. (a) ............................ 29,700 571,725
Staples Inc. (a) ........................... 75,300 2,178,994
Wal-Mart Stores Inc. ....................... 61,000 3,705,750
-----------
13,231,710
Software -- 11.44%
America Online Inc. ........................ 43,100 4,568,600
Compuware Corp. (a) ........................ 37,700 1,927,413
HBO & Co. .................................. 72,300 2,548,575
Microsoft Corp. ............................ 37,700 4,085,738
Network Associates Inc. (a) ................ 25,200 1,206,450
-----------
14,336,776
Telecommunications-- 5.78%
CIENA Corp. (a) ............................ 27,000 1,879,875
Nokia Corp. - ADR .......................... 30,200 2,191,388
WorldCom Inc. (a) .......................... 65,400 3,167,813
-----------
7,239,076
See notes to the financial statements.
<PAGE>
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Transportation -- 2.38%
Burlington Northern Santa Fe Corp. ......... 17,800 $ 1,747,738
Kansas City Southern Industries Inc. ....... 25,000 1,240,625
-----------
2,988,363
-----------
Total Common Stocks
(cost $88,481,242) ..................... 120,368,082
-----------
Principal
Amount
------
Short Term Investments -- 3.96%
Auto Manufacturers -- 0.79%
General Motors Corp., 5.59%,
07/13/1998................................ $1,000,000 998,137
Diversified Financial Services -- 0.96%
Repsol International Finance BV,
5.43%, 07/02/1998 .......................... 1,200,000 1,199,819
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Environmental Control -- 1.20%
AlliedSignal Inc., 5.60%,
07/08/1998 ................................. $ 1,500,000 $ 1,498,367
Money Market Fund -- 1.01%
SSgA Money Market Fund, 5.35% (b) .......... 1,264,632 1,264,632
-----------
Total Short Term Investments
(cost $4,960,955) ...................... 4,960,955
-----------
Total Investments -- 100%
(cost $93,442,197) ......................... $125,329,037
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
JNL/ALLIANCE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 99.86%
Aerospace & Defense -- 1.63%
United Technologies Corp. .................. 450 $ 41,625
Airlines -- 3.04%
Northwest Airlines Corp. (a) ............... 1,200 46,275
UAL Corp. (a) .............................. 400 31,200
-----------
77,475
Banks -- 6.66%
Chase Manhattan Corp. ...................... 300 22,650
Citicorp ................................... 500 74,625
NationsBank Corp. .......................... 950 72,675
-----------
169,950
Beverages -- 0.67%
Coca-Cola Co. .............................. 200 17,100
Computers -- 11.23%
Cisco Systems Inc. ......................... 1,400 128,888
Compaq Computer Corp. ...................... 900 25,538
Dell Computer Corp. (a) .................... 1,300 120,656
International Business Machines Corp........ 100 11,481
-----------
286,563
Cosmetics & Personal Care -- 1.70%
Colgate-Palmolive Co. ...................... 300 26,400
Gillette Co. ............................... 300 17,006
-----------
43,406
Diversified Financial Services -- 11.54%
Associates First Capital Corp. ............. 600 46,125
Federal National Mortgage Association....... 600 36,450
Household International Inc. ............... 600 29,850
MBNA Corp. ................................. 2,600 85,800
Merrill Lynch & Co. Inc. ................... 400 36,900
Morgan Stanley Dean Witter & Co. ........... 650 59,394
-----------
294,519
Electronics -- 0.33%
Honeywell Inc. ............................. 100 8,352
Food -- 0.83%
Campbell Soup Co. .......................... 400 21,250
Health Care -- 3.03%
Humana Inc. (a) ............................ 400 12,475
United HealthCare Corp. .................... 950 60,325
United States Surgical Corp. ............... 100 4,563
-----------
77,363
Insurance -- 2.53%
American International Group ............... 200 29,200
Inc ........................................
Progressive Corp. .......................... 250 35,250
-----------
64,450
Market
Shares Value
------ -----
Common Stocks (continued)
Leisure Time -- 0.62%
Carnival Corp. ............................. 400 $ 15,850
Manufacturing -- 5.16%
General Electric Co. ....................... 200 18,200
Tyco International Ltd. .................... 1,800 113,400
-----------
131,600
Media -- 5.97%
Gannett Co. Inc. ........................... 600 42,638
Liberty Media Group (a) .................... 1,200 46,575
Walt Disney Co. ............................ 600 63,038
-----------
152,251
Oil & Gas Producers -- 2.55%
Halliburton Co. ............................ 1,000 44,563
Schlumberger Ltd. .......................... 300 20,494
-----------
65,057
Pharmaceuticals -- 9.27%
Bristol-Myers Squibb Co. ................... 550 63,216
Merck & Co. Inc. ........................... 410 54,838
Pfizer Inc. ................................ 500 54,344
Schering-Plough Corp. ...................... 700 64,138
-----------
236,536
Retail -- 9.29%
Dayton Hudson Corp. ........................ 1,500 72,750
Home Depot Inc. ............................ 1,300 107,981
Kohl's Corp. (a) ........................... 500 25,938
Wal-Mart Stores Inc. ....................... 500 30,375
-----------
237,044
Savings & Loans -- 1.95%
H.F. Ahmanson & Co. ........................ 700 49,700
Semiconductors -- 1.16%
Intel Corp. ................................ 400 29,650
Software -- 2.55%
Microsoft Corp. ............................ 600 65,022
Telecommunications -- 13.83%
AirTouch Communications Inc. (a) ........... 2,100 122,719
Lucent Technologies Inc. ................... 200 16,638
MCI Communications Corp. ................... 300 17,438
Nokia Corp. - ADR .......................... 1,950 141,497
Telefonaktiebolaget LM Ericsson - ADR....... 900 25,763
Tellabs Inc. (a) ........................... 400 28,650
-----------
352,705
Tobacco -- 4.32%
Philip Morris Cos. Inc. .................... 2,800 110,250
-----------
Total Common Stocks
(cost $2,311,197) ...................... 2,547,718
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 0.14%
Money Market Funds -- 0.14%
SSgA Money Market Fund, 5.35%, (b) ......... $ 3,494 $ 3,494
-----------
Total Short Term Investments
(cost $3,494) .......................... 3,494
-----------
Total Investments -- 100%
(cost $2,314,691) .......................... $ 2,551,212
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks --87.83%
Advertising -- 1.75%
Omnicom Group Inc. ......................... 8,500 $ 423,938
Aerospace & Defense -- 0.61%
Raytheon Co. "B" ........................... 2,500 147,813
Banks -- 4.48%
BankAmerica Corp. .......................... 3,000 259,313
Chase Manhattan Corp. ...................... 8,200 619,100
First Union Corp. .......................... 1,700 99,025
Mellon Bank Corp. .......................... 1,600 111,400
-----------
1,088,838
Beverages -- 0.88%
Coca-Cola Co. .............................. 2,500 213,750
Biotechnology -- 0.69%
Monsanto Co. ............................... 3,000 167,610
Building Materials -- 0.70%
American Standard Cos. Inc. (a) ............ 3,800 169,813
Chemicals -- 2.24%
Crompton & Knowles Corp. ................... 4,000 100,750
E.I. du Pont de Nemours & Co. .............. 2,500 186,563
Imperial Chemical Industries Plc - ADR...... 2,500 161,250
Morton International Inc. .................. 3,800 95,000
-----------
543,563
Commercial Services -- 1.55%
MedPartners Inc. ........................... 21,500 172,000
Paychex Inc. ............................... 5,000 203,438
-----------
375,438
Computers -- 4.02%
Cisco Systems Inc. (a) ..................... 5,000 460,313
Dell Computer Corp. (a) .................... 2,500 232,031
Electronic Data Systems Corp. .............. 3,000 120,000
Stratus Computer Inc. (a) .................. 6,500 164,531
-----------
976,875
Cosmetics & Personal Care -- 0.93%
Gillette Co. ............................... 4,000 226,750
Distribution & Wholesale -- 0.62%
Unisource Worldwide Inc. ................... 14,000 151,375
Diversified Financial Services -- 7.24%
American Express Co. ....................... 2,000 228,000
Associates First Capital Corp. ............. 2,000 153,750
Federal Home Loan Mortgage Corp. ........... 8,000 376,500
Federal National Mortgage .Association...... 5,000 303,750
Morgan Stanley Dean Witter & Co. ........... 4,000 365,500
SLM Holding Corp. .......................... 6,700 328,300
-----------
1,755,800
Market
Shares Value
------ -----
Common Stocks (continued)
Electric -- 2.12%
FPL Group Inc. ............................. 2,000 $ 126,000
PacifiCorp ................................. 7,500 169,688
Sierra Pacific Resources ................... 3,700 134,356
TECO Energy Inc. ........................... 3,200 85,800
-----------
515,844
Electrical Components & Equipment -- 0.97%
Essex International Inc. (a) ............... 10,000 236,250
Electronics -- 2.82%
AMP Inc. ................................... 2,500 85,938
General Signal Corp. ....................... 6,000 216,000
Philips Electronics NV - NYS ............... 4,500 382,500
-----------
684,438
Environmental Control -- 1.01%
Waste Management Inc. ...................... 7,000 245,000
Food -- 1.49%
ConAgra Inc. ............................... 4,000 126,750
H.J. Heinz Co. ............................. 2,100 117,863
SYSCO Corp. ................................ 4,600 117,875
-----------
362,488
Forest Products & Paper -- 0.48%
Schweitzer-Mauduit International Inc. ...... 4,000 116,000
Health Care -- 2.49%
Bausch & Lomb Inc. ......................... 1,800 90,225
Columbia/HCA Healthcare Corp. .............. 7,800 227,175
Guidant Corp. .............................. 3,500 249,594
Humana Inc. (a) ............................ 1,200 37,425
-----------
604,419
Holding Companies - Diversified -- 0.62%
Walter Industries Inc. (a) ................. 8,000 151,500
Household Products -- 2.08%
Clorox Co. ................................. 2,000 190,750
Fortune Brands Inc. ........................ 3,800 146,063
Tupperware Corp. ........................... 6,000 168,750
-----------
505,563
Insurance -- 5.00%
Aetna Inc. ................................. 3,800 289,275
American International Group Inc. .......... 2,000 292,000
SAFECO Corp. ............................... 3,000 136,313
Travelers Group Inc. ....................... 6,049 366,721
Travelers Property Casualty Corp. .......... 3,000 128,625
-----------
1,212,934
Investment Company -- 1.54%
SPDR Trust ................................. 3,300 374,138
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Iron & Steel -- 1.33%
Allegheny Teledyne Inc. .................... 8,000 $ 183,000
British Steel Plc - ADR .................... 6,200 141,050
-----------
324,050
Manufacturing -- 3.47%
General Electric Co. ....................... 4,300 391,300
Harsco Corp. ............................... 2,000 91,625
Illinois Tool Works Inc. ................... 3,500 233,406
PPG Industries Inc. ........................ 1,800 125,213
-----------
841,544
Oil & Gas Producers -- 7.16%
Ashland Inc. ............................... 3,500 180,688
Baker Hughes Inc. .......................... 3,000 103,688
British Petroleum Co. Plc - ADR ............ 2,600 229,450
Diamond Offshore Drilling .................. 4,200 168,000
Enron Corp. ................................ 2,000 108,125
Exxon Corp. ................................ 1,500 106,969
Mobil Corp. ................................ 1,600 122,600
Royal Dutch Petroleum Co. - NYS ............ 2,200 120,588
Sonat Inc. ................................. 6,500 251,063
UGI Corp. .................................. 4,800 119,400
WICOR, Inc. ................................ 4,600 106,375
Williams Cos., Inc. ........................ 3,600 121,500
-----------
1,738,446
Pharmaceuticals -- 8.00%
Abbott Laboratories ........................ 2,200 89,925
Bristol-Myers Squibb Co. ................... 3,000 344,813
Pfizer Inc. ................................ 2,500 271,719
Pharmacia & Upjohn Inc. .................... 2,800 129,150
R.P. Scherer Corp. (a) ..................... 2,000 177,250
Schering-Plough Corp. ...................... 4,000 366,500
SmithKline Beecham Plc - ADR ............... 1,000 60,500
Warner-Lambert Co. ......................... 7,200 499,500
-----------
1,939,357
Real Estate -- 2.69%
Alexander Haagen Properties Inc. .....3,900 58,744
FAC Realty Trust Inc. (a) .................. 3,000 24,000
Health Care Property Investors Inc.......... 1,400 50,488
Koger Equity Inc. .......................... 2,200 44,413
LaSalle Hotel Properties ................... 1,500 25,406
Mack-Cali Realty Corp. ..................... 1,500 51,563
PS Business Parks Inc. ..................... 2,000 47,000
Rouse Co. .................................. 1,600 50,300
Security Capital Group Inc. (a) ............ 6,500 173,063
Spieker Properties Inc. .................... 1,100 42,625
Sun Communities Inc. ....................... 1,600 53,000
Tower Realty Trust Inc. .................... 1,500 33,563
-----------
654,165
Retail -- 6.30%
Federated Department Stores Inc. (a)........ 2,000 107,625
Home Depot Inc. ............................ 5,000 415,313
Intimate Brands Inc. ....................... 4,300 118,519
Market
Shares Value
------ -----
Common Stocks (continued)
Retail (continued)
Kohl's Corp. (a) ........................... 5,000 $ 259,375
Toys "R" Us Inc. (a) ....................... 7,500 176,719
Wal-Mart Stores Inc. ....................... 4,000 243,000
Walgreen Co. ............................... 5,000 206,563
-----------
1,527,114
Software -- 3.31%
HBO & Co. .................................. 10,000 352,500
Microsoft Corp. ............................ 2,000 216,750
PeopleSoft Inc. (a) ........................ 5,000 235,000
-----------
804,250
Telecommunications -- 4.32%
ALLTEL Corp. ............................... 2,600 120,900
BellSouth Corporation ...................... 2,000 134,250
GTE Corporation ............................ 2,200 122,375
Lucent Technologies Inc. ................... 2,500 207,969
SBC Communications Inc. .................... 3,500 140,000
Tellabs Inc. (a) ........................... 2,500 179,063
WorldCom Inc. .............................. 3,000 145,313
-----------
1,049,870
Tobacco -- 4.45%
Dimon Inc. ................................. 20,000 225,000
Philip Morris Cos. Inc. .................... 9,200 362,250
RJR Nabisco Holdings Corp. ................. 10,000 237,500
UST Inc. ................................... 9,500 256,500
-----------
1,081,250
Water -- 0.47%
American Water Works Co. Inc. .............. 3,700 114,700
-----------
Total Common Stocks
(cost $18,617,990) ..................... 21,324,883
-----------
Preferred Stocks -- 3.48%
Banks -- 0.44%
Jefferson Pilot "NB" Aces .................. 800 106,100
Diversified Financial Services -- 1.54%
Coltec Capital Trust ....................... 600 27,975
Golden Books Financing Trust ............... 800 18,600
Kmart Financing I .......................... 1,400 98,000
Lomak Financing Trust ...................... 800 28,600
MCN Energy Group Inc. ...................... 2,000 91,750
Wendy's Financing I ........................ 2,000 110,000
-----------
374,925
Electronics -- 0.43%
Houston Industries Inc. .................... 1,400 104,300
Holding Companies - Diversified -- 0.52%
Ralston Purina Group ....................... 2,000 127,000
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Preferred Stocks (continued)
Software -- 0.55%
Microsoft Corp. ............................ 1,400 $ 133,000
-----------
Total Preferred Stocks
(cost $825,190) ........................ 845,325
-----------
Principal
Amount
------
Corporate Bonds -- 0.82%
Commercial Services -- 0.57%
Equity Corp. International,
4.50%, 12/31/2004 .......................... $80,000 84,700
Interim Services Inc., 4.50%,
06/01/2005 ................................. 50,000 52,563
-----------
137,263
Lodging -- 0.25%
Capstar Hotel Co., 4.75%, .................. 75,000 61,125
10/15/2004
-----------
Total Corporate Bonds
(cost $208,685) ........................ 198,388
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 7.87%
Money Market Funds -- 7.87%
SSgA Money Market Fund, 5.35% (b) .......... $ 955,895 $ 955,895
SSgA Government Money Market
Fund, 5.37% (b) ............................ 955,895 955,895
-----------
Total Short Term Investments
(cost $1,911,790) ...................... 1,911,790
-----------
Total Investments -- 100%
(cost $21,563,655) ......................... $24,280,386
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30,1998.
See notes to the financial statements.
<PAGE>
JNL/EAGLE SMALLCAP EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 91.28%
Apparel -- 3.60%
Authentic Fitness Corp. .................... 32,700 $ 517,069
R.G. Barry Corp. (a) ....................... 25,000 412,500
-----------
929,569
Commercial Services -- 11.08%
CDI Corp. (a) .............................. 16,000 428,000
Interim Services Inc. (a) .................. 20,000 642,500
MPW Industrial Services Group Inc. (a)...... 35,000 472,500
RCM Technologies Inc. (a) .................. 32,500 660,156
Strayer Education Inc. ..................... 9,750 353,438
Wackenhut Corp. ............................ 14,000 301,000
-----------
2,857,594
Computers -- 1.63%
Sykes Enterprises Inc. (a) ................. 21,000 421,312
Diversified Financial Services -- 4.94%
Dain Rauscher Corp. ........................ 13,000 711,750
Southwest Securities Group Inc. ............ 25,000 562,500
-----------
1,274,250
Electrical Components & Equipment-- 2.54%
Artesyn Technologies Inc. (a) .............. 41,000 656,000
Electronics -- 8.14%
Ampex Corp. (a) ............................ 150,000 309,375
Coherent Inc. (a) .......................... 27,000 463,219
Gentex Corp. (a) ........................... 22,000 398,750
OYO Geospace Corp. (a) ..................... 23,000 632,500
Sawtek Inc. (a) ............................ 20,000 295,000
-----------
2,098,844
Entertainment -- 1.10%
International Speedway Corp. ............... 10,000 284,374
Environmental Control-- 4.01%
IMCO Recycling Inc. ........................ 25,000 462,500
Superior Services Inc. (a) ................. 19,000 571,188
-----------
1,033,688
Health Care -- 2.74%
Alternative Living Services Inc. (a)........ 10,000 270,000
Horizon Health Corp. (a) ................... 25,000 437,500
-----------
707,500
Home Builders -- 0.80%
Lennar Corp. ............................... 7,000 206,500
Lodging -- 4.37%
Capstar Hotel Co. (a) ...................... 16,000 448,000
Cavanaughs Hospitality Corp. (a) ........... 22,200 289,988
Servico Inc. (a) ........................... 26,000 390,000
-----------
1,127,988
Market
Shares Value
------ -----
Common Stocks (continued)
Media -- 5.31%
Mail-Well Inc. (a) ......................... 26,000 $ 563,875
World Color Press Inc. (a) ................. 23,000 805,000
-----------
1,368,875
Office Furnishings -- 2.51%
CompX International Inc. (a) ............... 30,000 648,750
Oil & Gas Producers -- 1.87%
Marine Drilling Cos. Inc. (a) .............. 30,100 481,600
Pharmaceuticals -- 2.34%
PharMerica Inc. (a) ........................ 50,000 603,124
Real Estate -- 2.48%
LNR Property Corp. ......................... 25,000 640,624
Retail -- 15.13%
Burlington Coat Factory Warehouse Corp...... 28,000 630,000
Cash America International Inc. ............ 33,100 504,775
Cole National Corp. (a) .................... 12,000 480,000
Genesco Inc. (a) ........................... 35,000 570,938
Hughes Supply Inc. ......................... 13,000 476,125
Pacific Sunwear of California Inc. (a) ..... 18,000 630,000
Sunglass Hut International Inc. (a) ........ 55,000 608,438
-----------
3,900,276
Savings & Loans -- 2.45%
Commercial Federal Corp. ................... 20,000 632,500
Semiconductors -- 2.31%
Photronics Inc. (a) ........................ 27,000 595,688
Software -- 9.74%
Avid Technology Inc. (a) ................... 20,000 670,000
Cerner Corp. (a) ........................... 24,000 679,500
INSpire Insurance Solutions Inc. (a) ....... 20,000 665,000
Medical Manager Corp. (a) .................. 18,000 497,250
-----------
2,511,750
Textiles -- 2.19%
Interface Inc. ............................. 28,000 565,250
-----------
Total Common Stocks
(cost $21,507,354) ..................... 23,546,056
-----------
Principal
Amount
------
Short Term Investments -- 8.72%
Money Market Funds -- 8.72%
SSgA Money Market Fund, 5.35% (b) ......... $ 1,125,072 1,125,072
See notes to the financial statements.
<PAGE>
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Money Market Funds (continued)
SSgA Government Money Market
Fund,5.37% (b) ............................. $ 1,125,072 $ 1,125,072
-----------
Total Short Term Investments
(cost $2,250,144) ...................... 2,250,144
-----------
Total Investments -- 100%
(cost $23,757,498) ......................... $25,796,200
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
<PAGE>
JNL/JPM INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 95.69%
Australia -- 4.22%
Banks -- 1.02%
Westpac Banking Corp. Ltd. ................. 8,300 $ 50,749
Building Materials -- 0.60%
Pioneer International Ltd. ................. 12,600 30,113
Insurance -- 0.85%
QBE Insurance Group Ltd. ................... 12,000 42,459
Media -- 1.75%
News Corp. Ltd. ............................ 10,700 87,542
-----------
Total Australia ........................... 210,863
Austria -- 0.24%
Electrical Components & Equipment-- 0.24%
Elektrim SA ................................ 1,000 12,189
Belgium -- 0.49%
Oil & Gas Producers -- 0.49%
PetroFina SA ............................... 60 24,644
Denmark -- 2.45%
Computers -- 0.81%
Olicom A/S (a) ............................. 1,500 40,614
Food -- 0.54%
Danisco A/S ................................ 400 26,902
Telecommunications -- 1.10%
GN Store Nord A/S .......................... 1,800 55,026
-----------
Total Denmark ............................. 122,542
Finland -- 1.74%
Forest Products & Paper -- 0.66%
UPM-Kymmene Oyj ............................ 1,200 33,059
Pharmaceuticals -- 0.49%
Orion-Yhtyma OY (a) ........................ 800 24,667
Telecommunications -- 0.59%
Nokia Oyj "A" .............................. 400 29,447
-----------
Total Finland ............................. 87,173
France -- 15.84%
Auto Manufacturers -- 0.78%
PSA Peugeot Citroen ........................ 180 38,705
Banks -- 1.66%
Societe Generale ........................... 400 83,167
Building Materials -- 0.49%
Compagnie de Saint Gobain .................. 131 24,290
Market
Shares Value
------ -----
Common Stocks (continued)
France (continued)
Chemicals -- 2.44%
Air Liquide ................................ 256 $ 42,344
Rhodia SA (a) .............................. 2,853 79,563
-----------
121,907
Commercial Services -- 2.50%
Vivendi .................................... 585 124,921
Cosmetics & Personal Care -- 1.01%
Christian Dior SA .......................... 400 50,350
Diversified Financial Services -- 1.28%
Paribas .................................... 600 64,210
Food -- 0.89%
Carrefour Supermarche ...................... 70 44,288
Holding Companies - Diversified -- 0.50%
Lagardere S.C.A ............................ 600 24,980
Insurance -- 0.63%
Union des Assurnces Federales SA ........... 200 31,527
Oil & Gas Producers -- 2.27%
Elf Aquitaine SA ........................... 405 56,942
Total SA ................................... 435 56,554
-----------
113,496
Pharmaceuticals -- 0.82%
Sanofi SA .................................. 350 41,161
Semiconductors -- 0.57%
ST Microelectronics NV ..................... 400 28,351
-----------
Total France .............................. 791,353
Germany -- 11.64%
Apparel -- 1.05%
Adidas-Salomon AG .......................... 300 52,316
Banks -- 3.14%
Deutsche Bank AG ........................... 950 80,384
Dresdner Bank AG ........................... 1,420 76,770
-----------
157,154
Chemicals -- 0.98%
Bayer AG ................................... 500 25,895
SGL Carbon AG .............................. 200 23,311
-----------
49,206
Electric -- 1.78%
RWE AG (a) ................................. 1,500 88,830
Insurance -- 1.79%
Muenchener Rueckversicherungs-
Gesellschaft AG (a) ..................... 180 89,429
See notes to the financial statements.
