[GRAPHIC]
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, 1999.
In the United States, strong economic growth and dramatically rising interest
rates marked the first half of 1999. The strong economic growth heightened fears
about the prospect for higher inflation, but the Federal Reserve tempered some
of those concerns when it increased its short-term lending rate at the
conclusion of its mid year Federal Open Market Committee meeting on June 30.
The United States stock market posted gains during the period. Continuing a
trend, the gains in the stock market during the first quarter were driven by
stocks of large capitalization companies. The market shifted dramatically in the
second quarter, when small- and mid-cap stocks significantly outperformed
large-cap stocks, and the focus changed from growth stocks to value stocks.
The dramatic rise in interest rates created an unfavorable environment for U.S.
bonds during the first half of the year. Higher interest rates affected all
market sectors as Treasuries, mortgages and corporates all posted negative
returns during the period. Lower credit quality bonds performed better than the
higher credit quality bonds.
International stock markets strengthened during the period, supported by
economic recoveries in Asia and the emerging markets. European markets held
steady.
The JNL Series Trust offers a selection of Series, each with its own investment
objective and strategies. 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
JNL/Alger Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 229,178,476
===============
Investments in securities, at value ....... $ 283,586,673
Receivables:
Dividends and interest ................. 59,937
Fund shares sold ....................... 949,524
Investment securities sold ............. 7,564,449
Collateral for securities loaned .......... 14,321,146
---------------
TOTAL ASSETS .............................. 306,481,729
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 196,085
Administrative fees .................... 20,111
Fund shares redeemed ................... 39,972
Investment securities purchased ........ 17,352,533
Return of collateral for securities loaned 14,321,146
---------------
TOTAL LIABILITIES ......................... 31,929,847
---------------
NET ASSETS ................................ $ 274,551,882
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 190,404,573
Undistributed net investment loss ......... (328,476)
Accumulated net realized gain
on investments ......................... 30,067,588
Net unrealized appreciation on investments 54,408,197
===============
NET ASSETS ................................ $ 274,551,882
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 12,454,567
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 22.04
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 376,870
Interest ............................... 384,248
Securities lending income .............. 11,513
Foreign tax withholding ................ (4,214)
---------------
TOTAL INVESTMENT INCOME ................... 768,417
---------------
EXPENSES
Investment advisory fees ............... 994,857
Administrative fees .................... 102,036
---------------
TOTAL OPERATING EXPENSES .................. 1,096,893
---------------
NET INVESTMENT LOSS ....................... (328,476)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 20,060,401
Net change in unrealized appreciation
on investments ......................... 11,724,002
---------------
NET REALIZED AND UNREALIZED GAINS ......... 31,784,403
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 31,455,927
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Alger Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
OPERATIONS
Net investment loss ........................................... $ (328,476) $ (27,820)
Net realized gain on investments .............................. 20,060,401 15,637,621
Net change in unrealized appreciation on investments .......... 11,724,002 30,926,299
---------------- ----------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ...................... 31,455,927 46,536,100
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income .................................... - -
From net realized gains on investment transactions ............ - (6,697,670)
---------------- ----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ............................. - (6,697,670)
---------------- ----------------
SHARE TRANSACTIONS
Proceeds from the sale of shares .............................. 99,747,309 71,371,106
Reinvestment of distributions ................................. - 6,697,670
Cost of shares redeemed ....................................... (21,599,653) (38,835,754)
---------------- ----------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS .............. 78,147,656 39,233,022
---------------- ----------------
NET INCREASE IN NET ASSETS ...................................... 109,603,583 79,071,452
NET ASSETS BEGINNING OF PERIOD .................................. 164,948,299 85,876,847
---------------- ----------------
NET ASSETS END OF PERIOD ........................................ $ 274,551,882 $ 164,948,299
================ ================
UNDISTRIBUTED NET INVESTMENT LOSS ............................... $ (328,476) $ -
================ ================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Alger Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, OCTOBER 16,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 18.95 $ 13.56 $ 11.16 $ 10.38 $ 10.00
----------- ----------- ---------- ---------- ---------
Income from operations:
Net investment income (loss) ........................... (0.02) -- (0.01) -- --
Net realized and unrealized gains on investments ....... 3.11 6.20 2.93 0.78 0.38
----------- ----------- ---------- ---------- ---------
Total income from operations ........................ 3.09 6.20 2.92 0.78 0.38
----------- ----------- ---------- ---------- ---------
Less distributions
From net investment income ............................. -- -- -- -- --
From net realized gains on investment transactions ..... -- (0.81) (0.52) -- --
----------- ----------- ---------- ---------- ---------
Total distributions ................................. -- (0.81) (0.52) -- --
----------- ----------- ---------- ---------- ---------
Net increase ........................................ 3.09 5.39 2.40 0.78 0.38
----------- ----------- ---------- ---------- ---------
Net asset value, end of period ......................... $ 22.04 $ 18.95 $ 13.56 $ 11.16 $ 10.38
=========== =========== ========== ========== =========
Total Return (a) ....................................... 16.36% 45.66% 26.20% 7.51% 3.80%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 274,552 $ 164,948 $ 85,877 $ 38,252 $ 8,649
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 1.08% 1.06% 1.10% 1.07% 1.03%
Ratio of net investment loss to
average net assets (b) (c) ........................... (0.32)% (0.02)% (0.07)% (0.02)% (0.17)%
Portfolio turnover ..................................... 75.03% 121.39% 125.44% 59.92% 50.85%
Ratio information assuming no expense reimbursement
Ratio of net operating expenses to average
net assets (b) ....................................... 1.08% 1.06% 1.10% 1.19% 1.89%
Ratio of net investment loss to average
net assets (b) ....................................... (0.32)% (0.02)% (0.07)% (0.14)% (1.03)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 91.83%
ADVERTISING - 0.48%
Omnicom Group Inc. .............. 16,900 $1,352,000
AEROSPACE & DEFENSE - 4.29%
AlliedSignal Inc. ............... 63,400 3,994,200
United Technologies Corp. ....... 113,900 8,165,206
-------------
12,159,406
AIRLINES - 0.33%
Southwest Airlines Co. .......... 30,500 949,312
BANKS - 2.54%
Bank of America Corp. (c) ....... 47,800 3,504,338
Mercantile Bancorp Inc. ......... 20,000 1,142,500
State Street Corp. .............. 30,100 2,569,787
-------------
7,216,625
BIOTECHNOLOGY - 2.53%
Amgen Inc. (a) .................. 117,900 7,177,163
COMPUTERS - 9.04%
Cisco Systems Inc. (a) .......... 129,550 8,331,684
Ceridian Corp. (a) .............. 67,500 2,206,406
Dell Computer Corp. (a) ......... 107,500 3,977,500
International Business Machines
Corp. ........................... 43,100 5,570,675
Sun Microsystems Inc. (a) ....... 80,700 5,558,213
-------------
25,644,478
DIVERSIFIED FINANCIAL SERVICES - 9.47%
American Express Co. ............ 14,200 1,847,775
Citigroup Inc. .................. 174,750 8,300,625
Federal Home Loan Mortgage Corp. 47,400 2,749,200
Goldman Sachs Group Inc. (a) .... 19,600 1,416,100
Household International Inc. .... 82,500 3,908,438
Morgan Stanley Dean Witter & Co. ....84,200 8,630,500
-------------
26,852,638
ELECTRONICS - 1.97%
Linear Technology Corp. ......... 41,200 2,770,700
Solectron Corp. (a) ............. 21,900 1,460,456
Teradyne Inc. (a) ............... 19,000 1,363,250
-------------
5,594,406
FOOD - 5.32%
Kroger Co. (a) .................. 252,200 7,045,838
Safeway Inc. (a) ................ 162,400 8,038,800
-------------
15,084,638
HEALTHCARE - 1.99%
Boston Scientific Corp. (a) ..... 128,300 5,637,181
INSURANCE - 2.73%
American International Group
Inc. ............................ 66,185 7,747,782
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
LEISURE TIME - 1.61%
Carnival Corp. .................. 40,000 $1,940,000
Harley - Davidson Inc. .......... 48,000 2,610,000
-------------
4,550,000
MANUFACTURING - 4.61%
Corning Inc. .................... 63,000 4,417,875
Tyco International Ltd. ......... 91,440 8,663,940
-------------
13,081,815
MEDIA - 3.98%
Comcast Corp. - Class A (a) ..... 82,000 3,151,875
Cox Communications Inc. - Class
A (a)............................ 29,800 1,097,012
MediaOne Group Inc. (a) ......... 94,600 7,035,875
-------------
11,284,762
OIL & GAS PRODUCERS - 0.81%
Haliburton Co. .................. 50,500 2,285,125
PHARMACEUTICALS - 3.14%
Pfizer Inc. ..................... 11,100 1,218,225
SmithKline Beecham Plc - ADR .... 32,400 2,140,425
Warner-Lambert Co. .............. 80,000 5,550,000
-------------
8,908,650
RETAIL - 9.82%
Abercrombie & Fitch Co. - Class
A (a)............................ 26,200 1,257,600
Amazon.com Inc. (a) (c) ......... 20,300 2,540,039
Best Buy Co. Inc. (a) ........... 20,400 1,377,000
Costco Cos. Inc. (a) (c) ........ 34,000 2,722,125
eBay Inc. (a) (c) ............... 14,300 2,164,662
Home Depot Inc. (c) ............. 103,500 6,669,281
Office Depot Inc. (a) ........... 117,200 2,585,725
Staples Inc. (a) ................ 76,200 2,357,437
Starbucks Corp. (a) ............. 38,300 1,438,644
Wal-Mart Stores Inc. ............ 98,000 4,728,500
-------------
27,841,013
SEMICONDUCTORS - 8.50%
Altera Corp. (a) ................ 32,000 1,178,000
Applied Materials Inc. (a) ...... 120,000 8,865,000
Intel Corp. ..................... 68,900 4,099,550
Motorola Inc. ................... 69,200 6,556,700
Texas Instruments Inc. .......... 9,700 1,396,800
Xilinx Inc. (a) ................. 35,000 2,003,750
-------------
24,099,800
SOFTWARE - 10.70%
America Online Inc. (a) ......... 76,000 8,398,000
At Home Corp. (a) (c) ........... 65,786 3,548,332
Broadcast.com Inc. (a) (c) ...... 16,700 2,230,494
IMS Health Inc. (c) ............. 119,000 3,718,750
Intuit Inc. (a) (c) ............. 17,600 1,586,200
Microsoft Corp. (a) ............. 120,500 10,867,594
-------------
30,349,370
See notes to the financial statements.
<PAGE>
JNL/ALGER GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS - 5.88%
Frontier Corp. .................. 74,500 $4,395,500
Lucent Technologies Inc. ........ 19,935 1,344,367
MCI Worldcom Inc. (a) ........... 93,600 8,055,450
Nextel Communications Inc. (a)
(c) ............................. 28,200 1,415,287
SBC Communications Inc. ......... 25,000 1,450,000
-------------
16,660,604
TEXTILES - 1.12%
Cintas Corp. .................... 47,200 3,171,250
TRANSPORTATION - 0.97%
Kansas City Southern Industries
Inc. ............................ 39,000 2,763,081
-------------
Total Common Stocks
(cost $206,002,902) .... 260,411,099
-------------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 8.17%
COMMERCIAL PAPER - 6.83%
Anstra Corp., 5.35%,
07/12/1999 .................... $5,000,000 $4,991,825
Eagle Funding Corp., 5.35%,
07/16/1999..................... 5,000,000 4,988,855
Merrill Lynch Corp., 5.25%,
07/12/1999..................... 5,000,000 4,991,979
Toyota Credit De Puerto Rico,
5.05%, 07/16/1999 ............. 4,400,000 4,390,742
-------------
19,363,401
MONEY MARKET FUND - 1.34%
SSgA Money Market Fund, 4.83%
(b) ............................ 3,812,173 3,812,173
-------------
Total Short Term Investments
(cost $23,175,574) .......... 23,175,574
-------------
TOTAL INVESTMENTS - 100%
(cost $229,178,476) ............. $283,586,673
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $230,347,270 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $55,791,421, the gross
unrealized depreciation was $2,552,018 and the net unrealized appreciation on
investments was $53,239,403.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Alliance Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 8,644,112
===============
Investments in securities, at value ....... $ 10,042,113
Receivables:
Dividends and interest ................. 5,824
Investment securities sold ............. 19,375
Fund shares sold ....................... 25,697
---------------
TOTAL ASSETS .............................. 10,093,009
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 5,574
Administrative fees .................... 719
Fund shares redeemed ................... 321
Investment securities purchased ........ 239,088
---------------
TOTAL LIABILITIES ......................... 245,702
===============
NET ASSETS ................................ $ 9,847,307
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 8,159,135
Undistributed net investment loss ......... (3,603)
Accumulated net realized gain
on investments ......................... 293,774
Net unrealized appreciation on investments 1,398,001
===============
NET ASSETS................................. $ 9,847,307
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 644,317
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
REDEMPTION PRICE PER SHARE ................ $ 15.28
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 20,111
Interest ............................... 5,033
Foreign tax withholding ................ (419)
---------------
TOTAL INVESTMENT INCOME ................... 24,725
---------------
EXPENSES
Investment advisory fees ............... 25,090
Administrative fees .................... 3,238
---------------
TOTAL OPERATING EXPENSES .................. 28,328
---------------
NET INVESTMENT LOSS ....................... (3,603)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 327,059
Net change in unrealized appreciation on
investments ............................ 579,247
---------------
NET REALIZED AND UNREALIZED GAINS ......... 906,306
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 902,703
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Alliance Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- ------------------
<S> <C> <C>
Operations
Net investment loss .............................................................. $ (3,603) $ (1,968)
Net realized gain (loss) on investments .......................................... 327,059 (31,317)
Net change in unrealized appreciation on investments ............................. 579,247 818,754
----------- -----------
Net increase in net assets from operations ....................................... 902,703 785,469
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- --
From net realized gains on investment transactions ............................... -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 5,731,336 5,288,197
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (1,359,937) (1,500,461)
----------- -----------
Net increase in net assets from share transactions ............................... 4,371,399 3,787,736
----------- -----------
Net increase in net assets ....................................................... 5,274,102 4,573,205
Net assets beginning of period ................................................... 4,573,205 --
Net assets end of period ......................................................... $ 9,847,307 $ 4,573,205
=========== ===========
Undistributed net investment loss ................................................ $ (3,603) $ --
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- ------------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................. $ 13.28 $ 10.00
------------ ------------
Income from operations:
Net investment loss .................................................................. (0.01) (0.01)
Net realized and unrealized gains on investments ..................................... 2.01 3.29
------------ ------------
Total income from operations ......................................................... 2.00 3.28
------------ ------------
Less distributions:
From net investment income ........................................................... -- --
From net realized gains on investment transactions ................................... -- --
------------ ------------
Total distributions .................................................................. -- --
------------ ------------
Net increase ......................................................................... 2.00 3.28
------------ ------------
Net asset value, end of period ....................................................... $ 15.28 $ 13.28
============ ============
Total Return (a) ..................................................................... 15.06% 32.80%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................. $ 9,847 $ 4,573
Ratio of net operating expenses to average net assets (b) (c) ........................ 0.88% 0.93%
Ratio of net investment loss to average net assets (b) (c) ........................... (0.11)% (0.08)%
Portfolio turnover ................................................................... 37.49% 136.69%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ............................ 0.88% 2.13%
Ratio of net investment loss to average net assets (b) ............................... (0.11)% (1.28)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Advisor's expense reimbursement.
See notes to the financial statements.
<PAGE>
JNL/ALLIANCE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 95.53%
AIRLINES -- 0.73%
Continental Airlines Inc. -
Class B (a) ..................... 1,600 $ 60,200
UAL Corp. (a) ................... 200 13,000
-----------
73,200
AEROSPACE & DEFENSE -- 1.50%
United Technologies Corp. ....... 2,100 150,544
AUTO MANUFACTURERS -- 0.85%
General Motors Corp. ............ 1,300 85,800
AUTO PARTS & EQUIPMENT -- 0.00%
Delphi Automotive Systems Corp... 1 10
BANKS -- 3.04%
Bank of America Corp. ........... 2,200 161,287
Bank One Corp. .................. 2,200 131,038
Fifth Third Bancorp ............. 200 13,312
-----------
305,637
COMMERCIAL SERVICES -- 1.09%
McKesson HBOC Inc................ 3,400 109,225
COMPUTERS -- 10.61%
Cisco Systems Inc. (a) .......... 4,400 282,975
Dell Computer Corp. (a) ......... 12,500 462,500
EMC Corp. (a) ................... 3,000 165,000
International Business Machines
Corp............................. 1,200 155,100
-----------
1,065,575
COSMETICS & PERSONAL CARE -- 0.30%
Colgate-Palmolive Co. ........... 300 29,625
DIVERSIFIED FINANCIAL SERVICES --
16.96%
Associates First Capital Corp. -
Class A.......................... 6,500 288,031
C.I.T Group Inc. - Class A ...... 500 14,437
Citigroup Inc. .................. 3,550 168,625
Federal Home Loan Mortgage Corp. 3,300 168,200
Federal National Mortgage
Association...................... 1,500 98,413
Goldman Sachs Group Inc.......... 800 57,800
Household International Inc. .... 1,100 52,113
MBNA Corp. ...................... 9,000 275,625
Merrill Lynch & Co. Inc. ........ 2,000 159,875
Morgan Stanley Dean Witter & Co. 3,400 348,500
Newcourt Credit Group Inc. ...... 5,500 71,156
-----------
1,702,775
ELECTRONICS -- 0.46%
Solectron Corp. (a).............. 700 46,681
ENVIRONMENTAL CONTROL - 0.70%
Waste Management Inc. ........... 1,300 69,875
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
FOOD -- 2.45%
Kroger Co. (a) .................. 5,800 $ 162,038
Safeway Inc. (a) ................ 1,700 84,150
-----------
246,188
INSURANCE -- 1.52%
American International Group
Inc. ............................ 1,300 152,182
MANUFACTURING -- 4.44%
Tyco International Ltd. ......... 4,701 445,420
MEDIA -- 7.77%
Clear Channel Communications
Inc. (a)......................... 1,600 110,300
Gannett Co. Inc. ................ 1,100 78,513
AT&T - Liberty Media Group (a) .. 6,200 227,850
MediaOne Group Inc. (a) ......... 3,800 282,625
Time Warner Inc. ................ 1,100 80,850
-----------
780,138
PHARMACEUTICALS -- 10.61%
Bristol-Myers Squibb Co. ........ 3,600 253,575
Cardinal Health Inc.............. 900 57,713
Pfizer Inc. ..................... 2,200 241,450
Schering-Plough Corp. ........... 6,400 339,200
Warner - Lambert Co. ............ 2,500 173,438
-----------
1,065,376
RETAIL -- 12.93%
Best Buy Co. (a) ................ 800 54,000
Costco Cos. Inc. (a) ............ 2,000 160,125
Gap Inc. ........................ 4,800 241,800
Home Depot Inc. ................. 6,100 393,068
Kohl's Corp. (a) ................ 700 54,031
Lowe's Cos. Inc. ................ 4,700 266,431
Starbucks Corp. ................. 100 3,756
Wal-Mart Stores Inc. ............ 2,600 125,450
-----------
1,298,661
SEMICONDUCTORS -- 3.32%
Intel Corp. ..................... 5,600 333,200
SOFTWARE -- 2.95%
America Online Inc. (a) ......... 600 66,300
IMS Health Inc. ................. 1,300 40,625
Microsoft Corp. (a) ............. 2,100 189,394
-----------
296,319
TELECOMMUNICATIONS -- 13.30%
Lucent Technologies Inc. ........ 3,615 243,787
MCI WorldCom Inc. (a) ........... 3,600 309,825
Nokia Corp. - ADR................ 6,500 595,155
Vodafone Airtouch PLC - ADR...... 950 187,150
-----------
1,335,917
-----------
Total Common Stocks
(cost $8,194,347) ............ 9,592,348
-----------
See notes to the financial statements.
<PAGE>
JNL/ALLIANCE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)(CONTINUED)
MARKET
SHARES VALUE
------ -----
SHORT TERM INVESTMENTS -- 4.47%
MONEY MARKET FUND -- 4.47%
SSgA Money Market Fund, 4.83%
(b) ............................. 449,765 $ 449,765
-----------
Total Short Term Investments
(cost $449,765) ............. 449,765
-----------
TOTAL INVESTMENTS -- 100%
(cost $8,644,112) ............... $10,042,113
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
Based on the cost of investments of $8,686,870 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $1,620,643, the gross
unrealized depreciation was $265,400 and the net unrealized appreciation on
investments was $1,355,243.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle Core Equity Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 54,985,249
===============
Investments in securities, at value ....... $ 63,619,627
Receivables:
Dividends and interest ................. 66,992
Fund shares sold ....................... 132,346
Investment securities sold ............. 1,275,121
Collateral for securities loaned .......... 2,708,379
---------------
TOTAL ASSETS .............................. 67,802,465
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 42,375
Administrative fees .................... 4,743
Foreign tax expense .................... 14
Fund shares redeemed ................... 5,529
Investment securities purchased ........ 2,025,597
Return of collateral for securities loaned 2,708,379
---------------
TOTAL LIABILITIES ......................... 4,786,637
===============
NET ASSETS ................................ $ 63,015,828
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 51,773,086
Undistributed net investment income ....... 243,307
Accumulated net realized gain on 2,365,057
investments
Net unrealized appreciation on investments 8,634,378
---------------
NET ASSETS ................................ $ 63,015,828
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 3,535,072
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 17.83
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 372,644
Interest ............................... 83,637
Security lending income ................ 9,262
Foreign tax withholding ................ (4,751)
---------------
TOTAL INVESTMENT INCOME ................... 460,792
---------------
EXPENSES
Investment advisory fees ............... 214,439
Administrative fees .................... 23,904
---------------
TOTAL OPERATING EXPENSES .................. 238,343
---------------
NET INVESTMENT INCOME ..................... 222,449
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain on:
Investments ............................ 3,229,215
Options written ........................ 20,260
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ 2,656,221
Options written ........................ (3,443)
---------------
NET REALIZED AND UNREALIZED GAINS ......... 5,902,253
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 6,124,702
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle Core Equity Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income ............................................................ $ 222,449 $ 241,013
Net realized gain (loss) on:
Investments ................................................................... 3,229,215 (870,107)
Options written ............................................................... 20,260 (7,111)
Net change in unrealized appreciation (depreciation) on:
Investments ................................................................... 2,656,221 4,476,032
Foreign currency related items ................................................ -- (2)
Options written ............................................................... (3,443) 2,986
------------ ------------
Net increase in net assets from operations ....................................... 6,124,702 3,842,811
------------ ------------
Distributions to shareholders
From net investment income ....................................................... -- (220,267)
From net realized gains on investment transactions ............................... -- (43,918)
Total distributions to shareholders .............................................. -- (264,185)
Share transactions
Proceeds from the sale of shares ................................................. 32,160,405 28,178,113
Reinvestment of distributions .................................................... -- 264,185
Cost of shares redeemed .......................................................... (12,437,961) (6,748,710)
------------ ------------
Net increase in net assets from share transactions ............................... 19,722,444 21,693,588
------------ ------------
Net increase in net assets ....................................................... 25,847,146 25,272,214
Net assets beginning of period ................................................... 37,168,682 11,896,468
------------ ------------
Net assets end of period ......................................................... $ 63,015,828 $ 37,168,682
============ ============
Undistributed net investment income .............................................. $ 243,307 $ 20,858
============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle Core Equity Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS SEPTEMBER 16,
ENDED 1996* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31,
----------------------------------
1999 1998 1997 1996
----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ......................... $ 15.91 $ 13.75 $ 10.62 $ 10.00
----------- ----------- ------------- ------------
Income from operations:
Net investment income ........................................ 0.06 0.10 0.08 0.03
Net realized and unrealized gains on investments and
foreign currency related items ............................. 1.86 2.17 3.35 0.62
----------- ----------- ------------- ------------
Total income from operations ................................. 1.92 2.27 3.43 0.65
----------- ----------- ------------- ------------
Less distributions:
From net investment income ................................... -- (0.09) (0.08) (0.03)
From net realized gains on investment transactions ........... -- (0.02) (0.22) --
----------- ----------- ------------- ------------
Total distributions .......................................... -- (0.11) (0.30) (0.03)
----------- ----------- ------------- ------------
Net increase ................................................. 1.92 2.16 3.13 0.62
----------- ----------- ------------- ------------
Net asset value, end of period ............................... $ 17.83 $ 15.91 $ 13.75 $ 10.62
=========== =========== ============= ============
Total Return (a) ............................................. 12.07% 16.54% 32.35% 6.47%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..................... $ 63,016 $ 37,169 $ 11,896 $ 1,954
Ratio of net operating expenses to average net
assets (b) (c) ............................................. 1.00% 1.05% 1.05% 1.05%
Ratio of net investment income to average net
assets (b) (c) ............................................. 0.93% 1.07% 1.00% 1.10%
Portfolio turnover ........................................... 36.23% 67.04% 51.48% 1.36%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses to average
net assets (b) ............................................. 1.00% 1.17% 1.54% 4.57%
Ratio of net investment income (loss) to
average net assets (b) ..................................... 0.93% 0.95% 0.51% (2.42)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 87.18%
ADVERTISING - 1.95%
Omnicom Group Inc. .............. 15,500 $1,240,000
AEROSPACE & DEFENSE - 1.00%
Raytheon Co. - Class B .......... 9,000 633,375
BANKS - 6.73%
Bank of America Corp. (c) ....... 4,000 293,250
Bank One Corp. .................. 13,000 774,313
Chase Manhattan Corp. ........... 9,500 822,937
First Union Corp. ............... 20,600 968,200
Fleet Financial Group Inc. ...... 22,500 998,437
Jefferson-Pilot Corp. ........... 800 98,400
Mellon Bank Corp. ............... 9,000 327,375
-----------
4,282,912
BEVERAGES - 0.44%
PepsiCo Inc. .................... 7,200 278,550
CHEMICALS - 1.42%
Dow Chemical Co. ................ 2,300 291,813
DuPont E.I. De Nemours Co. ...... 9,000 614,812
-----------
906,625
COMMERCIAL SERVICES - 0.38%
Paychex Inc. .................... 7,500 239,063
COMPUTERS - 5.63%
Cisco Systems Inc. (a) .......... 24,400 1,569,225
Electronic Data Systems Corp. ... 14,800 837,125
International Business Machines
Corp. ........................... 9,100 1,176,175
-----------
3,582,525
DIVERSIFIED FINANCIAL SERVICES -
7.64%
American Express Co. ............ 4,600 598,575
Charles Schwab Corp. ............ 4,400 483,450
Citigroup Inc. .................. 11,700 555,750
Federal Home Loan Mortgage Corp.
(c).............................. 24,000 1,392,000
Lehman Brothers Holdings Inc. ... 4,500 280,125
Morgan Stanley Dean Witter & Co. 6,000 615,750
SLM Holding Corp. (c) ........... 15,000 687,187
TD Waterhouse Group Inc. (a) .... 10,000 250,625
-----------
4,863,462
ELECTRIC - 1.02%
Florida Progress Corp. .......... 7,800 322,238
Sierra Pacific Resources ........ 9,000 327,375
-----------
649,613
ELECTRONICS - 3.23%
Honeywell Inc. .................. 6,000 695,250
Koninklijke Philips Electronics
NV (c) .......................... 5,520 556,830
Solectron Corp. (a) (c) ......... 12,000 800,250
-----------
2,052,330
ENVIRONMENTAL CONTROL - 1.21%
Waste Management Inc. ........... 14,300 768,625
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
FOOD - 1.32%
ConAgra Inc. .................... 5,000 $ 133,125
H. J. Heinz Co. ................. 7,000 350,875
SYSCO Corp. ..................... 12,000 357,750
-----------
841,750
FOREST PRODUCTS & PAPER - 1.19%
International Paper Co. ......... 12,000 606,000
Schweitzer-Mauduit International
Inc. ............................ 10,000 150,000
-----------
756,000
HEALTHCARE - 4.09%
Bausch & Lomb Inc. .............. 10,300 787,950
Columbia/HCA Healthcare Corp. ... 21,000 479,063
Guidant Corp. (a) ............... 14,000 720,125
Lifepoint Hospitals Inc. (a) (c) 1,105 14,848
Medtronic Inc.................... 7,500 584,062
Triad Hospitals Inc. (a) (c) .... 1,105 14,918
-----------
2,600,966
HOUSEHOLD PRODUCTS - 1.86%
Clorox Co. ...................... 2,700 288,394
Fortune Brands Inc. ............. 16,300 674,412
Libbey Inc. ..................... 7,500 217,500
-----------
1,180,306
INSURANCE - 4.06%
Aetna Inc. ...................... 7,000 626,063
Allstate Corp. .................. 18,400 660,100
American International Group
Inc. ............................ 7,700 901,381
SAFECO Corp. .................... 9,000 397,125
-----------
2,584,669
IRON & STEEL - 1.17%
Allegheny Teledyne Inc. ......... 33,000 746,625
MACHINERY - 0.94%
Caterpillar Inc.................. 10,000 600,000
MANUFACTURING - 3.87%
General Electric Co. ............ 12,000 1,356,000
Harsco Corp. .................... 10,000 320,000
Minnesota Mining & Manufacturing
Co. ............................. 6,000 521,625
Pall Corp........................ 12,000 266,250
-----------
2,463,875
MEDIA - 0.95%
Time Warner Inc. ................ 8,200 602,700
OIL & GAS PRODUCERS - 8.46%
BP Amoco Plc - ADR .............. 9,000 976,500
Enron Corp. ..................... 3,100 253,425
Exxon Corp. ..................... 7,200 555,300
MCN Energy Group Inc. ........... 26,000 539,500
Mobil Corp. ..................... 3,000 297,000
Royal Dutch Petroleum Co. - NYS . 10,000 602,500
Sonat Inc. ...................... 12,200 404,125
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
OIL & GAS PRODUCERS (CONTINUED)
Sunoco Inc. ..................... 14,000 $ 422,625
UGI Corp. ....................... 17,000 343,187
Unocal Corp. (c) ................ 6,300 249,638
Wicor Inc. ...................... 15,000 419,062
Williams Cos. Inc. .............. 7,500 319,219
-----------
5,382,081
PHARMACEUTICALS - 7.87%
American Home Products Corp. .... 6,500 373,750
Bristol-Myers Squibb Co. ........ 18,400 1,296,050
Johnson & Johnson ............... 2,700 264,600
Merck & Co. Inc. ................ 6,000 444,000
Pfizer Inc. ..................... 7,500 823,125
Pharmacia & Upjohn Inc. ......... 11,200 636,300
Schering-Plough Corp. ........... 20,000 1,060,000
Warner-Lambert Co. .............. 1,600 111,000
-----------
5,008,825
REAL ESTATE - 1.66%
Boston Properties Inc. .......... 4,500 161,437
Centertrust Retail Properties
Inc. ............................ 9,500 111,625
Nationwide Health Properties
Inc. ............................ 8,000 152,500
Prologis Trust .................. 8,000 162,000
Public Storage Inc. ........... 5,000 140,000
Simon Property Group Inc. ....... 6,000 152,250
Sun Communities Inc. ............ 4,900 173,950
-----------
1,053,762
RETAIL - 4.80%
Federated Department Stores Inc.
(a) ............................. 15,200 804,650
Home Depot Inc. (c) ............. 10,500 676,594
Intimate Brands Inc. (c) ........ 5,500 260,563
Kohl's Corp. (a) ................ 5,400 416,812
Wal-Mart Stores Inc. ............ 18,500 892,625
-----------
3,051,244
SAVINGS AND LOANS - 1.11%
Washington Mutual Inc. ........ 20,000 707,500
SEMICONDUCTORS - 1.81%
Microchip Technology Inc. (a) 9,000 426,375
Texas Instruments Inc. ....... 5,000 725,000
-----------
1,151,375
SOFTWARE - 5.19%
America Online Inc. (a) ......... 3,700 408,850
First Data Corp. ................ 21,700 1,061,944
Microsoft Corp. (a) ............. 16,000 1,443,000
Oracle Corp. (a) ................ 10,400 386,100
-----------
3,299,894
TELECOMMUNICATIONS - 4.42%
ALLTEL Corp. .................... 5,000 357,500
BellSouth Corp. ................. 8,000 375,000
GTE Corp. ....................... 4,500 340,875
Juniper Networks Inc. (a) ....... 1,100 163,900
MCI WorldCom Inc. (a) ........... 9,900 852,019
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
SBC Communications Inc. ......... 12,500 $ 725,000
-----------
2,814,294
TOBACCO - 1.18%
Philip Morris Cos. Inc. ......... 8,900 357,669
UST Inc. ........................ 13,500 394,875
-----------
752,544
WATER - 0.58%
American Water Works Co. Inc. ... 12,000 369,000
-----------
Total Common Stocks
(cost $46,928,904) .......... 55,464,490
-----------
PREFERRED STOCKS - 2.79%
COMMERCIAL SERVICES - 0.43%
Carriage Service Capital
Trust ....................... 5,000 275,625
COSMETICS & PERSONAL CARE - 0.44%
Estee Lauder ................... 3,000 282,750
DIVERSIFIED FINANCIAL SERVICES -
0.98%
Kmart Financing I ............... 4,500 263,250
Wendy's Financing I ............. 6,000 363,000
-----------
626,250
ELECTRIC - 0.26%
Houston Industries Inc. ......... 1,400 166,950
HOLDING COMPANIES - DIVERSIFIED -
0.51%
Ralston Purina Group ............ 7,000 325,500
OIL & GAS PRODUCERS - 0.17%
MCN Energy Group Inc. (c) ....... 2,700 105,637
-----------
Total Preferred Stocks
(cost $1,688,831) ........... 1,782,712
-----------
<PAGE>
PRINCIPAL
AMOUNT
------
CORPORATE BONDS - 1.08%
AUTO PARTS & EQUIPMENT - 0.31%
Magna International Inc.,
4.875%, 02/15/2005 ............. $ 200,000 196,250
COMMERCIAL SERVICES - 0.18%
Interim Services Inc., 4.50%,
06/01/2005 ................... 135,000 114,244
HEALTHCARE - 0.20%
Alpharma Inc., 3.00%,
06/01/2006 ................. 100,000 124,875
See notes to the financial statements.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS - 0.39%
Telefonos de Mexico, 4.25%,
06/15/2004 ................. $240,000 $ 245,700
-----------
Total Corporate Bonds
(cost $676,158) ............. 681,069
-----------
SHORT TERM INVESTMENTS - 8.95%
MONEY MARKET FUNDS - 8.95%
SSgA Government Money Market
Fund, 4.56% (b) ................. 2,581,561 2,581,561
SSgA Money Market Fund, 4.83%
(b) ............................. 3,109,795 3,109,795
-----------
Total Short Term Investments
(cost $5,691,356) ........... 5,691,356
-----------
TOTAL INVESTMENTS - 100%
(cost $54,985,249) .............. $63,619,627
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $55,188,470 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $9,459,396, the gross
unrealized depreciation was $1,028,239 and the net unrealized appreciation on
investments was $8,431,157.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle SmallCap Equity Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 41,963,682
===============
Investments in securities, at value ....... $ 49,857,964
Receivables:
Dividends and interest ................. 10,973
Fund shares sold ....................... 297,206
Collateral for securities loaned .......... 10,393,173
---------------
TOTAL ASSETS .............................. 60,559,316
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 36,143
Administrative fees .................... 3,804
Fund shares redeemed ................... 3,322
Investment securities purchased ........ 595,543
Return of collateral for securities loaned 10,393,173
---------------
TOTAL LIABILITIES ......................... 11,031,985
===============
NET ASSETS ................................ $ 49,527,331
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 41,289,863
Undistributed net investment loss ......... (75,095)
Accumulated net realized gain on 418,281
investments
Net unrealized appreciation on investments 7,894,282
===============
NET ASSETS ................................ $ 49,527,331
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 2,930,739
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 16.90
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 55,850
Interest ............................... 55,974
Securities lending income .............. 12,961
---------------
TOTAL INVESTMENT INCOME ................... 124,785
---------------
EXPENSES
Investment advisory fees ............... 180,844
Administrative fees .................... 19,036
---------------
TOTAL OPERATING EXPENSES .................. 199,880
---------------
NET INVESTMENT LOSS ....................... (75,095)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 490,349
Net change in unrealized appreciation on
investments ............................ 6,106,075
---------------
NET REALIZED AND UNREALIZED GAINS ......... 6,596,424
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 6,521,329
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle SmallCap Equity Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations:
Net investment loss ............................................................ $ (75,095) $ (97,764)
Net realized gain (loss) on investments ........................................ 490,349 (66,256)
Net change in unrealized appreciation on investments ........................... 6,106,075 352,762
------------ ------------
Net increase in net assets from operation ...................................... 6,521,329 188,742
------------ ------------
Distributions to shareholders:
From net investment income ..................................................... -- --
From net realized gains on investment transactions ............................. -- (197,460)
------------ ------------
Total distributions to shareholders ............................................ -- (197,460)
------------ ------------
Share transactions:
Proceeds from the sale of shares ............................................... 21,485,965 31,145,398
Reinvestment of distributions .................................................. -- 197,460
Cost of shares redeemed ........................................................ (13,432,463) (9,875,019)
------------ ------------
Net increase in net assets from share transactions ............................. 8,053,502 21,467,839
------------ ------------
Net increase in net assets ..................................................... 14,574,831 21,459,121
Net assets beginning of period ................................................. 34,952,500 13,493,379
------------ ------------
Net assets end of period ....................................................... $ 49,527,331 $ 34,952,500
============ ============
Undistributed net investment loss .............................................. $ (75,095) $ --
============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Eagle SmallCap Equity Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS SEPTEMBER 16,
ENDED 1996* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31,
----------------------------------
1999 1998 1997 1996
----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ............................ $ 14.82 $ 14.73 $ 11.54 $ 10.00
--------- ------------- ------------- ------------
Income from operations:
Net investment loss ............................................. (0.03) (0.06) (0.07) (0.01)
Net realized and unrealized gains on investments and
foreign currency related items ................................ 2.11 0.23 3.26 1.55
--------- ------------- ------------- ------------
Total income from operations ................................. 2.08 0.17 3.19 1.54
--------- ------------- ------------- ------------
Less distributions:
From net investment income ...................................... -- -- -- --
From net realized gains on investment transactions .............. -- (0.08) -- --
--------- ------------- ------------- ------------
Total distributions .......................................... -- (0.08) -- --
--------- ------------- ------------- ------------
Net increase ................................................. 2.08 0.09 3.19 1.54
--------- ------------- ------------- ------------
Net asset value, end of period .................................. $ 16.90 $ 14.82 $ 14.73 $ 11.54
========= ============= ============= ============
Total Return (a) ................................................ 14.04% 1.18% 27.64% 15.40%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........................ $ 49,527 $ 34,953 $ 13,493 $ 1,944
Ratio of net operating expenses to average
net assets (b) (c) .............................................. 1.05% 1.10% 1.10% 1.10%
Ratio of net investment loss to average net assets (b) (c) ...... (0.39)% (0.42)% (0.54)% (0.26)%
Portfolio turnover .............................................. 26.22% 51.90% 60.78% 28.01%
Ratio information assuming no expense reimbursement
or fees paid indirectly:
Ratio of net operating expenses to average net assets (b) ....... 1.05% 1.17% 1.51% 4.77%
Ratio of net investment loss to average net assets (b) .......... (0.39)% (0.49)% (0.95)% (3.93)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/EAGLE SMALLCAP EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 94.91%
COMMERCIAL SERVICES - 14.93%
CDI Corp. (a) ................... 25,000 $ 851,564
DeVry Inc. (a) (c) .............. 28,200 630,975
Interim Services Inc. (a) ....... 50,000 1,031,250
Iron Mountain Inc. (a) .......... 50,000 1,431,250
MPW Industrial Services Group
Inc. (a)......................... 65,000 650,000
RCM Technologies Inc. (a) ....... 32,500 430,625
Steiner Leisure Ltd. (a) ........ 40,000 1,212,500
Strayer Education Inc. .......... 19,750 606,078
Wackenhut Corp. - Class B ....... 25,000 600,000
-----------
7,444,242
COMPUTERS - 8.07%
Bell & Howell Co. (a) ........... 18,000 680,625
Check Point Software
Technologies Ltd. (a) (c) ..... 25,000 1,340,625
Sykes Enterprises Inc. (a) (c) .. 60,000 2,002,500
-----------
4,023,750
DIVERSIFIED FINANCIAL SERVICES - 8.87%
Dain Rauscher Corp. (c) ......... 40,250 2,178,531
Southwest Securities Group Inc. . 31,250 2,242,188
-----------
4,420,719
ELECTRICAL COMPONENTS &
EQUIPMENT - 3.56%
Artesyn Technologies Inc. (a) ... 80,000 1,775,000
ELECTRONICS - 8.49%
Ampex Corp. - Class A (a) ....... 169,200 856,575
Coherent Inc. (a) ............... 30,000 558,750
Gentex Corp. (a) (c) ............ 12,000 336,000
OYO Geospace Corp. (a) .......... 23,000 301,875
Sawtek Inc. (a) ................. 47,500 2,179,063
-----------
4,232,263
ENVIRONMENTAL CONTROL - 2.98%
IMCO Recycling Inc. (c) ......... 40,000 685,000
Superior Services Inc. (a) ...... 30,000 800,625
-----------
1,485,625
HEALTHCARE - 1.71%
Horizon Health Corp. (a) ........ 35,000 253,750
Igen International Inc. (a) (c) . 20,500 597,063
-----------
850,813
HOME FURNISHINGS - 1.41%
Polycom Inc. (a) ................ 18,000 702,000
LEISURE TIME - 4.44%
Action Performance Cos. Inc. (a)
(c) ............................. 26,500 874,500
Jakks Pacific Inc. (a)........... 45,000 1,341,563
-----------
2,216,063
LODGING - 0.29%
Lodgian Inc. (c) ................ 22,000 144,375
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
MEDIA - 4.35%
Mail-Well Inc. (a) (c) .......... 61,000 $ 987,436
World Color Press Inc. (a) (c) .. 43,000 1,182,500
-----------
2,169,936
OFFICE & BUSINESS EQUIPMENT - 1.56%
CompX International Inc. (a) (c) 30,000 536,250
Interface Inc. (c) .............. 28,000 241,500
-----------
777,750
PHARMACEUTICALS - 1.90%
Bergen Brunswig Corp. - Class A
(c) ............................. 55,000 948,750
REAL ESTATE - 2.86%
LNR Property Corp. .............. 50,000 1,068,750
Meristar Hospitality Corp. ...... 16,000 359,000
-----------
1,427,750
RETAIL - 16.13%
Brightpoint Inc. (a) (c) ........ 180,000 1,091,250
Cash America International Inc. . 38,100 490,537
Dave & Buster's Inc. (a)......... 18,000 522,000
Genesco Inc. (a) (c) ............ 50,000 728,125
Hughes Supply Inc. (c) .......... 40,000 1,187,500
Micro Warehouse Inc. (a) ........ 67,000 1,197,625
Musicland Stores Corp. (a) ...... 40,000 355,000
Sunglass Hut International Inc.
(a) ............................. 32,500 558,594
Tech Data Corp. (a) (c) ......... 50,000 1,912,500
-----------
8,043,131
SAVINGS & LOANS - 1.40%
Commercial Federal Corp. ........ 30,000 695,625
SEMICONDUCTORS - 2.68%
Burr-Brown Corp. (a) ............ 36,500 1,336,812
SOFTWARE - 8.70%
Avid Technology Inc. (a) (c) .... 50,000 806,250
INSpire Insurance Solutions Inc.
(a) ............................. 90,000 1,305,000
Medical Manager Corp. (a) (c) ... 34,500 1,526,625
Omega Research Inc. (a) (c) ..... 63,500 698,500
-----------
4,336,375
TELECOMMUNICATIONS - 0.58%
EMS Technologies Inc. (a) ....... 20,000 290,000
-----------
Total Common Stocks
(cost $39,426,697) .......... 47,320,979
-----------
See notes to the financial statements.
<PAGE>
JNL/EAGLE SMALLCAP EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
SHORT TERM INVESTMENTS - 5.09%
MONEY MARKET FUNDS - 5.09%
SSgA Government Money Market
Fund, 4.56% (b) ................. 141,124 $ 141,124
SSgA Money Market Fund, 4.83%
(b) ............................. 2,395,861 2,395,861
-----------
Total Short Term Investments
(cost $2,536,985) .......... 2,536,985
-----------
TOTAL INVESTMENTS - 100%
(cost $41,963,682) .............. $49,857,964
===========
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $42,035,748 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $11,530,696, the gross
unrealized depreciation was $3,708,480 and the net unrealized appreciation on
investments was $7,822,216.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/J.P. Morgan Enhanced S&P 500 Index Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 4,998,259
===============
Investments in securities, at value ....... $ 5,114,239
Receivable:
Dividends and interest .................. 4,812
Investment securities sold .............. 15,300
---------------
TOTAL ASSETS .............................. 5,134,351
---------------
LIABILITIES
Payables:
Investment advisory fees ................ 3,256
Administrative fees ..................... 407
Investment securities purchased ......... 8,219
---------------
TOTAL LIABILITIES ......................... 11,882
===============
NET ASSETS ................................ $ 5,122,469
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,000,000
Undistributed net investment income ....... 4,275
Accumulated net realized gain on
investments ............................... 2,214
Net unrealized appreciation on investments 115,980
===============
NET ASSETS ................................ $ 5,122,469
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 500,000
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.24
===============
Statement of Operations (Unaudited)
For the Period Ended June 30, 1999*
INVESTMENT INCOME
Dividends ............................... $ 7,806
Interest ................................ 1,862
Foreign tax withholding ................. (26)
---------------
TOTAL INVESTMENT INCOME ................... 9,642
---------------
EXPENSES
Investment advisory fees ................ 4,771
Administrative fees ..................... 596
---------------
TOTAL OPERATING EXPENSES................... 5,367
---------------
NET INVESTMENT INCOME ..................... 4,275
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 2,214
Net change in unrealized appreciation
on investments ......................... 115,980
---------------
NET REALIZED AND UNREALIZED GAIN .......... 118,194
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 122,469
===============
- --------------------------------------------------------------------------------
* For period beginning May 17, 1999 (commencement of operations).
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/J.P. Morgan Enhanced S&P 500 Index Series
Statement of Changes in Net Assets (Unaudited)
PERIOD FROM
MAY 17,
1999* TO
JUNE 30,
1999
---------------
Operations
Net investment income ....................................... $ 4,275
Net realized gain on investments ............................ 2,214
Net change in unrealized appreciation
on investments ........................................... 115,980
----------
Net increase in net assets from operations .................. 122,469
----------
Distributions to shareholders
From net investment income .................................. --
From net realized gain on
investment transactions ................................... --
----------
Total distributions to shareholders ......................... --
----------
Share transactions
Proceeds from the sale of shares ............................ 5,000,000
Reinvestment of distributions ............................... --
Cost of shares redeemed ..................................... --
----------
Net increase in net assets from
share transactions ....................................... 5,000,000
----------
Net increase in net assets .................................. 5,122,469
Net assets beginning of period .............................. --
----------
Net assets end of period .................................... $5,122,469
==========
Undistributed net investment income ......................... $ 4,275
==========
<PAGE>
Financial Highlights (Unaudited)
PERIOD FROM
MAY 17,
1999* TO
JUNE 30
1999
----------------
Selected Per Share Data
Net asset value, beginning of period ........................ $ 10.00
---------
Income from operations:
Net investment income ....................................... 0.01
Net realized and unrealized gain
on investments ............................................ 0.23
---------
Total income from operations ................................ 0.24
---------
Less distributions:
From net investment income .................................. --
From net realized gain on
investment transactions ................................... --
---------
Total distributions ......................................... --
---------
Net increase ................................................ 0.24
---------
Net asset value, end of period .............................. $ 10.24
=========
Total Return (a) ............................................ 2.40%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .................... $ 5,122
Ratio of net operating expenses to average
net assets (b) ............................................ 0.90%
Ratio of net investment income to average
net assets (b) ............................................ 0.72%
Portfolio turnover .......................................... 6.38%
- --------------------------------------------------------------------------------
* 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 for the period ended June 30, 1999.
(b) Annualized for the period ended June 30, 1999.
