SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
PERSPECTIVE ADVANTAGE FIXED AND VARIABLE ANNUITY SM
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who sell
Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner accounts.
o Financing any other activity that is intended to result in the sale of Trust
shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
2
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 16.64
--------------
Income from operations:
Net investment income (loss) .................. 0.01
Net realized and unrealized gains on
investments ................................... 0.34
--------------
Total income from operations .................. 0.35
--------------
Less distributions:
From net investment income..................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 0.35
--------------
Net asset value, end of period .................. $ 16.99
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 74,302
Ratio of expenses to average net assets (b) ... 0.875%
Ratio of net investment income (loss) to
average net assets (b) ..................... 0.17%
Portfolio turnover ............................ 19.59%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment loss to average net
assets (b) .................................... n/a
JNL/J.P. Morgan Enhanced S&P 500 Index Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.58
--------------
Income from operations:
Net investment income ....................... 0.02
Net realized and unrealized gains (losses)
on investments .............................. (0.22)
--------------
Total income (loss) from operations ......... (0.20)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (0.20)
--------------
Net asset value, end of period ................ $ 10.38
==============
Total Return (a) .............................. (1.89)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 15,860
Ratio of expenses to average net assets (b) . 0.90%
Ratio of net investment income to average
net assets (b) ........................... 0.57%
Portfolio turnover .......................... 20.75%
<PAGE>
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
3
<PAGE>
JNL/J.P. Morgan International & Emerging Markets Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 13.15
----------------
Income from operations:
Net investment income ....................... 0.04
Net realized and unrealized gains (losses)
on investments, futures contracts
and foreign currency related items ........ (0.44)
----------------
Total income (loss) from operations ......... (0.40)
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... (0.40)
----------------
Net asset value, end of period ................ $ 12.75
================
Total Return (a) .............................. (3.04)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 10,034
Ratio of expenses to average net assets (b) . 1.075%
Ratio of net investment income to average
net assets (b) ........................... 0.75%
Portfolio turnover .......................... 36.18%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) .................................. n/a
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 39.97
--------------
Income from operations:
Net investment income (loss) ................ 0.01
Net realized and unrealized gains (losses)
on investments and foreign currency
related items ............................. (1.08)
--------------
Total income (loss) from operations ......... (1.07)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
Return of capital ........................... -
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (1.07)
--------------
Net asset value, end of period ................ $ 38.90
==============
Total Return (a) .............................. (2.68)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 845,637
Ratio of expenses to average net assets (b) . 0.98%
Ratio of net investment income (loss) to
average net assets (b) .................... 0.01%
Portfolio turnover .......................... 26.05%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) . n/a
Ratio of net investment income (loss) to
average net assets (b) .................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
4
<PAGE>
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 35.69
--------------
Income from operations:
Net investment income ......................... 0.01
Net realized and unrealized gains on
investments and foreign currency
related items ............................... 0.37
--------------
Total income from operations .................. 0.38
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
Return of capital ............................. -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 0.38
--------------
Net asset value, end of period .................. $ 36.07
==============
Total Return (a) ................................ 1.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 800,645
Ratio of expenses to average net assets (b) ... 1.03%
Ratio of net investment income to average
net assets (b) .............................. - %
Portfolio turnover ............................ 28.90%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income (loss) to
average net assets (b) ........................ n/a
JNL/Janus Growth & Income Series
(formerly, Goldman Sachs/JNL Growth & Income Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 9.36
---------------
Income from operations:
Net investment income ......................... 0.05
Net realized and unrealized gains (losses)
on investments, futures contracts,
options written and foreign currency
related items ............................... (0.20)
---------------
Total income (loss) from operations ........... (0.15)
---------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ........................... -
---------------
Net increase (decrease) ....................... (0.15)
---------------
Net asset value, end of period .................. $ 9.21
===============
Total Return (a)
................................................ (1.60)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 15,012
Ratio of expenses to average net assets (b) ... 1.04%
Ratio of net investment income to average net
assets (b) .................................. 1.48%
Portfolio turnover ............................ 188.28%
Ratio information assuming no
expense reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment loss to average net
assets (b) .................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
5
<PAGE>
JNL/PIMCO Total Return Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 9.64
---------------
Income from operations:
Net investment income ......................... 0.23
Net realized and unrealized gains (losses) on
investments, futures contracts,
options written and foreign currency
related items ............................... 0.14
---------------
Total income (loss) from operations ........... 0.37
---------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ........................... -
---------------
Net increase (decrease) ....................... 0.37
---------------
Net asset value, end of period .................. $ 10.01
===============
Total Return (a)
................................................ 3.84%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 14,396
Ratio of expenses to average net assets (b) ... 0.80%
Ratio of net investment income to average net
assets (b) .................................. 5.93%
Portfolio turnover ............................ 138.65%
Ratio information assuming no
expense reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) .................................. n/a
JNL/Putnam International Equity Series
(formerly, T. Rowe Price/JNL International Equity Investment Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period $ 16.79
--------------
Income from operations:
Net investment income 0.08
Net realized and unrealized gains (losses)
on investments and foreign currency
related items (0.83)
--------------
Total income (loss) from operations
(0.75)
--------------
Less distributions:
From net investment income -
From net realized gains on investment
transactions -
--------------
Total distributions -
--------------
Net increase (decrease)
(0.75)
--------------
Net asset value, end of period $ 16.04
==============
Total Return (a)
(4.47)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 122,945
Ratio of expenses to average net assets (b) 1.17%
Ratio of net investment income to average net
assets (b) 0.86%
Portfolio turnover 112.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
6
<PAGE>
JNL/Putnam Midcap Growth Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 10.00
--------------
Income from operations:
Net investment income ......................... -
Net realized and unrealized gains on
investments ................................. 0.15
--------------
Total income from operations .................. 0.15
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 0.15
--------------
Net asset value, end of period .................. $ 10.15
==============
Total Return (a) ................................ 1.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 24,094
Ratio of expenses to average net assets (b) ... 1.05%
Ratio of net investment income to average net
assets (b) .................................. 2.47%
Portfolio turnover ............................ 18.31%
JNL/S&P Conservative Growth Series
Financial Highlights (Unaudited)
Period from
January 26,
2000* to
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period $ 10.00
--------------
Income from operations:
Net investment income -
Net realized and unrealized gains on
investments 0.22
--------------
Total income from operations 0.22
--------------
Less distributions:
From net investment income -
From net realized gains on investment
transactions -
--------------
Total distributions -
--------------
Net increase 0.22
--------------
Net asset value, end of period $ 10.22
==============
Total Return (a) 2.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 5,481
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment loss to average net
assets (b) (0.02)%
Portfolio turnover 13.62%
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
7
<PAGE>
JNL/S&P Moderate Growth Series
Financial Highlights (Unaudited)
Period from
January 13,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 10.00
--------------
Income from operations:
Net investment income ......................... -
Net realized and unrealized gains on
investments ................................. 0.21
--------------
Total income from operations .................. 0.21
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 0.21
--------------
Net asset value, end of period .................. $ 10.21
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 11,426
Ratio of expenses to average net assets (b) ... 0.20%
Ratio of net investment income to average net
assets (b) ................................. (0.20)%
Portfolio turnover ............................ 10.60%
JNL/S&P Aggressive Growth Series
Financial Highlights (Unaudited)
Period from
January 13,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 10.00
--------------
Income from operations:
Net investment income ......................... -
Net realized and unrealized gains on
investments ................................. 0.85
--------------
Total income from operations .................. 0.85
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 0.85
--------------
Net asset value, end of period .................. $ 10.85
==============
Total Return (a) ................................ 8.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 10,328
Ratio of expenses to average net assets (b) ... 0.20%
Ratio of net investment income to average net
assets (b) .................................. (0.20)%
Portfolio turnover ............................ 15.46%
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
8
<PAGE>
Lazard/JNL Mid Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 9.63
----------------
Income from operations:
Net investment income ...................... 0.01
Net realized and unrealized gains (losses)
on investments ........................... 0.67
----------------
Total income (loss) from operations ........ 0.68
----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................. -
----------------
Total distributions ........................ -
----------------
Net increase (decrease) .................... 0.68
----------------
Net asset value, end of period ............... $ 10.31
================
Total Return (a) 7.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 9,466
Ratio of expenses to average net assets (b) 1.075%
Ratio of net investment income to average
net assets (b) ........................... 0.34%
Portfolio turnover ......................... 70.70%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average
net assets (b) ........................... n/a
Lazard/JNL Small Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 8.84
--------------
Income from operations:
Net investment income (loss) ................. (0.01)
Net realized and unrealized gains (losses) on
investments ................................ 0.45
--------------
Total income (loss) from operations 0.46
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ............................... -
Return of capital ............................ -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... 0.46
--------------
Net asset value, end of period ................. $ 9.30
==============
Total Return (a) ............................... 5.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 10,212
Ratio of expenses to average net assets (b) .. 1.15%
Ratio of net investment income (loss) to
average net assets (b) ..................... 0.47%
Portfolio turnover ........................... 24.60%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) .. n/a
Ratio of net investment loss to average net
assets (b) ................................. n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
9
<PAGE>
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 1.00
----------------
Income from operations:
Net investment income ......................... 0.03
----------------
Less distributions:
From net investment income .................... (0.03)
----------------
Net increase .................................. -
----------------
Net asset value, end of period .................. $ 1.00
================
Total Return (a) ................................ 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 147,342
Ratio of expenses to average net assets (b) ... 0.70%
Ratio of net investment income to average net
assets (b) ................................. 5.46%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) ................................. n/a
Salomon Brothers/JNL Balanced Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 10.11
---------------
Income from operations:
Net investment income ......................... 0.22
Net realized and unrealized gains (losses)
on investments ............................... 0.11
---------------
Total income from operations ................. 0.33
---------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ........................... -
---------------
Net increase (decrease) ....................... 0.33
---------------
Net asset value, end of period .................. $ 10.44
===============
Total Return (a) ................................ 3.26%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 10,354
Ratio of expenses to average net assets (b) ... 0.90%
Ratio of net investment income to average net
assets (b) .................................. 5.06%
Portfolio turnover ............................ 19.41%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) .................................. n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
10
<PAGE>
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 10.25
----------------
Income from operations:
Net investment income ......................... 0.36
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ....................................... (0.14)
----------------
Total income from operations .................. 0.22
----------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ................................ -
Return of capital ............................. -
----------------
Total distributions ........................... -
----------------
Net increase (decrease) ....................... 0.22
----------------
Net asset value, end of period .................. $ 10.47
================
Total Return (a) ................................ 2.15%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 96,747
Ratio of expenses to average net assets
(b)(c) ...................................... 0.95%
Ratio of net investment income to average net
assets (b) .................................. 7.45%
Portfolio turnover ............................ 71.99%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) .................................. n/a
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 23.71
-----------------
Income from operations:
Net investment income (loss) .................. (0.03)
Net realized and unrealized gains on
investments
and foreign currency related items .......... 1.34
-----------------
Total income from operations .................. 1.31
-----------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................... -
-----------------
Net increase .................................. 1.31
-----------------
Net asset value, end of period .................. $ 25.02
=================
Total Return (a) ................................ 5.53%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 355,790
Ratio of expenses to average net assets (b) ... 1.02%
Ratio of net investment income (loss) to
average net assets (b) ..................... (0.25)%
Portfolio turnover ............................ 28.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment loss to average net
assets (b) ................................. n/a
--------------------------------------------------------------------------------
(a) Assumes investment at net asset value at the beginning of 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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
11
This Supplement is dated December 18, 2000.