<PAGE>
JNL/JPM INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Germany (continued)
Manufacturing -- 1.35%
VEBA AG .................................... 1,000 $ 67,288
Pharmaceuticals -- 0.94%
Schering AG ................................ 400 47,132
Software -- 0.61%
SAP AG ..................................... 50 30,358
-----------
Total Germany ............................. 581,713
Hong Kong -- 2.28%
Banks -- 0.64%
Dao Heng Bank Group Ltd. ................... 22,500 31,944
Holding Companies - Diversified -- 0.32%
Hutchison Whampoa Ltd. ..................... 3,000 15,836
Real Estate -- 1.32%
Henderson Land Development Co. Ltd.......... 20,000 65,953
-----------
Total Hong Kong ........................... 113,733
Italy -- 0.89%
Telecommunications -- 0.89%
Telecom Italia SpA - RNC (a) ............... 9,210 44,605
Japan -- 11.30%
Auto Manufacturers -- 0.71%
Honda Motor Co. Ltd. ....................... 1,000 35,727
Banks -- 1.62%
Bank of Fukuoka Ltd. ....................... 10,000 37,607
Mitsui Trust & Banking Co. Ltd. ............ 7,000 16,555
Sanwa Bank Ltd. ............................ 3,000 26,926
-----------
81,088
Building Materials -- 0.52%
Tostem Corp. ............................... 2,000 26,007
Chemicals -- 0.62%
Sekisui Chemical Co. Ltd. .................. 6,000 30,809
Computers -- 0.85%
Fujitsu Ltd. ............................... 4,000 42,236
Electronics -- 3.10%
Fanuc Ltd. ................................. 1,000 34,715
Mitsubishi Corp. ........................... 11,000 68,417
Sony Corp. ................................. 600 51,855
-----------
154,987
Machinery -- 0.58%
Tadano Ltd. ................................ 10,000 28,929
Market
Shares Value
------ -----
Common Stocks (continued)
Japan (continued)
Pharmaceuticals -- 1.37%
Takeda Chemical Industries ................. 1,000 $ 26,687
Yamanouchi Pharmaceutical Co. .............. 2,000 41,802
Ltd ........................................
-----------
68,489
Semiconductors -- 0.74%
Tokyo Ohka Kogyo Co. Ltd. .................. 1,300 37,043
Telecommunications -- 1.19%
DDI Corp. .................................. 17 59,384
-----------
Total Japan ............................... 564,699
Mexico -- 0.86%
Diversified Financial Services -- 0.86%
Grupo Financiero Banamex Accival
SA "B" (a) .............................. 22,000 42,847
Netherlands -- 5.01%
Banks -- 1.34%
ING Groep NV ............................... 1,020 66,824
Commercial Services -- 0.45%
Vedior NV .................................. 789 22,331
Electronics -- 1.13%
Philips Electronics NV ..................... 669 56,278
Food -- 0.53%
De Boer Unigro NV .......................... 500 26,442
Media -- 0.27%
Wolters Kluwer NV (a) ...................... 100 13,735
Retail -- 0.60%
Vendex NV .................................. 800 30,107
Semiconductors -- 0.69%
ASM Lithography Holding NV (a) ............. 1,169 34,620
-----------
Total Netherlands ......................... 250,337
New Zealand -- 0.49%
Forest Products & Paper -- 0.49%
Fletcher Challenge Paper ................... 21,800 24,275
Norway -- 0.88%
Engineering & Construction -- 0.88%
Kvaerner Plc ............................... 1,300 44,099
Philippines -- 0.05%
Electric -- 0.05%
First Philippine Holdings Corp. (a) ........ 3,500 2,350
Portugal -- 1.37%
Banks -- 0.63%
Banco Totta & Acores SA .................... 1,030 31,240
See notes to the financial statements.
<PAGE>
JNL/JPM INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Portugal (continued)
Telecommunications -- 0.74%
Portugal Telecom SA ......................... 700 $ 37,124
-----------
Total Portugal ............................ 68,364
South Africa -- 1.81%
Banks -- 0.37%
ABSA Group Ltd. ............................. 3,000 18,718
Holding Companies - Diversified -- 0.74%
Anglo American Corp. of South ............... 300 10,118
Africa Ltd. .................................
South African Breweries Ltd. ................ 1,300 26,745
-----------
36,863
Metals & Mining -- 0.43%
Anglogold Ltd. ............................. 424 17,089
Eastvaal Gold Holding Ltd. (a) ............. 4,900 4,462
-----------
21,551
Retail -- 0.27%
Edgars Stores Ltd. ......................... 1,500 13,280
-----------
Total South Africa ........................ 90,412
Spain -- 2.57%
Electric -- 1.59%
Iberdrola SA ............................... 4,900 79,564
Engineering & Construction -- 0.66%
Actividades de Construccion y ............... 1,100 33,032
Servicios SA
Iron & Steel -- 0.32%
Acerinox SA ................................ 120 15,979
-----------
Total Spain ............................... 128,575
Sweden -- 2.42%
Health Care -- 0.51%
Incentive AB (a) ........................... 1,400 25,451
Insurance -- 1.03%
Skandia Forsakrings AB ..................... 3,600 51,454
Retail -- 0.88%
Vendex International ....................... 2,800 44,057
-----------
Total Sweden .............................. 120,962
Switzerland -- 8.16%
Banks -- 2.83%
Union Bank of Switzerland .................. 380 141,531
Engineering & Construction -- 0.74%
ABB AG ..................................... 25 36,980
Food -- 1.93%
Nestle SA .................................. 45 96,460
Market
Shares Value
------ -----
Common Stocks (continued)
Switzerland (continued)
Insurance -- 1.28%
Zurich Versicherungs-Gesellschaft (a) ...... 100 $ 63,924
Pharmaceuticals -- 1.38%
Roche Holding AG ........................... 7 68,854
-----------
Total Switzerland ......................... 407,749
Turkey -- 0.24%
Banks -- 0.24%
Yapi ve Kredi Bankasi AS ................... 466,100 11,902
United Kingdom -- 12.85%
Auto Parts & Equipment -- 0.84%
LucasVarity Plc ............................ 10,500 41,726
Banks -- 1.37%
Lloyds TSB Group Plc ....................... 4,900 68,602
Food -- 0.73%
Tate & Lyle Plc ............................ 4,606 36,550
Health Care -- 0.83%
Smith & Nephew Plc ......................... 16,500 41,256
Household Products -- 1.34%
Unilever Plc ............................... 6,300 67,113
Insurance -- 1.03%
Royal & Sun Alliance Insurance Group Plc..... 5,000 51,719
Metals & Mining -- 0.46%
Billiton Plc ............................... 11,300 22,924
Oil & Gas Producers -- 1.23%
Shell Transport & Trading Co. Plc........... 8,700 61,301
Pharmaceuticals -- 1.98%
SmithKline Beecham Plc ..................... 4,600 56,184
Zeneca Group Plc ........................... 1,000 42,944
-----------
99,128
Telecommunications -- 1.71%
Cable & Wireless Plc ....................... 3,600 43,760
Vodafone Group Plc (a) ..................... 3,300 41,903
-----------
85,663
Water -- 1.33%
Wessex Water Plc ........................... 8,700 66,240
-----------
Total United Kingdom ...................... 642,222
United States -- 7.89%
Auto Parts & Equipment -- 1.54%
Autolive Inc. - ADR ........................ 2,403 76,827
Banks -- 0.94%
Uniao de Bancos Brasileiros SA - GDR........ 1,600 47,200
See notes to the financial statements.
<PAGE>
JNL/JPM INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Beverages -- 0.25%
Panamerican Beverages Inc. ................. 400 $ 12,575
Electric -- 0.43%
Companhia de Energetic Sao Paulo - ADR...... 1,100 9,615
Compania Paranaense de Energia
Copel -ADR ................................. 1,300 12,025
-----------
21,640
Food -- 0.36%
Companhia Brasileira de
Distribuicao
Grupo Pao de Acucar - ADR ............... 800 18,100
Iron & Steel -- 0.22%
Pohang Iron & Steel Co. Ltd. - ADR (a) ..... 900 10,800
Media -- 0.30%
Central European Media ..................... 700 15,137
Enterprises Ltd (a)
Oil & Gas Producers -- 0.74%
LUKoil Holding - ADR ....................... 300 10,029
YPF SA - ADR ............................... 900 27,056
-----------
37,085
Pharmaceuticals -- 0.31%
Ranbaxy Laboratories Ltd. - GDR ............ 1,000 15,350
Telecommunications -- 2.02%
Philippine Long Distance
Telephone Co. - ADR ........................ 600 13,575
Telecomunicacoes Brasileiras SA - ADR ..... 465 50,772
Telefonos de Mexico SA - ADR ............... 760 36,528
-----------
100,875
Transportation -- 0.78%
Evergreen Marine Corp. - GDR (a) ........... 1,854 14,299
Stolt-Nielsen SA - ADR ..................... 1,417 24,620
-----------
38,919
-----------
Total United States ....................... 394,508
-----------
Total Common Stocks
(cost $4,880,289) ...................... 4,782,116
-----------
Market
Shares Value
------ -----
Preferred Stocks -- 1.16%
Austria -- 0.65%
Banks -- 0.65%
Bank Austria AG ............................ 400 $ 32,505
Germany -- 0.51%
Auto Manufacturers --0.51%
Volkswagen AG .............................. 37 25,522
-----------
Total Preferred Stocks
(cost $48,744) ......................... 58,027
-----------
Principal
Amount
------
Corporate Bonds -- 1.71%
Japan -- 0.34%
Diversified Financial Services -- 0.34%
MTI Capital Ltd., (144a), 0.50%,
10/01/2007 .............................. $ 3,000,000 17,195
United Kingdom -- 0.90%
Food -- 0.90%
Compass Group Plc, 5.75%, .................. 15,000 44,605
10/05/2007
United States -- 0.47%
Holding Companies - Diversified -- 0.47%
Beijing Enterprise Investment
Ltd., (144a),
0.50%, 03/31/2003 ....................... 29,000 23,726
-----------
Total Corporate Bonds
(cost $ 76,956) ........................ 85,526
-----------
Short Term Investments -- 1.44%
Money Market Fund -- 1.44%
SSgA Money Market Fund, 5.35% (b)........... 71,822 71,822
-----------
Total Short Term Investments
(cost $71,822) ......................... 71,822
-----------
Total Investments -- 100%
(cost $5,077,841) .......................... $4,997,491
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
<PAGE>
JNL/PIMCO TOTAL RETURN BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Corporate Bonds -- 2.69%
Tobacco -- 2.69%
Philip Morris Cos. Inc., 6.15%,
03/15/2000 .............................. $ 100,000 $ 9,998
Total Corporate Bonds
(cost $100,014) ........................ 99,998
-----------
U.S. Government Securities -- 46.29%
U.S. Government Agencies -- 32.54%
Federal Home Loan Mortgage Corp.,
7.00%, 05/15/2023 ......................... 1,140,716 1,211,792
U.S. Treasury Bonds -- 13.75%
6.75%, 08/15/2026 ......................... 250,000 286,210
6.625%, 02/15/2027 ........................ 200,000 225,844
-----------
512,054
-----------
Total U.S. Government
Securities
(cost $1,649,966) ...................... 1,723,846
-----------
Short Term Investments -- 51.02%
Beverages -- 2.68%
Coca-Cola Co., 5.48%, 07/02/1998 ........... 100,000 99,985
Chemicals -- 2.68%
E.I. du Pont de Nemours & Co.,
5.50%, 07/14/1998 .......................... 100,000 99,801
Diversified Financial Services -- 10.66%
Ford Motor Credit Co., 5.53%,
08/14/1998 .............................. 100,000 99,324
KFW International Finance Inc.,
5.50%, 07/01/1998 ....................... 100,000 100,000
National Rural Utilities
Cooperative Finance Corp.,
5.50%, 09/03/1998........................ 100,000 99,022
New Center Asset Trust, 5.54%,
09/21/1998 .............................. 100,000 98,738
-----------
397,084
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Electric -- 2.67%
Florida Power Corp., 5.54%,
08/13/1998 ................................. $ 100,000 $ 99,338
Electronics -- 2.65%
Motorola Inc., 5.50%, 09/24/1998 ........... 100,000 98,701
Manufacturing -- 2.68%
General Electric Capital Corp.,
5.50%, 07/24/1998 .......................... 100,000 99,649
Money Market Funds -- 1.58%
SSgA Money Market Fund, 5.35%, (a).......... 58,652 58,652
Pharmaceuticals -- 2.69%
Abbott Laboratories, 5.49%,
07/02/1998 .............................. 100,000 99,985
Sovereign -- 2.68%
Export Development Corp., 5.49%,
07/02/1998 .............................. 100,000 99,924
U.S. Government Agencies -- 20.05%
Federal Home Loan Mortgage Corp.
Discount Notes
5.48%, 07/22/1998 ......................... 150,000 149,521
5.44%, 07/31/1998 ......................... 500,000 497,733
Federal National Mortgage
Association
Discount Note, 5.45%, 08/14/1998......... 100,000 99,334
-----------
746,588
-----------
Total Short Term Investments
(cost $1,899,707) ......................... 1,899,707
-----------
Total Investments -- 100%
(cost $3,649,687) .......................... $3,723,551
===========
- -----------------------------------------------
(a) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30,1998.
See notes to the financial statements.
<PAGE>
JNL/PUTNAM GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 97.72%
Advertising -- 0.89%
Interpublic Group Cos. Inc. ................ 20,100 $ 1,219,819
Airlines -- 0.84%
AMR Corp. (a) .............................. 13,800 1,148,850
Apparel -- 0.61%
Jones Apparel Group Inc. (a) ............... 22,800 833,625
Banks -- 5.98%
BankAmerica Corp. .......................... 36,300 3,137,680
Chase Manhattan Corp. ...................... 14,700 1,109,850
Comerica Inc. .............................. 19,800 1,311,750
Fifth Third Bancorp ........................ 16,350 1,030,050
J.P. Morgan & Co. Inc. ..................... 4,500 527,063
Norwest Corp. .............................. 17,100 639,113
SouthTrust Corp. .......................... 9,950 432,825
-----------
8,188,331
Beverages -- 1.16%
Coca-Cola Enterprises Inc. ................. 40,600 1,593,550
Building Materials --0.94%
Masco Corp. ................................ 21,400 1,294,700
Commercial Services -- 1.70%
Cendant Corp. (a) .......................... 78,800 1,644,950
Quintiles Transnational Corp.(a)............ 13,800 678,788
-----------
2,323,738
Computers -- 3.11%
Cisco Systems Inc. (a) ..................... 19,400 1,786,013
Dell Computer Corp. (a) .................... 8,900 826,031
EMC Corp. (a) .............................. 36,900 1,653,581
-----------
4,265,625
Cosmetics & Personal Care -- 3.59%
Colgate-Palmolive Co. ...................... 15,500 1,364,000
Estee Lauder Cos. Inc. ..................... 16,200 1,128,938
Procter & Gamble Co. ....................... 26,700 2,431,368
-----------
4,924,306
Diversified Financial Services -- 6.33%
American Express Co. ....................... 25,800 2,941,200
Associates First Capital Corp. ............. 8,800 676,500
Federal Home Loan Mortgage Corp. ........... 34,900 1,642,481
MBNA Corp. ................................. 44,000 1,452,000
Morgan Stanley Dean Witter & Co. ........... 21,400 1,955,425
-----------
8,667,606
Environmental Control -- 0.82%
USA Waste Services Inc. (a) ................ 22,800 1,125,750
Food -- 1.73%
Safeway Inc. (a) ........................... 35,300 1,436,269
Sara Lee Corp. ............................. 16,800 939,750
-----------
2,376,019
Market
Shares Value
------ -----
Common Stocks (continued)
Health Care -- 0.85%
HEALTHSOUTH Corp. (a) ...................... 43,400 $ 1,158,238
Holding Companies - Diversified -- 0.91%
TCI Ventures Group (a) ..................... 62,300 1,249,894
Household Products -- 0.55%
Clorox Co. ................................. 7,900 753,463
Insurance -- 7.24%
American International Group Inc ........... 15,800 2,306,800
Conseco Inc. ............................... 23,900 1,117,325
Equitable Cos. Inc. ........................ 19,100 1,431,306
SunAmerica Inc. ............................ 20,900 1,200,444
Travelers Group Inc. ....................... 63,700 3,861,813
-----------
9,917,688
Leisure Time -- 1.25%
Carnival Corp. ............................. 43,400 1,719,725
Lodging --0.52%
Marriott International Inc. ................ 22,300 721,963
Machinery -- 1.21%
Ingersoll-Rand Co. ......................... 37,500 1,652,344
Manufacturing -- 6.24%
General Electric Co. ....................... 43,500 3,958,500
Tyco International Ltd. .................... 73,000 4,599,000
-----------
8,557,500
Media -- 5.55%
CBS Corp. .................................. 64,600 2,051,050
Gannett Co. Inc. ........................... 36,500 2,593,781
Tele-Communications Inc. ................... 41,700 1,602,844
Time Warner Inc. ........................... 15,900 1,358,456
-----------
7,606,131
Office & Business Equipment -- 0.84%
Pitney Bowes Inc. .......................... 23,800 1,145,375
Oil & Gas Producers -- 1.94%
Cooper Cameron Corp. (a) ................... 9,900 504,900
Exxon Corp. ................................ 21,100 1,504,694
Western Atlas Inc. (a) ..................... 7,600 645,050
-----------
2,654,644
Packaging & Containers -- 0.50%
Owens-Illinois Inc. (a) .................... 15,400 689,150
Pharmaceuticals -- 11.68%
Bristol-Myers Squibb Co. ................... 22,700 2,609,080
Cardinal Health Inc. ....................... 12,700 1,190,625
Eli Lilly & Co. ............................ 25,500 1,684,594
McKesson Corp. ............................. 4,700 381,875
Merck & Co. Inc. ........................... 10,900 1,457,875
Pfizer Inc. ................................ 24,400 2,651,974
See notes to the financial statements.
<PAGE>
JNL/PUTNAM GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Pharmaceuticals (continued)
Schering-Plough Corp. ...................... 27,400 $ 2,510,525
Warner-Lambert Co. ......................... 50,700 3,517,312
-----------
16,003,860
Retail -- 12.08%
Costco Cos. Inc. (a) ....................... 41,100 2,591,868
CVS Corp. .................................. 74,200 2,889,163
Dayton Hudson Corp. ........................ 41,300 2,003,050
Fred Meyer Inc. (a) ........................ 12,000 510,000
Home Depot Inc. ............................ 18,800 1,561,575
Office Depot Inc. (a) ...................... 19,000 599,688
TJX Companies Inc. ......................... 60,800 1,466,800
Wal-Mart Stores Inc. ....................... 55,100 3,347,325
Walgreen Co. ............................... 38,300 1,582,269
-----------
16,551,738
Software -- 10.26%
America Online Inc. ........................ 9,700 1,028,200
BMC Software Inc. .......................... 43,900 2,280,056
Computer Associates ........................ 33,300 1,850,231
International Compuware Corp. (a) .......... 21,800 1,114,525
HBO & Co. .................................. 54,800 1,931,700
Microsoft Corp. ............................ 37,200 4,031,550
Parametric Technology Corp. (a) ............ 29,400 797,475
PeopleSoft Inc. (a) ........................ 21,700 1,019,900
-----------
14,053,637
Telecommunications -- 8.40%
AirTouch Communications Inc. (a) ........... 20,300 1,186,281
AT&T Corp. ................................. 31,600 1,805,150
Lucent Technologies Inc. ................... 36,200 3,011,387
Market
Shares Value
------ -----
Common Stocks (continued)
Telecommunications (continued)
Northern Telecom Ltd. ...................... 15,200 $ 862,600
Sprint Corp. ............................... 26,500 1,868,250
Tellabs Inc. (a) ........................... 20,000 1,432,500
WorldCom Inc. (a) .......................... 27,800 1,346,563
-----------
11,512,731
-----------
Total Common Stocks
(cost $103,676,402) .................... 133,910,000
-----------
Principal
Amount
------
Short Term Investments -- 2.28%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35% (b) .......... $ 991 991
Repurchase Agreements -- 2.28%
Repurchase Agreement with Swiss
Bank,5.80% (Collateralized by
$1,965,000 U.S. Treasury Bond,
13.25%, due 05/15/2014, market
value $3,147, 832) acquired on
06/30/1998, due 07/01/1998 .............. 3,122,000 3,122,000
-----------
Total Short Term Investments
(cost $3,122,991) ...................... 3,122,991
-----------
Total Investments -- 100%
(cost $106,799,393) ........................ $137,032,991
============
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 98.05%
Aerospace & Defense -- 0.84%
Boeing Co. ................................. 31,005 $ 1,381,660
Airlines -- 0.59%
UAL Corp. (a) .............................. 12,400 967,200
Auto Manufacturers -- 1.05%
Ford Motor Company ......................... 29,185 1,721,915
Auto Parts & Equipment -- 3.05%
Dana Corp. ................................. 31,535 1,687,123
Goodyear Tire & Rubber Co. ................. 31,530 2,031,714
Lear Corp. (a) ............................. 25,100 1,287,944
-----------
5,006,781
Banks -- 12.48%
BankBoston Corp. ........................... 31,160 1,733,274
Bankers Trust Corp. ........................ 11,550 1,340,522
Chase Manhattan Corp. ...................... 2,600 196,429
Citicorp ................................... 19,100 2,850,674
Crestar Financial Corp. .................... 15,985 872,182
First Chicago NBD Corp. .................... 21,320 1,889,484
Firstar Corp. .............................. 15,890 603,820
Fleet Financial Group Inc. ................. 11,965 999,078
Hibernia Corp. ............................. 17,160 346,418
J.P. Morgan & Co. Inc. ..................... 12,380 1,450,008
KeyCorp .................................... 34,010 1,211,606
Mercantile Bancorporation Inc. ............. 14,410 725,904
National City Corp. ........................ 19,350 1,373,850
PNC Bank Corp. ............................. 30,500 1,641,281
Summit Bancorp ............................. 12,275 583,063
Union Planters Corp. ....................... 13,855 814,847
Wells Fargo & Co. .......................... 5,080 1,874,520
-----------
20,506,960
Beverages -- 2.12%
PepsiCo Inc. ............................... 39,665 1,633,702
Whitman Corp. .............................. 80,670 1,850,368
-----------
3,484,070
Chemicals -- 2.72%
E.I. du Pont de Nemours & Co. .............. 30,255 2,257,778
Eastman Chemical Co. ....................... 19,850 1,235,663
Witco Corp. ................................ 33,470 978,998
-----------
4,472,439
Computers -- 4.13%
Hewlett-Packard Co. ........................ 28,360 1,698,055
International Business Machines Corp ....... 24,435 2,805,444
NCR Corp. (a) .............................. 31,630 1,027,975
Seagate Technology Inc. (a) ................ 52,655 1,253,847
-----------
6,785,321
Cosmetics & Personal Care -- 1.81%
Colgate-Palmolive Co. ...................... 17,880 1,573,440
Kimberly-Clark Corp. ....................... 30,570 1,402,399
-----------
2,975,839
Market
Shares Value
------ -----
Common Stocks (continued)
Diversified Financial Services -- 2.37%
American Express Co. ....................... 10,300 $ 1,174,200
Federal National Mortgage Association ...... 23,650 1,436,737
Merrill Lynch & Co. Inc. ................... 13,850 1,277,663
-----------
3,888,600
Electric -- 2.10%
Duke Energy Corp. .......................... 22,590 1,338,458
Texas Utilities Co. ........................ 50,765 2,113,093
-----------
3,451,551
Electrical Components & Equipment -- 0.82%
Emerson Electric Co. ....................... 22,210 1,340,929
Food -- 3.90%
General Mills Inc. ......................... 18,725 1,280,322
H.J. Heinz Co. ............................. 35,965 2,018,535
Quaker Oats Co. ............................ 31,390 1,724,488
Sara Lee Corp. ............................. 24,630 1,377,741
-----------
6,401,086
Forest Products & Paper -- 1.29%
Boise Cascade Corp. ........................ 37,880 1,240,570
International Paper Co. .................... 20,400 877,200
-----------
2,117,770
Health Care -- 2.28%
Baxter International Inc. .................. 40,380 2,172,949
Johnson & Johnson .......................... 21,415 1,579,356
-----------
3,752,305
Household Products -- 0.78%
Clorox Co. ................................. 13,440 1,281,840
Insurance -- 5.98%
Allstate Corp. ............................. 16,740 1,532,756
American General Corp. ..................... 26,675 1,898,926
Aon Corp. .................................. 26,955 1,893,589
CIGNA Corp. ................................ 25,680 1,771,920
Equitable Cos. Inc. ........................ 18,500 1,386,344
Travelers Group Inc. ....................... 22,125 1,341,328
-----------
9,824,863
Leisure Time -- 0.86%
Hasbro Inc. ................................ 36,085 1,418,592
Machinery -- 2.02%
Caterpillar Inc. ........................... 7,595 401,586
Deere & Co. ................................ 25,345 1,340,117
Ingersoll-Rand Co. ......................... 35,845 1,579,420
-----------
3,321,123
Manufacturing - 3.67%
Cooper Industries Inc. ..................... 29,510 1,621,206
Eastman Kodak Co. .......................... 23,485 1,715,872
Eaton Corp. ................................ 15,340 1,192,685
See notes to the financial statements.