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN ENHANCED S&P 500 INDEX SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JNL/J.P. MORGAN ENHANCED S&P 500 INDEX SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 99.24 %
AEROSPACE & DEFENSE - 1.91%
AlliedSignal Inc. ............... 660 $ 41,580
Boeing Co........................ 870 38,443
Lockheed Martin Corp. ........... 480 17,880
------------
97,903
AGRICULTURE - 0.07%
IMC Global Inc. ................. 200 3,525
AIRLINES - 0.29%
AMR Corp. ....................... 120 8,190
Southwest Airlines Co. .......... 220 6,848
------------
15,038
APPAREL - 0.17%
Jones Apparel Group Inc. ........ 90 3,088
Nordstrom Inc. .................. 170 5,695
------------
8,783
AUTO MANUFACTURERS - 1.33%
Ford Motor Co. .................. 930 52,486
General Motors Corp. ............ 170 11,220
Paccar Inc. ..................... 80 4,270
------------
67,976
AUTO PARTS & EQUIPMENT - 0.54%
Dana Corp. ...................... 150 6,909
Delphi Automotive Systems Corp. . 554 10,281
Goodyear Tire & Rubber Co........ 130 7,645
Lear Corp........................ 60 2,985
------------
27,820
BANKS - 6.78%
Associated Banc-Corp. ........... 50 2,075
Bank of America Corp. ........... 1,270 93,107
Bankboston Corp. ................ 320 16,360
Compass Bancshares Inc. ......... 80 2,180
First American Corp. ............ 160 6,650
First Union Corp. ............... 700 32,900
Firstmerit Corp. ................ 70 1,964
Fleet Financial Group Inc. ...... 270 11,981
Hibernia Corp. - Class A......... 120 1,882
Huntington Bancshares Inc. ...... 150 5,250
Keycorp.......................... 320 10,280
M & T Bank Corp. ................ 10 5,500
Mellon Bank Corp. ............... 340 12,367
Mercantile Bankshares Corp. ..... 50 1,769
National City Corp. ............. 220 14,410
North Fork Bancorp............... 100 2,131
Paine Webber Group Inc. ......... 100 4,675
Peoples Heritage Financial Group
Inc. ............................ 70 1,317
PNC Bank Corp. .................. 220 12,677
Regions Financial Corp. ......... 160 6,150
Southtrust Corp. ................ 120 4,605
Summit Bancorp .................. 120 5,018
Suntrust Banks Inc. ............. 230 15,971
TCF Financial Corp. ............. 60 1,673
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
BANKS (CONTINUED)
U.S. Bancorp..................... 530 18,020
Union Planters Corp.............. 100 $ 4,469
Wells Fargo Co. ................. 1,200 51,300
------------
346,681
BEVERAGES - 2.21%
Pepsi Bottling Group Inc. ....... 100 2,306
Pepsico Inc. .................... 1,070 41,395
Coca-Cola Co. ................... 1,110 69,375
------------
113,076
BIOTECHNOLOGY - 1.89 %
Amgen Inc. (a)................... 560 34,090
Chiron Corp. .................... 200 4,150
Genzyme Corp. ................... 270 13,095
Monsanto Co. .................... 1,000 39,437
PE Corp-PE Biosystems Group...... 50 5,738
------------
96,510
CHEMICALS - 1.62%
Dow Chemical Co. ................ 370 46,944
Lyondell Chemical Co. ........... 200 4,125
Nalco Chemical Co. .............. 90 4,669
Rohm and Haas Co. ............... 280 12,005
Solutia Inc. .................... 200 4,262
Union Carbide Corp. ............. 220 10,725
------------
82,730
COMMERCIAL SERVICES - 0.95%
Cendant Corp. ................... 1,450 29,725
Equifax Inc. .................... 270 9,636
Service Corp. International ..... 490 9,432
------------
48,793
COMPUTERS - 8.48%
3Com Corp. ...................... 240 6,405
Apple Computer Inc. ............. 100 4,631
Cisco Systems Inc. (a) .......... 2,240 144,060
Electronic Data Systems Corp. ... 20 1,131
EMC Corp......................... 880 48,400
Gateway Inc. .................... 110 6,490
International Business Machines
Corp. ........................... 1,260 162,855
Quantum Corp..................... 120 2,895
Sun Microsystems Inc. (a)........ 770 53,034
Symbol Technologies Inc. ........ 105 3,872
------------
433,773
COSMETICS & PERSONAL CARE - 2.15%
Gillette Co. .................... 300 12,300
Kimberly-Clark Corp. ............ 350 19,950
Procter & Gamble Co. ............ 870 77,648
------------
109,898
DIVERSIFIED FINANCIAL SERVICES -
4.79%
American Express Co.............. 20 2,602
Associated First Capital Corp. -
Class A.......................... 530 23,486
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN ENHANCED S&P 500 INDEX SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES
(CONTINUED)
C.I.T. Group Inc. - Class A...... 60 1,732
Citigroup Inc. .................. 2,385 $ 113,287
Federal National Mortgage
Association...................... 100 6,837
Finova Group Inc. ............... 50 2,631
Goldman Sachs Group Inc. ........ 390 28,178
Household International Inc. .... 340 16,108
Lehman Brothers Holdings Inc. ... 70 4,358
Merrill Lynch & Co. Inc. ........ 120 9,593
Morgan Stanley Dean Witter & Co. 300 30,750
National Commerce Bancorp ....... 70 1,531
Bear Stearns Cos. Inc. .......... 80 3,740
------------
244,833
ELECTRIC UTILITY - 2.41%
Allegheny Energy Inc. ........... 140 4,489
Ameren Corp. .................... 130 4,989
Central & South West Corp. ...... 520 12,155
Cinergy Corp. ................... 150 4,800
CMS Energy Corp. ................ 110 4,606
Constellation Energy Group....... 150 4,444
Dominion Resources Inc. ......... 200 8,662
Duke Energy Corp. ............... 150 8,156
Edison International ............ 340 9,095
Entergy Corp. ................... 240 7,500
Nisource Inc. ................... 120 3,097
Northern States Power Co. ....... 170 4,112
PG&E Corp. ...................... 370 12,025
Pinnacle West Capital Corp. ..... 90 3,623
PP&L Resources Inc. ............. 170 5,228
Reliant Energy Inc. ............. 290 8,011
Teco Energy Inc. ................ 150 3,413
Texas Utilities Co. ............. 280 11,550
Wisconsin Energy Corp. .......... 130 3,258
------------
123,213
ELECTRICAL COMP. & EQUIPMENT - 0.59%
Emerson Electric Co. ............ 440 27,665
Hubbell Inc. - Class B........... 60 2,723
------------
30,388
ENTERTAINMENT -0.11%
Mirage Resorts Inc. ............. 350 5,862
ENVIRONMENTAL CONTROL - 0.79%
Waste Management Inc. ........... 750 40,313
FOOD - 2.10%
Albertson's Inc. ................ 132 6,822
Bestfoods........................ 180 8,910
H.J. Heinz Co. .................. 240 12,030
Hannaford Brothers Co............ 50 2,675
Hershey Foods Corp............... 100 5,937
Nabisco Holdings Corp. (a)....... 20 865
Ralston-Ralston Purina Group..... 210 6,392
Safeway Inc. .................... 440 21,780
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
FOOD (CONTINUED)
Sara Lee Corp. .................. 560 $ 12,705
Unilever N V -W/I................ 420 29,295
------------
107,411
FOREST PRODUCTS & PAPER - 0.52%
Bowater Inc. ................... 50 2,362
Fort James Corp.................. 170 6,439
International Paper Co. ......... 320 16,160
Louisiana-Pacific Corp. ......... 70 1,663
------------
26,624
HAND & MACHINE TOOLS - 0.11%
W.W. Grainger Inc. .............. 100 5,381
HEALTHCARE - 1.17%
Columbia/HCA Healthcare Corp. ... 640 14,600
HCR Manor Care Inc. ............ 120 2,902
Health Management Associates
Inc. ........................... 260 2,925
Healthsouth Corp................. 440 6,573
Humana Inc. .................... 170 2,199
Medtronic Inc. ................. 60 4,673
Pacificare Health Systems Inc. .. 20 1,439
Tenet Healthcare Corp............ 320 5,940
United Healthcare Corp. ......... 200 12,525
Wellpoint Health Networks Inc. .. 70 5,941
------------
59,717
HOLDING COMPANIES-DIVERSIFIED -
0.72%
Seagram Co. Ltd. ................ 730 36,774
HOME BUILDERS - 0.05%
USG Corp. ....................... 50 2,800
HOME FURNISHINGS - 0.09%
Leggett & Platt Inc. ............ 170 4,728
INSURANCE - 3.75%
Aetna Inc. ...................... 150 13,416
Allstate Corp. .................. 1,000 35,875
Ambac Financial Group Inc. ...... 90 5,141
American International Group Inc. 120 14,048
Aon Corp......................... 320 13,200
Chubb Corp. ..................... 200 13,900
Cigna Corp. ..................... 220 19,580
Equitable Cos. Inc. ............. 110 7,370
Marsh & McLennan Cos. Inc. ...... 330 24,915
MBIA Inc. ....................... 120 7,770
Mercury General Corp. ........... 70 2,380
Provident Cos. Inc. ............. 410 16,400
St. Paul Cos. Inc. .............. 270 8,589
Torchmark Corp. ................. 170 5,801
Travelers Property Casualty Corp. 80 3,130
------------
191,515
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN ENHANCED S&P 500 INDEX SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUE)
IRON & STEEL - 0.26%
Allegheny Teledyne Inc. ......... 280 $ 6,335
Nucor Corp....................... 150 7,116
--------------
13,451
LEISURE TIME - 0.26%
Mattel Inc. ..................... 500 13,219
LODGING - 0.32%
Hilton Hotels Corp............... 470 6,668
Starwood Hotels & Resorts
Worldwide........................ 320 9,780
--------------
16,448
MACHINERY - 0.37%
Cooper Cameron Corp.............. 40 1,483
Deere & Co. ..................... 250 9,906
Dover Corp. ..................... 220 7,700
--------------
19,089
MANUFACTURING - 4.54%
Cooper Industries Inc. .......... 100 5,200
Eastman Kodak Co. ............... 430 29,133
Eaton Corp. ..................... 80 7,360
General Electric Co. ............ 1,010 114,130
ITT Industries Inc. ............. 110 4,194
Temple-Inland Inc. .............. 50 3,412
Tenneco Inc. .................... 300 7,162
Tyco International Ltd. ......... 650 61,588
--------------
232,179
MEDIA - 2.95%
A&T Corp - Liberty Media - Class
A ............................... 140 5,145
Comcast Corp. - Class A ......... 770 29,597
Gannett Co. Inc. ................ 190 13,561
Knight-Ridder Inc. .............. 150 8,241
MediaOne Group Inc. ............. 750 55,781
New York Times Co. - Class A..... 320 11,780
R.R. Donnelley & Sons Co. ....... 240 8,895
Washington Post Co. ............. 20 10,755
Times Mirror Co. - Class A....... 120 7,110
--------------
150,865
METALS & MINING - 0.43%
Alcan Aluminium Ltd. ............ 250 7,984
Alcoa Inc. ...................... 110 6,806
Freeport-McMoran Copper & Gold
Inc. ............................ 390 6,996
--------------
21,786
OFFICE & BUSINESS EQUIPMENT - 0.82%
Harris Corp. .................... 100 3,919
Xerox Corp. ..................... 640 37,800
--------------
41,719
OIL & GAS PRODUCERS - 6.12%
Chevron Corp. ................... 20 1,904
Columbia Energy Group ........... 90 5,642
Conoco Inc. - Class A ........... 130 3,624
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
OIL & GAS PRODUCERS (CONTINUED)
Diamond Offshore Drilling Inc. .. 50 1,419
El Paso Energy Corp. ............ 120 $ 4,222
Ensco International Inc. ........ 90 1,794
Exxon Corp. ..................... 1,370 105,661
Global Marine Inc. .............. 120 1,852
Mobil Corp. ..................... 630 62,370
Phillips Petroleum Co. .......... 170
8,553
R & B Falcon Corp. .............. 100 937
Royal Dutch Petroleum .......... 1,450 87,363
Smith International Inc. ........ 30 1,303
Texaco Inc. ..................... 360 22,500
Tosco Corp. ..................... 100 2,594
Ultramar Diamond Shamrock Corp. . 50 1,091
--------------
312,829
PACKAGING & CONTAINERS - 0.07%
Smurfit-Stone Container Corp. ... 170 3,496
PHARMACEUTICALS - 7.63%
American Home Products Corp. .... 1,470 84,525
Bristol-Myers Squibb Co. ........ 1,620 114,109
Eli Lilly and Co. ............... 810 58,016
Forest Laboratories Inc. ........ 400 18,500
Johnson & Johnson ............... 50 4,900
Medimmune Inc. .................. 60 4,065
Merck & Co. Inc. ................ 350 25,900
Pfizer Inc. ..................... 110 12,073
Warner-Lambert Co. .............. 930 64,519
Watson Pharmaceuticals Inc. ..... 110 3,856
--------------
390,463
RETAIL - 5.72%
Abercrombie & Fitch Co. - Class
A ............................... 140 6,720
AutoZone Inc. ................... 200 6,025
Circuit City Stores.............. 20 1,860
Dayton Hudson Corp............... 390 25,350
Dillard's Inc. - Class A......... 130 4,566
Federated Department Stores Inc. 270 14,293
Gap Inc. ........................ 660 33,247
Genuine Parts Co. ............... 150 5,250
Home Depot Inc. ................. 420 27,064
J.C. Penny Co. Inc. ............. 320 15,540
Kmart Corp. ..................... 610 10,027
May Department Stores Co. ....... 420 17,167
Sears, Roebuck & Co. ............ 430 19,162
Sherwin-Williams Co. ............ 150 4,163
TJX Companies Inc................ 400 13,325
Toys `R' Us Inc. ................ 320 6,620
Wal-Mart Stores Inc. ............ 1,700 82,025
--------------
292,404
SAVINGS & LOANS - 0.61%
Astoria Financial Corp. ......... 50 2,197
Charter One Financial Inc. ...... 120 3,338
Dime Bancorp Inc. ............... 80 1,610
Golden West Financial Corp. ..... 50 4,900
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN ENHANCED S&P 500 INDEX SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
SAVINGS & LOANS (CONTINUED)
Greenpoint Financial Corp. ...... 80 2,625
Sovereign Bancorp Inc. .......... 120 1,455
Washington Mutual Inc. .......... 430 $ 15,211
--------------
31,336
SEMICONDUCTORS - 5.07%
Applied Materials Inc. .......... 270 19,946
Intel Corp....................... 2,330 138,635
Motorola Inc. ................... 420 39,795
National Semiconductor Corp. .... 120 3,038
Texas Instruments Inc............ 360 52,200
Xilinx Inc. ..................... 100 5,725
--------------
259,339
SOFTWARE - 5.45%
America Online Inc. (a)............. 600 66,300
AUTOMATIC DATA PROCESSING INC. ..... 420 18,480
Electronic Arts Inc. ............ 50 2,713
First Data Corp.................. 290 14,192
Microsoft Corp. (a).............. 1,670 150,613
Oracle Corp. (a)................. 590 21,904
Seagate Technology Inc. ......... 170 4,356
--------------
278,558
TELECOMMUNICATIONS - 11.05%
Ameritech Corp. ................. 800 58,800
AT&T Corp. ...................... 530 29,581
Bell Atlantic Corp. ............. 1,160 75,835
Exodus Communications Inc. ...... 20 2,399
GTE Corp. ....................... 730 55,297
Level 3 Communications Inc. ..... 250 15,016
Lucent Technologies Inc. ........ 1,520 102,505
MCI Worldcom Inc. (a)............ 1,390 119,627
SBC Communications Inc. ......... 1,450 84,100
U S West Inc. ................... 370 21,737
--------------
564,897
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
TOBACCO - 1.25%
Phillip Morris Cos. Inc. ........ 1,590 63,898
TRANSPORTATION - 0.68%
Burlington Northern Santa Fe
Corp. ........................... 320 $ 9,920
CNF Transportation Inc. ......... 30 1,151
CSX Corp. ....................... 150 6,797
Norfolk Southern Corp. .......... 240 7,230
Union Pacific Corp. ............. 170 9,913
--------------
35,011
WATER UTILITIES - 0.04%
American Water Works Co. Inc. ... 70 2,153
--------------
Total Common Stocks
(cost $4,959,225) ........... 5,075,205
--------------
PRINCIPAL
AMOUNT
------
SHORT TERM INVESTMENTS - 0.76%
MONEY MARKET FUND - 0.76%
Dreyfus Cash Management Plus
Fund, 4.88% (b) ................. $ 39,034 39,034
--------------
Total Short Term Investments
(cost $39,034) .............. 39,034
--------------
TOTAL INVESTMENTS - 100%
(cost $4,998,259) ............... $ 5,114,239
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/J.P. Morgan International & Emerging Markets Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 5,215,705
===============
Investments in securities, at value ....... $ 5,643,668
Cash....................................... 20,000
Foreign currency .......................... 261,067
Receivables:
Dividends and interest ................. 7,256
Forward foreign currency
exchange contracts .................. 24,182
Foreign taxes recoverable .............. 9,793
Investment securities sold ............. 2,071
---------------
TOTAL ASSETS .............................. 5,968,037
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 4,577
Administrative fees .................... 470
Forward foreign currency
exchange contracts .................. 15,844
Foreign tax expense .................... 607
Fund shares redeemed ................... 16
Investment securities purchased ........ 52,239
---------------
TOTAL LIABILITIES ......................... 73,753
===============
NET ASSETS ................................ $ 5,894,284
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,389,636
Undistributed net investment income ....... 37,935
Accumulated net realized gain on
investments and foreign currency
related items .......................... 32,110
Net unrealized appreciation on:
Investments ............................ 427,963
Foreign currency related items ......... 6,640
===============
NET ASSETS ................................ $ 5,894,284
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED
AUTHORIZED.............................. 537,763
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.96
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 76,121
Interest ............................... 1,833
Foreign tax withholding ................ (8,891)
---------------
TOTAL INVESTMENT INCOME ................... 69,063
---------------
EXPENSES
Investment advisory fees ............... 25,664
Administrative fees .................... 2,632
---------------
TOTAL OPERATING EXPENSES .................. 28,296
---------------
NET INVESTMENT INCOME ..................... 40,767
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain on:
Investments ............................ 159,995
Foreign currency related items ......... 68,433
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ 340,508
Foreign currency related items ......... (18,823)
---------------
NET REALIZED AND UNREALIZED GAINS ......... 550,113
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 590,880
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/J.P. Morgan International & Emerging Markets Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
---------------- -----------------
<S> <C> <C>
Operations
Net investment income ............................................................ $ 40,767 $ 37,470
Net realized gain (loss) on:
Investments ...................................................................... 159,995 (196,318)
Foreign currency related items ................................................... 68,433 (12,078)
Net change in unrealized appreciation (depreciation) on:
Investments ...................................................................... 340,508 87,455
Foreign currency related items ................................................... (18,823) 25,463
----------- ------------
Net increase (decrease) in net assets from operations ............................ 590,880 (58,008)
----------- ------------
Distributions to shareholders
From net investment income ....................................................... -- (28,224)
From net realized gains on investment transactions ............................... -- --
----------- ------------
Total distributions to shareholders .............................................. -- (28,224)
----------- ------------
Share transactions
Proceeds from the sale of shares ................................................. 488,598 5,079,227
Reinvestment of distributions .................................................... -- 28,224
Cost of shares redeemed .......................................................... (182,199) (24,214)
----------- ------------
Net increase in net assets from share transactions ............................... 306,399 5,083,237
----------- ------------
Net increase in net assets ....................................................... 897,279 4,997,005
Net assets at beginning of period ................................................ 4,997,005 --
----------- ------------
Net assets end of period ......................................................... $ 5,894,284 $ 4,997,005
=========== ============
Undistributed net investment income (loss) ....................................... $ 37,935 $ (2,832)
=========== ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/J.P. Morgan International & Emerging Markets Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 9.82 $ 10.00
---------- ----------
Income from operations:
Net investment income ................................................................. 0.08 0.08
Net realized and unrealized gains (losses)
on investments and foreign currency related items ..................................... 1.06 (0.20)
---------- ----------
Total income (loss) from operations ................................................... 1.14 (0.12)
---------- ----------
Less distributions:
From net investment income ............................................................ -- (0.06)
From net realized gains on investment transactions .................................... -- --
---------- ----------
Total distributions ................................................................... -- (0.06)
---------- ----------
Net increase (decrease) ............................................................... 1.14 (0.18)
---------- ----------
Net asset value, end of period ........................................................ $ 10.96 $ 9.82
========== ==========
Total Return (a) ...................................................................... 11.61% (1.24)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 5,894 $ 4,997
Ratio of net operating expenses to average net assets (b) (c) ......................... 1.08% 1.13%
Ratio of net investment income to average net assets (b) (c) .......................... 1.55% 0.62%
Portfolio turnover .................................................................... 34.62% 231.88%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ............................. 1.08% 2.64%
Ratio of net investment income (loss) to average net assets (b) ....................... 1.55% (0.90)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 92.51%
AUSTRALIA -- 2.95%
BANKS -- 0.73%
Australia & New Zealand Banking
Group Ltd 5,600 $ 41,124
MEDIA -- 1.62%
News Corp. Ltd. ................... 10,700 91,174
METALS & MINING - 0.60%
North Ltd. (a) ................... 16,700 33,781
-----------
Total Australia .................. 166,079
AUSTRIA -- 0.65%
BANKS -- 0.65%
Bank Austria AG ................... 700 36,801
BERMUDA -- 0.28%
DIVERSIFIED FINANCIAL SERVICES -- 0.28%
Guoco Group Ltd. .................. 6,000 16,085
CANADA -- 0.59%
BANKS -- 0.59%
Royal Bank of Canada .............. 750 33,107
DENMARK -- 0.68%
FOOD -- 0.68%
Danisco A/S ....................... 854 38,483
FINLAND -- 2.15%
FOREST PRODUCTS & PAPER - 0.83%
Stora Enso OYJ (a) ............... 4,338 47,013
INSURANCE - 0.46%
Sampo Insurance Co. Ltd. ......... 900 26,070
IRON & STEEL -- 0.86%
Rautaruukki OYJ ................... 8,000 48,409
-----------
Total Finland................... 121,492
FRANCE -- 11.36%
BANKS -- 1.25%
Societe Generale .................. 400 70,469
BUILDING MATERIALS -- 0.37%
Compagnie de Saint Gobain.......... 131 20,864
CHEMICALS -- 0.96%
Rhodia SA (a) ..................... 2,853 54,115
COMMERCIAL SERVICES -- 0.74%
Vivendi ........................... 519 42,025
COSMETICS & PERSONAL CARE -- 1.15%
Christian Dior SA ................. 400 65,150
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
FRANCE (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES - 1.30%
Paribas ........................... 655 $ 73,395
FOOD -- 1.99%
Carrefour Supermarche ............. 420 61,696
Groupe Danone ..................... 197 50,769
-----------
112,465
OIL & GAS PRODUCERS -- 3.24%
Elf Aquitaine SA .................. 505 74,078
Total SA .......................... 842 108,587
-----------
182,665
PHARMACEUTICALS -- 0.36%
Sanofi SA (a) ..................... 483 20,489
-----------
Total France ..................... 641,637
GERMANY -- 7.58%
BANKS - 0.44%
Bayerische Hypo-und Vereinsbank
AG ............................... 380 24,679
CHEMICALS -- 1.12%
Hoechst AG ........................ 1,400 63,356
ELECTRIC -- 1.39%
RWE AG ............................ 1,700 78,667
INSURANCE -- 1.22%
Muenchener Rueckversicheungs -
Gesellschaft AG (a) ........... 374 68,722
MANUFACTURING -- 1.56%
VEBA AG ........................... 1,500 88,138
PHARMACEUTICALS -- 1.85%
Merck KgaA ........................ 600 19,508
Schering AG ....................... 800 84,777
-----------
104,285
-----------
Total Germany .................... 427,847
HONG KONG -- 3.87%
ELECTRIC -- 1.94%
Hong Kong Electric ................ 33,900 109,234
HOLDINGS COMPANIES - DIVERSIFIED -- 0.83%
Wharf Holdings .................... 15,000 46,787
REAL ESTATE - 1.10%
Cheung Kong ....................... 7,000 62,253
-----------
Total Hong Kong ............... 218,274
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
ITALY -- 0.57%
INSURANCE - 0.10%
Bayerische Vita SpA .............. 1,300 $ 5,655
MEDIA - 0.47%
Mediaset SPA ...................... 3,000 26,658
-----------
Total Italy .................. 32,313
JAPAN -- 18.15%
AUTO MANUFACTURERS - 1.31%
Honda Motor Co. Ltd. .............. 1,000 42,407
Suzuki Motor Co. Ltd. ............. 2,000 31,826
-----------
74,233
BANKS -- 1.03%
Mitsui Trust & Banking Co. Ltd. ... 18,000 28,718
Sanwa Bank Ltd. ................... 3,000 29,536
-----------
58,254
BEVERAGES - 0.44%
Asahi Breweries Ltd. ............. 2,000 24,899
BUILDING MATERIALS -- 1.68%
Taiheiyo Cement Corp. ............. 13,000 37,290
Tostem Corp. ...................... 3,000 57,659
-----------
94,949
CHEMICALS -- 1.29%
Mitsubishi Chemical Corp. ......... 21,000 72,737
COMPUTERS -- 1.43%
Fujitsu Ltd. ...................... 4,000 80,516
DISTRIBUTION & WHOLESALE -- 2.40%
Mitsubishi Corp. .................. 11,000 74,564
Softbank Corp. .................... 300 60,784
-----------
135,348
DIVERSIFIED FINANCIAL SERVICES -
0.76%
Shohkoh Fund ..................... 60 43,052
ELECTRONICS -- 0.95%
Fanuc Ltd. ........................ 1,000 53,732
HOME FURNISHINGS -- 0.96%
Sony Corp. ........................ 500 53,939
PHARMACEUTICALS -- 2.18%
Takeda Chemical Industries ........ 1,000 46,375
Yamanouchi Pharmaceutical Co.
Ltd. .............................. 2,000 76,548
-----------
122,923
RETAIL - 1.19%
Ito-Yakado Co. Ltd. ............... 1,000 66,959
TELECOMMUNICATIONS -- 1.99%
DDI Corp. ......................... 18 112,044
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
TRANSPORTATION - 0.54%
West Japan Railway Co. ............ 8 $ 30,685
-----------
Total Japan ................ 1,024,270
MEXICO -- 0.46%
REAL ESTATE - 0.46%
Consorico ARA SA .................. 6,400 25,719
NETHERLANDS -- 8.26%
BANKS - 1.30%
ABN Amro Holdings NV ............. 2,372 51,349
ING Groep NV ..................... 404 21,864
----------
73,213
CHEMICALS - 0.60%
Akzo Nobel NV ..................... 800 33,647
COMMERCIAL SERVICES - 0.33%
Vedior NV ......................... 1,108 18,846
ELECTRONICS -- 2.42%
Philips Electronics NV ............ 1,384 136,464
FOOD - 1.15%
Laurus NV ......................... 2,792 64,758
MEDIA -- 0.28%
Wolters Kluwer NV ................. 400 15,916
RETAIL -- 0.62%
Vendex NV ......................... 1,310 34,976
SEMICONDUCTORS -- 1.56%
STMicroelectronics NV ............. 1,326 88,302
----------
Total Netherlands ................ 466,122
NEW ZEALAND -- 0.29%
FOREST PRODUCTS & PAPER -- 0.29%
Fletcher Challenge Paper (a) ...... 21,800 16,274
NORWAY -- 0.54%
BANKS - 0.54%
Sparebanken Nord .................. 1,620 30,219
PHILIPPINES -- 0.58%
ELECTRIC -- 0.58%
First Philippine Holdings Corp. ... 28,800 32,547
PORTUGAL -- 1.00%
BANKS -- 0.57%
Banco Pinto & Sotto Mayor ......... 1,812 32,165
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
PORTUGAL (CONTINUED)
TELECOMMUNICATIONS -- 0.43%
Portugal Telecom ................. 600 $ 24,406
----------
Total Portugal .............. 56,571
SINGAPORE -- 0.84%
BANKS -- 0.84%
Overseas Union Bank ............... 9,900 47,697
SOUTH AFRICA -- 1.96%
HOLDING COMPANIES - DIVERSIFIED --
1.17%
Anglo American Corp. of South
Africa Ltd......................... 900 42,062
South African Breweries Ltd. (a) .. 2,734 23,742
----------
65,804
METALS & MINING -- 0.79%
Anglogold Ltd. .................... 1,036 44,640
----------
Total South Africa ............... 110,444
SPAIN -- 5.47%
ELECTRIC -- 2.32%
Iberdrola SA ...................... 8,600 130,852
ENGINEERING & CONSTRUCTION -- 0.76%
Actividades de Construccion
Servicios SA....................... 1,500 42,925
IRON & STEEL -- 0.57%
Acerinox SA ....................... 1,100 32,147
TELECOMMUNICATIONS -- 1.82%
Indra Sistemas SA ................. 1,818 19,584
Telefonica SA ..................... 1,722 83,129
----------
102,713
----------
Total Spain ...................... 308,637
SWITZERLAND -- 8.83%
BANKS -- 1.48%
UBS AG (a) ........................ 280 83,544
BUILDING MATERIALS -- 0.24%
Geberit International AG (a) ...... 60 13,678
ENGINEERING & CONSTRUCTION -- 0.77%
New ABB Ltd. (a) ................ 463 43,360
FOOD -- 1.25%
Bary Callebaut AG ................. 50 7,652
Nestle SA ......................... 35 63,041
----------
70,693
INSURANCE -- 2.02%
Schweizerische Rueckversicherungs-
Gesellschaft ................... 45 85,654
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
SWITZERLAND (CONTINUED)
INSURANCE (CONTINUED)
Zurich Allied AG .................. 50 $ 28,423
---------
114,077
PHARMACEUTICALS -- 1.27%
Roche Holding AG .................. 7 71,931
TELECOMMUNICATIONS -- 1.80%
Swisscom AG (a) ................... 270 101,569
----------
Total Switzerland ................ 498,852
UNITED KINGDOM -- 10.36%
BANKS -- 0.46%
Lloyds TSB Group Plc .............. 1,900 25,801
COMMERCIAL SERVICES -- 0.65%
Hays Plc .......................... 1,000 10,545
Select Appointments (a) ........... 2,200 26,251
----------
36,796
ELECTRIC -- 0.39%
National Power .................... 3,000 21,800
FOOD -- 2.10%
PIC International (a) ............. 14,000 12,799
Tate & Lyle Plc ................... 9,000 56,036
Unilever Plc. ..................... 5,625 49,918
----------
118,753
INSURANCE -- 2.10%
Allied Zurich Plc (a) ............. 3,800 47,768
Norwich Union Plc ................ 4,400 29,788
Royal & Sun Alliance Insurance
Group Plc ......................... 4,545 40,728
----------
118,284
OIL & GAS PRODUCERS -- 1.25%
Shell Transport & Trading Co. Plc . 9,400 70,528
PHARMACEUTICALS -- 1.50%
Glaxo Wellcome Plc ................ 900 25,010
SmithKline Beecham Plc ............ 4,600 59,819
----------
84,829
TELECOMMUNICATIONS -- 1.15%
Cable and Wireless Plc (a) ........ 5,100 65,035
TRANSPORTATION -- 0.76%
Railtrack Group Plc ............... 2,100 42,932
----------
Total United Kingdom ............. 584,758
UNITED STATES -- 5.09%
BANKS -- 0.47%
Housing & Commercial Bank.......... 863 26,451
See notes to the financial statements.
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES --
0.11%
ICICI Ltd. ........................ 600 $ 6,060
ELECTRIC -- 0.57%
Enersis SA - ADR................... 1,400 32,025
MEDIA -- 1.11%
Grupo Televisa SA - GDR ........... 1,400 62,738
OIL & GAS PRODUCERS -- 0.73%
Surgutneftegaz .................... 5,200 41,262
TELECOMMUNICATIONS -- 1.65%
Compania Anonima Nacional
Telefonos
De Venezuela - ADR................. 1,100 29,975
Dele Norte Leste Participacoes -
ADR (a) ........................... 3,394 63,001
----------
92,976
TRANSPORTATION -- 0.45%
Stolt-Nielsen SA - ADR ............ 1,500 25,688
----------
Total United States .............. 287,200
----------
Total Common Stocks
(cost $4,827,129) ............. 5,221,428
-----------
PREFERRED STOCKS -- 1.41%
AUSTRAILA -- 0.35%
MEDIA - 0.35%
News Corp. Ltd. ................... 2,600 19,782
GERMANY -- 1.06%
AUTO MANUFACTURERS -- 0.24%
Volkswagen AG ..................... 370 13,674
MANUFACTURING -- 0.82%
GEA AG ............................ 1,700 46,002
----------
Total Germany .................... 59,676
----------
Total Preferred Stocks
(cost $92,566) ................ 79,458
----------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS --3.68%
JAPAN -- 0.45%
DISTRIBUTION & WHOLESALE - 0.45%
Softbank Corp., 0.50%, 03/29/02
JPY................................ 1,000,000 $ 25,171
SINGAPORE -- 1.58%
DIVERSIFIED FINANCIAL SERVICES -
1.58%
Finlayson Global, 0.00%, 02/19/04
SGP................................ 50,000 88,911
UNITED KINGDOM -- 0.68%
FOOD -- 0.68%
Compass Group Plc, 5.75%,
10/05/2007 GBP..................... 15,000 38,569
UNITED STATES -- 0.97%
DIVERSIFIED FINANCIAL SERVICES -
0.62%
Bell Atlantic Financial Services,
4.25%,09/15/05 .................... $ 34,000 34,775
IRON & STEEL -- 0.35%
Natsteel Electronics Ltd., 1.50%,
06/30/2004 (144a) ............... 20,000 20,000
----------
Total United States.............. 54,775
----------
Total Corporate Bonds
(cost $160,654) ............... 207,426
----------
SHORT TERM INVESTMENTS -- 2.40%
MONEY MARKET FUND -- 2.40%
SSgA Money Market Fund, 4.83% (b).. 135,356 135,356
----------
Total Short Term Investments
(cost $135,356) ............... 135,356
----------
TOTAL INVESTMENTS -- 100%
(cost $5,215,705) ................. $5,643,668
===========
See notes to the financial statements.
<PAGE>
JNL/J.P. MORGAN INTERNATIONAL & EMERGING MARKETS SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
Based on the cost of investments of $5,221,532 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $712,499, the gross
unrealized depreciation was $290,363 and the net unrealized appreciation on
investments was $422,136.
Forward foreign currency exchange contracts open at June 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
9/14/99 87,763 Australian $ $ 58,064 58,294 US $ $ 58,294
9/14/99 174,314 US $ 174,314 254,150 Canadian $ 172,785
9/14/99 182,475 Swiss Franc 118,363 121,246 US $ 121,246
9/14/99 29,714 US $ 29,714 208,888 Danish Krone 29,103
9/14/99 128,307 US $ 128,307 123,000 Euro 127,517
9/14/99 668,327 Euro 692,870 705,747 US $ 705,747
9/14/99 93,577 Euro 97,013 61,377 British Sterling 96,920
Pound
9/14/99 405,425 US $ 405,425 252,277 British Sterling 397,886
Pound
9/14/99 93,577 Euro 96,921 61,377 British Sterling 96,803
Pound
9/14/99 1,684,604 Hong Kong $ 216,823 217,003 US $ 217,003
9/14/99 180,000 US $ 180,000 21,298,260 Japanese Yen 178,029
9/14/99 58,641,882 Japanese Yen 490,179 496,957 US $ 496,957
9/14/99 221,281 Norwegian Krone 28,019 28,276 US $ 28,276
9/14/99 73,159 US $ 73,159 616,004 Swedish Krona 72,904
9/14/99 27,691 Singapore $ 16,390 16,289 US $ 16,289
9/14/99 515,639 South African Rand 84,099 82,239 US $ 82,239
----------------- ----------------
$ 2,889,660 $ 2,897,998
================= ================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Aggressive Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 248,535,511
===============
Investments in securities, at value ....... $ 322,913,871
Foreign currency .......................... 123,297
Receivables:
Dividends and interest ................. 48,080
Forward foreign currency
exchange contracts .................. 1,476,129
Fund shares sold ....................... 2,219,611
Investment securities sold ............. 6,089,833
Collateral for securities loaned .......... 72,607,174
---------------
TOTAL ASSETS .............................. 405,477,995
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 217,466
Administrative fees .................... 23,479
Forward foreign currency
exchange contracts .................. 192,219
Fund shares redeemed ................... 93,622
Investment securities purchased ........ 16,134,067
Return of collateral for securities loaned 72,607,174
---------------
TOTAL LIABILITIES ......................... 89,268,027
===============
NET ASSETS ................................ $ 316,209,968
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... 202,258,805
Undistributed net investment loss ......... (616,802)
Accumulated net realized gain on
investments and foreign currency
related items ............................. 38,812,946
Net unrealized appreciation on:
Investments ............................ 74,378,360
Foreign currency related items ......... 1,376,659
===============
NET ASSETS ................................ $ 316,209,968
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 10,778,730
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 29.34
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 343,292
Interest ............................... 381,509
Security lending income ................ 120,439
Foreign tax withholding ................ (15,338)
---------------
TOTAL INVESTMENT INCOME ................... 829,902
---------------
EXPENSES
Investment advisory fees ............... 1,061,142
Administrative fees .................... 113,773
---------------
TOTAL OPERATING EXPENSES .................. 1,174,915
---------------
---------------
NET INVESTMENT LOSS ....................... (345,013)
---------------
REALIZED AND UNREALIZED GAINS Net realized gain on:
Investments ............................ 27,920,092
Foreign currency related items ......... 17,201
Net change in unrealized appreciation on:
Investments ............................ 31,022,447
Foreign currency related items ......... 1,355,951
---------------
NET REALIZED AND UNREALIZED GAINS ......... 60,315,691
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 59,970,678
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Aggressive Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment loss .......................................................... $ (345,013) $ (385,544)
Net realized gain (loss) on:
Investments ............................................................... 27,920,092 16,357,152
Foreign currency related items ............................................... 17,201 (201,346)
Net change in unrealized appreciation on:
Investments ............................................................... 31,022,447 37,522,949
Foreign currency related items ............................................... 1,355,951 30,130
-------------- --------------
Net increase in net assets from operations ................................... 59,970,678 53,323,341
-------------- --------------
Distributions to shareholders
From net investment income ................................................... -- (333,868)
From net realized gains on investment transactions ........................... -- (5,486,108)
-------------- --------------
Total distributions to shareholders .......................................... -- (5,819,976)
-------------- --------------
Share transactions
Proceeds from the sale of shares ............................................. 153,569,485 78,834,529
Reinvestment of distributions ................................................ -- 5,819,976
Cost of shares redeemed ...................................................... (59,171,840) (49,186,569)
-------------- --------------
Net increase in net assets from share transactions ........................... 94,397,645 35,467,936
-------------- --------------
Net increase in net assets ................................................... 154,368,323 82,971,301
Net assets beginning of period ............................................... 161,841,645 78,870,344
-------------- --------------
Net assets end of period ..................................................... $ 316,209,968 $ 161,841,645
============== ==============
Undistributed net investment loss ............................................ $ (616,802) $ (271,789)
============== ==============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 22.09 $ 14.53 $ 13.38 $ 13.13 $ 10.00
---------- -------------- ------------ ----------- ----------
Income from operations:
Net investment income (loss) ........................... (0.02) (0.06) 0.04 0.05 0.01
Net realized and unrealized gains on investments and
foreign currency related items ....................... 7.27 8.45 1.65 1.10 3.53
---------- -------------- ------------ ----------- ----------
Total income from operations ........................ 7.25 8.39 1.69 1.15 3.54
---------- -------------- ------------ ----------- ----------
Less distributions:
From net investment income ............................. -- (0.05) -- (0.05) --
From net realized gains on investment transactions ..... -- (0.78) (0.54) (0.71) (0.41)
Return of capital ...................................... -- -- -- (0.14) --
---------- -------------- ------------ ----------- ----------
Total distributions ................................. -- (0.83) (0.54) (0.90) (0.41)
---------- -------------- ------------ ----------- ----------
Net increase ........................................ 7.25 7.56 1.15 0.25 3.13
---------- -------------- ------------ ----------- ----------
Net asset value, end of period ......................... $ 29.34 $ 22.09 $ 14.53 $ 13.38 $ 13.13
========== ============== ============ =========== ==========
Total Return (a) ....................................... 32.82% 57.66% 12.67% 8.72% 35.78%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 316,210 $ 161,842 $ 78,870 $ 29,555 $ 8,527
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 1.03% 1.10% 1.10% 1.09% 1.09%
Ratio of net investment income (loss)
to average net assets (b) (c) ........................ (0.30)% (0.35)% 0.39% 0.77% 0.27%
Portfolio turnover ..................................... 50.64% 114.51% 137.26% 85.22% 163.84%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses to
average net assets (b) .............................. 1.03% 1.10% 1.17% 1.40% 2.77%
Ratio of net investment income (loss)
to average net assets (b) ........................... (0.30)% (0.35)% 0.32% 0.46% (1.41)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/JANUS AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 90.16%
GERMANY - 0.92%
MACHINERY - 0.92%
Mannesmann AG ...................... 19,906 $ 2,972,953
ITALY - 0.02%
COMPUTERS - 0.02%
Tecnost SPA ........................ 29,784 73,380
NETHERLANDS - 1.17%
SEMICONDUCTORS - 1.17%
ASM Lithography Holdings NV ........ 63,695 3,781,891
UNITED STATES - 88.05%
ADVERTISING - 1.67%
Lamar Advertising Co. (a) (c) ...... 41,311 1,691,169
Outdoor Systems Inc. (a) ........... 81,629 2,979,458
Penton Media Inc. .................. 30,390 736,957
-------------
5,407,584
AUTO PARTS & EQUIPMENT - 0.78%
Federal-Mogul Corp. ................ 48,420 2,517,840
BANKS - 3.37%
Bank of New York Co. Inc. .......... 85,750 3,145,953
Fifth Third Bancorp ................ 37,675 2,507,742
Firstar Corp. ...................... 186,364 5,218,192
-------------
10,871,887
BIOTECHNOLOGY - 0.76%
Centocor Inc. ...................... 52,985 2,470,426
COMPUTERS - 8.86%
Apple Computer Inc. (a) ............ 62,340 2,887,121
Ciber Inc. (a) ..................... 31,340 599,377
Cisco Systems Inc. (a) ............. 188,700 12,171,150
EMC Corp. (a) (c) .................. 54,030 2,971,650
Sapient Corp. (a) (c) .............. 53,310 3,018,679
Sun Microsystems Inc. (a) .......... 47,080 3,242,635
VeriSign Inc. (a) .................. 43,190 3,725,138
-------------
28,615,750
DIVERSIFIED FINANCIAL SERVICES - 2.18%
American Express Co. ............... 21,310 2,772,964
E*Trade Group Inc. (a) ............. 40,810 1,629,849
TD Waterhouse Group Inc. (a) ....... 63,135 1,582,321
Telebanc Financial Corp. (a) ....... 27,210 1,054,387
-------------
7,039,521
ELECTRONICS - 5.41%
Conexant Systems Inc. .............. 73,170 4,248,433
Maxim Integrated Products Inc. (a)
(c) ................................ 27,790 1,848,035
Pittway Corp ....................... 63,020 2,154,496
Vitesse Semiconductor Corp. (a) .... 42,980 2,898,464
Texas Instruments Inc. ............. 43,530 6,311,850
-------------
17,461,278
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
HEALTHCARE - 5.77%
Boston Scientific Corp. ............ 39,280 $ 1,725,865
Guidant Corp. ...................... 33,880 1,742,702
Medtronic Inc. (c) ................. 134,664 10,486,959
MiniMed Inc. (a) (c) ............... 60,845 4,681,262
-------------
18,636,788
INSURANCE - 1.60%
Progressive Corp. .................. 19,445 2,819,525
PSINet Inc. ........................ 53,630 2,346,312
-------------
5,165,837
MACHINERY - 1.42%
Applied Materials Inc. ............. 62,115 4,588,746
MANUFACTURING - 3.35%
Tyco International Ltd. (c) ........ 114,027 10,804,058
MEDIA - 16.73%
Adelphia Communications Corp. (a) .. 4,990 317,489
AT&T- Liberty Media Group .......... 476,750 17,520,562
Cablevision Systems Corp. (a) (c) .. 51,265 3,588,550
Comcast Corp. (a) (c) .............. 259,800 9,986,062
Cox Communications Inc. (a) (c) .... 71,920 2,647,555
TCI Music Inc. (a) (c) ............. 19,020 672,833
Time Warner Inc. ................... 166,644 12,248,334
United International Holdings Inc.
(a) ................................ 64,870 4,386,834
Viacom Inc. (a) .................... 60,025 2,641,100
-------------
54,009,319
OIL & GAS PRODUCERS - 4.07%
Enron Corp. ........................ 160,660 13,133,955
PHARMACEUTICALS - 0.80%
Eli Lilly & Co. .................... 35,965 2,575,993
RETAIL - 9.75%
Amazon.com Inc. (a) (c) ............ 162,350 20,314,044
Costco Cos. Inc. (c) ............... 32,275 2,584,017
eBay Inc. (a) ...................... 41,055 6,199,305
Staples Inc. (a) ................... 77,635 2,401,833
-------------
31,499,199
SOFTWARE - 8.95%
America Online Inc. (a) (c) ........ 28,447 3,143,393
At Home Corp. (a) (c) .............. 30,409 1,640,185
DoubleClick Inc. (a) (c) ........... 50,865 4,666,864
Exodus Communications Inc. (a) ..... 32,670 3,918,358
Inktomi Corp. (a) (c) .............. 23,930 3,124,361
Microsoft Corp. (a) ................ 70,175 6,328,908
Yahoo Inc. (a) ..................... 35,315 6,083,009
-------------
28,905,078
TELECOMMUNICATIONS - 12.58%
Level 3 Communications Inc. (a) .... 110,560 6,640,510
Nextlink Communications Inc. (a) ... 36,215 2,693,491
See notes to the financial statements.
<PAGE>
JNL/JANUS AGGRESSIVE GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
Nokia Corp. - ADR (c) .............. 244,115 $22,351,780
NTL Inc. (a) ....................... 30,030 2,588,211
Sprint Corp. (PCS Group) ........... 58,635 3,349,524
Verio Inc. (a) ..................... 42,935 2,983,983
-------------
40,607,499
-------------
Total United States ............... 284,310,758
-------------
Total Common Stocks
(cost $216,845,165) ............ 291,138,982
-------------
PRINCIPAL
AMOUNT
------
CORPORATE BONDS - 0.41%
RETAIL - 0.41%
Amazon.com Inc., 10.00%,
05/01/2008 ..................... $1,375,000 935,000
Tecnost International NV, 4.487%
06/23/2004........................ 374,100 391,580
-------------
Total Corporate Bonds
(cost $1,242,037) .............. 1,326,580
-------------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 9.43%
DIVERSIFIED FINANCIAL SERVICES - 9.41%
Associated Corp. of North America,
5.25%, 07/01/1999............... $15,000,000 $15,000,000
CIT Group Holdings Inc., 5.59%,
07/01/1999 ....................... 400,000 400,000
Household Finance Corp., 5.45%,
07/01/1999 ....................... 15,000,000 15,000,000
-------------
30,400,000
MONEY MARKET FUND - 0.02%
SSgA Money Market Fund, 4.83% (b) 48,309 48,309
-------------
Total Short Term Investments
(cost $30,448,309) ............. 30,448,309
-------------
TOTAL INVESTMENTS - 100%
(cost $248,535,511) ................ $322,913,871
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $248,699,554 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $76,447,225, the gross
unrealized depreciation was $2,232,908 and the net unrealized appreciation on
investments was $74,214,317.
Forward foreign currency exchange contracts open at June 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/6/99 40,197 Euro $ 41,455 41,737 US $ $ 41,737
7/22/99 2,192,616 US $ 2,192,616 2,000,000 Euro 2,064,985
7/22/99 7,800,000 Euro 8,053,442 9,032,098 US $ 9,032,098
8/12/99 1,719,140 US $ 1,719,140 1,600,000 Euro 1,654,552
8/12/99 9,000,000 Euro 9,306,856 9,803,875 US $ 9,803,875
---------------- -----------------
$ 21,313,509 $ 22,597,247
================ =================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Capital Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 155,263,264
===============
Investments in securities, at value ....... $ 201,065,725
Foreign currency .......................... 139,133
Receivables:
Dividends and interest ................. 15,488
Fund shares sold........................ 591,821
Investment securities sold.............. 2,794,287
Collateral for securities loaned .......... 41,562,524
---------------
TOTAL ASSETS............................... 246,168,978
---------------
LIABILITIES
Payables:
Investment advisory fees................ 139,660
Administrative fees .................... 14,833
Fund shares redeemed.................... 29,513
Investment securities purchased......... 7,192,132
Return of collateral for securities loaned 41,562,524
---------------
TOTAL LIABILITIES.......................... 48,938,662
===============
NET ASSETS................................. $ 197,230,316
===============
NET ASSETS CONSIST OF:
Paid-in capital............................ $ 126,608,677
Undistributed net investment loss.......... (673,262)
Accumulated net realized gain on
investments and foreign currency
related items ........................... 25,496,283
Net unrealized appreciation (depreciation)
on:
Investments ............................ 45,802,461
Foreign currency related items ......... (3,843)
---------------
NET ASSETS ................................ $ 197,230,316
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 7,276,182
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 27.11
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 70,261
Interest ............................... 96,016
Security lending income ................ 65,981
---------------
TOTAL INVESTMENT INCOME ................... 232,258
---------------
EXPENSES
Investment advisory fees ............... 679,640
Administrative fees .................... 71,803
---------------
TOTAL OPERATING EXPENSES .................. 751,443
---------------
NET INVESTMENT LOSS ....................... (519,185)
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on:
Investments ............................ 21,046,755
Foreign currency related items ......... 7,181
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ 17,648,866
Foreign currency related items ......... (6,888)
---------------
NET REALIZED AND UNREALIZED GAINS ......... 38,695,914
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 38,176,729
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Capital Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
--------------- ----------------
<S> <C> <C>
Operations
Net investment loss ............................................................ $ (519,185) $ (577,229)
Net realized gains (losses) on:
Investments .................................................................... 21,046,755 13,077,232
Foreign currency related items ................................................. 7,181 (275,392)
Net change in unrealized appreciation (depreciation) on:
Investments .................................................................... 17,648,866 15,365,434
Foreign currency related items .............................................. (6,888) 20,059
------------- -------------
Net increase in net assets from operations ..................................... 38,176,729 27,610,104
------------- -------------
Distributions to shareholders
From net investment income ..................................................... -- --
From net realized gains on investment transactions ............................. -- (7,823,970)
------------- -------------
Total distributions to shareholders ............................................ -- (7,823,970)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................... 72,862,031 37,270,227
Reinvestment of distributions .................................................. -- 7,823,970
Cost of shares redeemed ........................................................ (24,844,963) (27,592,611)
------------- -------------
Net increase in net assets from share transactions ............................. 48,017,068 17,501,586
------------- -------------
Net increase in net assets ..................................................... 86,193,797 37,287,720
Net assets beginning of period ................................................. 111,036,519 73,748,799
------------- -------------
Net assets end of period ....................................................... $ 197,230,316 $ 111,036,519
============= =============
Undistributed net investment loss .............................................. $ (673,262) $ (154,077)
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Capital Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- --------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 20.73 $ 16.50 $ 14.46 $ 13.86 $ 10.00
----------- ------------ ----------- ----------- ----------
Income from operations:
Net investment income (loss) ........................... (0.06) (0.12) (0.06) 0.06 --
Net realized and unrealized gains on
investments and foreign currency related items ....... 6.44 5.92 2.23 0.70 4.70
----------- ------------ ----------- ----------- ----------
Total income from operations ........................ 6.38 5.80 2.17 0.76 4.70
----------- ------------ ----------- ----------- ----------
Less distributions:
From net investment income ............................. -- -- (0.02) -- --
From net realized gains on investment transactions ..... -- (1.57) (0.04) (0.16) (0.84)
Return of capital ...................................... -- -- (0.07) -- --
----------- ------------ ----------- ----------- ----------
Total distributions ................................. -- (1.57) (0.13) (0.16) (0.84)
----------- ------------ ----------- ----------- ----------
Net increase ........................................ 6.38 4.23 2.04 0.60 3.86
----------- ------------ ----------- ----------- ----------
Net asset value, end of period ......................... $ 27.11 $ 20.73 $ 16.50 $ 14.46 $ 13.86
=========== ============ =========== =========== ==========
Total Return (a) ....................................... 30.78% 35.16% 15.01% 5.45% 47.94%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 197,230 $ 111,037 $ 73,749 $ 36,946 $ 9,578
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 1.05% 1.09% 1.10% 1.09% 1.09%
Ratio of net investment income (loss)
to average net assets (b) (c) ........................ (0.73)% (0.68)% (0.30)% 0.91% (0.49)%
Portfolio turnover ..................................... 60.22% 128.95% 131.43% 115.88% 128.56%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses to
average net assets (b) ............................ 1.05% 1.09% 1.11% 1.27% 2.08%
Ratio of net investment income (loss)
to average net assets (b) ......................... (0.73)% (0.68)% (0.31)% 0.73% (1.48)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/JANUS CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999 See
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 96.35%
CANADA - 4.26%
MEDIA - 1.19%
Rogers Communications Inc. (c) .. 148,265 $ 2,400,040
PHARMACEUTICALS - 1.10%
QLT Phototherapeutics Inc. ...... 40,300 2,216,500
TELECOMMUNICATIONS - 1.97%
AT&T Canada Inc. (c) ............ 61,750 3,955,859
-------------
Total Canada ................... 8,572,399
HONG KONG - 1.90%
HOME FURNISHINGS - 1.90%
Gemstar International Group
Ltd. ............................ 58,470 3,815,167
UNITED KINGDOM - 2.10%
COMMERCIAL SERVICES - 0.66%
Capita Group Plc. ............... 128,835 1,333,195
RETAIL - 1.44%
PizzaExpress Plc. ............... 199,059 2,886,655
-------------
Total United Kingdom ........... 4,219,850
UNITED STATES - 88.09%
ADVERTISING - 0.14%
Lamar Advertising Co. (a) ....... 6,940 284,106
AIRLINES - 1.05%
Ryanair Holdings Plc - ADR (a)
(c) ............................. 39,871 2,113,163
BANKS - 1.78%
Firstar Corp. (c) ............... 127,955 3,582,740
COMMERCIAL SERVICES - 10.32%
Apollo Group Inc. (a) (c) ....... 384,302 10,208,022
Concord EFS Inc. (a)............. 32,500 1,375,156
Paychex Inc. .................... 287,847 9,175,107
-------------
20,758,285
COMPUTERS - 5.29%
Juniper Networks Inc. (a) ....... 3,950 588,550
VeriSign Inc. (a) (c) ........... 48,840 4,212,450
Veritas Software Corp. (a) (c) .. 61,500 5,838,656
-------------
10,639,656
DIVERSIFIED FINANCIAL SERVICES -
2.54%
Charles Schwab Corp. (c) ........ 46,425 5,100,947
ELECTRIC - 1.47%
AES Corp. (c) ................... 50,685 2,946,066
ELECTRONICS - 4.87%
Vitesse Semiconductor Corp. (a) . 145,280 9,797,320
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
ENTERTAINMENT - 0.98%
Premier Parks Inc. (a) (c) ...... 53,415 $ 1,963,001
HEALTHCARE - 0.59%
MiniMed Inc. .................... 15,290 1,176,374
INSURANCE - 3.10%
PSINet Inc. (c) ................. 142,625 6,239,844
MEDIA - 13.20%
Adelphia Communications Inc.
(a) (c) ......................... 68,245 4,342,088
Chancellor Media Corp. (a) (c) .. 63,660 3,509,257
Citadel Communications Corp.
(a) ............................. 50,680 1,833,983
Clear Channel Communications
Inc. (a)(c) ..................... 56,358 3,885,180
Entercom Communications Corp.
(a) ............................. 51,690 2,209,748
Hispanic Broadcasting Corp. (a) . 114,265 8,669,857
Univision Communications Inc.
(a) ............................. 31,565 2,083,290
-------------
26,533,403
PHARMACEUTICALS - 5.48%
MedImmune Inc. (a) (c) .......... 50,668 3,432,757
Sepracor Inc. (a) (c) ........... 53,285 4,329,406
Watson Pharmaceutical Inc. (a) .. 93,010 3,261,163
-------------
11,023,326
RETAIL - 8.54%
Amazon.com Inc. (a) (c) ......... 81,915 10,249,614
eBay Inc. (a) (c) ............... 42,330 6,391,830
Fastenal Co. .................... 10,190 534,338
-------------
17,175,782
SOFTWARE - 5.39%
Concentric Network Corp. (a)
(c) ............................. 47,080 1,871,430
Exodus Communications Inc. (a)
(c) ............................. 73,760 8,846,590
Flycast Communications Corp.
(a) ............................. 5,830 111,499
-------------
10,829,519
TELECOMMUNICATIONS - 23.35%
American Tower Corp. (a) (c) .... 85,610 2,054,640
Crown Castle International
Corp. (a) ....................... 279,730 5,821,881
E-Tek Dynamics Inc. (a) (c) ..... 47,940 2,280,146
JDS Uniphase Corp. (a) (c) ...... 15,790 2,621,140
Level 3 Communications Inc. (a)
(c) ............................. 58,845 3,534,378
McLeod USA Inc. (a) (c) ......... 128,195 7,050,725
Metromedia Fiber Network Inc.
(a) (c) ......................... 190,475 6,845,195
Nextlink Communications Inc.
(a) (c) ......................... 104,930 7,804,169
NTL Inc. (a) (c) ................ 60,000 5,171,250
Sprint Corp. (PCS Group) (c) .... 41,390 2,364,404
Verio Inc. (a) (c) .............. 20,260 1,408,070
-------------
46,955,998
-------------
Total United States ............ 177,119,530
-------------
Total Common Stocks
(cost $147,924,485) ......... 193,726,946
-------------
See notes to the financial statements.
