<PAGE> PAGE 1
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001 C000000 5173943400
002 A000000 5901 EXECUTIVE DRIVE
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002 D010000 48911
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004 000000 N
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007 B000000 16
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007 C010200 2
007 C020200 JNL CAPITAL GROWTH
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007 C010300 3
007 C020300 JNL GLOBAL EQUITIES
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007 C010400 4
007 C020400 PPM AMERICA/JNL BALANCED
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007 C010500 5
007 C020500 JNL/PUTNAM GROWTH
007 C030500 N
007 C010600 6
007 C020600 PPM AMERICA/JNL HIGH YIELD BOND
007 C030600 N
007 C010700 7
007 C020700 PPM AMERICA/JNL MONEY MARKET
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007 C010800 8
007 C020800 JNL/PUTNAM VALUE EQUITY
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007 C010900 9
007 C020900 SALOMON BROTHERS/JNL GLOBAL BOND
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007 C011000 10
007 C021000 SALOMON BROTHERS/JNL U.S. GOV'T. & QUAL. BOND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 T. ROWE PRICE/JNL ESTABLISHED GROWTH
007 C031100 N
007 C011200 12
007 C021200 T. ROWE PRICE/JNL INT'L. EQUITY INVESTMENT
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007 C021300 T. ROWE PRICE/MID-CAP GROWTH
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007 C011400 14
007 C021400 JNL/ALGER GROWTH
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007 C021500 JNL/EAGLE CORE EQUITY
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007 C011600 16
007 C021600 JNL/EAGLE SMALLCAP EQUITY
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013 A00AA01 PRICE WATERHOUSE LLP
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014 A00AA01 JACKSON NATIONAL FINANCIAL SERVICES, INC.
014 B00AA01 8-44435
014 A00AA02 JACKSON NATIONAL LIFE DISTRIBUTORS, INC.
014 B00AA02 8-48984
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
015 A00AA02 CITIBANK N.A.
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<PAGE> PAGE 3
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015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GEROCREDIT BANK AG DER SPARKASSEN
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015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
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015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANQUE
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 DELETE
015 A00AA08 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA08 S
015 C01AA08 GABORONE
015 D01AA08 BOTSWANA
015 E04AA08 X
015 A00AA09 CITIBANK N.A.
015 B00AA09 S
015 C01AA09 SAO PAULO
015 D01AA09 BRAZIL
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015 A00AA11 CANADA TRUSTCO MORTGAGE COMPANY
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015 C01AA11 TORONTO
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 CITIBANK N.A.
015 B00AA12 S
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015 A00AA13 HONGKONG & SHANGHAI BANKING CORP. LTD
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015 D01AA13 CHINA
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<PAGE> PAGE 4
015 D01AA14 COLOMBIA
015 E04AA14 X
015 A00AA15 BARCLAYS BANK PLC
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015 A00AA16 CESKOSLOVENSKA OBCHODNI BANKA A.S.
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015 A00AA17 DEN DANSKE BANK
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015 C01AA17 COPENHAGEN
015 D01AA17 DENMARK
015 E04AA17 X
015 A00AA18 CITIBANK N.A.
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015 C01AA18 QUITO
015 D01AA18 ECUADOR
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015 A00AA20 MERITA BANK LIMITED
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<PAGE> PAGE 5
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015 A00AA28 STANDARD CHARTERED BANK
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015 A00AA29 BANK OF IRELAND
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015 A00AA30 BANK HAPOALIM BM
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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015 A00AA47 CHRISTIANIA BANK OG KREDITKASSE
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015 C01AA47 OSLO
015 D01AA47 NORWAY
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015 A00AA48 DEUTSCHE BANK
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015 C01AA48 KARACHI
015 D01AA48 PAKISTAN
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015 A00AA49 CITIBANK, N.A. LIMA
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015 D01AA49 PERU
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015 A00AA50 STANDARD CHARTERED BANK
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015 A00AA51 CITIBANK (POLAND) S.A.
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<PAGE> PAGE 8
015 A00AA57 BANCO SANTANDER
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015 A00AA58 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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015 A00AA62 STANDARD CHARTERED BANK
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015 D01AA62 THAILAND
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015 A00AA65 CITIBANK, N.A.