(To be used with Form No. VC3723 Rev. 05/00.)
<PAGE>
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
PERSPECTIVE ADVISORS FIXED AND VARIABLE ANNUITY (R)
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who
sell Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner
accounts.
o Financing any other activity that is intended to result in the sale of
Trust shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 16.64
--------------
Income from operations:
Net investment income (loss) .................. 0.01
Net realized and unrealized gains on
investments 0.34
--------------
Total income from operations .................. 0.35
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase ................................ 0.35
--------------
Net asset value, end of period .................. $ 16.99
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........$ 74,302
Ratio of expenses to average net assets (b) ..... 0.875
Ratio of net investment income (loss) to ........ 0.17%
average net assets (b)
Portfolio turnover .............................. 19.59%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ...................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/J.P. Morgan International & Emerging Markets Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 13.15
----------------
Income from operations:
Net investment income ........................ 0.04
Net realized and unrealized gains (losses) on
investments, futures contracts
and foreign currency related items ......... (0.44)
----------------
Total income (loss) from operations .......... (0.40)
----------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
----------------
Total distributions .......................... -
----------------
Net increase (decrease) ...................... (0.40)
----------------
Net asset value, end of period ................. $ 12.75
================
Total Return (a) ............................... (3.04)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 10,034
Ratio of expenses to average net assets (b) 1.075%
Ratio of net investment income to average net
assets (b) ................................... 0.75%
Portfolio turnover ........................... 36.18%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) ................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 39.97
--------------
Income from operations:
Net investment income (loss) ................. 0.01
Net realized and unrealized gains (losses) on
investments and foreign currency related ... (1.08)
items
--------------
Total income (loss) from operations .......... (1.07)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
Return of capital ............................ -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (1.07)
--------------
Net asset value, end of period ................. $ 38.90
==============
Total Return (a) ............................... (2.68)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 845,637
Ratio of expenses to average net assets (b) .. 0.98%
Ratio of net investment income (loss) to
average ...................................... 0.01%
net assets (b)
Portfolio turnover ........................... 26.05%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ...... n/a
Ratio of net investment income (loss) to
average net assets (b)............................ n/a
<PAGE>
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............... $ 35.69
--------------
Income from operations:
Net investment income ............................ 0.01
Net realized and unrealized gains on
investments
and foreign currency related items ............. 0.37
--------------
Total income from operations ..................... 0.38
--------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions ..................................... -
Return of capital ................................ -
--------------
Total distributions .............................. -
Net increase ..................................... 0.38
--------------
Net asset value, end of period ..................... $ 36.07
==============
Total Return (a) 1.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......... $800,645
Ratio of expenses to average net assets (b) ....... 1.03%
Ratio of net investment income to average
net assets (b) .................................. - %
Portfolio turnover ................................ 28.90%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ....... n/a
Ratio of net investment income (loss) to average
net assets (b) .................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Growth & Income Series
(formerly, Goldman Sachs/JNL Growth & Income Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 9.36
---------------
Income from operations:
Net investment income ........................... 0.05
Net realized and unrealized gains (losses) on
investments, futures contracts, options written
and foreign currency related
items ......................................... (0.20)
---------------
Total income (loss) from operations ............. (0.15)
---------------
Less distributions:
From net investment income ...................... -
From net realized gains on investment transactions -
---------------
Total distributions ............................. -
---------------
Net increase (decrease) ......................... (0.15)
---------------
Net asset value, end of period .................... $ 9.21
===============
Total Return (a) .................................. (1.60)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 15,012
Ratio of expenses to average net assets (b) ..... 1.04%
Ratio of net investment income to average net
assets (b) ...................................... 1.48%
Portfolio turnover .............................. 188.28%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ................................. n/a
<PAGE>
JNL/PIMCO Total Return Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 9.64
---------------
Income from operations:
Net investment income ........................... 0.23
Net realized and unrealized gains (losses) on
investments, futures contracts, options written and 0.14
foreign currency related items ---------------
Total income (loss) from operations ............. 0.37
---------------
Less distributions:
From net investment income ...................... -
From net realized gains on investment transactions -
---------------
Total distributions ............................. -
---------------
Net increase (decrease) ......................... 0.37
---------------
Net asset value, end of period .................... $ 10.01
===============
Total Return (a) .................................. 3.84%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 14,396
Ratio of expenses to average net assets (b) ..... 0.80%
Ratio of net investment income to average net
assets (b) ...................................... 5.93%
Portfolio turnover .............................. 138.65%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income to average net
assets (b) ...................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Putnam Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 28.45
--------------
Income from operations:
Net investment income (loss) .................... (0.03)
Net realized and unrealized gains (losses) on
investments ................................... (0.66)
--------------
Total income (loss) from operations ............. (0.69)
--------------
Less distributions:
From net investment income
.................................................. -
From net realized gains on investment transactions -
--------------
Total distributions ............................. -
--------------
Net increase (decrease) ......................... (0.69)
--------------
Net asset value, end of period .................... $ 27.76
==============
Total Return (a) .................................. (2.43)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 543,416
Ratio of expenses to average net assets (b) (c) 0.95%
Ratio of net investment income (loss) to average
net assets (b) ................................ (0.26)%
Portfolio turnover .............................. 31.06%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income (loss) to average
net assets (b) ................................ n/a
<PAGE>
JNL/Putnam International Equity Series
(formerly, T. Rowe Price/JNL International Equity Investment Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.79
--------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.83)
--------------
Total income (loss) from operations ......... (0.75)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment ....... -
transactions
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (0.75)
--------------
Net asset value, end of period ................ $ 16.04
==============
Total Return (a) .............................. (4.47)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 122,945
Ratio of expenses to average net assets (b) 1.17%
Ratio of net investment income to average net
assets (b) ................................ 0.86%
Portfolio turnover .......................... 112.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ...................... n/a
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
JNL/Putnam Midcap Growth Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 10.00
--------------
Income from operations:
Net investment income .......................... -
Net realized and unrealized gains on investments 0.15
--------------
Total income from operations ................... 0.15
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment
transactions ................................... -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.15
--------------
Net asset value, end of period ................... $ 10.15
==============
Total Return (a) ................................. 1.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $ 24,094
Ratio of expenses to average net assets (b) .... 1.05%
Ratio of net investment income to average net
assets (b) ..................................... 2.47%
Portfolio turnover ............................. 18.31%
<PAGE>
JNL/Putnam Value Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.78
---------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on (0.35)
investments ---------------
Total income (loss) from operations ......... (0.27)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... (0.27)
---------------
Net asset value, end of period ................ $ 16.51
===============
Total Return (a) .............................. (1.61)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 366,523
Ratio of expenses to average net assets (b) 0.97%
Ratio of net investment income to average net
assets (b) ................................ 1.04%
Portfolio turnover .......................... 53.66%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................ n/a
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Conservative Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ............... $ 11.01
--------------
Income from operations:
Net investment income (loss) ..................... (0.10)
Net realized and unrealized gain (loss) on ....... 0.14
investments --------------
Total income (loss) from operations .............. 0.04
Less distributions:
From net investment income ....................... -
From net realized gains on investment transactions -
--------------
Total distributions .............................. -
--------------
Net increase (decrease) .......................... 0.04
--------------
Net asset value, end of period ..................... $ 11.05
==============
Total Return (a) ................................... 0.36%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ......... $ 8,190
Ratio of expenses to average net assets (b) ...... 0.20%
Ratio of net investment income to average net
assets (b) ....................................... (0.20)%
Portfolio turnover ............................... 18.04%
<PAGE>
JNL/S&P Moderate Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ............... $ 12.49
-------------
Income from operations:
Net investment income (loss) ..................... (0.14)
Net realized and unrealized gain on investments .. 0.23
-------------
Total income from operations ..................... 0.09
-------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions -------------
Total distributions .............................. -
-------------
Net increase ..................................... 0.09
-------------
Net asset value, end of period ......................$ 12.58
==============
Total Return (a) .................................... 0.72%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .........$ 14,758
Ratio of expenses to average net assets (b) ...... 0.20%
Ratio of net investment income to average net
assets (b) ..................................... (0.20)%
Portfolio turnover ............................... 17.20%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Aggressive Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period ................. $ 12.92
---------------
Income from operations:
Net investment income (loss) ........................ (0.18)
Net realized and unrealized gains (losses) on
investments ....................................... 0.24
---------------
Total income from operations ........................ 0.06
---------------
Less distributions:
From net investment income .......................... -
From net realized gains on investment transactions .. -
---------------
Total distributions ................................. -
---------------
Net increase ........................................ 0.06
---------------
Net asset value, end of period ........................ $ 12.98
===============
Total Return (a) ......................................... 0.46%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............ $ 5,092
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average net
assets (b) ........................................ (0.20)%
Portfolio turnover .................................. 30.39%
<PAGE>
JNL/S&P Very Aggressive Growth Series II
Financial Highlights (Unaudited)
Six Months
ended,
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ................. $ 15.37
Income from operations:
Net investment income (loss) ....................... (0.13)
Net realized and unrealized gains on investments ... 0.24
--------------
Total income from operations ....................... 0.11
Less distributions:
From net investment income ......................... -
From net realized gains on investment transactions -
--------------
Total distributions ................................ -
Net increase ....................................... 0.11
--------------
Net asset value, end of period ....................... $ 15.48
==============
Total Return (a) ..................................... 0.72%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........... $ 3,853
Ratio of expenses to average net assets (b) ........ 0.20%
Ratio of net investment income to average net
assets (b) ......................................... (0.20)%
Portfolio turnover ................................. 18.13%
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Equity Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .................. $ 13.67
---------------
Income from operations: ...............................