<PAGE>
JNL/JANUS CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 3.65%
DIVERSIFIED FINANCIAL SERVICES -
3.63%
Household Finance Corp., 5.45%,
07/01/1999 ...................$7,300,000 $ 7,300,000
MONEY MARKET FUND - 0.02%
SSgA Money Market Fund, 4.83%
(b) ............................. 38,779 38,779
-------------
Total Short Term Investments
(cost $7,338,779) ........... 7,338,779
-------------
TOTAL INVESTMENTS -- 100%
(cost $155,263,264) ............. $201,065,725
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $155,325,864 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $48,112,879, the gross
unrealized depreciation was $2,373,018 and the net unrealized appreciation on
investments was $45,739,861.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Global Equities Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 249,423,857
===============
Investments in securities, at value ....... $ 334,865,533
Foreign currency .......................... 3,862,019
Receivables:
Dividends and interest .................. 137,121
Forward foreign currency
exchange contracts .................... 2,643,974
Foreign taxes recoverable ............... 163,710
Fund shares sold ........................ 465,264
Investment securities sold .............. 2,623,067
Collateral for securities loaned .......... 46,513,373
---------------
TOTAL ASSETS .............................. 391,274,061
---------------
LIABILITIES
Bank overdraft ............................ 72,279
Payables:
Investment advisory fees ................ 250,295
Administrative fees ..................... 25,758
Forward foreign currency
exchange contracts .................... 339,043
Foreign tax expense ..................... 9,330
Fund shares redeemed .................... 24,975
Investment securities purchased ......... 7,593,363
Return of collateral for securities loaned 46,513,373
---------------
TOTAL LIABILITIES ......................... 54,828,416
===============
NET ASSETS ................................ $ 336,445,645
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 244,926,384
Undistributed net investment income ....... 660,142
Accumulated net realized gain on
investments and foreign currency
related items .......................... 3,136,484
Net unrealized appreciation on:
Investments.............................. 85,441,676
Foreign currency related items........... 2,280,959
===============
NET ASSETS ................................ $ 336,445,645
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 13,618,774
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ......................... $ 24.70
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends ............................... $ 1,400,324
Interest ................................ 383,309
Securities lending ...................... 104,664
Foreign tax withholding ................. (177,313)
---------------
TOTAL INVESTMENT INCOME ................... 1,710,984
---------------
EXPENSES
Investment advisory fees ................ 1,347,697
Administrative fees ..................... 138,010
---------------
TOTAL OPERATING EXPENSES .................. 1,485,707
---------------
NET INVESTMENT INCOME ..................... 225,277
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on:
Investments ............................. 4,963,225
Foreign currency related items .......... 82,264
Net change in unrealized appreciation on:
Investments ............................. 22,593,458
Foreign currency related items........... 3,105,206
---------------
NET REALIZED AND UNREALIZED GAINS ......... 30,744,153
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ......................... $ 30,969,430
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Global Equities Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
--------------- ----------------
<S> <C> <C>
Operations:
Net investment income .......................................................... $ 225,277 $ 255,635
Net realized gain (loss) on:
Investments .................................................................... 4,963,225 630,606
Foreign currency related items ................................................. 82,264 (2,531,119)
Net change in unrealized appreciation (depreciation) on:
Investments .................................................................... 22,593,458 45,926,872
Foreign currency related items ................................................. 3,105,206 (758,325)
------------- -------------
Net increase in net assets from operations ..................................... 30,969,430 43,523,669
------------- -------------
Distributions to shareholders:
From net investment income ..................................................... -- (715,943)
From net realized gains on investment transactions ............................. -- --
------------- -------------
Total distributions to shareholders ............................................ -- (715,943)
------------- -------------
Share transactions:
Proceeds from the sale of shares ............................................... 99,673,680 83,519,461
Reinvestment of distributions .................................................. -- 715,943
Cost of shares redeemed ........................................................ (34,582,953) (37,707,917)
------------- -------------
Net increase in net assets from share transactions ............................. 65,090,727 46,527,487
------------- -------------
Net increase in net assets ..................................................... 96,060,157 89,335,213
Net assets beginning of period ................................................. 240,385,488 151,050,275
------------- -------------
Net assets end of period ....................................................... $ 336,445,645 $ 240,385,488
============= =============
Undistributed net investment income ............................................ $ 660,142 $ 434,865
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- --------------- -------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................. $ 22.11 $ 17.48 $ 15.20 $ 13.75 $ 10.00
---------- ------------ ------------ ----------- -----------
Income from operations:
Net investment income ................................. 0.01 0.04 0.07 0.03 0.10
Net realized and unrealized gains
on investments and
foreign currency related items ..................... 2.58 4.66 2.84 2.72 4.02
---------- ------------ ------------ ----------- -----------
Total income from operations .......................... 2.59 4.70 2.91 2.75 4.12
---------- ------------ ------------ ----------- -----------
Less distributions:
From net investment income ............................ -- (0.07) -- (0.08) --
From net realized gains on investment
transactions ....................................... -- -- (0.63) (0.90) (0.37)
Return of capital ..................................... -- -- -- (0.32) --
---------- ------------ ------------ ----------- -----------
Total distributions ................................... -- (0.07) (0.63) (1.30) (0.37)
---------- ------------ ------------ ----------- -----------
Net increase .......................................... 2.59 4.63 2.28 1.45 3.75
---------- ------------ ------------ ----------- -----------
Net asset value, end of period ........................ $ 24.70 $ 22.11 $ 17.48 $ 15.20 $ 13.75
========== ============ ============ =========== ===========
Total Return (a) ...................................... 11.71% 26.87% 19.12% 19.99% 41.51%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............. $ 336,446 $ 240,385 $ 151,050 $ 48,638 $ 16,141
Ratio of net operating expenses to average net
assets (b) (c) ..................................... 1.08% 1.14% 1.15% 1.14% 1.15%
Ratio of net investment income to average net
assets (b) (c) ..................................... 0.16% 0.13% 0.33% 0.37% 0.39%
Portfolio turnover .................................... 25.86% 81.46% 97.21% 52.02% 142.36%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses to
average net assets (b) ............................. 1.08% 1.30% 1.37% 1.63% 2.25%
Ratio of net investment income (loss)
to average net assets (b) ........................... 0.16% (0.03)% 0.11% (0.12)% (0.71)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 85.73%
CANADA - 1.57%
BANKS - 0.27%
Toronto-Dominion Bank ........... 19,547 $ 886,086
HOLDING - COMPANIES - 0.46%
Seagram Co. Ltd. ................ 30,655 1,544,246
MEDIA - 0.84%
Rogers Communications ........... 55,352 889,015
Shaw Communications ............. 8,306 328,856
Wideotron Groupe Ltd. ........... 102,722 1,608,672
------------
2,826,543
------------
Total Canada ................... 5,256,875
FINLAND - 2.64%
SOFTWARE - 0.56%
Tieto Corp. (c) ................. 44,970 1,872,836
TELECOMMUNICATIONS - 2.08%
Nokia OYJ "A" ................... 79,546 6,970,001
------------
Total Finland .................. 8,842,837
FRANCE - 6.17%
AUTO PARTS & EQUIPMENT - 0.22%
Valeo SA ........................ 9,015 743,449
COMMERCIAL SERVICES - 1.81%
Vivendi (c) ..................... 74,757 6,053,320
COMPUTERS - 1.27%
Atos SA (a) (c) ................. 15,278 1,559,184
Cap Gemini SA (c) ............... 17,210 2,703,718
------------
4,262,902
ENGINEERING & CONSTRUCTION - 0.67%
Suez Lyonnaise des Eaux ......... 12,418 2,238,912
FOOD - 0.65%
Carrefour Supermarche ........... 14,784 2,171,713
INSURANCE - 0.44%
Axa (c) ......................... 12,043 1,468,639
LODGING - 0.22%
Accor SA ........................ 726,680
2,895
OIL & GAS PRODUCERS - 0.56%
Elf Aquitaine ................... 12,657 1,856,655
PHARMACEUTICALS - 0.33%
Sanofi SA ....................... 26,380 1,119,026
------------
Total France ................... 20,641,296
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
GERMANY - 3.90%
APPAREL - 0.23%
Adidas - Salomon AG ............. 7,878 $ 781,650
AUTO MANUFACTURERS - 0.28%
DaimlerChrysler AG (a) .......... 10,892 943,154
BANKS - 0.51%
Deutsche Pfandbrief &
Hypothekenban ................... 18,866 1,711,426
MACHINERY - 2.88%
Mannesmann AG ................... 64,502 9,633,347
------------
Total Germany .................. 13,069,577
HONG KONG - 1.30%
BANKS - 0.27%
HSBC Holdings Plc (c) ........... 24,400 890,006
TELECOMMUNICATIONS - 1.03%
China Telecom Ltd. (c) .......... 1,246,000 3,460,843
------------
Total Hong Kong ............... 4,350,849
ITALY - 1.88%
BANKS - 0.75%
Banca Commerciale Italiana (c) .. 128,841 940,336
Banca di Roma (c) ............... 804,681 1,157,160
Credito Italiano SpA (c) ........ 94,601 415,433
------------
2,512,929
COMPUTERS - 0.06%
Tecnost SpA (c) ................. 76,164 187,648
INSURANCE - 0.60%
Assicurazioni Generali .......... 58,217 2,016,437
TELECOMMUNICATIONS - 0.47%
Telecom Italia SpA (c) .......... 262,355 1,565,898
------------
Total Italy ................... 6,282,912
JAPAN - 7.21%
AUTO MANUFACTURING - 0.39%
Honda Motor Co. Ltd. ............ 31,000 1,314,623
BEVERAGES - 0.52%
Kirin Brewery Co. Ltd. .......... 145,000 1,738,034
COMPUTERS - 0.57%
Fujitsu Ltd. (c) ................ 95,000 1,912,251
COSMETICS & PERSONAL CARE - 0.31%
Kao Corp. ....................... 37,000 1,039,927
DISTRIBUTION & WHOLESALE - 0.22%
Softbank Corp. (c) .............. 3,600 729,404
See notes to the financial statements.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
HOME FURNISHINGS - 0.59%
Sony Corp. (c) ................... 18,400 $1,984,955
PHARMACEUTICALS - 1.18%
Takeda Chemical Industries ...... 85,000 3,941,886
RETAIL - 0.28%
Ito-Yokado Co. Ltd. ............. 14,000 937,422
TELECOMMUNICATIONS - 3.15%
Nippon Telegraph & Telephone 7 81,590
Corp. ...........................
NTT Data Corp. (c) .............. 218 1,733,620
NTT Mobile Communications
Network Inc. (c) ............... 645 8,744,317
------------
10,559,527
------------
Total Japan .................... 24,158,029
NETHERLANDS - 6.17%
BANKS - 0.12%
ING Groep NV .................... 7,544 408,279
BEVERAGES - 0.69%
Heineken NV ..................... 45,398 2,323,548
COMPUTERS - 1.41%
Equant NV ....................... 10,584 975,400
Getronics NV .................... 97,376 3,744,177
------------
4,719,577
ELECTRONICS - 1.13%
Koninklijke Philips Electronics
NV .............................. 38,464 3,792,582
INSURANCE - 0.57%
Aegon NV (a)..................... 26,190 1,899,307
MEDIA - 1.42%
Wolters Kluwer NV ............... 119,719 4,763,717
SEMICONDUCTORS - 0.37%
ASM Lithography Holdings NV ..... 11,474 663,549
ASM Lithography Holdings NV NYS
(c) ............................. 9,560 567,625
------------
1,231,174
TELECOMMUNICATIONS - 0.46%
United Pan-Europe Communications
(c) ............................. 28,338 1,536,564
------------
Total Netherlands .............. 20,674,748
SPAIN - 3.47%
BANKS - 1.28%
Argentaria, Caja Postal y Banee . 45,052 1,024,043
Banco Bilbao Vizcaya (c) ........ 79,398 1,146,683
Banco Santander ................. 205,664 2,126,448
------------
4,297,174
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
SPAIN (CONTINUED)
RETAIL - 0.31%
Tele Pizza SA (a) (c) ........... 200,238 $1,036,205
TELECOMMUNICATIONS - 1.88%
Telefonica SA ................... 130,511 6,300,382
------------
Total Spain .................... 11,633,761
SWEDEN - 2.30%
COMMERCIAL SERVICES - 0.78%
Securities AB ................... 173,800 2,600,141
COMPUTERS - 0.13%
WM-Data AB (c) .................. 11,219 428,196
METALS & MINING - 0.90%
Assa Abloy AB (c) ............... 271,248 3,006,766
TELECOMMUNICATIONS - 0.49%
Telefonaktiebolaget LM Ericsson . 51,229 1,644,470
------------
Total Sweden ................... 7,679,573
SWITZERLAND - 2.62%
BANKS - 0.29%
Julius Baer Holding AG .......... 339 965,706
COMMERCIAL SERVICES - 0.13%
Kuoni Reisen Holdings .......... 111 421,131
INSURANCE - 0.35%
Zurich Allied AG ................ 2,037 1,157,937
PHARMACEUTICALS - 0.91%
Roche Holding AG ................ 296 3,041,656
TELECOMMUNICATIONS - 0.94%
Swisscom AG (a).................. 8,376 3,150,897
------------
Total Switzerland .............. 8,737,327
UNITED KINGDOM - 6.05%
ADVERTISING - 0.01%
WPP Group Plc ................... 3,255 27,557
BANKS - 0.27%
Lloyds TSB Group Plc ............ 67,501 916,623
COMMERCIAL SERVICES - 1.23%
Capita Group Plc ................ 24,844 257,088
Hays Plc ........................ 248,022 2,615,420
Rentokil Initial Plc ............ 324,577 1,258,572
------------
4,131,080
COMPUTERS - 1.19%
Logica Plc ...................... 334,684 3,520,313
SEMA Group Plc .................. 46,907 451,386
------------
3,971,699
See notes to the financial statements.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES -
0.17%
Amvescap Plc .................... 65,618 $ 585,933
FOOD - 0.49%
Compass Group Plc ............... 166,226
1,649,377
PHARMACEUTICALS - 0.27%
SmithKline Beecham Plc .......... 70,068 911,169
TELECOMMUNICATIONS - 2.42%
British Telecom Plc ............. 125,852 2,106,735
Colt Telecom Group Plc (a) ...... 59,191 1,239,022
Energis Plc (a) ................. 117,767 2,814,155
Orange Plc (a) .................. 76,227 1,118,623
Vodafone Group Plc .............. 41,333 813,086
------------
8,091,621
------------
Total United Kingdom ........... 20,285,059
UNITED STATES - 40.45%
AUTO MANUFACTURERS - 0.15%
Daimler Chrysler AG ............. 5,712 507,654
BIOTECHNOLOGY - 0.45%
Amgen Inc. (a) .................. 24,845 1,512,439
COMMERCIAL SERVICES - 0.55%
Paychex Inc. .................... 57,682 1,838,614
COMPUTERS - 5.98%
Cisco Systems Inc. (a) .......... 239,400 15,441,300
EMC Corp. (a) ................... 18,170 999,350
Equant NV (a) (c) ............... 12,426 1,169,597
Sun Microsystems Inc. (a) ....... 35,040 2,413,380
------------
20,023,627
COSMETICS & PERSONAL CARE - 0.97%
Estee Lauder Cos. Inc. (c) ...... 64,530 3,234,566
DIVERSIFIES FINANCIAL SERVICES -
1.02%
American Express Co. ............ 17,070 2,221,234
Federal National Mortgage
Association ..................... 17,560 1,200,665
------------
3,421,899
ELECTRONICS - 1.21%
Koninklijke Philips Electronics
NV .............................. 40,305 4,065,775
FOOD - 0.26%
Kroger Co. ...................... 31,350 875,841
HEALTHCARE - 0.49%
Meditronic Inc. ................. 21,225 1,652,897
MANUFACTURING - 3.89%
Tyco International Ltd. ......... 137,564 13,034,189
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
MEDIA - 6.31%
AT&T - Liberty Media Group ...... 74,325 $2,731,444
Chancellor Media Corp. (a) (c) .. 11,280 621,810
Clear Channel Communications
Inc. (a) ........................ 27,015 1,862,347
Comcast Corp. (a) ............... 118,140 4,541,006
Grupo Televisa SA-GDR (a) ....... 18,810 842,923
MediaOne Group Inc. (a) ......... 12,800 952,000
Rogers Communications (a) ....... 22,215 359,605
Time Warner Inc. ................ 106,825 7,851,638
Viacom Inc. (a) ................. 31,010 1,364,440
------------
21,127,213
OIL & GAS PRODUCERS - 0.37%
Enron Corp. ..................... 15,000 1,226,250
PHARMACEUTICALS - 3.02%
America Home Products Corp. ..... 12,805 736,287
Pfizer Inc. ..................... 14,125 1,550,219
Pharmacia & Upjohn Inc. (c) ..... 62,605 3,556,747
Sepracor Inc. (c) ............... 8,915 724,344
SmithKline Beecham Plc - ADR .... 18,715 1,236,360
Warner-Lambert Co. .............. 33,074 2,294,509
------------
10,098,466
RETAIL - 0.71%
Amazon.com Inc. (a) (c) ......... 8,960 1,121,120
eBay Inc. (a) (c) ............... 8,315 1,255,565
------------
2,376,685
SOFTWARE - 3.29%
America Online Inc. (a) ......... 9,370 1,035,385
Intuit Inc. (a) ................. 11,995 1,081,049
Microsoft Corp. (a) ............. 98,540 8,887,076
------------
11,003,510
TELECOMMUNICATIONS - 11.13%
AirTouch Communications Inc. (a)
(c) ............................. 36,230 3,900,386
AT&T Corp. ...................... 86,910 4,850,664
Ericsson (LM) - ADR (c) ......... 36,867 1,214,307
Global Telesystems Group Inc.
(a) (c) ......................... 7,455 603,855
Level 3 Communications Inc. (a)
(c) ............................. 18,915 1,136,082
MCI WorldCom Inc. (a) ........... 60,980 5,248,091
Nokia Corp. - ADR ............... 70,720 6,475,300
NTL Inc. (a) (c) ................ 18,130 1,562,579
Sprint Corp. (PCS Group) (c) .... 39,260 2,242,728
Telecom Argentina SA - ADR (a)
(c) ............................. 19,085 510,524
Telecomunicacoes Braileriras SA-
ADR (c) ...................... 45,270 4,082,788
Telefonica de Argentina SA - ADR 26,430 829,241
Telefonica SA - ADR ............. 4,837 711,620
Telefonos de Mexico ............. 39,850 3,220,378
US West Inc. .................... 11,380 668,575
------------
37,257,118
TRANSPORTATION - 0.65%
FDX Corp. (a) ................... 40,020 2,171,085
------------
See notes to the financial statements.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
Total United States ............ $135,427,828
--------------
Total Common Stocks
(cost $201,965,926) ......... 287,040,671
--------------
CORPORATE BONDS - 0.26%
ITALY - 0.26%
COMPUTERS - 0.26%
Tecnost International., 1.00%,
06/23/2004 ................... $ 651,419 884,849
------------
Total Corporate Bonds
(cost $651,419) ............. 884,849
------------
SHARES
------
PREFERRED STOCKS - 1.58%
GERMANY - 0.73%
AUTO MANUFACTURERS - 0.40%
Porsche AG ...................... 569 1,337,343
INSURANCE - 0.33%
Marschollek Laut und Partner AG . 2,336 1,112,527
------------
Total Germany .................. 2,449,870
UNITED STATES - 0.85%
MEDIA - 0.85%
UnitedGlobalCom Inc. ............ 56,955 2,847,750
------------
Total Preferred Stocks
(cost $5,173,119) ........... 5,297,620
------------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 12.43%
DIVERSIFIED FINANCIAL SERVICES -
12.18%
Associated Corp. of North
America,
5.25%, 07/01/1999 ............ $15,000,000 $15,000,000
CIT Group Inc., 5.59%,
07/01/1999 ..................... 10,000,000 10,000,000
Household Finance Corp., 5.45%,
07/01/1999 ................... 15,800,000 15,800,000
------------
40,800,000
MONEY MARKET FUNDS - 0.03%
SSgA Money Market Fund, 4.83%
(b) ............................ 94,340 94,340
U.S. GOVERNMENT SECURITIES - 0.22%
U.S. Treasury Bill, 4.45%,
07/22/1999 ..................... 750,000 748,053
------------
Total Short Term Investments
(cost $41,642,393) ......... 41,642,393
------------
TOTAL INVESTMENTS - 100%
(cost $249,423,857) ........... $334,865,533
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $249,884,448 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $89,910,258, the gross
unrealized depreciation was $4,929,173 and the net unrealized appreciation on
investments was $84,981,085.
Forward foreign currency exchange contracts open at June 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/15/99 850,000 Euro $ 877,174 995,435 US $ $ 995,435
7/28/99 900,000 Euro 929,647 1,058,220 US $ 1,058,220
8/12/99 3,700,000 Euro 3,826,152 4,369,700 US $ 4,369,700
8/27/99 6,050,000 Euro 6,263,322 7,092,415 US $ 7,092,415
9/16/99 343,000,000 Japanese Yen 2,868,001 2,964,564 US $ 2,964,564
10/8/99 1,000,000 Canadian $ 680,074 684,471 US $ 684,471
10/8/99 750,000 Swiss Franc 487,905 513,875 US $ 513,875
10/8/99 3,332,194 US $ 3,332,194 2,068,000 British Sterling Pound 3,262,638
10/8/99 4,768,000 British Sterling 7,522,368 7,686,493 US $ 7,686,493
Pound
</TABLE>
See notes to the financial statements.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
Forward foreign currency exchange contracts open at June 30, 1999 (continued):
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
10/8/99 7,356,981 US $ $ 7,356,981 850,000,000 Japanese Yen $ 7,131,966
10/8/99 1,160,000,000Japanese Yen 9,733,036 10,074,485 US $ 10,074,485
10/14/99 600,000 British Sterling Pound 946,693 971,640 US $ 971,640
10/14/99 400,000,000 Japanese Yen 3,359,343 3,431,415 US $ 3,431,415
10/21/99 600,000 Swiss Franc 390,900 412,371 US $ 412,371
10/21/99 196,000,000 Japanese Yen 1,647,868 1,692,328 US $ 1,692,328
11/18/99 200,000 Canadian $ 136,082 137,601 US $ 137,601
11/18/99 150,000 Swiss Franc 98,037 104,749 US $ 104,749
11/18/99 273,750,000 Japanese Yen 2,311,603 2,366,195 US $ 2,366,195
12/3/99 230,000,000 Japanese Yen 1,946,724 1,916,667 US $ 1,916,667
12/9/99 5,232,000 British Sterling Pound 8,262,218 8,420,212 US $ 8,420,212
5/5/00 28,000,000 Honk Kong $ 3,576,436 3,568,756 US $ 3,568,756
----------------- ----------------
$ 66,552,758 $ 68,856,196
================= ================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/PIMCO Total Return Bond Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 9,177,958
===============
Investments in securities, at value ....... $ 9,036,185
Receivables:
Interest ............................... 71,667
Fund shares sold ....................... 237
Variation margin ....................... 15,125
---------------
TOTAL ASSETS .............................. 9,123,214
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 4,854
Administrative fees .................... 693
Fund shares redeemed ................... 226
Investment securities purchased ....... 187,187
Options written, at value
(Premiums received $1,068) ............. 766
---------------
TOTAL LIABILITIES ......................... 193,726
===============
NET ASSETS ................................ $ 8,929,488
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 9,026,433
Undistributed net investment income ....... 189,239
Accumulated net realized loss
on investments and futures contracts ... (151,205)
Net unrealized appreciation (depreciation)
on:
Investments ............................ (141,773)
Futures contracts ...................... 6,492
Options written ........................ 302
---------------
NET ASSETS ................................ $ 8,929,488
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 890,572
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.03
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest ............................... $ 219,434
---------------
EXPENSES
Investment advisory fees ............... 26,421
Administrative fees .................... 3,774
---------------
TOTAL OPERATING EXPENSES .................. 30,195
---------------
NET INVESTMENT INCOME ..................... 189,239
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss) on:
Investments ............................ (61,327)
Futures contracts ...................... (95,683)
Options written ........................ 6,956
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ (166,132)
Futures contracts ...................... 18,930
Options written ........................ 302
---------------
NET REALIZED AND UNREALIZED LOSSES ........ (296,954)
---------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................ $ (107,715)
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/PIMCO Total Return Bond Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income ............................................................ $ 189,239 $ 180,694
Net realized gain (loss) on:
Investments ...................................................................... (61,327) 35,855
Futures contracts ................................................................ (95,683) 18,225
Options written .................................................................. 6,956 --
Net change in unrealized appreciation (depreciation) on:
Investments ................................................................... (166,132) 24,359
Futures contracts ................................................................ 18,930 (12,438)
Options written .................................................................. 302 --
----------- -----------
Net increase (decrease) in net assets from operations ............................ (107,715) 246,695
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- (182,399)
From net realized gains on investment transactions ............................... -- (55,231)
----------- -----------
Total distributions to shareholders .............................................. -- (237,630)
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 3,970,203 7,323,899
Reinvestment of distributions .................................................... -- 237,630
Cost of shares redeemed .......................................................... (1,065,625) (1,437,969)
----------- -----------
Net increase in net assets from share transactions ............................... 2,904,578 6,123,560
----------- -----------
Net increase in net assets ....................................................... 2,796,863 6,132,625
Net assets beginning of period ................................................... 6,132,625 --
----------- -----------
Net assets end of period ......................................................... $ 8,929,488 $ 6,132,625
=========== ============
Undistributed net investment income .............................................. $ 189,239 $ --
=========== ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/PIMCO Total Return Bond Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................. $ 10.16 $ 10.00
------------ ------------
Income from operations:
Net investment income ................................................................ 0.21 0.31
Net realized and unrealized gains (losses) ........................................... (0.34) 0.26
on investments, futures contracts and options written
------------ ------------
Total income (loss) from operations ............................................... (0.13) 0.57
------------ ------------
Less distributions:
From net investment income ........................................................... -- (0.31)
From net realized gains on investment transactions ................................... -- (0.10)
------------ ------------
Total distributions ............................................................... -- (0.41)
------------ ------------
Net increase (decrease) ........................................................... (0.13) 0.16
------------ ------------
Net asset value, end of period ....................................................... $ 10.03 $ 10.16
============ ============
Total Return (a) ..................................................................... (1.28)% 5.70%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................. $ 8,929 $ 6,133
Ratio of net operating expenses to average net assets (b) (c) ........................ 0.80% 0.85%
Ratio of net investment income to average net assets (b) (c) ......................... 5.01% 4.95%
Portfolio turnover ................................................................... 37.33% 269.16%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ............................ 0.80% 1.57%
Ratio of net investment income to average net assets (b) ............................. 5.01% 4.23%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
JNL/PIMCO TOTAL RETURN BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES -- 8.60%
DIVERSIFIED FINANCIAL SERVICES -- 8.60%
Countrywide Mortgage Backed
Securities Inc., 6.25%, 08/25/2014...... $300,000 $ 290,203
Ford Credit Auto Owner Trust, 5.73%, 128,210
11/15/2000 ............................ 128,370
GE Capital Mortgage Services Inc.,
6.00%, 07/25/2029....................... 300,000 300,706
Green Tree Financial Corp., 6.06%,
11/15/2029.............................. 57,687 57,740
------------
Total Asset Backed Securities
(cost $784,659) ............... 777,019
------------
CORPORATE BONDS -- 41.43%
BANKS -- 6.69%
Bank One Corp., 8.25%, 06/15/2002 ....... 200,000 209,738
Bank of America, 6.20%, 08/15/2003 ...... 200,000 196,774
PNC Bank Corp., 4.989%, 08/15/2002 ...... 200,000 198,248
------------
604,760
CHEMICALS -- 2.32%
Dow Chemical Co., 8.04%, 07/02/2005 ..... 200,000 209,682
COMMERCIAL SERVICES -- 2.76%
Cox Enterprises Inc.,
6.625%, 06/14/2002 .................... 250,000 249,230
DIVERSIFIED FINANCIAL SERVICES -- 14.46%
General Motors Acceptance Corp.,
5.095%, 04/29/2002 .................... 200,000 199,254
Goldman Sachs Group LP,
7.80%, 07/15/2002 ..................... 115,000 118,909
Lehman Brothers Holdings Inc.,
6.375%, 05/07/2002..................... 100,000 98,455
Lehman Brothers Holdings Plc,
5.327%, 09/03/2002..................... 200,000 196,660
Merrill Lynch & Co. Inc.,
5.45%, 01/11/2002...................... 250,000 251,990
Parker Retirement Savings Plan,
6.34%, 07/05/2008 ..................... 250,000 238,436
Sears Roebuck Acceptance Corp.,
7.03%, 06/04/2003 ..................... 200,000 202,678
------------
1,306,382
ELECTRIC -- 1.42%
Niagara Mohawk Power Corp., 9.50%,
06/01/2000 ............................ 125,000 128,610
INSURANCE -- 4.46%
Allstate Corp., 6.75%, 06/15/2003 ....... 200,000 200,392
SAFECO Corp., 7.02%, 09/18/2002 ......... 200,000 202,388
------------
402,780
OIL & GAS PRODUCERS -- 2.70%
Nabors Industries Inc., 6.80%,
04/15/2004 ............................. 250,000 243,928
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
SOVEREIGN -- 2.21%
Republic of Argentina, 7.70%,
08/15/1999 ............................ $ 200,000 $ 199,750
TELECOMMUNICATIONS -- 3.30%
US West Communications Inc.,
5.65%, 11/01/2004 ..................... 315,000 298,255
TOBACCO -- 1.11%
Philip Morris Cos. Inc., 6.15%,
03/15/2000 ............................ 100,000 100,396
------------
Total Corporate Bonds
(cost $3,797,200) ............. 3,743,773
------------
U.S. GOVERNMENT SECURITIES -- 14.86%
U.S. GOVERNMENT AGENCIES -- 14.86%
Federal Home Loan Mortgage Corp.,
7.00%, 05/15/2023....................... 1,209,032 1,148,193
Government National Mortgage
Association, 7.50%, 04/30/2039 ......... 200,000 194,938
------------
Total U.S. Government
Securities
(cost $1,423,837) ............. 1,343,131
------------
SHORT TERM INVESTMENTS -- 35.11%
COSMETICS & PERSONAL CARE -- 2.21%
Procter & Gamble Co., 4.94%,
07/15/1999 ........................... 200,000 199,616
DIVERSIFIED FINANCIAL SERVICES -- 4.42%
General Motors Acceptance Corp.,
5.02%, 07/14/1999 .................... 100,000 99,819
IBM Credit Corp., 4.98%, 07/15/1999...... 300,000 299,419
------------
399,238
MANUFACTURING -- 4.41%
General Electric Capital Corp.
4.98%, 07/21/1999....................... 200,000 199,447
4.79%, 07/28/1999....................... 200,000 199,282
------------
398,729
U.S. GOVERNMENT AGENCIES -- 15.46%
Federal Home Loan Mortgage Corp.
5.00%, 07/08/1999....................... 200,000 199,805
4.78%, 07/16/1999....................... 300,000 299,403
4.83%, 07/16/1999....................... 800,000 798,390
4.50%, 08/23/1999....................... 100,000 99,287
------------
1,396,885
See notes to the financial statements.
<PAGE>
JNL/PIMCO TOTAL RETURN BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS (CONTINUED)
U.S. TREASURY BILL -- 0.77%
U.S. Treasury Bill
4.545%, 09/16/1999...................... $ 20,000 $ 19,806
4.49%, 09/16/1999 (b)................... 30,000 29,712
4.47%, 09/16/1999....................... 10,000 9,904
4.435%, 09/16/1999...................... 10,000 9,905
------------
69,327
MONEY MARKET FUND -- 3.42%
SSgA Money Market Fund, 4.83% (a) ....... 308,795 308,795
TELECOMMUNICATIONS -- 4.42%
Ameritech Corp., 4.92%, 07/07/1999 ...... 400,000 399,672
------------
Total Short Term Investments
(cost $3,172,262) .................... 3,172,262
------------
TOTAL INVESTMENTS -- 100%
(cost $9,177,958) ....................... $9,036,185
============
- --------------------------------------------------------------------------------
(a) Dividend yield changes daily to reflect current market conditions. Rate
stated is the quoted yield as of June 30, 1999.
(b) Security has been pledged to cover margin requirements for open futures
contracts.
Based on the cost of investments of $9,178,041 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $2,286, the gross
unrealized depreciation was $144,142 and the net unrealized depreciation on
investments was $141,856.
SCHEDULE OF OPTIONS WRITTEN (UNAUDITED)
JUNE 30, 1999
CONTRACTS
($100,000 MARKET
PER CONTRACT) VALUE
------------- -----
1 U.S. Treasury Bond Future Call Option
Expiration August 1999, Exercise price $126 ..... $(16)
1 U.S. Treasury Bond Future Put Option
Expiration August 1999, Exercise price $114 ..... (750)
============
$(766)
============
SCHEDULE OF FUTURES CONTRACTS (UNAUDITED)
JUNE 30, 1999
CONTRACTS
($100,000 UNREALIZED
PER CONTRACT) APPRECIATION
------------- ------------
8 U.S. Treasury Notes Futures
Expiration September 1999 ...................... $3,687
9 U.S. Treasury Bond Futures
Expiration September 1999 ...................... 2,805
=============
$6,492
=============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 244,951,310
===============
Investments in securities, at value ....... $ 301,711,806
Cash ...................................... 218,700
Receivables:
Dividends and interest ................. 75,176
Fund shares sold ....................... 711,448
Investment securities sold ............. 1,600,385
Collateral for securities loaned .......... 20,574,299
---------------
TOTAL ASSETS .............................. 324,891,814
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 197,833
Administrative fees .................... 22,549
Fund shares redeemed ................... 36,496
Investment securities purchased ........ 2,367,390
Return of collateral for securities loaned 20,574,299
---------------
TOTAL LIABILITIES ......................... 23,198,567
---------------
NET ASSETS ................................ $ 301,693,247
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 229,765,948
Undistributed net investment loss ......... (259,700)
Accumulated net realized gain on 15,426,503
investments
Net unrealized appreciation on investments 56,760,496
===============
NET ASSETS ................................ $ 301,693,247
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ........... 12,055,045
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 25.03
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 599,824
Interest ............................... 230,009
Securities lending income .............. 11,409
Foreign tax withholding ................ (1,877)
---------------
TOTAL INVESTMENT INCOME .................. 839,365
---------------
EXPENSES
Investment advisory fees ............... 987,289
Administrative fees .................... 111,776
---------------
TOTAL OPERATING EXPENSES .................. 1,099,065
---------------
NET INVESTMENT LOSS ....................... (259,700)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 15,235,126
Net change in unrealized appreciation
on investments ......................... 6,704,127
---------------
NET REALIZED AND UNREALIZED GAINS ......... 21,939,253
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 21,679,553
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment loss .......................................................... $ (259,700) $ (86,290)
Net realized gain on investments ............................................. 15,235,126 227,951
Net change in unrealized appreciation on investments ......................... 6,704,127 39,483,153
------------- -------------
Net increase in net assets from operations ................................... 21,679,553 39,624,814
------------- -------------
Distributions to shareholders
From net investment income ................................................... -- (85,266)
From net realized gains on investment transactions ........................... -- (263,115)
------------- -------------
Total distributions to shareholders .......................................... -- (348,381)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................. 120,567,733 87,352,638
Reinvestment of distributions ................................................ -- 348,381
Cost of shares redeemed ...................................................... (22,651,508) (28,492,435)
------------- -------------
Net increase in net assets from share transactions ........................... 97,916,225 59,208,584
------------- -------------
Net increase in net assets ................................................... 119,595,778 98,485,017
Net assets beginning of period ............................................... 182,097,469 83,612,452
Net assets end of period ..................................................... $ 301,693,247 $ 182,097,469
============= =============
Undistributed net investment loss ............................................ $ (259,700) $ --
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 22.88 $ 16.99 $ 14.21 $ 12.50 $ 10.00
----------- ---------- ---------- ---------- --------
Income from operations:
Net investment income (loss) ........................... (0.02) (0.01) 0.04 0.04 0.01
Net realized and unrealized gains on investments ....... 2.17 5.94 3.07 2.12 3.66
----------- ---------- ---------- ---------- --------
Total income from operations ........................... 2.15 5.93 3.11 2.16 3.67
----------- ---------- ---------- ---------- --------
Less distributions:
From net investment income ............................. -- (0.01) (0.02) (0.05) --
From net realized gains on investment transactions ..... -- (0.03) (0.31) (0.40) (1.17)
----------- ---------- ---------- ---------- --------
Total distributions .................................... -- (0.04) (0.33) (0.45) (1.17)
----------- ---------- ---------- ---------- --------
Net increase ........................................... 2.15 5.89 2.78 1.71 2.50
----------- ---------- ---------- ---------- --------
Net asset value, end of period ......................... $ 25.03 $ 22.88 $ 16.99 $ 14.21 $ 12.50
=========== ========== ========== ========== ========
Total Return (a) ....................................... 9.40% 34.93% 21.88% 17.28% 37.69%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 301,693 $ 182,097 $ 83,612 $ 22,804 $ 2,518
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 0.98% 1.01% 1.05% 1.04% 0.95%
Ratio of net expenses to average net assets (c) ........ -- -- 1.13% -- --
Ratio of net investment income (loss)
to average net assets (b) (c) ........................ 0.23% (0.07)% 0.31% 0.94% 0.28%
Portfolio turnover ..................................... 45.44% 70.55% 194.81% 184.33% 255.03%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio expenses to average net assets (b) ............... 0.98% 1.01% 1.05% 1.27% 5.38%
Ratio of net investment income (loss)
to average net assets (b) ............................ 0.23% (0.07)% 0.31% 0.71% (4.15)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/PUTNAM GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -94.83%
ADVERTISING - 1.32%
Interpublic Group of Companies
Inc. ................................. 46,000 $ 3,984,750
AEROSPACE & DEFENSE - 2.45%
United Technologies Corp. ............ 78,600 5,634,638
Allied Signal Inc. ................... 28,000 1,764,000
------------
7,398,638
APPAREL- 0.25%
Nike Inc. ............................ 12,100 766,082
BANKS - 4.21%
Bank of America Corp. (c) ............ 30,200 2,214,037
Comerica Inc. ........................ 23,100 1,373,006
Fifth Third Bancorp .................. 32,800 2,183,250
Firstar Corp. (c) ................... 130,300 3,648,400
Northern Trust Corp. (c) ............. 8,600 834,200
Wells Fargo Co. ...................... 50,600 2,163,150
Zions Bancorp. (c) ................... 4,500 285,750
------------
12,701,793
BIOTECHNOLOGY - 1.25%
Amgen Inc. (a) ....................... 28,800 1,753,200
Biogen Inc. (a) (c) ................. 31,600 2,032,275
------------
3,785,475
CHEMICALS - 1.38%
E. I. Du Pont de Nemours & Co. ....... 26,900 1,837,606
Praxair Inc. ......................... 47,700 2,334,319
------------
4,171,925
COMPUTERS - 8.09%
Apple Computer Inc. (a) (c) .......... 28,300 1,310,644
Cisco Systems Inc. (a) ............... 83,700 5,382,956
Converse Technology Inc. (a) (c) ..... 19,550 1,476,025
EMC Corp. (a) ........................ 31,200 1,716,000
Hewlett-Packard Co. .................. 29,100 2,924,550
International Business Machines
Corp. ................................ 49,000 6,333,250
Sun Microsystems Inc. (a) ............ 50,300 3,464,412
Unisys Corp. (a) ..................... 46,000 1,791,125
------------
24,398,962
COSMETICS & PERSONAL CARE - 2.60%
Colgate-Palmolive Co. ................ 28,100 2,774,875
Estee Lauder Cos. Inc. (c) ........... 67,000 3,358,375
Kimberly-Clark Corp. ................. 30,200 1,721,400
------------
7,854,650
DIVERSIFIED FINANCIAL SERVICES -
5.99%
American Express Co. ................. 31,700 4,124,962
Capital One Financial Corp. .......... 27,300 1,520,269
Charles Schwab Corp. ................. 22,600 2,483,175
Citigroup Inc. ....................... 121,450 5,768,875
Morgan Stanley Dean Witter & Co. ..... 18,900 1,937,250
Providian Financial Corp. ............ 24,000 2,244,000
------------
18,078,531
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
ELECTRONICS - 1.28%
Honeywell Inc. ....................... 11,500 $1,332,562
Solectron Corp. (a) .................. 37,700 2,514,119
------------
3,846,681
FOOD - 0.85%
Safeway Inc. (a) ..................... 51,900 2,569,050
HEALTHCARE - 0.81%
Allergan Inc. ........................ 9,200 1,021,200
Bausch & Lomb Inc. ................... 18,500 1,415,250
------------
2,436,450
HOLDING COMPANIES - DIVERSIFIED -
0.28%
First Security Corp. ................. 31,500 858,376
HOUSEHOLD PRODUCTS - 0.55%
Clorox Co. ........................... 15,600 1,666,275
INSURANCE - 3.26%
Aflac Inc. ........................... 26,900 1,287,838
American General Corp. ............... 24,000 1,809,000
American International Group Inc. .... 51,600 6,040,425
Lincoln National Corp. ............... 13,100 685,293
------------
9,822,556
LEISURE TIME - 0.81%
Carnival Corp. ....................... 50,100 2,429,851
MANUFACTURING - 6.96%
General Electric Co. ................. 91,400 10,328,200
Tyco International Ltd. .............. 112,500 10,659,375
------------
20,987,575
MEDIA - 7.25%
AT&T - Liberty Media (a) ............. 134,864 4,956,252
Clear Channel Communications Inc.
(a) .................................. 16,600 1,144,362
Comcast Corp. (a) .................... 38,400 1,476,000
MediaOne Group Inc. (a) .............. 47,000 3,495,625
Time Warner Inc. ..................... 86,500 6,357,750
Viacom Inc. "B" (a) .................. 100,800 4,435,200
------------
21,865,189
OFFICE & BUSINESS EQUIPMENT - 1.13%
Lexmark International Group Inc.
(a) .................................. 12,700 838,994
Pitney Bowes Inc. .................... 40,100 2,576,425
------------
3,415,419
OIL & GAS PRODUCERS - 3.15%
Conoco Inc. (a) ...................... 41,000 1,142,875
Enron Corp. .......................... 45,000 3,678,750
Exxon Corp. .......................... 60,600 4,673,775
------------
9,495,400
PACKAGING & CONTAINERS - 0.39%
Sealed Air Corp. (a) ................. 17,900 1,161,262
See notes to the financial statements.
<PAGE>
JNL/PUTNAM GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
PHARMACEUTICALS - 6.70%
American Home Products Corp. ......... 54,400 $3,128,000
Immunex Corp. (a) (c) ................ 4,500 573,468
Johnson & Johnson .................... 34,600 3,390,800
Pharmacia & Upjohn Inc. .............. 53,500 3,039,469
Schering-Plough Corp. ................ 110,600 5,861,800
Warner-Lambert Co. ................... 61,000 4,231,875
------------
20,225,412
RETAIL - 11.23%
Amazon.com Inc. (a) (c) .............. 9,700 1,213,712
Best Buy Co Inc. (a) ................. 28,700 1,937,250
Costco Cos. Inc. (a) (c) ............. 53,400 4,275,337
CVS Corp. ............................ 80,900 4,105,675
Dayton Hudson Corp. .................. 26,700 1,735,500
Gap Inc. ............................. 44,400 2,236,650
Home Depot Inc. ...................... 77,300 4,981,019
TJX Cos. Inc. ........................ 94,400 3,144,700
Wal-Mart Stores Inc. ................. 146,600 7,073,450
Walgreen Co. ......................... 107,900 3,169,563
------------
33,872,856
SEMICONDUCTORS - 2.52%
Motorola Inc. ........................ 64,100 6,073,475
Texas Instruments Inc. ............... 10,600 1,537,000
------------
7,610,475
SOFTWARE - 4.95%
America Online Inc. (a) .............. 19,000 2,099,500
CMGI Inc. (a) (c) .................... 9,300 1,060,781
Microsoft Corp. (a) .................. 130,600 11,778,488
------------
14,938,769
TELECOMMUNICATIONS - 14.02%
Alltel Corp. ......................... 18,700 1,337,050
Bellsouth Corp. ...................... 59,500 2,789,062
Lucent Technologies Inc. ............. 118,000 7,957,625
MCI WorldCom Inc. (a) ................ 65,900 5,671,519
Nokia Corp. - ADR (a) ................ 32,100 2,939,156
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
Qualcomm Inc. (a) (c) ................ 18,700 $ 2,683,450
SBC Communications Inc. .............. 107,900 6,258,200
Sprint Corp. ......................... 113,600 5,999,500
Sprint Corp. (PCS Group) (a) (c) ..... 24,500 1,399,563
Tellabs Inc. (a) ..................... 41,100 2,776,819
Vodafone Airtouch Plc - ADR (c) ...... 12,650 2,492,050
------------
42,303,994
TRANSPORTATION - 1.15%
FDX Corp. (a) ........................ 39,400 2,137,450
Union Pacific Corp. .................. 22,700 1,323,694
------------
3,461,144
------------
Total Common Stocks
(cost $229,347,044) .............. 286,107,540
------------
SHORT TERM INVESTMENTS - 5.17%
MONEY MARKET FUND - 0.00%
SSgA Money Market Fund, 4.83% (b) .... 266 266
PRINCIPAL
AMOUNT
------
REPURCHASE AGREEMENT - 5.17%
Repurchase agreement with Merrill
Lynch
4.70% (Collateralized by
$11,105,000
U.S. Treasury Bond, 12.00%, due
08/15/2013, market value
$15,612,936),
acquired on 06/30/1999, due
07/01/1999 ......................... $15,604,000 15,604,000
------------
Total Short Term Investments
(cost $15,604,266) ............... 15,604,266
------------
TOTAL INVESTMENTS - 100%
(cost $244,951,310) .................. $301,711,806
============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $245,016,878 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $60,274,657, the gross
unrealized depreciation was $3,579,729 and the net unrealized appreciation on
investments was $56,694,928.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Value Equity Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 259,249,816
===============
Investments in securities, at value ....... $ 284,961,312
Receivables:
Dividends and interest ................. 436,181
Foreign taxes recoverable .............. 6,428
Fund shares sold ....................... 667,384
Investment securities sold ............. 4,584,427
Collateral for securities loaned .......... 16,189,731
---------------
TOTAL ASSETS .............................. 306,845,463
---------------
LIABILITIES
Bank overdraft ............................ 307
Payables:
Investment advisory fees ............... 199,211
Administrative fees .................... 22,711
Fund shares redeemed ................... 16,759
Investment securities purchased ........ 2,795,683
Return of collateral for securities loaned 16,189,731
---------------
TOTAL LIABILITIES ......................... 19,224,402
---------------
NET ASSETS ................................ $ 287,621,061
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 247,942,716
Undistributed net investment income ....... 1,358,813
Accumulated net realized gain on
investments ............................... 12,608,036
Net unrealized appreciation on investments 25,711,496
===============
NET ASSETS ................................ $ 287,621,061
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 14,233,210
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 20.21
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 2,228,065
Interest ............................... 270,902
Securities lending income .............. 8,560
Foreign tax withholding ................ (8,813)
---------------
TOTAL INVESTMENT INCOME ................... 2,498,714
---------------
EXPENSES
Investment advisory fees ............... 1,023,827
Administrative fees .................... 116,074
---------------
TOTAL OPERATING EXPENSES .................. 1,139,901
---------------
NET INVESTMENT INCOME ..................... 1,358,813
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 10,261,731
Net change in unrealized appreciation
on investments ......................... 11,826,274
---------------
NET REALIZED AND UNREALIZED GAINS ......... 22,088,005
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 23,446,818
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Value Equity Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income ........................................................ $ 1,358,813 $ 1,666,756
Net realized gain on investments ............................................. 10,261,731 7,450,957
Net change in unrealized appreciation on investments ......................... 11,826,274 8,167,931
------------- -------------
Net increase in net assets from operations ................................... 23,446,818 17,285,644
------------- -------------
Distributions to shareholders
From net investment income ................................................... -- (1,674,663)
From net realized gains on investment transactions ........................... -- (5,357,383)
------------- -------------
Total distributions to shareholders .......................................... -- (7,032,046)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................. 90,332,690 99,834,026
Reinvestment of distributions ................................................ -- 7,032,046
Cost of shares redeemed ...................................................... (22,094,204) (29,748,935)
------------- -------------
Net increase in net assets from share transactions ........................... 68,238,486 77,117,137
------------- -------------
Net increase in net assets ................................................... 91,685,304 87,370,735
Net assets beginning of period ............................................... 195,935,757 108,565,022
------------- -------------
Net assets end of period ..................................................... $ 287,621,061 $ 195,935,757
============= =============
Undistributed net investment income .......................................... $ 1,358,813 $ --
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/Putnam Value Equity Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 18.24 $ 16.82 $ 14.50 $ 12.77 $ 10.00
----------- ----------- ----------- ---------- ---------
Income from operations:
Net investment income .................................. 0.26 0.16 0.13 0.10 0.23
Net realized and unrealized gains on investments ....... 1.71 1.94 3.03 1.97 2.86
----------- ----------- ----------- ---------- ---------
Total income from operations ........................... 1.97 2.10 3.16 2.07 3.09
----------- ----------- ----------- ---------- ---------
Less distributions:
From net investment income ............................. -- (0.16) (0.13) (0.15) (0.17)
From net realized gains on investment transactions ..... -- (0.52) (0.71) (0.19) (0.15)
----------- ----------- ----------- ---------- ---------
Total distributions ................................. -- (0.68) (0.84) (0.34) (0.32)
----------- ----------- ----------- ---------- ---------
Net increase ........................................ 1.97 1.42 2.32 1.73 2.77
----------- ----------- ----------- ---------- ---------
Net asset value, end of period ......................... $ 20.21 $ 18.24 $ 16.82 $ 14.50 $ 12.77
=========== =========== =========== ========== =========
Total Return (a) ....................................... 10.80% 12.48% 21.82% 16.25% 31.14%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 287,621 $ 195,936 $ 108,565 $ 17,761 $ 3,365
Ratio of net operating expenses
to average net assets (b) (c) ........................ 0.98% 1.01% 1.03% 0.85% 0.87%
Ratio of net investment income
to average net assets (b) (c) ........................ 1.17% 1.06% 1.43% 2.29% 2.33%
Portfolio turnover ..................................... 53.88% 77.80% 112.54% 13.71% 30.12%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) .......................... 0.98% 1.01% 1.09% 1.53% 2.28%
Ratio of net investment income
to average net assets (b) .......................... 1.17% 1.06% 1.37% 1.61% 0.91%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 92.53%
AEROSPACE & DEFENSE - 2.95%
AlliedSignal Inc. ............... 20,340 $ 1,281,420
Boeing Co. ...................... 74,560 3,294,620
Northrop Grumman Corp. .......... 22,875 1,516,898
Raytheon Co. - Class A .......... 33,760 2,325,220
-------------
8,418,158
AIRLINES - 1.83%
Delta Air Lines Inc. ............ 45,805 2,639,513
Southwest Airlines Co. .......... 82,827 2,577,990
-------------
5,217,503
AUTO MANUFACTURERS - 2.01%
Ford Motor Co. .................. 51,155 2,887,060
General Motors Corp. ............ 43,030 2,839,980
-------------
5,727,040
AUTO PARTS & EQUIPMENT - 1.33%
Delphi Automotive Systems Corp. . 30,074 558,242
Lear Corp. (a) .................. 17,910 891,023
TRW Inc. ........................ 42,890 2,353,589
-------------
3,802,854
BANKS - 9.48%
Bank of America Corp. (c) ....... 69,566 5,100,057
Bank One Corp. .................. 87,293 5,199,389
BankBoston Corp. ................ 38,680 1,977,515
Chase Manhattan Corp. ........... 20,750 1,797,469
Fleet Financial Group Inc. ...... 41,030 1,820,706
J.P. Morgan & Co. Inc. (c) ...... 22,775 3,199,888
National City Corp. ............. 25,950 1,699,725
PNC Bank Corp. .................. 44,426 2,560,048
U. S. Bancorp ................... 75,000 2,550,000
Wells Fargo Co. ................. 26,005 1,111,713
-------------
27,016,510
BEVERAGES - 1.03%
Anheuser-Busch Cos. Inc. ........ 11,150 790,953
Pepsi Bottling Group Inc. ....... 93,310 2,151,962
-------------
2,942,915
BIOTECHNOLOGY - 0.86%
Monsanto Co. .................... 62,055 2,447,294
CHEMICALS - 2.61%
Dow Chemical Co. ................ 20,605 2,614,259
E.I. du Pont de Nemours & Co. ... 48,770 3,331,601
Union Carbide Corp. ............. 30,690 1,496,138
-------------
7,441,998
COMMERCIAL SERVICES - 0.96%
Service Corp. International ..... 142,515 2,743,414
COMPUTERS - 3.52%
Electronic Data Systems Corp. ... 33,195 1,877,592
Hewlett-Packard Co. ............. 12,700 1,276,350
International Business Machines
Corp. ........................... 31,705 4,097,871
NCR Corp. (a) ................... 56,970 2,780,848
-------------
10,032,661
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
COSMETICS & PERSONAL CARE - 0.74%
Kimberly-Clark Corp. ............ 36,760 $ 2,095,320
DIVERSIFIED FINANCIAL SERVICES -
3.99%
Citigroup Inc. .................. 78,375 3,722,812
Federal National Mortgage 31,650 2,164,069
Association .....................
Goldman Sachs Group Inc. ........ 2,100 151,725
Lehman Brothers Holdings Inc. ... 54,380 3,385,155
Merrill Lynch & Co. Inc. ........ 24,230 1,936,886
-------------
11,360,647
ELECTRIC - 3.74%
Consolidated Edison Inc. ........ 41,790 1,890,997
Dominion Resources Inc. ......... 38,695 1,675,977
Duke Energy Corp. ............... 30,560 1,661,700
Edison International ............ 63,630 1,702,103
Entergy Corp. ................... 66,515 2,078,594
Texas Utilities Co. ............. 40,245 1,660,106
-------------
10,669,477
ELECTRICAL EQUIPMENT - 0.68%
Emerson Electric Co. ............ 30,710 1,930,891
ELECTRONICS - 0.49%
Parker-Hannifin Corp. ........... 30,425 1,391,944
ENVIRONMENTAL CONTROL - 0.46%
Waste Management Inc. ........... 24,540 1,319,025
FOOD - 2.64%
General Mills Inc. .............. 22,265 1,789,549
H.J. Heinz Co. .................. 19,760 990,470
Kellogg Co. ..................... 31,800 1,049,400
Quaker Oats Co. ................. 29,140 1,934,168
Sara Lee Corp. .................. 77,645 1,761,571
-------------
7,525,158
FOREST PRODUCTS & PAPER - 1.89%
Boise Cascade Corp. (c) ......... 92,890 3,982,659
Weyerhaeuser Co. ................ 20,245 1,391,844
-------------
5,374,503
HEALTHCARE - 2.12%
Bausch & Lomb Inc. .............. 14,900 1,139,850
Baxter International Inc. ....... 37,845 2,294,353
Mallinckrodt Inc. ............... 31,850 1,158,544
Tenet Healthcare Corp. (a) ...... 78,030 1,448,432
-------------
6,041,179
HOLDING COMPANIES - DIVERSIFIED -
0.59%
Seagram Co. Ltd. ................ 33,315 1,678,243
HOME FURNISHINGS - 0.73%
Whirlpool Corp. ................. 28,300 2,094,200
See notes to the financial statements.