<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Manufacturing (continued)
Minnesota Mining & Manufacturing Co. ....... 18,240 $ 1,499,100
-----------
6,028,863
Media -- 3.75%
McGraw-Hill Cos. Inc. ..................... 16,125 1,315,195
MediaOne Group Inc. (a) .................... 43,.440 1,908,645
Times Mirror Co. ........................... 25,480 1,602,055
Viacom Inc. "B" (a) ........................ 22,995 1,339,459
-----------
6,165,354
Office & Business Equipment -- 3.31%
Pitney Bowes Inc. .......................... 28,330 1,363,381
Xerox Corp. ................................ 40,085 4,073,638
-----------
5,437,019
Oil & Gas Producers -- 10.29%
Amoco Corp. ................................ 40,500 1,685,813
Atlantic Richfield Co. ..................... 19,320 1,509,375
British Petroleum Co. Plc. - ADR ........... 24,275 2,142,268
Coastal Corp. .............................. 19,325 1,349,127
Cooper Cameron Corp. ....................... 17,625 898,875
Elf Aquitaine SA - ADR ..................... 23,935 1,699,385
Exxon Corp. ................................ 28,645 2,042,747
Kerr-McGee Corp. ........................... 30,240 1,750,140
Mobil Corp. ................................ 20,200 1,547,825
Sonat Inc. ................................. 28,375 1,095,984
Tosco Corp. ................................ 40,600 1,192,625
-----------
16,914,164
Packaging & Containers -- 1.35%
Owens-Illinois Inc. (a) .................... 49,635 2,221,166
Pharmaceuticals -- 7.77%
American Home Products Corp. ............... 55,070 2,849,873
Bristol-Myers Squibb Co. ................... 27,440 3,153,885
Merck & Co. Inc. ........................... 23,500 3,143,125
Pharmacia & Upjohn Inc. .................... 78,635 3,627,039
-----------
12,773,922
Real Estate -- 0.73%
Starwood Hotels & Resorts .................. 24,993 1,207,474
Retail -- 4.47%
J.C. Penney Co. ............................ 21,635 1,564,481
Kmart Corp. (a) ............................ 81,745 1,573,591
McDonald's Corp. ........................... 28,015 1,933,036
Sears, Roebuck & Co. ....................... 19,605 1,197,130
Toys "R" Us Inc. ........................... 45,570 1,073,743
-----------
7,341,981
Market
Shares Value
------ -----
Common Stocks (continued)
Savings & Loans -- 0.73%
H.F. Ahmanson & Co. ........................ 1,605 $ 113,955
Washington Mutual Inc. ..................... 25,000 1,085,938
-----------
1,199,893
Semiconductors -- 2.36%
Texas Instruments Inc. ..................... 66,475 3,876,323
Software -- 0.74%
Computer Associates ........................ 21,985 1,221,542
International Inc. .........................
Telecommunications -- 6.45%
Ameritech Corp. ............................ 35,455 1,591,043
AT&T Corp. ................................. 37,630 2,149,614
GTE Corp. .................................. 27,705 1,541,091
SBC Communications Inc. .................... 49,500 1,980,000
Sprint Corp. ............................... 23,700 1,670,850
U S West Inc. .............................. 35,408 1,664,175
-----------
10,596,773
Tobacco -- 1.24%
Philip Morris Cos. Inc. .................... 51,565 2,030,372
-----------
Total Common Stocks
(cost $151,398,717) .................... 161,115,690
-----------
Principal
Amount
------
Short Term Investments -- 1.95%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35% (b) .......... $ 208 208
Repurchase Agreements -- 1.95%
Repurchase Agreement with Swiss
Bank, 5.80% (Collateralized by
$2,020,000 U.S. Treasury Bond, 13.25%,
due 05/15/2014, market value
$3,235,939) acquired on
06/30/1998, due 07/01/1998 ............... 3,210,000 3,210,000
-----------
Short Term Investments
(cost $3,210,208) ...................... 3,210,208
-----------
Total Investments -- 100%
(cost $154,608,925) ........................ $164,325,898
============
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
GOLDMAN SACHS/JNL GROWTH & INCOME SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 88.32%
Aerospace & Defense -- 8.72%
Boeing Co. ................................. 1,200 $ 53,475
Lockheed Martin Corp. ...................... 1,200 127,050
Raytheon Co. ............................... 1,800 103,725
-----------
284,250
Auto Parts & Equipment -- 4.85%
Goodyear Tire & Rubber Co. ................. 1,100 70,881
Lear Corp. (a) ............................. 1,700 87,231
-----------
158,112
Banks -- 8.61%
Chase Manhattan Corp. ...................... 1,400 105,700
NationsBank Corp. .......................... 1,300 99,450
Republic New York Corp. .................... 1,200 75,525
-----------
280,675
Chemicals -- 5.19%
IMC Global Inc. ............................ 1,900 57,238
Union Carbide Corp. ........................ 2,100 112,088
-----------
169,326
Computers -- 6.07%
Quantum Corp. (a) .......................... 6,100 126,575
Seagate Technology Inc. (a) ................ 3,000 71,438
-----------
198,013
Electric -- 4.33%
Energy Corp. ............................... 2,600 74,750
Unicom Corp. ............................... 1,900 66,619
-----------
141,369
Engineering & Construction -- 3.28%
Fluor Corp. ................................ 2,100 107,100
Food -- 0.54%
Supervalu Inc. ............................. 400 17,750
Forest Products & Paper -- 2.71%
Georgia-Pacific Group ...................... 1,500 88,405
Health Care -- 4.29%
Foundation Health Systems Inc. ............. 2,100 55,388
(a)
Tenet Healthcare Corp. (a) ................. 2,700 84,375
-----------
139,763
Insurance -- 14.12%
Aetna Inc. ................................. 1,900 144,638
American General Corp. ..................... 1,100 78,306
Market
Shares Value
------ -----
Common Stocks (continued)
Insurance (continued)
CIGNA Corp. ................................ 1,800 $ 124,200
Loews Corp. ................................ 1,300 113,263
-----------
460,407
Iron & Steel -- 1.49%
Ispat International NV - NYS ............... 2,600 48,750
Oil & Gas Products -- 8.31%
Enron Corp. ................................ 1,400 75,687
Texaco Inc. ................................ 1,600 95,500
Tosco Corp. ................................ 3,400 99,875
-----------
271,062
Retail -- 2.25%
Sears, Roebuck & Co. ....................... 1,200 73,274
Tobacco -- 8.96%
Philip Morris Cos. Inc. .................... 2,700 106,313
RJR Nabisco Holdings Corp. ................. 5,200
123,500
UST Inc. ................................... 2,300 62,100
-----------
291,913
Transportation -- 4.60%
Canadian Pacific Ltd. ...................... 3,300 93,637
FDX Corp. (a) .............................. 900 56,475
-----------
150,112
-----------
Total Common Stocks
(cost $3,028,801) ...................... 2,880,281
-----------
Principal
Amount
------
Short Term Investments -- 11.68%
Money Market Fund -- 0.03%
SSgA Money Market Fund, 5.35% (b) .......... $ 837 837
Repurchase Agreements -- 11.65%
Repurchase Agreement with State
Street
Bank, 2.00% (Collateralized by
$370,000 U.S. Treasury Bond,
6.625%, due 07/31/2001,
market value $390,737)
acquired on 06/30/1998,
due 07/01/1998 ........................... 380,000 380,000
-----------
Total Short Term Investments
(cost $380,837) ........................ 380,837
-----------
Total Investments -- 100%
(cost $3,409,638) .......................... $ 3,261,118
===========
- ----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
LAZARD/JNL SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 96.78%
Apparel -- 0.27%
Stride Rite Corp. .......................... 900 $ 13,555
Auto Parts & Equipment -- 3.03%
Borg-Warner Automotive Inc. ................ 1,200 57,675
Dura Automotive Systems Inc. (a) ........... 600 19,275
Tower Automotive Inc. (a) .................. 1,700 72,888
-----------
149,838
Banks -- 0.80%
HUBCO Inc. ................................. 1,100 39,393
Building Materials -- 1.24%
Apogee Enterprises Inc. .................... 4,000 61,250
Chemicals -- 1.62%
A. Schulman Inc. ........................... 1,900 37,169
Ferro Corp. ................................ 1,700 43,031
-----------
80,200
Commercial Services -- 2.20%
Budget Group Inc. (a) ...................... 800 25,550
CDI Corp. (a) .............................. 900 24,075
Pittston Brink's Group ..................... 1,600 59,000
-----------
108,625
Computers -- 5.92%
Anixter International Inc. (a) ............. 3,800 72,438
Bell & Howell Co. (a) ...................... 2,400 61,950
Data General Corp. (a) ..................... 2,000 29,875
Electronics for Imaging Inc. (a) ........... 1,600 33,800
Komag Inc. (a) ............................. 3,900 20,841
Stratus Computer Inc. (a) .................. 1,200 30,375
Wang Laboratories Inc. (a) ................. 1,700 43,244
-----------
292,523
Distribution & Wholesale -- 0.44%
Unisource Worldwide Inc. ................... 2,000 21,624
Diversified Financial Services -- 0.94%
AMRESCO Inc. (a) ........................... 1,600 46,600
Electric -- 2.47%
Calpine Corp. (a) .......................... 3,700 74,694
Sierra Pacific Resources ................... 1,300 47,206
-----------
121,900
Electrical Components & Equipment -- 1.41%
Belden Inc. ................................ 1,000 30,625
Scotsman Industries Inc. ................... 1,400 38,850
-----------
69,475
Electronics -- 4.82%
BMC Industries Inc. ........................ 2,500 21,875
Credence Systems Corp. (a) ................. 2,300 43,700
Market
Shares Value
------ -----
Common Stocks (continued)
Electronics (continued)
Flextronics International Ltd.(a) .......... 600 $ 26,100
KEMET Corp. (a) ............................ 2,300 30,259
Oak Industries Inc. (a) .................... 1,700 60,138
Watts Industries Inc. ...................... 2,700 56,363
-----------
238,435
Food -- 0.33%
Vlasic Foods International Inc. (a) ........ 800 16,100
Forest Products & Paper -- 0.38%
Rock-Tenn Co. .............................. 1,500 18,843
Furniture & Appliances -- 0.59%
Dorel Industries Inc. (Canada) (a) ......... 900 29,051
Hand & Machine Tools -- 0.81%
Regal-Beloit Corp. ......................... 1,400 39,900
Health Care -- 9.02%
Apria Healthcare Group Inc. (a) ............ 5,200 34,775
Integrated Health Services Inc. (a) ........ 1,900 71,250
Magellan Health Services Inc. (a) .......... 2,900 73,588
Oakley Inc. (a) ............................ 3,900 52,163
Sierra Health Services Inc. (a) ............ 3,150 79,341
Sun Healthcare Group Inc. (a) .............. 2,500 36,563
Sunrise Medical Inc. (a) ................... 3,000 45,000
West Co. Inc. .............................. 1,900 53,794
-----------
446,474
Holding Companies - Diversified -- 1.00%
Walter Industries Inc. (a) ................. 2,600 49,237
Home Builders -- 2.64%
Kaufman & Broad Home Corp. ................. 2,300 73,025
Toll Brothers Inc. (a) ..................... 2,000 57,375
-----------
130,400
Home Furnishings -- 3.62%
Bassett Furniture Industries Inc............ 1,800 50,738
Furniture Brands International Inc. (a)..... 2,100 58,931
Harman International Industries Inc ........ 1,800 69,300
-----------
178,969
Household Products -- 0.81%
Gibson Greetings Inc. (a) .................. 1,600 40,000
Insurance -- 5.98%
Amerin Corp. (a) ........................... 2,000 58,375
CMAC Investment Corp. ...................... 500 30,750
Delphi Financial Group Inc. (a) ............ 406 22,863
E. W. Blanch Holdings Inc. ................. 1,600 58,800
Frontier Insurance Group Inc. .............. 1,760 39,710
HCC Insurance Holdings Inc. ................ 2,300 50,600
Horace Mann Educators Corp. ................ 1,000 34,500
-----------
295,598
See notes to the financial statements.
<PAGE>
LAZARD/JNL SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Iron & Steel -- 1.09%
Reliance Steel & Aluminum Co. .............. 1,400 $ 54,074
Leisure Time -- 1.14%
Polaris Industries Inc. .................... 1,500 56,437
Lodging -- 0.78%
Prime Hospitality Corp. (a) ................ 2,200 38,362
Machinery -- 5.69%
Albany International Corp. ................. 2,010 48,114
Briggs & Stratton Corp. .................... 1,400 52,413
JLG Industries Inc. ........................ 3,000 60,750
MagneTek Inc. (a) .......................... 2,500 39,375
OmniQuip International Inc. ................ 1,100 20,350
United Dominion Industries Ltd. ............ 1,800 60,075
-----------
281,077
Manufacturing -- 5.66%
ACX Technologies Inc. (a) .................. 2,100 45,675
Aeroquip-Vickers Inc. ...................... 600 35,025
Crane Co. .................................. 1,500 72,844
Mark IV Industries Inc. .................... 3,300 71,363
Roper Industries Inc. ...................... 2,100 54,863
-----------
279,770
Media -- 3.30%
Banta Corp. ................................ 2,400 74,100
Bowne & Co. Inc. ........................... 1,200 54,000
World Color Press Inc. (a) ................. 1,000 35,000
-----------
163,100
Metals & Mining -- 0.69%
Wyman-Gordon Co. (a) ....................... 1,700 33,894
Office & Business Equipment -- 0.69%
Danka Business Systems Plc - ADR ........... 2,900 34,255
Oil & Gas Producers -- 5.11%
Barrett Resources Corp. (a) ................ 1,900 71,131
Devon Energy Corp. ......................... 1,600 55,900
Helmerich & Payne Inc. ..................... 2,300 51,175
Tuboscope Inc. (a) ......................... 900 17,775
Vintage Petroleum Inc. ..................... 3,000 56,625
-----------
252,606
Packaging & Containers -- 1.45%
First Brands Corp. ......................... 2,800 71,750
Market
Shares Value
------ -----
Common Stocks (continued)
Pharmaceuticals -- 1.16%
Perrigo Co. (a) ............................ 5,700 $ 57,355
Real Estate -- 2.30%
Chateau Communities Inc. ................... 1,200
34,500
Glenborough Realty Trust Inc. .............. 1,300 34,287
Kilroy Realty Corp. ........................ 1,800 45,000
-----------
113,787
Retail -- 8.13%
AnnTaylor Stores Corp. (a) ................. 2,100 44,494
Cole National Corp. (a) .................... 1,100 44,000
Eagle Hardware & Garden Inc. (a) ........... 2,900 67,063
Footstar Inc. (a) .......................... 1,500 72,000
Hughes Supply Inc. ......................... 900 32,963
Lone Star Steakhouse & Saloon Inc. (a) ..... 1,900 26,244
Ryan's Family Steak Houses Inc.(a) ......... 5,900 60,475
Wet Seal Inc. .............................. 1,700 54,400
-----------
401,639
Savings & Loans -- 1.11%
Long Island Bancorp Inc. ................... 900 54,675
Semiconductors -- 2.63%
Lam Research Corp. (a) ..................... 1,900 36,338
Silicon Valley Group Inc. (a) .............. 2,900 46,581
VLSI Technology Inc. (a) ................... 2,800 46,988
-----------
129,907
Telecommunications -- 1.88%
Allen Telecom Inc. (a) ..................... 3,600 41,850
Vanguard Cellular Systems Inc. (a).......... 2,700 50,963
-----------
92,813
Textiles -- 0.19%
Mohawk Industries Inc. (a) ................. 300 9,506
Tobacco -- 0.31%
Swisher International Group Inc.(a) ........ 1,900 15,200
Transportation -- 3.13%
Circle International Group Inc. ............ 2,100 58,800
CNF Transportation Inc. .................... 1,300 55,250
Pittston BAX Group ......................... 2,600 40,463
-----------
154,513
-----------
Total Common Stocks
(cost $5,030,390) ...................... 4,782,710
-----------
See notes to the financial statements.
<PAGE>
LAZARD/JNL SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments -- 3.22%
Money Market Fund -- 0.02%
SSgA Money Market Fund, 5.35% (b) .......... $ 997 $ 997
Repurchase Agreements -- 3.20%
Repurchase Agreement with State
Street Bank, 2.00% (Collateralized
by $155,000 U.S. Treasury Bond,
6.625%, due 07/31/2001, market
value $163,687) acquired on
06/30/1998, due 07/01/1998 ............... 158,000 158,000
-----------
Total Short Term Investments
(cost $158,997) ........................ 158,997
-----------
Total Investments -- 100%
(cost $5,189,387) .......................... $4,941,707
==========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
LAZARD/JNL MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 90.20%
Aerospace & Defense -- 3.56%
Gulfstream Aerospace Corp. ................. 1,900 $ 88,350
Litton Industries Inc. (a) ................. 1,400 82,600
-----------
170,950
Apparel -- 5.57%
Gucci Group NV - NYS ....................... 1,800 95,400
Liz Claiborne Inc. ......................... 1,500 78,375
Warnaco Group .............................. 2,200 93,363
-----------
267,138
Auto Parts & Equipment -- 3.35%
Borg-Warner Automotive Inc. ................ 1,600 76,900
Meritor Automotive Inc. .................... 3,500 84,000
-----------
160,900
Banks -- 4.57%
Firstar Corp. .............................. 1,700 64,600
North Fork Bancorporation Inc. ............. 3,450 84,309
Union Planters Corp. ....................... 1,200 70,575
-----------
219,484
Building Materials -- 2.10%
Johns Manville Corp. ....................... 6,700 100,919
Commerical Services -- 3.60%
H&R Block Inc. ............................. 2,000 84,250
Pittston Brink's Group ..................... 2,400 88,500
-----------
172,750
Computers -- 3.52%
NCR Corp. .................................. 2,900 94,250
Quantum Corp. .............................. 3,600 74,700
-----------
168,950
Diversified Financial Services -- 5.27%
CIT Group Inc. ............................. 2,200 82,500
Heller Financial Inc. ...................... 3,200 96,000
Waddell & Reed Financial Inc. .............. 3,100 74,206
-----------
252,706
Electric -- 6.99%
Illinova Corp. ............................. 3,100 93,000
IPALCO Enterprises Inc. .................... 900 39,994
Niagara Mohawk Power Corp. (a) ............. 7,000 104,563
NIPSCO Industries Inc. ..................... 3,500 98,000
-----------
335,557
Energy - Alternate Sources -- 1.25%
CalEnergy Co. Inc. ......................... 2,000 60,124
Forest Products & Paper -- 1.80%
Temple-Inland Inc. ......................... 1,600 86,200
Health Care -- 3.45%
Foundation Health Systems Inc. ............. 2,200 58,025
Mallinckrodt Inc. .......................... 2,500 74,219
Market
Shares Value
------ -----
Common Stocks (continued)
Health Care (continued)
St. Jude Medical Inc. ...................... 900 $ 33,131
-----------
165,375
Household Products -- 1.24%
Dial Corp. ................................. 2,300 59,656
Insurance -- 5.50%
Old Republic International Corp. ........... 2,850 83,541
Reliance Group Holdings Inc. ............... 5,200 91,000
Scor SA - ADR .............................. 1,400 89,250
-----------
263,791
Iron & Steel -- 2.82%
Carpenter Technology Corp. ................. 1,500 75,375
Ispat International NV - NYS ............... 3,200 60,000
-----------
135,375
Leisure Time -- 1.31%
Callaway Golf Co. .......................... 3,200 63,000
Machinery -- 2.48%
AGCO Corp. ................................. 2,500 51,406
Briggs & Stratton Corp. .................... 1,800 67,388
-----------
118,794
Manufacturing -- 2.93%
Crane Co. .................................. 1,200 58,275
Mark IV Industries Inc. .................... 3,800 82,175
-----------
140,450
Media -- 3.83%
E.W. Scripps Co. ........................... 1,600 87,700
Hearst-Argyle Television Inc. .............. 2,400 96,000
-----------
183,700
Oil & Gas Producers -- 7.31%
Cooper Cameron Corp. ....................... 1,700 86,700
Enron Oil & Gas Co. ........................ 4,100 83,025
Noble Affiliates Inc. ...................... 2,100 79,800
R&B Falcon Corp. ........................... 4,500 101,813
-----------
351,338
Real Estate -- 1.22%
Mack-Cali Realty Corp. ..................... 1,700 58,438
Retail -- 6.67%
CompUSA Inc. ............................... 4,300 77,669
Consolidated Stores Corp. .................. 2,300 83,375
Proffitts Inc. ............................. 1,700 68,638
Tandy Corp. ................................ 1,700 90,206
-----------
319,888
Savings & Loans -- 1.84%
Sovereign Bancorp Inc. ..................... 5,400 88,255
See notes to the financial statements.