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<PAGE> PAGE 9
015 D01AA69 VENEZUELA
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015 A00AA70 BARCLAYS BANK OF ZAMBIA LIMITED
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015 C01AA70 LUSAKA
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015 A00AA71 BARCLAYS BANK OF ZIMBABWE LIMITED
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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060 B001100 Y
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062 F001100 0.0
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062 L001100 0.0
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062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
<PAGE> PAGE 59
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
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070 O011100 Y
070 O021100 N
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070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 Y
070 R021100 N
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<PAGE> PAGE 60
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<PAGE> PAGE 61
074 V021100 0.00
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008 B001201 A
008 C001201 801-41015
008 D011201 LANSING
008 D021201 MI
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008 A001202 ROWE-PRICE FLEMING INTERNATIONAL, INC.
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<PAGE> PAGE 62
028 F031200 0
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<PAGE> PAGE 63
062 J001200 0.0
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066 C001200 N
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066 E001200 N
066 F001200 N
066 G001200 N
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068 A001200 N
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069 001200 N
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070 A021200 Y
070 B011200 Y
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070 C021200 N
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070 D021200 N
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070 E021200 N
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070 F021200 N
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070 G021200 N
070 H011200 Y
070 H021200 N
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070 I021200 N
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070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
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070 M021200 Y
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<PAGE> PAGE 64
070 P021200 N
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<PAGE> PAGE 65
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008 A001301 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001301 A
008 C001301 801-41015
008 D011301 LANSING
008 D021301 MI
008 D031301 48911
008 A001302 T. ROWE PRICE ASSOCIATES, INC.
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<PAGE> PAGE 66
028 A031300 0
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<PAGE> PAGE 67
048 K011300 150000
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055 A001300 N
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056 001300 Y
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
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<PAGE> PAGE 68
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
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070 I021300 N
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070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
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070 N011300 Y
070 N021300 N
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070 O021300 N
070 P011300 Y
070 P021300 N
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070 Q021300 N
070 R011300 Y
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<PAGE> PAGE 69
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008 A001401 JACKSON NATIONAL FINANCIAL SERVICES, INC.
008 B001401 A
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<PAGE> PAGE 70
008 D011401 LANSING
008 D021401 MI
008 D031401 48911
008 A001402 FRED ALGER MANAGEMENT, INC.
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<PAGE> PAGE 71
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<PAGE> PAGE 72
062 O001400 0.0
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
055 A001500 N
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 81
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SIGNATURE ANDREW B. HOPPING
TITLE PRESIDENT
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<NAME> JNL GLOBAL EQUITIES SERIES
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<NAME> PPM AMERICA/JNL BALANCED SERIES
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<NAME> JNL/PUTNAM GROWTH SERIES
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<NAME> PPM AMERICA/JNL HIGH YIELD BOND SERIES
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<NAME> PPM AMERICA/JNL MONEY MARKET SERIES
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<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> JNL/PUTNAM VALUE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 103480721
<INVESTMENTS-AT-VALUE> 109198012
<RECEIVABLES> 3045271