<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
INSURANCE - 4.58%
Allstate Corp. .................. 57,970 $ 2,079,674
American General Corp. .......... 45,175 3,405,066
CIGNA Corp. ..................... 33,750 3,003,750
Chubb Corp. ..................... 25,120 1,745,840
The St. Paul Cos. Inc. .......... 65,995 2,099,466
Travelers Property Casualty
Corp. ........................... 18,200 712,075
-------------
13,045,871
LEISURE TIME - 1.26%
Hasbro Inc. (c) ................. 57,012 1,592,773
Mattel Inc. ..................... 76,090 2,011,629
-------------
3,604,402
MACHINERY - 1.61%
Caterpillar Inc. ................ 19,670 1,180,200
Deere & Co. ..................... 41,740 1,653,948
Rockwell International Corp. .... 29,015 1,762,661
-------------
4,596,809
MANUFACTURING - 2.09%
Cooper Industries Inc. .......... 18,165 944,580
Eastman Kodak Co. ............... 27,985 1,895,984
Minnesota Mining & Manufacturing
Co. ............................. 24,165 2,100,845
PPG Industries Inc. ............. 16,950 1,001,109
-------------
5,942,518
MEDIA - 1.87%
McGraw-Hill Cos. Inc. ........... 30,555 1,648,060
Times Mirror Co. - Class A (c) .. 35,180 2,084,415
Walt Disney Co. ................. 52,090 1,605,023
-------------
5,337,498
METALS & MINING - 0.71%
Alcoa Inc. ...................... 32,590 2,016,506
OFFICE & BUSINESS EQUIPMENT - 1.05%
Xerox Corp. ..................... 50,565 2,986,495
OIL & GAS PRODUCERS - 10.42%
Atlantic Richfield Co. .......... 29,935 2,501,443
Chevron Corp. ................... 25,890 2,464,404
Conoco Inc. - Class A (a) (c) ... 73,705 2,054,527
Exxon Corp. ..................... 49,260 3,799,177
Halliburton Co. ................. 63,285 2,863,646
Mobil Corp. ..................... 28,100 2,781,900
Occidental Petroleum Corp. ...... 104,925 2,216,541
Phillips Petroleum Co. .......... 32,980 1,659,306
Royal Dutch Petroleum Co. ....... 45,930 2,767,283
Sonat Inc. ...................... 48,745 1,614,678
Tosco Corp. ..................... 48,440 1,256,413
Unocal Corp. .................... 39,510 1,565,584
Williams Cos. Inc. .............. 50,405 2,145,363
-------------
29,690,265
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
PACKAGING & CONTAINERS - 1.82%
Owens-Illinois Inc. (a) ......... 96,465 $ 3,153,200
Smurfit-Stone Container Corp.
(a) ............................. 99,015 2,035,996
-------------
5,189,196
PHARMACEUTICALS - 5.32%
American Home Products Corp. .... 64,660 3,717,950
Bergen Brunswig Corp. - Class A . 49,500 853,875
Bristol-Myers Squibb Co. ........ 47,705 3,360,221
Merck & Co. Inc. ................ 49,905 3,692,970
Pharmacia & Upjohn Inc. ......... 62,010 3,522,943
-------------
15,147,959
RETAIL - 3.72%
Federated Department Stores Inc.
(a) (c) ......................... 49,425 2,616,436
Kmart Corp. (a) ................. 112,745 1,853,246
Rite Aid Corp. .................. 106,545 2,623,671
Saks Inc. (a) (c) ............... 55,670 1,607,471
Sears, Roebuck & Co. ............ 42,560 1,896,580
-------------
10,597,404
SAVINGS & LOANS - 1.77%
Charter One Financial Inc. ...... 100,210 2,787,090
Washington Mutual Inc. .......... 63,850 2,258,694
-------------
5,045,784
SEMICONDUCTORS - 1.06%
Motorola Inc. ................... 32,030 3,034,843
SOFTWARE - 0.43%
Seagate Technology Inc. (a) ..... 47,320 1,212,575
TELECOMMUNICATIONS - 8.61%
ALLTEL Corp. .................... 28,935 2,068,852
Ameritech Corp. ................. 21,205 1,558,568
AT&T Corp. ...................... 76,445 4,266,587
Bell Atlantic Corp. ............. 44,015 2,877,481
GTE Corp. ....................... 48,315 3,659,861
Nortel Networks Corp. ........... 24,335 2,112,582
SBC Communications Inc. ......... 68,500 3,973,000
Sprint Corp. .................... 37,950 2,004,234
U S West Inc. ................... 34,492 2,026,405
-------------
24,547,570
TOBACCO - 0.91%
Philip Morris Cos. Inc. ......... 64,600 2,596,113
TRANSPORTATION - 0.65%
Burlington Northern Santa Fe
Corp. ........................... 59,944 1,858,264
-------------
Total Common Stocks
(cost $238,009,510) ......... 263,721,006
-------------
See notes to the financial statements.
<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 7.47%
MONEY MARKET FUND - 0.00%
SSgA Money Market Fund, 4.83%
(b) ............................. $ 306 $ 306
REPURCHASE AGREEMENT - 7.47%
Repurchase agreement with Merrill
Lynch & Co., 4.70%
(Collateralized by
$15,115,000 U.S. Treasury
Bond, 12.00%, due 08/15/2013,
market value $21,250,745)
acquired on 06/30/1999,
due 07/01/1999 ........... 21,240,000 21,240,000
-------------
Short Term Investments
(cost $21,240,306) .......... 21,240,306
-------------
TOTAL INVESTMENTS - 100%
(cost $259,249,816) ............. $284,961,312
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $259,537,756 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $33,463,411, the gross
unrealized depreciation was $8,039,855 and the net unrealized appreciation on
investments was $25,423,556.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 38,066,879
===============
Investments in securities, at value ....... $ 39,610,541
Receivables:
Dividends and interest ................. 6,388
Fund shares sold ....................... 36,692
---------------
TOTAL ASSETS .............................. 39,653,621
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 5,789
Fund shares redeemed ................... 1,521
Investment securities purchased ........ 41,559
---------------
TOTAL LIABILITIES ......................... 48,869
===============
NET ASSETS ................................ $ 39,604,752
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 37,125,958
Undistributed net investment income ....... 367,995
Accumulated net realized gain on
investments ............................... 567,137
Net unrealized appreciation on investments 1,543,662
===============
NET ASSETS ................................ $ 39,604,752
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 3,486,928
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.36
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 22,644
---------------
EXPENSES
Investment advisory fees ............... 21,451
---------------
TOTAL OPERATING EXPENSES .................. 21,451
---------------
NET INVESTMENT INCOME ..................... 1,193
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 583,612
Net change in unrealized appreciation
on investments ......................... 1,241,677
---------------
NET REALIZED AND UNREALIZED GAINS ......... 1,825,289
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,826,482
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 9,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
Operations
<S> <C> <C>
Net investment income .......................................................... $ 1,193 $ 366,802
Net realized gain (loss) on investments ........................................ 583,612 (16,475)
Net change in unrealized appreciation on investments: .......................... 1,241,677 301,985
------------ ------------
Net increase in net assets from operations ..................................... 1,826,482 652,312
------------ ------------
Distributions to shareholders
From net investment income ..................................................... -- --
From net realized gain on investment transactions .............................. -- --
------------ ------------
Total distributions to shareholders ............................................ -- --
------------ ------------
Share transactions
Proceeds from the sale of shares ............................................... 29,330,836 10,018,487
Reinvestment of distributions .................................................. -- --
Cost of shares redeemed ........................................................ (1,578,571) (644,794)
------------ ------------
Net increase in net assets from share transactions ............................. 27,752,265 9,373,693
------------ ------------
Net increase in net assets ..................................................... 29,578,747 10,026,005
Net assets beginning of period ................................................. 10,026,005 --
------------ ------------
Net assets end of period ....................................................... $ 39,604,752 $ 10,026,005
============ ============
Undistributed net investment income ............................................ $ 367,995 $ 366,802
============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 9,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .............................................. $ 10.47 $ 10.00
----------- ----------
Income from operations:
Net investment income (loss) (c) .................................................. (0.28) 0.38
Net realized and unrealized gain on investments (c) ............................... 1.17 0.09
----------- ----------
Total income from operations ...................................................... 0.89 0.47
----------- ----------
Less distributions:
From net investment income ........................................................ -- --
From net realized gain on investment transactions ................................. -- --
----------- ----------
Total distributions ............................................................... -- --
----------- ----------
Net increase ...................................................................... 0.89 0.47
----------- ----------
Net asset value, end of period .................................................... $ 11.36 $ 10.47
=========== ==========
Total Return (a) .................................................................. 8.50% 4.70%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......................................... $ 39,605 $ 10,026
Ratio of net operating expenses to average net assets (b) ......................... 0.20% 0.20%
Ratio of net investment income to average net assets (b) .......................... 0.01% 14.15%
Portfolio turnover ................................................................ 17.31% 36.08%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 53,255,475
===============
Investments in securities, at value ....... $ 56,009,210
Receivable:
Fund shares sold ....................... 113,191
---------------
TOTAL ASSETS .............................. 56,122,401
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 8,145
Investment securities purchased ........ 113,191
---------------
TOTAL LIABILITIES ......................... 121,336
===============
NET ASSETS ................................ $ 56,001,065
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 51,690,231
Undistributed net investment income ....... 399,514
Accumulated net realized gain on
investments ............................... 1,157,585
Net unrealized appreciation on investments 2,753,735
===============
NET ASSETS ................................ $ 56,001,065
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 4,726,407
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.85
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 28,950
---------------
TOTAL OPERATING EXPENSES .................. 28,950
---------------
NET INVESTMENT LOSS ....................... (28,950)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 1,294,633
Net change in unrealized appreciation
on investments ......................... 1,965,056
---------------
NET REALIZED AND UNREALIZED GAINS ......... 3,259,689
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,230,739
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 9,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income (loss) ................................................... $ (28,950) $ 428,464
Net realized gain (loss) on investments ........................................ 1,294,633 (137,048)
Net change in unrealized appreciation on investments: .......................... 1,965,056 788,679
------------ ------------
Net increase in net assets from operations ..................................... 3,230,739 1,080,095
------------ ------------
Distributions to shareholders
From net investment income ..................................................... -- --
From net realized gain on investment transactions .............................. -- --
------------ ------------
Total distributions to shareholders ............................................ -- --
------------ ------------
Share transactions
Proceeds from the sale of shares ............................................... 42,056,095 13,290,877
Reinvestment of distributions .................................................. -- --
Cost of shares redeemed ........................................................ (1,897,505) (1,759,236)
------------ ------------
Net increase in net assets from share transactions ............................. 40,158,590 11,531,641
------------ ------------
Net increase in net assets ..................................................... 43,389,329 12,611,736
Net assets beginning of period ................................................. 12,611,736 --
------------ ------------
Net assets end of period ....................................................... $ 56,001,065 $ 12,611,736
============ ============
Undistributed net investment income ............................................ $ 399,514 $ 428,464
============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 9,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 10.63 $ 10.00
--------- ----------
Income from operations:
Net investment income (loss) (c) ...................................................... (0.27) 0.36
Net realized and unrealized gain on investments (c) ................................... 1.49 0.27
--------- ----------
Total income from operations .......................................................... 1.22 0.63
--------- ----------
Less distributions:
From net investment income ............................................................ -- --
From net realized gain on investment transactions ..................................... -- --
--------- ----------
Total distributions ................................................................... -- --
--------- ----------
Net increase .......................................................................... 1.22 0.63
--------- ----------
Net asset value, end of period ........................................................ $ 11.85 $ 10.63
========= ==========
Total Return (a) ...................................................................... 11.48% 6.30%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 56,001 $ 12,612
Ratio of net operating expenses to average net assets (b) ............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ....................... (0.20)% 13.74%
Portfolio turnover .................................................................... 23.63% 57.96%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 15,729,523
===============
Investments in securities, at value ....... $ 16,839,083
Receivable:
Fund shares sold ....................... 100,964
---------------
TOTAL ASSETS .............................. 16,940,047
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 2,402
Investment securities purchased ........ 100,964
---------------
TOTAL LIABILITIES ......................... 103,366
---------------
NET ASSETS ................................ $ 16,836,681
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 15,114,230
Undistributed net investment income ....... 99,967
Accumulated net realized gain
on investments ......................... 512,924
Net unrealized appreciation on investments 1,109,560
---------------
NET ASSETS ................................ $ 16,836,681
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 1,350,478
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 12.47
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 8,879
---------------
TOTAL OPERATING EXPENSES .................. 8,879
---------------
NET INVESTMENT LOSS ....................... (8,879)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 633,281
Net change in unrealized appreciation
on investments ......................... 706,267
---------------
NET REALIZED AND UNREALIZED GAINS ......... 1,339,548
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,330,669
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 8,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income (loss) ................................................... $ (8,879) $ 108,846
Net realized gain (loss) on investments ........................................ 633,281 (120,357)
Net change in unrealized appreciation on investments: .......................... 706,267 403,293
------------ ------------
Net increase in net assets from operations ..................................... 1,330,669 391,782
------------ ------------
Distributions to shareholders
From net investment income ..................................................... -- --
From net realized gain on investment transactions .............................. -- --
------------ ------------
Total distributions to shareholders ............................................ -- --
------------ ------------
Share transactions
Proceeds from the sale of shares ............................................... 11,420,136 6,129,056
Reinvestment of distributions .................................................. -- --
Cost of shares redeemed ........................................................ (339,145) (2,095,817)
------------ ------------
Net increase in net assets from share transactions ............................. 11,080,991 4,033,239
------------ ------------
Net increase in net assets ..................................................... 12,411,660 4,425,021
Net assets beginning of period ................................................. 4,425,021 --
------------ ------------
Net assets end of period ....................................................... $ 16,836,681 $ 4,425,021
============ ============
Undistributed net investment income ............................................ $ 99,967 $ 108,846
============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 8,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................... $ 10.88 $ 10.00
----------- ---------
Income from operations:
Net investment income (loss) (c) ....................................................... (0.19) 0.27
Net realized and unrealized gain on investments (c) .................................... 1.78 0.61
----------- ---------
Total income from operations ........................................................... 1.59 0.88
----------- ---------
Less distributions:
From net investment income ............................................................. -- --
From net realized gain on investment transactions ...................................... -- --
----------- ---------
Total distributions .................................................................... -- --
----------- ---------
Net increase ........................................................................... 1.59 0.88
----------- ---------
Net asset value, end of period ......................................................... $ 12.47 $ 10.88
=========== =========
Total Return (a) ....................................................................... 14.61% 8.80%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................... $ 16,837 $ 4,425
Ratio of net operating expenses to average net assets (b) .............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ........................ (0.20)% 7.34%
Portfolio turnover ..................................................................... 41.14% 126.18%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 7,433,204
===============
Investments in securities, at value ....... $ 7,824,375
Receivable:
Fund shares sold ....................... 15,532
---------------
TOTAL ASSETS .............................. 7,839,907
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 1,128
Investment securities purchased ........ 15,532
---------------
TOTAL LIABILITIES ......................... 16,660
---------------
NET ASSETS ................................ $ 7,823,247
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 6,852,155
Undistributed net investment income ....... 47,635
Accumulated net realized gain
on investments ......................... 532,286
Net unrealized appreciation on investments 391,171
---------------
NET ASSETS ................................ $ 7,823,247
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 593,987
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 13.17
===============
Statement of Operations(Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 4,127
---------------
TOTAL OPERATING EXPENSES .................. 4,127
---------------
NET INVESTMENT LOSS ....................... (4,127)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 517,203
Net change in unrealized appreciation
on investments ......................... 160,527
---------------
NET REALIZED AND UNREALIZED GAINS ......... 677,730
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 673,603
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 1,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ..................................................... $ (4,127) $ 51,762
Net realized gain on investments ................................................. 517,203 15,083
Net change in unrealized appreciation on investments: ............................ 160,527 230,644
----------- -----------
Net increase in net assets from operations ....................................... 673,603 297,489
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 8,581,296 3,155,187
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (3,872,983) (1,011,345)
----------- -----------
Net increase in net assets from share transactions ............................... 4,708,313 2,143,842
----------- -----------
Net increase in net assets ....................................................... 5,381,916 2,441,331
Net assets beginning of period ................................................... 2,441,331 --
----------- -----------
Net assets end of period ......................................................... $ 7,823,247 $ 2,441,331
=========== ===========
Undistributed net investment income .............................................. $ 47,635 $ 51,762
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 1,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- ----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 11.19 $ 10.00
---------- ---------
Income from operations:
Net investment income (loss) (c) ...................................................... (0.16) 0.24
Net realized and unrealized gains on investments (c) .................................. 2.14 0.95
---------- ---------
Total income from operations .......................................................... 1.98 1.19
---------- ---------
Less distributions:
From net investment income ............................................................ -- --
From net realized gain on investment transactions ..................................... -- --
---------- ---------
Total distributions ................................................................... -- --
---------- ---------
Net increase .......................................................................... 1.98 1.19
---------- ---------
Net asset value, end of period ........................................................ $ 13.17 $ 11.19
========== =========
Total Return (a) ...................................................................... 17.69% 11.90%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 7,823 $ 2,441
Ratio of net operating expenses to average net assets (b) ............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ....................... (0.20)% 5.73%
Portfolio turnover .................................................................... 105.23% 121.03%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 24,494,683
===============
Investments in securities, at value ....... $ 26,545,483
Receivable:
Fund shares sold ....................... 113,080
---------------
TOTAL ASSETS .............................. 26,658,563
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 3,523
Investment securities purchased ........ 113,080
---------------
TOTAL LIABILITIES ......................... 116,603
---------------
NET ASSETS ................................ $ 26,541,960
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 23,866,903
Undistributed net investment income ....... 86,194
Accumulated net realized gain
on investments ......................... 538,063
Net unrealized appreciation on investments 2,050,800
---------------
NET ASSETS ................................ $ 26,541,960
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 2,147,494
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 12.36
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 12,133
---------------
TOTAL OPERATING EXPENSES .................. 12,133
---------------
NET INVESTMENT LOSS ....................... (12,133)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 596,771
Net change in unrealized appreciation
on investments ......................... 1,572,828
---------------
NET REALIZED AND UNREALIZED GAINS ......... 2,169,599
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,157,466
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ................................................... $ (12,133) $ 98,327
Net realized gain (loss) on investments ........................................ 596,771 (58,708)
Net change in unrealized appreciation on investments: .......................... 1,572,828 477,972
------------ ------------
Net increase in net assets from operations ..................................... 2,157,466 517,591
------------ ------------
Distributions to shareholders:
From net investment income ..................................................... -- --
From net realized gain on investment transactions .............................. -- --
------------ ------------
Total distributions to shareholders ............................................ -- --
------------ ------------
Share transactions:
Proceeds from the sale of shares ............................................... 20,157,602 4,945,786
Reinvestment of distributions .................................................. -- --
Cost of shares redeemed ........................................................ (807,689) (428,796)
------------ ------------
Net increase in net assets from share transactions ............................. 19,349,913 4,516,990
------------ ------------
Net increase in net assets ..................................................... 21,507,379 5,034,581
Net assets beginning of period ................................................. 5,034,581 --
------------ ------------
Net assets end of period ....................................................... $ 26,541,960 $ 5,034,581
============ ============
Undistributed net investment income ............................................ $ 86,194 $ 98,327
============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................... $ 10.64 $ 10.00
---------- ----------
Income from operations:
Net investment income (loss) (c) ....................................................... (0.17) 0.21
Net realized and unrealized gains on investments (c) ................................... 1.89 0.43
---------- ----------
Total income from operations ........................................................... 1.72 0.64
---------- ----------
Less distributions:
From net investment income ............................................................. -- --
From net realized gain on investment transactions ...................................... -- --
---------- ----------
Total distributions .................................................................... -- --
---------- ----------
Net increase ........................................................................... 1.72 0.64
---------- ----------
Net asset value, end of period ......................................................... $ 12.36 $ 10.64
========== ==========
Total Return (a) ....................................................................... 16.17% 6.40%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................... $ 26,542 $ 5,035
Ratio of net operating expenses to average net assets (b) .............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ........................ (0.20)% 6.93%
Portfolio turnover ..................................................................... 34.65% 72.69%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series I
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 6,964,939
===============
Investments in securities, at value ....... $ 7,830,792
Receivable:
Fund shares sold ....................... 28,707
---------------
TOTAL ASSETS .............................. 7,859,499
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 1,090
Investment securities purchased ........ 28,707
---------------
TOTAL LIABILITIES ......................... 29,797
===============
NET ASSETS ................................ $ 7,829,702
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 6,693,558
Undistributed net investment income ....... 59,512
Accumulated net realized gain on
investments ............................... 210,779
Net unrealized appreciation on investments 865,853
===============
NET ASSETS ................................ $ 7,829,702
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 626,248
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 12.50
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 4,668
---------------
TOTAL OPERATING EXPENSES .................. 4,668
---------------
NET INVESTMENT LOSS ....................... (4,668)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 249,842
Net change in unrealized appreciation
on investments ......................... 540,839
---------------
NET REALIZED AND UNREALIZED GAINS ......... 790,681
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 786,013
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series I
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 15,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ..................................................... $ (4,668) $ 64,180
Net realized gain (loss) on investments .......................................... 249,842 (39,063)
Net change in unrealized appreciation on investments ............................. 540,839 325,014
----------- -----------
Net increase in net assets from operations ....................................... 786,013 350,131
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 4,296,704 3,188,502
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (490,847) (300,801)
----------- -----------
Net increase in net assets from share transactions ............................... 3,805,857 2,887,701
----------- -----------
Net increase in net assets ....................................................... 4,591,870 3,237,832
Net assets beginning of period ................................................... 3,237,832 --
----------- -----------
Net assets end of period ......................................................... $ 7,829,702 $ 3,237,832
=========== ===========
Undistributed net investment income .............................................. $ 59,512 $ 64,180
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series I
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 15,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 10.75 $ 10.00
--------- ---------
Income from operations:
Net investment income (loss) (c) ...................................................... (0.12) 0.21
Net realized and unrealized gain on investments (c) ................................... 1.87 0.54
--------- ---------
Total income from operations .......................................................... 1.75 0.75
--------- ---------
Less distributions:
From net investment income ............................................................ -- --
From net realized gain on investment transactions ..................................... -- --
--------- ---------
Total distributions ................................................................... -- --
--------- ---------
Net increase .......................................................................... 1.75 0.75
--------- ---------
Net asset value, end of period ........................................................ $ 12.50 $ 10.75
========= =========
Total Return (a) ...................................................................... 16.28% 7.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 7,830 $ 3,238
Ratio of net operating expenses to average net assets (b) ............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ....................... (0.20)% 7.01%
Portfolio turnover .................................................................... 32.35% 67.88%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30,1999
ASSETS
Investments in securities, at cost ........ $ 3,924,131
===============
Investments in securities, at value ....... $ 4,081,357
Receivable:
Investment securities sold ............. 168
---------------
TOTAL ASSETS .............................. 4,081,525
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 590
Fund shares redeemed ................... 168
---------------
TOTAL LIABILITIES ......................... 758
---------------
NET ASSETS ................................ $ 4,080,767
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 4,479,640
Undistributed net investment income ....... 38,123
Accumulated net realized loss on
investments................................ (594,222)
Net unrealized appreciation on investments 157,226
---------------
NET ASSETS ................................ $ 4,080,767
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 400,087
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.20
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 2,553
---------------
TOTAL OPERATING EXPENSES .................. 2,553
---------------
NET INVESTMENT LOSS........................ (2,553)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 99,510
Net change in unrealized appreciation
on investments ......................... 92,293
---------------
NET REALIZED AND UNREALIZED GAINS ......... 191,803
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 189,250
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income (loss) ..................................................... $ (2,553) $ 40,676
Net realized gain (loss) on investments .......................................... 99,510 (693,732)
Net change in unrealized appreciation on investments ............................. 92,293 64,933
----------- -----------
Net increase (decrease) in net assets from operations ............................ 189,250 (588,123)
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 2,445,627 9,898,825
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (255,187) (7,609,625)
----------- -----------
Net increase in net assets from share transactions ............................... 2,190,440 2,289,200
----------- -----------
Net increase in net assets ....................................................... 2,379,690 1,701,077
Net assets beginning of period ................................................... 1,701,077 --
----------- -----------
Net assets end of period ......................................................... $ 4,080,767 $ 1,701,077
=========== ===========
Undistributed net investment income .............................................. $ 38,123 $ 40,676
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Conservative Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................... $ 9.54 $ 10.00
---------- ----------
Income from operations:
Net investment income (loss) (c) ....................................................... (0.13) 0.23
Net realized and unrealized gain (loss) on investments (c) ............................. 0.79 (0.69)
---------- ----------
Total income (loss) from operations .................................................... 0.66 (0.46)
---------- ----------
Less distributions:
From net investment income ............................................................. -- --
From net realized gain on investment transactions ...................................... -- --
---------- ----------
Total distributions .................................................................... -- --
---------- ----------
Net increase (decrease) ................................................................ 0.66 (0.46)
---------- ----------
Net asset value, end of period ......................................................... $ 10.20 $ 9.54
========== ==========
Total Return (a) ....................................................................... 6.92% (4.60)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................... $ 4,081 $ 1,701
Ratio of net operating expenses to average net assets (b) .............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ........................ (0.20)% 2.29%
Portfolio turnover ..................................................................... 40.38% 369.99%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 6,010,188
===============
Investments in securities, at value ....... $ 6,390,736
Receivable:
Fund shares sold ....................... 4,738
---------------
TOTAL ASSETS .............................. 6,395,474
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 941
Investment securities purchased ........ 4,738
---------------
TOTAL LIABILITIES ......................... 5,679
===============
NET ASSETS ................................ $ 6,389,795
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,748,799
Undistributed net investment income ....... 42,993
Accumulated net realized gain
on investments ......................... 217,455
Net unrealized appreciation on investments 380,548
===============
NET ASSETS................................. $ 6,389,795
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 563,602
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.34
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 4,096
---------------
TOTAL OPERATING EXPENSES .................. 4,096
---------------
NET INVESTMENT LOSS........................ (4,096)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 231,514
Net change in unrealized appreciation
on investments ......................... 219,329
---------------
NET REALIZED AND UNREALIZED GAINS ......... 450,843
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 446,747
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
Operations
<S> <C> <C>
Net investment income (loss) ..................................................... $ (4,096) $ 47,089
Net realized gain (loss) on investments .......................................... 231,514 (14,059)
Net change in unrealized appreciation on investments ............................. 219,329 161,219
----------- -----------
Net increase in net assets from operations ....................................... 446,747 194,249
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- --
From net realized gains on investment transactions ............................... -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 4,014,581 4,026,686
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (927,176) (1,365,292)
----------- -----------
Net increase in net assets from share transactions ............................... 3,087,405 2,661,394
----------- -----------
Net increase in net assets ....................................................... 3,534,152 2,855,643
Net assets beginning of period ................................................... 2,855,643 --
----------- -----------
Net assets end of period ......................................................... $ 6,389,795 $ 2,855,643
=========== ===========
Undistributed net investment income .............................................. $ 42,993 $ 47,089
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Moderate Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
---------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 10.22 $ 10.00
---------- ---------
Income from operations:
Net investment income (loss) (c) ...................................................... (0.09) 0.17
Net realized and unrealized gain on investments (c) ................................... 1.21 0.05
---------- ---------
Total income from operations .......................................................... 1.12 0.22
---------- ---------
Less distributions:
From net investment income ............................................................ -- --
From net realized gain on investment transactions ..................................... -- --
---------- ---------
Total distributions ................................................................... -- --
---------- ---------
Net increase .......................................................................... 1.12 0.22
---------- ---------
Net asset value, end of period ........................................................ $ 11.34 $ 10.22
========== =========
Total Return (a) ...................................................................... 10.96% 2.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 6,390 $ 2,856
Ratio of net operating expenses to average net assets (b) ............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ....................... (0.20)% 4.09%
Portfolio turnover .................................................................... 46.02% 103.28%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 1,633,435
===============
Investments in securities, at value ....... $ 1,686,634
Receivable:
Investment securities sold ............. 69
---------------
TOTAL ASSETS .............................. 1,686,703
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 254
Fund shares redeemed ................... 69
---------------
TOTAL LIABILITIES ......................... 323
===============
NET ASSETS ................................ $ 1,686,380
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 1,591,427
Undistributed net investment income ....... 2,002
Accumulated net realized gain on
investments ............................... 39,752
Net unrealized appreciation on investments 53,199
===============
NET ASSETS ................................ $ 1,686,380
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 149,417
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 11.29
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 742
---------------
TOTAL OPERATING EXPENSES .................. 742
---------------
NET INVESTMENT LOSS ....................... (742)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 45,314
Net change in unrealized appreciation
on investments ......................... 42,022
---------------
NET REALIZED AND UNREALIZED GAINS ......... 87,336
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 86,594
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income (loss) ..................................................... $ (742) $ 2,744
Net realized gain (loss) on investments .......................................... 45,314 (5,562)
Net change in unrealized appreciation on investments ............................. 42,022 11,177
----------- -----------
Net increase in net assets from operations ....................................... 86,594 8,359
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 1,528,544 520,291
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (195,612) (261,796)
----------- -----------
Net increase in net assets from share transactions ............................... 1,332,932 258,495
----------- -----------
Net increase in net assets ....................................................... 1,419,526 266,854
Net assets beginning of period ................................................... 266,854 --
----------- -----------
Net assets end of period ......................................................... $ 1,686,380 $ 266,854
=========== ===========
Undistributed net investment income .............................................. $ 2,002 $ 2,744
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Aggressive Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................... $ 10.05 $ 10.00
---------- ----------
Income from operations:
Net investment income (loss) (c) ....................................................... (0.09) 0.10
Net realized and unrealized gains (losses) on investments (c) .......................... 1.33 (0.05)
---------- ----------
Total income from operations ........................................................... 1.24 0.05
---------- ----------
Less distributions:
From net investment income ............................................................. -- --
From net realized gain on investment transactions ...................................... -- --
---------- ----------
Total distributions .................................................................... -- --
---------- ----------
Net increase ........................................................................... 1.24 0.05
---------- ----------
Net asset value, end of period ......................................................... $ 11.29 $ 10.05
========== ==========
Total Return (a) ....................................................................... 12.34% 0.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................... $ 1,686 $ 267
Ratio of net operating expenses to average net assets (b) .............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ........................ (0.20)% 2.19%
Portfolio turnover ..................................................................... 89.20% 165.71%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 784,546
===============
Investments in securities, at value ....... $ 811,254
Receivable:
Investment securities sold ............. 33
---------------
TOTAL ASSETS .............................. 811,287
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 123
Fund shares redeemed ................... 33
---------------
TOTAL LIABILITIES ......................... 156
===============
NET ASSETS ................................ $ 811,131
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 724,315
Undistributed net investment income ....... 488
Accumulated net realized gain on
investments ............................... 59,620
Net unrealized appreciation on investments 26,708
===============
NET ASSETS ................................ $ 811,131
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 64,871
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 12.50
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 475
---------------
TOTAL OPERATING EXPENSES .................. 475
---------------
NET INVESTMENT LOSS ....................... (475)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 59,007
Net change in unrealized appreciation
on investments ......................... 5,618
---------------
NET REALIZED AND UNREALIZED GAINS ......... 64,625
---------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS ................................ $ 64,150
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ..................................................... $ (475) $ 963
Net realized gain on investments ................................................. 59,007 613
Net change in unrealized appreciation on investments ............................. 5,618 21,090
----------- -----------
Net increase in net assets from operations ....................................... 64,150 22,666
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 1,096,242 401,318
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (503,943) (269,302)
----------- -----------
Net increase in net assets from share transactions ............................... 592,299 132,016
----------- -----------
Net increase in net assets ....................................................... 656,449 154,682
Net assets beginning of period ................................................... 154,682 --
----------- -----------
Net assets end of period ......................................................... $ 811,131 $ 154,682
=========== ===========
Undistributed net investment income .............................................. $ 488 $ 963
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Very Aggressive Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................... $ 10.80 $ 10.00
---------- ----------
Income from operations:
Net investment income (loss) (c) ........................................................ (0.06) 0.07
Net realized and unrealized gains on investments (c) .................................... 1.76 0.73
---------- ----------
Total income from operations ............................................................ 1.70 0.80
---------- ----------
Less distributions:
From net investment income .............................................................. -- --
From net realized gain on investment transactions ....................................... -- --
---------- ----------
Total distributions ..................................................................... -- --
---------- ----------
Net increase ............................................................................ 1.70 0.80
---------- ----------
Net asset value, end of period .......................................................... $ 12.50 $ 10.80
========== ==========
Total Return (a) ........................................................................ 15.74% 8.00%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................................................ $ 811 $ 155
Ratio of net operating expenses to average net assets (b) ............................... 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ......................... (0.20)% 0.91%
Portfolio turnover ...................................................................... 129.30% 208.66%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 1,594,236
===============
Investments in securities, at value ....... $ 1,696,222
Receivable:
Fund shares sold ....................... 4,930
---------------
TOTAL ASSETS .............................. 1,701,152
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 242
Investment securities purchased ........ 4,930
---------------
TOTAL LIABILITIES ......................... 5,172
===============
NET ASSETS ................................ $ 1,695,980
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 1,490,182
Undistributed net investment income ....... 3,581
Accumulated net realized gain on
investments ............................... 100,231
Net unrealized appreciation on investments 101,986
===============
NET ASSETS ................................ $ 1,695,980
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 146,237
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.60
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 920
---------------
TOTAL OPERATING EXPENSES .................. 920
---------------
NET INVESTMENT LOSS ...................... (920)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 110,264
Net change in unrealized appreciation
on investments .......................... 38,290
---------------
NET REALIZED AND UNREALIZED GAINS ......... 148,554
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 147,634
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ..................................................... $ (920) $ 4,501
Net realized gain (loss) on investments .......................................... 110,264 (10,033)
Net change in unrealized appreciation on investments ............................. 38,290 63,696
----------- -----------
Net increase in net assets from operations ....................................... 147,634 58,164
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
----------- -----------
Total distributions to shareholders .............................................. -- --
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 1,363,532 826,868
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (415,566) (284,652)
----------- -----------
Net increase in net assets from share transactions ............................... 947,966 542,216
----------- -----------
Net increase in net assets ....................................................... 1,095,600 600,380
Net assets beginning of period ................................................... 600,380 --
----------- -----------
Net assets end of period ......................................................... $ 1,695,980 $ 600,380
=========== ===========
Undistributed net investment income .............................................. $ 3,581 $ 4,501
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................... $ 10.04 $ 10.00
--------- ---------
Income from operations:
Net investment income (loss) (c) ....................................................... (0.05) 0.08
Net realized and unrealized gains (losses) on investments (c) .......................... 1.61 (0.04)
--------- ---------
Total income from operations ........................................................... 1.56 0.04
--------- ---------
Less distributions:
From net investment income ............................................................. -- --
From net realized gain on investment transactions ...................................... -- --
--------- ---------
Total distributions .................................................................... -- --
--------- ---------
Net increase ........................................................................... 1.56 0.04
--------- ---------
Net asset value, end of period ......................................................... $ 11.60 $ 10.04
========= =========
Total Return (a) ....................................................................... 15.54% 0.40%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................... $ 1,696 $ 600
Ratio of net operating expenses to average net assets (b) .............................. 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ........................ (0.20)% 1.82%
Portfolio turnover ..................................................................... 87.46% 121.14%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series II
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 428,225
===============
Investments in securities, at value ....... $ 457,556
Receivable:
Investment securities sold ............. 19
---------------
TOTAL ASSETS .............................. 457,575
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 59
Fund shares redeemed ................... 19
---------------
TOTAL LIABILITIES ......................... 78
===============
NET ASSETS ................................ $ 457,497
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 393,251
Undistributed net investment income ....... 1,243
Accumulated net realized gain on
investments ............................... 33,672
Net unrealized appreciation on investments 29,331
===============
NET ASSETS ................................ $ 457,497
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 38,221
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.97
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ --
---------------
EXPENSES
Investment advisory fees ............... 295
---------------
TOTAL OPERATING EXPENSES................... 295
---------------
NET INVESTMENT LOSS ....................... (295)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 38,970
Net change in unrealized appreciation
on investments ......................... 9,838
---------------
NET REALIZED AND UNREALIZED GAINS ......... 48,808
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 48,513
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series II
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income (loss) ..................................................... $ (295) $ 1,538
Net realized gain (loss) on investments .......................................... 38,970 (5,298)
Net change in unrealized appreciation on investments ............................. 9,838 19,493
--------- ---------
Net increase in net assets from operations ....................................... 48,513 15,733
--------- ---------
Distributions to shareholders:
From net investment income ....................................................... -- --
From net realized gain on investment transactions ................................ -- --
--------- ---------
Total distributions to shareholders .............................................. -- --
--------- ---------
Share transactions:
Proceeds from the sale of shares ................................................. 392,957 445,053
Reinvestment of distributions .................................................... -- --
Cost of shares redeemed .......................................................... (208,008) (236,751)
--------- ---------
Net increase in net assets from share transactions ............................... 184,949 208,302
--------- ---------
Net increase in net assets ....................................................... 233,462 224,035
Net assets beginning of period ................................................... 224,035 --
--------- ---------
Net assets end of period ......................................................... $ 457,497 $ 224,035
========= =========
Undistributed net investment income .............................................. $ 1,243 $ 1,538
========= =========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
JNL/S&P Equity Aggressive Growth Series II
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS APRIL 13,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................... $ 10.36 $ 10.00
---------- ----------
Income from operations:
Net investment income (loss) (c) ........................................................ (0.04) 0.07
Net realized and unrealized gain on investments (c) ..................................... 1.65 0.29
---------- ----------
Total income from operations ............................................................ 1.61 0.36
---------- ----------
Less distributions:
From net investment income .............................................................. -- --
From net realized gain on investment transactions ....................................... -- --
---------- ----------
Total distributions ..................................................................... -- --
---------- ----------
Net increase ............................................................................ 1.61 0.36
---------- ----------
Net asset value, end of period .......................................................... $ 11.97 $ 10.36
========== ==========
Total Return (a) ........................................................................ 15.54% 3.60%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................................................ $ 457 $ 224
Ratio of net operating expenses to average net assets (b) ............................... 0.20% 0.20%
Ratio of net investment income (loss) to average net assets (b) ......................... (0.20)% 1.22%
Portfolio turnover ...................................................................... 101.55% 157.21%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) The amount shown may not accord with the change in the aggregate gains and
losses of portfolio securities due to timing of sales, redemptions of
Series shares and receipt of dividends.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Goldman Sachs/JNL Growth & Income Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 5,705,342
===============
Investments in securities, at value ....... $ 6,022,088
Receivables:
Dividends and interest ................. 9,726
Fund shares sold ....................... 237
Investment securities sold ............. 70,745
---------------
TOTAL ASSETS .............................. 6,102,796
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 4,364
Administrative fees .................... 471
Fund shares redeemed ................... 155
Investment securities purchased ........ 19,558
Call option written, at value
(Premium received $2,367) .............. 825
---------------
TOTAL LIABILITIES ......................... 25,373
===============
NET ASSETS ................................ $ 6,077,423
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,914,149
Undistributed net investment income ....... 36,213
Accumulated net realized loss on
investments ............................... (191,227)
Net unrealized appreciation on:
Investments ............................ 316,746
Options written ........................ 1,542
===============
NET ASSETS ................................ $ 6,077,423
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 613,609
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 9.90
===============
Statement of Operations (Unaudited)
For the Six Month Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 50,859
Interest ............................... 14,112
Foreign tax withholding ................ (646)
---------------
TOTAL INVESTMENT INCOME ................... 64,325
---------------
EXPENSES
Investment advisory fees ............... 25,369
Administrative fees .................... 2,743
---------------
TOTAL OPERATING EXPENSES .................. 28,112
---------------
NET INVESTMENT INCOME ..................... 36,213
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain on:
Investments ............................ 310,966
Foreign currency related items ......... 6
Futures contracts ...................... 26,745
Options written ........................ 373
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ 230,230
Foreign currency related items ......... (6)
Options written ........................ 1,542
---------------
NET REALIZED AND UNREALIZED GAINS ......... 569,856
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 606,069
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Goldman Sachs/JNL Growth & Income Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations:
Net investment income ............................................................ $ 36,213 $ 27,544
Net realized gain (loss) on:
Investments ...................................................................... 310,966 (510,356)
Foreign currency related items ................................................... 6 (10)
Futures contracts ................................................................ 26,745 (18,962)
Options written .................................................................. 373 --
Net change in unrealized appreciation (depreciation) on:
Investments ...................................................................... 230,230 86,516
Foreign currency related items ................................................... (6) 6
Options written .................................................................. 1,542 --
----------- -----------
Net increase (decrease) in net assets from operations ............................ 606,069 (415,262)
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- (32,767)
From net realized gains on investments ........................................... -- --
----------- -----------
Total distributions to shareholders .............................................. -- (32,767)
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 3,625,775 7,095,095
Reinvestment of distributions .................................................... -- 32,767
Cost of shares redeemed .......................................................... (2,465,175) (2,369,079)
----------- -----------
Net increase in net assets from share transactions ............................... 1,160,600 4,758,783
----------- -----------
Net increase in net assets ....................................................... 1,766,669 4,310,754
Net assets beginning of period ................................................... 4,310,754 --
----------- -----------
Net assets end of period ......................................................... $ 6,077,423 $ 4,310,754
=========== ===========
Undistributed net investment income .............................................. $ 36,213 $ --
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Goldman Sachs/JNL Growth & Income Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ............................................................ $ 9.00 $ 10.00
------------ ------------
Income (loss) from operations:
Net investment income ........................................................................... 0.06 0.07
Net realized and unrealized gains (losses) on investments and foreign currency related items .... 0.84 (1.00)
------------ ------------
Total income (loss) from operations ............................................................. 0.90 (0.93)
------------ ------------
Less distributions:
From net investment income ...................................................................... -- (0.07)
From net realized gains on investment transactions .............................................. -- --
------------ ------------
Total distributions ............................................................................. -- (0.07)
------------ ------------
Net increase (decrease) ......................................................................... 0.90 (1.00)
------------ ------------
Net asset value, end of period .................................................................. $ 9.90 $ 9.00
============ ============
Total Return (a) ................................................................................ 10.00% (9.31)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........................................................ $ 6,077 $ 4,311
Ratio of net operating expenses to average net assets (b) (c) ................................... 1.03% 1.08%
Ratio of net investment income to average net assets (b) (c) .................................... 1.32% 1.01%
Portfolio turnover .............................................................................. 4.96% 129.99%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ....................................... 1.03% 2.16%
Ratio of net investment income (loss) to average net assets (b) ................................. 1.32% (0.08)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
GOLDMAN SACHS/JNL GROWTH & INCOME SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 85.84%
AEROSPACE & DEFENSE -- 2.19%
Boeing Co. ...................... 700 $ 30,931
Northrop Grumman Corp. .......... 900 59,681
Raytheon Co. - Class A (c) ...... 600 41,325
-----------
131,937
AUTO MANUFACTURER -- 2.48%
General Motors Corp. ............ 2,000 132,000
Volvo AB - ADR .................. 600 17,625
-----------
149,625
AUTO PARTS & EQUIPMENT -- 3.77%
Dana Corp. ...................... 100 4,606
Delphi Automotive Systems Corp. . 3,688 68,459
Federal-Mogul Corp. ............. 1,900 98,800
TRW Inc. ........................ 1,000 54,875
-----------
226,740
BANKS -- 8.55%
Bank of America Corp. ........... 2,000 146,624
Bank One Corp. .................. 2,200 131,037
First Union Corp. ............... 2,800 131,600
KeyCorp ......................... 1,000 32,125
National City Corp. ............. 400 26,200
Wells Fargo Co. ................. 1,100 47,025
-----------
514,611
COMMERCIAL SERVICES -- 0.82%
Dun & Bradstreet Corp. .......... 1,400 49,613
COMPUTERS -- 1.99%
Compaq Computer Corp. ........... 1,700 40,269
Hewlett-Packard Co. ............. 600 60,300
NCR Corp. ....................... 400 19,525
-----------
120,094
DIVERSIFIED FINANCIAL SERVICES --
0.45%
Federal National Mortgage
Association ..................... 400 27,350
ELECTRIC -- 6.25%
Entergy Corp. ................... 2,700 84,375
FPL Group Inc. .................. 1,100 60,088
PacifiCorp. ..................... 5,400 99,225
PG&E Corp. ...................... 1,000 32,500
Unicom Corp. .................... 2,600 100,262
-----------
376,450
ENVIRONMENTAL CONTROL -- 3.12%
Browning-Ferris Industries Inc. . 3,000 129,000
Waste Management Inc. ........... 1,100 59,125
-----------
188,125
FOOD -- 6.37%
Archer-Daniels-Midland Co. ...... 6,500 100,344
ConAgra Inc. .................... 4,000 106,500
H.J. Heinz Co. .................. 400 20,050
Nabisco Group Holdings Corp. .... 2,700 52,819
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
FOOD (CONTINUED)
Sara Lee Corp. .................. 4,300 $ 97,556
Unilever NV ..................... 89 6,207
-----------
383,476
FOREST PRODUCTS & PAPER -- 0.76%
International Paper Co. ......... 900 45,450
HEALTHCARE -- 4.97%
Baxter International Inc. ....... 1,500 90,937
Columbia/HCA Healthcare Corp.
(c) ............................. 1,800 41,063
Healthsouth Corp. (a) ........... 4,100 61,244
Tenet Healthcare Corp. (a) ...... 5,700 105,806
-----------
299,050
INSURANCE -- 6.28%
Aetna Inc. ...................... 1,100 98,381
Allstate Corp. .................. 2,300 82,513
CIGNA Corp. ..................... 700 62,300
Hartford Financial Services
Group Inc. ...................... 1,200 69,975
Provident Cos. Inc. ............. 500 20,000
XL Capital Ltd. - Class A ....... 800 45,200
-----------
378,369
LODGING -- 1.02%
Starwood Hotels & Resorts
Worldwide Inc. .............. 2,000 61,125
MANUFACTURING -- 0.58%
Minnesota Mining & Manufacturing 400 34,775
Co.
MEDIA -- 3.12%
CBS Corp. (a) ................... 1,000 43,438
MediaOne Group Inc. (a) ......... 800 59,500
New York Times Co. - Class A .... 1,700 62,581
R.R. Donnelley & Sons Co. ....... 600 22,238
-----------
187,757
OFFICE & BUSINESS EQUIPMENT -- 0.39%
Xerox Corp. ..................... 400 23,625
OIL & GAS PRODUCTS -- 5.60%
Atlantic Richfield Co. .......... 400 33,425
Exxon Corp. ..................... 800 61,700
Occidental Petroleum Corp. ...... 2,000 42,250
Royal Dutch Petroleum Co. ....... 2,100 126,525
Texaco Inc. ..................... 200 12,500
Tosco Corp. ..................... 1,100 28,531
USX-Marathon Group .............. 1,000 32,562
-----------
337,493
PHARMACEUTICALS -- 3.93%
American Home Products Corp. .... 800 46,000
Eli Lilly & Co. ................. 200 14,325
Merck & Co. Inc. ................ 1,000 74,000
Pharmacia & Upjohn Inc. ......... 1,800 102,263
-----------
236,588
See notes to the financial statements.
<PAGE>
GOLDMAN SACHS/JNL GROWTH & INCOME SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
RETAIL -- 7.18%
AutoZone Inc. (a) ............... 500 $ 15,063
Federated Department Stores Inc.
(a) ............................. 2,300 121,756
Loews Corp. ..................... 1,300 102,862
May Department Stores Co. ....... 600 24,525
Sears, Roebuck & Co. ............ 600 26,738
TJX Cos. Inc. ................... 2,200 73,287
Toys "R" Us Inc. (a) ............ 3,300 68,269
-----------
432,500
SEMICONDUCTORS -- 1.09%
Intel Corp. ..................... 1,100 65,450
TELECOMMUNICATIONS -- 11.00%
Ameritech Corp. ................. 1,300 95,550
AT&T Corp. ...................... 2,280 127,252
Bell Atlantic Corp. ............. 1,300 84,988
BellSouth Corp. ................. 600 28,125
General Motors Corp. - Class H .. 1,200 67,500
GTE Corp. ....................... 1,500 113,625
SBC Communications Inc. ......... 1,800 104,400
US West Inc. .................... 700 41,125
-----------
662,565
TOBACCO -- 3.31%
Philip Morris Cos. Inc. ......... 4,100 164,769
R.J. Reynolds Tobacco Holding
Inc. ............................ 1,100 34,650
-----------
199,419
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
TRANSPORTATION -- 0.62%
Burlington Northern Santa Fe
Corp. ........................... 1,200 $ 37,200
-----------
Total Common Stocks
(cost $4,852,641) ........... 5,169,387
-----------
SHORT TERM INVESTMENTS -- 14.16%
MONEY MARKET FUND -- 0.88%
SSgA Money Market Fund, 4.83%
(b) ............................. 52,701 52,701
PRINCIPAL
AMOUNT
------
REPURCHASE AGREEMENT -- 13.28%
Repurchase agreement with Goldman
Sachs Asset Management, 5.03%,
(Collateralized by $800,000
U.S. Treasury Note, 6.25%,
due 05/31/2000,
market value $816,332)
acquired on 06/30/1999,
due 07/01/1999................. $ 800,000 800,000
-----------
Total Short Term Investments
(cost $852,701) ............. 852,701
-----------
TOTAL INVESTMENTS -- 100%
(cost $5,705,342 ) .............. $6,022,088
============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been pledged to cover call options
written.
Based on the cost of investments of $5,769,238 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $449,155, the gross
unrealized depreciation was $196,305 and the net unrealized appreciation on
investments was $252,850.