Net investment income (loss) (0.28)
Net realized and unrealized gains (losses) on
investments ....................................... 0.36
---------------
Total income from operations ........................ 0.08
---------------
Less distributions:
From net investment income .......................... -
From net realized gains on investment transactions .. -
---------------
Total distributions ................................. -
Net increase ........................................ 0.08
---------------
Net asset value, end of period ........................ $ 13.75
===============
Total Return (a) ...................................... 0.59%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............ $ 9,921
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average
net assets (b) .................................... (0.20)%
Portfolio turnover .................................. 10.94%
<PAGE>
JNL/S&P Equity Aggressive Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .................. $ 14.44
----------------
Income from operations:
Net investment income (loss) ........................ (0.39)
Net realized and unrealized gains on investments .... 0.51
----------------
Total income from operations ........................ 0.12
----------------
Less distributions:
From net investment income (loss) ................... -
From net realized gains on investment transactions .. -
----------------
Total distributions ................................. -
Net increase ........................................ 0.12
----------------
Net asset value, end of period ........................$ 14.56
Total Return (a) ...................................... 0.83%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............$ 2,714
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average
net assets (b) ................................... (0.20)%
Portfolio turnover .................................. 22.07%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
Lazard/JNL Mid Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ..........$ 9.63
----------------
Income from operations:
Net investment income ....................... 0.01
Net realized and unrealized gains (losses)
on investments ............................ 0.67
----------------
Total income (loss) from operations ......... 0.68
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.68
----------------
Net asset value, end of period ................$ 10.31
================
Total Return (a) .............................. 7.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....$ 9,466
Ratio of expenses to average net assets (b) 1.075%
Ratio of net investment income to average
net assets (b) ............................ 0.34%
Portfolio turnover .......................... 70.70%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average
net assets (b) ............................ n/a
<PAGE>
Lazard/JNL Small Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period $ 8.84
--------------
Income from operations:
Net investment income (loss) (0.01)
Net realized and unrealized gains (losses) on
investments 0.45
--------------
Total income (loss) from operations 0.46
--------------
Less distributions:
From net investment income -
From net realized gains on investment
transactions -
Return of capital -
--------------
Total distributions -
--------------
Net increase (decrease) 0.46
--------------
Net asset value, end of period $ 9.30
==============
Total Return (a) 5.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 10,212
Ratio of expenses to average net assets (b) 1.15%
Ratio of net investment income (loss) to
average net assets (b) 0.47%
Portfolio turnover 24.60%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 1.00
----------------
Income from operations:
Net investment income ....................... 0.03
----------------
Less distributions:
From net investment income .................. (0.03)
----------------
Net increase -
----------------
Net asset value, end of period ................ $ 1.00
================
Total Return (a) .............................. 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 147,342
Ratio of expenses to average net assets (b) 0.70%
Ratio of net investment income to average net
assets (b) ............................... 5.46%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
Salomon Brothers/JNL Balanced Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.11
---------------
Income from operations:
Net investment income ....................... 0.22
Net realized and unrealized gains (losses) on
investments ................................. 0.11
---------------
Total income from operations ............... 0.33
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................. -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... 0.33
---------------
Net asset value, end of period ................ $ 10.44
===============
Total Return (a) .............................. 3.26%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 10,354
Ratio of expenses to average net assets (b) 0.90%
Ratio of net investment income to average net
assets (b) ................................. 5.06%
Portfolio turnover ........................... 19.41%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) .................................. n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.25
----------------
Income from operations:
Net investment income ....................... 0.36
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.14)
----------------
Total income from operations ................ 0.22
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
Return of capital ........................... -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.22
----------------
Net asset value, end of period ................ $ 10.47
================
Total Return (a) .............................. 2.15%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 96,747
Ratio of expenses to average net assets (b)(c) 0.95%
Ratio of net investment income to average net
assets (b) ................................ 7.45%
Portfolio turnover .......................... 71.99%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
Salomon Brothers/JNL High Yield Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 8.71
---------------
Income from operations:
Net investment income ....................... 0.32
Net realized and unrealized losses on ....... (0.62)
investments ---------------
Total income (loss) from operations ......... (0.30)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net decrease ................................ (0.30)
---------------
Net asset value, end of period ................ $ 8.41
===============
Total Return (a) .............................. (3.44)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 13,656
Ratio of expenses to average net assets (b) 0.90%
Ratio of net investment income to average net
assets (b) ................................ 9.02%
Portfolio turnover .......................... 21.35%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 23.71
-----------------
Income from operations:
Net investment income (loss) ............... (0.03)
Net realized and unrealized gains on
investments and
foreign currency related items ........... 1.34
-----------------
Total income from operations ............... 1.31
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net increase ............................... 1.31
-----------------
Net asset value, end of period ............... $ 25.02
=================
Total Return (a) ............................. 5.53%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 355,790
Ratio of expenses to average net assets (b) 1.02%
Ratio of net investment income (loss) to
average net assets (b) .................. (0.25)%
Portfolio turnover ......................... 28.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
This Supplement is dated December 18, 2000.
(To be used with Form No. VC3657 Rev. 09/00.)
<PAGE>
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
JACKSON NATIONAL LIFE(R) DEFINED STRATEGIES VARIABLE ANNUITY sm
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who sell
Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner accounts.
o Financing any other activity that is intended to result in the sale of Trust
shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------------
Selected Per Share Data
Net asset value, beginning of period ............... $ 1.00
--------------------
Income from operations:
Net investment income ............................ 0.03
--------------------
Less distributions:
From net investment income ....................... (0.03)
--------------------
Net increase ..................................... -
--------------------
Net asset value, end of period ..................... $ 1.00
====================
Total Return (a) ................................... 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ......... $ 147,342
Ratio of expenses to average net assets (b) ...... 0.70%
Ratio of net investment income to average net assets (b) 5.46%
Ratio information assuming no expense reimbursement or
fees paid indirectly:
Ratio of expenses to average net assets (b) ...... n/a
Ratio of net investment income to average net assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
This Supplement is dated December 18, 2000.
(To be used with Form No. NV3652 Rev. 09/00.)