<PAGE>
LAZARD/JNL MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Semiconductors -- 3.10%
Advanced Micro Devices Inc. ................ 2,400 $ 40,950
Lam Research Corp. ......................... 3,100 59,288
LSI Logic Corp. ............................ 2,100 48,431
-----------
148,669
Software -- 1.29%
Autodesk Inc. .............................. 1,600 61,800
Telecommunications -- 1.77%
Frontier Corp. ............................. 2,700 85,050
Transportation -- 1.86%
CNF Transportation Inc. .................... 2,100 89,250
-----------
Total Common Stocks
(cost $4,477,363) ...................... 4,328,507
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 9.80%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35% (b) ......... $ 180 $ 180
Repurchase Agreements -- 9.80%
Repurchase Agreement with State
Street Bank, 2.00% (Collateralized by
$455,000 U.S. Treasury Bond,
6.625%,due 07/31/2001, market value
$480,500), acquired on 06/30/1998, due
07/01/1998 .............................. 470,000 470,000
-----------
Total Short Term Investments
(cost $470,180) ........................ 470,180
-----------
Total Investments -- 100%
(cost $4,947,543) .......................... $ 4,798,687
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 49.64%
Aerospace & Defense -- 1.79%
Lockheed Martin Corp. ...................... 7,900 $ 836,413
United Technologies Corp. .................. 7,100 656,750
-----------
1,493,163
Apparel -- 1.83%
Liz Claiborne Inc. ......................... 15,900 830,775
VF Corp. ................................... 13,600 700,400
-----------
1,531,175
Auto Manufacturers -- 1.99%
Ford Motor Co. ............................. 15,000 885,000
General Motors Corp. ....................... 11,700 781,706
-----------
1,666,706
Auto Parts & Equipment -- 1.78%
ITT Industries Inc. ........................ 17,400 650,325
TRW Inc. ................................... 15,300 835,763
-----------
1,486,088
Banks -- 4.15%
BankAmerica Corp. .......................... 4,900 423,544
Chase Manhattan Corp. ...................... 13,000 981,499
KeyCorp .................................... 22,700 808,688
Mellon Bank Corp. .......................... 6,200 431,675
NationsBank Corp. .......................... 10,800 826,200
-----------
3,471,606
Beverages -- 0.85%
Anheuser-Busch Cos. Inc. ................... 15,000 707,813
Chemicals -- 2.01%
Dow Chemical Co. ........................... 8,300 802,506
Rohm & Haas Co. ............................ 8,400 873,075
-----------
1,675,581
Computers -- 1.59%
Adaptec Inc. (a) ........................... 28,000 400,750
International Business Machines Corp ....... 8,100 929,980
-----------
1,330,730
Electric -- 3.02%
FirstEnergy Corp. .......................... 26,700 821,025
GPU Inc. ................................... 22,600 854,563
PECO Energy Co. ............................ 29,100 849,356
-----------
2,524,944
Electronics -- 0.99%
Parker-Hannifin Corp. ...................... 21,700 827,313
Forest Products & Paper -- 0.73%
Mead Corp. ................................. 19,300 612,774
Health Care -- 1.00%
Columbia/HCA Healthcare Corp. .............. 28,800 838,800
Coram Healthcare Corp. (a) ................. 33 64
-----------
838,864
Market
Shares Value
------ -----
Common Stocks (continued)
Insurance -- 5.01%
Aetna Inc. ................................. 7,200 $ 548,100
American Financial Group Inc. .............. 11,200 485,100
American General Corp. ..................... 12,000 854,250
CIGNA Corp. ................................ 12,000 828,000
Hartford Financial Services Group Inc. ..... 7,700 880,687
Transamerica Corp. ......................... 5,100 587,138
-----------
4,183,275
Iron & Steel -- 0.99%
Nucor Corp. ................................ 18,000 828,000
Leisure Time -- 1.48%
Brunswick Corp. ............................ 27,500 680,625
Hasbro Inc. ................................ 14,100 554,306
-----------
1,234,931
Manufacturing -- 1.69%
Cooper Industries Inc. ..................... 10,000 549,375
PPG Industries Inc. ........................ 12,400 862,575
-----------
1,411,950
Metals & Mining -- 0.96%
Phelps Dodge Corp. ......................... 14,000 800,625
Office & Business Equipment -- 1.53%
Harris Corp. ............................... 18,300 817,781
Xerox Corp. ................................ 4,500 457,313
-----------
1,275,094
Oil & Gas Producers -- 3.96%
Ashland Inc. ............................... 14,300 738,237
Chevron Corp. .............................. 9,800 814,013
Occidental Petroleum Corp. ................. 36,000 972,000
Phillips Petroleum Co. .................... 16,200 780,638
-----------
3,304,888
Retail -- 1.76%
Federated Department Stores Inc.(a) ........ 12,300 661,894
Kmart Corp. (a) ............................ 41,900 806,575
-----------
1,468,469
Savings & Loans -- 0.94%
Charter One Financial Inc. ................. 23,300 784,918
Telecommunications -- 5.76%
AT&T Corp. ................................. 10,400 594,100
Bell Atlantic Corp. ........................ 17,200 784,750
GTE Corp. .................................. 13,900 773,188
SBC Communications Inc. .................... 21,300 852,000
Sprint Corp. ............................... 12,100 853,050
U S West Inc. .............................. 20,300 954,100
-----------
4,811,188
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Tobacco -- 1.91%
Philip Morris Cos. Inc. .................... 22,000 $ 866,250
RJR Nabisco Holdings Corp. ................. 30,900 733,875
-----------
1,600,125
Transportation -- 1.92%
Burlington Northern Santa Fe Corp .......... 8,100 795,319
CSX Corp. .................................. 17,800 809,900
-----------
1,605,219
-----------
Total Common Stocks
(cost $ 36,608,697) .................... 41,475,439
-----------
Principal
Amount
------
Corporate Bonds -- 14.34%
Aerospace & Defense -- 0.36%
K & F Industries Inc., 9.25%,
10/15/2007 .............................. $ 300,000 303,000
Building Materials -- 0.37%
Brand Scaffold Services Inc.,
(144a), 10.25%, 02/15/2008 .............. 300,000 306,000
Chemicals -- 0.71%
Laroche Industries Inc., 9.50%,
09/15/2007 .............................. 300,000 292,500
PCI Chemicals Canada Inc., 9.25%,
10/15/2007 .............................. 300,000 297,000
-----------
589,500
Commercial Services -- 0.72%
Rental Service Corp., (144a),
9.00%, 5/15/2008 ........................ 300,000 299,250
Universal Compression Holdings Inc.,
(144a), (Step-Up Bond),
11.375%,
02/15/2009 (c) .......................... 500,000 301,875
-----------
601,125
Cosmetics & Personal Care -- 0.37%
Revlon Worldwide Corp., Zero
Coupon, 03/15/2001 ......................... 400,000 311,000
Distribution & Wholesale -- 0.36%
United Stationers Inc., (144a),
8.375%, 04/15/2008.......................... 300,000 300,000
Diversified Financial Services -- 0.39%
PX Escrow Corp., (144a),
(Step-Up Bond), 9.625%, 02/01/2006 (c) ..... 450,000 324,000
Electrical Components & Equipment -- 0.36%
Wyman-Gordon Co., 8.00%,
12/15/2007 ................................. 300,000 304,500
Electronics -- 0.36%
Hadco Corp., (144a), 9.50%,
06/15/2008 ................................. 300,000 297,000
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Entertainment -- 0.38%
Rio Hotel & Casino Inc., 9.50%,
04/15/2007 .............................. $ 300,000 $ 318,000
Environmental Control -- 0.93%
Allied Waste Industries Inc.,
(Step-Up
Bond), 11.30%,06/01/2007 (c) ............ 500,000 367,500
Marsulex Inc., (144a), 9.625%,
07/01/2008 .............................. 400,000 406,500
-----------
774,000
Forest Products & Paper -- 0.02%
Buckeye Technologies Inc.,
(144a),
9.25%, 09/15/2008 ....................... 15,000 15,750
Health Care -- 0.36%
Universal Hospital Services
Inc., (144a),
10.25%, 03/01/2008 ...................... 300,000 300,000
Holding Companies - Diversified -- 1.16%
Elgar Holdings Inc., (144a),
9.875%, 02/01/2008 ...................... 300,000 277,500
First Nationwide Holdings Inc.,
10.625%,10/01/2003 ...................... 300,000 339,000
Knology Holdings Inc., (Step-Up
Bond), 11.875%, 10/15/2007 (c) .......... 600,000 354,000
-----------
970,500
Home Builders -- 0.36%
D.R. Horton Inc., 8.375%,
06/15/2004 ................................. 300,000 301,500
Machinery -- 0.35%
Terex Corp., (144a), 8.875%,
04/01/2008 ................................. 300,000 294,750
Manufacturing -- 0.75%
Burke Industries Inc., 10.00%,
08/15/2007 ................................. 300,000 301,500
Simmons Co., 10.75%, 04/15/2006 ............ 300,000 321,000
-----------
622,500
Media -- 1.24%
Capstar Broadcasting Corp.,
(144a), (Step- Up Bond), 12.75%,
02/01/2009 (c) .......................... 500,000 380,000
Century Communications Corp.,
9.50%, 08/15/2000 ....................... 250,000 261,250
FrontierVision Holdings LP,
(Step-Up Bond), 11.875%, 09/15/2007 (c) . 500,000 395,000
-----------
1,036,250
Oil & Gas Producers -- 0.67%
Parker Drilling Co., 9.75%,
11/15/2006 ................................. 300,000 307,500
Pogo Producing Co., 8.75%,
05/15/2007 ................................. 250,000 253,750
-----------
561,250
Packaging & Containers -- 1.12%
Riverwood International Corp.,
10.625%, 08/01/2007 ........................ 300,000 312,000
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Packaging & Containers (continued)
Stone Container Corp., 12.25%,
04/01/2002 .............................. $ 300,000 $ 310,500
U.S. Can Corp., 10.125%,
10/15/2006 .............................. 300,000 315,750
-----------
938,250
Retail -- 1.08%
Eye Care Centers of America
Inc., (144a),
9.76%, 05/01/2008 (d) ................... 300,000 296,250
Finlay Fine Jewelry Corp.,
8.375%, 05/01/2008 ...................... 300,000 300,750
Specialty Retailers Inc., 8.50%,
07/15/2005 .............................. 300,000 307,500
-----------
904,500
Telecommunications -- 1.22%
Focal Communications Corp.,
(144a), (Step-Up Bond),
12.125%, 02/15/2008 (c) ................. 600,000 364,500
Metronet Communications Corp.,
12.00%, 08/15/2007 ....................... 300,000 345,000
Rogers Cantel Inc., 9.375%, 06/01/2008 ..... 300,000 312,000
-----------
1,021,500
Transportation -- 0.70%
Gulfmark Offshore, (144a), 8.75%,
06/01/2008 .............................. 300,000 291,000
Ultrapetrol Ltd., (144a), 10.50%,
04/01/2008 .............................. 300,000 294,000
-----------
585,000
-----------
Total Corporate Bonds
(cost $11,827,024) ..................... 11,979,875
-----------
U.S. Government Securities -- 34.89%
U. S. Government Agencies -- 14.57%
Federal Home Loan Mortgage Corp.
6.00%, 05/01/2001 ......................... 346,389 345,966
6.50%, 05/01/2001 ......................... 573,743 577,334
6.00%, 07/01/2001 ......................... 458,535 458,338
6.75%, 06/15/2004 ......................... 560,840 571,176
8.00%, 09/01/2011 ......................... 912,947 943,239
7.50%, 11/01/2011 ......................... 912,324 939,693
6.50%, 04/01/2012 ......................... 691,357 696,971
7.00%, 01/01/2013 ......................... 1,008,616 1,027,779
8.00%, 10/01/2024 ......................... 728,473 753,736
7.50%, 11/01/2024 ......................... 746,714 765,381
6.50%, 02/01/2027 ......................... 499,940 498,530
7.50%, 03/01/2027 ......................... 660,734 677,094
6.50%, 12/01/2027 ......................... 487,043 485,743
Federal National Mortgage
Association,
7.50%, 04/01/2012 ....................... 608,433 625,238
Principal Market
Amount Value
------ -----
U.S. Government Securities
(continued)
U.S. Government Agencies (continued)
Government National Mortgage
Association
6.50%, 04/15/2026 ......................... $1,041,257 $ 1,040,278
7.50%, 07/15/2027 ......................... 495,939 509,939
8.00%, 02/15/2028 ......................... 727,806 754,189
7.00%, 05/15/2028 ......................... 499,607 507,566
-----------
12,178,190
U.S. Treasury Bonds -- 5.87%
6.25%, 08/15/2023 ......................... 3,000,000 3,211,860
6.625%, 02/15/2027 ........................ 200,000 225,844
U.S. Treasury Strip - Interest
only
5.785%, 11/15/2017 ........................ 800,000 265,024
U.S. Treasury Strip - Principal
only
5.735%, 05/15/2016 ........................ 600,000 218,412
5.77%, 11/15/2016 ......................... 1,950,000 685,737
5.72%, 11/15/2024 ......................... 1,300,000 293,774
-----------
4,900,651
U.S. Treasury Notes -- 14.45%
5.875%, 08/15/1998 ........................ 400,000 400,188
6.375%, 01/15/1999 ........................ 2,250,000 2,261,610
6.875%, 07/31/1999 ........................ 1,700,000 1,723,647
6.125%, 07/31/2000 ........................ 1,400,000 1,416,618
6.25%, 08/31/2000 ......................... 1,700,000 1,724,973
6.125%, 09/30/2000 ........................ 700,000 708,638
6.25%, 10/31/2001 ......................... 1,000,000 1,020,780
6.25%, 02/15/2003 ......................... 1,300,000 1,337,778
5.875%, 11/15/2005 ........................ 1,450,000 1,477,637
-----------
12,071,869
-----------
Total U.S. Government
Securities
(cost $28,601,731) ..................... 29,150,710
-----------
Warrants -- 0.00%
Holding Companies-Diversified -- 0.00%
Knology Holdings Inc. ...................... 600 1,200
Telecommunications -- 0.00%
Metronet Communications Corp. .............. 300 1,200
-----------
Total Warrants
(cost $144) ............................ 2,400
-----------
Short Term Investments -- 1.13%
Commercial Paper -- 1.11%
Household Financial Corp.,
5.95%, 07/01/1998 .......................... 925,000 925,000
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Money Market Fund -- 0.02%
SSgA Money Market Fund, 5.35%,
(b) ........................................ $ 22,348 $ 22,348
-----------
Total Short Term Investments
(cost $947,348) ........................ 947,348
-----------
Total Investments -- 100.00%
(cost $77,984,944) ......................... $83,555,772
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate
stated is the quoted yield as of June 30, 1998.
(c) Denotes deferred interest security that receives no current coupon payments
until a predetermined date at which time the stated coupon rate becomes
effective.
(d) Coupon is indexed to 6 month Libor. Rate stated is in effect as of June 30,
1998.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Corporate Bonds -- 96.87%
Aerospace & Defense -- 1.16%
K&F Industries Inc., 9.25%,
10/15/2007 ................................. $ 1,100,000 $ 1,111,000
Apparel -- 1.50%
Pillowtex Corp., 10.00%,
11/15/2006 ................................. 1,330,000 1,436,400
Building Materials -- 2.14%
Brand Scaffold Services Inc.,
(144a), 10.25%, 02/15/2008 ................. 2,000,000 2,040,000
Chemicals -- 4.08%
Laroche Industries Inc., 9.50%,
09/15/2007 .............................. 2,000,000 1,950,000
PCI Chemicals Canada Inc., 9.25%,
10/15/2007 .............................. 1,965,000 1,945,350
-----------
3,895,350
Commercial Services -- 5.31%
Neff Corp., (144a), 10.25%,
06/01/2008 ................................. 1,965,000 2,020,000
Rental Service Corp., (144a),
9.00%, 05/15/2008 .......................... 2,000,000 1,995,000
Universal Compression Holdings
Inc., (144a), (Step-Up Bond),
02/15/2009, 11.375% (a) ................ 1,750,000 1,056,563
-----------
5,071,563
Cosmetics & Personal Care -- 1.57%
Chattem Inc., (144a), 8.875%,
04/01/2008 ................................. 1,000,000 995,000
Revlon Worldwide Corp., Zero Coupon,
03/15/2001 .............................. 650,000 505,375
-----------
1,500,375
Diversified Financial Services -- 0.57%
PX Escrow Corp., (144a),
(Step-Up Bond),
9.625%, 02/01/2006 (a) .................. 750,000 540,000
Electrical Components & Equipment -- 2.14%
Communications Instruments Inc.,
10.00%, 09/15/2004 ...................... 2,000,000 2,040,000
Electronics -- 2.07%
Hadco Corp., (144a), 9.50%,
06/15/2008 ................................. 2,000,000 1,980,000
Engineering & Construction -- 2.10%
Schuff Steel Co., (144a), 10.50%,
06/01/2008 .............................. 2,000,000 2,005,000
Entertainment -- 5.53%
Harvey Casinos Resorts, 10.625%,
06/01/2006 .............................. 200,000 221,500
Rio Hotel & Casino Inc., 9.50%,
04/15/2007 .............................. 1,600,000 1,696,000
Sun International Hotels Ltd.
8.625%, 12/15/2007 ........................ 1,300,000 1,339,000
9.00%, 03/15/2007 ......................... 500,000 523,750
United Artists Theatre Circuit
Inc., (144a),
9.75%, 04/15/2008 ......................... 1,500,000 1,496,250
-----------
5,276,500
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Environmental Control -- 2.74%
Marsulex Inc., (144a), 9.625%,
07/01/2008 .............................. $ 2,000,000 $ 2,032,500
Norcal Waste Systems Inc.,
(Step-Up Bond), 13.25%, 11/15/2005 (d) .... 500,000 585,000
-----------
2,617,500
Health Care -- 1.78%
Universal Hospital Services
Inc., (144a), 10.25%, 03/01/2008 ........... 1,700,000 1,700,000
Holding Companies-Diversified -- 5.40%
Elgar Holdings Inc., (144a),
9.875%,02/01/2008 .......................... 2,400,000 2,220,000
First Nationwide Holdings Inc.,
10.625%,10/01/2003 ......................... 1,700,000 1,921,000
Knology Holdings Inc., (Step-Up
Bond), 11.875%, 10/15/2007 (a) ............. 1,700,000 1,003,000
-----------
5,144,000
Machinery -- 3.40%
Grove Holdings LLC, (144a),
(Step-Up Bond), 11.625%,
05/01/2009 (a) ............................. 2,000,000 1,140,000
W.R. Carpenter North America
Inc., 10.625%, 06/15/2007 .................. 2,000,000 2,105,000
-----------
3,245,000
Manufacturing -- 8.79%
Burke Industries Inc.
(144a), 9.688%, 08/15/2007 ................ 700,000 708,750
10.00%, 08/15/2007 ........................ 1,450,000 1,457,250
Jackson Products Inc., (144a),
9.50%, 04/15/2005 .......................... 2,000,000 1,990,000
Prestolite Electric Inc.,
(144a), 9.625%, 02/1/2008 .................. 2,060,000 2,096,050
Simmons Co., 10.75%, 04/15/2006 ............ 2,000,000 2,140,000
-----------
8,392,050
Media -- 8.95%
Advanstar Communications, (144a),
9.25%, 05/01/2008 ....................... 1,000,000 1,007,500
Capstar Broadcasting Corp.,
(144a), (Step- Up Bond), 12.75%,
02/01/2009 (a) ............................. 1,350,000 1,026,000
Frontiervision Holdings LP,
(Step-Up Bond), 11.875%,
09/15/2007 (a) ............................. 1,300,000 1,027,000
FrontierVision Operating
Partners LP, 11.00%, 10/15/2006 ............ 400,000 443,500
Gray Communications System Inc.,
10.625%, 10/01/2006 ..................... 1,100,000 1,193,500
Jacor Communications Inc., 8.75%,
06/15/2007 .............................. 1,000,000 1,040,000
Price Communications Wireless
Inc., (144a), 9.125%, 12/15/2007 ........... 2,000,000 2,000,000
Rogers Cablesystems Ltd.
9.625%, 08/01/2002 ........................ 650,000 695,500
10.00%, 03/15/2005 ........................ 100,000 111,000
-----------
8,544,000
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Metals & Mining -- 4.18%
Simcala Inc., (144a),
9.625%, 04/15/2006 ......................... $ 2,000,000 $ 1,980,000
Steel Heddle Manufacturing Co., (144a),
10.625%, 06/01/2008 ..................... 2,000,000 2,015,000
-----------
3,995,000
Office & Business Equipment -- 2.13%
General Binding Corp., (144a),
9.375%, 06/01/2008 ......................... 2,000,000 2,035,000
Oil & Gas Producers -- 5.41%
Bayard Drilling Technologies
Inc., (144a),
11.00%, 06/30/2005 ......................... 1,000,000 1,007,500
Chiles Offshore LLC, (144a),
10.00%, 05/01/2008 ......................... 2,500,000 2,418,750
Parker Drilling Co.,
9.75%,11/15/2006 .......................... 1,700,000 1,742,500
-----------
5,168,750
Packaging & Containers -- 4.73%
Huntsman Packaging Corp.,
9.125%, 10/01/2007 ......................... 1,000,000 995,000
Riverwood International Corp.,
10.625%, 08/01/2007 ........................ 1,000,000 1,040,000
Stone Container Corp.,
12.25%, 04/01/2002 ......................... 2,400,000 2,484,000
-----------
4,519,000
Retail -- 5.74%
APCOA Inc., (144a),
9.25%, 03/15/2008 .......................... 1,500,000 1,496,250
Eye Care Centers of America
Inc., (144a),
9.76%, 05/01/2008 (c) ................... 2,000,000 1,975,000
Finlay Enterprises Inc., 9.00%,
05/01/2008 .............................. 2,000,000 2,005,000
-----------
5,476,250
Software -- 1.07%
PSINet Inc., 10.00%, 02/15/2005 ............ 1,000,000 1,020,000
Telecommunications -- 10.90%
Focal Communications Corp.,
(144a), (Step-Up Bond), 12.125%,
02/15/2008 (a) ............................. 1,750,000 1,063,124
Intermedia Communications Inc.
8.875%, 11/01/2007 ........................ 1,000,000 1,022,500
8.50%, 01/15/2008 ......................... 1,400,000 1,403,500
Level 3 Communications Inc.,
(144a), 9.125%, 05/01/2008 ................. 1,000,000 972,500
Long Distance International
Inc., (144a),
12.25%, 04/15/2008 ...................... 2,000,000 2,010,000
Metronet Communications Corp.
12.00%, 08/15/2007 ........................ 1,800,000 2,070,000
(144a), (Step-Up Bond), 9.95%,
06/15/2008 (a) ......................... 1,000,000 616,250
Rogers Cantel Inc.
9.375%, 06/01/2008 ........................ 1,000,000 1,040,000
9.75%, 06/01/2016 ......................... 200,000 209,000
-----------
10,406,874
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Transportation -- 3.48%
Gulfmark Offshore, (144a), 8.75%,
06/01/2008 .............................. $1,000,000 $ 970,000
Ultrapetrol Ltd., (144a), 10.50%,
04/01/2008 ................................ 2,400,000 2,352,000
-----------
3,322,000
-----------
Total Corporate Bonds
(cost $92,576,154) ..................... 92,481,612
-----------
Shares
------
Common Stocks -- 2.02%
Investment Company-- 2.02%
SPDR Trust ................................. 17,000 1,927,375
-----------
Total Common Stocks
(cost $ 1,903,255) ..................... 1,927,375
-----------
Preferred Stocks -- 0.71%
Media -- 0.71%
CBS Radio Inc. ............................. 5,689 675,569
-----------
Total Preferred Stocks
(cost $572,316) ........................ 675,569
-----------
Rights -- 0.01%
Machinery -- 0.01%
Terex Corp. ................................ 400 8,800
-----------
Total Rights
(cost $831) ............................ 8,800
-----------
Warrants -- 0.01%
Holding Companies - Diversified -- 0.00%
Knology Holdings Inc. ...................... 2,200 4,400
Telecommunications -- 0.01%
Highwaymaster Communications Inc ........... 1,500 3,000
Metronet Communications Corp. .............. 1,300 5,200
-----------
8,200
-----------
Total Warrants
(cost $5,525) ............................ 12,600
-----------
Principal
Amount
------
Short Term Investments -- 0.38%
Diversified Financial Services -- 0.36%
Household Finance Corp., 5.95%,
07/01/1998 .............................. $ 345,000 345,000
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Money Market Fund -- 0.02%
SSgA Money Market Fund, 5.35% (b) .......... $ 21,004 $ 21,004
-----------
Total Short Term Investments
(cost $366,004) ........................ 366,004
-----------
Total Investments -- 100%
(cost $95,424,085) ......................... $95,471,960
===========
- -----------------------------------------------
(a) Denotes deferred interest security that receives no current coupon payments
until a predetermined date at which time the stated coupon rate becomes
effective.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
(c) Coupon is indexed to 6 month Libor. Rate stated is in effect as of June 30,
1998.
(d) Coupon payment periodically increases over the life of the security. Rate
stated is in effect as of June 30, 1998.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Short Term Investments -- 100%
Auto Manufacturers -- 3.56%
General Motors Acceptance Corp. ............
5.54%, 07/03/1998 ......................... $ 725,000 $ 724,777
5.46%, 07/21/1998 ......................... 500,000 498,483
5.51%, 07/24/1998 ......................... 225,000 224,208
5.43%, 11/20/1998 ......................... 500,000 489,291
-----------
1,936,759
Beverages -- 4.40%
PepsiCo Inc., 6.00%, 07/01/1998 ............ 2,105,000 2,105,000
Coca-Cola., 5.55%, 07/09/1998 .............. 290,000 289,642
-----------
2,394,642
Chemicals -- 3.45%
E.I. du Pont de Nemours & Co. ..............
5.45%, 08/27/1998 ......................... 250,000 247,843
5.42%, 10/23/1998 ......................... 658,000 646,707
5.48%, 10/23/1998 ......................... 1,000,000 982,646
-----------
1,877,196
Computers -- 1.19%
International Business Machines
Corp., 5.52%, 07/16/1998 ................... 650,000 648,505
Cosmetics & Personal Care -- 2.66%
Procter & Gamble Co., 5.49%,
09/25/1998 .............................. 1,470,000 1,450,721
Diversified Financial Services -- 48.66%
American Express Credit Corp.
5.48%, 07/27/1998 ......................... 200,000 199,208
5.51%, 07/30/1998 ......................... 200,000 199,112
5.50%, 08/21/1998 ......................... 400,000 396,883
5.52%, 08/27/1998 ......................... 600,000 594,756
Associated Corporation of North
America
5.53%, 07/02/1998 ......................... 650,000 649,900
5.53%, 07/07/1998 ......................... 155,000 154,857
5.47%, 07/09/1998 ......................... 600,000 599,271
5.46%, 08/13/1998 ......................... 650,000 645,761
Beneficial Corp. ...........................
5.51%, 07/13/1998 ......................... 460,000 459,155
5.51%, 08/07/1998 ......................... 1,400,000 1,392,072
5.47%, 08/10/1998 ......................... 350,000 347,873
Chevron UK Investment Plc, 5.48%,
09/25/1998 .............................. 1,800,000 1,776,436
Chrysler Financial Corp.
5.50%, 07/06/1998 ......................... 332,000 331,746
5.46%, 09/09/1998 ......................... 200,000 197,877
5.46%, 10/16/1998 ......................... 250,000 245,943
5.48%, 10/30/1998 ......................... 425,000 417,172
5.48%, 11/20/1998 ......................... 408,000 399,181
CIT Group Inc.
5.47%, 08/14/1998 ......................... 600,000 595,989
5.49%, 09/24/1998 ......................... 705,000 695,861
5.46%, 11/19/1998 ......................... 1,100,000 1,076,477
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Diversified Financial Services
(continued)
Countrywide Home Loans Inc.
5.54%, 07/17/1998 ......................... $ 232,000 $ 231,429
5.53%, 07/21/1998 ......................... 1,100,000 1,096,621
5.55%, 08/25/1998 ......................... 185,000 183,431
5.52%, 08/27/1998 ......................... 300,000 297,378
5.53%, 08/27/1998 ......................... 250,000 247,811
5.53%, 09/03/1998 ......................... 280,000 277,247
Ford Motor Credit Co. .
5.47%, 07/17/1998 ......................... 415,000 413,991
5.51%, 07/24/1998 ......................... 548,000 546,071
5.52%, 07/24/1998 ......................... 700,000 697,961
5.46%, 08/21/1998 ......................... 300,000 297,680
Heller Financial Inc.
5.63%, 07/22/1998 ......................... 178,000 177,415
5.63%, 07/31/1998 ......................... 652,000 648,941
5.65%, 08/17/1998 ......................... 600,000 595,574
5.64%, 09/04/1998 ......................... 1,000,000 989,817
Household Finance Corp.,
5.51%, 07/08/1998 ......................... 800,000 799,143
Merrill Lynch & Co. Inc. ...................
5.50%, 07/01/1998 ......................... 310,000 310,000
5.61%, 07/08/1998 ......................... 500,000 499,455
5.58%, 07/13/1998 ......................... 370,000 369,312
5.53%, 07/15/1998 ......................... 600,000 598,710
5.53%, 07/31/1998 ......................... 105,000 104,516
5.54%, 08/28/1998 ......................... 237,000 234,885
5.49%, 11/20/1998 ......................... 200,000 195,669
Norwest Financial Inc.,
5.52%, 07/15/1998 ......................... 1,900,000 1,895,918
Sears Roebuck Acceptance Corp.