SCHEDULE OF CALL OPTIONS WRITTEN (UNAUDITED)
JUNE 30, 1999
CONTRACTS
(100 SHARES MARKET
PER CONTRACT) VALUE
------------- -----
7 Columbia/HCA Healthcare Corp.
Expiration August 1999, Exercise price $25 ....... $(525)
2 Ratheon Co.
Expiration August 1999, Exercise price $75 ....... (300)
--------
$(825)
========
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Small Cap Value Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 5,748,926
===============
Investments in securities, at value ....... $ 5,879,126
Receivables:
Dividends and interest ................. 3,802
Fund shares sold ....................... 4,247
Investment securities sold ............. 10,414
---------------
TOTAL ASSETS .............................. 5,897,589
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 4,859
Administrative fees .................... 463
Fund shares redeemed ................... 41
Investment securities purchased......... 31,016
---------------
TOTAL LIABILITIES ......................... 36,379
===============
NET ASSETS ................................ $ 5,861,210
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,973,770
Undistributed net investment income ....... 5,996
Accumulated net realized loss on
investments ............................... (248,756)
Net unrealized appreciation on investments 130,200
===============
NET ASSETS ................................ $ 5,861,210
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............. 615,205
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 9.53
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 28,597
Interest ............................... 4,315
---------------
TOTAL INVESTMENT INCOME ................... 32,912
---------------
EXPENSES
Investment advisory fees ............... 26,102
Administrative fees .................... 2,486
---------------
TOTAL OPERATING EXPENSES .................. 28,588
---------------
NET INVESTMENT INCOME ..................... 4,324
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized loss on investments .......... (108,833)
Net change in unrealized appreciation on
investments ............................ 626,037
---------------
NET REALIZED AND UNREALIZED GAINS ......... 517,204
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 521,528
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Small Cap Value Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income (loss) ........................................................... $ 4,324 $ (1,603)
Net realized loss on investments ....................................................... (108,833) (139,923)
Net change in unrealized appreciation (depreciation) on investments .................... 626,037 (495,837)
----------- -----------
Net increase (decrease) in net assets from operations .................................. 521,528 (637,363)
----------- -----------
Distributions to shareholders
From net investment income ............................................................. -- --
From net realized gains on investment transactions ..................................... -- --
Return of capital ...................................................................... -- (4,329)
----------- -----------
Total distributions to shareholders .................................................... -- (4,329)
----------- -----------
Share transactions
Proceeds from the sale of shares ....................................................... 1,184,224 5,554,767
Reinvestment of distributions .......................................................... -- 4,329
Cost of shares redeemed ................................................................ (648,710) (113,236)
----------- -----------
Net increase in net assets from share transactions ..................................... 535,514 5,445,860
----------- -----------
Net increase in net assets ............................................................. 1,057,042 4,804,168
Net assets beginning of period ......................................................... 4,804,168 --
----------- -----------
Net assets end of period ............................................................... $ 5,861,210 $ 4,804,168
=========== ===========
Undistributed net investment income .................................................... $ 5,996 $ 1,672
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Small Cap Value Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................... $ 8.70 $ 10.00
--------- ---------
Income from operations:
Net investment income (loss) ............................................................ 0.01 (0.01)
Net realized and unrealized gain (loss) on investments .................................. 0.82 (1.28)
--------- ---------
Total gain (loss) from operations .................................................... 0.83 (1.29)
--------- ---------
Less distributions:
From net investment income .............................................................. -- --
From net realized gains on investment transactions ...................................... -- --
Return of capital ....................................................................... -- (0.01)
--------- ---------
Total distributions .................................................................. -- (0.01)
--------- ---------
Net increase (decrease) .............................................................. 0.83 (1.30)
--------- ---------
Net asset value, end of period .......................................................... $ 9.53 $ 8.70
========= =========
Total Return (a) ........................................................................ 9.54% (12.92)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................................................ $ 5,861 $ 4,804
Ratio of net operating expenses to average net assets (b) (c) ........................... 1.15% 1.20%
Ratio of net investment income (loss) to average net assets (b) (c) ..................... 0.17% (0.04)%
Portfolio turnover ...................................................................... 26.94% 40.15%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ............................... 1.15% 1.89%
Ratio of net investment income (loss) to average net assets (b) ......................... 0.17% (0.73)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
LAZARD/JNL SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS --95.58%
ADVERTISING - 0.51%
Ha-Lo Industries Inc. (a) ................ 3,050 $ 30,118
AEROSPACE & DEFENSE -0.93%
AAR Corp. ................................ 2,400 54,450
APPAREL -- 1.39%
Nautica Enterprises Inc. (a) ............. 2,100 35,438
Stride Rite Corp. ........................ 4,500 46,406
---------
81,844
AUTO PARTS & EQUIPMENT -- 3.40%
Borg-Warner Automotive Inc. .............. 1,200 66,000
Dura Automotive Systems Inc. (a) ......... 1,000 33,250
Pennzoil-Quaker State Co. (a) ............ 1,300 19,500
Tower Automotive Inc. (a) ................ 3,200 81,400
---------
200,150
BANKS -- 2.88%
Banta Corp. .............................. 2,800 58,800
Hudson United Bancorp .................... 2,233 68,386
Southwest Bancorporation (a) ............. 2,300 41,400
---------
168,586
BUILDING MATERIALS -- 2.69%
Apogee Enterprises Inc. .................. 5,000 67,187
Hussmann International Inc. .............. 3,000 49,688
Lone Star Industries Inc. ................ 1,100 41,319
---------
158,194
CHEMICALS -- 2.68%
A. Schulman Inc. ......................... 2,400 41,250
Ferro Corp. .............................. 2,000 55,000
H. B. Fuller Co. ......................... 900 61,537
---------
157,787
COAL -- 0.06%
Consol Energy Inc. (a) ................... 300 3,600
COMMERCIAL SERVICES -- 4.25%
Aviation Sales Co. ....................... 900 35,550
Budget Group Inc. (a) .................... 2,800 34,475
CDI Corp. (a) ............................ 1,700 57,906
Nielsen Media Research (a) ............... 1,898 55,517
Pittston Brink's Group ................... 1,600 42,800
Standard Register Co...................... 700 21,525
United Stationers Inc. (a) ............... 100 2,200
---------
249,973
COMPUTERS -- 4.73%
Anixter International Inc. (a) ........... 3,500 63,875
Bell & Howell Co. (a) .................... 2,000 75,625
Data General Corp. (a) ................... 1,300 18,931
Electronics for Imaging Inc. (a) ......... 800 41,100
Inacom Corp. (a) ......................... 3,700 46,713
Sequent Computer Systems Inc. (a) ........ 1,800 31,950
---------
278,194
DIVERSIFIED FINANCIAL SERVICES -- 0.64%
Eaton Vance Corp. ........................ 1,100 37,881
ENTERTAINMENT -- 0.04%
Imax Corp. (a) ........................... 100 2,250
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
ELECTRIC -- 2.38%
Avista Corp. ............................. 2,700 $ 43,875
Calpine Corp. (a) ........................ 700 37,800
Sierra Pacific Resources ................. 1,600 58,200
---------
139,875
ELECTRICAL COMPONENTS & EQUIPMENT --
1.41%
Belden Inc................................ 2,200 52,662
Scottsman Industries Inc. ................ 1,400 30,188
---------
82,850
ELECTRONICS -- 6.91%
Credence Systems Corp. (a) ............... 2,700 100,237
Flextronics International Ltd. (a) ....... 600 33,300
Kemet Corp. (a) .......................... 4,400 100,925
Oak Industries Inc. ...................... 1,200 52,425
Tectronix Inc. ........................... 1,600 48,300
Watts Industries ......................... 3,700 70,994
---------
406,181
FOOD -- 5.21%
American Italian Pasta Co. (a) ........... 2,700 82,012
Aurora Foods Inc. (a) .................... 2,300 40,250
Great Atlantic & Pacific Tea Co. ......... 2,000 67,625
International Multifoods Corp. ........... 2,000 45,125
Lance Inc. ............................... 1,700 26,563
Ralcorp Holdings Inc. (a) ................ 2,800 44,975
---------
306,550
FOREST PRODUCTS & PRODUCTS-- 1.96%
Chesapeake Corp. ......................... 1,300 48,669
Wausau-Mosinee Paper Corp. ............... 3,700 66,600
---------
115,269
HAND & MACHINE TOOLS -- 1.74%
Applied Power Inc. - Class A ............. 1,500 40,969
Regal-Beloit Corp. ....................... 2,600 61,425
---------
102,394
HEALTHCARE -- 5.41%
Apria Healthcare Group Inc. (a) .......... 3,100 52,700
Invacare Corp. ........................... 2,000 53,500
Oakley Inc. (a) .......................... 2,800 19,950
Sierra Health Services Inc. (a) .......... 3,150 45,478
Sunrise Medical Inc. (a) ................. 3,000 21,375
Varian Medical Systems Inc. .............. 2,000 50,500
West Pharmaceutical Services Inc. ........ 1,900 74,575
---------
318,078
HOME BUILDERS -- 1.87%
Kaufman & Broad Home Corp. ............... 1,500 37,313
Toll Brothers (a) ........................ 3,400 72,888
---------
110,201
HOME FURNISHINGS -- 4.21%
Bassett Furniture Industries Inc. ........ 2,100 48,038
Dorel Industries Inc. (a) ................ 2,000 42,875
Furniture Brands International Inc. (a)... 3,100 86,412
Harman International Industries
Inc. ..................................... 1,600 70,400
---------
247,725
See notes to the financial statements.
<PAGE>
LAZARD/JNL SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
INSURANCE -- 7.27%
Enhance Financial Services Group
Inc....................................... 2,900 $ 57,275
E.W. Blanch Holdings Inc. ................ 1,100 75,006
Frontier Insurance Group
Inc....................................... 1,960 30,135
Gallagher, Arthur J. & Co. ............... 1,000 49,500
HCC Insurance Holdings Inc. .............. 3,200 72,600
Radian Group Inc. ........................ 1,226 59,844
Scottish Annuity & Life Corp. (a) ........ 2,400 25,800
XL Capital Ltd. -Class A ................. 1,007 56,867
---------
427,027
LEISURE TIME -- 1.11%
Polaris Industries Inc. .................. 1,500 65,250
LODGING -- 0.78%
Prime Hospitality Corp. (a) .............. 3,800 45,600
MACHINERY -- 2.91%
Briggs & Stratton Corp. .................. 400 23,100
JLG Industries Inc. ...................... 4,100 83,537
MagneTek Inc. (a) ........................ 4,100 43,306
OmniQuip International Inc. .............. 2,700 21,263
---------
171,206
MANUFACTURING -- 3.64%
Crane Co. ................................ 2,250 70,734
Mark IV Industries Inc. .................. 3,900 82,388
Roper Industries Inc. .................... 1,900 60,800
---------
213,922
MEDIA -- 2.79%
Bowne & Co. Inc. ......................... 4,900 63,700
Pulitzer Inc. ............................ 1,100 53,419
World Color Press (a) .................... 1,700 46,750
---------
163,869
OFFICE & BUSINESS EQUIPMENT -- 0.54%
Interface Inc. ........................... 3,700 31,912
OIL & GAS PRODUCERS -- 3.38%
Barrett Resources Corp. (a) .............. 2,100 80,587
Devon Energy Corp. ....................... 1,700 60,775
Helmerich & Payne Inc. ................... 2,400 57,150
---------
198,512
PHARMACEUTICALS -- 0.73%
Perrigo Co. (a) .......................... 5,600 42,700
REAL ESTATE - 5.80%
Catellus Development Corp. (a) ........... 4,000 62,000
Chateau Communities Inc. ................. 1,200 35,925
Felcor Lodging Trust Inc. ................ 2,500 51,875
Glenborough Realty Trust Inc. ............ 3,100 54,250
JDN Realty Corp. ......................... 2,300 51,462
Kilroy Realty Corp. ...................... 2,100 51,188
Mack-Cali Realty Corp. ................... 1,100 34,031
---------
340,731
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
RETAIL -- 5.61%
CKE Restaurants Inc. ..................... 2,400 $ 39,000
Cole National Corp. (a) .................. 900 7,144
CompUSA Inc. ............................. 4,000 29,750
Hughes Supply Inc. ....................... 1,300 38,594
Lone Star Steakhouse & Saloon Inc. (a) ... 2,200 21,381
Pier 1 Imports Inc. ...................... 5,200 58,500
Ryan's Family Steak Houses Inc. (a) ...... 2,800 32,550
Talbots Inc. ............................. 800 30,500
Unisource Worldwide Inc. ................. 3,400 41,012
Wet Seal Inc. (a) ........................ 1,100 31,488
---------
329,919
SAVINGS & LOANS -- 2.00%
Astoria Financial Corp. .................. 1,535 67,444
Staten Island Bancorp Inc. ............... 2,800 50,400
---------
117,844
SEMICONDUCTORS -- 1.25%
Lam Research Corp. (a) ................... 1,000 46,687
Silicon Valley Group Inc. (a) ............ 1,600 26,900
---------
73,587
TELECOMMUNICATIONS -- 1.01%
Allen Telecom Inc. (a) ................... 5,500 59,125
TRANSPORTATION - 1.46%
CNF Transportation Inc. .................. 1,600 61,400
Pittston BAX Group ....................... 2,600 24,700
---------
86,100
---------
Total Common Stocks
(cost $5,489,256) .................... 5,619,454
---------
SHORT TERM INVESTMENTS -- 4.42%
MONEY MARKET FUND - 0.01%
SSgA Money Market Fund, 4.83% (b) ........ 672 672
PRINCIPAL
AMOUNT
------
REPURCHASE AGREEMENT - 4.41%
Repurchase Agreement with State
Street Bank 4.74%, (Collateralized
by $285,000 U.S. Treasury Note,
4.875%, due 03/31/2001
market value $264,692),
acquired on 06/30/1999,
due 07/01/1999 ........................... $ 259,000 259,000
---------
Total Short Term Investments
(cost $259,672) ............... 259,672
---------
TOTAL INVESTMENTS -- 100%
(cost $5,748,926) .............. $5,879,126
==========
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
Based on the cost of investments of $5,735,214 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $694,435, the gross
unrealized depreciation was $578,514 and the net unrealized appreciation on
investments was $115,921.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Mid Cap Value Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 5,145,141
===============
Investments in securities, at value ....... $ 5,523,086
Receivables:
Dividends and interest ................. 2,661
Fund shares sold ....................... 483
Foreign taxes recoverable .............. 1,231
---------------
TOTAL ASSETS .............................. 5,527,461
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 4,264
Administrative fees .................... 437
Fund shares redeemed ................... 44
---------------
TOTAL LIABILITIES ......................... 4,745
===============
NET ASSETS ................................ $ 5,522,716
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,354,022
Undistributed net investment income ....... 4,295
Accumulated net realized loss
on investments ......................... (213,546)
Net unrealized appreciation on investments 377,945
===============
NET ASSETS ................................ $ 5,522,716
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 547,854
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.08
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 27,584
Interest ............................... 4,411
---------------
TOTAL INVESTMENT INCOME ................... 31,995
---------------
EXPENSES
Investment advisory fees ............... 25,123
Administrative fees .................... 2,577
---------------
TOTAL OPERATING EXPENSES .................. 27,700
---------------
NET INVESTMENT INCOME ..................... 4,295
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 92,467
Net change in unrealized appreciation
on investments ......................... 427,256
---------------
NET REALIZED AND UNREALIZED GAINS ......... 519,723
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 524,018
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Mid Cap Value Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income .................................................................. $ 4,295 $ 12,000
Net realized gain (loss) on investments ................................................ 92,467 (306,013)
Net change in unrealized appreciation (depreciation) on investments .................... 427,256 (49,311)
----------- -----------
Net increase (decrease) in net assets from operations .................................. 524,018 (343,324)
----------- -----------
Distributions to shareholders
From net investment income ............................................................. -- (13,099)
From net realized gains on investment transactions ..................................... -- --
----------- -----------
Total distributions to shareholders .................................................... -- (13,099)
----------- -----------
Share transactions
Proceeds from the sale of shares ....................................................... 1,776,457 5,976,688
Reinvestment of distributions .......................................................... -- 13,099
Cost of shares redeemed ................................................................ (1,508,975) (902,148)
----------- -----------
Net increase in net assets from share transactions ..................................... 267,482 5,087,639
----------- -----------
Net increase in net assets ............................................................. 791,500 4,731,216
Net assets beginning of period ......................................................... 4,731,216 --
----------- -----------
Net assets end of period ............................................................... $ 5,522,716 $ 4,731,216
=========== ===========
Undistributed net investment income .................................................... $ 4,295 $ --
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Lazard/JNL Mid Cap Value Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .................................................. $ 9.21 $ 10.00
--------- ----------
Income (loss) from operations:
Net investment income ................................................................. 0.01 0.03
Net realized and unrealized gains (losses) on investments ............................. 0.86 (0.79)
--------- ----------
Total income (loss) from operations ................................................... 0.87 (0.76)
--------- ----------
Less distributions:
From net investment income ............................................................ -- (0.03)
From net realized gains on investment transactions .................................... -- --
--------- ----------
Total distributions ................................................................ -- (0.03)
--------- ----------
Net increase (decrease) ............................................................ 0.87 (0.79)
--------- ----------
Net asset value, end of period ........................................................ $ 10.08 $ 9.21
========= ==========
Total Return (a) ...................................................................... 9.45% (7.64)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .............................................. $ 5,523 $ 4,731
Ratio of net operating expenses to average net assets (b) (c) ......................... 1.075% 1.125%
Ratio of net investment income to average net assets (b) (c) .......................... 0.17% 0.34%
Portfolio turnover .................................................................... 62.71% 70.72%
Ratio information assuming no expense
reimbursement:
Ratio of net operating expenses to average net assets (b) ............................. 1.075% 1.85%
Ratio of net investment income (loss) to average net assets (b) ....................... 0.17% (0.38)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
LAZARD/JNL MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 94.77%
ADVERTISING - 2.14%
Young & Rubicam Inc. ............ 2,600 $ 118,137
AEROSPACE & DEFENSE - 5.17%
Gulfstream Aerospace Corp. (a) .. 2,000 135,125
Litton Industries Inc. (a) ...... 2,100 150,675
-------------
285,800
APPAREL - 2.02%
Polo Ralph Lauren Corp. (a) ..... 2,200 41,800
Warnaco Group Inc. .............. 2,600 69,550
-------------
111,350
AUTO PARTS & EQUIPMENT - 2.75%
Borg-Warner Automotive Inc. ..... 1,700 93,500
SPX Corp. ....................... 700 58,450
-------------
151,950
BANKS - 6.69%
Comerica Inc. ................... 1,300 77,269
Hibernia Corp. - Class A ........ 4,900 76,869
North Fork Bancorporation ....... 5,050 107,628
Southtrust Corp. ................ 2,800 107,450
-------------
369,216
BEVERAGES - 1.56%
Whitman Corp. ................... 4,800 86,400
COMMERCIAL SERVICES - 1.63%
Gartner Group Inc. - Class A (a) 4,400 90,200
COMPUTERS - 3.62%
3Com Corp. ...................... 2,400 64,050
NCR Corp. (a) ................... 1,400 68,337
Quantum Corp. (a) ............... 2,800 67,550
-------------
199,937
DIVERSIFIED FINANCIAL SERVICES -
4.46%
CIT Group Inc. - Class A ........ 3,400 98,175
Franklin Resources Inc. ......... 1,800 73,125
Heller Financial Inc. ........... 2,700 75,094
-------------
246,394
ELECTRIC - 8.03%
Entergy Corp. ................... 2,900 90,625
Midamerican Energy Holdings Co. . 3,600 124,650
Niagara Mohawk Holdings Inc. (a) 8,100 130,106
Nisource Inc. ................... 3,800 98,088
-------------
443,469
FOOD - 3.76%
Hershey Foods Corp. ............. 1,700 100,938
Ralston Purina Group ............ 3,500 106,531
-------------
207,469
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
ELECTRONICS - 3.10%
Tektronix Inc. .................. 3,800 $ 114,712
Thomas & Betts Corp. ............ 1,200 56,700
-------------
171,412
ENVIRONMENTAL CONTROL - 2.55%
Republic Services Inc. - Class A 5,700 141,075
HOME BUILDERS - 2.00%
Lennar Corp. .................... 4,600 110,400
HOME FURNISHINGS - 2.31%
Ethan Allen Interiors Inc. ...... 2,400 90,600
Whirlpool Corp. ................. 500 37,000
-------------
127,600
HOUSEHOLD PRODUCTS - 0.88%
Dial Corp. ...................... 1,300 48,344
INSURANCE - 9.87%
Ace Ltd. ........................ 3,700 104,525
AMBAC Financial Group Inc. ...... 1,900 108,537
American Bankers Insurance Group
Inc. ............................ 1,000 54,437
Everest Reinsurance Holdings
Inc. ............................ 3,400 110,925
Hartford Life Inc. .............. 2,100 110,513
Protective Life Corp. ........... 1,700 56,100
-------------
545,037
LODGING - 1.44%
Hilton Hotels Corp. ............. 5,600 79,450
MACHINERY - 2.42%
Black & Decker Corp. ............ 200 12,625
Cooper Cameron Corp. ............ 1,700 63,006
Ingersoll-Rand Co. .............. 900 58,163
-------------
133,794
MEDIA - 6.50%
King World Productions Inc. ..... 3,000 104,437
New York Times Co. - Class A .... 3,600 132,525
Tribune Co. ..................... 1,400 121,975
-------------
358,937
OIL & GAS PRODUCERS - 2.98%
Enron Oil & Gas Co. ............. 5,200 105,300
Noble Affiliates Inc. ........... 2,100 59,194
-------------
164,494
PHARMACEUTICALS - 1.27%
Watson Pharmaceuticals Inc. ..... 2,000 70,125
RETAIL - 10.36%
Borders Group Inc. .............. 3,500 55,343
Consolidated Stores Corp. (a) ... 2,700 72,900
See notes to the financial statements.
<PAGE>
LAZARD/JNL MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
RETAIL (CONTINUED)
Saks Inc. (a) ................... 2,800 $ 80,850
Tandy Corp. ..................... 1,800 87,975
TJX Cos. Inc. ................... 2,500 83,281
Toys `R' Us Inc. ................ 2,700 55,856
Tricon Global Restaurants Inc.
(a) ............................. 1,700 92,013
Venator Group Inc. .............. 4,200 43,838
-------------
572,056
SAVINGS & LOANS - 1.73%
Sovereign Bancorp Inc. .......... 7,900 95,788
SOFTWARE - 1.44%
Seagate Technology Inc. ......... 3,100 79,438
TELECOMMUNICATIONS - 2.35%
Cincinnati Bell Inc. ............ 5,200 129,675
TRANSPORTATION - 1.74%
CNF Transportation Inc. ......... 2,500 95,937
-------------
Total Common Stocks
(cost $4,855,939) ........... 5,233,884
-------------
<PAGE>
MARKET
SHARES VALUE
------ -----
SHORT TERM INVESTMENTS - 5.23%
MONEY MARKET FUND - 0.00%
SSgA Money Market Fund, 4.83%
(b) ............................ 202 $ 202
PRINCIPAL
AMOUNT
------
REPURCHASE AGREEMENT - 5.23%
Repurchase agreement with State
Street
Bank, 4.70% (Collateralized by
$300,000 U.S. Treasury Note,
4.875%, due 03/31/2001,
market value $299,652)
acquired on 06/30/1999,
due 07/01/1999 ................ $289,000 289,000
-------------
Total Short Term Investments
(cost $289,202) ............. 289,202
-------------
TOTAL INVESTMENTS - 100%
(cost $5,145,141) ............... $ 5,523,086
=============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
quoted yield as of June 30, 1999.
Based on the cost of investments of $5,145,141 for federal income tax purposes
at June 30, 1998, the gross unrealized appreciation was $574,250, the gross
unrealized depreciation was $196,305 and the net unrealized appreciation on
investments was $377,945.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Balanced Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 122,140,946
===============
Investments in securities, at value ....... $ 129,377,115
Receivables:
Dividends and interest ................. 893,152
Fund shares sold ....................... 144,681
Collateral for securities loaned .......... 23,154,945
---------------
TOTAL ASSETS .............................. 153,569,893
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 74,590
Administrative fees .................... 10,362
Fund shares redeemed ................... 9,912
Return of collateral for securities loaned 23,154,945
---------------
TOTAL LIABILITIES ......................... 23,249,809
===============
NET ASSETS ................................ $ 130,320,084
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 118,947,061
Undistributed net investment income ....... 1,976,070
Accumulated net realized gain on
investments ............................... 2,160,784
Net unrealized appreciation on investments 7,236,169
===============
NET ASSETS ................................ $ 130,320,084
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 9,148,197
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 14.25
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 669,149
Interest ............................... 1,743,920
Security lending income ................ 17,187
---------------
TOTAL INVESTMENT INCOME ................... 2,430,256
---------------
EXPENSES
Investment advisory fees ............... 398,962
Administrative fees .................... 55,224
---------------
TOTAL OPERATING EXPENSES .................. 454,186
---------------
NET INVESTMENT INCOME ..................... 1,976,070
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 1,692,954
Net change in unrealized appreciation
on investments ........................ 2,714,616
---------------
NET REALIZED AND UNREALIZED GAINS ......... 4,407,570
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 6,383,640
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Balanced Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income ........................................................ $ 1,976,070 $ 3,106,485
Net realized gain on investments ............................................. 1,692,954 3,117,578
Net change in unrealized appreciation on investments ......................... 2,714,616 916,139
------------- -------------
Net increase in net assets from operations ................................... 6,383,640 7,140,202
------------- -------------
Distributions to shareholders
From net investment income ................................................... -- (3,117,738)
From net realized gains on investment transactions ........................... -- (2,845,227)
------------- -------------
Total distributions to shareholders .......................................... -- (5,962,965)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................. 42,092,548 41,271,571
Reinvestment of distributions ................................................ -- 5,962,965
Cost of shares redeemed ...................................................... (14,129,867) (12,132,501)
------------- -------------
Net increase in net assets from share transactions ........................... 27,962,681 35,102,035
------------- -------------
Net increase in net assets ................................................... 34,346,321 36,279,272
Net assets beginning of period ............................................... 95,973,763 59,694,491
------------- -------------
Net assets end of period ..................................................... $ 130,320,084 $ 95,973,763
============= =============
Undistributed net investment income .......................................... $ 1,976,070 $ --
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Balanced Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ..................... $ 13.48 $ 13.06 $ 11.92 $ 11.17 $ 10.00
---------- ----------- ---------- ----------- ----------
Income from operations:
Net investment income .................................... 0.22 0.47 0.36 0.10 0.25
Net realized and unrealized gains on investments ......... 0.55 0.84 1.83 0.98 1.40
---------- ----------- ---------- ----------- ----------
Total income from operations .......................... 0.77 1.31 2.19 1.08 1.65
---------- ----------- ---------- ----------- ----------
Less distributions:
From net investment income ............................... -- (0.47) (0.36) (0.15) (0.19)
From net realized gains on investment transactions ....... -- (0.42) (0.69) (0.18) (0.29)
---------- ----------- ---------- ----------- ----------
Total distributions ................................... -- (0.89) (1.05) (0.33) (0.48)
---------- ----------- ---------- ----------- ----------
Net increase .......................................... 0.77 0.42 1.14 0.75 1.17
---------- ----------- ---------- ----------- ----------
Net asset value, end of period ........................... $ 14.25 $ 13.48 $ 13.06 $ 11.92 $ 11.17
========== =========== ========== =========== ==========
Total Return (a) ......................................... 5.71% 10.06% 18.43% 9.72% 16.60%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................. $ 130,320 $ 95,974 $ 59,694 $ 24,419 $ 4,761
Ratio of net operating expenses to average net
assets (b) (c) ......................................... 0.82% 0.85% 0.93% 1.04% 1.01%
Ratio of net investment income to average net
assets (b) (c) ......................................... 3.58% 3.87% 3.72% 2.39% 2.99%
Portfolio turnover ....................................... 15.65% 33.74% 160.88% 158.15% 115.84%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ........................... 0.82% 0.85% 0.94% 1.22% 3.71%
Ratio of net investment income
to average net assets (b) ........................... 3.58% 3.87% 3.71% 2.21% 0.29%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
SHARES VALUE
------ -----
COMMON STOCKS - 50.11%
AEROSPACE & DEFENSE - 1.88%
Lockheed Martin Corp. ........... 38,500 $1,434,125
United Technologies Corp. ....... 14,000 1,003,625
------------
2,437,750
APPAREL - 1.78%
Liz Claiborne Inc. .............. 25,600 934,400
VF Corp. ........................ 31,900 1,363,725
------------
2,298,125
AUTO MANUFACTURERS - 1.86%
Ford Motor Co. .................. 19,200 1,083,600
General Motors Corp. ............ 20,100 1,326,600
------------
2,410,200
AUTO PARTS & EQUIPMENT - 1.04%
TRW Inc. ........................ 24,600 1,349,925
BANKS - 3.94%
Bank of America Corp. ........... 19,900 1,458,919
Chase Manhattan Corp. ........... 16,200 1,403,325
KeyCorp ......................... 39,300 1,262,513
Union Planters Corp. ............ 21,900 978,656
------------
5,103,413
CHEMICALS - 1.84%
Dow Chemical Co. ................ 8,500 1,078,438
Rohm & Haas Co. ................. 30,400 1,303,400
------------
2,381,838
COMPUTERS - 2.87%
Adaptec Inc. (a) ................ 28,600 1,009,938
Computer Associates
International Inc. .............. 29,900 1,644,499
International Business Machines
Corp. ........................... 8,200 1,059,850
------------
3,714,287
ELECTRIC - 1.93%
FirstEnergy Corp. ............... 40,300 1,249,300
GPU Inc. ........................ 29,600 1,248,750
------------
2,498,050
ELECTRONICS - 0.97%
Parker-Hannifin Corp. ........... 27,400 1,253,550
FOREST PRODUCTS & PAPER - 2.00%
Fort James Corp. ................ 33,300 1,261,238
Mead Corp. ...................... 31,700 1,323,475
------------
2,584,713
HEALTHCARE - 0.97%
Columbia/HCA Healthcare Corp. ... 54,900 1,252,406
INSURANCE - 3.61%
Aetna Inc. ...................... 11,500 1,028,531
American Financial Group Inc. ... 16,700 568,844
American General Corp. .......... 8,700 655,763
CIGNA Corp. ..................... 13,600 1,210,400
Hartford Financial Services
Group Inc. ...................... 20,800 1,212,900
------------
4,676,438
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
IRON & STEEL - 1.01%
Nucor Corp. ..................... 27,400 $1,299,788
LEISURE TIME - 0.72%
Brunswick Corp. ................. 33,200 925,450
MANUFACTURING - 3.31%
Cooper Industries Inc. .......... 18,300 951,600
ITT Industries Inc. ............. 23,300 888,312
PPG Industries Inc. ............. 20,700 1,222,594
Tenneco Inc. .................... 51,100 1,220,013
------------
4,282,519
METALS & MINING - 1.00%
Phelps Dodge Corp. .............. 20,900 1,294,494
OFFICE & BUSINESS EQUIPMENT - 0.79%
Harris Corp. .................... 25,900 1,014,956
OIL & GAS PRODUCERS - 3.35%
Ashland Inc. .................... 26,300 1,055,287
Chevron Corp. ................... 9,400 894,763
Occidental Petroleum Corp. ...... 59,000 1,246,375
Phillips Petroleum Co. .......... 22,500 1,132,031
------------
4,328,456
RETAIL - 3.17%
Federated Department Stores Inc.
(a) ............................. 27,500 1,455,781
Kmart Corp. (a) ................. 92,600 1,522,113
Sears, Roebuck & Co. ............ 25,300 1,127,431
------------
4,105,325
SAVINGS & LOANS - 2.68%
Charter One Financial Inc. ...... 46,000 1,279,375
Sovereign Bancorp Inc. .......... 63,200 766,300
Washington Mutual Inc. .......... 40,100 1,418,538
------------
3,464,213
TELECOMMUNICATIONS - 5.81%
AT&T Corp. ...................... 11,700 653,006
Bell Atlantic Corp. ............. 21,300 1,392,488
GTE Corp. ....................... 19,100 1,446,825
SBC Communications Inc. ......... 26,000 1,508,000
Sprint Corp. (FON Group) ........ 18,600 982,312
US West Inc. .................... 26,000 1,527,499
------------
7,510,130
TOBACCO - 1.66%
Philip Morris Cos. Inc. ......... 28,400 1,141,325
RJR Nabisco Holdings Corp. (a) .. 32,100 1,011,150
------------
2,152,475
TRANSPORTATION - 1.92%
Burlington Northern Santa Fe
Corp. ........................... 36,100 1,119,100
CSX Corp. ....................... 30,200 1,368,438
------------
2,487,538
------------
Total Common Stocks
(cost $56,393,721) .......... 64,826,039
------------
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS - 11.66%
AEROSPACE & DEFENSE - 0.23%
K & F Industries Inc., 9.25%,
10/15/2007 ................... $ 300,000 $ 295,500
AIRLINES - 0.76%
Atlas Air Inc., 8.77%, 1,000,000 978,310
01/02/2011 ......................
COMMERCIAL SERVICES - 0.97%
Aramark Services Inc., 7.00%,
07/15/2006 ................... 1,000,000 960,330
Rental Service Corp., 9.00%,
05/15/2008 ................... 300,000 298,125
------------
1,258,455
COMPUTERS - 0.14%
Seagate Technology Inc., 7.37%,
03/01/2007 ................... 200,000 184,330
DISTRIBUTION & WHOLESALE - 0.22%
United Stationers Supply Inc.,
8.375%, 04/15/2008 .............. 300,000 288,000
DIVERSIFIED FINANCIAL SERVICES -
1.49%
ERAC USA Finance Co.,
6.75%, 05/15/2009 ............... 1,000,000 954,130
Newcourt Credit Group Inc.,
6.875%, 02/16/2005 .............. 1,000,000 978,610
------------
1,932,740
ELECTRONICS - 0.23%
Hadco Corp., 9.50%, 06/15/2008 .. 300,000 291,750
ENERGY - ALTERNATE SOURCES - 0.78%
Midamerican Energy Holdings,
7.52%, 09/15/2008 ............... 1,000,000 1,004,749
ENTERTAINMENT - 0.96%
Harrahs Operating Co. Inc.,
7.50%, 01/15/2009 .............. 1,000,000 969,140
MGM Grand Inc., 6.875%,
02/06/2008....................... 300,000 272,283
------------
1,241,423
FOOD - 0.36%
Universal Foods Corp., 6.50%,
04/01/2009 ................... 500,000 465,820
FOREST PRODUCTS & PAPER - 0.01%
Buckeye Cellulose Corp., 9.25%,
09/15/2008 ................... 15,000 15,300
HOME FURNISHINGS - 0.22%
Windmere-Durable Holdings,
10.00%, 07/31/2008 ............. 300,000 288,000
LEISURE TIME - 0.38%
Royal Caribbean Cruises Ltd.,
7.50%, 10/15/2027 .............. 525,000 492,329
MANUFACTURING - 0.22%
U.S. Industries Inc, 7.125%,
10/15/2003....................... 300,000 282,825
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
MEDIA - 0.86%
Capstar Broadcasting Corp.,
(Step-Up Bond), 12.75%,
02/01/09 (c) ................... $ 500,000 $ 422,500
Century Communications Corp.,
9.50%, 08/15/2000 ............ 250,000 255,000
Frontier Vision Holdings LP,
(Step-Up Bond), 11.75% ,
09/15/2007 (c) ............... 500,000 432,500
------------
1,110,000
METALS & MINING - 0.46%
Commercial Metals Co., 6.75%,
02/15/2009 ................... 300,000 275,324
Wyman-Gordon Co., 8.00%,
12/15/2007 ...................... 300,000 321,750
------------
597,074
PACKAGING & CONTAINERS - 0.48%
Stone Container Corp., 12.25%,
04/01/2002 ................... 300,000 300,750
U.S. Can Corp., 10.125%,
10/15/2006 ...................... 300,000 315,750
------------
616,500
RETAIL - 0.16%
Specialty Retailers Inc.,
(Step-Up Bond),
8.50%, 07/15/2005 (c) ........ 300,000 210,000
TELECOMMUNICATIONS - 1.23%
Metronet Communications Corp.,
12.00%, 08/15/2007 ........... 300,000 342,000
Rogers Cantel Mobile Inc.,
9.375%,
06/01/2020.................... 300,000 310,500
Sprint Capital Corp., 6.375%,
05/01/2009 ...................... 1,000,000 938,930
------------
1,591,430
TOBACCO - 1.50%
Imperial Tobacco Finance Plc,
7.125%,
04/01/2009 ................... 1,000,000 953,990
Nabisco Holdings Corp., 7.05%,
07/15/2007 ................... 1,000,000 980,360
------------
1,934,350
------------
Total Corporate Bonds
(cost $15,591,472) .......... 15,078,885
------------
U.S. GOVERNMENT SECURITIES - 37.65%
U.S. GOVERNMENT AGENCIES - 16.23%
Federal Home Loan Mortgage Corp.
6.50%, 05/01/2001 .............. 334,989 335,183
6.00%, 07/01/2001 .............. 302,761 299,948
7.50%, 11/01/2011 .............. 573,931 584,153
6.50%, 04/01/2012 .............. 573,184 565,303
7.00%, 01/01/2013 .............. 748,271 751,848
8.00%, 10/01/2024 .............. 419,931 432,004
7.50%, 11/01/2024 .............. 489,737 495,399
6.50%, 02/01/2027 .............. 358,713 346,380
7.50%, 03/01/2027 .............. 419,004 423,772
6.50%, 12/01/2027 .............. 428,513 413,798
7.00%, 09/01/2028 .............. 572,618 566,531
7.00%, 11/01/2028 .............. 532,473 526,813
7.50%, 02/01/2029 .............. 781,874 790,420
6.50%, 05/01/2029 .............. 524,565 506,368
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
U.S. GOVERNMENT SECURITIES
(CONTINUED)
U.S. GOVERNMENT AGENCIES (CONTINUED)
Federal National Mortgage
Association
7.50%, 04/01/2012 ............ $ 511,183 $ 520,732
5.50%, 01/01/2014 ............ 782,874 740,794
6.50%, 05/01/2014 ............ 1,021,615 1,006,608
7.50%, 10/01/2025 ............ 1,375,045 1,388,795
7.00%, 09/01/2027 ............ 661,758 654,102
6.50%, 08/01/2028 ............ 711,191 686,072
7.00%, 08/01/2028 ............ 416,404 411,586
7.00%, 08/01/2028 ............ 662,860 655,190
7.00%, 09/01/2028 ............ 718,379 710,068
6.50%, 10/01/2028 ............ 496,353 478,821
6.50%, 11/01/2028 ............ 945,353 911,963
6.50%, 12/01/2028 ............ 596,677 575,602
6.00%, 03/01/2029 ............ 1,040,982 977,867
7.50%, 05/01/2029 ............ 867,122 875,794
Government National Mortgage
Association
7.00%, 09/15/2013 .............. 452,363 456,036
6.50%, 04/15/2026 .............. 909,017 876,347
7.50%, 07/15/2027 .............. 416,194 420,598
8.00%, 02/15/2028 .............. 519,782 534,560
7.00%, 05/15/2028 .............. 382,862 377,715
7.00%, 06/15/2028 .............. 715,194 705,581
------------
21,002,751
U.S. TREASURY BONDS - 5.77%
U.S. Treasury Bonds
6.25%, 08/15/2023 (d) .......... 3,000,000 3,014,070
6.625%, 02/15/2027 ............. 200,000 211,218
U.S. Treasury Strip - Interest
only
5.95%, 08/15/2003 ............ 1,530,000 1,210,536
5.83%, 05/15/2007 ............ 1,745,000 1,089,822
5.93%, 02/15/2008 ............ 920,000 548,394
5.785%, 11/15/2017 (d) ....... 800,000 250,768
U.S. Treasury Strip - Principal
only
5.735%, 05/15/2016 .......... 600,000 208,290
5.77%, 11/15/2016 (d) ....... 1,950,000 655,493
5.72%, 11/15/2024 ........... 1,300,000 276,483
------------
7,465,074
U.S. TREASURY NOTES - 15.65%
6.875%, 07/31/1999 (d) ......... 850,000 851,326
6.125%, 07/31/2000 (d) ......... 1,000,000 1,007,500
6.25%, 08/31/2000 (d) .......... 2,200,000 2,221,648
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
U.S. GOVERNMENT SECURITIES
(CONTINUED)
U.S. TREASURY NOTES (CONTINUED)
6.125%, 09/30/2000 (d) .........$1,565,000 $1,578,443
6.25%, 10/31/2001 (d) ......... 5,100,000 5,172,521
6.25%, 02/15/2003 ............ 1,300,000 1,323,361
5.50%, 02/28/2003 (d) ........ 2,100,000 2,086,539
5.875%, 11/15/2005 (d) ......... 3,145,000 3,145,000
5.625%, 05/15/2008 (d) ......... 2,925,000 2,865,128
------------
20,251,466
------------
Total U.S. Government
Securities
(cost $49,406,404) .......... 48,719,291
------------
WARRANTS - 0.00%
UNITED STATES - 0.00%
METALS AND MINING - 0.00%
Knology Holdings Inc. ........... 600 1,205
TELECOMMUNICATIONS - 0.00%
Metronet Communications Corp. ... 300 2,490
------------
Total Warrants
(cost $144) ................. 3,695
------------
SHORT TERM INVESTMENTS - 0.58%
DIVERSIFIED FINANCIAL SERVICES -
0.56%
Household Finance Corp., 5.45%,
07/01/1999 ................... 730,000 730,000
MONEY MARKET FUNDS - 0.02%
SSgA Money Market Fund, 4.83%, 19,205 19,205
(b) .............................
------------
Total Short Term Investments
(cost $749,205) ........ 749,205
------------
TOTAL INVESTMENTS - 100%
(cost $122,140,946) .......... $129,377,115
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate
stated is the quoted yield as of June 30, 1999.
(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) All or a portion of this security has been loaned.
Based on the cost of investments of $122,208,303 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $9,878,566, the gross
unrealized depreciation was $2,709,754 and the net unrealized appreciation on
investments was $7,168,812.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL High Yield Bond Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 132,176,783
===============
Investments in securities, at value ....... $ 127,512,772
Receivables:
Interest ............................... 2,899,905
Fund shares sold ....................... 83,185
Investment securities sold ............. 404,000
Collateral for securities loaned .......... 3,653,882
---------------
TOTAL ASSETS .............................. 134,553,744
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 74,733
Administrative fees .................... 10,383
Fund shares redeemed ................... 8,290
Investment securities purchased ........ 1,400,000
Return of collateral for securities loaned 3,653,882
---------------
TOTAL LIABILITIES ......................... 5,147,288
===============
NET ASSETS ................................ $ 129,406,456
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 132,584,315
Undistributed net investment income ....... 5,069,859
Accumulated net realized loss on
investments ............................... (3,583,707)
Net unrealized depreciation on investments (4,664,011)
===============
NET ASSETS ................................ $ 129,406,456
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 11,768,323
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 11.00
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest ............................... $ 5,524,791
Security lending income ................ 12,083
---------------
TOTAL INVESTMENT INCOME ................... 5,536,874
---------------
EXPENSES
Investment advisory fees ............... 410,188
Administrative fees .................... 56,827
---------------
TOTAL OPERATING EXPENSES .................. 467,015
---------------
NET INVESTMENT INCOME ..................... 5,069,859
---------------
REALIZED AND UNREALIZED LOSSES
Net realized loss on investments .......... (3,282,244)
Net change in unrealized depreciation
on investments ......................... (813,707)
---------------
NET REALIZED AND UNREALIZED LOSSES ........ (4,095,951)
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 973,908
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL High Yield Bond Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income ........................................................ $ 5,069,859 $ 7,706,565
Net realized gain (loss) on investments ...................................... (3,282,244) 538,153
Net change in unrealized depreciation on investments ......................... (813,707) (5,619,538)
------------- -------------
Net increase in net assets from operations ................................... 973,908 2,625,180
------------- -------------
Distributions to shareholders
From net investment income ................................................... -- (7,729,402)
From net realized gains on investment transactions ........................... -- (1,038,904)
------------- -------------
Total distributions to shareholders .......................................... -- (8,768,306)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................. 42,908,683 63,833,968
Reinvestment of distributions ................................................ -- 8,768,306
Cost of shares redeemed ...................................................... (15,961,390) (27,685,557)
------------- -------------
Net increase in net assets from share transactions ........................... 26,947,293 44,916,717
------------- -------------
Net increase in net assets ................................................... 27,921,201 38,773,591
Net assets beginning of period ............................................... 101,485,255 62,711,664
------------- -------------
Net assets end of period ..................................................... $ 129,406,456 $ 101,485,255
============= =============
Undistributed net investment income .......................................... $ 5,069,859 $ --
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL High Yield Bond Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 10.89 $ 11.48 $ 10.67 $ 10.23 $ 10.00
--------- ----------- ---------- ---------- ----------
Income from investment operations:
Net investment income .................................. 0.43 0.91 0.59 0.51 0.73
Net realized and unrealized gains (losses) on
investments .......................................... (0.32) (0.47) 1.02 0.64 0.04
--------- ----------- ---------- ---------- ----------
Total income from investment operations ............. 0.11 0.44 1.61 1.15 0.77
--------- ----------- ---------- ---------- ----------
Less distributions:
From net investment income ............................. -- (0.91) (0.59) (0.69) (0.54)
From net realized gains on investment transactions ..... -- (0.12) (0.21) (0.02) --
--------- ----------- ---------- ---------- ----------
Total distributions ................................. -- (1.03) (0.80) (0.71) (0.54)
--------- ----------- ---------- ---------- ----------
Net increase (decrease) ............................. 0.11 (0.59) 0.81 0.44 0.23
--------- ----------- ---------- ---------- ----------
Net asset value, end of period ......................... $ 11.00 $ 10.89 $ 11.48 $ 10.67 $ 10.23
========= =========== ========== ========== ==========
Total Return (a) ....................................... 1.01% 3.84% 15.05% 11.24% 7.82%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 129,406 $ 101,485 $ 62,712 $ 13,396 $ 6,156
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 0.82% 0.83% 0.90% 0.88% 0.88%
Ratio of net investment income to average net
assets (b) (c) ....................................... 8.92% 8.62% 8.15% 8.64% 8.34%
Portfolio turnover ..................................... 35.04% 129.85% 189.25% 113.08% 186.21%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ........................... 0.82% 0.83% 0.90% 1.21% 1.50%
Ratio of net investment income
to average net assets (b) ........................... 8.92% 8.62% 8.15% 8.31% 7.72%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS - 97.43%
AEROSPACE & DEFENSE - 2.39%
Fairchild Corp., 10.75%,
04/15/2009.......................$2,000,000 $1,965,000
K&F Industries Inc., 9.25%,
10/15/2007 ................... 1,100,000 1,083,500
------------
3,048,500
APPAREL - 1.04%
Pillowtex Corp., 10.00%,
11/15/2006....................... 1,330,000 1,323,350
AUTO PARTS & EQUIPMENT - 0.82%
Aftermarket Technology Corp.,
12.00%,
08/01/2004.................... 1,000,000 1,050,000
BEVERAGES - 0.81%
National Wine & Spirits, 10.125%,
01/15/2009.................... 1,000,000 1,027,500
BIOTECHNOLOGY - 0.79%
Quest Diagnostic Inc., 9.875%,
07/01/2009.................... 1,000,000 1,005,000
BUILDING MATERIALS - 6.30%
Brand Scaffold Services Inc.,
10.25%,
02/15/2008.................. 2,000,000 1,957,500
Juno Lighting Inc., 11.875%,
07/01/2009....................... 2,100,000 2,150,310
NCI Building Systems Inc., 9.25%,
05/01/2009.................. 2,000,000 1,925,000
Nortek Inc., 9.25%, 03/15/2007... 2,000,000 2,005,000
------------
8,037,810
CHEMICALS - 1.31%
PCI Chemicals Canada Inc., 9.25%,
10/15/2007.................... 1,965,000 1,670,250
COMMERCIAL SERVICES - 2.28%
Flag Ltd., 8.25%, 01/30/2008.....2,000,000 1,865,000
Universal Compression Holdings
Inc.,
(Step-Up Bond), 11.375%,
02/15/2009 (a)................ 1,750,000 1,050,000
DIVERSIFIED FINANCIAL SERVICES -
3.38%
DVI Inc., 9.875%, 02/01/2004 (d). 2,000,000 1,945,000
PX Escrow Corp., (Step-Up Bond),
9.625%, 02/01/2006 (a)........ 750,000 468,750
United Industries Corp., 9.875%,
04/01/2009.................... 2,000,000 1,895,000
------------
4,308,750
ELECTRICAL COMPONENTS & EQUIP. -
2.12%
Communications Instruments Inc.,
10.00%, 09/15/2004............ 3,000,000 2,700,000
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
ELECTRONICS - 4.59%
Hadco Corp., 9.50%, 06/15/2008...$2,000,000 $ 1,945,000
Imax Corp., 7.875%, 12/01/2005
CAD.............................. 2,000,000 1,910,000
Integrated Circuit Systems Inc.,
11.50%,
05/15/2009.................... 2,000,000 1,995,000
------------
5,850,000
ENGINEERING & CONSTRUCTION - 1.40%
Schuff Steel Co., 10.50%,
06/01/2008....................... 2,000,000 1,780,000
ENTERTAINMENT - 6.81%
Horseshoe Gaming LCC, 8.625%,
05/15/2009.................... 1,000,000 971,250
Jupiters Ltd., 8.50%, 03/01/2006. 2,000,000 1,915,000
Lady Luck Gaming Finance Corp.,
11.875%, 03/01/2001........... 2,000,000 2,030,000
Sun International Hotels Ltd.
8.625%, 12/15/2007............ 1,300,000 1,274,000
9.00%, 03/15/2007............. 500,000 500,000
Waterford Gaming LCC, 9.50%,
03/15/2010.................... 2,000,000 2,000,000
------------
8,690,250
ENVIRONMENTAL CONTROL - 1.61%
Marsulex Inc., 9.625%,
07/01/2008 CAD................... 2,000,000 2,052,500
FOOD - 1.62%
Agrilink Foods Inc., (144a),
11.875%,
11/01/2008.................... 2,000,000 2,065,000
HEALTHCARE - 2.33%
LifePoint Hospitals Inc., 10.75%,
05/15/2009.................... 1,000,000 1,017,500
Tenet Healthcare Corp., 8.625%,
01/15/2007.................... 2,000,000 1,950,000
------------
2,967,500
HOLDING COMPANIES - DIVERSIFIED -
4.58%
Crown Castle International
Corp., (Step-
Up Bond), 10.375%, 05/12/2001
(a) ............................. 3,500,000 1,938,299
Elgar Holdings Inc., 9.875%,
02/01/2008....................... 2,400,000 1,914,000
KMC Telecom Holdings Inc.,
13.50%,
05/15/2009.................... 1,000,000 1,001,250
Knology Holdings Inc., (Step-Up
Bond),
8.875%, 10/15/2007 (a)........ 1,700,000 986,000
------------
5,839,549
HOME FURNISHINGS - 1.81%
Windmere-Durable Holdings Inc.,
10.00%, 07/31/2008............ 2,400,000 2,304,000
LODGING - 1.44%,
HMH Properties Inc., 7.875%,
8/1/2008 ........................ 2,000,000 1,835,000
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)
MACHINERY - 3.09%
National Equipment Services
Inc.,
(144a), 10.00%, 11/30/2004....$2,000,000 $2,035,000
W.R. Carpenter North America
Inc.,
10.625%, 06/15/2007........... 2,000,000 1,900,000
------------
3,935,000
MANUFACTURING - 4.40%
Burke Industries Inc.
9.034%, 08/15/2007 (c) ....... 700,000 525,875
10.00%, 08/15/2007 ........... 1,450,000 1,109,250
Jackson Products Inc., 9.50%,
04/15/2005.................... 2,000,000 1,972,500
Prestolite Electric Inc.,
9.625%,
02/01/2008.................... 2,060,000 1,998,200
------------
5,605,825
MEDIA - 8.38%
Advanstar Communications Inc.,
9.25%,
05/01/2008.................... 1,000,000 997,500
Capstar Broadcasting Corp.,
(Step-Up
Bond), 12.75%, 02/01/2009 (a). 2,850,000 2,408,250
CBS Radio Inc., 11.375%,
01/15/2009....................... 568,900 662,769
Echostar Communications Corp.,
9.375%,
02/01/2009 ...................... 2,000,000 2,040,000
Frontiervision Holdings L.P.
11.875%, 09/15/2007 .......... 1,300,000 1,124,500
11.00%, 10/15/2006 ........... 400,000 436,000
Gray Communications System Inc.,
10.625%, 10/01/2006........... 1,100,000 1,149,500
Rogers Cablesystems Ltd.
9.625%, 08/01/2002 CAD........ 650,000 680,875
10.00%, 03/15/2005 CAD........ 1,100,000 1,177,000
------------
10,676,394
OFFICE & BUSINESS EQUIPMENT - 1.48%
General Binding Corp., 9.375%,
06/01/2008.................... 2,000,000 1,892,500
PACKAGING & CONTAINERS - 5.05%
Huntsman Packaging Corp., 9.125%,
10/01/2007.................... 1,000,000 987,500
Packaging Corp. of America,
9.625%,
04/01/2009.................... 1,000,000 1,007,500
Riverwood International Corp.,
10.625%,
08/01/2007 ................... 2,000,000 2,045,000
Stone Container Corp., 12.25%,
04/01/2002.................... 2,400,000 2,406,000
------------
6,446,000
RETAIL - 5.48%
APCOA Inc., 9.25%, 03/15/2008 ... 1,500,000 1,396,875
Eye Care Centers of America Inc.,
(144a), 9.125%, 05/01/2008 ... 2,000,000 1,720,000
Finlay Enterprises Inc., 9.00%,
05/01/2008 (d) ............... 2,000,000 1,910,000
Jo-Ann Stores Inc., 10.375%,
05/01/2007....................... 2,000,000 1,960,000
------------
6,986,875
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
SOFTWARE - 1.73%
PSINet Inc., 10.00%, 02/15/2005 .$2,220,000 $2,208,900
SOVEREIGN - 1.45%
Republic of Argentina, 11.00%,
10/09/2006 (d) ARS ........... 2,000,000 1,849,000
TELECOMMUNICATIONS - 16.68%
Hyperion Telecommunications,
12.00%,
11/01/2007.................... 2,000,000 2,020,000
Intermedia Communication Inc.,
(Step- Up Bond), 12.25%,
03/01/2009 (a) .................. 4,250,000 2,358,750
Level 3 Communications Inc,
9.125%,
05/01/2008 ................... 2,000,000 1,967,500
Metrocall Inc., (Step-Up Bond),
(144a),
11.00%, 09/15/2008 (a) ....... 2,000,000 1,540,000
Metronet Communications Corp.
12.00%, 08/15/2007 CAD........ 1,800,000 2,052,000
9.95%, 06/15/2008 CAD......... 1,000,000 740,000
Nextel Communications Inc.,
(Step-Up
Bond), 9.95%, 02/15/2008 (a) . 3,300,000 2,277,000
Nextlink Communications, 10.75%,
06/01/2009.................... 1,000,000 1,025,000
Northeast Optic Network, 12.75%,
08/15/2008.................... 2,000,000 2,070,000
Pac-West Telecomm Inc., 13.50%,
02/01/2009.................... 1,000,000 990,000
Primus Telecommunications Group,
11.25%, 01/15/2009............ 2,000,000 2,010,000
Rogers Cantel Mobile Inc.,
9.375%,
06/01/2006 CAD................ 200,000 222,000
06/01/2008 CAD................ 1,000,000 1,035,000
RSL Communications Plc, 9.875%,
11/15/2009.................... 1,000,000 963,750
------------
21,271,000
TRANSPORTATION - 2.26%
Gulfmark Offshore Inc., 8.75%,
06/01/2008.................. 1,000,000 947,500
Ultrapetrol Ltd., (Step-Up
Bond),
10.50%, 04/01/2008 (a) ....... 2,400,000 1,938,000
------------
2,885,500
------------
Total Corporate Bonds
(cost $128,912,428)...... 124,226,953
------------
SHARES
------
RIGHTS - 0.01%
MACHINERY - 0.01%
Terex Corp. (cost $831).......... 400 9,613
------------
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
------ -----
WARRANTS - 0.01%
MACHINERY - 0.00%
Highwaymaster Communications Inc. 1,500 $ 3,000
METALS & MINING - 0.00%
Knology Holdings Inc............. 2,200 4,417
TELECOMMUNICATIONS - 0.01%
Metronet Communications Corp..... 1,300 10,790
------------
Total Warrants
(cost $5,525)............... 18,207
------------
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 2.55%
DIVERSIFIED FINANCIAL SERVICES -
2.54%
Ford Credit Co., 5.75%,
07/01/1999 ......................$3,240,000 $3,240,000
MONEY MARKET FUND - 0.01%
SSgA Money Market Fund, 4.83%
(b) ............................. 17,999 17,999
------------
Total Short Term Investments
(cost $3,257,999)........ 3,257,999
------------
TOTAL INVESTMENTS -- 100%
(cost $132,176,783).............. $127,512,772
==============
- --------------------------------------------------------------------------------
(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 yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) Coupon is indexed to 6 month Libor. Rate stated is in effect as of June 30,
1999.
(d) All or a portion of this security has been loaned.