<PAGE>
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
PERSPECTIVE FIXED AND VARIABLE ANNUITY(R)
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who
sell Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner
accounts.
o Financing any other activity that is intended to result in the sale of
Trust shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
JNL/Alger Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 22.91
Income from operations:
Net investment income (loss) .................. (0.01)
Net realized and unrealized gains on
investments ................................... 1.05
--------------
Total income from operations .................. 1.04
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 1.04
--------------
Net asset value, end of period .................. $ 23.95
==============
Total Return (a) ................................ 4.54%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 495,632
Ratio of expenses to average net assets (b) ... 1.07%
Ratio of net investment loss to average net
assets (b) .................................... (0.09)%
Portfolio turnover ............................ 45.53%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment loss to average net
assets (b) .................................... n/a
<PAGE>
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 16.64
--------------
Income from operations:
Net investment income (loss) .................. 0.01
Net realized and unrealized gains on
investments 0.34
--------------
Total income from operations .................. 0.35
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase ................................ 0.35
--------------
Net asset value, end of period .................. $ 16.99
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........$ 74,302
Ratio of expenses to average net assets (b) ..... 0.875
Ratio of net investment income (loss) to ........ 0.17%
average net assets (b)
Portfolio turnover .............................. 19.59%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ...................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Eagle Core Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 18.47
--------------
Income from operations: ..........................
Net investment income 0.05
Net realized and unrealized gains on investments and
options written .............................. 0.62
--------------
Total income from operations ................... 0.67
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment transactions -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.67
--------------
Net asset value, end of period ................... $ 19.14
==============
Total Return (a) ................................. 3.63%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $119,735
Ratio of expenses to average net assets (b) .... 0.97%
Ratio of net investment income to average net
assets (b) ..................................... 0.60%
Portfolio turnover ............................. 104.07%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) .... n/a
Ratio of net investment income (loss) to average net
assets (b) ................................... n/a
JNL/Eagle SmallCap Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.97
----------------
Income from operations:
Net investment loss ......................... (0.03)
Net realized and unrealized gains on
investments ................................. 0.55
----------------
Total income from operations ................ 0.52
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase ................................ 0.52
----------------
Net asset value, end of period ................ $ 17.49
================
Total Return (a) .............................. 3.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 81,759
Ratio of expenses to average net assets (b) 1.05%
Ratio of net investment loss to average net
assets (b) .................................. (0.42)%
Portfolio turnover .......................... 39.31%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) .................................. n/a
<PAGE>
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 39.97
--------------
Income from operations:
Net investment income (loss) ................. 0.01
Net realized and unrealized gains (losses) on
investments and foreign currency related ... (1.08)
items
--------------
Total income (loss) from operations .......... (1.07)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
Return of capital ............................ -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (1.07)
--------------
Net asset value, end of period ................. $ 38.90
==============
Total Return (a) ............................... (2.68)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 845,637
Ratio of expenses to average net assets (b) .. 0.98%
Ratio of net investment income (loss) to
average ...................................... 0.01%
net assets (b)
Portfolio turnover ........................... 26.05%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ...... n/a
Ratio of net investment income (loss) to
average net assets (b)............................ n/a
<PAGE>
JNL/Janus Balanced Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 10.00
Income from operations:
Net investment income ........................ 0.03
Net realized and unrealized loss on .......... (0.05)
investments
--------------
Total loss from operations ................... (0.02)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
--------------
Total distributions .......................... -
--------------
Net decrease ................................. (0.02)
--------------
Net asset value, end of period ................. $ 9.98
==============
Total Return (a) ............................... (0.20)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 23,147
Ratio of expenses to average net assets (b) .. 1.05%
Ratio of net investment income to average net
assets (b) ................................. 2.47%
Portfolio turnover ........................... 8.99%
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
*Commencement of Operations.
<PAGE>
JNL/Janus Capital Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 43.62
--------------
Income from operations:
Net investment income (loss) ................. (0.12)
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ...................................... (0.54)
--------------
Total income (loss) from operations .......... (0.66)
--------------
Less distributions:
From net investment income
............................................... -
From net realized gains on investment
transactions ................................. -
Return of capital
............................................... -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (0.66)
--------------
Net asset value, end of period ................. $ 42.96
==============
Total Return (a) ............................... (1.51)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 702,531
Ratio of expenses to average net assets (b) .. 0.99%
Ratio of net investment income (loss) to
average
net assets (b) ............................. (0.63)%
Portfolio turnover ........................... 73.88%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ....................... n/a
<PAGE>
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............... $ 35.69
--------------
Income from operations:
Net investment income ............................ 0.01
Net realized and unrealized gains on
investments
and foreign currency related items ............. 0.37
--------------
Total income from operations ..................... 0.38
--------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions ..................................... -
Return of capital ................................ -
--------------
Total distributions .............................. -
Net increase 0.38
--------------
Net asset value, end of period $ 36.07
==============
Total Return (a) 1.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......... $800,645
Ratio of expenses to average net assets (b) ....... 1.03%
Ratio of net investment income to average
net assets (b) .................................. - %
Portfolio turnover ................................ 28.90%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ....... n/a
Ratio of net investment income (loss) to average
net assets (b) .................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Putnam Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 28.45
--------------
Income from operations:
Net investment income (loss) .................... (0.03)
Net realized and unrealized gains (losses) on
investments ................................... (0.66)
--------------
Total income (loss) from operations ............. (0.69)
--------------
Less distributions:
From net investment income
.................................................. -
From net realized gains on investment transactions -
--------------
Total distributions ............................. -
--------------
Net increase (decrease) ......................... (0.69)
--------------
Net asset value, end of period .................... $ 27.76
==============
Total Return (a) .................................. (2.43)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 543,416
Ratio of expenses to average net assets (b) (c) 0.95%
Ratio of net investment income (loss) to average
net assets (b) ................................ (0.26)%
Portfolio turnover .............................. 31.06%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income (loss) to average
net assets (b) ................................ n/a
<PAGE>
JNL/Putnam International Equity Series
(formerly, T. Rowe Price/JNL International Equity Investment Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.79
--------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.83)
--------------
Total income (loss) from operations ......... (0.75)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment ....... -
transactions
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (0.75)
--------------
Net asset value, end of period ................ $ 16.04
==============
Total Return (a) .............................. (4.47)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 122,945
Ratio of expenses to average net assets (b) 1.17%
Ratio of net investment income to average net
assets (b) ................................ 0.86%
Portfolio turnover .......................... 112.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ...................... n/a
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
JNL/Putnam Midcap Growth Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 10.00
--------------
Income from operations:
Net investment income .......................... -
Net realized and unrealized gains on investments 0.15
--------------
Total income from operations ................... 0.15
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment
transactions ................................... -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.15
--------------
Net asset value, end of period ................... $ 10.15
==============
Total Return (a) ................................. 1.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $ 24,094
Ratio of expenses to average net assets (b) .... 1.05%
Ratio of net investment income to average net
assets (b) ..................................... 2.47%
Portfolio turnover ............................. 18.31%
<PAGE>
JNL/Putnam Value Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.78
---------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on (0.35)
investments ---------------
Total income (loss) from operations ......... (0.27)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... (0.27)
---------------
Net asset value, end of period ................ $ 16.51
===============
Total Return (a) .............................. (1.61)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 366,523
Ratio of expenses to average net assets (b) 0.97%
Ratio of net investment income to average net
assets (b) ................................ 1.04%
Portfolio turnover .......................... 53.66%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................ n/a
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Conservative Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 12.45
---------------
Income from operations:
Net investment income ....................... (0.20)
Net realized and unrealized gains on
investments ................................. 0.49
Total income from operations ................ 0.29
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
---------------
Net increase ................................ 0.29
---------------
Net asset value, end of period ................ $ 12.74
Total Return (a) .............................. 2.33%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 107,213
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average
net assets (b) ........................... 0.18%
Portfolio turnover .......................... 17.95%
<PAGE>
JNL/S&P Moderate Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 13.42
--------------
Income from operations:
Net investment income ....................... 0.02
Net realized and unrealized gains on investments 0.25
Total income from operations ................ 0.27
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
--------------
Net increase ................................ 0.27
--------------
Net asset value, end of period ................ $ 13.69
==============
Total Return (a) .............................. 2.01%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 178,838
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ................................ (0.09)%
Portfolio turnover .......................... 19.81%
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 14.69
Income from operations:
Net investment income (loss) ................ (0.18)
Net realized and unrealized gains on
investments ................................. 0.34
Total income from operations ................ 0.16
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
--------------
Net increase ................................ 0.16
Net asset value, end of period ................ $ 14.85
Total Return (a) .............................. 1.09%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 76,933
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ............................... (0.20)%
Portfolio turnover .......................... 28.87%
<PAGE>
JNL/S&P Very Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ........ $ 16.61
-------------
Income from operations:
Net investment income (loss) .............. (0.35)
Net realized and unrealized gains on investments 0.50
Total income from operations .............. 0.15
--------------
Less distributions:
From net investment income ................ -
From net realized gains on investment transactions -
Total distributions ....................... -
Net increase .............................. 0.15
--------------
Net asset value, end of period .............. $ 16.76
Total Return (a) ............................ 1.09%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 47,263
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average
net assets (b) ......................... (0.20)%
Portfolio turnover ........................ 34.30%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Equity Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 15.21
Income from operations:
Net investment income (loss) ................ (0.39)
Net realized and unrealized gains on
investments ................................. 0.53
Total income from operations ................ 0.14
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
Net increase ................................ 0.14
Net asset value, end of period ................ $ 15.35
Total Return (a) .............................. 0.92%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 108,493
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ............................... (0.20)%
Portfolio turnover .......................... 34.92%
<PAGE>
JNL/S&P Equity Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 15.56
Income from operations:
Net investment income (loss) ................ (0.26)
Net realized and unrealized gains on
investments ................................. 0.45
Total income from operations ................ 0.19
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
Net increase ................................ 0.19
Net asset value, end of period ................ $ 15.75
Total Return (a) .............................. 1.22%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 32,845
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net (0.20)%
assets (b)
Portfolio turnover .......................... 32.18%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Balanced Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 12.60
----------------
Income from operations:
Net investment income ....................... 0.25
Net realized and unrealized gains (losses) on
investments ................................. (0.66)
----------------
Total income (loss) from operations ......... (0.41)
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... (0.41)
----------------
Net asset value, end of period ................ $ 12.19
================
Total Return (a) .............................. (3.25)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 140,223
Ratio of expenses to average net assets (b) 0.82%
Ratio of net investment income to average net
assets (b) ............................... 4.18%
Portfolio turnover .......................... 12.12%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average
net assets (b) ........................... n/a
<PAGE>
PPM America/JNL High Yield Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.13
----------------
Income from operations:
Net investment income ....................... 0.50
Net realized and unrealized gains (losses)
on investments ............................ (0.65)
----------------
Total income (loss) from operations ......... (0.15)
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... (0.15)
----------------
Net asset value, end of period ................ $ 9.98
================
Total Return (a) .............................. (1.48)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 148,258
Ratio of expenses to average net assets (b) 0.82%
Ratio of net investment income to average net
assets (b) ............................... 10.14%
Portfolio turnover .......................... 31.49%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 1.00
----------------
Income from operations:
Net investment income ....................... 0.03
----------------
Less distributions:
From net investment income .................. (0.03)
----------------
Net increase -
----------------
Net asset value, end of period ................ $ 1.00
================
Total Return (a) .............................. 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 147,342
Ratio of expenses to average net assets (b) 0.70%
Ratio of net investment income to average net
assets (b) ............................... 5.46%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.25
----------------
Income from operations:
Net investment income ....................... 0.36
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.14)
----------------
Total income from operations ................ 0.22
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
Return of capital ........................... -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.22
----------------
Net asset value, end of period ................ $ 10.47
================
Total Return (a) .............................. 2.15%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 96,747
Ratio of expenses to average net assets (b)(c) 0.95%
Ratio of net investment income to average net
assets (b) ................................ 7.45%
Portfolio turnover .......................... 71.99%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
Salomon Brothers/JNL U.S. Government & Quality Bond Series
Financial Highlights (Unaudited)
Six month
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.36
----------------
Income from operations:
Net investment income ....................... 0.30
Net realized and unrealized gains (losses) on
investments ............................... 0.08
----------------
Total income (loss) from operations ......... 0.38
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment .......