5.56%, 07/29/1998 ......................... 500,000 497,838
5.54%, 07/30/1998 ......................... 355,000 353,416
5.39%, 08/07/1998 ......................... 205,000 203,864
5.51%, 08/18/1998 ......................... 488,000 484,415
5.50%, 10/02/1998 ......................... 500,000 492,896
USAA Capital Corp.
5.38%, 07/14/1998 ......................... 100,000 99,806
5.52%, 07/14/1998 ......................... 300,000 299,402
5.47%, 10/08/1998 ......................... 1,000,000 984,958
-----------
26,501,100
Electric -- 2.87%
Central & Southwest Corp. .................
5.73%, 07/10/1998 ......................... 250,000 249,642
5.72%, 07/29/1998 ......................... 320,000 318,576
5.72%, 08/11/1998 ......................... 320,000 317,915
Florida Power Corp.,
5.51%, 07/22/1998 ......................... 680,000 677,815
-----------
1,563,948
Food -- 6.53%
Campbell Soup Co., 5.51%, 07/22/1998........ 1,000,000 974,642
ConAgra Inc., 5.66%, 07/07/1998 ............ 600,000 599,434
H.J. Heinz Co., 5.52%, 07/27/1998........... 1,000,000 996,013
Hershey Foods Corp., 5.48%, 09/21/1998...... 1,000,000 987,518
-----------
3,557,607
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Insurance -- 2.00%
American General Corp. .....................
5.49%, 07/06/1998 ......................... $ 300,000 $ 299,771
5.51%, 09/11/1998 ......................... 800,000 791,184
-----------
1,090,955
Leisure Time -- 1.96%
Hasbro Inc.
5.62%, 07/08/1998 ......................... 338,000 337,631
5.55%, 08/03/1998 ......................... 735,000 731,260
-----------
1,068,891
Machinery -- 1.44%
Deere & Co., 5.49%, 09/18/1998 ............. 795,000 785,422
Manufacturing -- 4.13%
General Electric Capital Corp.
5.42%, 07/10/1998 ......................... 575,000 574,221
5.51%, 07/24/1998 ......................... 225,000 224,208
5.47%, 07/28/1998 ......................... 200,000 199,180
5.47%, 08/04/1998 ......................... 250,000 248,708
5.59%, 08/04/1998 ......................... 300,000 298,416
5.51%, 12/04/1998 ......................... 225,000 219,628
5.49%, 12/31/1998 ......................... 500,000 486,046
-----------
2,250,407
Media -- 0.98%
Walt Disney Co., 5.33%, 12/18/1998.......... 550,000 536,157
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35% (a) .......... 1,107 1,107
Oil & Gas Producers -- 2.38%
Consolidated Natural Gas Co. ...............
5.55%, 07/10/1998 ......................... 500,000 499,306
5.53%, 07/14/1998 ......................... 800,000 798,403
-----------
1,297,709
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Packaging & Containers -- 1.96%
Crown Cork & Seal Co. Inc. .................
5.70%, 07/01/1998 ......................... $ 325,000 $ 325,000
5.72%, 07/10/1998 ......................... 146,000 145,792
5.72%, 08/14/1998 ......................... 275,000 273,077
5.71%, 08/18/1998 ......................... 195,000 193,515
5.77%, 08/18/1998 ......................... 130,000 129,000
-----------
1,066,384
Pharmaceuticals -- 3.93%
American Home Products Corp.,
5.50%, 08/28/1998 .......................... 354,000 350,863
Schering Corp., 5.47%,
07/28/1998 ................................. 1,800,000 1,792,616
-----------
2,143,479
Retail -- 1.20%
J.C. Penney Funding Corp., 5.54%,
08/03/1998 .............................. 655,000 651,674
Telecommunications -- 6.70%
BellSouth Telecomm Inc.
5.49%, 07/24/1998 ......................... 1,250,000 1,245,615
5.49%, 08/12/1998 ......................... 240,000 238,463
GTE Corp.
5.67%, 07/02/1998 ......................... 600,000 599,906
5.55%, 07/07/1998 ......................... 350,000 349,676
5.55%, 07/10/1998 ......................... 220,000 219,695
GTE Funding Inc., 5.55%, 07/02/1998 ....... 1,000,000 996,917
-----------
3,650,272
-----------
Total Investments -- 100%
(cost $54,472,935) ......................... $54,472,935
===========
- -----------------------------------------------
(a) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 43.35%
Auto Manufacturers -- 1.58%
Chrysler Corp. ................................ 600 $ 33,824
Banks -- 1.17%
Fleet Financial Group Inc. .................... 300 25,050
Building Materials -- 1.49%
Vulcan Materials Co. .......................... 300 32,005
Chemicals -- 1.60%
Geon Co. ...................................... 1,500 34,405
Cosmetics & Personal Care -- 1.80%
Avon Products Inc. ............................ 500 38,750
Electric -- 1.65%
Edison International .......................... 1,200 35,474
Engineering & Construction -- 1.11%
Stone & Webster Inc. .......................... 600 23,772
Food -- 2.92%
Hormel Foods Corp. ............................ 800 27,650
Ralson Purina Group ........................... 300 35,044
-----------
62,694
Forest Products & Paper -- 1.08%
Weyerhaeuser Co. .............................. 500 23,094
Health Care -- 1.63%
Bausch & Lomb Inc. ............................ 700 35,088
Insurance -- 4.76%
Allstate Corp. ................................ 200 18,313
Chubb Corp. ................................... 200 16,075
CIGNA Corp. ................................... 500 34,500
Marsh & McLennan Cos. Inc. .................... 550 33,241
-----------
102,129
Manufacturing -- 1.28%
Cooper Industries Inc. ........................ 500 27,468
Oil & Gas Producers -- 5.74%
Amerada Hess Corp. ............................ 400 21,312
Amoco Corp. ................................... 600 24,975
Exxon Corp. ................................... 500 35,656
Schlumberger Ltd. ............................. 300 20,494
Suncor Energy Inc. ............................ 600 20,850
-----------
123,287
Pharmaceuticals -- 1.69%
American Home Products Corp. .................. 700 36,226
Real Estate -- 5.01%
Crescent Real Estate Equities Co .............. 800 26,900
Excel Realty Trust Inc. ....................... 1,200 34,575
Market
Shares Value
------ -----
Common Stocks (continued)
Real Estate (continued)
Glenborough Realty Trust Inc. ................. 900 $ 23,738
JDN Realty Corp. .............................. 700 22,313
-----------
107,526
Retail -- 1.70%
Sears, Roebuck & Co. .......................... 600 36,638
Telecommunications -- 3.28%
BCE Inc. ...................................... 900 38,419
SBC Communications Inc. ....................... 800 32,000
-----------
70,419
Tobacco -- 1.10%
Philip Morris Cos. Inc. ....................... 600 23,626
Transportation -- 2.76%
Canadian National Railway Co. ................. 700 37,188
Union Pacific Corp. ........................... 500 22,063
-----------
59,251
-----------
Total Common Stocks
(cost $937,200) ........................... 930,726
-----------
Preferred Stocks -- 1.87%
Diversified Financial Services -- 1.87%
BTI Capital Trust ............................. 400 17,050
Union Pacific Capital Trust ................... 500 23,188
-----------
Total Preferred Stocks
(cost $ 44,650) ........................... 40,238
-----------
Principal
Amount
---------
Corporate Bonds -- 6.71%
Aerospace & Defense -- 0.70%
Raytheon Co., 5.95%, 03/15/2001 . ............ $ 14,944 15,000
Auto Parts & Equipment -- 0.95%
Dana Corp., 6.50%, 03/15/2008 ................. 20,000 20,313
Diversified Financial Services -- 0.48%
Sears Roebuck Acceptance Corp.,
7.00%,
06/15/2007 ................................. 10,000 10,435
Manufacturing -- 0.47%
Norsk Hydro ASA, 6.70%, ....................... 10,000 10,204
01/15/2018
Media -- 0.99%
A.H. Belo Corp., 7.25%, ...................... 20,000 21,202
09/15/2027
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Semiconductors -- 2.18%
Micron Technology Inc., 7.00%,
07/01/2004 ................................. $ 50,000 $ 46,875
Telecommunications -- 0.94%
GTE Corp., 6.94%, 04/15/2028 .................. 20,000 20,156
-----------
Total Corporate Bonds
(cost $142,425) ........................... 144,129
-----------
U.S. Government Securities -- 37.44%
U.S. Treasury Bond -- 4.24%
6.125%, 11/15/2027 ............................ 85,000 91,083
U.S. Treasury Notes -- 33.19%
5.375%, 01/31/2000 ........................... 380,000 379,111
5.625%, 12/31/2002 ........................... 125,000 125,546
6.125%, 08/15/2007 ........................... 200,000 208,094
-----------
712,751
-----------
Total U.S. Government
Securities
(cost $797,899) ........................... 803,834
-----------
Principal Market
Amount Value
------ -----
Asset Backed Securities -- 2.10%
Diversified Financial Services -- 2.10%
Banc One Auto Grantor Trust,
6.29%,
07/20/2004 ................................. $ 24,782 $ 24,964
Contimortgage Home Equity Loan
Trust, 6.13%, 03/15/2013 ................... 20,000 20,041
-----------
Total Asset Backed Securities
(cost $44,910) ............................ 45,005
-----------
Short Term Investments -- 8.53%
Money Market Fund -- 0.01%
SSgA Money Market Fund, 5.35%
(b) ........................................... 310 310
Repurchase Agreements -- 8.52%
Repurchase Agreement with State
Street
Bank, 5.70%, (Collateralized by
$160,000 U.S. Treasury Bond,
7.50%,
due 11/15/2016, market value,
$192,550) acquired on
06/30/1998,
due 07/01/1998 ............................... 183,000 183,000
-----------
Total Short Term Investments
(cost $183,310) ........................... 183,310
-----------
Total Investments -- 100%
(cost $2,150,394) ............................. $ 2,147,242
===========
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Corporate Bonds -- 34.14%
Australia -- 0.05%
Sovereign -- 0.05%
New South Wales Treasury Corp.,
7.375%, 02/21/2007 ......................... $ 40,000 $ 27,102
United States -- 34.09%
Aerospace & Defense -- 0.63%
BE Aerospace Inc., 8.00%, ..................... 250,000 249,375
03/01/2008
Raytheon Co., 5.95%, 03/15/2001 ............... 100,000 99,628
-----------
349,003
Auto Manufacturers -- 0.27%
Navistar International Corp.,
8.00%,
02/01/2008 ................................. 150,000 150,750
Auto Parts & Equipment -- 0.37%
Dana Corp., 6.50%, 03/15/2008
(c) ........................................... 200,000 203,130
Banks -- 1.51%
Bank One Corp., 7.60%, ........................ 600,000 651,060
05/01/2007 (c)
Malayan Banking Berhad - NYS,
7.125%, 09/15/2005 ......................... 210,000 177,658
-----------
828,718
Beverages -- 0.16%
Stroh Brewery Co., 11.10%,
07/01/2026 .................................... 150,000 90,188
Biotechnology -- 0.27%
Packard Bioscience Co., 9.375%,
03/01/2007 ................................. 150,000 145,500
Building Materials -- 0.46%
Nortek Inc., 9.125%, 09/01/2007
(c) ........................................... 250,000 253,750
Chemicals -- 0.36%
Praxair Inc., 6.15%, 04/15/2003 ............... 200,000 200,082
Commercial Services -- 0.75%
Iron Mountain Inc., 10.125%,
10/01/2006 .................................... 150,000 162,750
KinderCare Learning Centers
Inc., 9.50%,
02/15/2009 (c) ............................. 250,000 251,875
-----------
414,625
Computers -- 0.47%
Unisys Corp., 7.875%, 04/01/2008
(c) ........................................... 250,000 255,000
Cosmetics & Personal Care -- 1.09%
American Safety Razor Co.,
9.875%,
08/01/2005 ................................. 250,000 267,500
French Fragrances Inc., 10.375%,
05/15/2007 ................................. 125,000 133,125
Revlon Worldwide Corp., Zero
Coupon,
03/15/2001 ................................. 250,000 194,375
-----------
595,000
Diversified Financial Services -- 2.09%
Merrill Lynch & Co. Inc., 6.00%,
02/13/2003 (c) ............................. 200,000 199,224
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
United States (continued)
Diversified Financial Services
(continued)
Paine Webber Group Inc., 7.00%,
03/01/2000 (c) ...............$ ............ 300,000 $ 303,786
Polymer Group Inc., 9.00%, .................... 250,000 252,813
07/01/2000
Ryder TRS Inc., 10.00%, ....................... 200,000 231,000
12/01/2006
Williams Scotsman Inc., 9.875%,
06/01/2007 ................................. 150,000 156,000
-----------
1,142,823
Electric -- 0.42%
TransAmerican Energy Corp.,
11.50%, 06/15/2002 ............................ 250,000 230,000
Entertainment -- 0.97%
Grand Casinos Inc., 9.00%, 10/15/2004.......... 250,000 271,250
Sun International Hotels Ltd.,
8.625%, 12/15/2007 ............................ 250,000 257,500
-----------
528,750
Environmental Control -- 1.05%
Allied Waste Industries Inc.,
(Step-Up Bond), 11.30%,
06/01/2007 (d) .............................. 200,000 147,000
Envirosource Inc., 9.75%,
06/15/2003 .................................... 250,000 252,500
Norcal Waste Systems Inc.,
(Step-Up Bond), 13.25%,
11/15/2005 (e) ............................... 150,000 175,500
-----------
575,000
Food -- 0.99%
B&G Foods Inc., 9.625%, ....................... 125,000 126,250
08/01/2007
CFP Holdings Inc., 11.625%, ................... 200,000 187,500
01/15/2004
Dole Foods Co., 6.75%, ........................ 100,000 100,790
07/15/2000
SC International Services Inc.,
9.25%, 09/01/2007 ............................. 125,000 129,375
-----------
543,915
Forest Products & Paper -- 0.36%
Doman Industries Ltd., 8.75%,
03/15/2004 ................................. 200,000 195,500
Hand & Machine Tools -- 0.29%
International Knife & Saw Inc.,
11.375%, 11/15/2006 ........................... 150,000 159,000
Health Care -- 1.16%
Dade International Inc., 11.125%,
05/01/2006 ................................. 250,000 282,500
Integrated Health Services Inc.,
9.50%, 09/15/2007 ............................. 100,000 104,750
Vencor Inc., 9.875%, 05/01/2005 ............... 250,000 245,938
-----------
633,188
Holding Companies - Diversified -- 1.09%
High Voltage Engineering Corp.,
10.50%, 08/15/2004 ............................ 125,000 128,750
Jordan Industries Inc., 10.375%,
08/01/2007 ................................. 200,000 204,000
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
United States (continued)
Holding Companies - Diversified
(continued)
Renco Metals Inc., 11.50%,
07/01/2003 ................................. $ 250,000 $ 265,000
-----------
597,750
Household Products -- 0.93%
Ekco Group Inc., 9.25%,
04/01/2006 .................................... 250,000 260,625
Indesco International Inc.,
9.75%, 04/15/2008 ............................. 250,000 247,500
-----------
508,125
Insurance -- 0.39%
Aetna Services Inc., 7.625%,
08/15/2026 .................................... 200,000 213,380
Leisure Time -- 0.46%
Riddell Sports Inc., 10.50%,
07/15/2007 .................................... 250,000 251,875
Lodging -- 0.49%
Prime Hospitality Corp., 9.75%,
04/01/2027 ................................. 250,000 265,625
Machinery -- 0.39%
Harnischfeger Industries Inc.,
6.875%, 02/15/2027 ........................... 200,000 212,582
Manufacturing -- 1.76%
Alvey Systems Inc., 11.375%,
01/31/2003 ................................. 75,000 80,625
Axiohm Transaction Solutions,
9.75%, 10/01/2007 ......................... 150,000 151,875
Burke Industries Inc., 10.00%,
08/15/2007 (c) ............................. 250,000 251,250
Foamex L.P./Foamex Capital
Corp., 9.875%, 06/15/2007 .................. 100,000 110,000
Insilco Corp., 10.25%,
08/15/2007 ................................. 150,000 156,750
Norsk Hydro ASA, 6.70%,
01/15/2018 ................................. 100,000 102,037
Tekni-Plex Inc., 11.25%,
04/01/2007 ................................. 100,000 109,750
-----------
962,287
Media -- 3.60%
Adelphia Communications Corp. .................
9.875%, 03/01/2007 ........................... 100,000 108,250
10.50%, 07/15/2004 ........................... 100,000 109,250
American Media Operation Inc.,
11.625%, 11/15/2004 .......................... 250,000 270,000
CSC Holdings Inc., 10.50%,
05/15/2016 ................................... 250,000 291,250
Diamond Cable Communication Plc,
(Step- Up Bond), 11.75%, 12/15/2005
(d) .......................................... 150,000 124,500
Falcon Holding Group L.P.,
8.375%, 04/15/2010 ........................... 250,000 247,500
Hollinger International
Publishing Inc., 9.25%,
03/15/2007 ................................... 250,000 263,750
Lin Holdings Corp., (144a),
(Step-Up Bond), 10.00%,
03/01/2008 (d) ............................... 375,000 251,250
Marcus Cable Co., (Step-Up Bond),
14.25%, 12/15/2005 (d) ....................... 150,000 139,500
SFX Broadcasting Inc., 10.75%,
05/15/2006 (c) ............................... 150,000 165,374
-----------
1,970,624
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
United States (continued)
Metals & Mining -- 0.31%
Glencore Nickel Pty. Ltd., 9.00%,
12/01/2014 ...................$ ............ 175,000 $ 168,000
Oil & Gas Producers -- 1.91%
Cliffs Drilling Co., 10.25%,
05/15/2003 ................................. 150,000 160,500
Cross Timbers Oil Co., 9.25%,
04/01/2007 ................................. 150,000 154,500
Dawson Production Services Inc.,
9.375%, 02/01/2007 ......................... 250,000 251,250
National Energy Group Inc.,
10.75%, 11/01/2006 ......................... 150,000 135,750
Occidental Petroleum Corp.,
9.25%, 08/01/2019 .......................... 150,000 186,792
Parker Drilling Co., 9.75%,
11/15/2006 ................................. 150,000 153,750
-----------
1,042,542
Packaging & Containers -- 1.15%
Plastic Containers Inc., 10.00%,
12/15/2006 ................................. 250,000 266,250
Radnor Holdings Corp., 10.00%,
12/01/2003 ................................. 100,000 104,250
Stone Container Corp., 12.25%,
04/01/2002 ................................. 250,000 258,750
-----------
629,250
Real Estate -- 0.82%
CB Richard Ellis Services Inc.,
8.875%, 06/01/2006 ......................... 250,000 248,125
Forest City Enterprises Inc.,
8.50%, 03/15/2008 .......................... 200,000 198,000
-----------
446,125
Retail -- 2.14%
Cole National Group Inc.,
8.625%, 08/15/2007 ......................... 250,000 252,500
Jitney-Jungle Stores of America
Inc., 12.00%, 03/01/2006 (c) ............... 250,000 281,250
Selmer Co. Inc., 11.00%,
05/15/2005 (c) ............................. 250,000 272,500
Staples Inc., 7.125%, 08/15/2007
(c) ........................................ 350,000 362,485
-----------
1,168,735
Software -- 0.37%
First Data Corp., 6.375%,
12/15/2007 (c) ............................. 200,000 203,516
Sovereign -- 0.35%
Korea Development Bank, 9.60%,
12/01/2000 ................................. 200,000 192,466
Telecommunications -- 2.90%
British Telecom Plc, 7.00%,
05/23/2007 ................................. 550,000 584,374
Comcast Cellular Holdings Inc.,
9.50%, 05/01/2007 (c) ...................... 250,000 259,375
GTE Corp., 6.94%, 04/15/2028 .................. 125,000 201,560
Intermedia Communication Inc.,
8.60%, 06/01/2008 .......................... 125,000 125,938
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENT (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
United States (continued)
Telecommunications (continued)
Nextel Communications Inc.,
9.75%, 10/31/2007 .......................... $ 350,000 $ 228,375
NTL Inc., (Step-Up Bond), 11.50%,
02/01/2006 (d) ............................. 225,000 185,625
-----------
1,585,247
Textiles -- 0.28%
Collins & Aikman Floorcoverings,
10.00%, 01/15/2007 ......................... 150,000 155,625
Transportation -- 1.08%
Coach USA Inc., 9.375%,
07/01/2007 ................................. 250,000 260,000
Holt Group Inc., 9.75%,
01/15/2006 ................................. 200,000 200,000
TFM SA, (Step-Up Bond), 11.75%,
06/15/2009 (d) ............................. 200,000 132,216
-----------
592,216
-----------
Total United States .......................... 18,659,892
-----------
Total Corporate Bonds
(cost $18,729,249) ........................ 18,686,994
-----------
Government Securities -- 44.00%
Argentina -- 1.62%
Republic of Argentina, 6.625%,
03/31/2005 (f) ............................. 1,007,000 888,678
Brazil -- 2.40%
Republic of Brazil, 10.125%,
05/15/2027 ................................. 1,525,000 1,315,312
Bulgaria -- 0.65%
National Republic of Bulgaria,
6.563%, 07/28/2011 (f) ..................... 500,000 356,250
Canada -- 0.76%
Canadian Government Note
7.00%, 12/01/2006 ............................ 40,000 30,178
6.50%, 09/01/1998 ............................ 570,000 388,199
-----------
Total Canada ................................. 418,377
Denmark -- 2.51%
Kingdom of Denmark
8.00%, 05/15/2003 ............................ 3,220,000 536,096
6.00%, 02/15/1999 ............................ 5,690,000 837,245
-----------
Total Denmark ................................ 1,373,341
Ecuador -- 0.25%
Republic of Ecuador, (Step-Up
Bond), 3.50%, 02/28/2025 (e) .............. 250,000 134,700
Germany -- 0.81%
Federal Republic of Germany
6.00%, 01/05/2006 .......................... 80,000 $ 47,953
Principal Market
Amount Value
------ -----
Government Securities (continued)
Germany (continued)
6.50 %, 07/04/2027 ........................... $ 370,000 $ 239,424
5.625%, 01/04/2028 ........................... 270,000 155,402
-----------
Total Germany ................................ 442,779
Greece -- 0.26%
Republic of Greece, 11.00%,
02/25/2000 .................................... 43,500,000 143,786
Mexico -- 1.85%
United Mexican States
11.50%, 05/15/2026 ........................... 550,000 624,250
11.375%, 09/15/2016 .......................... 350,000 389,725
-----------
Total Mexico ................................. 1,013,975
Morocco -- 1.09%
Morocco Loan Participation,
6.563%, 01/01/2009 (f) ..................... 700,000 596,750
Netherlands -- 0.76%
Kingdom of Netherlands, 9.00%,
01/15/2001 ................................. 760,000 416,126
New Zealand -- 0.28%
New Zealand Government, 6.50%,
02/15/2000 ................................. 300,000 154,466
Sweden -- 0.47%
Kingdom of Sweden, 11.00%,
01/21/1999 ................................. 2,000,000 259,684
Panama -- 0.95%
Republic of Panama, (Step-Up
Bond), 3.75%, 07/17/2014 (e) .............. 700,000 520,660
Peru -- 0.56%
Republic of Peru, (Step-Up
Bond), 4.00%, 03/07/2017 ................... 500,000 308,150
Russia -- 1.25%
Russia Government International
Bond
6.625%, 12/15/2015 (f) ..................... 412,674 228,518
6.625%, 12/15/2015 ......................... 169,493 91,111
Russian Principal Loan, 6.625%,
12/15/2020 (f) ............................. 750,000 354,375
-----------
Total Russia ................................. 674,004
Venezuela -- 1.02%
Republic of Venezuela, 6.625%,
12/18/2007 (f) ............................. 678,571 554,732
United States -- 26.51%
U.S. Government Agencies -- 20.36%
Federal Home Loan Mortgage Corp.