Based on the cost of investments of $132,176,783 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $1,040,607, the gross
unrealized depreciation was $5,704,618 and the net unrealized depreciation on
investments was $4,664,011.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Money Market Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 98,084,907
===============
Investments in securities, at amortized
cost ...................................... $ 98,084,907
Receivables:
Interest ............................... 10
Fund shares sold ....................... 477,509
---------------
TOTAL ASSETS .............................. 98,562,426
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 49,202
Administrative fees .................... 8,201
Fund shares redeemed ................... 3,037,625
---------------
TOTAL LIABILITIES ......................... 3,095,028
===============
NET ASSETS ................................ $ 95,467,398
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 95,467,398
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ........... 95,467,398
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 1.00
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest ............................... $ 1,907,310
---------------
EXPENSES
Investment advisory fees ............... 227,735
Administrative fees .................... 37,956
---------------
TOTAL OPERATING EXPENSES .................. 265,691
---------------
NET INVESTMENT INCOME ..................... 1,641,619
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 1,641,619
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Money Market Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations:
Net investment income ........................................................ $ 1,641,619 $ 2,626,262
------------- -------------
Distributions to shareholders:
From net investment income ................................................... (1,641,619) (2,626,262)
------------- -------------
Share transactions:
Proceeds from the sale of shares ............................................. 110,902,293 129,092,539
Reinvestment of distributions ................................................ 1,641,619 2,626,262
Cost of shares redeemed ...................................................... (73,425,495) (117,177,667)
------------- -------------
Net increase in net assets from share transactions ........................... 39,118,417 14,541,134
------------- -------------
Net increase in net assets ................................................... 39,118,417 14,541,134
Net assets beginning of period ............................................... 56,348,981 41,807,847
------------- -------------
Net assets end of period ..................................................... $ 95,467,398 $ 56,348,981
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ---------- --------- --------- ---------
Income from operations:
Net investment income .................................... 0.02 0.05 0.05 0.04 0.04
-------- ---------- --------- --------- ---------
Less distributions:
From net investment income ............................... (0.02) (0.05) (0.05) (0.04) (0.04)
-------- ---------- --------- --------- ---------
Net increase .......................................... -- -- -- -- --
-------- ---------- --------- --------- ---------
Net asset value, end of period ........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========== ========= ========= =========
Total Return (a) ......................................... 2.16% 4.99% 5.01% 3.61% 4.59%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................. $ 95,467 $ 56,349 $ 41,808 $ 23,752 $ 6,816
Ratio of net operating expenses to average net
assets (b) (c) ......................................... 0.70% 0.74% 0.75% 0.75% 0.75%
Ratio of net investment income to average net
assets (b) (c) ......................................... 4.33% 4.87% 4.92% 4.75% 5.06%
Ratio information assuming no expense reimbursement
or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ........................... 0.70% 0.75% 0.76% 0.85% 1.30%
Ratio of net investment income
to average net assets (b) ........................... 4.33% 4.86% 4.91% 4.65% 4.51%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL AMORTIZED
AMOUNT COST
------ ----
COMMERCIAL PAPER -- 100%
AEROSPACE & DEFENSE - 0.97%
Raytheon Co., 5.00%, 07/02/1999...... $ 950,000 $ 949,868
AUTO MANUFACTURERS - 2.56%
Daimler Benz North America, 4.81%,
08/06/1999.......................... 355,000 353,292
DaimlerChrysler North America Holding
Corp.
4.84%, 09/09/1999 .................. 935,000 926,201
4.85%, 10/13/1999 .................. 1,250,000 1,232,486
------------
2,511,979
BEVERAGES - 4.22%
Coca-Cola Co.
4.84%, 07/16/1999 .................. 1,480,000 1,477,015
4.86%, 07/22/1999 .................. 1,400,000 1,396,031
5.05%, 01/26/2000 .................. 1,300,000 1,261,886
------------
4,134,932
CHEMICALS - 0.80%
E.I. Du Pont de Nemours & Co.,
4.86%, 10/18/1999 .................. 800,000 788,228
COSMETICS & PERSONAL CARE - 6.05%
Allergan, 5.20%, 07/13/1999.......... 2,950,000 2,944,887
Procter & Gamble Co.
4.85%, 07/13/1999 .................. 1,000,000 998,383
5.00%, 07/13/1999 .................. 665,000 663,892
5.05%, 08/03/1999 .................. 1,335,000 1,328,820
------------
5,935,982
DIVERSIFIED FINANCIAL SERVICES - 53.97%
American Express Co.
4.84%, 07/13/1999 .................. 750,000 748,790
4.81%, 09/17/1999 .................. 925,000 915,360
4.80%, 11/18/1999 .................. 775,000 760,533
American Express Credit Corp.,
4.80%, 10/29/1999 .................. 1,200,000 1,180,800
American General Finance Corp.
4.89%, 07/08/1999 .................. 1,000,000 999,049
4.90%, 07/22/1999 .................. 1,200,000 1,196,570
4.80%, 07/23/1999 .................. 425,000 423,753
4.80%, 09/14/1999 .................. 1,250,000 1,237,500
Associated Corp. of North America
4.85%, 07/08/1999 .................. 2,400,000 2,397,737
5.00%, 07/08/1999 .................. 1,500,000 1,498,542
Chevron UK Investment Plc
4.96%, 07/20/1999 .................. 2,485,000 2,478,495
4.81%, 10/22/1999 .................. 1,565,000 1,541,372
Chrysler Financial Co. LLC, 4.77%,
07/09/1999.......................... 850,000 849,099
CIT Group Holding Inc.
4.85%, 07/06/1999 .................. 1,000,000 999,326
4.78%, 08/23/1999 .................. 1,345,000 1,335,535
4.80%, 09/07/1999 .................. 1,350,000 1,337,760
Countrywide Home Loans Inc.
4.92%, 07/13/1999 .................. 575,000 574,057
4.92%, 07/15/1999 .................. 1,075,000 1,072,943
<PAGE>
PRINCIPAL AMORTIZED
AMOUNT COST
------ ----
COMMERCIAL PAPER (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES
(CONTINUED)
Ford Credit Co.
4.85%, 07/06/1999 .................. $ 800,000 $ 799,461
4.76%, 07/09/1999 .................. 650,000 649,312
4.77%, 07/09/1999 .................. 310,000 309,671
4.85%, 07/20/1999 .................. 600,000 598,464
4.85%, 07/21/1999 .................. 1,000,000 997,306
4.74%, 07/23/1999 .................. 350,000 348,986
4.80%, 08/06/1999 .................. 285,000 283,632
General Motors Acceptance Corp.
4.75%, 07/02/1999 .................. 400,000 399,947
5.01%, 07/23/1999 .................. 790,000 787,581
4.81%, 08/18/1999 .................. 765,000 760,094
4.86%, 08/18/1999 .................. 465,000 461,987
4.80%, 09/13/1999 .................. 805,000 797,057
5.06%, 01/25/2000 .................. 600,000 582,459
Heller Financial Inc.
5.05%, 07/26/1999 .................. 1,350,000 1,345,266
4.91%, 09/03/1999 .................. 1,100,000 1,090,398
4.94%, 09/22/1999 .................. 1,850,000 1,828,930
Household Finance Corp.
4.85%, 07/12/1999 .................. 1,400,000 1,397,925
4.80%, 08/02/1999 .................. 605,000 602,419
4.86%, 10/14/1999 .................. 1,200,000 1,182,990
4.92%, 10/15/1999 .................. 565,000 556,815
Merrill Lynch & Co. Inc.
4.77%, 07/19/1999 .................. 500,000 498,807
4.78%, 07/19/1999 .................. 1,434,000 1,430,573
5.13%, 02/01/2000 .................. 970,000 940,282
5.18%, 02/02/2000 .................. 900,000 872,028
Norwest Financial Inc.
4.88%, 07/07/1999 .................. 1,450,000 1,448,821
4.81%, 08/04/1999 .................. 2,150,000 2,140,233
Sears Roebuck Acceptance Corp.
4.85%, 07/12/1999 .................. 1,000,000 998,518
4.87%, 07/14/1999 .................. 750,000 748,681
5.10%, 07/21/1999 .................. 520,000 518,527
5.05%, 07/26/1999 .................. 750,000 747,370
4.75%, 10/18/1999 .................. 1,000,000 985,618
USAA Capital Corp.
4.96%, 07/29/1999 .................. 1,650,000 1,643,635
4.88%, 08/04/1999 .................. 2,650,000 2,637,786
------------
52,938,800
ELECTRIC - 0.92%
Central & South West Corp., 5.00%,
07/16/1999 ......................... 900,000 898,125
FOOD - 3.32% ConAgra Inc.
5.06%, 07/07/1999 .................. 430,000 429,637
5.00%, 07/15/1999 .................. 338,000 337,343
H.J. Heinz Co., 4.85%, 07/28/1999.... 2,500,000 2,490,906
------------
3,257,886
LEISURE TIME - 3.93%
Hasbro Inc.
4.80%, 07/09/1999 .................. 850,000 849,093
4.80%, 08/03/1999 .................. 1,393,000 1,386,871
4.93%, 09/07/1999 .................. 750,000 743,016
4.91%, 10/15/1999 .................. 890,000 877,133
------------
3,856,113
See notes to the financial statements.
<PAGE>
PPM AMERICA/JNL MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL AMORTIZED
AMOUNT COST
------ ----
COMMERCIAL PAPER (CONTINUED)
MACHINERY - 3.79% Deere & Co.
4.88%, 07/14/1999 .................. $1,300,000 $1,297,709
4.79%, 09/10/1999 .................. 1,300,000 1,287,719
4.81%, 09/16/1999 .................. 350,000 346,399
4.83%, 09/30/1999 .................. 800,000 790,233
------------
3,722,060
MANUFACTURING - 4.24%
General Electric Capital Corp.
4.88%, 07/15/1999 .................. 700,000 698,672
4.77%, 08/02/1999 .................. 500,000 497,880
4.79%, 08/27/1999 .................. 400,000 396,966
4.82%, 08/27/1999 .................. 250,000 248,092
4.81%, 09/10/1999 .................. 400,000 396,205
4.80%, 09/30/1999 .................. 300,000 296,360
4.81%, 09/30/1999 .................. 350,000 345,744
4.79%, 11/05/1999 .................. 310,000 304,762
5.04%, 01/24/2000 .................. 1,000,000 971,020
------------
4,155,701
MEDIA - 3.29%
Walt Disney Co.
4.85%, 09/17/1999 .................. 1,000,000 989,492
4.79%, 11/17/1999 .................. 1,100,000 1,079,656
4.78%, 11/19/1999 .................. 1,175,000 1,153,002
------------
3,222,150
OIL & GAS PRODUCERS - 4.18%
Consolidated Natural Gas Co.
5.02%, 07/06/1999 .................. 830,000 829,421
4.98%, 07/12/1999 .................. 3,280,000 3,275,009
------------
4,104,430
<PAGE>
PRINCIPAL AMORTIZED
AMOUNT COST
------ ----
COMMERCIAL PAPER (CONTINUED)
PACKAGING & CONTAINERS - 0.86%
Crown Cork & Seal Co. Inc.
5.00%, 07/20/1999 .................. $ 475,000 $ 473,747
5.05%, 08/12/1999 .................. 150,000 149,116
5.48%, 09/15/1999 .................. 225,000 222,397
------------
845,260
PHARMACEUTICALS - 3.14%
American Home Products Corp.
5.70%, 07/01/1999 .................. 1,110,000 1,110,000
4.86%, 10/22/1999 .................. 2,000,000 1,969,490
------------
3,079,490
RETAIL - 0.97%
J.C. Penney Funding Corp.
5.07%, 07/27/1999 .................. 590,000 587,840
5.15%, 07/27/1999 .................. 360,000 358,661
------------
946,501
TELECOMMUNICATIONS - 2.79%
BellSouth Telecomm Inc., 5.05%,
08/05/1999.......................... 2,750,000 2,736,498
------------
Total Commercial Paper
(cost $98,084,003) .............. 98,084,003
------------
MONEY MARKET FUND - 0.00%
SSgA Money Market Fund, 4.83% (a)
(cost $904)....................... 904 904
------------
TOTAL INVESTMENTS - 100%
(cost $98,084,907) .................. $98,084,907
=============
- --------------------------------------------------------------------------------
(a) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Balanced Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 6,551,065
===============
Investments in securities, at value ....... $ 6,755,035
Receivables:
Dividends and interest ................. 36,450
Fund shares sold ...................... 5,948
Foreign taxes recoverable .............. 204
---------------
TOTAL ASSETS .............................. 6,797,637
---------------
LIABILITIES
Payables:
Investment advisory fees ............... 3,728
Administrative fees .................... 466
Fund shares redeemed ................... 156
Investment securities purchased ........ 616,681
Other liabilities ......................... 121
---------------
TOTAL LIABILITIES ......................... 621,152
===============
NET ASSETS ................................ $ 6,176,485
===============
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 5,913,521
Undistributed net investment income ....... 80,367
Accumulated net realized loss on
investments and foreign currency
related items ............................ (21,373)
Net unrealized appreciation on investments 203,970
===============
NET ASSETS ................................ $ 6,176,485
===============
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 572,242
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.79
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 23,689
Interest ............................... 76,209
Foreign tax withholding ................ (253)
---------------
TOTAL INVESTMENT INCOME ................... 99,645
---------------
EXPENSES
Investment advisory fees ............... 17,952
Administrative fees .................... 2,244
---------------
TOTAL OPERATING EXPENSES .................. 20,196
---------------
NET INVESTMENT INCOME ..................... 79,449
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss) on:
Investments ............................ (5,867)
Foreign currency related items ......... 36
Net change in unrealized appreciation
on investments ......................... 134,189
---------------
NET REALIZED AND UNREALIZED GAIN .......... 128,358
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 207,807
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Balanced Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Operations
Net investment income ............................................................ $ 79,449 $ 64,712
Net realized gain (loss) on:
Investments ...................................................................... (5,867) (15,542)
Foreign currency related items ................................................... 36 (39)
Net change in unrealized appreciation on investments ............................. 134,189 69,781
----------- -----------
Net increase in net assets from operations ....................................... 207,807 118,912
----------- -----------
Distributions to shareholders
From net investment income ....................................................... -- (65,648)
From net realized gains on investment transactions ............................... -- --
----------- -----------
Total distributions to shareholders .............................................. -- (65,648)
----------- -----------
Share transactions
Proceeds from the sale of shares ................................................. 3,262,796 4,871,127
Reinvestment of distributions .................................................... -- 65,648
Cost of shares redeemed .......................................................... (590,698) (1,693,459)
----------- -----------
Net increase in net assets from share transactions ............................... 2,672,098 3,243,316
----------- -----------
Net increase in net assets ....................................................... 2,879,905 3,296,580
Net assets beginning of period ................................................... 3,296,580 --
----------- -----------
Net assets end of period ......................................................... $ 6,176,485 $ 3,296,580
=========== ===========
Undistributed net investment income .............................................. $ 80,367 $ 918
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Balanced Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ............................................................ $ 10.38 $ 10.00
------------ ----------
Income from operations:
Net investment income ........................................................................... 0.14 0.21
Net realized and unrealized gains on investments and foreign currency related items ............. 0.27 0.38
------------ ----------
Total income from operations ................................................................. 0.41 0.59
------------ ----------
Less distributions:
From net investment income ...................................................................... -- (0.21)
From net realized gains on investment transactions .............................................. -- --
------------ ----------
Total distributions .......................................................................... -- (0.21)
------------ ----------
Net increase ................................................................................. 0.41 0.38
------------ ----------
Net asset value, end of period .................................................................. $ 10.79 $ 10.38
============ ==========
Total Return (a) ................................................................................ 3.95% 5.91%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........................................................ $ 6,176 $ 3,297
Ratio of net operating expenses to average net assets (b) (c) ................................... 0.90% 0.95%
Ratio of net investment income to average net assets (b) (c) .................................... 3.54% 3.49%
Portfolio turnover .............................................................................. 18.13% 128.41%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ....................................... 0.90% 2.38%
Ratio of net investment income to average net assets (b) ........................................ 3.54% 2.06%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 38.19%
CANADA -- 1.50%
OIL & GAS PRODUCERS -- 0.55%
Suncor Energy Inc. ................... 900 $ 37,013
TELECOMMUNICATIONS -- 0.26%
Nortel Networks Corp. ................ 200 17,363
TRANSPORTATION -- 0.69%
Canadian National Railway Co. ........ 700 46,900
----------
Total Canada ........................ 101,276
GERMANY -- 0.65%
AUTO MANUFACTURERS -- 0.65%
DaimlerChrysler AG (a) ............... 498 44,260
UNITED STATES -- 36.04%
BANKS -- 3.00%
BankAmerica Corp. .................... 905 66,348
First Union Corp. ................... 1,200 56,400
Fleet Financial Group Inc. ........... 1,000 44,375
Mercantile Bancshares Corp. .......... 1,000 35,375
----------
202,498
BEVERAGES -- 1.65%
Anheuser-Busch Co. ................... 700 49,656
PepsiCo Inc. ......................... 1,600 61,900
----------
111,556
BUILDING MATERIALS -- 0.64%
Vulcan Materials Co. ................. 900 43,425
CHEMICALS -- 1.27%
USEC Inc. ............................ 2,500 37,187
Geon Co. ............................. 1,500 48,375
----------
85,562
COMMERCIAL SERVICES -- 0.69%
Reynolds & Reynolds-- Class A ........ 2,000 46,625
COMPUTERS -- 1.53%
International Business Machines
Corp. ................................ 800 103,400
COSMETICS & PERSONAL CARE -- 1.15%
Avon Products Inc. ................... 1,400 77,700
ELECTRIC -- 0.48%
Edison International ................. 1,200 32,100
FOOD -- 2.31%
H.J. Heinz Co. ....................... 700 35,087
Sara Lee Corp. ...................... 2,000 45,375
Hormel Foods Corp. ................... 1,200 48,300
Ralston Purina Group ................. 900 27,394
----------
156,156
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
INSURANCE -- 3.76%
Allstate Corp. ....................... 500 $ 17,937
American International Group Inc. .... 62 7,258
Chubb Corp. .......................... 800 55,600
CIGNA Corp. .......................... 700 62,300
Horace Mann Educators Corp. .......... 2,000 54,375
Marsh & McLennan Cos. Inc. ........... 750 56,625
----------
254,095
MANUFACTURING -- 2.42%
Cooper Industries Inc. ............... 800 41,600
Eastman Kodak Co. .................... 800 54,200
General Electric Co. ................. 600 67,800
----------
163,600
MEDIA -- 0.50%
Walt Disney Co. ...................... 1,100 33,894
OFFICE & BUSINESS EQUIPMENT-- 0.70%
Xerox Corp. .......................... 800 47,250
OIL & GAS PRODUCERS -- 2.02%
Amerada Hess Corp. ................... 600 35,700
BP Amoco Corp. ....................... 397 43,075
Exxon Corp. .......................... 500 38,562
Schlumberger Ltd. .................... 300 19,106
----------
136,443
PHARMACEUTICALS -- 5.44%
American Home Products Corp. ......... 900 51,750
Bristol-Myers Squibb Co. ............. 1,000 70,437
Johnson & Johnson .................... 600 58,800
Pharmacia & Upjohn Inc. .............. 1,000 56,813
Pfizer Inc. .......................... 600 65,850
Schering-Plough Corp. ................ 1,200 63,600
----------
367,250
REAL ESTATE --1.02%
Crescent Real Estate Equities Co. .... 1,000 25,920
Glenborough Realty Trust Inc. ........ 1,100 19,250
New Plan Excel Realty Trust Inc. ..... 1,440 23,750
----------
68,920
RETAIL -- 3.04%
May Department Stores Co. ............ 750 30,656
McDonald's Corp. ..................... 1,000 41,312
J.C. Penney Co. Inc. ................. 1,000 48,563
Rite Aid Corp. ....................... 2,000 49,250
Sears Roebuck & Co. .................. 800 35,650
----------
205,431
TELECOMMUNICATIONS -- 3.25%
Trust Automatic ...................... 1,000 22,250
Bell Atlantic Corp. .................. 1,000 65,375
GTE Corporation ...................... 200 15,150
SBC Communications Inc. .............. 1,000 58,000
U S West Inc. ..........................1,000 58,750
----------
219,525
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
TOBACCO -- 0.48%
Philip Morris Cos. Inc. .............. 800 $ 32,150
TRANSPORTATION -- 0.69%
Union Pacific Corp. .................. 800 46,650
----------
Total United States ................. 2,434,230
----------
Total Common Stocks
(cost $2,292,635) ................ 2,579,766
----------
PRINCIPAL
AMOUNT
------
CORPORATE BONDS -- 19.17%
AEROSPACE & DEFENSE -- 0.28%
Raytheon Co., 6.15%, 11/01/2008 ......$20,000 18,882
ADVERTISING -- 0.67%
Interpublic Group of Cos., 1.87%,
06/01/2006 ........................... 50,000 45,375
BANKS -- 1.34%
Bank of America Corp., 5.75%,
03/01/2004 ........................... 75,000 71,920
US Bank NA, 5.70%, 12/15/2008 ........ 20,000 18,278
----------
90,198
CHEMICALS -- 0.36%
Praxair Inc., 6.15%, 04/15/2003 ...... 25,000 24,603
COMMERCIAL SERVICES -- 1.34%
Comdisco Inc., 6.125%, 08/01/2001 .... 40,000 39,449
Service Corp. International, 6.00%,
12/15/2005 ......................... 55,000 50,732
----------
90,181
COMPUTERS -- 0.65%
IBM Corp., 5.375%, 02/01/2009 ........ 25,000 22,772
S3 Inc., 5.75%, 10/01/2003 ........... 25,000 21,031
----------
43,803
DIVERSIFIED FINANCIAL SERVICES -- 3.71%
Aristar Inc., 7.25%, 06/15/2006 ......100,000 101,625
Bell Atlantic Financial Services,
5.75%, 04/01/2003 ................ 25,000 25,125
Donaldson Lufkin Jenrett,
5.875%, 04/01/2002 ............... 50,000 49,063
Ford Motor Credit Corp., 5.80%,
01/12/2009 ........................... 25,000 22,847
Household Finance Corp.,
5.875%, 02/01/2009 ............... 35,000 31,833
Sears Roebuck Acceptance Corp.,
7.00%, 06/15/2007 .................. 20,000 19,973
----------
250,466
ELECTRIC -- 0.68%
Empresa Elec Pehuenche, 7.30%,
05/01/2003
CLP ................................ 50,000 45,980
ELECTRICAL COMPONENTS & EQUIPMENT
--1.06%
Integrated Process Equipment Corp.,
6.25%, 09/15/2004 .................. 75,000 57,000
Solectron Corp., Zero Coupon,
01/27/2019 ........................... 25,000 14,500
----------
71,500
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
HEALTHCARE -- 0.37%
Alpharma Inc. 3.00%, 06/01/2006 ......$20,000 $ 24,975
HOLDING COMPANIES -- 1.84%
Lehman Brothers Holdings Inc.,
7.00%, 05/15/2003 ..................125,000 124,196
INSURANCE -- 0.73%
Fremont General Corp., 7.70%,
03/17/2004 ........................... 50,000 49,438
MANUFACTURING -- 0.33%
Mark IV Industries Inc., (144a),
4.75%,
11/01/2004 ......................... 25,000 22,281
MEDIA -- 0.79%
A.H. Belo Corp., 7.25%, 09/15/2027 ... 50,000 45,603
Rogers Communications Inc.,
2.00%, 11/26/2005 CAD............... 10,000 7,700
----------
53,303
OIL & GAS PRODUCERS -- 0.15%
Kerr McGee Corp., 7.50%, 05/15/2014 .. 10,000 9,925
PHARMACEUTICALS -- 0.11%
Omnicare Inc., 5.00%, 12/01/2007 ..... 10,000 7,388
REAL ESTATE -- 0.71%
Spieker Properties LP, 7.25%,
05/01/2009 ........................... 50,000 48,337
RETAIL -- 0.86%
Rite Aid Corp., 5.25%, 09/15/2002 ... 10,000 10,125
Staples Inc., 7.125%, 08/15/2007 .... 50,000 47,983
----------
58,108
SEMICONDUCTORS -- 0.75%
Micron Technology Inc., 7.00%,
07/01/2004 ......................... 50,000 50,500
SOFTWARE -- 1.26%
First Data Corp., 6.375%,
12/15/2007 ......................... 50,000 48,638
Network Associates Inc., Zero Coupon
02/13/2008 ......................... 50,000 15,000
Wind River Systems Inc., 5.00%,
08/01/2002 ......................... 25,000 21,687
----------
85,325
TELECOMMUNICATIONS -- 1.18%
Aspect Telecommunications Corp.,
(144a),
Zero Coupon, 08/10/2018 ............150,000 32,625
GTE Corp., 6.94%, 04/15/2028 ......... 50,000 47,330
----------
79,955
----------
Total Corporate Bonds
(cost $1,319,685) ................ 1,294,719
----------
SHARES
------
PREFERRED STOCKS -- 2.24%
DIVERSIFIED FINANCIAL SERVICES -- 0.21%
Finova Finance ....................... 200 13,800
FOREST PRODUCTS & PAPER -- 0.22%
International Paper Capital Trust .. 300 15,075
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL BALANCED SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
MARKET
SHARES VALUE
------ -----
PREFERRED STOCKS (CONTINUED)
HOLDING COMPANIES - DIVERSIFIED -- 0.05%
BTI Capital Trust (144a) ............. 300 $ 3,600
DIVERSIFIED FINANCIAL SERVICES -- 0.40%
Morgan Stanley Group Inc. "AMAT" ..... 500 26,750
OIL & GAS PROCEDURES -- 1.12%
Pogo Trust ........................... 1,000 50,438
Tesoro Petroleum Corp. ............... 1,000 15,750
Tosco Financing Trust ................ 200 9,750
----------
75,938
TRANSPORTATION -- 0.24%
Canadian National Railway Co. ........ 300 16,050
----------
Total Preferred Stocks
(cost $143,631) .................. 151,213
----------
PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT SECURITIES -- 26.52%
U.S. GOVERNMENT AGENCIES -- 13.19%
Federal National Mortgage
Association
7.00%, 08/01/2015 ..................$50,000 50,328
6.50%, 07/01/2028 ..................184,119 177,615
7.00%, 02/01/2029 .................. 93,818 92,733
6.50%, 08/01/2030 ..................200,000 193,874
7.00%, 08/01/2030 ..................100,000 99,281
8.00%, 08/01/2030 ..................150,000 154,500
6.00%, TBA (c) .....................130,000 122,808
----------
891,139
U.S. TREASURY BONDS -- 0.33%
5.25%, 11/15/2008 .................. 25,000 22,160
U.S. TREASURY NOTES -- 13.00%
4.50%, 09/30/2000 ..................100,000 98,906
6.375%, 03/31/2001 ................. 15,000 15,215
5.25%, 08/15/2003 ..................100,000 98,297
6.125%, 08/15/2007 .................200,000 202,156
5.625%, 05/15/2008 .................220,000 215,497
4.75%, 11/15/2008 ..................270,000 247,936
----------
878,007
----------
Total U.S. Government Securities
(cost $1,856,359) ................ 1,791,306
----------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES -- 0.54%
DLJ Commercial Mortgage Corp.
6.11%, 12/10/2007 ..................$37,573 $ 36,666
----------
Total Asset Backed Securities
(cost $37,390) ................... 36,666
----------
SHORT TERM INVESTMENTS -- 13.34%
MONEY MARKET FUND -- 0.01%
SSgA Money Market Fund, 4.83% (b) .... 365 365
REPURCHASE AGREEMENT -- 13.33%
Repurchase Agreement with State
Street Bank, 4.70%, (Collateralized
by $765,000 U.S. Treasury Note,
6.25%, due 02/15/2021, market
value $920,385) acquired on
06/30/1999, due 07/01/1999 .........901,000 901,000
----------
Total Short Term Investments
(cost $901,365) .................. 901,365
----------
TOTAL INVESTMENTS -- 100%
(cost $6,551,065) .................... $6,755,035
==========
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) Investment purchased on a when-issued basis.
Based on the cost of investments of $6,551,065 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $416,780, the gross
unrealized depreciation was $212,810 and the net unrealized appreciation on
investments was $203,970.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Global Bond Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 73,064,664
================
Investments in securities, at value ....... $ 71,079,324
Foreign currency .......................... 49,472
Receivables:
Interest ............................... 945,215
Forward foreign currency
exchange contracts .................. 12,067
Fund shares sold ....................... 41,488
Investment securities sold ............. 784,423
Collateral for securities loaned .......... 3,899,971
----------------
TOTAL ASSETS .............................. 76,811,960
----------------
LIABILITIES
Payables:
Investment advisory fees ............... 43,753
Administrative fees .................... 5,147
Forward foreign currency
exchange contracts .................. 15,802
Foreign tax expense ................... 2,217
Fund shares redeemed ................... 11,116
Investment securities purchased ........ 7,900,920
Return of collateral for securities loaned 3,899,971
Other liabilities ......................... 3,201
----------------
TOTAL LIABILITIES ......................... 11,882,127
----------------
NET ASSETS ................................ $ 64,929,833
================
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 66,328,665
Undistributed net investment income ....... 1,934,507
Accumulated net realized loss on
investments and foreign currency
related items .......................... (1,343,640)
Net unrealized depreciation on:
Investments ............................ (1,985,340)
Foreign currency related items ......... (4,359)
----------------
NET ASSETS ................................ $ 64,929,833
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 6,093,981
================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.65
================
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest................................ $ 2,203,553
Security lending income ................ 6,742
Foreign tax withholding................. (4,721)
---------------
TOTAL INVESTMENT INCOME ................... 2,205,574
---------------
EXPENSES
Investment advisory fees ............... 231,947
Administrative fees .................... 27,288
---------------
TOTAL OPERATING EXPENSES .................. 259,235
---------------
NET INVESTMENT INCOME ..................... 1,946,339
---------------
REALIZED AND UNREALIZED LOSSES
Net realized loss on:
Investments ............................ (217,626)
Foreign currency related items ......... (34,856)
Net change in unrealized depreciation on:
Investments ............................ (1,832,642)
Foreign currency related items ......... (5,315)
---------------
NET REALIZED AND UNREALIZED LOSSES ........ (2,090,439)
---------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS ........................ $ (144,100)
===============
Ssee notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Global Bond Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Net investment income .......................................................... $ 1,946,339 $ 3,112,368
Net realized loss on:
Investments ................................................................. (217,626) (1,087,833)
Foreign currency related items ................................................. (34,856) (53,642)
Net change in unrealized depreciation on:
Investments ................................................................. (1,832,642) (1,034,049)
Foreign currency related items ................................................. (5,315) (34,338)
------------ ------------
Net increase (decrease) in net assets from operations .......................... (144,100) 902,506
------------ ------------
Distributions to shareholders
From net investment income ..................................................... -- (3,054,679)
From net realized gains on investment transactions ............................. -- --
------------ ------------
Total distributions to shareholders ............................................ -- (3,054,679)
------------ ------------
Share transactions
Proceeds from the sale of shares ............................................... 24,671,028 26,135,631
Reinvestment of distributions .................................................. -- 3,054,679
Cost of shares redeemed ........................................................ (7,763,638) (15,596,426)
------------ ------------
Net increase in net assets from share transactions ............................. 16,907,390 13,593,884
------------ ------------
Net increase in net assets ..................................................... 16,763,290 11,441,711
Net assets beginning of period ................................................. 48,166,543 36,724,832
------------ ------------
Net assets end of period ....................................................... $ 64,929,833 $ 48,166,543
============ ============
Undistributed net investment income (loss) ..................................... $ 1,934,507 $ (11,832)
============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period .............. $ 10.67 $ 11.12 $ 10.63 $ 10.46 $ 10.00
---------- ---------- ----------- ------------- ------------
Income from operations:
Net investment income ............................. 0.32 0.72 0.54 0.42 0.81
Net realized and unrealized gains (losses)
on investments
and foreign currency related items ............. (0.34) (0.45) 0.59 0.70 0.24
---------- ---------- ----------- ------------- ------------
Total income (loss) from operations ............ (0.02) 0.27 1.13 1.12 1.05
---------- ---------- ----------- ------------- ------------
Less distributions:
From net investment income ........................ -- (0.72) (0.58) (0.69) (0.56)
From net realized gains on investment
transactions ....... -- -- (0.05) (0.26) (0.03)
Return of capital ................................. -- -- (0.01) -- --
---------- ---------- ----------- ------------- ------------
Total distributions ............................ -- (0.72) (0.64) (0.95) (0.59)
---------- ---------- ----------- ------------- ------------
Net increase (decrease) ........................ (0.02) (0.45) 0.49 0.17 0.46
---------- ---------- ----------- ------------- ------------
Net asset value, end of period .................... $ 10.65 $ 10.67 $ 11.12 $ 10.63 $ 10.46
========== ========== =========== ============= ============
Total Return (a) .................................. (0.19)% 2.46% 10.66% 10.68% 10.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......... $ 64,930 $ 48,167 $ 36,725 $ 12,483 $ 6,380
Ratio of net operating expenses to average net
assets (b) (c) .................................. 0.95% 1.00% 1.00% 0.99% 1.00%
Ratio of net expenses
to average net assets (c) ....................... -- -- 1.01% -- --
Ratio of net investment income
to average net assets (b) (c) ................... 7.13% 7.05% 6.83% 7.52% 9.01%
Portfolio turnover ................................ 62.69% 261.87% 134.55% 109.85% 152.89%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ....................... 0.95% 1.01% 1.07% 1.44% 2.14%
Ratio of net investment income
to average net assets (b) ....................... 7.13% 7.04% 6.76% 7.07% 7.87%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS - 27.60%
AUSTRALIA -- 0.38%
DIVERSIFIED FINANCIAL SERVICES -- 0.38%
General Electric Capital Corp.,
5.875%,
07/07/2000 AUD .....................410,000 $ 272,773
CANADA -- 0.62%
ENVIRONMENTAL CONTROL -- 0.36%
Marsulex Inc., 9.625%, 07/01/2008
CAD ..................................250,000 256,563
TELECOMMUNICATIONS -- 0.26%
Metronet Communications Corp.,
9.95%, 06/15/2008 CAD...............250,000 185,000
-----------
Total Canada ....................... 441,563
NETHERLANDS -- 0.68%
BANKS -- 0.68%
Commerzbank AG, 10.25%, 04/28/2000
ANG .................................700,000 479,953
POLAND -- 0.42%
BANKS -- 0.28%
European Bank of Reconstruction &
Development, 10.50%, 01/25/2001
PLN.................................400,000 99,885
Nordic Investment Bank, 17.75%,
04/15/2002 PLN......................340,000 98,714
-----------
198,599
DIVERSIFIED FINANCIAL SERVICES -- 0.14%
KFW International Finance Inc.,
16.30%,
06/24/2003 PLN .....................330,000 98,857
-----------
Total Poland ....................... 297,456
UNITED KINGDOM -- 0.49%
BANKS -- 0.11%
Sudwest LB Capital Market, 17.50%,
05/05/2003 GBP .....................270,000 81,698
MEDIA -- 0.38%
Diamond Cable Communications Plc,
11.75%, 12/15/2005 GBP .............150,000 133,875
Telewest Communication Plc, 11.00%,
10/01/2007 GBP .....................150,000 133,500
-----------
267,375
-----------
Total United Kingdom ............... 349,073
UNITED STATES -- 25.01%
AEROSPACE & DEFENSE - 0.13%
Raytheon Co., 6.15%, 11/01/2008 .....$100,000 94,409
APPAREL - 0.36%
Panolam Industries International
Inc.,
11.50%, 02/15/2009 .................250,000 256,875
AUTO MANUFACTURERS -- 0.21%
Navistar International Corp.,
8.00%,
02/01/2008 .........................150,000 147,000
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
UNITED STATES (CONTINUED)
AUTO PARTS & EQUIPMENT -- 0.74%
Breed Technologies Inc., (Step-Up
Bond), (144a), 9.25%, 04/15/2008
(d) (g) .............................$250,000 $ 40,000
Hayes Lemmerz International Inc.,
(144a), 8.25%, 12/15/2008 ..........250,000 235,625
TRW Inc., 6.45%, 06/15/2001 ..........250,000 249,628
-----------
525,253
BANKS -- 0.72%
BankAmerica Corp., 5.75%,
03/01/2004 ...........................250,000 239,733
US Bank NA, 5.70%, 12/15/2008 (c) ....300,000 274,170
-----------
513,903
BIOTECHNOLOGY -- 0.43%
Monsanto Co., (144a), 5.875%,
12/01/2008 .......................175,000 162,519
Packard Bioscience Co., 9.375%,
03/01/2007 .........................150,000 141,750
-----------
304,269
CHEMICALS -- 0.48%
Huntsman Corp., (144a), 9.50%,
07/01/2007 (c) ....................150,000 141,750
Praxair Inc., 6.15%, 04/15/2003 (c) ..200,000 196,824
-----------
338,574
COMMERCIAL SERVICES -- 1.93%
Comdisco Inc., 6.13%, 08/01/2001 .....200,000 197,244
Integrated Electric Services,
9.375%,
02/01/2009 .........................250,000 246,250
Iron Mountain Inc.
10.125%, 10/01/2006 ................150,000 159,000
8.75%, 09/30/2009 ..................100,000 98,750
Primark Corp., (144a), 9.25%,
12/15/2008 .........................250,000 245,313
Protection One Inc., (144a), 8.125%,
01/15/2009 .........................250,000 236,875
Service Corp. International, 6.00%,
12/15/2005 .........................200,000 183,998
-----------
1,367,430
COSMETICS & PERSONAL CARE -- 0.72%
American Safety Razor Co., 9.875%,
08/01/2005 .........................250,000 252,500
French Fragrances Inc., 10.375%,
05/15/2007 (g) .....................125,000 127,500
Revlon Worldwide Corp., Zero Coupon,
03/15/2001 (g) .....................200,000 133,500
-----------
513,500
DIVERSIFIED FINANCIAL SERVICES -- 2.26%
ContiFinancial Corp., 8.125%,
04/01/2008 (g) .....................250,000 215,000
DVI Inc., 9.875%, 02/01/2004 .........250,000 243,125
Ford Credit Co., 5.80%, 01/12/2009 ... 90,000 82,251
Merrill Lynch & Co. Inc., 6.00%,
11/15/2004 ......................... 80,000 77,741
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
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 $ 307,992
TPSA Finance BV, (144a), 7.75%,
12/10/2008 .........................300,000 295,293
United Industries Corp., 9.875%,
04/01/2009 .........................250,000 237,500
Williams Scotsman Inc., 9.875%,
06/01/2007 .........................150,000 145,313
-----------
1,604,215
ELECTRIC -- 0.21%
L-3 Communications Corp., (144a),
8.00%, 08/01/2008 ..................125,000 124,844
Transamerican Energy Corp., 11.50%,
06/15/2002 (g) ......................25,000 23,750
-----------
148,594
ELECTRONICS -- 0.36%
Amphenol Corp., 9.875%, 05/15/2007 ...250,000 258,750
ENTERTAINMENT -- 1.58%
Harrahs Operating Co. Inc., 7.875%,
12/15/2005 .........................250,000 241,250
Horseshoe Gaming LLC, 9.375%,
06/15/2007 .........................250,000 253,750
Mohegan Tribal Gaming, 8.75%,
01/01/2009 .........................150,000 147,750
Park Place Entertainment Corp.,
(144a),
7.875%, 12/15/2005 .................250,000 237,500
Sun International Hotels Ltd.,
8.625%,
12/15/2007 .........................250,000 245,000
-----------
1,125,250
ENVIRONMENTAL CONTROL -- 1.04%
Allied Waste Industries Inc.,
(144a),
7.875%, 01/01/2009 .................250,000 231,562
Envirosource Inc., (Step-Up Bond),
9.75%,
06/15/2003 (d) ....................185,000 116,550
Marsulex Inc., 9.625%, 07/01/2008 ....375,000 390,938
-----------
739,050
FOOD -- 0.46%
CFP Holdings Inc., 11.625%,
01/15/2004 .........................200,000 170,000
Dole Foods Co., 6.75%, 07/15/2000 ....100,000 100,347
Pueblo Xtra International, 9.50%,
08/01/2003 ......................... 60,000 58,950
-----------
329,297
HAND & MACHINE TOOLS -- 0.10%
International Knife & Saw Inc.,
11.375%, 11/15/2006 ............... 75,000 70,500
HEALTHCARE -- 0.37%
Dade International Inc., 11.125%,
05/01/2006 ........................250,000 262,500
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
UNITED STATES (CONTINUED)
HOLDING COMPANIES - DIVERSIFIED--0.42%
High Voltage Engineering Corp.,
10.50%, 08/15/2004 ................$125,000 $116,094
Jordan Industries Inc., 10.375%,
08/01/2007 (g).......................50,000 50,625
Nebco Evans Holding Co., (Step-Up
Bond), 12.375%, 07/15/2007 (d) ....350,000 132,125
-----------
298,844
HOUSEHOLD PRODUCTS -- 0.59%
Ekco Group Inc., 9.25%, 04/01/2006 ...250,000 253,750
Indesco International Inc.,
(Step-Up Bond),
9.75%, 04/15/2008 (d) ..............250,000 164,375
-----------
418,125
INSURANCE -- 0.28%
Aetna Services Inc., 7.625%,
08/15/2026 (c) ....................200,000 194,928
LODGING -- 0.67%
HMH Properties Inc., 7.875%,
08/01/2008 ........................250,000 229,375
Prime Hospitality Corp., 9.75%,
04/01/2007 ........................250,000 247,500
-----------
476,875
MANUFACTURING -- 1.34%
Alvey Systems Inc., 11.375%,
01/31/2003 ........................125,000 125,625
Axiohm Transaction Solutions,
(Step-Up
Bond), 9.75%, 10/01/2007 (d) ......150,000 97,500
Cabot Safety Corp., 12.50%,
07/15/2005 ...........................250,000 265,000
Foamex L.P./Foamex Capital Corp.,
9.875%, 06/15/2007 ................250,000 212,500
Simmons Co., 10.25%, 03/15/2009 ......250,000
254,375
-----------
955,000
MEDIA -- 2.93%
Adelphia Communications Corp.
10.50%, 07/15/2004 ................100,000 106,750
9.875%, 03/01/2007 ................100,000 104,500
Big Flower Press Holdings Inc.,
8.625%,
12/01/2008 .........................250,000 231,875
Capstar Broadcasting Inc., 10.75%,
05/15/2006 .........................99,000 107,663
Charter Communications Holdings ,
LLC, (Step-Up Bond), 9.92%,
04/01/2011 (d) ......................800,000 496,000
CSC Holdings Inc., 10.50%,
05/15/2016 (c) ....................250,000 287,500
Lin Holdings Corp., (Step-Up Bond),
10.00%, 03/01/2008 (d) .............375,000 247,500
Mediacom LLC/Mediacom Capital Corp.,
8.50%, 04/15/2008 ..................250,000 240,000
United International Holdings Inc.,
10.75%, 02/15/2008 .................400,000 264,000
-----------
2,085,788
METALS & MINING -- 0.21%
Glencore Nickel Property Ltd.,
9.00%,
12/01/2014 .........................175,000 150,500
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
UNITED STATES (CONTINUED)
OIL & GAS PRODUCERS -- 0.36%
Pennzoil-Quaker State Co., 10.25%,
12/01/2014 .......................$ 250,000 $ 258,782
PACKAGING & CONTAINERS -- 0.53%
Plastic Containers Inc., 10.00%,
12/15/2006 .........................250,000 278,750
Radnor Holdings Corp., 10.00%,
12/01/2003 .........................100,000 100,500
-----------
379,250
PHARMACEUTICALS -- 0.35%
Alaris Medical Systems Inc., 9.75%,
12/01/2006 (g) .....................250,000 247,500
REAL ESTATE -- 1.05%
CB Richard Ellis Services Inc.,
8.875%,
06/01/2006 (c) .....................250,000 241,250
Forest City Enterprises Inc., 8.50%,
03/15/2008 (g) .....................325,000 310,375
Spieker Properties Inc., 7.25%,
05/01/2009 .........................200,000 192,754
-----------
744,379
RETAIL -- 1.28%
Cole National Group Inc., 8.625%,
08/15/2007 .........................250,000 215,000
Finlay Fine Jewelry Corp., 8.375%,
05/01/2008 .........................300,000 294,000
Guitar Center Management Co. Inc.,
11.00%, 07/01/2006 .................250,000 260,000
Staples Inc., 7.125%, 08/15/2007 .....150,000 143,949
-----------
912,949
SEMICONDUCTORS -- 0.36%
Mircron Technology Inc., 7.00%,
07/01/2004 .........................250,000 252,500
SOFTWARE -- 0.15%
First Data Corp., 6.375%,
12/15/2007 (c) .......................110,000 107,003
TELECOMMUNICATIONS -- 1.34%
GTE Corp., 6.94%, 04/15/2028 .........150,000 141,988
Intermedia Communication Inc.,
8.60%,
06/01/2008 .........................125,000 115,000
International Cabletel Inc., 11.50%,
02/01/2006 .........................225,000 195,750
Jordan Telecom Products, 11.75%,
08/01/2007 .........................300,000 255,750
Nextel Communications, Inc.,
(Step-Up
Bond), 9.75%, 10/31/2007 (d) .......350,000 244,125
-----------
952,613
TEXTILES -- 0.21%
Collins & Aikman Floorcoverings,
10.00%, 01/15/2007 ................150,000 148,500
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
UNITED STATES (CONTINUED)
TRANSPORTATION -- 0.84%
Coach USA Inc., 9.375%, 07/01/2007 .$ 250,000 $ 257,500
Holt Group Inc., (Step-Up Bond),
(144a),
9.75%, 01/15/2006 (d) ..............200,000 136,000
TFM SA, (Step-Up Bond), 11.75%,
06/15/2009 (d) .....................335,000 199,744
-----------
593,244
-----------
Total United States ................. 17,776,149
-----------
Total Corporate Bonds
(cost $20,886,425) ............... 19,616,967
-----------
GOVERNMENT SECURITIES -- 41.08%
ALGERIA -- 0.51%
Republic of Algeria, 6.375%,
03/04/2010 DZD ...................700,000 360,500
ARGENTINA -- 2.28%
Republic of Argentina
11.75%, 04/07/2009 ARS .............400,000 361,280
11.00%, 12/04/2005 ARS .............650,000 599,084
11.375%, 01/30/2017 ARS ............775,000 658,750
-----------
Total Argentina ..................... 1,619,114
AUSTRALIA -- 0.04%
New South Wales Treasury Corp.,
7.375%, 02/21/2007 AUD............40,000 27,566
BRAZIL -- 2.43%
Federal Republic of Brazil
5.875%, 04/15/2006 BRL ...........237,500 186,746
8.00%, 04/15/2014 BRL .............2,390,560 1,541,911
-----------
Total Brazil ....................... 1,728,657
BULGARIA -- 1.27%
National Republic of Bulgaria
5.875%, 07/28/2011 BGL .............450,000 304,875
2.50%, 07/28/2012 BGL ............1,000,000 595,000
-----------
Total Bulgaria ..................... 899,875
CANADA -- 0.25%
Canadian Government Note, 6.00%,
06/01/2008 CAD ......................250,000 175,042
COLUMBIA -- 0.60%
Republic of Columbia, 10.875%,
03/09/2004 COP ......................450,000 429,750
CROATIA -- 0.63%
Republic of Croatia, 5.813%,
07/31/2006 HRK ......................531,067 447,424
ECUADOR -- 0.27%
Republic of Ecuador, 4.00%,
02/28/2025 ESS ......................500,000 193,750
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)
GERMANY -- 0.78%
Federal Republic of Germany
4.00%, 09/17/1999 DEM ...............297,000 $ 306,974
6.50%, 07/04/2027 DEM ............... 71,580 85,410
5.625%, 01/04/2028 DEM ..............150,000 159,390
-----------
Total Germany ....................... 551,774
GREECE -- 1.18%
Republic of Greece
11.00%, 02/25/2000 GRD.............43,500,000 140,618
7.60%, 01/22/2002 GRD .............49,000,000 157,776
8.90%, 04/01/2003 GRD.............139,000,000 473,573
8.70%, 04/08/2005 GRD..............19,300,000 67,836
-----------
Total Greece ........................ 839,803
ITALY -- 0.22%
Republic of Italy, 5.25%,
11/01/2029 ITL........................160,000 157,662
IVORY COAST -- 0.68%
Ivory Coast, 2.00%, 03/29/2018 XOF .1,400,000 483,000
KOREA -- 0.58%
Korea Development Bank, 9.60%,
12/01/2000 KRW .....................200,000 206,714
Republic of Korea, 8.875%,
04/15/2008 KRW .....................200,000 208,800
-----------
Total Korea ........................ 415,514
MEXICO -- 1.97%
United Mexican States
9.875%, 01/15/2007 (c) MXN ......800,000 807,040
6.25%, 12/31/2019 MXN ..............800,000 590,000
-----------
Total Mexico .......................... 1,397,040
MOROCCO -- 0.50%
Morocco Loan Participation, 6.062%,
01/01/2009 (f) MAD..................442,857 354,286
NORWAY -- 0.36%
Norwegian Treasury Bill, 6.50%,
09/15/1999 NOK ....................2,000,000 253,848
PANAMA -- 0.36%
Republic of Panama, (Step-Up Bond),
4.00%, 07/17/2014 (e) PAB............350,000 256,375
PERU -- 1.04%
Republic of Peru, (Step-Up
Bond),
4.50%, 03/07/2017 (e) PEN..........1,200,000 736,560
PHILIPPINES -- 0.36%
Bangkok Sentral NG, 8.60%,
06/15/2027 PHP ......................350,000 253,750
RUSSIA -- 1.18%
Russian Federation, 12.75%,
06/24/2028 RUR ....................1,500,000 840,000
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
GOVERNMENT SECURITIES (CONTINUED)
SLOVENIA -- 0.28%
Republic of Slovenia, 5.375%,
05/27/2005 SIT......................190,000 $ 200,061
SPAIN -- 0.28%
Government of Spain, 6.00%,
01/31/2008 .........................180,000 202,477
SWEDEN -- 0.20%
Kingdom of Sweden, 6.50%,
05/05/2008 SEK.....................1,100,000 143,004
UNITED KINGDOM -- 0.97%
TRY, 6.50%, 12/07/2003 GBP ...........420,000 690,161
UNITED STATES -- 19.45%
U.S. GOVERNMENT AGENCY & AGENCY
BACKED SECURITIES -- 13.77%
Federal Home Loan Mortgage
Corp.
10.00%, 05/15/2020 .................$20,832 22,420
11.565%, 06/15/2021 ................ 27,870 27,838
6.50% , TBA (a) .....................300,000 289,593
Federal National Mortgage
Association
7.368%, 08/17/2003 ..................571,535 574,084
13.00%, 11/01/2015 ....................5,608 6,542
7.00%, 11/18/2015 (c) ...............499,053 497,805
10.40%, 04/25/2019 ...................37,053 40,190
8.77%, 03/17/2020 - Interest Only ...690,038 16,180
6.50%, 02/01/2026 ...................227,148 219,409
8.15%, 02/25/2035 - Interest Only .2,384,001 174,843
9.50%, 10/17/2036 - Interest Only .4,227,932 108,916
7.458%, 06/25/2038 - Interest Only 6,253,618 359,940
6.00%, TBA (a) ....................4,750,000 4,462,008
6.50%, TBA (a) ....................1,000,000 964,680
7.50%, TBA (a) ....................2,000,000 2,020,000
-----------
9,784,448
U.S. TREASURY BONDS -- 2.10%
6.125%, 11/15/2027 (g) ............100,000 99,328
5.50%, 08/15/2028 (g) ............... 70,000 64,093
5.25%, 11/15/2028 (c) .............1,500,000 1,329,615
-----------
1,493,036
U.S. TREASURY NOTES -- 3.58%
5.25%, 05/31/2001 (g) .............2,000,000 1,990,620
4.75%, 02/15/2004 (g) ...............100,000 96,187
4.75%, 11/15/2008 (g) ...............500,000 459,140
-----------
2,545,947
-----------
Total United States ................. 13,823,431
VENEZUELA -- 2.41%
Republic of Venezuela
6.00%, 03/31/2007 (f) VEB ...........380,950 287,618
5.937%, 12/18/2007 (f) VEB ..........404,761 309,157
13.625%, 08/15/2018 (c) VEB .......1,250,000 1,118,750
-----------
Total Venezuela ........................ 1,715,525
-----------
Total Government Securities
(cost $29,726,470) .................. 29,195,949
-----------
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL GLOBAL BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES -- 8.17%
Airplane Pass-through Trust,
10.875%,
03/15/2019 ........................$250,000 $ 240,755
Commercial Mortgage Asset Trust,
7.35%, 08/17/2013 ................1,000,000 972,530
ContiMortgage Home Equity Loan
Trust, 7.00%, 12/25/2029 ...........500,000 420,636
Countrywide Mortgage Backed
Securities Inc., 7.75%,
06/25/2024 .........................699,902 707,778
DLJ Commercial Mortgage Corp.
Interest Only
7.15%, 05/10/2023 ................4,449,204 191,636
9.50%, 11/12/2031 ................4,475,987 235,311
GE Capital Mortgage Services Inc.,
6.75%, 10/25/2028 ..................397,081 351,361
Green Tree Financial Corp., 7.07%,
01/15/2029 (c) ...................572,308 567,832
First Union Residential
Securitization
Transactions Inc., 7.00%,
08/25/2028 ........................... 98,407 89,618
Mid-State Trust VI, 7.34%,
07/1/2035 (c).....................777,354 783,184
PNC Mortgage Securities Corp.