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.38
----------------
Net asset value, end of period ................ $ 10.74
================
Total Return (a) .............................. 3.67%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 117,421
Ratio of expenses to average net assets (b)(c) 0.80%
Ratio of net investment income to average net
assets (b) .................................. 6.10%
Portfolio turnover .......................... 50.76%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
T. Rowe Price/JNL Established Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 21.70
-----------------
Income from operations:
Net investment income ....................... -
Net realized and unrealized gains on
investments and foreign currency
related items ............................... 1.70
-----------------
Total income from operations ................ 1.70
-----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Return of capital ........................... -
-----------------
Total distributions .......................... -
-----------------
Net increase ................................. 1.70
-----------------
Net asset value, end of period ................. $ 23.40
=================
Total Return (a) ............................... 7.83%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $415,651
Ratio of expenses to average net assets (b) 0.92%
Ratio of net investment income to average net
assets (b) ................................ -
Portfolio turnover ........................... 39.95%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b)... n/a
Ratio of net investment income (loss) to
average net assets (b) .................... n/a
--------------------------------------------------------------------------------
(a) Assumes investment at net asset value at the beginning of 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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 23.71
-----------------
Income from operations:
Net investment income (loss) ............... (0.03)
Net realized and unrealized gains on
investments and
foreign currency related items ........... 1.34
-----------------
Total income from operations ............... 1.31
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net increase ............................... 1.31
-----------------
Net asset value, end of period ............... $ 25.02
=================
Total Return (a) ............................. 5.53%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 355,790
Ratio of expenses to average net assets (b) 1.02%
Ratio of net investment income (loss) to
average net assets (b) .................. (0.25)%
Portfolio turnover ......................... 28.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
<PAGE>
T. Rowe Price/JNL Value Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 10.00
-----------------
Income from operations:
Net investment income ...................... 0.03
Net realized and unrealized losses on
investments and foreign currency related
items .................................... (0.38)
-----------------
Total loss from operations ................. (0.35)
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net decrease ............................... (0.35)
-----------------
Net asset value, end of period ............... $ 9.65
=================
Total Return (a) ............................. (3.50)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 15,630
Ratio of expenses to average net assets (b) 1.00%
Ratio of net investment income to average
net assets (b) .......................... 2.04%
Portfolio turnover 12.23%
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
This Supplement is dated December 18, 2000.
(To be used with Form No. VC3656 Rev. 09/00.)
<PAGE>
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
PERSPECTIVE ADVISORS FIXED AND VARIABLE ANNUITY(R)(NY)
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who
sell Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner
accounts.
o Financing any other activity that is intended to result in the sale of
Trust shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 16.64
--------------
Income from operations:
Net investment income (loss) .................. 0.01
Net realized and unrealized gains on
investments 0.34
--------------
Total income from operations .................. 0.35
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase ................................ 0.35
--------------
Net asset value, end of period .................. $ 16.99
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........$ 74,302
Ratio of expenses to average net assets (b) ..... 0.875
Ratio of net investment income (loss) to ........ 0.17%
average net assets (b)
Portfolio turnover .............................. 19.59%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ...................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/J.P. Morgan International & Emerging Markets Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 13.15
----------------
Income from operations:
Net investment income ........................ 0.04
Net realized and unrealized gains (losses) on
investments, futures contracts
and foreign currency related items ......... (0.44)
----------------
Total income (loss) from operations .......... (0.40)
----------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
----------------
Total distributions .......................... -
----------------
Net increase (decrease) ...................... (0.40)
----------------
Net asset value, end of period ................. $ 12.75
================
Total Return (a) ............................... (3.04)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 10,034
Ratio of expenses to average net assets (b) 1.075%
Ratio of net investment income to average net
assets (b) ................................... 0.75%
Portfolio turnover ........................... 36.18%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) ................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 39.97
--------------
Income from operations:
Net investment income (loss) ................. 0.01
Net realized and unrealized gains (losses) on
investments and foreign currency related ... (1.08)
items
--------------
Total income (loss) from operations .......... (1.07)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
Return of capital ............................ -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (1.07)
--------------
Net asset value, end of period ................. $ 38.90
==============
Total Return (a) ............................... (2.68)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 845,637
Ratio of expenses to average net assets (b) .. 0.98%
Ratio of net investment income (loss) to
average ...................................... 0.01%
net assets (b)
Portfolio turnover ........................... 26.05%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ...... n/a
Ratio of net investment income (loss) to
average net assets (b)............................ n/a
<PAGE>
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............... $ 35.69
--------------
Income from operations:
Net investment income ............................ 0.01
Net realized and unrealized gains on
investments
and foreign currency related items ............. 0.37
--------------
Total income from operations ..................... 0.38
--------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions ..................................... -
Return of capital ................................ -
--------------
Total distributions .............................. -
Net increase ..................................... 0.38
--------------
Net asset value, end of period ..................... $ 36.07
==============
Total Return (a) 1.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......... $800,645
Ratio of expenses to average net assets (b) ....... 1.03%
Ratio of net investment income to average
net assets (b) .................................. - %
Portfolio turnover ................................ 28.90%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ....... n/a
Ratio of net investment income (loss) to average
net assets (b) .................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Growth & Income Series
(formerly, Goldman Sachs/JNL Growth & Income Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 9.36
---------------
Income from operations:
Net investment income ........................... 0.05
Net realized and unrealized gains (losses) on
investments, futures contracts, options written
and foreign currency related
items ......................................... (0.20)
---------------
Total income (loss) from operations ............. (0.15)
---------------
Less distributions:
From net investment income ...................... -
From net realized gains on investment transactions -
---------------
Total distributions ............................. -
---------------
Net increase (decrease) ......................... (0.15)
---------------
Net asset value, end of period .................... $ 9.21
===============
Total Return (a) .................................. (1.60)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 15,012
Ratio of expenses to average net assets (b) ..... 1.04%
Ratio of net investment income to average net
assets (b) ...................................... 1.48%
Portfolio turnover .............................. 188.28%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ................................. n/a
<PAGE>
JNL/PIMCO Total Return Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 9.64
---------------
Income from operations:
Net investment income ........................... 0.23
Net realized and unrealized gains (losses) on
investments, futures contracts, options written and 0.14
foreign currency related items ---------------
Total income (loss) from operations ............. 0.37
---------------
Less distributions:
From net investment income ...................... -
From net realized gains on investment transactions -
---------------
Total distributions ............................. -
---------------
Net increase (decrease) ......................... 0.37
---------------
Net asset value, end of period .................... $ 10.01
===============
Total Return (a) .................................. 3.84%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 14,396
Ratio of expenses to average net assets (b) ..... 0.80%
Ratio of net investment income to average net
assets (b) ...................................... 5.93%
Portfolio turnover .............................. 138.65%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income to average net
assets (b) ...................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Putnam Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 28.45
--------------
Income from operations:
Net investment income (loss) .................... (0.03)
Net realized and unrealized gains (losses) on
investments ................................... (0.66)
--------------
Total income (loss) from operations ............. (0.69)
--------------
Less distributions:
From net investment income
.................................................. -
From net realized gains on investment transactions -
--------------
Total distributions ............................. -
--------------
Net increase (decrease) ......................... (0.69)
--------------
Net asset value, end of period .................... $ 27.76
==============
Total Return (a) .................................. (2.43)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 543,416
Ratio of expenses to average net assets (b) (c) 0.95%
Ratio of net investment income (loss) to average
net assets (b) ................................ (0.26)%
Portfolio turnover .............................. 31.06%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income (loss) to average
net assets (b) ................................ n/a
<PAGE>
JNL/Putnam International Equity Series
(formerly, T. Rowe Price/JNL International Equity Investment Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.79
--------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.83)
--------------
Total income (loss) from operations ......... (0.75)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment ....... -
transactions
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (0.75)
--------------
Net asset value, end of period ................ $ 16.04
==============
Total Return (a) .............................. (4.47)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 122,945
Ratio of expenses to average net assets (b) 1.17%
Ratio of net investment income to average net
assets (b) ................................ 0.86%
Portfolio turnover .......................... 112.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ...................... n/a
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
JNL/Putnam Midcap Growth Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 10.00
--------------
Income from operations:
Net investment income .......................... -
Net realized and unrealized gains on investments 0.15
--------------
Total income from operations ................... 0.15
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment
transactions ................................... -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.15
--------------
Net asset value, end of period ................... $ 10.15
==============
Total Return (a) ................................. 1.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $ 24,094