10.00%, 05/15/2020 ........................... 32,386 35,169
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Government Securities (continued)
United States (continued)
U.S. Government Agencies (continued)
6.50%, 12/01/1999 ............................ $ 1,600 $ 48,222
6.50%, TBA (a) ............................... 300,000 299,154
Federal National Mortgage
Association
13.00%, 11/15/2015 ........................... 749,583 21,101
7.00%, 11/18/2015 ............................ 4,255,958 128,956
10.40%, 04/25/2019 ........................... 8,564 10,001
7.00%, 03/17/2020 (c) ........................ 1,500,000 1,521,090
6.50%, 02/1/2026 ............................. 262,921 262,427
10.40%, 02/25/2035 ........................... 53,082 58,805
6.50%, TBA (a) ............................... 4,200,000 4,182,906
7.00%, TBA (a) ............................... 350,000 354,921
7.00%, TBA (a) ............................... 3,500,000 3,549,209
Government National Mortgage .................. 2,427,034 206,541
Association, 7.50%,
01/15/2028 ................................. 446,466 458,884
-----------
11,137,386
U.S. Treasury Bonds -- 0.37%
6.125%, 12/31/2002 (c) ....................... 130,000 139,303
6.375%, 08/15/2027 (c) ....................... 60,000 65,887
-----------
205,190
U.S. Treasury Notes -- 5.78%
6.625%, 03/31/2002 (c) ....................... 1,000,000 1,035,780
5.875%, 09/30/2002 (c) ....................... 800,000 810,000
5.625%, 12/31/2002 (c) ....................... 250,000 251,092
5.50%, 02/15/ 2008 (c) ....................... 1,000,000 999,370
U.S. Treasury Inflation Index
Note, 3.375%, 01/15/2007
(b)(c) ..................................... 70,000 67,791
-----------
3,164,033
-----------
Total United States .......................... 14,506,609
-----------
Total Government Securities
(cost $25,776,699) ........................ 24,078,379
-----------
Asset Backed Securities -- 3.68%
Diversified Financial Services -- 3.68%
Airplane Pass-through Trust,
10.875%, 03/15/2019 ........................ 125,000 141,474
DLJ Commercial Mortgage Corp.,
7.09%, 05/10/2023 .......................... 4,500,000 223,263
First Union Residential
Securitization
Transactions Inc., 7.00%,
08/25/2028 ................................. 99,795 97,706
Green Tree Financial Corp.,
7.07%, 01/15/2029 .......................... 588,948 610,844
Mid-State Trust VI, 7.34%,
07/1/2035 .................................. 369,530 384,078
Principal Market
Amount Value
------ -----
Asset Backed Securities (continued)
Diversified Financial Services
(continued)
PNC Mortgage Securities Corp. .................
6.34%, 02/25/2028 ............................ $ 200,000 $ 193,687
6.75%, 05/25/2028 ............................ 149,887 144,501
6.838%, 05/25/2028 ........................... 224,876 217,779
-----------
Total Asset Backed Securities
(cost $318,688) ........................... 2,013,332
-----------
Shares
------
Preferred Stocks -- 0.49%
United States -- 0.49%
Holding Companies-Diversified -- 0 49%
Nebco Evans Holding Co. ....................... 2,566 265,617
-----------
Total Preferred Stocks
(cost $250,000) ........................... 265,617
-----------
Principal
Amount
------
Short Term Investments -- 17.69%
Italy -- 0.61%
Sovereign -- 0.61%
Republic of Italy, 5.97%,
07/31/1998 .................................... $600,000,000 336,108
Japan -- 0.32%
Banks -- 0.32%
European Investment Bank, 4.25%,
07/16/1998 ................................. 24,000,000 173,834
United States -- 16.76%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35%
(b) ........................................... 701 701
Repurchase Agreements -- 16.76%
Repurchase Agreement with State
Street Bank, 5.70% (Collateralized
by $7,775,000 U.S. Treasury Note,
market value - $9,356,730),
acquired on 06/30/1998,
due 07/01/1998 .............................. 9,169,000 9,169,000
-----------
Total United States .......................... 9,169,701
-----------
Total Short Term Investments
(cost $9,501,519) ......................... 9,679,643
-----------
Total Investments -- 100%
(cost $54,576,155) ............................ $54,723,965
===========
- -----------------------------------------------
(a) Investment purchased on a when-issued basis.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
(c) Security pledged as collateral for investment purchased on a when-issued
basis.
(d) Denotes deferred interest security that receives no coupon payments until a
predetermined date at which time the stated coupon rate becomes effective.
(e) Coupon payment periodically increases over the life of the security. Rate
is in effect as of June 30, 1998.
(f) Coupon is indexed to six month Libor. Rate stated is in effect as of June
30, 1998.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Corporate Bonds -- 89.61%
Advertising -- 2.22%
SITEL Corp., (144a), 9.25%,
03/15/2006 .................................... $ 125,000 $ 125,000
Aerospace & Defense -- 4.40%
BE Aerospace Inc., 8.00%,
03/01/2008 ................................. 125,000 124,688
Stellex Industries Inc., 9.50%,
11/01/2007 ................................. 125,000 123,750
-----------
248,438
Auto Manufacturers -- 2.23%
Navistar International Corp.,
8.00%, 02/01/2008 .......................... 125,000 125,624
Building Materials -- 2.27%
International Utility Structures
Inc., 10.75%, 02/01/2008 ................... 125,000 127,968
Chemicals -- 2.19%
PCI Chemicals Canada Inc.,
6.25%, 10/15/2007 .......................... 125,000 123,750
Commercial Services -- 4.49%
Iron Mountain Inc., 8.75%,
09/30/2009 ................................. 125,000 127,500
KinderCare Learning Centers
Inc., 9.50%, 02/15/2009 ....................... 125,000 125,625
-----------
253,125
Computers -- 2.26%
Unisys Corp., 7.875%,
04/01/2008 ................................. 125,000 127,500
Entertainment -- 2.28%
Sun International Hotels Ltd.,
8.625%, 12/15/2007 ......................... 125,000 128,750
Food -- 6.92%
Ameriserve Food Distribution
Inc., 10.125%, 07/31/2007 .................. 125,000 129,375
Fleming Cos. Inc., 10.625%,
07/31/2007 ................................. 125,000 131,875
SC International Services Inc.,
9.25%, 09/01/2007 .......................... 125,000 129,375
-----------
390,625
Health Care -- 11.34%
Dade International Inc., 11.125%,
05/01/2006 ................................. 125,000 141,250
Kinetic Concepts Inc., 9.625%,
11/01/2007 ................................. 125,000 126,250
Prime Medical Services Inc.,
8.75%, 04/01/2008 .......................... 125,000 123,750
Universal Hospital Services
Inc., (144a), 10.25%,
03/01/2008 ................................. 125,000 125,000
Vencor Inc., (144a), 9.875%,
05/01/2005 .................................... 125,000 122,969
-----------
639,219
Holding Companies-Diversified -- 4 54%
High Voltage Engineering Corp.,
10.50%, 08/15/2004 .......................... 125,000 128,750
Jordan Industries Inc., 10.375%,
08/01/2007 .................................. 125,000 127,500
-----------
256,250
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Household Products -- 4.50%
Ekco Group Inc., 9.25%,
04/01/2006 ................................. $ 125,000 $ 130,313
Indesco International Inc.,
(144a), 9.75%, 04/15/2008 .................. 125,000 123,750
-----------
254,063
Manufacturing -- 4.45%
Axiohm Transaction Solutions,
9.75%, 10/01/2007 .......................... 125,000 126,563
Furon Co., 8.125%, 03/01/2008 ................. 125,000 124,688
-----------
251,251
Media -- 9.00%
Century Communications Corp.,
8.375%, 12/15/2007 ......................... 125,000 127,500
Falcon Holding Group L.P.,
(144a), 8.375%, 04/15/2010 ................. 125,000 123,750
Hollinger International
Publishing Inc.,
9.25%, 03/15/2007 .......................... 125,000 131,875
Mediacom LLC/Mediacom Capital
Corp., (144a), 8.50%,
04/15/2008 ................................. 125,000 124,688
-----------
507,813
Metals & Mining -- 2.19%
AEI Holding Co., (144a), 10.00%,
11/15/2007 ................................. 125,000 123,437
Oil & Gas Producers -- 4.49%
Clark Refining & Marketing Inc.,
8.875%, 11/15/2007 ......................... 125,000 125,625
Parker Drilling Co., 9.75%,
11/15/2006 ................................. 125,000 127,813
-----------
253,438
Packaging & Containers -- 4.57%
Delta Beverage Group Inc.,
9.75%, 12/15/2003 .......................... 125,000 130,937
Packaged Ice Inc., (144a), 9.75%,
02/01/2005 ................................. 125,000 126,875
-----------
257,812
Real Estate -- 2.19%
Forest City Enterprises Inc.,
8.50%, 03/15/2008 ............................. 125,000 123,750
Retail -- 4.51%
Cole National Group Inc., 8.625%,
08/15/2007 ................................. 125,000 126,250
Purina Mills Inc., (144a), 9.00%,
03/15/2010 ................................. 125,000 128,437
-----------
254,687
Telecommunications -- 4.51%
Nextel Communications Inc.,
(Step-Up Bond), 9.75%,
10/31/2007 (b) ............................. 200,000 130,500
NTL Inc., (Step-Up Bond), 11.50%,
02/01/2006 (b) ............................. 150,000 123,750
-----------
254,250
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JUNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Corporate Bonds (continued)
Transportation -- 4.06%
Atlantic Express Transportation
Corp., 10.75%, 02/01/2004 .................. $ 100,000 $ 106,500
Enterprises Shipholding Corp.,
(144a), 8.875%, 05/01/2008 ................. 125,000 122,500
-----------
229,000
-----------
Total Corporate Bonds
(cost $5,103,326) ......................... 5,055,750
-----------
Principal Market
Amount Value
------ -----
Short Term Investments -- 10.39%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35%
(a) ........................................... $ 65 $ 65
Repurchase Agreements -- 10.39%
Repurchase Agreement with State
Street Bank, 5.70%,
(Collateralized by
$500,000 U.S. Treasury Bond,
7.50%, due 11/15/2016,
market value $601,719)
acquired on 06/30/1998, due
07/01/1998 .................................. 586,000 586,000
-----------
Total Short Term Investments
(cost $586,065) ........................... 586,065
-----------
Total Investments -- 100%
(cost $5,689,391) ............................. $ 5,641,815
===========
- -----------------------------------------------
(a) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
(b) Denotes deferred interest security that receives no current coupon payments
until a predetermined date at which time the stated coupon rate becomes
effective.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Principal Market
Amount Value
------ -----
Corporate Bonds -- 1.64%
Banks -- 0.34%
Bank One Corp., 7.60%,
05/01/2007 (c) ................................ $ 150,000 $ 162,765
Oil & Gas Producers -- 1.30%
Occidental Petroleum Corp.,
9.25%,
08/01/2019 (c) ............................. 500,000 622,640
-----------
Total Corporate Bonds
(cost $735,099) ........................... 785,405
-----------
U.S. Government Securities -- 71.74%
Diversified Financial Services -- 0.86%
Sallie Mae, 7.50%, 03/08/2000
(c) ........................................... 400,000 411,688
U.S. Government Agencies -- 47.08%
Federal Home Loan Bank, 5.94%,
06/13/2000 (c) ............................. 300,000 301,686
Federal Home Loan Mortgage Corp. ..............
6.00%, 09/01/2010 (c) ........................ 3,569 3,563
11.75%, 01/01/2011 (c) ....................... 4,307 4,868
7.00%, 07/01/2011 (c) ........................ 104,703 106,971
8.25%, 04/01/2017 (c) ........................ 377,912 395,670
10.50%, 06/01/2020 (c) ....................... 847,632 947,492
8.00%, 07/01/2020 (c) ........................ 1,091,935 1,144,250
8.50%, 03/15/2024 (c) ........................ 1,750,000 1,884,015
6.50%, TBA (a) ............................... 500,000 503,435
Federal National Mortgage
Association
14.50%, 11/15/2014 (c) ....................... 6,642 8,167
12.50%, 08/01/2015 (c) ....................... 5,741 6,731
12.50%, 09/20/2015 (c) ....................... 19,740 23,436
13.00%, 11/15/2015 (c) ....................... 18,269 21,335
12.00%, 01/01/2016 (c) ....................... 540,313 625,856
12.00%, 01/15/2016 (c) ....................... 20,188 23,526
12.50%, 01/15/2016 (c) ....................... 261,801 308,189
11.50%, 09/01/2019 (c) ....................... 5,841 6,652
10.50%, 08/01/2020 (c) ....................... 109,422 122,211
6.50%, 03/01/2026 (c) ........................ 386,411 385,684
7.00%, 05/01/2026 (c) ........................ 297,364 301,637
9.00%, 08/01/2026 ............................ 545,787 576,242
6.527%, 05/25/2030 (c) ....................... 1,500,000 1,537,500
6.50%, TBA (a) ............................... 6,100,000 6,075,173
7.00%, TBA (a) ............................... 2,100,000 2,129,526
7.00%, TBA (a) ............................... 3,800,000 3,853,428
Government National Mortgage
Association
13.50%, 07/15/2010 (c) ....................... 187,684 221,269
8.50%, 01/15/2018 (c) ........................ 250,762 266,055
VENDEE Mortgage Trust, 7.25%,
10/15/2010 (c) ............................... 734,188 736,251
-----------
22,520,818
Principal Market
Amount Value
------ -----
U.S. Government Securities
(continued)
U.S. Treasury Bond -- 5.55%
6.625%, 02/15/2027 ............................ $2,350,000 $2,653,666
U.S. Treasury Notes -- 18.25%
6.50%, 05/31/2001 (c) ........................ 100,000 102,562
6.258%, 08/31/2002 (c) ....................... 100,000 102,609
5.875%, 09/30/2002 (c) ....................... 1,000,000 1,012,500
5.75%, 04/30/2003 ............................ 3,000,000 3,029,520
6.625%, 05/15/2007 (c) ....................... 2,150,000 2,309,229
6.125%, 08/15/2007 ........................... 350,000 364,165
5.50%, 02/15/2008 ............................ 1,000,000 999,370
5.625%, 05/15/2008 ........................... 800,000 810,872
-----------
8,730,827
-----------
Total U.S. Government
Securities
(cost $33,508,074) ........................ 34,316,999
-----------
Short Term Investments -- 26.62%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35%
(b) ........................................... 59 59
Repurchase Agreements -- 18.26%
Repurchase Agreement with J P
Morgan, 5.48% (Collateralized by
$4,242,000 U.S. Treasury
Note 5.875%,
02/28/1999, market value
$4,327,499) acquired on
06/30/1998, due
07/01/1998 .................................. 4,242,000 4,242,000
Repurchase Agreement with State
Street Bank, 5.70%, (Collateralized
by $3,750,000 U.S. Treasury
Note 11.25% due 02/15/2015,
market value $4,580,088)
acquired on 06/30/1998,
due 07/01/1998 ............................. 4,489,000 4,489,000
-----------
8,731,000
U.S. Government Agencies -- 8.36%
Federal Home Loan Bank Discount
Note, 5.40%, 07/01/1998 ....................... 4,000,000 4,000,000
-----------
Total Short Term Investments
(cost $12,731,059) ........................ 12,731,059
-----------
Total Investments
(cost $46,974,232) ............................ $47,833,463
===========
- -----------------------------------------------
(a) Investment purchased on a when-issued basis.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
(c) Security pledged as collateral for investments purchased on a when-issued
basis.
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 93.87%
Canada -- 1.13%
Insurance -- 1.13%
Fairfax Financial Holdings Ltd. ...............
(a) ........................................... 5,500 $2,093,032
France -- 0.74%
Banks -- 0.14%
Societe Generale .............................. 1,300 270,291
Computers -- 0.13%
Cap Gemini SA ................................. 1,500 235,705
Pharmaceuticals -- 0.28%
Rhone-Poulenc SA .............................. 9,300 524,555
Telecommunications -- 0.19%
Alcatel Alsthom SA ............................ 1,700 346,147
-----------
Total France ................................. 1,376,698
Hong Kong -- 0.79%
Banks -- 0.17%
HSBC Holdings Plc ............................. 13,000 317,953
Holding Companies - Diversified -- 0.62%
Hutchison Whampoa Ltd. ........................ 215,700 1,138,633
-----------
Total Hong Kong .............................. 1,456,586
Italy -- 0.53%
Diversified Financial Services -- 0.16%
Banca Fideuram SpA ............................ 53,700 306,317
Telecommunications -- 0.37%
Telecom Italia Mobile SpA ..................... 61,900 378,699
Telecom Italia SpA - RNC ...................... 62,090 300,709
-----------
679,408
-----------
Total Italy .................................. 985,725
Mexico -- 0.16%
Forest Products & Paper -- 0.16%
Kimberly-Clark de Mexico SA ................... 84,500 298,578
Netherlands -- 2.47%
Computers -- 0.43%
Getronics NV .................................. 15,468 802,791
Electronics -- 0.18%
Philips Electronics NV ........................ 3,900 328,078
Household Products -- 0.11%
Hagemeyer NV .................................. 4,900 212,126
Media -- 1.75%
Elsevier NV ................................... 20,300 306,585
Verenigde Nederlandse
Uitgeversbedrijven ............................ 56,700 2,061,311
Market
Shares Value
------ -----
Common Stocks (continued)
Netherlands (continued)
Media (continued)
Wolters Kluwer NV ............................. 6,200 $ 851,575
-----------
3,219,471
-----------
Total Netherlands ............................ 4,562,466
Norway -- 0.20%
Media -- 0.20%
Schibsted ASA ................................. 21,900 368,595
Portugal -- 0.80%
Telecommunications -- 0.80%
Telecel-Comunicacoes Pessoais SA .............. 1,474,756
Switzerland -- 0.45%
Pharmaceuticals -- 0.45%
Novartis ...................................... 498 830,055
United Kingdom -- 2.75%
Commercial Services -- 1.08%
Granada Group Plc ............................. 52,400 964,165
Rentokil Initial Plc .......................... 143,100 1,029,806
-----------
1,993,971
Holding Companies - Diversified -- 0.76%
Tomkins Plc ................................... 258,000 1,401,120
Pharmaceuticals -- 0.39%
Zeneca Group Plc (a) .......................... 17,000 730,060
Telecommunications -- 0.52%
Vodafone Group Plc ............................ 76,000 965,053
-----------
Total United Kingdom ......................... 5,090,204
United States -- 83.85%
Advertising -- 0.84%
Omnicom Group Inc. ............................ 31,200 1,556,100
Aerospace & Defense -- 1.99%
AlliedSignal Inc. ............................. 64,000 2,840,000
Raytheon Co. "B" .............................. 13,500 798,187
United Technologies Corp. ..................... 500 46,250
-----------
3,684,437
Apparel -- 0.13%
Nike Inc. ..................................... 5,000 243,437
Banks -- 6.56%
Banc One Corp. ................................ 16,000 893,000
Citicorp ...................................... 10,200 1,522,350
First Union Corp. ............................. 25,600 1,491,200
Mellon Bank Corp. ............................. 11,300 786,763
NationsBank Corp .............................. 24,449 1,870,349
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Banks (continued)
Northern Trust Corp. .......................... 7,900 $ 602,375
Norwest Corp. ................................. 60,800 2,272,400
Toronto-Dominion Bank ......................... 29,600 1,341,250
Wells Fargo & Co. ............................. 3,700 1,365,300
-----------
12,144,987
Beverages -- 1.39%
Coca-Cola Co. ................................. 9,100 778,050
PepsiCo Inc. .................................. 43,700 1,799,893
-----------
2,577,943
Biotechnology -- 1.82%
Biogen Inc. (a) ............................... 23,100 1,131,900
Genentech Inc. (a) ............................ 20,300 1,377,863
Pioneer Hi-Bred International
Inc ........................................ 20,700 856,463
-----------
3,366,226
Building Materials -- 0.86%
Masco Corp. ................................... 26,200 1,585,100
Commercial Services -- 0.89%
Cendant Corp. (a) ............................. 30,000 626,250
H&R Block Inc. ................................ 11,300 476,013
Service Corp. International ................... 12,500 535,938
-----------
1,638,201
Computers -- 2.35%
Ascend Communications Inc. (a) ................ 11,100 550,143
Cisco Systems Inc. (a) ........................ 12,600 1,159,988
Dell Computer Corp. (a) ....................... 6,300 584,719
EMC Corp. (a) ................................ 28,000 1,254,750
Hewlett-Packard Co. ........................... 13,300 796,338
-----------
4,345,938
Cosmetics & Personal Care -- 1.47%
Gillette Co. .................................. 13,800 782,287
Kimberly-Clark Corp. .......................... 25,100 1,151,463
Procter & Gamble Co. .......................... 8,700 792,244
-----------
2,725,994
Diversified Financial Services -- 4.48%
Federal Home Loan Mortgage Corp. .............. 102,600 4,828,613
Federal National Mortgage
Association ................................... 40,200 2,442,150
Green Tree Financial Corp. .................... 9,700 415,281
SLM Holding Corp. ............................. 12,450 610,050
-----------
8,296,094
Electronics -- 1.88%
Analog Devices Inc. (a) ....................... 55,600 1,365,675
Honeywell Inc. ................................ 3,200 267,400
Linear Technology Corp. ....................... 9,200 554,875
Teleflex Inc. ................................. 32,500 1,235,000
Teradyne Inc. (a) ............................. 2,000 53,500
-----------
3,476,450
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Entertainment -- 0.20%
Mirage Resorts Inc. (a) ....................... 17,100 $ 364,443
Environmental Control -- 1.20%
USA Waste Services Inc. (a) ................... 45,100 2,226,812
Food -- 2.06%
Bestfoods ..................................... 10,400 603,850
Safeway Inc. (a) .............................. 50,200 2,042,513
Sara Lee Corp. ................................ 20,900 1,169,093
-----------
3,815,456
Health Care -- 3.68%
Guidant Corp. ................................. 7,300 520,581
HEALTHSOUTH Corp. (a) ......................... 70,900 1,892,144
Johnson & Johnson ............................. 20,200 1,489,750
Tenet Healthcare Corp. (a) .................... 34,700 1,084,375
United HealthCare Corp. ....................... 28,600 1,816,100
-----------
6,802,950
Holding Companies - Diversified -- 0.93%
Berkshire Hathaway Inc. (a) ................... 22 1,722,709
Household Products -- 0.32%
Unilever NV - NYS ............................. 7,000 599,924
Insurance -- 5.75%
Ace Ltd. ...................................... 56,900 2,219,100
Aetna Inc. .................................... 3,900 296,888
EXEL Ltd. ..................................... 10,600 824,813
Mutual Risk Management Ltd. ................... 35,000 1,275,313
PartnerRe Ltd. ................................ 14,700 749,700
Travelers Group Inc. .......................... 35,250 2,137,031
Travelers Property Casualty
Corp .......................................... 25,500 1,093,313
UNUM Corp. .................................... 36,900 2,047,950
-----------
10,644,108
Leisure Time -- 1.53%
Carnival Corp. ................................ 33,000 1,307,625
Hasbro Inc. ................................... 25,100 986,744
Mattel Inc. ................................... 12,900 545,831
-----------
2,840,200
Lodging -- 0.54%
Hilton Hotels Corp. ........................... 34,800 991,800
Manufacturing -- 6.12%
Danaher Corp. ................................. 90,500 3,320,219
General Electric Co. .......................... 54,900 4,995,900
Tyco International Ltd. ....................... 47,862 3,015,306
-----------
11,331,425
Media -- 3.13%
CBS Corp. ..................................... 44,700 1,419,225
Cox Communications Inc. (a) ................... 13,900 673,281
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Media (continued)
Tribune Co. ................................... 29,700 $2,043,731
TV Azteca SA - ADR ............................ 19,900 215,168
Walt Disney Co. ............................... 13,800 1,449,862
-----------
5,801,267
Metals & Mining -- 0.59%
Barrick Gold Corp. ............................ 13,400 257,113
Newmont Mining Corp. .......................... 35,500 838,688
-----------
1,095,801
Oil & Gas Producers -- 3.66%
Chevron Corp. ................................. 10,000 830,625
Halliburton Co. ............................... 27,300 1,216,556
Mobil Corp. ................................... 21,800 1,670,424
Royal Dutch Petroleum Co. - NYS ............... 45,000 2,466,563
Western Atlas Inc. (a) ........................ 6,900 585,637
-----------
6,769,805
Pharmaceuticals -- 6.43%
American Home Products Corp. .................. 32,000 1,656,000
Bristol-Myers Squibb Co. ...................... 26,900 3,091,818
Eli Lilly & Co. ............................... 13,500 891,844
Merck & Co. Inc. .............................. 16,900 2,260,375
Pfizer Inc. ................................... 20,000 2,173,750
Warner-Lambert Co. ............................ 26,300 1,824,563
-----------
11,898,350
Real Estate -- 2.05%
Crescent Real Estate Equities
Co ......................................... 39,200 1,318,100
Security Capital U.S. Realty (a) .............. 74,500 990,850
Starwood Hotels & Resorts ..................... 30,800 1,488,024
-----------
3,796,974
Retail -- 4.47%
AutoZone Inc. (a) ................................ 37,300 1,191,268
Circuit City Stores .............................. 7,900 370,313
CVS Corp. ........................................ 29,872 1,163,141
Home Depot Inc. .................................. 18,450 1,532,503
Kohl's Corp. (a) ................................. 7,200 373,500
McDonald's Corp. ................................. 9,500 655,500
Rite Aid Corp. ................................... 15,200 570,950
TAG Heuer International SA - ADR ................. 64,500 604,688
Wal-Mart Stores Inc. ............................. 29,700 1,804,275
-----------
8,266,138
Semiconductors -- 1.62%
Intel Corp. ................................... 21,400 1,586,275
Maxim Integrated Products Inc.