6.75%, 05/25/2028 ..................148,453 139,837
6.839%, 05/25/2028 .................222,614 199,995
6.735%, 07/25/2028 .................197,494 175,452
6.772%, 03/25/2029 .................423,823 402,129
6.904%, 04/25/2029 .................363,906 327,880
-----------
Total Asset Backed Securities
(cost $5,987,907) ................ 5,805,934
-----------
<PAGE>
MARKET
SHARES VALUE
------ -----
PREFERRED STOCKS -- 0.00%
HOLDING COMPANIES -DIVERSIFIED - 0.00%
TCR Holdings C ....................... 241 $ 14
TCR Holdings D ....................... 636 34
TCR Holdings E ....................... 1,316 83
TCR Holdings B ....................... 439 25
-----------
Total Preferred Stocks
(cost $156) ...................... 156
-----------
WARRANTS -- 0.00%
United Mexican States ................ 356 2,225
-----------
Total Warrants
(cost $5,613) .................... 2,225
-----------
PRINCIPAL
AMOUNT
------
SHORT TERM INVESTMENTS -- 23.15%
MONEY MARKET FUND -- 0.00%
SSgA Money Market Fund, 4.83% (b) .... $ 93 93
REPURCHASE AGREEMENTS -- 23.15%
Repurchase Agreement with State
Street Bank, 4.70% (Collateralized
by $13,955,000 U.S. Treasury Bond,
7.875%, due 02/15/2021, market
value $16,789,512), acquired on
06/30/1999, due 07/01/1999 .......16,458,000 16,458,000
------------
Total Short Term Investments
(cost $16,458,093) ............... 16,458,093
-----------
TOTAL INVESTMENTS -- 100%
(cost $73,064,664) ................... $71,079,324
===========
- --------------------------------------------------------------------------------
(a) Investment purchased on a when-issued basis.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(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, 1999.
(f) Coupon is indexed to six month Libor. Rate stated is in effect as of June
30, 1999.
(g) All or a portion of this security has been loaned.
Based on the cost of investments of $73,377,181 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $180,134, the gross
unrealized depreciation was $2,477,991 and the net unrealized depreciation on
investments was $2,297,857.
Forward foreign currency exchange contracts open at June 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/28/99 977,897 Australian $ $ 646,624 640,755 US $ $ 640,755
7/28/99 149,665 Euro 154,596 158,231 US $ 158,231
7/28/99 947,975 US $ 947,975 909,950 Euro 939,925
7/28/99 122,309 Euro 126,338 1,000,000 Norweigian Krone 127,283
7/28/99 105,399 Euro 108,871 920,000 Swedish Krona 109,121
7/28/99 442,991 British Sterling Pound 698,380 704,853 US $ 704,853
7/28/99 1,000,000 Norweigian Krone 126,779 127,543 US $ 127,543
7/28/99 122,309 Euro 127,283 1,000,000 Norweigian Krone 126,778
7/28/99 920,000 Swedish Krona 108,558 108,108 US $ 108,108
7/28/99 105,399 Euro 109,121 920,000 Swedish Krona 108,558
1/10/00 7,500 Canadian $ 5,107 5,085 US $ 5,085
----------------- ----------------
$3,159,632 $3,156,240
================= ================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL High Yield Bond Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 9,892,971
================
Investments in securities, at value ....... $ 9,362,947
Receivables:
Interest ............................... 180,016
Fund shares sold ....................... 8,237
----------------
TOTAL ASSETS .............................. 9,551,200
----------------
LIABILITIES
Payables:
Investment advisory fees ............... 6,112
Administrative fees .................... 764
Fund shares redeemed ................... 171
----------------
TOTAL LIABILITIES ......................... 7,047
================
NET ASSETS ................................ $ 9,544,153
================
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 9,858,216
Undistributed net investment income ....... 346,778
Accumulated net realized loss
on investments ......................... (130,817)
Net unrealized depreciation on investments (530,024)
================
NET ASSETS ................................ $ 9,544,153
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 991,702
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 9.62
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest ............................... $ 382,608
---------------
EXPENSES
Investment advisory fees ............... 33,003
Administrative fees .................... 4,125
---------------
TOTAL OPERATING EXPENSES .................. 37,128
---------------
NET INVESTMENT INCOME ..................... 345,480
---------------
REALIZED AND UNREALIZED LOSSES
Net realized loss on investments .......... (117,570)
Net change in unrealized depreciation
on investments ......................... (227,548)
---------------
NET REALIZED AND UNREALIZED LOSSES ........ (345,118)
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 362
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL High Yield Bond Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- ---------------
<S> <C> <C>
Operations:
Net investment income ............................................................ $ 345,480 $ 396,742
Net realized loss on investments ................................................. (117,570) (13,247)
Net change in unrealized depreciation on investments ............................. (227,548) (302,476)
----------- -----------
Net increase in net assets from operations ....................................... 362 81,019
----------- -----------
Distributions to shareholders:
From net investment income ....................................................... -- (395,444)
From net realized gains on investment transactions ............................... -- --
----------- -----------
Total distributions to shareholders .............................................. -- (395,444)
----------- -----------
Share transactions:
Proceeds from the sale of shares ................................................. 2,690,681 8,246,639
Reinvestment of distributions .................................................... -- 395,444
Cost of shares redeemed .......................................................... (535,004) (939,544)
----------- -----------
Net increase in net assets from share transactions ............................... 2,155,677 7,702,539
----------- -----------
Net increase in net assets ....................................................... 2,156,039 7,388,114
Net assets beginning of period ................................................... 7,388,114 --
----------- -----------
Net assets end of period ......................................................... $ 9,544,153 $ 7,388,114
=========== ===========
Undistributed net investment income .............................................. $ 346,778 $ 1,298
=========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL High Yield Bond Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS MARCH 2,
ENDED 1998* TO
JUNE 30, DECEMBER 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................................................. $ 9.59 $ 10.00
------------ ------------
Income from operations:
Net investment income ................................................................ 0.35 0.54
Net realized and unrealized losses on investments .................................... (0.32) (0.41)
------------ ------------
Total income from operations ......................................................... 0.03 0.13
------------ ------------
Less distributions:
From net investment income ........................................................... -- (0.54)
From net realized gains on investment transactions ................................... -- --
Total distributions .................................................................. -- (0.54)
------------ ------------
Net increase (decrease) .............................................................. 0.03 (0.41)
------------ ------------
Net asset value, end of period ....................................................... $ 9.62 $ 9.59
============ ============
Total Return (a) ..................................................................... 0.31% 1.32%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............................................. $ 9,544 $ 7,388
Ratio of net operating expenses to average net assets (b) (c) ........................ 0.90% 0.95%
Ratio of net investment income to average net assets (b) (c) ......................... 8.37% 7.80%
Portfolio turnover ................................................................... 14.35% 37.45%
Ratio information assuming no expense reimbursement:
Ratio of net operating expenses to average net assets (b) ............................ 0.90% 1.39%
Ratio of net investment income to average net assets (b) ............................. 8.37% 7.36%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES - 1.33%
DIVERSIFIED FINANCIAL SERVICES -
1.33%
Airplane Pass-through Trust,
10.875%,
03/15/2019..................... $ 125,000 $ 124,913
-----------
Total Asset Backed Securities
(cost $125,620).............. 124,913
-----------
CORPORATE BONDS - 90.45%
ADVERTISING - 1.27%
SITEL Corp., 9.25%, 03/15/2006... 125,000 119,218
AEROSPACE & DEFENSE - 2.39%
BE Aerospace Inc., 8.00%,
03/01/2008....................... 125,000 118,438
Stellex Industries Inc., 9.50%,
11/01/2007..................... 125,000 105,000
-----------
223,438
AUTO MANUFACTURERS - 1.31%
Navistar International Corp.,
8.00%,
02/01/2008..................... 125,000 122,500
AUTO PARTS & EQUIPMENT - 4.12%
American Axle & Manufacturing
Inc.,
9.75%, 03/01/2009.............. 125,000 124,375
Breed Technologies Inc.,
(Step-Up Bond),
(144a), 9.25%, 04/15/2008 (b) . 100,000 16,000
JL French Automotive Castings,
11.50%, 06/01/2009............. 125,000 126,250
Lear Corp., 8.11%, 05/15/2009.... 125,000 119,375
-----------
386,000
BUILDING MATERIALS - 0.54%
International Utility
Structures, 10.75%,
02/01/2008..................... 50,000 50,124
CHEMICALS - 3.87%
Lyondell Chemical Co., 9.875%,
05/01/2007..................... 125,000 127,188
Octel Development Plc, (144a),
10.00%, 05/01/2006............. 125,000 128,750
PCI Chemicals Canada Inc., 9.25%,
10/15/2007..................... 125,000 106,250
-----------
362,188
COMMERCIAL SERVICES - 5.20%
Avis Rent A Car Inc., 11.00%,
05/01/2009.....................
125,000 126,719
Iron Mountain Inc., 8.75%,
09/30/2009....................... 125,000 123,438
Kindercare Learning Centers Inc.,
9.50%, 02/15/2009.............. 125,000 118,437
Protection One Alarm Monitoring
Inc.,
8.125%, 01/15/2009............. 125,000 118,437
-----------
487,031
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
COSMETICS & PERSONAL CARE - 2.25%
French Fragrances Inc., 10.375%,
05/15/2007..................... $ 125,000 $ 127,500
Revlon Worldwide Corp., Zero
Coupon,
03/15/2001..................... 125,000 83,438
-----------
210,938
DIVERSIFIED FINANCIALS SERVICES -
6.29%
ContiFinancial Corp.
8.125%, 04/01/2008............. 75,000 64,500
7.50%, 03/15/2002.............. 50,000 41,375
DVI Inc., 9.875%, 02/01/2004..... 125,000 121,562
Polymer Group Inc., 9.00%,
07/01/2007....................... 125,000 121,250
United Industries Corp., 9.875%,
04/01/2009..................... 125,000 118,750
Williams Scotsman Inc., 9.875%,
06/01/2007..................... 125,000 121,094
-----------
588,531
ELECTRIC - 1.35%
Enersis SA, 9.75%, 06/15/2009.... 125,000 125,937
ENTERTAINMENT - 3.90%
Hollywood Park Inc., 9.25%,
02/15/2007....................... 125,000 123,438
Park Place Entertainment Corp.,
7.875%, 12/15/2005............. 125,000 118,750
Sun International Hotels Ltd.,
8.625%,
12/15/2007..................... 125,000 122,500
-----------
364,688
ENVIRONMENTAL CONTROLS - 2.63%
Allied Waste Industries Inc.,
7.875%,
01/01/2009..................... 125,000 115,781
Safety-Kleen Services Inc.,
9.25%,
06/01/2008..................... 125,000 130,313
-----------
246,094
FOOD - 1.12%
Ameriserve Food Distribution
Inc.,
10.125%, 07/15/2007............ 125,000 105,000
HEALTHCARE - 2.59%
Dade International Inc., 11.125%,
05/01/2006..................... 125,000 131,250
Kinetic Concepts Inc., 9.625%,
11/01/2007..................... 125,000 111,250
-----------
242,500
HOLDING COMPANIES-DIVERSIFIED -
1.24%
High Voltage Engineering Corp.,
10.50%, 08/15/2004.............
125,000 116,093
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
HOUSEHOLD PRODUCTS - 2.23%
Ekco Group Inc., 9.25%,
04/01/2006....................... $ 125,000 $ 126,875
Indesco International Inc.,
(Step-Up
Bond), 9.75%, 04/15/2008 (b) .. 125,000 82,188
-----------
209,063
LODGING - 1.22%
HMH Properties Inc., 7.875%,
08/01/2008..................... 125,000 114,688
MANUFACTURING - 5.42%
Axiohm Transaction Solutions,
(Step-Up 125,000 81,250
Bond), 9.75%, 10/01/2007 (b) .
Foamex L.P./Foamex Capital Corp.,
9.875%, 06/15/2007............. 125,000 106,250
Furon Co., 8.125%, 03/01/2008.... 125,000 117,500
Hexcel Corp., 9.75%, 01/15/2009.. 75,000 75,281
Simmons Co., 10.25%, 03/15/2009.. 125,000 127,188
-----------
507,469
MEDIA - 11.76%
Adelphia Communications Corp.,
9.50%, 02/15/2004.............. 17,090 17,560
Century Communications Corp.,
8.375%, 12/15/2007............. 125,000 120,625
CSC Holdings Inc., 7.625%,
07/15/2018....................... 125,000 118,508
Falcon Holding Group L.P.,
8.375%,
04/15/2010..................... 125,000 123,438
Frontiervision Holdings L.P.,
11.00%,
10/15/2006..................... 125,000 136,250
Hollinger International
Publishing Inc.,
9.25%, 03/15/2007.............. 125,000 127,812
Mediacom LLC/Mediacom Capital
Corp.,
8.50%, 04/15/2008.............. 125,000 120,000
Telewest Communications Plc,
(Step-Up
Bond), 9.25%, 04/15/2009 (b)... 125,000 83,281
United International Holdings
Inc., (Step-
Up Bond), 10.75%, 02/15/2008
(b).............................. 200,000 132,000
World Color Press Inc., 8.375%,
11/15/2008..................... 125,000 121,875
-----------
1,101,349
METALS & MINING - 1.31%
AEI Holdings Inc., 10.50%,
12/15/2005....................... 125,000 122,188
OIL & GAS PRODUCERS - 3.55%
Canadian Forest Oil Ltd., 8.75%,
09/15/2007 CAD................. 100,000 96,249
Clark Refining & Marketing Inc.,
8.875%, 11/15/2007............. 125,000 106,719
Pennzoil Quaker State Co.,
10.25%,
11/01/2005..................... 125,000 129,391
-----------
332,359
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS (CONTINUED)
PACKAGING & CONTAINERS - 2.68%
Ball Corp., 7.75%, 08/01/2006.... $ 125,000 $ 122,500
Delta Beverage Group Inc., 9.75%,
12/15/2003..................... 125,000 128,750
-----------
251,250
PHARMACEUTICALS - 1.18%
NBTY Inc., 8.625%, 09/15/2007.... 125,000 110,468
REAL ESTATE - 1.28%
Forest City Enterprises Inc.,
8.50%,
03/15/2008..................... 125,000 119,375
RETAIL - 7.22%
Cole National Corp., 8.625%,
08/15/2007..................... 125,000 107,500
Finlay Fine Jewelry Corp.,
8.375%,
05/01/2008..................... 125,000 121,094
Guitar Center Management Co.
Inc.,
11.00%, 07/01/2006............. 125,000 130,000
Home Interiors & Gifts Inc.,
10.125%,
06/01/2008..................... 125,000 124,688
Leslie's Poolmart Inc., 10.375%,
07/15/2004..................... 125,000 129,687
Purina Mills Inc., 9.00%,
03/15/2010....................... 80,000 63,000
-----------
675,969
TELECOMMUNICATIONS - 8.55%
Centennial Cellular Operating
Co.,
10.75%, 12/15/2008............. 125,000 129,375
International Cabletel Inc.,
11.50%,
02/01/2006..................... 150,000 130,500
Jordan Telecom Products, 11.75%,
08/01/2007..................... 150,000 127,875
Metronet Communications Corp.,
9.95%, 06/15/2008 CAD.......... 200,000 148,000
Nextel Communications Inc.,
(Step-Up
Bond), 9.75%, 10/31/2007 (b) . 200,000 139,500
Orange Plc, 9.00%, 06/01/2009 ... 125,000 125,000
-----------
800,250
TOBACCO - 1.08%
North Altlantic Trading Inc.,
11.00%,
06/15/2004...................... 100,000 101,500
TRANSPORTATION - 2.90%
Atlantic Express Transportation
Corp.,
10.75%, 02/01/2004............. 100,000 99,750
Enterprises Ship Holding Corp.,
(Step-Up
Bond), 8.875%, 05/01/2008 (b). 125,000 87,188
Holt Group Inc., (Step-Up Bond),
9.75%,
01/15/2006 (b) ............... 125,000 85,000
-----------
271,938
Total Corporate Bonds
(cost $8,997,463)............ 8,468,146
-----------
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL HIGH YIELD BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 8.22%
MONEY MARKET FUND - 0.01%
SSgA Money Market Fund, 4.83% (a) $ 888 $ 888
REPURCHASE AGREEMENT - 8.21%
Repurchase Agreement with State
Street Bank, 4.70%,
(collateralized by $655,000
U. S. Treasury Bond, 7.875%,
due 02/15/2021, market value
$788,042), aquired on
06/30/1999, due 07/01/1999 ...... 769,000 769,000
-----------
Total Short Term Investments
(cost $769,888).............. 769,888
-----------
TOTAL INVESTMENTS - 100%
(cost $9,892,971)................ $9,362,947
============
- --------------------------------------------------------------------------------
(a) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(b) Denoted deferred interest security that receives no current coupon payments
until a predetermined date at which time the stated coupon rate becomes
effective.
Based on the cost of investments of $9,892,971 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $64,627, the gross
unrealized depreciation was $594,651 and the net unrealized depreciation on
investments was $530,024.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL U.S. Government & Quality Bond Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 126,115,253
================
Investments in securities, at value ....... $ 123,961,154
Receivables:
Interest ................................ 609,145
Fund shares sold ........................ 67,132
Collateral for securities loaned .......... 8,596,883
----------------
TOTAL ASSETS .............................. 133,234,314
----------------
LIABILITIES
Payables:
Investment advisory fees ................ 51,217
Administrative fees ..................... 7,317
Fund shares redeemed .................... 103,169
Investment securities purchased ......... 31,944,266
Return of collateral for securities loaned 8,596,883
Other liabilities ......................... 19,937
----------------
TOTAL LIABILITIES ......................... 40,722,789
----------------
NET ASSETS ................................ $ 92,511,525
================
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 93,278,944
Undistributed net investment income ....... 2,036,984
Accumulated net realized loss on
investments................................ (650,304)
Net unrealized depreciation on investments (2,154,099)
----------------
NET ASSETS ................................ $ 92,511,525
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 8,514,975
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 10.86
===============
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Interest ............................... $ 2,316,193
Security lending income ................ 33,376
---------------
TOTAL INVESTMENT INCOME ................... 2,349,569
---------------
EXPENSES
Investment advisory fees ............... 273,512
Administrative fees .................... 39,073
---------------
TOTAL OPERATING EXPENSES .................. 312,585
---------------
NET INVESTMENT INCOME ..................... 2,036,984
---------------
REALIZED AND UNREALIZED LOSSES
Net realized loss on investments .......... (674,257)
Net change in unrealized depreciation
on investments ......................... (3,487,439)
---------------
NET REALIZED AND UNREALIZED LOSSES ........ (4,161,696)
---------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS ........................ $ (2,124,712)
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL U.S. Government & Quality Bond Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income ................................................................ $ 2,036,984 $ 2,190,808
Net realized gain (loss) on investments .............................................. (674,257) 773,031
Net change in unrealized appreciation (depreciation) on investments .................. (3,487,439) 644,456
------------ ------------
Net increase (decrease) in net assets from operations ................................ (2,124,712) 3,608,295
------------ ------------
Distributions to shareholders
From net investment income ........................................................... -- (2,196,524)
From net realized gains on investment transactions ................................... -- (771,611)
------------ ------------
Total distributions to shareholders .................................................. -- (2,968,135)
------------ ------------
Share transactions
Proceeds from the sale of shares ..................................................... 47,326,141 51,208,295
Reinvestment of distributions ........................................................ -- 2,968,135
Cost of shares redeemed .............................................................. (16,474,518) (16,420,509)
------------ ------------
Net increase in net assets from share transactions ................................... 30,851,623 37,755,921
------------ ------------
Net increase in net assets ........................................................... 28,726,911 38,396,081
Net assets beginning of period ....................................................... 63,784,614 25,388,533
------------ ------------
Net assets end of period ............................................................. $ 92,511,525 $ 63,784,614
============ ============
Undistributed net investment income .................................................. $ 2,036,984 $ --
============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
Salomon Brothers/JNL U.S. Government & Quality Bond Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- -------------- --------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................. $ 11.15 $ 10.69 $ 10.20 $ 10.09 $ 10.00
-------- ----------- ---------- ---------- ---------
Income from operations:
Net investment income ................................ 0.24 0.41 0.44 0.24 0.45
Net realized and unrealized gains
(losses) on investments ............................ (0.53) 0.60 0.49 0.24 0.02
-------- ----------- ---------- ---------- ---------
Total income (loss) from operations .................. (0.29) 1.01 0.93 0.48 0.47
-------- ----------- ---------- ---------- ---------
Less distributions:
From net investment income ........................... -- (0.41) (0.42) (0.34) (0.34)
From net realized gains on investment transactions ... -- (0.14) (0.02) (0.03) (0.04)
Total distributions .................................. -- (0.55) (0.44) (0.37) (0.38)
-------- ----------- ---------- ---------- ---------
Net increase (decrease) .............................. (0.29) 0.46 0.49 0.11 0.09
-------- ----------- ---------- ---------- ---------
Net asset value, end of period ....................... $ 10.86 $ 11.15 $ 10.69 $ 10.20 $ 10.09
======== =========== ========== ========== =========
Total Return (a) ..................................... (2.60)% 9.40% 9.16% 4.82% 4.65%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............. $ 92,512 $ 63,785 $ 25,389 $ 9,832 $ 3,007
Ratio of net operating expenses to average net
assets (b) (c) ..................................... 0.80% 0.85% 0.85% 0.84% 0.84%
Ratio of net expenses to average net assets (c) ...... -- 1.28% 0.94% -- --
Ratio of net investment income to average net
assets (b) (c) ..................................... 5.21% 5.33% 5.99% 5.72% 5.41%
Portfolio turnover ................................... 34.94% 429.70% 378.59% 218.50% 253.37%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ......................... 0.80% 0.86% 0.96% 1.37% 2.53%
Ratio of net investment income
to average net assets (b) ......................... 5.21% 5.32% 5.88% 5.19% 3.72%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
CORPORATE BONDS - 0.10%
BANKS - 0.10%
US Bank NA, 5.70%, 12/15/2008 . $ 140,000 $ 127,946
------------
Total Corporate Bonds
(cost $139,635) .............. 127,946
------------
U.S. GOVERNMENT SECURITIES - 64.49%
U.S. GOVERNMENT AGENCIES - 46.91%
Federal Home Loan Bank
5.94%, 06/13/2000 (c) .......... 300,000 301,173
5.80%, 09/02/2008 (c) .......... 3,500,000 3,334,835
Federal Home Loan Mortgage Corp.
6.00%, 09/01/2010 .............. 2,983 2,901
11.75%, 01/01/2011 (c) ......... 39 39
7.00%, 07/01/2011 (c) .......... 81,486 81,842
6.50%, 08/01/2013 .............. 439,289 433,249
10.00%, 03/01/2016 ............. 1,056,031 1,141,844
8.25%, 04/01/2017 (c) .......... 172,016 179,192
10.50%, 06/01/2020 (c) ......... 530,391 571,491
8.00%, 07/01/2020 (c) .......... 737,626 762,750
6.247%, 03/17/2021 (c) ......... 860,000 846,352
8.50%, 03/15/2024 (c) .......... 1,750,000 1,866,865
6.00%, 11/01/2028 (c)........... 4,373,561 4,112,503
6.50%, TBA (a) ................. 9,000,000 8,677,980
Federal National Mortgage
Association
14.50%, 11/01/2014 (c) ......... 4,036 4,775
12.50%, 09/01/2015 (c) ......... 13,951 15,992
13.00%, 11/01/2015 (c) ......... 11,964 13,957
12.00%, 01/01/2016 (c) ......... 398,195 447,496
12.50%, 01/15/2016 (c) ......... 184,037 210,952
11.50%, 04/01/2019 (c) ......... 3,797 4,207
10.50%, 08/01/2020 (c) ......... 73,658 79,823
6.50%, 03/01/2026 (c) .......... 299,774 289,561
7.00%, 05/01/2026 (c) .......... 219,062 216,530
9.00%, 08/01/2026 (c) .......... 280,138 295,492
7.00%, 11/01/2028 (c) .......... 517,894 511,902
7.00%, 12/01/2028 .............. 252,263 249,343
6.793%, 12/28/2028 (c) ......... 1,703,781 1,684,985
7.00%, 03/01/2029 .............. 1,071,832 1,059,430
6.50%, 04/01/2029 (c) .......... 4,500,447 4,349,472
6.527%, 05/25/2030 (c) ......... 2,250,000 2,213,190
6.00%, TBA (a) ................. 4,750,000 4,462,008
6.50%, TBA (a) .................19,600,000 18,907,728
Government National Mortgage
Association
13.50%, 07/15/2010 (c) ......... 150,989 174,431
8.50%, 01/15/2018 (c) .......... 160,786 169,166
Student Loan Marketing
Association,
7.50%, 03/08/2000 .............. 400,000 405,124
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
U.S. GOVERNMENT SECURITIES
(CONTINUED)
U.S. GOVERNMENT AGENCIES (CONTINUED)
VENDEE Mortgage Trust, 7.25%,
10/15/2010 (c) ................ $ 70,398 $ 70,288
------------
58,148,868
U.S. TREASURY BONDS - 5.36%
U.S. Treasury Bonds
6.625%, 02/15/2027 (c) ......... 2,350,000 2,481,811
6.375%, 08/15/2027 (c) ......... 1,000,000 1,024,690
5.25%, 11/15/2028 .............. 1,000,000 886,410
5.25%, 02/15/2029 (c) .......... 2,500,000 2,246,100
------------
6,639,011
U.S. TREASURY NOTES - 12.22%
U.S. Treasury Notes
5.25%, 05/31/2001 .............. 1,000,000 995,310
4.75%, 02/15/2004 (c) .......... 2,500,000 2,404,675
4.75%, 11/15/2008 (d) ..........12,800,000 11,753,984
------------
15,153,969
------------
Total U.S. Government
Securities
(cost $82,084,258) ........... 79,941,848
------------
SHORT TERM INVESTMENTS - 35.41%
DIVERSIFIED FINANCIAL SERVICES -
17.41%
Consolidated Coal Co., 5.25%,
07/12/1999 (c) ................. 5,400,000 5,391,337
Dynegy Inc., 5.25%, 07/12/1999 .. 5,400,000 5,391,338
Imperial Tobacco Finance Plc.,
5.30%,
07/06/1999 ..................... 5,400,000 5,396,025
Bombardier Inc., 6.25%,
07/01/1999...................... 5,400,000 5,400,000
------------
21,578,700
MONEY MARKET FUND - 0.00%
SSgA Money Market Fund, 4.83%,
(b) ............................. 774 774
OIL & GAS PRODUCERS - 3.28%
Conoco Inc., 5.22%, 07/12/1999 .. 4,075,000 4,068,500
REPURCHASE AGREEMENT - 10.39%
Repurchase Agreement with State
Street Bank, 4.70%,
(Collateralized by
$13,144,064 U.S. Treasury Bond,
7.85%, due 2/15/2021, market
value $13,144,064) acquired on
06/30/1999, due 07/01/1999 .... 12,882,000 12,882,000
See notes to the financial statements.
<PAGE>
SALOMON BROTHERS/JNL U.S. GOVERNMENT & QUALITY BOND SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS (CONTINUED)
RETAIL - 4.33%
J.C. Penney Funding Corp.,
5.25%,
07/12/1999 .....................$5,370,000 $5,361,386
------------
Total Short Term Investments
(cost $43,891,360) ........... 43,891,360
------------
TOTAL INVESTMENTS -- 100%
(cost $126,115,253) .................... $123,961,154
============
- --------------------------------------------------------------------------------
(a) Investment purchased on a when-issued basis.
(b) Dividend yield changes daily to reflect current market conditions. Rate
stated is the yield quoted as of June 30, 1999.
(c) Security pledged as collateral for investments purchased on a when-issued
basis.
(d) All or a portion of this security has been loaned.
Based on the cost of investments of $126,115,253 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $273,181, the gross
unrealized depreciation was $2,427,280 and the net unrealized depreciation on
investments was $2,154,099.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL Established Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 230,512,976
================
Investments in securities, at value ....... $ 283,905,264
Cash ...................................... 36,000
Foreign currency .......................... 4,178
Receivables:
Dividends and interest ................. 192,606
Forward foreign currency
exchange contracts .................. 722
Foreign taxes recoverable .............. 6,705
Fund shares sold ....................... 117,360
Investment securities sold ............. 2,437,547
Collateral for securities loaned .......... 18,463,697
----------------
TOTAL ASSETS .............................. 305,164,079
----------------
LIABILITIES
Payables:
Investment advisory fees ............... 181,239
Administrative fees .................... 21,884
Forward foreign currency
exchange contracts .................. 2,630
Foreign taxes expense .................. 3,914
Fund shares redeemed ................... 22,828
Investment securities purchased ........ 5,186,022
Return of collateral for securities loaned 18,463,697
----------------
TOTAL LIABILITIES ......................... 23,882,214
----------------
NET ASSETS ................................ $ 281,281,865
================
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 210,682,228
Undistributed net investment income ....... 560,637
Accumulated net realized gain on
investments and foreign currency
related items ............................. 16,648,023
Net unrealized appreciation (depreciation)
on:
Investments ............................ 53,392,288
Foreign currency related items ......... (1,311)
----------------
NET ASSETS ................................ $ 281,281,865
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............ 13,590,714
================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 20.70
================
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 1,361,797
Interest ............................... 316,933
Security lending income ................ 22,645
Foreign tax withholding ................ (25,154)
----------------
TOTAL INVESTMENT INCOME ................... 1,676,221
----------------
EXPENSES
Investment advisory fees ............... 989,332
Administrative fees .................... 119,017
----------------
TOTAL OPERATING EXPENSES .................. 1,108,349
----------------
NET INVESTMENT INCOME ..................... 567,872
----------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss) on:
Investments ............................ 12,465,788
Foreign currency related items ......... (59,123)
Net change in unrealized appreciation
(depreciation) on:
Investments ............................ 7,933,763
Foreign currency related items ......... (1,507)
----------------
NET REALIZED AND UNREALIZED GAINS ......... 20,338,921
----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ........................ $ 20,906,793
================
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL Established Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income .......................................................... $ 567,872 $ 639,960
Net realized gain (loss) on:
Investments .................................................................... 12,465,788 12,647,433
Foreign currency related items ................................................. (59,123) (77,630)
Net change in unrealized appreciation (depreciation) on:
Investments .................................................................... 7,933,763 27,869,207
Foreign currency related items ................................................. (1,507) 925
------------- -------------
Net increase in net assets from operations ..................................... 20,906,793 41,079,895
------------- -------------
Distributions to shareholders
From net investment income ..................................................... -- (627,111)
From net realized gains on investment transactions ............................. -- (9,129,666)
------------- -------------
Total distributions to shareholders ............................................ -- (9,756,777)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................... 64,376,886 88,065,942
Reinvestment of distributions .................................................. -- 9,756,777
Cost of shares redeemed ........................................................ (20,601,043) (36,568,552)
------------- -------------
Net increase in net assets from share transactions ............................. 43,775,843 61,254,167
------------- -------------
Net increase in net assets ..................................................... 64,682,636 92,577,285
Net assets beginning of period ................................................. 216,599,229 124,021,944
------------- -------------
Net assets end of period ....................................................... $ 281,281,865 $ 216,599,229
============= =============
Undistributed net investment income (loss) ..................................... $ 560,637 $ (7,235)
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL Established Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
-------------------------------
1999 1998 1997 1996 1996
--------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................... $ 19.06 $ 15.62 $ 12.56 $ 11.36 $ 10.00
---------- ----------- ----------- ---------- ----------
Income from operations:
Net investment income .................................. 0.04 0.05 0.06 0.03 0.07
Net realized and unrealized gains on investments and
foreign currency related items ....................... 1.60 4.29 3.64 1.81 2.68
---------- ----------- ----------- ---------- ----------
Total income from operations ........................ 1.64 4.34 3.70 1.84 2.75
---------- ----------- ----------- ---------- ----------
Less distributions:
From net investment income ............................. -- (0.06) (0.03) (0.04) (0.06)
From net realized gains on investment transactions ..... -- (0.84) (0.61) (0.09) (1.33)
Return of capital ...................................... -- -- -- (0.51) --
---------- ----------- ----------- ---------- ----------
Total distributions ................................. -- (0.90) (0.64) (0.64) (1.39)
---------- ----------- ----------- ---------- ----------
Net increase ........................................ 1.64 3.44 3.06 1.20 1.36
---------- ----------- ----------- ---------- ----------
Net asset value, end of period ......................... $ 20.70 $ 19.06 $ 15.62 $ 12.56 $ 11.36
========== =========== =========== ========== ==========
Total Return (a) ....................................... 8.60% 27.78% 29.47% 16.12% 28.23%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............... $ 281,282 $ 216,599 $ 124,022 $ 32,291 $ 8,772
Ratio of net operating expenses to average net
assets (b) (c) ....................................... 0.93% 0.95% 0.98% 1.00% 1.00%
Ratio of net investment income to average net
assets (b) (c) ....................................... 0.48% 0.38% 0.43% 0.59% 0.75%
Portfolio turnover ..................................... 28.12% 54.93% 47.06% 36.41% 101.13%
Ratio information assuming no expense reimbursement
or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ........................... 0.93% 0.95% 0.98% 1.11% 2.09%
Ratio of net investment income (loss)
to average net assets (b) ............................ 0.48% 0.38% 0.43% 0.48% (0.34)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL ESTABLISHED GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 94.52%
BERMUDA - 0.50%
INSURANCE - 0.50%
Partnerre Ltd. ..................... 37,800 $1,412,775
CANADA - 0.67%
INSURANCE - 0.67%
Fairfax Financial Holdings Ltd. (a). 7,100 1,904,584
GERMANY - 0.09%
PHARMACEUTICALS - 0.09%
Gehe AG ............................ 5,300 243,672
HONG KONG - 1.07%
BANKS - 0.27%
HSBC Holdings Plc .................. 21,000 765,989
HOLDING COMPANIES - DIVERSIFIED - 0.80%
Hutchison Whampoa Ltd. ............. 250,100 2,264,522
------------
Total Hong Kong .................. 3,030,511
ITALY - 0.78%
TELECOMMUNICATIONS - 0.78%
Telecom Italia SPA ................. 156,900 1,630,343
TIM SPA ............................ 158,000 581,461
------------
Total Italy ...................... 2,211,804
JAPAN - 0.22%
COMPUTERS - 0.22%
Fujitsu Ltd. ....................... 31,000 635,365
LUXEMBOURG - 0.52%
REAL ESTATE - 0.52%
Security Capital U.S. Realty ....... 78,150 1,484,850
NETHERLANDS - 1.32%
COMPUTERS - 0.34%
Getronics NV ....................... 25,068 963,882
MEDIA - 0.98%
VNU NV ............................. 36,000 1,438,036
Wolters Kluwer NV .................. 33,600 1,336,972
------------
2,775,008
------------
Total Netherlands ................ 3,738,890
SWITZERLAND - 0.94%
BANKS - 0.21%
UBS AG (a) ......................... 2,000 596,746
PHARMACEUTICALS - 0.73%
Roche Holding AG ................... 202 2,075,725
------------
Total Switzerland ................ 2,672,471
UNITED KINGDOM - 1.42%
COMMERCIAL SERVICES - 0.29%
Rentokil Initial Plc ..................209,300 811,577
FOOD - 0.39%
Compass Group Plc .....................112,300 1,114,296
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
HOLDING COMPANIES - DIVERSIFIED - 0.74%
Tomkins Plc ........................ 485,740 $2,105,531
------------
Total United Kingdom ............. 4,031,404
UNITED STATES - 86.99%
ADVERTISING - 1.12%
Omnicom Group Inc. (c) ............. 39,800 3,184,000
AEROSPACE & DEFENSE - 1.09%
AlliedSignal Inc. .................. 49,200 3,099,600
APPAREL - 0.45%
Nike Inc. .......................... 20,300 1,285,244
BANKS - 4.41%
Bank of America Corp. (c) .......... 47,049 3,449,280
Bank of New York Co. Inc. .......... 82,300 3,019,381
Mellon Bank Corp. .................. 35,100 1,276,763
Wells Fargo Co. .................... 111,800 4,779,450
------------
12,524,874
BEVERAGES - 1.19%
Coca-Cola Co. ...................... 16,400 1,025,000
PepsiCo Inc. ....................... 60,900 2,356,069
------------
3,381,069
BIOTECHNOLOGY - 0.30%
Amgen (a)........................... 14,100 858,338
BUILDING MATERIALS - 0.60%
Masco Corp. ........................ 59,200 1,709,400
COMMERCIAL SERVICES - 0.57%
Concord EFS Inc. (a) ............... 16,800 710,850
Gartner Group Inc. (c) ............. 44,100 904,050
------------
1,614,900
COMPUTERS - 3.62%
Cisco Systems Inc. (a) ............. 49,600 3,199,200
Dell Computer Corp. (a) ............ 44,500 1,646,500
EMC Corp. .......................... 24,300 1,336,500
Hewlett-Packard Co. ................ 30,200 3,035,100
Sun Microsystems Inc. (a) .......... 15,500 1,067,563
------------
10,284,863
COSMETICS & PERSONAL CARE - 1.15%
Colgate-Palmolive Co. .............. 12,300 1,214,625
Gillette Co. ....................... 14,800 606,800
Kimberly-Clark Corp. ............... 21,300 1,214,100
Proctor & Gamble Co. ............... 2,500 223,125
------------
3,258,650
DIVERSIFIED FINANCIAL SERVICES - 8.09%
American Express Co. ............... 9,700 1,262,212
Associates First Capital Corp. ..... 70,400 3,119,600
Citigroup Inc. ..................... 132,075 6,273,563
Federal Home Loan Mortgage Corp. ... 131,400 7,621,200
Federal National Mortgage
Association ........................ 45,400 3,104,225
Goldman Sachs Group Inc. ........... 4,700 339,575
Morgan Stanley Dean Witter & Co. ... 10,800 1,107,000
TD Waterhouse Group (a) (c) ........ 5,500 137,844
------------
22,965,219
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)
ELECTRONICS - 1.75%
Maxim Integrated Products Inc. (a) 44,700 $2,972,550
Solectron Corp. (a) ................ 30,100 2,007,294
-------------
4,979,844
ENTERTAINMENT - 0.34%
Mirage Resorts Inc. (a) ............ 58,100 973,175
ENVIRONMENTAL CONTROL - 1.41%
Waste Management Inc. .............. 74,500 4,004,375
FOOD - 2.76%
Kroger Co. ......................... 90,600 2,531,138
Safeway Inc. (a) ................... 84,800 4,197,600
Sara Lee Corp. ..................... 48,200 1,093,537
-------------
7,822,275
HEALTHCARE - 3.41%
Baxter International Inc. .......... 17,100 1,036,688
Boston Scientific Corp. (a) ........ 17,300 760,119
HEALTHSOUTH Corp. (a) .............. 53,000 791,688
Johnson & Johnson Co. .............. 18,400 1,803,200
United HealthCare Corp. ............ 63,700 3,989,213
Wellpoint Health Networks (a) ...... 15,300 1,298,587
-------------
9,679,494
HOLDING COMPANIES - DIVERSIFIED - 0.95%
Berkshire Hathaway Inc. (a) ........ 39 2,687,100
INSURANCE - 3.71%
ACE Ltd. ........................... 81,100 2,291,075
Aetna Inc. ......................... 25,700 2,298,544
AMBAC Financial Group Inc. ......... 16,700 953,988
Mutual Risk Management Ltd. (c) .... 60,800 2,029,200
Travelers Property Casualty Corp. .. 17,600 688,600
Unum Provident Corp. ............... 30,500 1,669,874
XL Capital Limited ................. 10,600 598,900
-------------
10,530,181
LEISURE TIME - 0.74%
Carnival Corp. ..................... 15,900 771,150
Hasbro Inc. ........................ 15,800 441,413
Mattel Inc. ........................ 33,300 880,368
-------------
2,092,931
LODGING - 0.54%
Starwood Hotels & Resorts (a) ...... 50,100 1,531,180
MACHINERY - 0.71%
Applied Material Inc. .............. 27,200 2,009,400
MANUFACTURING - 7.52%
Corning Inc. (c) ................... 33,100 2,321,137
Danaher Corp. ...................... 41,600 2,418,000
General Electric Co. ............... 60,400 6,825,200
Teleflex Inc. ...................... 37,100 1,611,531
Tyco International Ltd. ............ 86,362 8,182,800
-------------
21,358,668
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
MEDIA - 5.47%
CBS Corp. (a) ...................... 66,900 $2,905,969
Clear Channel Communications Inc.
(a) ................................ 25,900 1,785,481
Comcast Corp.(a) ................... 19,600 753,375
Fox Entertainment Group (a) ........ 65,600 1,767,100
Infinity Broadcasting Corp. "A" (a)
(c) ................................ 58,600 1,743,350
MediaOne Group Inc. (a) ............ 27,400 2,037,875
Time Warner Inc. ................... 32,300 2,374,050
Tribune Co. ........................ 17,900 1,559,538
Walt Disney Co. .................... 19,600 603,925
-------------
15,530,663
OIL & GAS PRODUCERS - 3.31%
Chevron Corp. ...................... 17,500 1,665,781
Halliburton Co. .................... 42,700 1,932,175
Mobil Co. .......................... 28,100 2,781,900
Royal Dutch Petroleum Co. - NYS .... 49,800 3,000,450
-------------
9,380,306
PHARMACEUTICALS - 8.51%
American Home Products Corp. ....... 33,400 1,920,500
Bristol-Myers Squibb Co. ........... 74,800 5,268,725
Cardinal Health Inc. ............... 31,900 2,045,588
Eli Lilly & Co. .................... 28,400 2,034,150
Merck & Co. Inc. ................... 46,700 3,455,800
Pfizer Inc. ....................... 37,200 4,082,700
Schering-Plough Corp. ............. 40,000 2,120,000
Warner-Lambert Co. ................ 46,400 3,219,000
-------------
24,146,463
REAL ESTATE - 0.39%
Crescent Real Estate Equities Co. .. 47,000 1,116,250
RETAIL - 4.24%
Cifra SA - ADR (a) (c) ............. 16,200 310,705
CVS Corp. .......................... 43,772 2,221,429
Dayton Hudson ...................... 5,200 338,000
Home Depot Inc. .................... 41,200 2,654,825
McDonald's Corp. ................... 28,900 1,193,931
Saks Inc. (a) ...................... 30,600 883,575
TAG Heuer International SA - ADR
(c) ................................ 83,300 864,237
Wal-Mart Stores Inc. ............... 74,100 3,575,325
-------------
12,042,027
SEMICONDUCTORS - 2.87%
Altera Corp. (a) ................... 43,900 1,616,069
Intel Corp. ........................ 60,600 3,605,700
Motorola Inc. ...................... 7,700 729,575
Texas Instruments Inc. ............. 15,100 2,189,500
-------------
8,140,844
SOFTWARE - 8.24%
America Online Inc. (a) ............ 17,400 1,922,700
Automatic Data Processing .......... 47,800 2,103,200
BMC Software Inc. (a) .............. 70,900 3,828,600
Citrix Systems Inc. (a) (c) ........ 9,100 514,150
Compuware Corp. (a) ................ 50,900 1,619,256
First Data Corp. ................... 35,600 1,742,175
IMS Health Inc. .................... 53,900 1,684,375
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)
SOFTWARE (CONTINUED)
Microsoft Corp. (a) ................ 75,200 $6,782,100
Oracle Corp. (a) ................... 21,300 790,763
Parametric Technology Corp. (a) .... 114,000 1,581,750
Sterling Commerce Inc. (a) ......... 22,900 835,850
-------------
23,404,919
TELECOMMUNICATIONS - 6.60%
General Instrument Corp. (a) ....... 24,100 1,024,250
Lucent Technologies Inc. ........... 45,705 3,082,231
MCI WorldCom Inc. (a) .............. 77,251 6,648,414
Nextel Communications Inc. (a) (c) . 26,200 1,314,912
SBC Communications Inc. ............ 23,800 1,380,400
Sprint Corp. (FON Group) ........... 13,100 691,844
Telecomunicacoes Brasileiras SA (c) 20,400 1,839,825
Vodafone AirTouch Plc - ADR ........ 14,000 2,758,000
-------------
18,739,876
TOBACCO - 0.93%
Philip Morris Cos. Inc. ............ 65,700 2,640,319
-------------
Total United States ............... 246,976,448
-------------
Total Common Stocks
(cost $214,950,486) ............. 268,342,774
-------------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 5.48%
BANKS - 0.70%
Nordbanken North America Inc.,
4.82%, 08/10/1999 ................$2,000,000 $ 1,989,289
DIVERSIFIED FINANCIAL SERVICES - 1.41%
Jefferson Pilot Corp., 5.02%,
07/08/1999 ....................... 4,000,000 3,996,096
MEDIA - 1.05%
Falcon Holding Group LP, 4.95%,
07/07/1999 ...................... 3,000,000 2,997,525
MONEY MARKET FUND - 2.32%
SSgA Money Market Fund, 4.83% (b) .. 6,579,580 6,579,580
-------------
Total Short Term Investments
(cost $15,562,490) ............. 15,562,490
-------------
TOTAL INVESTMENTS - 100%
(cost $230,512,976) ................ $283,905,264
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate is
the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
Based on the cost of investments of $230,885,597 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $57,371,354, the gross
unrealized depreciation was $4,351,687 and the net unrealized appreciation on
investments was $53,019,667.