Ratio of expenses to average net assets (b) .... 1.05%
Ratio of net investment income to average net
assets (b) ..................................... 2.47%
Portfolio turnover ............................. 18.31%
<PAGE>
JNL/Putnam Value Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.78
---------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on (0.35)
investments ---------------
Total income (loss) from operations ......... (0.27)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... (0.27)
---------------
Net asset value, end of period ................ $ 16.51
===============
Total Return (a) .............................. (1.61)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 366,523
Ratio of expenses to average net assets (b) 0.97%
Ratio of net investment income to average net
assets (b) ................................ 1.04%
Portfolio turnover .......................... 53.66%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................ n/a
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Conservative Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ............... $ 11.01
--------------
Income from operations:
Net investment income (loss) ..................... (0.10)
Net realized and unrealized gain (loss) on ....... 0.14
investments --------------
Total income (loss) from operations .............. 0.04
Less distributions:
From net investment income ....................... -
From net realized gains on investment transactions -
--------------
Total distributions .............................. -
--------------
Net increase (decrease) .......................... 0.04
--------------
Net asset value, end of period ..................... $ 11.05
==============
Total Return (a) ................................... 0.36%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ......... $ 8,190
Ratio of expenses to average net assets (b) ...... 0.20%
Ratio of net investment income to average net
assets (b) ....................................... (0.20)%
Portfolio turnover ............................... 18.04%
<PAGE>
JNL/S&P Moderate Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ............... $ 12.49
-------------
Income from operations:
Net investment income (loss) ..................... (0.14)
Net realized and unrealized gain on investments .. 0.23
-------------
Total income from operations ..................... 0.09
-------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions -------------
Total distributions .............................. -
-------------
Net increase ..................................... 0.09
-------------
Net asset value, end of period ......................$ 12.58
==============
Total Return (a) .................................... 0.72%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .........$ 14,758
Ratio of expenses to average net assets (b) ...... 0.20%
Ratio of net investment income to average net
assets (b) ..................................... (0.20)%
Portfolio turnover ............................... 17.20%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Aggressive Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period ................. $ 12.92
---------------
Income from operations:
Net investment income (loss) ........................ (0.18)
Net realized and unrealized gains (losses) on
investments ....................................... 0.24
---------------
Total income from operations ........................ 0.06
---------------
Less distributions:
From net investment income .......................... -
From net realized gains on investment transactions .. -
---------------
Total distributions ................................. -
---------------
Net increase ........................................ 0.06
---------------
Net asset value, end of period ........................ $ 12.98
===============
Total Return (a) ......................................... 0.46%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............ $ 5,092
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average net
assets (b) ........................................ (0.20)%
Portfolio turnover .................................. 30.39%
<PAGE>
JNL/S&P Very Aggressive Growth Series II
Financial Highlights (Unaudited)
Six Months
ended,
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ................. $ 15.37
Income from operations:
Net investment income (loss) ....................... (0.13)
Net realized and unrealized gains on investments ... 0.24
--------------
Total income from operations ....................... 0.11
Less distributions:
From net investment income ......................... -
From net realized gains on investment transactions -
--------------
Total distributions ................................ -
Net increase ....................................... 0.11
--------------
Net asset value, end of period ....................... $ 15.48
==============
Total Return (a) ..................................... 0.72%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........... $ 3,853
Ratio of expenses to average net assets (b) ........ 0.20%
Ratio of net investment income to average net
assets (b) ......................................... (0.20)%
Portfolio turnover ................................. 18.13%
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Equity Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .................. $ 13.67
---------------
Income from operations: ...............................
Net investment income (loss) (0.28)
Net realized and unrealized gains (losses) on
investments ....................................... 0.36
---------------
Total income from operations ........................ 0.08
---------------
Less distributions:
From net investment income .......................... -
From net realized gains on investment transactions .. -
---------------
Total distributions ................................. -
Net increase ........................................ 0.08
---------------
Net asset value, end of period ........................ $ 13.75
===============
Total Return (a) ...................................... 0.59%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............ $ 9,921
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average
net assets (b) .................................... (0.20)%
Portfolio turnover .................................. 10.94%
<PAGE>
JNL/S&P Equity Aggressive Growth Series II
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .................. $ 14.44
----------------
Income from operations:
Net investment income (loss) ........................ (0.39)
Net realized and unrealized gains on investments .... 0.51
----------------
Total income from operations ........................ 0.12
----------------
Less distributions:
From net investment income (loss) ................... -
From net realized gains on investment transactions .. -
----------------
Total distributions ................................. -
Net increase ........................................ 0.12
----------------
Net asset value, end of period ........................$ 14.56
Total Return (a) ...................................... 0.83%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ............$ 2,714
Ratio of expenses to average net assets (b) ......... 0.20%
Ratio of net investment income to average
net assets (b) ................................... (0.20)%
Portfolio turnover .................................. 22.07%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
Lazard/JNL Mid Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period ..........$ 9.63
----------------
Income from operations:
Net investment income ....................... 0.01
Net realized and unrealized gains (losses)
on investments ............................ 0.67
----------------
Total income (loss) from operations ......... 0.68
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.68
----------------
Net asset value, end of period ................$ 10.31
================
Total Return (a) .............................. 7.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....$ 9,466
Ratio of expenses to average net assets (b) 1.075%
Ratio of net investment income to average
net assets (b) ............................ 0.34%
Portfolio turnover .......................... 70.70%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average
net assets (b) ............................ n/a
<PAGE>
Lazard/JNL Small Cap Value Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period $ 8.84
--------------
Income from operations:
Net investment income (loss) (0.01)
Net realized and unrealized gains (losses) on
investments 0.45
--------------
Total income (loss) from operations 0.46
--------------
Less distributions:
From net investment income -
From net realized gains on investment
transactions -
Return of capital -
--------------
Total distributions -
--------------
Net increase (decrease) 0.46
--------------
Net asset value, end of period $ 9.30
==============
Total Return (a) 5.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 10,212
Ratio of expenses to average net assets (b) 1.15%
Ratio of net investment income (loss) to
average net assets (b) 0.47%
Portfolio turnover 24.60%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 1.00
----------------
Income from operations:
Net investment income ....................... 0.03
----------------
Less distributions:
From net investment income .................. (0.03)
----------------
Net increase -
----------------
Net asset value, end of period ................ $ 1.00
================
Total Return (a) .............................. 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 147,342
Ratio of expenses to average net assets (b) 0.70%
Ratio of net investment income to average net
assets (b) ............................... 5.46%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
Salomon Brothers/JNL Balanced Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.11
---------------
Income from operations:
Net investment income ....................... 0.22
Net realized and unrealized gains (losses) on
investments ................................. 0.11
---------------
Total income from operations ............... 0.33
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................. -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... 0.33
---------------
Net asset value, end of period ................ $ 10.44
===============
Total Return (a) .............................. 3.26%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 10,354
Ratio of expenses to average net assets (b) 0.90%
Ratio of net investment income to average net
assets (b) ................................. 5.06%
Portfolio turnover ........................... 19.41%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment income to average net
assets (b) .................................. n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.25
----------------
Income from operations:
Net investment income ....................... 0.36
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.14)
----------------
Total income from operations ................ 0.22
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
Return of capital ........................... -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.22
----------------
Net asset value, end of period ................ $ 10.47
================
Total Return (a) .............................. 2.15%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 96,747
Ratio of expenses to average net assets (b)(c) 0.95%
Ratio of net investment income to average net
assets (b) ................................ 7.45%
Portfolio turnover .......................... 71.99%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
Salomon Brothers/JNL High Yield Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 8.71
---------------
Income from operations:
Net investment income ....................... 0.32
Net realized and unrealized losses on ....... (0.62)
investments ---------------
Total income (loss) from operations ......... (0.30)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net decrease ................................ (0.30)
---------------
Net asset value, end of period ................ $ 8.41
===============
Total Return (a) .............................. (3.44)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 13,656
Ratio of expenses to average net assets (b) 0.90%
Ratio of net investment income to average net
assets (b) ................................ 9.02%
Portfolio turnover .......................... 21.35%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 23.71
-----------------
Income from operations:
Net investment income (loss) ............... (0.03)
Net realized and unrealized gains on
investments and
foreign currency related items ........... 1.34
-----------------
Total income from operations ............... 1.31
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net increase ............................... 1.31
-----------------
Net asset value, end of period ............... $ 25.02
=================
Total Return (a) ............................. 5.53%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 355,790
Ratio of expenses to average net assets (b) 1.02%
Ratio of net investment income (loss) to
average net assets (b) .................. (0.25)%
Portfolio turnover ......................... 28.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
This Supplement is dated December 18, 2000.