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112243283
<PAYABLE-FOR-SECURITIES> 3573732
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104529
<TOTAL-LIABILITIES> 3678261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102587093
<SHARES-COMMON-STOCK> 6453704
<SHARES-COMMON-PRIOR> 1225273
<ACCUMULATED-NII-CURRENT> 7901
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 252737
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5717291
<NET-ASSETS> 108565022
<DIVIDEND-INCOME> 1215600
<INTEREST-INCOME> 150694
<OTHER-INCOME> 0
<EXPENSES-NET> 570922
<NET-INVESTMENT-INCOME> 795372
<REALIZED-GAINS-CURRENT> 4469527
<APPREC-INCREASE-CURRENT> 3766196
<NET-CHANGE-FROM-OPS> 9031095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 792740
<DISTRIBUTIONS-OF-GAINS> 4348955
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5270627
<NUMBER-OF-SHARES-REDEEMED> 347068
<SHARES-REINVESTED> 304872
<NET-CHANGE-IN-ASSETS> 90804344
<ACCUMULATED-NII-PRIOR> 5272
<ACCUMULATED-GAINS-PRIOR> 132162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 487619
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 604291
<AVERAGE-NET-ASSETS> 55535073
<PER-SHARE-NAV-BEGIN> 14.5
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 3.03
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0.71
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.82
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> SALOMON BROTHERS/JNL GLOBAL BOND SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 39448629
<INVESTMENTS-AT-VALUE> 40329980
<RECEIVABLES> 642163
<ASSETS-OTHER> 2554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40974697
<PAYABLE-FOR-SECURITIES> 4159327
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90538
<TOTAL-LIABILITIES> 4249865
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35827391
<SHARES-COMMON-STOCK> 3302198
<SHARES-COMMON-PRIOR> 1174127
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 15879
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3325
<ACCUM-APPREC-OR-DEPREC> 916645
<NET-ASSETS> 36724832
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1966487
<OTHER-INCOME> 0
<EXPENSES-NET> 253765
<NET-INVESTMENT-INCOME> 1712722
<REALIZED-GAINS-CURRENT> 151547
<APPREC-INCREASE-CURRENT> 728942
<NET-CHANGE-FROM-OPS> 2593211
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1801495
<DISTRIBUTIONS-OF-GAINS> 164331
<DISTRIBUTIONS-OTHER> 33012
<NUMBER-OF-SHARES-SOLD> 2422646
<NUMBER-OF-SHARES-REDEEMED> 471899
<SHARES-REINVESTED> 177324
<NET-CHANGE-IN-ASSETS> 24241889
<ACCUMULATED-NII-PRIOR> 24906
<ACCUMULATED-GAINS-PRIOR> 57447
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 213262
<INTEREST-EXPENSE> 2869
<GROSS-EXPENSE> 268265
<AVERAGE-NET-ASSETS> 25089570
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 31752904
<INVESTMENTS-AT-VALUE> 32441788
<RECEIVABLES> 1318535
<ASSETS-OTHER> 13800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33774123
<PAYABLE-FOR-SECURITIES> 5889298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2496292
<TOTAL-LIABILITIES> 8385590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24671400
<SHARES-COMMON-STOCK> 2374135
<SHARES-COMMON-PRIOR> 963480
<ACCUMULATED-NII-CURRENT> 5716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 688884
<NET-ASSETS> 25388533
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1171785
<OTHER-INCOME> 0
<EXPENSES-NET> 158490
<NET-INVESTMENT-INCOME> 1013295
<REALIZED-GAINS-CURRENT> 13329
<APPREC-INCREASE-CURRENT> 639103
<NET-CHANGE-FROM-OPS> 1665727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 965070
<DISTRIBUTIONS-OF-GAINS> 43260
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1740847
<NUMBER-OF-SHARES-REDEEMED> 422626
<SHARES-REINVESTED> 92434
<NET-CHANGE-IN-ASSETS> 15556793
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9955
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118459
<INTEREST-EXPENSE> 14647
<GROSS-EXPENSE> 162112
<AVERAGE-NET-ASSETS> 16922711
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> T. ROWE PRICE/JNL ESTABISHED GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 106678983
<INVESTMENTS-AT-VALUE> 124278380
<RECEIVABLES> 766128
<ASSETS-OTHER> 39663
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125084171
<PAYABLE-FOR-SECURITIES> 939418
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122809
<TOTAL-LIABILITIES> 1062227
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105652218
<SHARES-COMMON-STOCK> 7937589
<SHARES-COMMON-PRIOR> 2571210
<ACCUMULATED-NII-CURRENT> 57546
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 723591
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17588589
<NET-ASSETS> 124021944
<DIVIDEND-INCOME> 815027
<INTEREST-INCOME> 277139
<OTHER-INCOME> 0
<EXPENSES-NET> 757810
<NET-INVESTMENT-INCOME> 334356
<REALIZED-GAINS-CURRENT> 5349156
<APPREC-INCREASE-CURRENT> 13593876
<NET-CHANGE-FROM-OPS> 19277388
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 250893
<DISTRIBUTIONS-OF-GAINS> 4612029
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5871440
<NUMBER-OF-SHARES-REDEEMED> 813825
<SHARES-REINVESTED> 308764
<NET-CHANGE-IN-ASSETS> 91731003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 3896
<OVERDIST-NET-GAINS-PRIOR> 35557
<GROSS-ADVISORY-FEES> 657716
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 757810
