SUPPLEMENT TO PROSPECTUS DATED JULY 1, 1998
FOR THE JNL(R) SERIES TRUST
At a Special Meeting of Shareholders of the JNL Series Trust (the "Trust") held
on September 18, 1998, the following proposals were approved:
(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, LLC and Standard & Poor's Investment
Advisory Services, Inc.;
(5) Ratification of the Board of Trustees' selection of
PricewaterhouseCoopers LLP as independent accountants for the Trust for the year
ending December 31, 1998.
The following disclosure is added to the prospectus 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.
The disclosure in the prospectus under the heading "Common Types of
Securities and Management Practices" and the sub-heading "Borrowing and Lending"
is revised to read as follows:
A Series may borrow money from banks for temporary or emergency
purposes in amounts up to 25% of its total assets. To secure borrowings
a Series may mortgage or pledge securities in amounts up to 15% of its
net assets. As a fundamental policy, a Series will not lend securities
or other assets if, as a result, more than 33 1/3% of its total assets
would be lent to other parties.
Investment Restriction Number (5) in the Statement of Additional Information
under the heading "Investment Restriction Applicable to All Series" and the
sub-heading "Fundamental Policies" is revised to read as follows:
(5) No Series may lend any security or make any other loan if, as a
result, more than 33 1/3% of a Series' total assets would be lent to
other parties (but this limitation does not apply to purchases of
commercial paper, debt securities or repurchase agreements).
Investment Restriction Number (7) in the Statement of Additional Information
under the heading "Investment Restriction Applicable to All Series" and the
sub-heading "Fundamental Policies" is revised to read as follows:
(7) No Series may invest more than 15% of a Series' net assets (10% in
the case of the PPM America/JNL Money Market Series and the JNL/Alger
Growth Series) in illiquid securities. This limitation does not apply
to securities eligible for resale pursuant to Rule 144A of the
Securities Act of 1933 or Commercial Paper issued in reliance upon the
exemption from registration contained in Section 4(2) of that Act which
have been determined to be liquid in accordance with the guidelines
established by the Board of Trustees.
The disclosure in the prospectus under the heading "Portfolio Management" and
the sub-heading "Salomon Brothers/JNL Balanced Series" is revised to read as
follows:
George Williamson, Senior Portfolio Manager of SBAM, is primarily
responsible for the day-to-day management of the Salomon Brothers/JNL
Balanced Series. Prior to joining SBAM in 1990, Mr. Williamson was
employed as a portfolio manager with Lehman Brothers from 1979 to 1990.
Mr. Williamson has had primary responsibility for the day-to-day
management of the Series since September 1998.
This Supplement is dated October 26, 1998.