(To be used with Form No. NV3784 Rev. 09/00.)
<PAGE>
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 18, 2000
PERSPECTIVE FIXED AND VARIABLE ANNUITY(R)(NY)
JNL(R) SERIES TRUST
The prospectus is also being amended by inserting the following new paragraph at
the end of the section of the prospectus entitled "Sub-Advisory Arrangements":
The Investment Adviser and the Trust has filed an application to obtain an
exemption from the Securities and Exchange Commission for a multi-manager
structure that allows the Investment Adviser to hire, replace or terminate
sub-advisers without the approval of shareholders. The order would also allow
the Investment Adviser to revise a sub-advisory agreement with the approval of
the Board of Trustees, but without shareholder approval. If a new sub-adviser is
hired, shareholders will receive information about the new sub-adviser within 90
days of the change. The order would allow the Series to operate more efficiently
and with greater flexibility. The Investment Adviser provides the following
oversight and evaluation services to the Series:
o performing initial due diligence on prospective sub-advisers for the Series
o monitoring the performance of sub-advisers
o communicating performance expectations to the sub-advisers
o ultimately recommending to the Board of Trustees whether a sub-adviser's
contract should be renewed, modified or terminated.
The Investment Adviser does not expect to recommend frequent changes of
sub-advisers. Although the Investment Adviser will monitor the performance of
the sub-advisers, there is no certainty that any sub-adviser or Series will
obtain favorable results at any given time. At a shareholder meeting of the
Trust held on October 26, 2000, all Series approved this multi-manager
structure.
Certain series of the JNL Series Trust (the "Trust") have adopted a Distribution
Plan under Rule 12b-1 of the Investment Company Act of 1940, as amended (the
"1940 Act"). Accordingly, the Prospectus is amended by inserting the following
section after the paragraph entitled "Administrative Fee" which is located in
the "Management of the Trust " section of the prospectus:
BROKERAGE ENHANCEMENT PLAN
At a shareholder meeting of the Trust held on October 26, 2000, all series
except the PPM America/JNL Money Market Series and each of the JNL/S&P Series
adopted, in accordance with the provisions of Rule 12b-1 under the 1940 Act, a
Brokerage Enhancement Plan (the "Plan"). The Plan uses available brokerage
commissions to promote the sale and distribution of Trust shares (through the
sale of variable insurance products funded by the Trust).
The Plan authorizes the Trust to place orders for the purchase or sale of
portfolio securities or other assets with: (i) broker-dealers that have agreed
to direct a portion of their brokerage commissions to introducing brokers
("Brokerage Payments") to be used to finance activities that are primarily
intended to result in the sale of Trust shares through the sale of Variable
Contracts; and (ii) broker-dealers that, in addition to executing the trade,
will provide brokerage credits, benefits or other services ("Brokerage Credits")
to be used directly or indirectly to promote the distribution of Trust shares
through the sale of Variable Contracts. Management of JNFS has informed the
Board of Trustees of the Trust that brokerage commission rates and commission
amounts paid by the various Series of the Trust are NOT expected to increase as
a result of the implementation of the Plan. As part of the Plan, JNLD would
become the principal underwriter of the Series of the Trust adopting the Plan,
with responsibility for promoting sales of shares of such Series.
Under the Plan, JNFS or a Sub-Adviser, would, subject to the requirement to seek
best price and execution, effect brokerage transactions in portfolio securities
through broker-dealers. It is anticipated that activities or services which will
be procured through Brokerage Payments and Brokerage Credits given to JNLD will
include:
o Developing, preparing, printing, and mailing of advertisements, sales
literature and other promotional material describing and/or relating to the
Trust, the Series, or the Variable Contracts.
o Printing and mailing of Trust prospectuses, statements of additional
information, any supplements thereto and shareholder reports for
prospective Variable Contract owners.
o Holding or participating in seminars and sales meetings designed to promote
the distribution of shares of the Trust, the Series or the Variable
Contracts, including materials intended either for broker-dealer only use
or for retail use.
o Providing information about the Trust, its Series or the Variable
Contracts, or mutual funds or variable contracts in general, to registered
representatives of broker-dealers.
o Providing assistance to broker-dealers that are conducting due diligence on
the Trust or its Series or the Variable Contracts.
o Payment of marketing fees or allowances requested by broker-dealers who
sell Variable Contracts.
o Obtaining information and providing explanations to Variable Contract
owners regarding Series investment options and policies and other
information about the Trust and its Series, including the performance of
the Series.
o Training sales personnel regarding sales of Variable Contracts.
o Personal service and/or maintenance of the Variable Contract owner
accounts.
o Financing any other activity that is intended to result in the sale of
Trust shares or the Variable Contracts.
The Plan permits the Brokerage Payments and Credits generated by securities
transactions from one series of the Trust to inure to the benefit of other
Series as well. The Plan is not expected to increase the brokerage costs of the
Trust. For more information about the Plan, please read the "Brokerage
Enhancement Plan" section of the Statement of Additional Information.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables should be added to the Financial Highlights section of the
prospectus. The information for the period ended June 30, 2000, has not been
audited.
JNL/Alger Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 22.91
Income from operations:
Net investment income (loss) .................. (0.01)
Net realized and unrealized gains on
investments ................................... 1.05
--------------
Total income from operations .................. 1.04
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase .................................. 1.04
--------------
Net asset value, end of period .................. $ 23.95
==============
Total Return (a) ................................ 4.54%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ...... $ 495,632
Ratio of expenses to average net assets (b) ... 1.07%
Ratio of net investment loss to average net
assets (b) .................................... (0.09)%
Portfolio turnover ............................ 45.53%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ... n/a
Ratio of net investment loss to average net
assets (b) .................................... n/a
<PAGE>
JNL/Alliance Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............ $ 16.64
--------------
Income from operations:
Net investment income (loss) .................. 0.01
Net realized and unrealized gains on
investments 0.34
--------------
Total income from operations .................. 0.35
--------------
Less distributions:
From net investment income .................... -
From net realized gains on investment
transactions .................................. -
--------------
Total distributions ........................... -
--------------
Net increase ................................ 0.35
--------------
Net asset value, end of period .................. $ 16.99
==============
Total Return (a) ................................ 2.10%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........$ 74,302
Ratio of expenses to average net assets (b) ..... 0.875
Ratio of net investment income (loss) to ........ 0.17%
average net assets (b)
Portfolio turnover .............................. 19.59%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment loss to average net
assets (b) ...................................... n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Eagle Core Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 18.47
--------------
Income from operations: ..........................
Net investment income 0.05
Net realized and unrealized gains on investments and
options written .............................. 0.62
--------------
Total income from operations ................... 0.67
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment transactions -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.67
--------------
Net asset value, end of period ................... $ 19.14
==============
Total Return (a) ................................. 3.63%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $119,735
Ratio of expenses to average net assets (b) .... 0.97%
Ratio of net investment income to average net
assets (b) ..................................... 0.60%
Portfolio turnover ............................. 104.07%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) .... n/a
Ratio of net investment income (loss) to average net
assets (b) ................................... n/a
JNL/Eagle SmallCap Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.97
----------------
Income from operations:
Net investment loss ......................... (0.03)
Net realized and unrealized gains on
investments ................................. 0.55
----------------
Total income from operations ................ 0.52
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase ................................ 0.52
----------------
Net asset value, end of period ................ $ 17.49
================
Total Return (a) .............................. 3.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 81,759
Ratio of expenses to average net assets (b) 1.05%
Ratio of net investment loss to average net
assets (b) .................................. (0.42)%
Portfolio turnover .......................... 39.31%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) .................................. n/a
<PAGE>
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Janus Aggressive Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 39.97
--------------
Income from operations:
Net investment income (loss) ................. 0.01
Net realized and unrealized gains (losses) on
investments and foreign currency related ... (1.08)
items
--------------
Total income (loss) from operations .......... (1.07)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
Return of capital ............................ -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (1.07)
--------------
Net asset value, end of period ................. $ 38.90
==============
Total Return (a) ............................... (2.68)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 845,637
Ratio of expenses to average net assets (b) .. 0.98%
Ratio of net investment income (loss) to
average ...................................... 0.01%
net assets (b)
Portfolio turnover ........................... 26.05%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ...... n/a
Ratio of net investment income (loss) to
average net assets (b)............................ n/a
<PAGE>
JNL/Janus Balanced Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 10.00
Income from operations:
Net investment income ........................ 0.03
Net realized and unrealized loss on .......... (0.05)
investments
--------------
Total loss from operations ................... (0.02)
--------------
Less distributions:
From net investment income ................... -
From net realized gains on investment
transactions ................................. -
--------------
Total distributions .......................... -
--------------
Net decrease ................................. (0.02)
--------------
Net asset value, end of period ................. $ 9.98
==============
Total Return (a) ............................... (0.20)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 23,147
Ratio of expenses to average net assets (b) .. 1.05%
Ratio of net investment income to average net
assets (b) ................................. 2.47%
Portfolio turnover ........................... 8.99%
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
*Commencement of Operations.