(a) ........................................... 37,800 1,197,787
Xilinx Inc. ................................... 6,100 207,400
-----------
2,991,462
Market
Shares Value
------ -----
Common Stocks (continued)
United States (continued)
Software -- 8.42%
Adobe Systems Inc. ............................ 15,600 $ 662,025
America Online Inc. ........................... 5,800 614,800
Automatic Data Processing Inc. ................ 15,700 1,144,138
BMC Software Inc. (a) ......................... 44,700 2,321,606
Cadence Design Systems Inc. ................... 31,300 978,125
First Data Corp. .............................. 51,002 1,699,004
Microsoft Corp. (a) ........................... 28,500 3,088,688
Network Associates Inc. (a) ................... 22,950 1,098,731
Oracle Corp. (a) .............................. 47,425 1,164,877
Parametric Technology Corp. (a) ............... 63,800 1,730,575
Sterling Commerce Inc. (a) .................... 22,000 1,067,000
-----------
15,569,569
Telecommunications -- 5.28%
AirTouch Communications Inc.
(a) ........................................... 24,900 1,455,094
AT&T Corp. .................................... 10,700 611,238
CIENA Corp. (a) ............................... 6,000 417,750
MCI Communications Corp. ...................... 23,300 1,354,313
Nokia Corp. - ADR ............................. 2,000 145,125
Telecomunicacoes Brasileiras SA
- ADR ...................................... 11,600 1,266,575
Tellabs Inc. (a) .............................. 17,800 1,274,925
Vodafone Group Plc - ADR ...................... 8,100 1,021,106
WorldCom Inc. (a) ............................. 46,000 2,228,125
-----------
9,774,251
Tobacco -- 1.21%
Philip Morris Cos. Inc. ....................... 56,900 2,240,438
-----------
Total United States .......................... 155,184,789
-----------
Total Common Stocks
(cost $139,821,330) ....................... 173,721,484
-----------
Principal
Amount
------
Short Term Investments -- 6.13%
Diversified Financial Services -- 4.58%
Asset Securitization Co-Op
Corp., 5.50%, 07/07/1998 ................... $ 2,165,000 2,163,015
Ciesco LP, 5.51%, 07/22/1998 .................. 3,395,000 3,384,088
FINOVA Capital Corp., 5.54%,
07/07/1998 ................................. 630,000 629,418
Island Finance Puerto Rico Inc.,
5.53%, 08/11/1998 .......................... 275,000 273,268
Paribas Finance Inc., 5.53%,
09/01/1998 ................................. 350,000 346,667
UBS Finance Inc., 6.00%,
07/02/1998 ................................. 1,683,000 1,682,720
-----------
8,479,176
Food -- 0.92%
Kellogg Co., 5.51%, 07/24/1998 ............... 1,710,000 1,703,980
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Principal Market
Amount Value
------ -----
Short Term Investments (continued)
Manufacturing -- 0.63%
General Electric Capital Corp.,
5.56%, 07/23/1998 ............................. $ 1,169,000 $ 1,165,029
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35%
(b) ........................................... 26 26
-----------
Total Short Term Investments
(cost $11,348,211) ........................ 11,348,211
-----------
Total Investments -- 100%
(cost $151,169,541) ........................... $185,069,695
============
- -----------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Shares Market Value
------ ------------
Common Stocks -- 95.54%
Argentina -- 0.13%
Oil & Gas Producers -- 0.13%
Perez Companc SA ................................. 22,563 $ 113,282
Australia -- 2.18%
Banks -- 0.47%
Commonwealth Bank Of Australia ................... 14,173 165,751
National Australia Bank Ltd. ..................... 7,242 95,754
Westpac Banking Corp. Ltd. ....................... 25,000 152,860
-----------
414,365
Beverages -- 0.06%
Foster's Brewing Group Ltd. ...................... 21,000 49,536
Commercial Services -- 0.13%
Brambles Industries Ltd. ......................... 6,000 118,029
Diversified Financial Services -- 0.26%
Colonial Ltd. .................................... 26,000 78,761
Lend Lease Corp. Ltd. ............................ 7,514 152,290
-----------
231,051
Food -- 0.08%
Goodman Fielder Ltd. ............................. 48,000 70,021
Holding Companies-Diversified -- 0.16%
Broken Hill Proprietary Company Ltd. ............. 16,458 139,451
Insurance -- 0.12%
AMP Ltd. (a) ..................................... 9,000 105,590
Leisure Time -- 0.11%
Tabcorp Holdings Ltd. ............................ 18,000 92,181
Media -- 0.40%
John Fairfax Holdings Ltd. ....................... 46,000 80,152
News Corp. Ltd. .................................. 23,383 191,308
Publishing & Broadcasting Ltd. ................... 18,000 77,656
-----------
349,116
Oil & Gas Producers -- 0.25%
Australian Gas Light Co. Ltd. .................... 20,570 128,966
Woodside Petroleum Ltd. .......................... 18,000 90,058
-----------
219,024
Telecommunications -- 0.14%
Telstra Corp. Ltd. ............................... 47,815 122,880
-----------
Total Australia .................................. 1,911,244
Belgium -- 2.22%
Banks -- 2.02%
Dexia Belgium .................................... 545 82,065
Generale de Banque SA ............................ 26 1
Generale de Banque SA ............................ 566 420,429
KBC Bancassurance Holding ........................ 14,150 1,266,994
-----------
1,769,489
Shares Market Value
------ ------------
Common Stocks (continued)
Belgium (continued)
Pharmaceuticals -- 0.20%
UCB SA ........................................... 33 $ 171,300
-----------
Total Belgium .................................... 1,940,789
Brazil -- 0.04%
Electric -- 0.04%
Centrais Electricas Brasileiras SA ............... 1,093,300 32,140
Centrais Geradoras do Sul do Brasil SA ........... 1,093,300 1,494
-----------
33,634
Canada -- 0.28%
Banks -- 0.13%
Royal Bank of Canada ............................. 1,850 112,077
Metals & Mining -- 0.15%
Alcan Aluminum Ltd. .............................. 4,960 135,161
-----------
Total Canada ..................................... 247,238
Czech Republic -- 0.01%
Telecommunications -- 0.01%
SPT Telecom AS (a) ............................... 1,300 17,995
Denmark -- 0.29%
Banks -- 0.27%
Den Danske Bank .................................. 1,130 135,709
Unidanmark A/S ................................... 1,130 101,658
-----------
237,367
Telecommunications -- 0.02%
Tele Danmark A/S (a) ............................. 200 19,215
-----------
Total Denmark .................................... 256,582
Finland -- 0.46%
Telecommunications -- 0.46%
Nokia Oyj "A" .................................... 5,240 399,005
France -- 10.57%
Banks -- 0.87%
Credit Commercial de France ...................... 3,294 277,329
Dexia France ..................................... 434 58,434
Dexia France ..................................... 244 32,852
Dexia France ..................................... 160 21,543
Societe Generale ................................. 1,770 368,012
-----------
758,170
Building Materials -- 0.81%
Compagnie de Saint Gobain ........................ 2,440 452,428
Lafarge SA ....................................... 1,375 142,146
Lapeyre SA ....................................... 1,290 120,130
-----------
714,704
Commercial Services -- 1.36%
Vivendi .......................................... 5,560 1,187,284
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
France (continued)
Cosmetics & Personal Care -- 0.17%
L'OREAL .......................................... 262 $ 145,741
Electrical Components & Equipment -- 0 18%
Legrand SA ....................................... 599 158,526
Engineering & Construction -- 0.05%
Groupe GTM ....................................... 410 42,589
Entertainment -- 0.08%
Pathe SA ......................................... 370 72,522
Food -- 1.35%
Carrefour Supermarche ............................ 433 273,951
Groupe Danone .................................... 1,430 394,298
Sodexho Alliance SA .............................. 2,700 510,462
-----------
1,178,711
Hand & Machine Tools -- 0.64%
Schneider SA ..................................... 6,976 556,284
Insurance -- 0.52%
AXA-UAP .......................................... 4,011 451,144
Lodging -- 0.13%
Accor SA ......................................... 405 113,347
Media -- 0.45%
Canal Plus ....................................... 750 140,182
Societe Television Francaise 1 ................... 1,660 257,277
-----------
397,459
Oil & Gas Producers -- 1.54%
Elf Aquitaine SA ................................. 2,450 344,460
Primagaz Cie ..................................... 755 66,312
Total SA ......................................... 7,237 940,881
-----------
1,351,653
Pharmaceuticals -- 0.52%
Sanofi SA ........................................ 3,879 456,187
Retail -- 1.13%
Pinault-Printemps-Redoute SA ..................... 1,180 987,611
Semiconductors -- 0.09%
ST Microelectronics NV (a) ....................... 1,100 77,965
Telecommunications -- 0.68%
Alcatel Alsthom SA ............................... 2,930 596,594
-----------
Total France ..................................... 9,246,491
Germany -- 7.01%
Auto Manufacturers -- 0.17%
Volkswagen AG .................................... 150 144,971
Shares Market Value
------ ------------
Common Stocks (continued)
Germany (continued)
Banks -- 1.98%
Bayerische Hypotheken-und Wechsel-
Bank AG ....................................... 6,268 $ 397,604
Bayerische Vereinsbank ........................... 4,308 365,480
Commerzbank AG ................................... 2,210 84,187
Deutsche Bank AG ................................. 6,710 567,770
Dresdner Bank AG ................................. 5,910 319,513
-----------
1,734,554
Chemicals -- 0.58%
Bayer AG ......................................... 7,437 385,159
Hoechst AG ....................................... 2,440 122,782
-----------
507,941
Engineering & Construction -- 0.08%
Bilfinger & Berger AG ............................ 2,000 68,591
Health Care -- 0.14%
Rhoen-Klinikum AG ................................ 1,230 121,742
Insurance -- 0.54%
Allianz AG ....................................... 1,420 473,609
Machinery -- 0.73%
Mannesmann AG .................................... 6,220 639,779
Manufacturing -- 0.95%
Buderus AG ....................................... 78 38,930
Siemens AG ....................................... 2,664 162,710
VEBA AG .......................................... 9,375 630,822
-----------
832,462
Pharmaceuticals -- 0.64%
Gehe AG .......................................... 10,394 557,609
Retail -- 0.01%
Hornbach Baumarkt AG ............................. 200 9,837
Software -- 0.84%
SAP AG ........................................... 1,210 734,675
Telecommunications -- 0.35%
Deutsche Telekom AG .............................. 11,210 307,064
-----------
Total Germany .................................... 6,132,834
Hong Kong -- 1.13%
Banks -- 0.10%
Hang Seng Bank Ltd. .............................. 15,000 84,796
Electric -- 0.22%
CLP Holdings Ltd. ................................ 43,000 195,909
Holding Companies - Diversified -- 0.39%
Hutchison Whampoa Ltd. ........................... 64,000 337,842
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
Hong Kong (continued)
Oil & Gas Producers -- 0.11%
Hong Kong & China Gas Co. Ltd. ................... 84,500 $ 95,973
Real Estate -- 0.15%
Henderson Land Development Co. Ltd. .............. 40,000 131,905
Telecommunications -- 0.16%
Hong Kong Telecommunications Ltd. ................ 75,200 141,218
-----------
Total Hong Kong .................................. 987,643
Italy -- 5.00%
Banks -- 1.26%
Banca Commerciale Italiana ....................... 14,000 83,760
Banca di Roma (a) ................................ 207,000 431,067
Credito Italiano SpA ............................. 111,833 585,680
-----------
1,100,507
Diversified Financial Services -- 0.33%
Istituto Mobiliare Italiano SpA .................. 18,040 284,294
Food -- 0.03%
La Rinascente SpA ................................ 3,000 29,886
Insurance -- 0.86%
Assicurazioni Generali ........................... 9,600 312,301
Istituto Nazionale delle Assicurazioni ........... 64,000 181,905
Mediolanum SpA ................................... 8,108 257,375
-----------
751,581
Oil & Gas Producers -- 0.67%
ENI SpA .......................................... 83,263 545,948
Italgas SpA ...................................... 10,000 40,749
-----------
586,697
Telecommunications -- 1.85%
Telecom Italia Mobile SpA ........................ 119,601 731,708
Telecom Italia SpA ............................... 120,877 890,208
-----------
1,621,916
-----------
Total Italy ...................................... 4,374,881
Japan -- 15.03%
Auto Manufacturers -- 0.08%
Honda Motor Co. Ltd. ............................. 2,000 71,454
Auto Parts & Equipment -- 0.65%
Denso Corp. ...................................... 34,000 565,560
Building Materials -- 0.05%
Inax Corp. ....................................... 5,000 17,248
National House Industrial Co. Ltd. ............... 3,000 23,064
-----------
40,312
Chemicals -- 0.57%
Sekisui Chemical Co. Ltd. ........................ 30,000 154,046
Shares Market Value
------ ------------
Common Stocks (continued)
Japan (continued)
Chemicals (continued)
Shin-Etsu Chemical Co. Ltd. ...................... 20,000 $ 347,147
-----------
501,193
Computers -- 0.77%
Fujitsu Ltd. ..................................... 8,000 84,472
TDK Corp. ........................................ 8,000 593,043
-----------
677,515
Cosmetics & Personal Care -- 0.44%
Kao Corp. ........................................ 15,000 232,154
Shiseido Co. Ltd. ................................ 13,000 148,174
-----------
380,328
Distribution & Wholesale -- 0.38%
Mitsubishi Corp. ................................. 21,000 130,614
Sumitomo Corp. ................................... 42,000 202,604
-----------
333,218
Diversified Financial Services -- 0.49%
Nomura Securities Co. Ltd. ....................... 37,000 432,162
Electrical Components & Equipment -- 0 96%
Hitachi Ltd. ..................................... 36,000 235,626
Sharp Corp. ...................................... 7,000 56,903
Sumitomo Electric Industries ..................... 54,000 547,928
-----------
840,457
Electronics -- 1.95%
Advantest Corp. .................................. 1,310 70,678
Alps Electric Co. Ltd. ........................... 11,000 131,265
Dainippon Screen Manufacturing Co. Ltd. .......... 18,000 73,942
Fanuc Ltd. ....................................... 4,200 145,802
Kyocera Corp. .................................... 8,000 392,276
Murata Manufacturing Co. Ltd. .................... 11,000 357,995
NEC Corp. ........................................ 57,000 533,022
-----------
1,704,980
Engineering & Construction -- 0.01%
Yurtec Corp. ..................................... 2,100 12,575
Forest Products & Paper -- 0.07%
Sumitomo Forestry Co. Ltd. ....................... 11,000 61,973
Hand & Machine Tools -- 0.21%
Makita Corp. ..................................... 16,000 185,029
Home Builders -- 0.35%
Daiwa House Industry Co. Ltd. .................... 19,000 168,330
Sekisui House Ltd. ............................... 18,000 139,944
-----------
308,274
Home Furnishings -- 1.64%
Matsushita Electric Industrial Co. Ltd. .......... 35,000 564,476
Pioneer Electronic Corp. ......................... 7,000 134,158
Sony Corp. ....................................... 8,500 734,613
-----------
1,433,247
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
Japan (continued)
Household Products -- 0.02%
Sangetsu Co. Ltd. ................................ 1,000 $ 12,946
Insurance -- 0.12%
Tokio Marine & Fire Insurance Co. Ltd. ........... 10,000 103,132
Iron & Steel -- 0.04%
Tokyo Steel Manufacturing Co. Ltd. ............... 6,000 30,983
Leisure Time -- 0.04%
Sega Enterprises Ltd. ............................ 2,000 34,642
Machinery -- 0.38%
Amada Co. Ltd. ................................... 16,000 78,109
Daifuku Co. Ltd. ................................. 2,000 7,478
Komatsu Ltd. ..................................... 20,000 97,490
Komori Corp. ..................................... 8,000 152,455
-----------
335,532
Manufacturing -- 0.44%
Mitsubishi Heavy Industries Ltd. ................. 101,000 382,758
Media -- 0.23%
Toppan Printing Co. Ltd. ......................... 19,000 203,920
Office & Business Equipment -- 0.91%
Canon Inc. ....................................... 35,000 797,353
Office Furnishings -- 0.17%
Kokuyo Co. Ltd. .................................. 9,000 152,962
Pharmaceuticals -- 0.87%
Daiichi Pharmaceutical Co. Ltd. .................. 16,000 211,760
Sankyo Co. Ltd. .................................. 24,000 548,492
-----------
760,252
Real Estate -- 0.52%
Mitsui Fudosan Co. Ltd. .......................... 57,000 451,812
Retail -- 1.50%
Citizen Watch Co. Ltd. ........................... 13,000 107,651
Ito-Yokado Co. Ltd. .............................. 9,000 425,038
Marui Co. Ltd. ................................... 27,000 404,209
Seven - Eleven Japan Co. Ltd. .................... 3,000 179,215
Uny Co. Ltd. ..................................... 12,000 195,270
-----------
1,311,383
Semiconductors -- 0.19%
Tokyo Electron Ltd. .............................. 5,300 162,906
Shipbuilding -- 0.04%
Hitachi Zosen Corp. .............................. 24,000 38,880
Telecommunications -- 0.45%
DDI Corp. ........................................ 36 125,754
Nippon Telegraph & Telephone Corp. ............... 32 266,146
-----------
391,900
Shares Market Value
------ ------------
Common Stocks (continued)
Japan (continued)
Textiles -- 0.20%
Kuraray Co. Ltd. ................................. 21,000 $ 179,063
Transportation -- 0.29%
East Japan Railway Co. ........................... 54 254,632
-----------
Total Japan ...................................... 13,153,333
Mexico -- 0.53%
Beverages -- 0.09%
Grupo Modelo SA "C" .............................. 8,844 75,098
Building Materials -- 0.07%
Cemex SA ......................................... 388 1,455
Cemex SA "B" ..................................... 12,950 56,928
-----------
58,383
Diversified Financial Services -- 0.06%
Grupo Financiero Banamex Accival SA
"B" ........................................... 27,288 53,146
Grupo Financiero Banamex Accival SA
"C" ........................................... 465 766
-----------
53,912
Food -- 0.09%
Gruma SA ......................................... 18,058 39,350
Grupo Industrial Maseca SA ....................... 54,800 39,885
-----------
79,235
Forest Products & Paper -- 0.11%
Kimberly-Clark de Mexico SA ...................... 28,211 99,683
Holding Companies - Diversified -- 0.11%
Fomento Economico Mexicano SA .................... 3,126 97,410
-----------
Total Mexico ..................................... 463,721
Netherlands -- 11.20%
Banks -- 2.33%
ABN Amro Holding NV .............................. 18,270 427,821
ING Groep NV ..................................... 24,610 1,612,619
-----------
2,040,440
Chemicals -- 0.12%
Akzo Nobel NV .................................... 458 101,885
Electronics -- 0.45%
Philips Electronics NV ........................... 4,680 393,693
Entertainment -- 0.48%
PolyGram NV ...................................... 8,307 424,187
Food -- 0.81%
CSM NV ........................................... 7,206 346,342
Koninklijke Ahold NV ............................. 6,392 205,336
Koninklijke Numico NV ............................ 5,150 161,385
-----------
713,063
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
Netherlands (continued)
Household Products -- 1.12%
Unilever NV ...................................... 12,350 $ 980,588
Insurance -- 0.55%
Fortis Amev NV ................................... 8,235 482,493
Media -- 2.68%
Elsevier NV ...................................... 44,349 669,789
Wolters Kluwer NV ................................ 12,171 1,671,698
-----------
2,341,487
Oil & Gas Producers -- 2.12%
Royal Dutch Petroleum Co. ........................ 33,360 1,851,191
Semiconductors -- 0.33%
ASM Lithography Holding NV (a) ................... 9,810 290,524
Telecommunications -- 0.13%
Royal PTT Nederland NV ........................... 2,887 111,205
Transportation -- 0.08%
TNT Post Group NV (a) ............................ 2,887 73,853
-----------
Total Netherlands ................................ 9,804,609
New Zealand -- 0.20%
Building Materials -- 0.02%
Fletcher Challenge Building ...................... 16,796 20,975
Oil & Gas Producers -- 0.05%
Fletcher Challenge Energy ........................ 17,224 41,228
Telecommunications -- 0.13%
Telecom Corp. of New Zealand Ltd. ................ 23,000 95,026
Telecom Corp. of New Zealand Ltd. ................ 8,000 17,151
-----------
112,177
-----------
Total New Zealand ................................ 174,380
Norway -- 1.68%
Food -- 0.96%
Orkla ASA (a) .................................... 35,920 836,548
Manufacturing -- 0.69%
Norsk Hydro ASA .................................. 13,700 603,268
Oil & Gas Producers -- 0.02%
Saga Petroleum ASA ............................... 1,190 16,846
Transportation -- 0.01%
Bergesen d.y. ASA ................................ 650 12,382
-----------
Total Norway ..................................... 1,469,044
Portugal -- 0.46%
Retail -- 0.46%
Jeronimo Martins SA .............................. 8,346 401,205
Shares Market Value
------ ------------
Common Stocks (continued)
Singapore -- 0.15%
Media -- 0.08%
Singapore Press Holdings Ltd. .................... 10,374 $ 69,573
Telecommunications -- 0.07%
Singapore Telecommunications Ltd. ................ 41,000 58,398
-----------
Total Singapore .................................. 127,971
South Korea -- 0.06%
Electrical Components & Equipment -- 0 06%
Samsung Electronics .............................. 1,761 53,869
Spain -- 3.05%
Banks -- 1.36%
Banco Bilbao Vizcaya SA .......................... 4,090 209,901
Banco Popular Espanol SA ......................... 2,468 210,508
Banco Santander SA ............................... 22,942 587,201
Corporacion Bancaria de Espana SA ................ 8,060 180,805
-----------
1,188,415
Electric -- 0.61%
Endesa SA ........................................ 14,158 309,750
Iberdrola SA ..................................... 13,608 220,958
-----------
530,708
Oil & Gas Producers -- 0.41%
Gas Natural SDG SA ............................... 2,082 150,431
Repsol SA ........................................ 3,792 208,949
-----------
359,380
Telecommunications -- 0.67%
Telefonica SA .................................... 12,710 587,636
-----------
Total Spain ...................................... 2,666,139
Sweden -- 3.69%
Banks -- 0.63%
Nordbanken Holding AB ............................ 75,781 555,816
Distribution & Wholesale -- 0.01%
Scribona AB ...................................... 750 9,027
Engineering & Construction -- 0.22%
ABB AB "A" ....................................... 13,880 196,645
Hand & Machine Tools -- 0.28%
Sandvik AB "A" ................................... 2,090 57,779
Sandvik AB "B" ................................... 6,830 187,534
-----------
245,313
Home Furnishings -- 0.50%
Electrolux AB "B" ................................ 25,800 443,155
Household Products -- 0.06%
Esselte AB ....................................... 2,310 53,579
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
Sweden (continued)
Machinery -- 0.27%
Atlas Copco AB ................................... 8,820 $ 240,516
Metals & Mining -- 0.04%
Granges AB ....................................... 1,990 36,427
Pharmaceuticals -- 0.88%
Astra AB "B" ..................................... 38,633 770,141
Retail -- 0.77%
Hennes & Mauritz AB "B" .......................... 10,660 680,283
-----------
Total Sweden ..................................... 3,230,902
Switzerland -- 6.87%
Banks -- 1.84%
Credit Suisse Group .............................. 2,290 510,385
Schweizerischer Bankverein ....................... 1,550 577,296
Union Bank of Switzerland ........................ 1,400 521,429
-----------
1,609,110
Commercial Services -- 0.64%
Adecco SA (a) .................................... 1,243 561,455
Engineering & Construction -- 0.45%
ABB AG ........................................... 267 394,955
Food -- 1.81%
Nestle SA ........................................ 740 1,586,238
Pharmaceuticals -- 2.13%
Novartis ......................................... 643 1,071,738
Roche Holding AG ................................. 80 786,898
-----------
1,858,636
-----------
Total Switzerland ................................ 6,010,394
Thailand -- 0.06%
Banks -- 0.06%
Thai Farmers Bank Public Co. Ltd. ................ 64,000 56,493
United Kingdom -- 18.99%
Aerospace & Defense -- 0.10%
Rolls-Royce Plc .................................. 21,000 86,783
Auto Parts & Equipment -- 0.15%
GKN Plc .......................................... 10,000 127,482
Banks -- 2.96%
Abbey National Plc ............................... 32,000 569,034
National Westminster Bank Plc .................... 113,000 2,020,721
-----------
2,589,755
Beverages -- 1.60%
Diageo Plc ....................................... 118,368 1,403,237
Shares Market Value
------ ------------
Common Stocks (continued)
