SUPPLEMENT TO PROSPECTUS
FOR THE JNL(R) SERIES TRUST
The Board of Trustees of JNL Series Trust (the "Trust") has called a Special
Meeting of Shareholders to be held on September 18, 1998, to consider the
following proposals:
(1) Election of trustees;
(2) With respect to the JNL Aggressive Growth Series, JNL Capital Growth
Series, JNL Global Equities Series, JNL/Alger Growth Series, JNL/Alliance Growth
Series, JNL/Eagle Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/JPM
International & Emerging Markets Series, JNL/PIMCO Total Return Bond Series,
JNL/Putnam Growth Series, JNL/Putnam Value Equity Series, Goldman Sachs/JNL
Growth & Income Series, Lazard/JNL Small Cap Value Series, Lazard/JNL Mid Cap
Value Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond
Series, PPM America/JNL Money Market Series, Salomon Brothers/JNL Balanced
Series, Salomon Brothers/JNL Global Bond Series, Salomon Brothers/JNL High Yield
Bond Series, Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe
Price/JNL Established Growth Series, T. Rowe Price/JNL International Equity
Investment Series, T. Rowe Price/JNL Mid-Cap Growth Series, approval of an
Administrative fee of 0.10% of average daily net assets of each Series payable
to Jackson National Financial Services, LLC, the adviser to the Trust, for
operational services;
(3)(a) Approval of a modification to the investment policy concerning
securities lending;
(3)(b) Approval of a modification to the investment policy concerning
restricted securities;
(4)(a) With respect to the JNL/S&P Conservative Growth Series I, JNL/S&P
Moderate Growth Series I, JNL/S&P Aggressive Growth Series I, JNL/S&P Very
Aggressive Growth Series I, JNL/S&P Equity Growth Series I, JNL/S&P Equity
Aggressive Growth Series I, JNL/S&P Conservative Growth Series II, JNL/S&P
Moderate Growth Series II, JNL/S&P Aggressive Growth Series II, JNL/S&P Very
Aggressive Growth Series II, JNL/S&P Equity Growth Series II, JNL/S&P Equity
Aggressive Growth Series II, approval of the Amended Investment Advisory and
Management Agreement between the Trust and Jackson National Financial Services,
LLC;
(4)(b) With respect to the JNL/S&P Conservative Growth Series I, JNL/S&P
Moderate Growth Series I, JNL/S&P Aggressive Growth Series I, JNL/S&P Very
Aggressive Growth Series I, JNL/S&P Equity Growth Series I, JNL/S&P Equity
Aggressive Growth Series I, JNL/S&P Conservative Growth Series II, JNL/S&P
Moderate Growth Series II, JNL/S&P Aggressive Growth Series II, JNL/S&P Very
Aggressive Growth Series II, JNL/S&P Equity Growth Series II, JNL/S&P Equity
Aggressive Growth Series II, approval of the Sub-Advisory Agreement between
Jackson National Financial Services, Inc. and Standard & Poor's Investment
Advisory Services, LLC;
(5) Ratification of the Board of Trustees' selection of Price Waterhouse
LLP as independent accountants for the Trust for the year ending December
31,1998.
The following disclosure is added under the heading "Investment Objectives and
Policies" and the sub-headings "PPM America/JNL Balanced Series" and "PPM
America/JNL High Yield Bond Series":
The Series may invest without limit in zero coupon bonds.
This Supplement is dated July 31, 1998.