<AVERAGE-NET-ASSETS> 77378382
<PER-SHARE-NAV-BEGIN> 12.56
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.64
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.61
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.62
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 73454612
<INVESTMENTS-AT-VALUE> 78308997
<RECEIVABLES> 172865
<ASSETS-OTHER> 319933
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78801795
<PAYABLE-FOR-SECURITIES> 6
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117141
<TOTAL-LIABILITIES> 117147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74767969
<SHARES-COMMON-STOCK> 6506743
<SHARES-COMMON-PRIOR> 3989593
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 69263
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 866483
<ACCUM-APPREC-OR-DEPREC> 4852425
<NET-ASSETS> 78684648
<DIVIDEND-INCOME> 1154864
<INTEREST-INCOME> 194449
<OTHER-INCOME> 0
<EXPENSES-NET> 846664
<NET-INVESTMENT-INCOME> 502649
<REALIZED-GAINS-CURRENT> 469678
<APPREC-INCREASE-CURRENT> (284503)
<NET-CHANGE-FROM-OPS> 687824
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 531066
<DISTRIBUTIONS-OF-GAINS> 1459893
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3010793
<NUMBER-OF-SHARES-REDEEMED> 606319
<SHARES-REINVESTED> 112676
<NET-CHANGE-IN-ASSETS> 30480319
<ACCUMULATED-NII-PRIOR> 65539
<ACCUMULATED-GAINS-PRIOR> 16473
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 742729
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 899951
<AVERAGE-NET-ASSETS> 68361777
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.09
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 107647880
<INVESTMENTS-AT-VALUE> 127413759
<RECEIVABLES> 862582
<ASSETS-OTHER> 262
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128276603
<PAYABLE-FOR-SECURITIES> 1057297
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167037
<TOTAL-LIABILITIES> 1224334
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105943206
<SHARES-COMMON-STOCK> 7315779
<SHARES-COMMON-PRIOR> 3163175
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1343181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19765882
<NET-ASSETS> 127052269
<DIVIDEND-INCOME> 250852
<INTEREST-INCOME> 462710
<OTHER-INCOME> 0
<EXPENSES-NET> 941414
<NET-INVESTMENT-INCOME> (227852)
<REALIZED-GAINS-CURRENT> 3002341
<APPREC-INCREASE-CURRENT> 14655103
<NET-CHANGE-FROM-OPS> 17429592
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1652413
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4951347
<NUMBER-OF-SHARES-REDEEMED> 893009
<SHARES-REINVESTED> 94266
<NET-CHANGE-IN-ASSETS> 79947780
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 301
<OVERDIST-NET-GAINS-PRIOR> 16665
<GROSS-ADVISORY-FEES> 841570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 941414
<AVERAGE-NET-ASSETS> 88586356
<PER-SHARE-NAV-BEGIN> 14.89
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.37
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> JNL/ALGER GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 76262289
<INVESTMENTS-AT-VALUE> 88020185
<RECEIVABLES> 2466974
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90487159
<PAYABLE-FOR-SECURITIES> 4477557
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132755
<TOTAL-LIABILITIES> 4610312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73023895
<SHARES-COMMON-STOCK> 6333265
<SHARES-COMMON-PRIOR> 3428898
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1095056
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11757896
<NET-ASSETS> 85876847
<DIVIDEND-INCOME> 409868
<INTEREST-INCOME> 241637
<OTHER-INCOME> 0
<EXPENSES-NET> 696180
<NET-INVESTMENT-INCOME> (44675)
<REALIZED-GAINS-CURRENT> 5005844
<APPREC-INCREASE-CURRENT> 8093212
<NET-CHANGE-FROM-OPS> 13054381
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3165534
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3544503
<NUMBER-OF-SHARES-REDEEMED> 869988
<SHARES-REINVESTED> 229852
<NET-CHANGE-IN-ASSETS> 47624756
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 700579
<GROSS-ADVISORY-FEES> 616473
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 696180
<AVERAGE-NET-ASSETS> 63227994
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.56
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> JNL/EAGLE CORE EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 10563803
<INVESTMENTS-AT-VALUE> 12065928
<RECEIVABLES> 230825
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12296753
<PAYABLE-FOR-SECURITIES> 378644
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21641
<TOTAL-LIABILITIES> 400285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10355280
<SHARES-COMMON-STOCK> 865023
<SHARES-COMMON-PRIOR> 184058
<ACCUMULATED-NII-CURRENT> 133
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38471
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1502584
<NET-ASSETS> 11896468
<DIVIDEND-INCOME> 120344
<INTEREST-INCOME> 19111
<OTHER-INCOME> 0
<EXPENSES-NET> 71460
<NET-INVESTMENT-INCOME> 67995
<REALIZED-GAINS-CURRENT> 233207
<APPREC-INCREASE-CURRENT> 1423312
<NET-CHANGE-FROM-OPS> 1724514
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 67862
<DISTRIBUTIONS-OF-GAINS> 190309
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 688411
<NUMBER-OF-SHARES-REDEEMED> 24082