United Kingdom (continued)
Building Materials -- 0.26%
Caradon Plc ...................................... 69,800 $ 214,443
Heywood Williams Group Plc ....................... 3,000 13,024
-----------
227,467
Commercial Services -- 0.28%
Rank Group Plc ................................... 45,000 247,199
Electronics -- 0.19%
Electrocomponents Plc ............................ 21,000 164,799
Engineering & Construction -- 0.05%
John Laing Plc ................................... 7,000 46,167
Entertainment -- 0.23%
Ladbroke Group Plc ............................... 37,000 203,253
Food -- 2.44%
ASDA Group Plc ................................... 98,000 336,670
Cadbury Schweppes Plc ............................ 39,000 603,972
Compass Group Plc ................................ 38,000 437,161
Safeway Plc ...................................... 46,000 301,464
Tesco Plc ........................................ 47,000 459,084
-----------
2,138,351
Forest Products & Paper -- 0.09%
David S. Smith Holdings Plc (a) .................. 25,000 80,563
Holding Companies - Diversified -- 0.79%
Tomkins Plc ...................................... 128,000 695,129
Media -- 1.86%
Reed International Plc ........................... 104,000 941,177
United News & Media Plc .......................... 49,000 685,612
-----------
1,626,789
Metals & Mining -- 0.43%
Rio Tinto Plc .................................... 33,000 371,926
Oil & Gas Producers -- 1.92%
BG Plc ........................................... 27,352 158,245
British Petroleum Co. Plc ........................ 24,000 350,236
Centrica Plc (a) ................................. 14,000 23,668
Shell Transport & Trading Co. Plc ................ 163,500 1,152,043
-----------
1,684,192
Pharmaceuticals -- 3.57%
Glaxo Wellcome Plc ............................... 48,000 1,441,819
SmithKline Beecham Plc ........................... 137,400 1,678,184
-----------
3,120,003
Retail -- 1.22%
Kingfisher Plc ................................... 66,000 1,063,432
Telecommunications -- 0.85%
Cable & Wireless Plc ............................. 61,000 741,480
-----------
Total United Kingdom ............................. 16,618,007
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Common Stocks (continued)
United States -- 4.25%
Apparel -- 0.14%
Gucci Group NV - NYS ............................. 2,291 $ 121,423
Banks -- 0.26%
Banco de Galicia y Buenos Aires - ADR ............ 3,126 57,050
Banco Frances SA - ADR ........................... 2,147 49,246
Banco Latinoamericano de Exportaciones
SA - ADR ...................................... 477 14,667
Credicorp Ltd. ................................... 1,188 17,449
Uniao de Bancos Brasileiros SA - GDR ............. 3,055 90,123
-----------
228,535
Beverages -- 0.24%
Compania Cervecerias Unidas SA - ADR ............. 1,385 29,258
Panamerican Beverages Inc. ....................... 5,840 183,595
-----------
212,853
Building Materials -- 0.17%
Cemex SA - ADR ................................... 20,410 152,177
Electric -- 0.49%
Centrais Electricas Brasileiras SA - ADR ......... 5,000 72,410
Centrais Geradoras do Sul do Brasil SA -
ADR ........................................... 500 3,563
Chilectra SA - ADR ............................... 2,330 49,946
Companhia Energetica de Minas Gerais -
ADR ........................................... 3,176 98,295
Enersis SA - ADR ................................. 1,978 48,337
Huaneng Power International Inc. - ADR (a) ....... 11,400 153,188
-----------
425,739
Food -- 0.12%
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar - ADR ..................... 3,390 76,699
Gruma SA - ADR (a) ............................... 3,106 27,375
Santa Isabel SA - ADR ............................ 319 3,509
-----------
107,583
Home Furnishings -- 0.06%
Industrie Natuzzi SpA - ADR ...................... 1,810 47,060
Media -- 0.22%
Grupo Televisa SA - GDR (a) ...................... 3,831 144,141
TV Azteca SA - ADR ............................... 4,600 49,738
-----------
193,879
Oil & Gas Producers -- 0.47%
Gazprom - ADR .................................... 3,490 39,019
LUKoil Holding - ADR ............................. 520 17,383
YPF SA - ADR ..................................... 11,748 353,174
-----------
409,576
Retail -- 0.02%
Cifra SA - ADR ................................... 1,132 15,848
Software -- 0.10%
Baan Co. NV (a) .................................. 2,500 89,375
Shares Market Value
------ ------------
Common Stocks (continued)
United States (continued)
Telecommunications -- 1.96%
Compania Anonima Nacional Telefonnos
de Venezuela - ADR (a) ........................ 2,324 $ 58,100
Mahanagar Telephone Nigam Ltd. GDR ............... 8,000 81,200
Telecomunicacoes Brasileiras SA - ADR ............ 9,422 1,028,764
Telefonica de Argentina SA - ADR ................. 4,550 147,591
Telefonica del Peru SA - ADR ..................... 1,717 35,091
Telefonos de Mexico SA - ADR ..................... 7,615 365,996
-----------
1,716,742
-----------
Total United States .............................. 3,720,790
-----------
Total Common Stocks
(cost $68,442,990) ............................... 83,612,475
-----------
Preferred Stocks -- 2.02%
Australia -- 0.21%
Leisure Time -- 0.05%
Sydney Harbour Casino Holdings Ltd. (a) .......... 70,200 40,962
Media -- 0.16%
News Corp. Ltd. .................................. 19,524 138,647
-----------
Total Australia .................................. 179,609
Brazil -- 1.15%
Banks -- 0.21%
Banco Bradesco SA ................................ 13,040,953 108,811
Banco Itau SA .................................... 124,000 70,762
-----------
179,573
Beverages -- 0.09%
Compania Cervejaria Brahma ....................... 128,894 80,242
Building Materials -- 0.01%
Companhia Cimento Portland Itau SA ............... 73,000 12,946
Electric -- 0.14%
Companhia Energetic de Minas Gerais .............. 4,052,633 126,147
Home Furnishings-- 0.01%
Brasmotor SA ..................................... 82,150 7,528
Media -- 0.00%
Empresa Nacional de Comercio Redito e
Participacoes SA .............................. 45,450 114
Oil & Gas Producers -- 0.31%
Petroleo Brasileiro SA ........................... 1,445,094 268,640
Telecommunications -- 0.38%
Telecomunicacoes de Minas Gerais SA .............. 366,959 25,542
Telecomunicacoes de Sao Paulo SA ................. 852,141 200,408
Telecomunicacoes do Rio de Janeiro SA ............ 165,546 12,453
Telemig Celular SA ............................... 366,959 11,105
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Shares Market Value
------ ------------
Preferred Stocks (continued)
Brazil (continued)
Telecommunications (continued)
Telerj Celular SA ................................ 165,546 $ 9,847
Telesp Celular SA ................................ 852,141 70,732
-----------
330,087
-----------
Total Brazil ..................................... 1,005,277
Germany -- 0.67%
Pharmaceuticals -- 0.09%
Fresenius AG ..................................... 400 75,855
Retail -- 0.11%
Fielmann AG ...................................... 336 11,747
Hornbach Holding AG .............................. 940 86,002
-----------
97,749
Software -- 0.47%
SAP AG - Vorzug .................................. 609 413,665
-----------
Total Germany .................................... 587,269
-----------
Total Preferred Stocks
(cost $1,550,284) ................................ 1,772,155
-----------
Warrants -- 0.15%
Germany -- 0.15%
Banks -- 0.15%
Dresdner Bank AG ................................. 4,783 124,651
-----------
Total Warrants
(cost $84,155) ................................... 124,651
-----------
Shares Market Value
------ ------------
Rights -- 0.00%
Australia -- 0.00%
Diversified Financial Services -- 0.00%
Colonial Ltd. .................................... 3,000 $ 689
Brazil -- 0.00%
Telecommunications -- 0.00%
Telecomunicacoes de Sao Paulo SA ................. 40,048 778
Telecomunicacoes do Rio de Janeiro SA ............ 1,493 0
-----------
Total Brazil ..................................... 778
-----------
Total Rights
(cost $1,709) .................................... 1,467
-----------
Principal Amount
----------------
Short Term Investments -- 2.29%
Money Market Fund -- 2.29%
SSgA Money Market Fund, 5.35% (b) ................ $ 2,007,614 2,007,614
-----------
Total Short Term Investments
(cost $2,007,614) ................................ 2,007,614
-----------
Total Investments -- 100%
(cost $72,086,752) ............................... $87,518,362
===========
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Common Stocks -- 93.74%
Advertising -- 2.80%
ADVO Inc. (a) ................................. 12,400 $ 349,525
Catalina Marketing Corp. (a) .................. 27,600 1,433,475
Outdoor Systems Inc. (a) ...................... 108,962 3,050,936
-----------
4,833,936
Aerospace & Defense -- 1.26%
BE Aerospace Inc. (a) ......................... 75,000 2,184,375
Apparel -- 2.31%
Warnaco Group Inc. ............................ 94,000 3,989,125
Biotechnology -- 2.69%
Biogen Inc. (a) ............................... 62,000 3,038,000
Centocor Inc. (a) ............................. 44,500 1,613,125
-----------
4,651,125
Chemicals -- 0.80%
Great Lakes Chemical Corp. .................... 35,000 1,380,313
Commercial Services -- 5.33%
AccuStaff Inc. (a) ............................ 5,100 159,375
Cendant Corp. (a) ............................. 24,000 501,000
Corrections Corp. of America (a) .............. 51,000 1,198,500
Interim Services Inc. (a) ..................... 70,000 2,248,750
NOVA Corp. .................................... 46,500 1,662,375
Renaissance Worldwide Inc. (a) ................ 69,800 1,518,150
Romac International Inc. (a) .................. 29,700 902,138
Sodexho Marriott Services Inc. ................ 34,900 1,012,100
-----------
9,202,388
Computers -- 6.26%
Affiliated Computer Services .................. 87,000 3,349,500
Inc. (a)
Anixter International Inc. (a) ................ 44,000 838,750
CheckFree Holdings Corp. (a) .................. 45,000 1,324,687
DST Systems Inc. (a) .......................... 41,000 2,296,000
Security Dynamics Technologies
Inc. (a) ...................................... 41,500 767,750
SunGard Data Systems Inc. (a) ................. 58,000 2,225,750
-----------
10,802,437
Diversified Financial Services -- 6.09%
AMRESCO Inc. .................................. 54,000 1,572,750
Capital One Financial Corp. ................... 26,900 3,340,643
FINOVA Group Inc. ............................. 35,000 1,981,875
Franklin Resources Inc. ....................... 32,000 1,728,000
Heller Financial Inc. (a) ..................... 8,000 240,000
Waddell & Reed Financial Inc. ................. 69,000 1,651,688
-----------
10,514,956
Electronics -- 3.39%
Analog Devices Inc. (a) ....................... 66,000 1,621,125
Berg Electronics Corp. (a) .................... 73,000 1,428,063
Microchip Technology Inc. (a) ................. 42,000
1,097,250
Teleflex Inc. ................................. 45,000 1,710,000
-----------
5,856,438
Entertainment -- 1.39%
Premier Parks Inc. (a) ........................ 36,000 2,398,500
Market
Shares Value
------ -----
Common Stocks (continued)
Environmental Control -- 0.89%
USA Waste Services Inc. (a) ................... 31,000 $ 1,530,625
Food -- 3.23%
Richfood Holdings Inc. ........................ 24,800 513,050
Suiza Foods Corp. (a) ......................... 38,000 2,268,125
U.S. Foodservice (a) .......................... 80,000 2,805,000
-----------
5,586,175
Health Care -- 5.31%
Covance Inc. (a) .............................. 92,000 2,070,000
Henry Schein Inc. (a) ......................... 41,000 1,891,125
Quorum Health Group Inc. (a) .................. 70,000 1,855,000
Total Renal Care Holdings Inc. ................ 55,000 1,897,500
(a)
United States Surgical Corp. .................. 32,000 1,460,000
-----------
9,173,625
Insurance -- 4.35%
Ace Ltd. ...................................... 43,000 1,677,000
Fairfax Financial Holdings Ltd.
(Canada) ...................................... 5,100 1,940,811
PartnerRe Ltd. ................................ 41,000 2,091,000
Protective Life Corp. ......................... 49,000 1,797,688
-----------
7,506,499
Leisure Time -- 3.73%
Galileo International Inc. .................... 74,000 3,334,625
Royal Caribbean Cruises Ltd. .................. 39,000 3,100,500
-----------
6,435,125
Manufacturing -- 1.40%
Danaher Corp. ................................. 66,000 2,421,375
Media -- 3.83%
Comcast Corp. ................................. 46,000 1,867,312
Cox Communications (a) ........................ 35,000 1,695,313
Jacor Communications Inc. ..................... 28,300 1,669,700
Univision Communications Inc.
(a) ........................................... 37,200 1,385,700
-----------
6,618,025
Metals & Mining -- 1.18%
Battle Mountain Gold Co. ...................... 178,000 1,056,875
Cambior Inc. .................................. 70,000 411,250
TVX Gold Inc. ................................. 188,000 575,750
-----------
2,043,875
Oil & Gas Producers -- 3.42%
Camco International Inc. ...................... 28,400 2,211,650
Cooper Cameron Corp. (a) ...................... 19,000 969,000
Ocean Energy Inc. (a) ......................... 71,500 1,398,719
Smith International Inc. (a) .................. 38,000 1,322,875
-----------
5,902,244
Pharmaceuticals -- 7.54%
Agouron Pharmaceuticals Inc. (a) .............. 19,000 575,938
ALZA Corp. (a) ................................ 42,000 1,816,500
Dura Pharmaceuticals Inc. (a) ................. 71,000 1,588,624
Gilead Sciences Inc. (a) ...................... 49,000 1,571,063
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (continued)
Market
Shares Value
------ -----
Common Stocks (continued)
Pharmaceuticals (continued)
MedImmune Inc. (a) ............................ 16,500 $1,029,188
Omnicare Inc. ................................. 49,000 1,868,124
R.P. Scherer Corp. (a) ........................ 13,800 1,223,025
Sybron International Corp. (a) ................ 71,000 1,792,750
Teva Pharmaceutical Industries
Ltd.- ADR ..................................... 44,000 1,548,250
-----------
13,013,462
Real Estate -- 1.82%
Indy Mac Mortgage Holdings Inc. ............... 61,000 1,387,750
Security Capital Group Inc. (a) ............... 66,000 1,757,250
-----------
3,145,000
Retail -- 12.77%
AutoZone Inc. (a) ............................. 70,000 2,235,624
BJ's Wholesale Club Inc. (a) .................. 50,000 2,031,250
Circuit City Stores ........................... 55,300 2,592,187
Corporate Express Inc. (a) .................... 163,000 2,068,063
Costco Cos. Inc. (a) .......................... 33,000 2,081,062
Fred Meyer Inc. (a) ........................... 42,000 1,785,000
General Nutrition Cos. Inc. (a) ............... 52,000 1,618,500
Gymboree Corp. (a) ............................ 46,000 697,188
Kohl's Corp. (a) .............................. 34,000 1,763,750
MSC Industrial Direct Co. ..................... 59,600 1,698,600
Outback Steakhouse Inc. (a) ................... 47,000 1,833,000
ShopKo Stores Inc. ............................ 48,500 1,649,000
-----------
22,053,224
Semiconductors -- 2.43%
Maxim Integrated Products Inc.
(a) ........................................... 50,000 1,584,375
PMC - Sierra Inc. (a) ......................... 28,000 1,312,500
Xilinx Inc. (a) ............................... 38,000 1,292,000
-----------
4,188,875
Software -- 5.81%
Acxiom Corp. (a) .............................. 16,400 408,975
BMC Software Inc. (a) ......................... 30,000 1,558,125
Learning Co. Inc. (a) ......................... 18,100 536,213
National Data Corp. ........................... 44,000 1,925,000
Market
Shares Value
------ -----
Common Stocks (continued)
Software (continued)
Network Associates Inc. (a) ................... 34,500 $ 1,651,687
Sterling Commerce Inc. (a) .................... 41,000 1,988,500
Synopsys Inc. (a) ............................. 43,000 1,967,250
-----------
10,035,750
Telecommunications -- 3.71%
Omnipoint Corp. (a) ........................... 79,000 1,812,062
Paging Network Inc. (a) ....................... 140,000 1,960,000
Vanguard Cellular Systems Inc.
(a) ........................................... 21,700 409,588
Western Wireless Corp. (a) .................... 112,000 2,233,000
-----------
6,414,650
-----------
Total Common Stocks
(cost $126,560,006) ....................... 161,882,122
-----------
Principal
Amount
------
Short Term Investments -- 6.26%
Money Market Fund -- 0.00%
SSgA Money Market Fund, 5.35% (b .............. $ 1,476 1,476
U.S. Government Agencies -- 6.26%
Federal Home Loan Bank Discount
Note,
5.49%, 07/06/1998 .......................... 9,763,000 9,755,555
Federal Home Loan Mortgage Corp. ..............
Discount Note, 5.40%,
07/10/1998 ................................. 1,051,000 1,049,581
-----------
10,805,136
-----------
Total Short Term Investments
(cost $10,806,612) ........................ 10,806,612
-----------
Total Investments -- 100%
(cost $137,366,618) ........................... $172,688,734
============
- -------------------------------------------------
(a) Non-income producing security.
(b) Dividend yields change daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1998.
<PAGE>
JNL/S&P CONSERVATIVE GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Global Equities Series ................. 4,044 $ 89,567
JNL/Eagle Core Equity Series ............... 17,388 264,302
JNL/Putnam Growth Series ................... 8,749 182,338
JNL/Putnam Value Equity Series ............. 9,515 173,465
PPM America/JNL Money Market Series ........ 87,012 87,013
PPM America/JNL High Yield Bond Series ..... 21,626 261,028
Salomon Brothers/JNL Global Bond Series .... 30,449 347,122
T. Rowe Price/JNL Established Growth Series 4,848 88,768
T. Rowe Price/JNL Mid-Cap Growth Series .... 13,341 270,281
--------------
Total Investments -- 100%
(cost $1,738,231) .......................... $ 1,763,884
==============
JNL/S&P MODERATE GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Global Equities Series ................. 7,844 $ 173,739
JNL/Eagle Core Equity Series ............... 16,881 256,590
JNL/Putnam Growth Series ................... 12,780 266,343
JNL/Putnam Value Equity Series ............. 9,197 167,659
PPM America/JNL High Yield Bond Series ..... 7,013 84,642
Salomon Brothers/JNL Global Bond Series .... 29,641 337,911
T. Rowe Price/JNL Established Growth Series 4,703 86,104
T. Rowe Price/JNL Mid-Cap Growth Series .... 17,245 349,390
--------------
Total Investments -- 100%
(cost $1,690,601) .......................... $1,722,378
==============
JNL/S&P AGGRESSIVE GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Aggressive Growth Series ............... 2,816 $ 53,190
JNL Global Equities Series ................. 4,667 103,382
JNL/Alger Growth Series .................... 3,151 53,473
JNL/Eagle Core Equity Series ............... 6,671 101,395
JNL/Putnam Growth Series ................... 10,111 210,705
JNL/Putnam Value Equity Series ............. 8,185 149,209
Salomon Brothers/JNL Global Bond Series .... 8,775 100,040
T. Rowe Price/JNL Mid-Cap Growth Series .... 12,735 258,010
--------------
Total Investments -- 100%
(cost $1,000,973) .......................... $1,029,404
==============
See notes to the financial statements.
<PAGE>
JNL/S&P VERY AGGRESSIVE GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Aggressive Growth Series ............... 7,906 $149,338
JNL Global Equities Series ................. 1,636 36,238
JNL/Alger Growth Series .................... 2,187 37,113
JNL/Eagle Core Equity Series ............... 11,741 178,460
JNL/Putnam Growth Series ................... 8,797 183,328
T. Rowe Price/JNL International Equity
Investment Series ....................... 2,577 35,358
T. Rowe Price/JNL Mid-Cap Growth Series..... 5,386 109,129
--------------
Total Investments -- 100%
(cost $704,284) ............................ $728,964
==============
JNL/S&P EQUITY GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Global Equities Series ................. 5,519 $122,254
JNL/Eagle Core Equity Series ............... 7,892 119,958
JNL/Eagle SmallCap Equity Series ........... 3,589 57,318
JNL/Putnam Growth Series ................... 5,957 124,134
JNL/Putnam Value Equity Series ............. 25,763 469,657
T. Rowe Price/JNL Established Growth Series 9,877 180,852
T. Rowe Price/JNL Mid-Cap Growth Series .... 5,999 121,543
--------------
Total Investments -- 100%
(cost $1,190,061) .......................... $1,195,716
==============
JNL/S&P EQUITY AGGRESSIVE GROWTH SERIES I
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
JNL Aggressive Growth Series ............... 3,442 $65,022
JNL Global Equities Series ................. 1,401 31,023
JNL/Eagle Core Equity Series ............... 8,073 122,715
JNL/Eagle SmallCap Equity Series ........... 1,853 29,586
JNL/Putnam Growth Series ................... 7,655 159,528
JNL/Putnam Value Equity Series ............. 1,652 30,125
T. Rowe Price/JNL International Equity
Investment Series ....................... 2,205 30,246
T. Rowe Price/JNL Mid-Cap Growth Series .... 7,748 156,970
--------------
Total Investments -- 100%
(cost $606,833) ............................ $625,215
==============
See notes to the financial statements.
<PAGE>
JNL/S&P CONSERVATIVE GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 57,031 $555,480
JNL Global Equities Series ................. 5,590 123,822
JNL/PIMCO Total Return Bond Series ......... 23,379 241,504
JNL/Putnam Growth Series ................... 5,852 121,951
JNL/Putnam Value Equity Series ............. 6,250 113,938
Lazard/JNL Mid Cap Value Series ............ 11,424 110,467
Salomon Brothers/JNL Balanced Series ....... 45,480 465,259
Salomon Brothers/JNL Global Bond Series .... 40,993 467,322
Salomon Brothers/JNL High Yield Bond Series 11,592 117,543
--------------
Total Investments -- 100%
(cost $2,334,837) .......................... $2,317,286
==============
JNL/S&P MODERATE GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 33,018 $321,599
JNL Global Equities Series ................. 4,000 88,606
JNL/Alliance Growth Series ................. 7,929 89,435
JNL/Putnam Growth Series ................... 8,449 176,073
Lazard/JNL Mid Cap Value Series ............ 24,790 239,722
Salomon Brothers/JNL Balanced Series ....... 24,516 250,797
Salomon Brothers/JNL Global Bond Series .... 22,080 251,712
Salomon Brothers/JNL High Yield Bond Series 16,645 168,781
T. Rowe Price/JNL Mid-Cap Growth Series .... 4,200 85,094
--------------
Total Investments -- 100%
(cost $1,677,257) .......................... $1,671,819
==============
JNL/S&P AGGRESSIVE GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 5,841 $56,895
JNL Global Equities Series ................. 1,410 31,233
JNL/Alliance Growth Series ................. 1,395 15,731
JNL/Putnam Growth Series ................... 1,486 30,964
Lazard/JNL Mid Cap Value Series ............ 7,309 70,677
Lazard/JNL Small Cap Value Series .......... 1,465 14,127
Salomon Brothers/JNL Balanced Series ....... 2,876 29,426
Salomon Brothers/JNL Global Bond Series .... 1,294 14,752
Salomon Brothers/JNL High Yield Bond Series 1,463 14,838
T. Rowe Price/JNL Mid-Cap Growth Series .... 741 15,007
--------------
Total Investments -- 100%
(cost $294,915) ............................ $293,650
==============
See notes to the financial statements.
<PAGE>
JNL/S&P VERY AGGRESSIVE GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 2,394 $23,317
JNL Global Equities Series ................. 1,170 25,909
JNL/Alliance Growth Series ................. 5,774 65,128
JNL/Putnam Growth Series ................... 3,069 63,961
Lazard/JNL Mid Cap Value Series ............ 6,000 58,016
T. Rowe Price/JNL Mid-Cap Growth Series .... 610 12,355
--------------
Total Investments -- 100%
(cost $244,322) ............................ $248,686
==============
JNL/S&P EQUITY GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 11,396 $111,000
JNL Global Equities Series ................. 2,146 47,532
JNL/Alliance Growth Series ................. 2,129 24,016
JNL/Putnam Growth Series ................... 3,428 71,449
JNL/Putnam Value Equity Series ............. 3,702 67,495
Lazard/JNL Mid Cap Value Series ............ 11,444 110,660
Lazard/JNL Small Cap Value Series .......... 2,300 22,167
--------------
Total Investments -- 100%
(cost $455,074) ............................ $454,319
==============
JNL/S&P EQUITY AGGRESSIVE GROWTH SERIES II
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1998
Market
Shares Value
------ -----
Investment Company Securities -- 100%
Goldman Sachs/JNL Growth & Income Series ... 5,819 $56,681
JNL Global Equities Series ................. 1,140 25,256
JNL/Alliance Growth Series ................. 3,376 38,083
JNL/Putnam Growth Series ................... 1,794 37,379
Lazard/JNL Mid Cap Value Series ............ 5,836 56,429
Lazard/JNL Small Cap Value Series .......... 1,166 11,240
T. Rowe Price/JNL Mid-Cap Growth Series .... 593 12,008
--------------
Total Investments -- 100%
(cost $237,884) ............................ $237,076
==============
See notes to the financial statements.