Forward foreign currency exchange contracts open at June 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATE CURRENCY TO BE DELIVERED AT 6/30/99 CURRENCY TO BE RECEIVED AT 6/30/99
---- ------------------------ ---------- ----------------------- ----------
<S> <C> <C> <C> <C>
7/6/99 554,332 US $ $ 554,332 534,959 Euro $ 551,702
7/6/99 138,807 Euro 143,152 143,874 US $ 143,874
----------------- ----------------
$ 697,484 $ 695,576
================= ================
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL International Equity Investment Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost......... $ 76,406,205
================
Investments in securities, at value........ $ 88,461,219
Foreign currency........................... 1,918,733
Receivables:
Dividends and interest.................. 126,317
Foreign taxes recoverable............... 90,023
Fund shares sold........................ 78,006
Investment securities sold.............. 19
Collateral for securities loaned .......... 12,268,050
----------------
TOTAL ASSETS............................... 102,942,367
----------------
LIABILITIES
Payables:
Investment advisory fees................ 71,414
Administrative fees .................... 6,611
Foreign tax expenses ................... 9,986
Fund shares redeemed.................... 6,490
Investment securities purchased ........ 6,057,855
Return of collateral for securities loaned 12,268,050
----------------
TOTAL LIABILITIES.......................... 18,420,406
----------------
NET ASSETS................................. $ 84,521,961
================
NET ASSETS CONSIST OF:
Paid-in capital............................ $ 68,476,781
Undistributed net investment income ....... 405,959
Accumulated net realized gain on
investments,
futures contracts and foreign currency
related items .......................... 3,572,883
Net unrealized appreciation on:
Investments............................. 12,055,014
Futures contracts and foreign currency
related items........................ 11,324
----------------
NET ASSETS................................. $ 84,521,961
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED............. 5,987,663
================
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE......................... $ 14.12
================
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends............................... $ 996,209
Interest................................ 81,757
Security lending income ................ 25,235
Foreign tax withholding................. (114,268)
---------------
TOTAL INVESTMENT INCOME.................... 988,933
---------------
EXPENSES
Investment advisory fees................ 401,539
Administrative fees..................... 37,061
---------------
TOTAL OPERATING EXPENSES................... 438,600
---------------
NET INVESTMENT INCOME...................... 550,333
---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss) on:
Investments............................. 711,845
Foreign currency related items.......... (35,338)
Net change in unrealized appreciation on:
Investments............................. 1,521,193
Futures contracts and foreign currency
related items........................ 6,317
---------------
NET REALIZED AND UNREALIZED GAINS.......... 2,204,017
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS......................... $ 2,754,350
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL International Equity Investment Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment income .............................................................. $ 550,333 $ 744,522
Net realized gain (loss) on:
Investments ........................................................................ 711,845 3,947,435
Foreign currency related items ..................................................... (35,338) 83,284
Net change in unrealized appreciation on:
Investments ........................................................................ 1,521,193 5,679,438
Futures contracts and foreign currency related items ............................... 6,317 6,966
------------ ------------
Net increase in net assets from operations ......................................... 2,754,350 10,461,645
------------ ------------
Distributions to shareholders
From net investment income ......................................................... -- (1,015,335)
From net realized gains on investment transactions ................................. -- (83,404)
------------ ------------
Total distributions to shareholders ................................................ -- (1,098,739)
------------ ------------
Share transactions
Proceeds from the sale of shares ................................................... 25,749,231 19,304,333
Reinvestment of distributions ...................................................... -- 1,098,739
Cost of shares redeemed ............................................................ (14,908,842) (37,523,404)
------------ ------------
Net increase (decrease) in net assets from share transactions ...................... 10,840,389 (17,120,332)
------------ ------------
Net increase (decrease) in net assets .............................................. 13,594,739 (7,757,426)
Net assets beginning of period ..................................................... 70,927,222 78,684,648
------------ ------------
Net assets end of period ........................................................... $ 84,521,961 $ 70,927,222
============ ============
Undistributed net investment income (loss) ......................................... $ 405,959 $ (144,374)
============ ============
</TABLE>
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL International Equity Investment Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
---------------------------
1999 1998 1997 1996 1996
------------ ------------- ------------- -------------- ------------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ..................... $ 13.62 $ 12.09 $ 12.08 $ 11.25 $ 10.00
-------- --------- ---------- ---------- -------------
Income from operations:
Net investment income .................................... 0.10 0.16 0.09 0.06 0.04
Net realized and unrealized gains on investments and
foreign currency related items ......................... 0.40 1.58 0.23 0.90 1.21
-------- --------- ---------- ---------- -------------
Total income from operations ............................. 0.50 1.74 0.32 0.96 1.25
-------- --------- ---------- ---------- -------------
Less distributions:
From net investment income ............................... -- (0.19) (0.08) (0.12) --
From net realized gains on investment transactions ....... -- (0.02) (0.23) (0.01) --
-------- --------- ---------- ---------- -------------
Total distributions ...................................... -- (0.21) (0.31) (0.13) --
-------- --------- ---------- ---------- -------------
Net increase ............................................. 0.50 1.53 0.01 0.83 1.25
-------- --------- ---------- ---------- -------------
Net asset value, end of period ........................... $ 14.12 $ 13.62 $ 12.09 $ 12.08 $ 11.25
======== ========= ========== ========== =============
Total Return (a) ......................................... 3.67% 14.43% 2.65% 8.54% 12.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ................. $ 84,522 $ 70,927 $ 78,685 $ 48,204 $ 24,211
Ratio of net operating expenses to average net
assets (b) (c) ......................................... 1.18% 1.23% 1.24% 1.25% 1.25%
Ratio of net investment income to average net
assets (b) (c) ......................................... 1.49% 0.88% 0.74% 1.09% 0.78%
Portfolio turnover ....................................... 6.76% 16.39% 18.81% 5.93% 16.45%
Ratio information assuming no expense reimbursement
or fees paid indirectly:
Ratio of net operating expenses to average net assets (b) 1.18% 1.28% 1.32% 1.29% 2.14%
Ratio of net investment income (loss) to average net
assets (b) ............................................. 1.49% 0.83% 0.66% 1.05% (0.11)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
Shares Market Value
------ ------------
Common Stocks - 88.63 %
Australia - 2.76%
Banks - 0.55%
Commonwealth Bank of Australia (c) .... 14,185 $ 225,517
Westpac Banking Corp. Ltd (c) ......... 39,779 257,700
------------
483,217
Commercial Services - 0.18%
Brambles Industries Ltd. .............. 6,000 157,859
Diversified Financial Services - 0.32%
Colonial Ltd. ......................... 48,668 172,120
Lend Lease Corp. Ltd. ................. 8,028 110,081
------------
282,201
Food - 0.51%
Cadbury Schweppes Plc ................. 72,000 458,500
Holding Companies - Diversified - 0.12%
Broken Hill Proprietary Company Ltd. .. 9,141 105,747
Leisure Time - 0.14%
Tabcorp Holdings Ltd. (c) ............. 18,000 121,131
Media - 0.48%
News Corp. Ltd. ....................... 23,389 199,296
Publishing & Broadcasting Ltd. (c) .... 34,000 224,083
------------
423,379
Oil & Gas Producers - 0.09%
Australian Gas Light Co. Ltd. ......... 13,900 84,443
Telecommunications - 0.37%
Telstra Corp. Ltd. .................... 57,815 330,857
------------
Total Australia ....................... 2,447,334
Belgium - 1.34%
Banks - 0.85%
Dexia Belgium (c) ..................... 545 81,126
KBC Bancassurance Holding ............. 11,260 667,424
------------
748,550
Insurance - 0.35%
Fortis (B) ............................ 9,954 312,450
Pharmaceuticals - 0.14%
UCB SA ................................ 2,850 121,924
------------
Total Belgium ......................... 1,182,924
Bermuda - 0.05%
Banks - 0.05%
DAO Heng Bank Group Ltd. .......... 10,000 44,853
Canada - 0.19%
Banks - 0.06%
Royal Bank of Canada .................. 1,290 56,944
Metals & Mining - 0.13%
Alcan Aluminum Ltd. ................... 3,490 110,803
------------
Total Canada .......................... 167,747
<PAGE>
Shares Market Value
------ ------------
Common Stocks (continued)
Denmark - 0.29%
Banks - 0.18%
Den Danske Bank ....................... 930 $ 100,580
Unidanmark A/S ........................ 810 53,909
------------
154,489
Telecommunications - 0.11%
Tele Danmark A/S ...................... 2,040 100,130
------------
Total Denmark ......................... 254,619
Finland - 0.95%
Telecommunications - 0.95%
Nokia OYJ ............................. 9,590 840,298
France - 9.74%
Banks - 1.00%
Banque Nationale de Paris ............. 2,520 209,898
Credit Commercial de France ........... 2,404 259,712
Dexia France (a) ...................... 838 112,128
Societe Generale (c) .................. 1,700 299,492
------------
881,230
Building Materials - 0.48%
Compagnie de Saint Gobain ............. 2,000 318,533
Lafarge ............................... 1,095 104,073
------------
422,606
Commercial Services - 1.42%
Vivendi (EX-Generale des Eaux) ........ 15,527 1,257,272
Cosmetics & Personal Care - 0.20%
L'OREAL ............................... 262 177,039
Electrical Components & Equipment - 0.22%
Legrand SA ............................ 979 199,217
Food - 1.66%
Carrefour Supermarche ................. 4,248 624,015
Groupe Danone ......................... 1,090 280,907
Sodexho Alliance SA ................... 3,300 568,101
------------
1,473,023
Hand & Machine Tools - 0.41%
Schneider SA .......................... 6,486 364,058
Insurance - 0.67%
AXA (c) ............................... 4,901 597,675
Media - 0.42%
Societe Television Francaise l ........ 1,600 372,755
Oil & Gas Producers - 1.30%
Elf Aquitaine SA ...................... 2,240 328,585
Total SA (c) .......................... 6,357 819,795
------------
1,148,380
Pharmaceuticals - 0.65%
Sanofi Synthelabo SA (c) .............. 13,516 573,343
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)
Retail - 0.86%
Pinault-Printemps-Redoute ............. 4,420 $ 758,178
Telecommunications - 0.45%
Alcatel SA (c) ........................ 2,810 395,398
------------
Total France .......................... 8,620,174
Germany - 5.59%
Auto Manufacturers - 0.11%
Volkswagen AG ......................... 1,500 96,024
Banks - 1.50%
Bayerische Hypo-und Vereninsbank AG ... 8,629 560,398
Deutsche Bank AG ...................... 6,921 422,007
Dresdner Bank AG (a) .................. 8,710 340,293
------------
1,322,698
Chemicals - 0.46%
Bayer AG .............................. 7,117 296,397
Hoechst AG ............................ 2,440 110,421
------------
406,818
Electronics - 0.01%
Meto AG ............................... 2,310 11,456
Healthcare - 0.14%
Rhoen-Klinikum AG ..................... 1,230 122,357
Insurance - 0.42%
Allianz AG (c) ........................ 1,340 371,580
Machinery - 0.99%
Mannesmann AG ......................... 5,840 872,202
Manufacturing - 0.61%
Siemens AG ............................ 2,234 172,258
VEBA AG ............................... 6,265 368,122
------------
540,380
Pharmaceuticals - 0.56%
Gehe AG (c) ........................... 10,864 499,482
Software - 0.41%
SAP AG ................................ 1,070 361,787
Telecommunications - 0.38%
Deutsche Telekom (c) .................. 8,066 338,413
------------
Total Germany ......................... 4,943,197
Hong Kong - 2.46%
Banks - 0.38%
HSBC Holdings Plc (c) ................. 9,200 335,576
Electric - 0.24%
CLP Holdings Ltd. ..................... 43,000 208,943
Holding Companies - Diversified - 0.62%
Hutchison Whampoa Ltd. ................ 60,000 543,269
<PAGE>
Shares Market Value
------ ------------
Common Stocks (continued)
Hong Kong (continued)
Home Furnishings - 0.14%
New World Development Co. Ltd. (c) .... 42,000 $ 125,860
Real Estate - 0.65%
Cheung Kong ........................... 22,000 195,654
Henderson Land Development ............ 38,000 218,441
Sun Hung Kai Properties ............... 18,000 164,140
------------
578,235
Telecommunications - 0.43%
China Telecom Ltd. (c) ................ 94,000 261,091
Hong Kong Telecom Ltd. ................ 46,400 120,506
------------
381,597
------------
Total Hong Kong ....................... 2,173,480
Italy - 3.96%
Banks - 1.39%
Banca di Roma (a) (c) ................. 45,000 64,712
Banca Popolare di Brescia (c) ......... 10,000 428,318
San Paulo-IMI SpA (c) ................. 27,211 370,266
Unicredito Italiano SpA (c) ........... 82,833 363,755
------------
1,227,051
Computers - 0.21
Tecnost SPA (c) ....................... 74,326 183,120
Insurance - 0.98%
Assicurazioni Generali ................ 9,600 332,511
Istituto Nazionale delle Assicurazioni (c) 145,000 336,315
Mediolanum SpA ........................ 26,540 203,823
------------
872,649
Oil & Gas Producers - 0.61%
ENI SpA (c) ........................... 79,263 473,090
Italgas SpA (c) ....................... 17,000 71,325
------------
544,415
Telecommunications - 0.77%
TIM SPA (c) ........................... 113,601 678,041
------------
Total Italy ........................... 3,505,276
Japan - 16.59%
Auto Manufacturers - 0.10%
Honda Motor Co. Ltd. .................. 2,000 84,814
Auto Parts & Equipment - 0.67%
Denso Corp. ........................... 29,000 589,733
Chemicals - 0.62%
Sekisui Chemical Co. Ltd. ............. 26,000 150,880
Shin-Etsu Chemical Co. Ltd. ........... 12,000 401,753
------------
552,633
Computers - 1.04%
Fujitsu Ltd. (c) ...................... 14,000 281,805
TDK Corp. ............................. 7,000 640,572
------------
922,377
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)
Cosmetics & Personal Care - 0.71%
Kao Corp. ............................. 17,000 $ 477,804
Shiseido Co. Ltd. ..................... 10,000 149,955
------------
627,759
Distribution & Wholesale - 0.44%
Mitsubishi Corp. ...................... 21,000 142,349
Sumitomo Corp. ........................ 34,000 248,740
------------
391,089
Diversified Financial Services - 0.45%
Nomura Securities Co. Ltd. ............ 34,000 398,264
Electrical Components & Equipment - 1.01%
Hitachi Ltd. .......................... 36,000 337,770
Sumitomo Electric Industries .......... 41,000 466,364
Toshiba Corp .......................... 12,000 85,607
------------
889,741
Electronics - 2.33%
Fanuc ................................. 4,000 214,929
Kyocera Corp. ......................... 7,000 410,846
Murata Manufacturing Co. Ltd. ......... 11,000 723,816
NEC Corp. (c) ......................... 57,000 709,143
------------
2,058,734
Hand & Machine Tools - 0.15%
Makita Corp. .......................... 12,000 135,802
Home Builders - 0.42%
Daiwa House Industry Co. Ltd. ......... 17,000 178,896
Sekisui House Ltd. (c) ................ 18,000 194,329
------------
373,225
Home Furnishings - 1.80%
Matsushita Electric Industrial Co. Ltd. 37,000 718,773
Sony Corp. (c) ........................ 8,100 873,812
------------
1,592,585
Insurance - 0.12%
Tokio Marine & Fire Insurance ......... 10,000 108,705
Machinery - 0.16%
Komori Corp. .......................... 8,000 144,168
Manufacturing - 0.43%
Mitsubishi Heavy Inds Ltd. ............ 94,000 381,533
Media - 0.20%
Toppan Printing Co. Ltd. .............. 16,000 178,689
Office & Business Equipment - 0.88%
Canon Inc. ............................ 27,000 776,721
Office Furnishings - 0.15%
Kokuyo ................................ 8,000 128,958
Pharmaceuticals - 0.80%
Daiichi Pharmaceutical Co. ............ 13,000 201,819
Sankyo Co. Ltd. ....................... 20,000 504,257
------------
706,076
<PAGE>
Shares Market Value
------ ------------
Common Stocks (continued)
Japan (continued)
Real Estate - 0.42%
Mitsui Fudosan ........................ 46,000 $ 372,654
Retail - 1.31%
Citizen Watch Co. Ltd. ................ 9,000 78,119
Ito-Yokado Co. Ltd. ................... 4,000 267,835
Mauri Co. Ltd. ........................ 24,000 396,793
Seven-Eleven Japan .................... 3,000 294,123
Uny Co. Ltd. .......................... 8,000 120,359
------------
1,157,229
Semiconductors - 0.25%
Tokyo Electron Ltd. (c) ............... 3,300 223,965
Telecommunications - 1.61%
DDI Corp. ............................. 36 224,089
Nippon Telegraph & Telephone Corp. .... 62 722,659
NTT Mobile Communication Network Inc. (c) 35 474,497
------------
1,421,245
Textiles - 0.29%
Kuraray Co. Ltd. (c) .................. 21,000 252,757
Transportation - 0.23%
East Japan Railway Co. ................ 38 204,182
Total Japan ........................... 14,673,638
Luxembourg - 0.08%
Transportation - 0.08%
Societe Europeenne des Saellites ...... 500 72,546
Mexico - 0.53%
Beverages - 0.12%
Grupo Modelo SA ....................... 35,376 100,903
Building Materials - 0.07%
Cemex SA .............................. 12,950 64,125
Food - 0.07%
Gruma SA (a) .......................... 18,358 30,756
Grupo Industrial Maseca SA ............ 54,800 32,539
------------
63,295
Forest Products & Paper - 0.13%
Kimberly-Clark de Mexico SA ........... 28,211 116,063
Holding Companies - Diversified - 0.14%
Fomento Economico Mexicano SA ......... 31,260 124,960
------------
Total Mexico .......................... 469,346
Netherlands - 8.87%
Apparel - 0.30%
Gucci Group NV ........................ 3,853 269,710
Banks - 1.74%
ABN Amro Holding NV ................... 16,490 356,973
ING Groep NV .......................... 21,770 1,178,185
------------
1,535,158
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)
Chemicals - 0.09%
Akzo Nobel ............................ 1,832 $ 77,052
Computers - 0.14
Equant NV ............................. 1,310 120,727
Electronics - 0.70%
Koninklijke Philips Electronics NV .... 6,274 618,622
Food - 1.52%
CSM NV ................................ 6,276 313,453
Koninklijke Ahold NV .................. 14,492 498,965
Numico NV ............................. 4,550 161,114
Unilever NV ........................... 5,461 367,886
------------
1,341,418
Insurance - 0.49%
Fortis (NL) (c) ....................... 14,050 433,779
Media - 2.14%
Elsevier NV ........................... 28,649 332,244
VNU NV ................................ 6,540 261,243
Wolters Kluwer NV ..................... 32,724 1,302,115
------------
1,895,602
Oil & Gas Producers - 0.72%
Royal Dutch Petroleum Co. (c) ......... 10,930 639,977
Semiconductors - 0.86%
ASM Lithography Holding NV ............ 7,930 458,597
STMicroelectronics NV ................. 4,550 302,998
------------
761,595
Telecommunications - 0.11%
Royal KPN NV .......................... 2,147 100,702
Transportation - 0.06%
TNT Post Group NV ..................... 2,047 48,850
------------
Total Netherlands ..................... 7,843,192
New Zealand - 0.21%
Telecommunications - 0.21%
Telecom of New Zealand (c) ............ 44,000 188,696
Norway - 0.80%
Food - 0.48%
Orkla AS .............................. 27,420 426,236
Manufacturing - 0.31%
Norsk Hydro AS (c) .................... 7,350 277,007
Transportation - 0.01%
Bergesen DY ASA ....................... 650 9,567
------------
Total Norway .......................... 712,810
Portugal - 0.46%
Retail - 0.46%
Jeronimo Martins ...................... 12,521 413,420
<PAGE>
Shares Market Value
------ ------------
Common Stocks (continued)
Singapore - 0.50%
Computers - 0.30%
United Overseas Bank Ltd. ............. 38,000 $ 265,687
Media - 0.20%
Singapore Press Holdings Ltd. (c) ..... 10,336 176,113
------------
Total Singapore ....................... 441,800
South Korea - 0.37%
Electrical Components & Equipment - 0.28%
Samsung Electronics ................... 2,201 241,492
Telecommunications - 0.09%
SK Telecom Co. Ltd .................... 62 83,024
------------
Total South Korea ..................... 324,516
Spain - 2.89%
Banks - 0.90%
Argentaria, Caja Postal y Banco Hipotecario
de Espana SA ....................... 8,160 185,479
Banco Bilbao Vizcaya (c) .............. 8,440 121,892
Banco Popular Espanol SA .............. 1,320 94,910
Banco Santander ....................... 34,760 359,399
Banco Sanander Central Hispanpo SA .... 3,470 36,128
------------
797,808
Electric - 0.63%
Endesa SA ............................. 13,588 289,669
Iberdrola SA (c) ...................... 17,838 271,411
------------
561,080
Oil & Gas Producers - 0.37%
Gas Natural SDG (c) ................... 2,082 151,309
Repsol SA (c) ......................... 8,556 175,958
------------
327,267
Telecommunications - 0.99%
Telefonica SA ......................... 18,119 874,690
------------
Total Spain ........................... 2,560,845
Sweden - 2.71%
Banks - 0.45%
Nordbanken Holding AB ................. 68,371 400,287
Commercial Services - 0.09%
Securitas AB .......................... 5,493 82,178
Engineering & Construction - 0.24%
New ABB Ltd. .......................... 2,219 207,811
Hand & Machine Tools - 0.17%
Sandvik AB (c) ........................ 6,830 151,259
Home Furnishings - 0.56%
Electrolux AB ......................... 23,560 494,013
Household Products - 0.03%
Esselte AB (c) ........................ 2,310 23,946
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 - 0.22%
Atlas Copco AB ........................ 7,400 $ 198,751
Metals & Mining - 0.04%
Granges AB ............................ 1,990 33,758
Retail - 0.91%
Hennes & Mauritz AB "B" ............... 32,550 805,219
------------
Total Sweden .......................... 2,397,222
Switzerland - 6.17%
Banks - 1.42%
Credit Suisse Group ................... 2,060 356,337
UBS AG ................................ 3,010 898,103
------------
1,254,440
Commercial Services - 0.64%
Adecco SA ............................. 1,063 569,403
Engineering & Construction - 0.39%
New ABB Ltd. (c) ...................... 3,679 346,584
Food - 1.49%
Nestle SA ............................. 730 1,314,854
Pharmaceuticals - 2.10%
Novartis .............................. 713 1,040,776
Roche Holding AG ...................... 80 822,069
------------
1,862,845
Telecommunications - 0.13%
Swisscom AG ........................... 298 112,103
------------
Total Switzerland ..................... 5,460,229
United Kingdom - 17.54%
Aerospace & Defense - 0.10%
Rolls-Royce Plc ....................... 21,000 88,711
Auto Parts & Equipment - 0.13%
GKN Plc ............................... 7,000 119,496
Banks - 2.89%
Abbey National Plc .................... 24,000 450,745
National Westminster Bank Plc ......... 99,000 2,098,856
------------
2,549,601
Beverages - 1.27%
Diageo Plc (a) ........................ 107,368 1,127,977
Building Materials - 0.15%
Caradon Plc ........................... 55,800 131,492
Commercial Services - 0.18%
Hays Plc .............................. 7,000 73,816
Rank Group Plc ........................ 21,000 83,580
------------
157,396
Electronics - 0.14%
Electrocomponents Plc ................. 17,000 125,139
<PAGE>
Shares Market Value
------ ------------
Common Stocks (continued)
United Kingdom (continued)
Engineering & Construction - 0.04%
John Laing Plc ........................ 7,000 $ 34,674
Entertainment - 0.17%
Ladbroke Group Plc .................... 37,000 147,844
Food - 2.16%
Asda Group Plc ........................ 78,000 267,411
Cadbury Schweppes Plc ................. 22,000 140,406
Compass Group Plc ..................... 56,000 555,660
Safeway Plc ........................... 46,000 183,444
Tesco Plc (a) ......................... 148,000 383,754
Unilever Plc .......................... 42,500 377,156
------------
1,907,831
Forest Products & Paper - 0.07%
David S. Smith Holding Plc ............ 25,000 58,518
Holding Companies - Diversified - 0.48%
Tomkins Plc ........................... 97,248 421,540
Media - 1.17%
Reed International Plc ................ 100,000 665,178
United News & Media Plc ............... 39,000 374,990
------------
1,040,168
Metals & Mining - 0.51%
Rio Tinto Plc ......................... 27,000 452,400
Oil & Gas Producers - 2.30%
BG Plc ................................ 27,352 166,850
BP Amoco Plc .......................... 22,000 393,936
Centrica Plc .......................... 12,600 29,593
Shell Transport & Trading Co. ......... 192,500 1,444,318
------------
2,034,697
Pharmaceuticals - 3.78%
AstraZeneca Plc ....................... 19,268 751,291
Glaxo Wellcome Plc .................... 36,000 1,000,415
SmithKline Beecham Plc ................ 122,400 1,591,697
------------
3,343,403
Retail - 1.19%
Kingfisher Plc ........................ 90,000 1,050,222
Telecommunications - 0.81%
Cable & Wireless Plc (a) .............. 56,000 714,104
------------
Total United Kingdom .................. 15,505,213
United States - 3.58%
Banks - 0.18%
Banco de Galicia Y Buenos Aires (c) ... 2,327 47,122
Banco Frances SA (c) .................. 2,147 40,793
Uniao de Bancos Brasileiros (c) ....... 3,055 73,511
------------
161,426
Building Materials - 0.23%
Cemex SA (c) .......................... 20,410 200,910
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 (continued)
Electric - 0.27%
Cemig ................................. 2,175 $ 45,391
Chilectra SA (c) ...................... 2,330 50,413
Huaneng Power International Inc. (c) .. 8,400 143,850
------------
239,654
Food - 0.12%
Companhia Brasileira de Distribuicao
Grupop (c) ............................ 4,545 84,935
Gruma SA (c) .......................... 3,158 21,315
------------
106,250
Media - 0.22%
Grupo Televisa SA (c) ................. 3,831 171,677
TV Azteca SA de CV (c) ................ 4,600 23,862
------------
195,539
Oil & Gas Producers - 0.04%
Gazprom ............................... 3,490 39,263
Software - 0.11%
CBT Group Plc ......................... 5,727 94,495
Telecommunications - 2.41%
Korea Telecom ......................... 6,000 240,000
Mahanagar Telephone Nigam ............. 8,000 78,400
Telecomunicacoes Brasileiras SA (c) ... 10,933 986,020
Telecomunicacoes Brasileiras SA -
ADR (c) ............................... 9,933 621
Telefonica de Argentina SA (c) ........ 3,990 125,186
Telefonos de Mexico (c) ............... 8,615 696,200
------------
2,126,427
------------
Total United States ................... 3,163,964
------------
Total Common Stocks
(cost $66,275,251) .................... 78,407,339
------------
Preferred Stocks - 1.14%
Australia - 0.25%
Leisure Time - 0.07%
Sydney Harbour Casino Holdings ........ 63,200 61,414
Media - 0.18%
News Corp. Ltd. ....................... 20,625 156,929
------------
Total Australia ....................... 218,343
Brazil - 0.58%
Banks - 0.13%
Banco Bradesco SA ..................... 9,543,953 48,515
Banco Itau SA ......................... 124,000 63,733
------------
112,248
Building Materials - 0.01%
Cia Cimento Portland Itau ............. 73,000 7,009
Electric - 0.06%
Cia Energetic de Minas Gerais ......... 2,705,633 56,558
<PAGE>
Shares Market Value
------ ------------
Preferred Stocks (continued)
Brazil (continued)
Oil & Gas Producers - 0.23%
Petroleo Brasileiro SA ................ 1,316,094 $ 204,420
Telecommunications - 0.15%
Telec de Sao Paulo SA ................. 727,226 86,257
Telecomunicacoes de Minas Gerais SA ... 2,067 51
Telesp Celular SA B ................... 852,141 42,403
------------
128,711
------------
Total Brazil .......................... 508,946
Germany - 0.31%
Pharmaceuticals - 0.08%
Fresenius AG .......................... 400 70,716
Retail - 0.01%
Fielmann AG (c) ....................... 336 12,435
Software - 0.22%
SAP AG - Vorzug (c) ................... 489 195,333
------------
Total Germany ......................... 278,484
------------
Total Preferred Stocks
(cost $1,178,941) ..................... 1,005,773
------------
Rights - 0.01%
South Korea - 0.01%
Telecommunications - 0.01%
SK Telecom Co. Ltd .................... 14 8,166
------------
Total Rights
(cost $8,184) ......................... 8,166
------------
Principal
Amount
------
Corporate Bonds - 0.43%
Computers - 0.43%
Tecnost International NV, 4.487%,
06/23/2004 EUR (d) .................... $ 359,243 376,029
------------
Total Corporate Bonds
(cost $279,917) ....................... 376,029
------------
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL INTERNATIONAL EQUITY INVESTMENT SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
Shares Market Value
------ ------------
Short Term Investments - 9.79%
Money Market Funds - 9.79%
SSgA Government Money Market
Fund, 4.83% (b) .................... 4,176,881 $4,176,881
------------
SSgA Money Market Fund, 4.68%, (b) .... 4,487,031 4,487,031
------------
Total Short Term Investments
(cost $8,663,912) ..................... 8,663,912
------------
Total Investments - 100%
(cost $76,406,205) .................... $88,461,219
============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate
stated is the quoted yield as of June 30, 1999.
(c) All or a portion of this security has been loaned.
(d) Variable rate security. Rate shown is the effective rate on June 30, 1999,
and the date shown represents the final maturity of the obligation.
Based on the cost of investments of $76,436,398 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $15,584,606, the gross
unrealized depreciation was $3,559,785 and the net unrealized appreciation on
investments was $12,024,821.
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL Mid-Cap Growth Series
Statement of Assets and Liabilities (Unaudited)
June 30, 1999
ASSETS
Investments in securities, at cost ........ $ 183,736,511
================
Investments in securities, at value ....... $ 235,514,758
Receivables:
Dividends and interest .................. 58,066
Fund shares sold ........................ 325,497
Investment securities sold .............. 338,163
----------------
TOTAL ASSETS .............................. 236,236,484
----------------
LIABILITIES
Payables:
Investment advisory fees ................ 169,298
Administrative fees ..................... 18,126
Fund shares redeemed .................... 33,866
Investment securities purchased ......... 4,381,355
----------------
TOTAL LIABILITIES ......................... 4,602,645
----------------
NET ASSETS ................................ $ 231,633,839
================
NET ASSETS CONSIST OF:
Paid-in capital ........................... $ 162,550,629
Undistributed net investment loss ......... (399,162)
Accumulated net realized gain on
investments and foreign currency
related items ........................... 17,704,125
Net unrealized appreciation on investments 51,778,247
----------------
NET ASSETS ................................ $ 231,633,839
================
TOTAL SHARES OUTSTANDING (NO PAR VALUE),
UNLIMITED SHARES AUTHORIZED ............. 10,186,380
===============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ........................ $ 22.74
================
Statement of Operations (Unaudited)
For the Six Months Ended June 30, 1999
INVESTMENT INCOME
Dividends .............................. $ 248,882
Interest ............................... 386,473
Foreign tax withholding ................ (1,907)
---------------
TOTAL INVESTMENT LOSS ..................... 633,448
---------------
EXPENSES
Investment advisory fees ............... 933,068
Administrative fees .................... 99,542
---------------
TOTAL OPERATING EXPENSES .................. 1,032,610
---------------
NET INVESTMENT LOSS ....................... (399,162)
---------------
REALIZED AND UNREALIZED GAINS
Net realized gain on investments .......... 15,569,756
Net change in unrealized appreciation
on investments.......................... 8,342,140
---------------
NET REALIZED AND UNREALIZED GAINS ......... 23,911,896
---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ......................... $ 23,512,734
===============
See notes to the financial statements.
<PAGE>
JNL SERIES TRUST
T. Rowe Price/JNL Mid-Cap Growth Series
Statements of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Operations
Net investment loss ............................................................ $ (399,162) $ (569,859)
Net realized gain on:
Investments .................................................................... 15,569,756 7,408,320
Foreign currency related items ................................................. -- 2,020
Net change in unrealized appreciation (depreciation) on:
Investments .................................................................... 8,342,140 23,670,228
Foreign currency related items ................................................. -- (3)
------------- -------------
Net increase in net assets from operations ..................................... 23,512,734 30,510,706
------------- -------------
Distributions to shareholders
From net investment income ..................................................... -- --
From net realized gains on investment transactions ............................. -- (6,049,293)
------------- -------------
Total distributions to shareholders ............................................ -- (6,049,293)
------------- -------------
Share transactions
Proceeds from the sale of shares ............................................... 47,881,048 70,686,697
Reinvestment of distributions .................................................. -- 6,049,293
Cost of shares redeemed ........................................................ (29,396,241) (38,613,374)
------------- -------------
Net increase in net assets from share transactions ............................. 18,484,807 38,122,616
------------- -------------
Net increase in net assets ..................................................... 41,997,541 62,584,029
Net assets beginning of period ................................................. 189,636,298 127,052,269
------------- -------------
Net assets end of period ....................................................... $ 231,633,839 $ 189,636,298
============= =============
Undistributed net investment loss .............................................. $ (399,162) $ --
============= =============
</TABLE>
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
JNL SERIES TRUST
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
SIX MONTHS APRIL 1, MAY 15,
ENDED 1996 TO 1995* TO
JUNE 30, YEAR ENDED DECEMBER 31, DECEMBER 31, MARCH 31,
------------------------------
1999 1998 1997 1996 1996
--------------- -------------- --------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
Net asset value, beginning of period ................. $ 20.43 $ 17.37 $ 14.89 $ 13.43 $ 10.00
--------- ---------- ----------- ---------- -----------
Income from operations:
Net investment income (loss) ......................... (0.04) (0.07) (0.03) (0.05) 0.06
Net realized and unrealized gains on investments and
foreign currency related items .................... 2.35 3.80 2.74 1.92 3.90
--------- ---------- ----------- ---------- -----------
Total income from operations ......................... 2.31 3.73 2.71 1.87 3.96
--------- ---------- ----------- ---------- -----------
Less distributions:
From net investment income ........................... -- -- -- (0.05) --
From net realized gains on investment transactions ... -- (0.67) (0.23) (0.36) (0.53)
--------- ---------- ----------- ---------- -----------
Total distributions .................................. -- (0.67) (0.23) (0.41) (0.53)
--------- ---------- ----------- ---------- -----------
Net increase ......................................... 2.31 3.06 2.48 1.46 3.43
--------- ---------- ----------- ---------- -----------
Net asset value, end of period ....................... $ 22.74 $ 20.43 $ 17.37 $ 14.89 $ 13.43
========= ========== =========== ========== ===========
Total Return (a) ..................................... 11.31% 21.49% 18.21% 13.91% 40.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............. $ 231,634 $ 189,636 $ 127,052 $ 47,104 $ 10,545
Ratio of net operating expenses to average net
assets (b) (c) ..................................... 1.04% 1.04% 1.06% 1.10% 1.10%
Ratio of net investment income (loss) to average net
assets (b) (c) ..................................... (0.40)% (0.37)% (0.26)% (0.18)% 0.82%
Portfolio turnover ................................... 30.31% 50.92% 41.43% 25.05% 66.04%
Ratio information assuming no expense reimbursement
or fees paid indirectly:
Ratio of net operating expenses
to average net assets (b) ......................... 1.04% 1.04% 1.06% 1.14% 2.10%
Ratio of net investment loss
to average net assets (b) ......................... (0.40)% (0.37)% (0.26)% (0.22)% (0.18)%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 for the periods less than one year.
(b) Annualized for the periods less than one year.
(c) Computed after giving effect to the Adviser's expense reimbursement and
fees paid indirectly.
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1999
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 92.33%
CANADA -- 0.85%
INSURANCE -- 0.50%
Fairfax Financial Holdings Ltd.
(144a) (a) ......................... 4,400 $1,180,306
MEDIA -- 0.35%
Rogers Communications Inc. (a) ..... 50,000 809,375
------------
Total Canada ..................... 1,989,681
UNITED STATES -- 91.48%
ADVERTISING -- 2.63%
Catalina Marketing Corp. (a) ....... 26,600 2,447,200
Outdoor Systems Inc. (a) ........... 102,900 3,755,850
------------
AEROSPACE & DEFENSE -- 0.58%
BE Aerospace Inc. (a) .............. 73,500 1,373,531
APPAREL -- 3.20%
Jones Apparel Group Inc. (a) ....... 106,000 3,637,125
Warnaco Group Inc. ................. 146,000 3,905,500
------------
BANKS -- 0.82%
North Fork Bancorporation Inc. ..... 91,000 1,939,438
BIOTECHNOLOGY -- 1.47%
Biogen Inc. (a) .................... 38,000 2,443,875
Centocor Inc. (a) .................. 22,000 1,025,750
------------
CHEMICALS -- 0.70%
Great Lakes Chemical Corp. ......... 36,000 1,658,250
COMMERCIAL SERVICES -- 6.85%
Concord EFS Inc. (a) .............. 16,000 677,000
Gartner Group Inc. ................. 96,400 1,976,200
Interim Services Inc. (a) .......... 100,700 2,076,938
NOVA Corp. (a) ..................... 158,000 3,950,000
Robert Half International Inc. ..... 39,000 1,014,000
Romac International Inc. (a) ....... 114,500 1,016,187
Sodexho Marriot Services Inc. ...... 44,000 844,250
United Rental Inc. (a) ............. 79,000 2,330,500
Viad Corp. ......................... 72,500 2,242,969
------------
16,128,044
COMPUTERS -- 7.04%
Affiliated Computer Services Inc.
(a) ................................ 91,000 4,606,875
Ceridian Corp. ..................... 50,900 1,663,794
Ciber Inc. (a) ..................... 122,500 2,342,813
DST Systems Inc. (a) ............... 7,800 490,425
Saville Systems Plc ................ 117,000 1,696,500
SunGard Data Systems Inc. (a) ...... 83,000 2,863,500
Synopsys Inc. (a) .................. 53,000 2,924,937
------------
DISTRIBUTION & WHOLESALE -- 1.00%
Ingram Micro Inc. (a) .............. 91,000 2,343,250
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES -- 4.74%
Capital One Financial Corp. ........ 45,000 $2,505,937
CIT Group Inc. ..................... 84,000 2,425,500
Heller Financial Inc. .............. 80,000 2,225,000
Waddell & Reed Financial Inc. -
Class A ............................ 104,000 2,853,500
Waddell & Reed Financial Inc. -
Class B ............................ 43,000 1,161,000
------------
ELECTRONICAL COMPONENTS & EQUIPMENT-- 0.82%
Molex Inc. ......................... 61,300 1,930,950
ELECTRONICS -- 5.45%
Analog Devices Inc. (a) ............ 67,000 3,362,563
Maxim Integrated Products Inc. (a) . 36,000 2,394,000
Millipore Corp. .................... 26,500 1,074,906
Sanmina Corp. (a) .................. 13,000 986,375
SCI Systems Inc. (a) ............... 83,000 3,942,500
Waters Corp. (a) ................... 20,300 1,078,437
------------
12,838,781
ENTERTAINMENT -- 1.41%
Mirage Resorts Inc. (a) ............ 17,700 296,475
Premier Parks Inc. ................. 82,000 3,013,500
------------
3,309,975
ENVIRONMENTAL CONTROL -- 1.75%
Republic Services Inc. (a) ......... 166,000 4,108,500
FOOD -- 5.21%
Kroger Co. ......................... 42,000 1,173,375
Richfood Holdings Inc. (a) ......... 73,000 1,286,625
Suiza Foods Corp. (a) .............. 77,500 3,245,313
U.S. Foodservice (a) ............... 75,000 3,196,875
Whole Foods Market Inc. (a). ....... 70,000 3,364,375
------------
12,266,563
HEALTHCARE -- 4.14%
Covance Inc. (a) ................... 88,000 2,106,500
HCR Manor Care Inc. (a) ............ 66,000 1,596,375
Henry Schein Inc. (a) .............. 56,000 1,774,500
Total Renal Care Holdings Inc. (a) . 121,000 1,883,063
Wellpoint Health Networks Inc. (a) . 28,000 2,376,500
------------
9,736,938
INSURANCE -- 3.31%
Ace Ltd. ........................... 41,000 1,158,250
Blanch (E.W.) Holdings Inc. ........ 15,300 1,043,269
MGIC Investment Corp. .............. 36,000 1,750,500
Protective Life Corp. .............. 56,000 1,848,000
Radian Group Inc. .................. 41,000 2,001,312
------------
7,801,331
LEISURE TIME -- 3.76%
Boyds Collection Ltd. (a) .......... 83,000 1,436,937
Galileo International Inc. ......... 79,000 4,221,563
Royal Caribbean Cruises Ltd. ....... 73,000 3,193,750
------------
8,852,250
See notes to the financial statements.
<PAGE>
T. ROWE PRICE/JNL MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
MARKET
SHARES VALUE
'------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
MANUFACTURING -- 2.86%
Danaher Corp. ...................... 44,000 $2,557,500
Pentair Inc. ....................... 43,000 1,967,250
Teleflex Inc. ...................... 51,000 2,215,313
------------
6,740,063
MEDIA -- 0.94%
Clear Channel Communications, Inc.
(a) ................................ 10,000 689,375
Univision Communications Inc. (a) .. 23,000 1,518,000
------------
2,207,375
OIL & GAS PRODUCERS -- 2.98%
BJ Services Co. .................... 113,000 3,326,437
Ocean Energy Inc. (a) .............. 112,500 1,082,813
Smith International Inc. (a) ....... 59,900 2,601,906
------------
7,011,156
PHARMACEUTICALS -- 7.42%
ALZA Corp. (a) ..................... 48,000 2,442,000
Amerisource Health Corp. (a) ....... 88,000 2,244,000
Gilead Sciences Inc. (a) ........... 49,200 2,570,700
MedImmune Inc. (a) ................. 26,100 1,768,275
Omnicare Inc. ...................... 171,000 2,158,875
Sepracor Inc. (a) .................. 4,300 349,375
Shire Pharmaceuticals Plc (a) ...... 23,800 618,800
Sybron International Corp. (a) ..... 95,000 2,618,438
Teva Pharmaceutical Ltd. ........... 55,000 2,695,000
------------
17,465,463
RETAIL -- 10.21%
AutoZone Inc. (a) ................... 54,700 1,647,838
BJ's Wholesale Club Inc. (a) ........ 104,000 3,126,500
Borders Group Inc. (a) .............. 74,000 1,170,125
Circuit City Stores Inc. ............ 63,000 5,859,000
Costco Cos. Inc. .................... 25,000 2,001,562
Family Dollar Stores Inc. ........... 115,000 2,760,000
General Nutrition Cos. Inc. (a) ..... 18,900 440,606
MSC Industrial Direct Co. ........... 69,000 707,250
Outback Steakhouse Inc. (a) ......... 72,000 2,830,500
Saks Inc. (a) ....................... 40,000 1,155,000
ShopKo Stores Inc. .................. 64,800 2,349,000
------------
24,047,381
SEMICONDUCTORS -- 3.16%
Kla-Tencor Corp. (a) ................ 19,000 1,232,625
PMC - Sierra Inc. (a) ............... 52,000 3,064,750
Xilinx Inc. (a) ..................... 55,000 3,148,750
------------
7,446,125
<PAGE>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
SOFTWARE -- 4.47%
Acxiom Corp. (a) ................... 81,000 $2,019,937
BMC Software Inc. (a) .............. 27,000 1,458,000
Citrix Systems Inc. (a) ............ 12,000 678,000
Intuit Inc. (a) .................... 15,000 1,351,875
National Data Corp. ................ 56,000 2,394,000
Parametric Technology Corp. (a)..... 119,000 1,651,125
Sterling Commerce Inc. (a) ......... 26,900 981,850
------------
10,534,787
TELECOMMUNICATIONS -- 4.34%
Crown Castle International Corp.
(a) ................................ 54,000 1,123,875
Omnipoint Corp. (a) ................ 65,000 1,880,937
Voicestream Wireless Corp. (a) ..... 117,300 3,335,719
Western Wireless Corp. (a) ......... 144,000 3,888,000
------------
10,228,531
TRANSPORTATION -- 0.22%
C.H. Robinson Worldwide Inc. ....... 14,100 518,175
------------
Total United States ......... 215,461,938
-------------
Total Common Stocks
(cost $165,673,372) ........ 217,451,619
-------------
PRINCIPAL
AMOUNT
------
SHORT TERM INVESTMENTS -- 7.67%
MONEY MARKET FUND -- 2.55%
SSgA Money Market Fund, 4.83% (b) ..$5,994,274 5,994,274
U.S. GOVERNMENT AGENCIES -- 5.12%
Federal Farm Credit Bank,
4.75%, 07/06/1999 ................ 3,000,000 2,998,021
Federal Home Loan Bank,
5.02%, 07/23/1999 ................ 3,000,000 2,990,797
Federal Home Loan Mortgage Corp.
4.77%, 07/14/1999 ................ 2,000,000 1,996,555
5.05%, 08/05/1999 ................ 3,000,000 2,985,271
Federal National Mortgage
Association,
4.85%, 07/13/1999 .............. 1,100,000 1,098,221
------------
Total U.S. Government
Agencies ..................... 12,068,865
------------
Total Short Term
Investments
(cost $18,063,139) ........ 18,063,139
------------
TOTAL INVESTMENTS -- 100%
(cost $183,736,511) ................ $235,514,758
==============
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Dividend yield changes daily to reflect current market conditions. Rate
stated is the quoted yield as of June 30, 1999.
Based on the cost of investments of $183,741,075 for federal income tax purposes
at June 30, 1999, the gross unrealized appreciation was $62,628,070, the gross
unrealized depreciation was $10,854,387 and the net unrealized appreciation on
investments was $51,773,683.
See notes to the financial statements.
<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 (37) 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/Janus Aggressive
Growth, JNL/Janus Capital Growth and JNL/Janus 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/J.P. Morgan International & Emerging Markets and J.P.
Morgan Enhanced S&P 500 Index 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. Jackson National Financial Services, LLC ("JNFS"), 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
pricing services which determine prices for normal institutional size trading
units of bonds or based on quotations provided by broker-dealers. 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.
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 are valued
at the net asset value per share of each Underlying Fund determined as of the
close of the New York Stock Exchange on the valuation date.
<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
payments 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.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- A Series may enter into
forward foreign currency exchange 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 position
hedges as of December 31, 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. 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.
FUTURES CONTRACTS -- A Series may utilize futures contracts to a limited
extent. The risks associated with the use of futures contracts include 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. . Upon
entering into a futures contract, the Series is required to deposit with the
broker an amount of cash or cash equivalents equal to a certain percentage of
the contract amount. This is known as the "initial margin". Futures contracts
are valued based upon their quoted daily settlement prices. The Series receive
from or pay to brokers an amount of cash equal to the daily fluctuation in the
value of the contracts. Such receipts or payments, known as the "variation
margin," are recorded by the Series as unrealized appreciation (depreciation)
until the contracts are terminated at which time realized gains and losses are
recognized. Futures contracts involve, to varying degrees, risk of loss in
excess of the futures variation margin reflected in the Statements of Assets and
Liabilities.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
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,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, and Salomon
Brothers/JNL Balanced Series may enter into dollar roll transactions with
respect to mortgage securities 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. The value of the dollar roll
transactions are reflected in the Series' Statements of Assets and Liabilities.
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. These fees are accrued as income over the life of the
dollar roll contract. 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.
SECURITIES LOANED -- The SerieS has entered into a securities lending
arrangement with the custodian. Under the terms of the agreement, the Series
receives 65% of the annual net income from lending transactions. In exchange for
such fees, the custodian is authorized to loan securities on behalf of the
Series, against receipt of collateral at least equal in value to the value of
the securities loaned. Cash collateral is invested by the custodian in money
market instruments approved by the Manager. The Series bears the risk of any
deficiency in the amount of collateral available for return to a borrower due to
a loss in an approved investment.
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 periodically makes 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 JNFS whereby JNFS
provides investment management and transfer agency services. Each Series pays
JNFS 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 JNFS.
<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/Janus Aggressive Growth Series.......... .95% .95% .95% .90% .90% .90% .85% .85% .85%
JNL/Janus Capital Growth Series............. .95% .95% .95% .90% .90% .90% .85% .85% .85%
JNL/Janus 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/J.P. Morgan International & Emerging
Markets Series........................... .975% .95% .95% .95% .90% .90% .90% .85% .85%
JNL/J.P. Morgan Enhanced S&P 500 Index
Series................................... .80% .75% .75% .75% .75% .75% .75% .75% .75%
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% .75% .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% .75% .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>
- --------------------------------------------------------------------------------
* Prior to May 1, 1997, the fee for the JNL/Putnam Growth Series was .90%,
.85%, .80%, .75% and .70%, respectively.
** Prior to May 1, 1997, the fee for the JNL/Putnam Value Equity Series was
.75%, .70%, .675%, .65% and .625%, respectively.
*** Prior to May 1, 1997, the fee for the PPM America/JNL Balanced Series was
.90%, .80%, .75%, .70% and .65%, respectively.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
As compensation for their services, the sub-advisers receive fees from JNFS
calculated on the basis of the average daily net assets of each Series. The
following is a schedule of the fees JNFS currently is obligated to pay the
sub-advisers out of the advisory fee it receives from each Series as specified
above.
<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/Janus Aggressive Growth Series.......... .55% .55% .50% .50% .50% .50% .50% .50% .45%
JNL/Janus Capital Growth Series............. .55% .55% .50% .50% .50% .50% .50% .50% .45%
JNL/Janus 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/J.P. Morgan International & Emerging
Markets Series........................... .55% .50% .50% .50% .45% .45% .45% .40% .40%
JNL/J.P. Morgan Enhanced S&P 500
Index Series............................. .35% .35% .35% .35% .35% .35% .35% .35% .35%
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>
- --------------------------------------------------------------------------------
* Prior to May 1, 1997, the sub-advisory fees for these Series were payable
to Phoenix Investment Counsel, Inc. and were: $0 to $50 million - .50%; $50
to $150 million - .40%; $150 to $300 million - .30%; $300 to $500 million -
.25%; over $500 million - .20%.
** Prior to May 1, 1997, the sub-advisory fee for this Series was payable to
PPM America, Inc. and was: $0 to $50 million - .25%; $50 to $150 million -
.20%; $150 to $300 million - .175%; $300 to $500 million - .15%; over $500
million - .125%.
*** When average net assets exceed this amount, the sub-advisory fee asterisked
is applicable to all assets in this Series.
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
Through December 31, 1998, JNFS voluntarily agreed to reimburse each of the
Series for annual expenses (excluding the management fee) in excess of 0.15% of
average daily net assets. Effective January 1, 1999, these voluntary
reimbursements have been replaced by an administrative fee of 0.10% of average
daily net assets payable to JNFS. In exchange for this fee, JNFS provides or
procures all necessary administrative functions and services for the operation
of each Series.
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, 1999.
During the period ended June 30, 1999, JNL/Alger Growth Series, JNL/Eagle
Core Equity Series, JNL/Eagle SmallCap Equity Series, Goldman Sachs/JNL Growth &
Income Series, Salomon Brothers/JNL Balanced Series and T. Rowe Price/JNL
International Equity Investment Series paid $213,348, $96, $2,820, $401, $264,
and $1,434, respectively, to affiliates of the Trust for brokerage fees on the
execution of purchases and sales of portfolio investments.
NOTE 4. SECURITY TRANSACTIONS
During the period ended June 30, 1999, the cost of purchases and proceeds
from sales and maturities of securities, other than short-term investments, were
as follows (in thousands):
<TABLE>
<CAPTION>
COST OF PROCEEDS FROM SALES
PURCHASES AND MATURITIES
--------- --------------
<S> <C> <C>
JNL/Janus Aggressive Growth Series.............................................. $ 203,113 $ 110,543
JNL/Janus Capital Growth Series................................................. 136,467 86,890
JNL/Janus Global Equities Series................................................ 118,054 66,973
JNL/Alger Growth Series......................................................... 201,114 116,977
JNL/Alliance Growth Series...................................................... 6,558 2,448
JNL/Eagle Core Equity Series.................................................... 38,672 22,227
JNL/Eagle SmallCap Equity Series................................................ 16,442 9,602
JNL/JPM International & Emerging Markets Series................................. 2,130 1,727
JNL/J.P. Morgan Enhanced S&P 500 Index Series................................... 5,170 212
JNL/PIMCO Total Return Bond Series.............................................. 4,285 2,055
JNL/Putnam Growth Series........................................................ 187,295 96,677
JNL/Putnam Value Equity Series.................................................. 154,817 102,622
Goldman Sachs/JNL Growth & Income Series........................................ 3,352 2,918
Lazard/JNL Small Cap Value Series............................................... 1,673 1,337
Lazard/JNL Mid Cap Value Series................................................. 3,234 3,086
PPM America/JNL Balanced Series................................................. 49,903 18,760
PPM America/JNL High Yield Bond Series.......................................... 78,014 45,910
Salomon Brothers/JNL Balanced Series............................................ 4,714 2,234
Salomon Brothers/JNL Global Bond Series......................................... 89,467 78,694
Salomon Brothers/JNL High Yield Bond Series..................................... 4,135 1,964
Salomon Brothers/JNL U.S. Government & Quality Bond Series...................... 222,796 199,475
T. Rowe Price/JNL Established Growth Series..................................... 106,703 64,562
T. Rowe Price/JNL International Equity Investment Series........................ 15,242 5,274
T. Rowe Price/JNL Mid-Cap Growth Series......................................... 72,160 57,361
JNL/S&P Conservative Growth Series I............................................ 31,571 3,813
JNL/S&P Moderate Growth Series I................................................ 47,178 7,042
JNL/S&P Aggressive Growth Series I ............................................. 14,869 3,795
JNL/S&P Very Aggressive Growth Series I......................................... 9,302 4,597
JNL/S&P Equity Growth Series I.................................................. 23,761 4,421
JNL/S&P Equity Aggressive Growth Series I....................................... 5,356 1,554
JNL/S&P Conservative Growth Series II........................................... 3,248 1,060
JNL/S&P Moderate Growth Series II............................................... 5,012 1,928
JNL/S&P Aggressive Growth Series II............................................ 2,006 673
JNL/S&P Very Aggressive Growth Series II........................................ 1,213 621
JNL/S&P Equity Growth Series II................................................. 1,807 860
JNL/S&P Equity Aggressive Growth Series II...................................... 497 312
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
Included in these transactions were purchases and sales of U.S. Government
obligations of $1,567,109 and $2,055,242 in the JNL/PIMCO Total Return Bond
Series; $17,702,539 and $2,568,798 in the PPM America/JNL Balanced Series;
$513,209 and $425,120 in the Salomon Brothers/JNL Balanced Series; $7,247,080
and $5,250,018 in the Salomon Brothers/JNL Global Bond Series; $33,032,718 and
$25,969,550 in the Salomon Brothers/JNL U.S. Government & Quality Bond Series,
respectively.
NOTE 5. TRUST TRANSACTIONS
Transactions of trust shares for the period ended June 30, 1999 were as
follows:
<TABLE>
<CAPTION>
SHARES DISTRIBUTIONS SHARES NET INCREASE
PURCHASED REINVESTED REDEEMED (DECREASE)
--------- ---------- -------- ----------
<S> <C> <C> <C> <C>
JNL/Janus Aggressive Growth Series........................ 5,695,830 - (2,244,719) 3,451,111
JNL/Janus Capital Growth Series........................... 2,944,390 - (1,023,756) 1,920,634
JNL/Janus Global Equities Series.......................... 4,205,728 - (1,456,972) 2,748,756
JNL/Alger Growth Series................................... 4,811,446 - (1,062,813) 3,748,633
JNL/Alliance Growth Series................................ 394,006 - (94,156) 299,850
JNL/Eagle Core Equity Series.............................. 5,695,830 - (2,244,719) 3,451,111
JNL/Eagle SmallCap Equity Series.......................... 1,458,833 - (886,620) 572,213
JNL/J.P. Morgan International & Emerging Markets Series... 46,313 - (17,210) 29,103
JNL/J.P. Morgan Enhanced S&P 500 Index Series............. 500,000 - - 500,000
JNL/PIMCO Total Return Bond Series........................ 392,466 - (105,289) 287,177
JNL/Putnam Growth Series.................................. 5,043,841 - (948,581) 4,095,260
JNL/Putnam Value Equity Series ........................... 4,635,623 - (1,144,610) 3,491,013
Goldman Sachs/JNL Growth & Income Series.................. 384,643 - (250,073) 134,570
Lazard/JNL Small Cap Value Series......................... 135,039 - (71,827) 63,212
Lazard/JNL Mid Cap Value Series........................... 187,899 - (153,903) 33,996
PPM America/JNL Balanced Series .......................... 3,051,528 - (1,021,025) 2,030,503
PPM America/JNL High Yield Bond Series.................... 3,902,346 - (1,451,208) 2,451,138
PPM America/JNL Money Market Series....................... 110,902,293 1,641,619 (73,425,495) 39,118,417
Salomon Brothers/JNL Balanced Series...................... 310,581 - (55,932) 254,649
Salomon Brothers/JNL Global Bond Series................... 2,306,408 - (725,817) 1,580,591
Salomon Brothers/JNL High Yield Bond Series............... 276,338 - (54,966) 221,372
Salomon Brothers/JNL U.S. Government & Quality Series..... 4,289,495 - (1,495,435) 2,794,060
T. Rowe Price/JNL Established Growth Series............... 3,284,671 - (1,058,809) 2,225,862
T. Rowe Price/JNL International Equity Investment Series.. 1,852,101 - (1,073,861) 778,240
T. Rowe Price/JNL Mid-Cap Growth Series................... 2,306,236 - (1,402,403) 903,833
JNL/S&P Conservative Growth Series I...................... 2,672,896 - (143,819) 2,529,077
JNL/S&P Moderate Growth Series I.......................... 3,706,703 - (166,649) 3,540,054
JNL/S&P Aggressive Growth Series I........................ 972,796 - (29,019) 943,777
JNL/S&P Very Aggressive Growth Series I................... 695,432 - (319,635) 375,797
JNL/S&P Equity Growth Series I............................ 1,742,809 - (68,680) 1,674,129
JNL/S&P Equity Aggressive Growth Series I................. 367,956 - (42,817) 325,139
JNL/S&P Conservative Growth Series II..................... 247,264 - (25,553) 221,711
JNL/S&P Moderate Growth Series II......................... 370,193 - (85,933) 284,260
JNL/S&P Aggressive Growth Series II....................... 141,630 - (18,778) 122,852
JNL/S&P Very Aggressive Growth Series II.................. 94,426 - (43,876) 50,550
JNL/S&P Equity Growth Series II........................... 124,261 - (37,823) 86,438
JNL/S&P Equity Aggressive Growth Series II................ 35,264 - (18,659) 16,605
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
JNL SERIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
Transactions of trust shares for the period ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
SHARES DISTRIBUTIONS SHARES NET INCREASE
PURCHASED REINVESTED REDEEMED (DECREASE)
--------- ---------- -------- ----------
<S> <C> <C> <C> <C>
JNL Aggressive Growth Series.............................. 4,451,840 263,586 (2,814,258) 1,901,168
JNL Capital Growth Series................................. 2,081,514 377,423 (1,572,974) 885,963
JNL Global Equities Series................................ 4,094,524 32,381 (1,899,732) 2,227,173
JNL/Alger Growth Series................................... 4,446,364 353,439 (2,427,134) 2,372,669
JNL/Alliance Growth Series................................ 498,168 - (153,701) 344,467
JNL/Eagle Core Equity Series.............................. 1,918,710 16,605 (463,692) 1,471,623
JNL/Eagle SmallCap Equity Series.......................... 2,110,019 13,324 (680,929) 1,442,414
JNL/JPM International & Emerging Markets Series........... 508,566 2,874 (2,780) 508,660
JNL/PIMCO Total Return Bond Series........................ 716,223 23,389 (136,217) 603,395
JNL/Putnam Growth Series.................................. 4,482,876 15,226 (1,460,926) 3,037,176
JNL/Putnam Value Equity Series ........................... 5,600,351 385,529 (1,697,387) 4,288,493
Goldman Sachs/JNL Growth & Income Series.................. 752,447 3,641 (277,049) 479,039
Lazard/JNL Small Cap Value Series......................... 565,084 498 (13,589) 551,993
Lazard/JNL Mid Cap Value Series........................... 617,890 1,422 (105,454) 513,858
PPM America/JNL Balanced Series .......................... 2,985,317 442,356 (880,851) 2,546,822
PPM America/JNL High Yield Bond Series.................... 5,394,697 805,170 (2,345,246) 3,854,621
PPM America/JNL Money Market Series....................... 129,092,539 2,626,262 (117,177,667) 14,541,134
Salomon Brothers/JNL Balanced Series...................... 482,460 6,324 (171,191) 317,593
Salomon Brothers/JNL Global Bond Series................... 2,316,775 286,287 (1,391,870) 1,211,192
Salomon Brothers/JNL High Yield Bond Series............... 823,839 41,235 (94,744) 770,330
Salomon Brothers/JNL U.S. Government & Quality Series..... 4,532,896 266,200 (1,452,316) 3,346,780
T. Rowe Price/JNL Established Growth Series............... 5,041,045 511,898 (2,125,680) 3,427,263
T. Rowe Price/JNL International Equity Investment Series.. 1,460,409 80,671 (2,838,400) (1,297,320)
T. Rowe Price/JNL Mid-Cap Growth Series................... 3,774,173 296,099 (2,103,504) 1,966,768
JNL/S&P Conservative Growth Series I...................... 1,024,973 - (67,122) 957,851
JNL/S&P Moderate Growth Series I.......................... 1,377,193 - (190,840) 1,186,353
JNL/S&P Aggressive Growth Series I........................ 624,029 - (217,328) 406,701
JNL/S&P Very Aggressive Growth Series I................... 315,185 - (96,995) 218,190
JNL/S&P Equity Growth Series I............................ 521,045 - (47,680) 473,365
JNL/S&P Equity Aggressive Growth Series I................. 335,228 - (34,119) 301,109
JNL/S&P Conservative Growth Series II..................... 1,046,311 - (867,935) 178,376
JNL/S&P Moderate Growth Series II......................... 417,228 - (137,886) 279,342
JNL/S&P Aggressive Growth Series II....................... 53,405 - (26,840) 26,565
JNL/S&P Very Aggressive Growth Series II.................. 41,171 - (26,850) 14,321
JNL/S&P Equity Growth Series II........................... 89,401 - (29,602) 59,799
JNL/S&P Equity Aggressive Growth Series II................ 45,798 - (24,182) 21,616
</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 December 31, 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 $1,283,738, $2,303,438, $8,338, ($3,392), and ($1,908), in the
JNL/Janus Aggressive Growth Series, JNL/Janus Global Equities Series, JNL/J.P.
Morgan International & Emerging Markets Series, Salomon Brothers/JNL Global Bond
Series, and T. Rowe Price/ JNL Established Growth Series, respectively, is
included in net unrealized appreciation on foreign currency related items in the
accompanying financial statements.