<SHARES-REINVESTED> 16636
<NET-CHANGE-IN-ASSETS> 9942271
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4427
<GROSS-ADVISORY-FEES> 61251
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105075
<AVERAGE-NET-ASSETS> 6805738
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.35
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> JNL/EAGLE SMALLCAP EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 12913464
<INVESTMENTS-AT-VALUE> 14348909
<RECEIVABLES> 17360
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14366269
<PAYABLE-FOR-SECURITIES> 850034
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22856
<TOTAL-LIABILITIES> 872890
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11860477
<SHARES-COMMON-STOCK> 916112
<SHARES-COMMON-PRIOR> 168506
<ACCUMULATED-NII-CURRENT> 390
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 197067
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1435445
<NET-ASSETS> 13493379
<DIVIDEND-INCOME> 17739
<INTEREST-INCOME> 23809
<OTHER-INCOME> 0
<EXPENSES-NET> 82087
<NET-INVESTMENT-INCOME> (40539)
<REALIZED-GAINS-CURRENT> 247333
<APPREC-INCREASE-CURRENT> 1221736
<NET-CHANGE-FROM-OPS> 1428530
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 886938
<NUMBER-OF-SHARES-REDEEMED> 139332
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11549290
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9337
<GROSS-ADVISORY-FEES> 70893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112315
<AVERAGE-NET-ASSETS> 7462442
<PER-SHARE-NAV-BEGIN> 11.54
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 3.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.73
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUB-ITEM 77O: Transactions effected pursuant to Rule 10f-3
Trade Purchas Price/ Closing Affilated
Seri Date Share Company ed From share Price UW
es s participati
ng
15 07/08/ 1,200 Equity Everen $21.00 $26.875 Raymond
97 Office Financi 00 0 James
Partner al
s
15 08/06/ 50,00 Reptron Forum 100.00 100.000 Raymond
97 0 Electro Securit 00 0 James
nics ies
6.75%
8/1/200
4
15 08/15/ 1,000 SL Lehman 21.000 25.0000 Raymond
97 Green Bros. 0 James
Realty
Corp.
15 09/18/ 2,700 Securit J.P. 28.000 34.1250 Raymond
97 y Morgan 0 James
Capital
Group
15 09/19/ 500 Parkway Wheat 33.687 33.9375 Raymond
97 Propert First 5 James
ies
15 11/18/ 2,000 Grove Salomon 10.875 10.8750 Raymond
97 Propert 0 James
y Trust
15 11/20/ 1,000 AMB Morgan 21.000 23.0000 Raymond
97 Propert Stanley 0 James
y Corp.
For all transactions listed, the determination described in paragraph
(h)(3) of Rule 10f-3 was made based on the following information: the
securities were part of an issue registered under the Securities Act of
1933 which was being offered to the public; the purchase price paid did
not exceed the offering price at the close of the first full business
day after the first day of the offering (or, if a rights offering, the
securities were purchased on the fourth day preceding the day on which
the offering terminated); the underwriting was a firm commitment
underwriting; the commission, spread or profit was reasonable and fair
in relation to that being received by others for underwriting similar
securities during the same period; the issuer of the securities and its
predecessors had been in continuous operation for not less than three
years; the amount of such securities purchased by all of the investment
companies advised by the sub-adviser (i) did not exceed 4% of the
principal amount of the offering or (ii) if $5,000 or less, did not
exceed 10% of the principal amount of the offering; the purchase price
was less than 3% of the Registrant's total assets; no affiliated
underwriter of the Registrant was a direct or indirect participant in or
beneficiary of the sale.
This report is signed on behalf of the registrant (or
depositor or trustee).
City of: LANSING State of: MICHIGAN Date: February 27,
1998
Name of Registrant, Depositor, or Trustee: JNL SERIES TRUST
By (Name and Title): Witness (Name and
Title):
/s/ Andrew B. Hopping /s/ Thomas J. Meyer
ANDREW B. HOPPING THOMAS J. MEYER
VICE PRESIDENT & VICE PRESIDENT &
TREASURER SECRETARY
To the Shareholders and Board of Trustees
of JNL Series Trust
In planning and performing our audit of the financial
statements of each of the sixteen Series comprising the
JNL Series Trust (hereafter referred to as the "Trust")
for the year ended December 31, 1997, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Trust is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of control activities. Generally,
control activities that are relevant to an audit pertain
to the entity's objective of preparing financial
statements for external purposes that are fairly presented
in conformity with generally accepted accounting
principles. Those control activities include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of the specific internal control components does
not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control, including control activities
for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31,
1997.
This report is intended solely for the information and use
of management and the Board of Trustees of JNL Series
Trust and the Securities and Exchange Commission.
Price Waterhouse LLP
Chicago, Illinois
February 6, 1998