<PAGE>
JNL/Janus Capital Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ........... $ 43.62
--------------
Income from operations:
Net investment income (loss) ................. (0.12)
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ...................................... (0.54)
--------------
Total income (loss) from operations .......... (0.66)
--------------
Less distributions:
From net investment income
............................................... -
From net realized gains on investment
transactions ................................. -
Return of capital
............................................... -
--------------
Total distributions .......................... -
--------------
Net increase (decrease) ...................... (0.66)
--------------
Net asset value, end of period ................. $ 42.96
==============
Total Return (a) ............................... (1.51)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $ 702,531
Ratio of expenses to average net assets (b) .. 0.99%
Ratio of net investment income (loss) to
average
net assets (b) ............................. (0.63)%
Portfolio turnover ........................... 73.88%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ....................... n/a
<PAGE>
JNL/Janus Global Equities Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............... $ 35.69
--------------
Income from operations:
Net investment income ............................ 0.01
Net realized and unrealized gains on
investments
and foreign currency related items ............. 0.37
--------------
Total income from operations ..................... 0.38
--------------
Less distributions:
From net investment income ....................... -
From net realized gains on investment
transactions ..................................... -
Return of capital ................................ -
--------------
Total distributions .............................. -
Net increase 0.38
--------------
Net asset value, end of period $ 36.07
==============
Total Return (a) 1.06%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .......... $800,645
Ratio of expenses to average net assets (b) ....... 1.03%
Ratio of net investment income to average
net assets (b) .................................. - %
Portfolio turnover ................................ 28.90%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) ....... n/a
Ratio of net investment income (loss) to average
net assets (b) .................................... n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/Putnam Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .............. $ 28.45
--------------
Income from operations:
Net investment income (loss) .................... (0.03)
Net realized and unrealized gains (losses) on
investments ................................... (0.66)
--------------
Total income (loss) from operations ............. (0.69)
--------------
Less distributions:
From net investment income
.................................................. -
From net realized gains on investment transactions -
--------------
Total distributions ............................. -
--------------
Net increase (decrease) ......................... (0.69)
--------------
Net asset value, end of period .................... $ 27.76
==============
Total Return (a) .................................. (2.43)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ........ $ 543,416
Ratio of expenses to average net assets (b) (c) 0.95%
Ratio of net investment income (loss) to average
net assets (b) ................................ (0.26)%
Portfolio turnover .............................. 31.06%
Ratio information assuming no expense reimbursement:
Ratio of expenses to average net assets (b) ..... n/a
Ratio of net investment income (loss) to average
net assets (b) ................................ n/a
<PAGE>
JNL/Putnam International Equity Series
(formerly, T. Rowe Price/JNL International Equity Investment Series)
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.79
--------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.83)
--------------
Total income (loss) from operations ......... (0.75)
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment ....... -
transactions
--------------
Total distributions ......................... -
--------------
Net increase (decrease) ..................... (0.75)
--------------
Net asset value, end of period ................ $ 16.04
==============
Total Return (a) .............................. (4.47)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 122,945
Ratio of expenses to average net assets (b) 1.17%
Ratio of net investment income to average net
assets (b) ................................ 0.86%
Portfolio turnover .......................... 112.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income (loss) to
average net assets (b) ...................... n/a
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
JNL/Putnam Midcap Growth Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period ............. $ 10.00
--------------
Income from operations:
Net investment income .......................... -
Net realized and unrealized gains on investments 0.15
--------------
Total income from operations ................... 0.15
--------------
Less distributions:
From net investment income ..................... -
From net realized gains on investment
transactions ................................... -
--------------
Total distributions ............................ -
--------------
Net increase ................................... 0.15
--------------
Net asset value, end of period ................... $ 10.15
==============
Total Return (a) ................................. 1.50%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ....... $ 24,094
Ratio of expenses to average net assets (b) .... 1.05%
Ratio of net investment income to average net
assets (b) ..................................... 2.47%
Portfolio turnover ............................. 18.31%
<PAGE>
JNL/Putnam Value Equity Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 16.78
---------------
Income from operations:
Net investment income ....................... 0.08
Net realized and unrealized gains (losses) on (0.35)
investments ---------------
Total income (loss) from operations ......... (0.27)
---------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
---------------
Total distributions ......................... -
---------------
Net increase (decrease) ..................... (0.27)
---------------
Net asset value, end of period ................ $ 16.51
===============
Total Return (a) .............................. (1.61)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 366,523
Ratio of expenses to average net assets (b) 0.97%
Ratio of net investment income to average net
assets (b) ................................ 1.04%
Portfolio turnover .......................... 53.66%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) ................................ n/a
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Conservative Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
---------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 12.45
---------------
Income from operations:
Net investment income ....................... (0.20)
Net realized and unrealized gains on
investments ................................. 0.49
Total income from operations ................ 0.29
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
---------------
Net increase ................................ 0.29
---------------
Net asset value, end of period ................ $ 12.74
Total Return (a) .............................. 2.33%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 107,213
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average
net assets (b) ........................... 0.18%
Portfolio turnover .......................... 17.95%
<PAGE>
JNL/S&P Moderate Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 13.42
--------------
Income from operations:
Net investment income ....................... 0.02
Net realized and unrealized gains on investments 0.25
Total income from operations ................ 0.27
--------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
--------------
Net increase ................................ 0.27
--------------
Net asset value, end of period ................ $ 13.69
==============
Total Return (a) .............................. 2.01%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 178,838
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ................................ (0.09)%
Portfolio turnover .......................... 19.81%
------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 14.69
Income from operations:
Net investment income (loss) ................ (0.18)
Net realized and unrealized gains on
investments ................................. 0.34
Total income from operations ................ 0.16
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
--------------
Net increase ................................ 0.16
Net asset value, end of period ................ $ 14.85
Total Return (a) .............................. 1.09%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 76,933
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ............................... (0.20)%
Portfolio turnover .......................... 28.87%
<PAGE>
JNL/S&P Very Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
Selected Per Share Data
Net asset value, beginning of period ........ $ 16.61
-------------
Income from operations:
Net investment income (loss) .............. (0.35)
Net realized and unrealized gains on investments 0.50
Total income from operations .............. 0.15
--------------
Less distributions:
From net investment income ................ -
From net realized gains on investment transactions -
Total distributions ....................... -
Net increase .............................. 0.15
--------------
Net asset value, end of period .............. $ 16.76
Total Return (a) ............................ 1.09%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 47,263
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average
net assets (b) ......................... (0.20)%
Portfolio turnover ........................ 34.30%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
JNL/S&P Equity Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 15.21
Income from operations:
Net investment income (loss) ................ (0.39)
Net realized and unrealized gains on
investments ................................. 0.53
Total income from operations ................ 0.14
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
Net increase ................................ 0.14
Net asset value, end of period ................ $ 15.35
Total Return (a) .............................. 0.92%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 108,493
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net
assets (b) ............................... (0.20)%
Portfolio turnover .......................... 34.92%
<PAGE>
JNL/S&P Equity Aggressive Growth Series I
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
--------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 15.56
Income from operations:
Net investment income (loss) ................ (0.26)
Net realized and unrealized gains on
investments ................................. 0.45
Total income from operations ................ 0.19
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Total distributions ......................... -
Net increase ................................ 0.19
Net asset value, end of period ................ $ 15.75
Total Return (a) .............................. 1.22%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 32,845
Ratio of expenses to average net assets (b) 0.20%
Ratio of net investment income to average net (0.20)%
assets (b)
Portfolio turnover .......................... 32.18%
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Balanced Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 12.60
----------------
Income from operations:
Net investment income ....................... 0.25
Net realized and unrealized gains (losses) on
investments ................................. (0.66)
----------------
Total income (loss) from operations ......... (0.41)
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... (0.41)
----------------
Net asset value, end of period ................ $ 12.19
================
Total Return (a) .............................. (3.25)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 140,223
Ratio of expenses to average net assets (b) 0.82%
Ratio of net investment income to average net
assets (b) ............................... 4.18%
Portfolio turnover .......................... 12.12%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average
net assets (b) ........................... n/a
<PAGE>
PPM America/JNL High Yield Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.13
----------------
Income from operations:
Net investment income ....................... 0.50
Net realized and unrealized gains (losses)
on investments ............................ (0.65)
----------------
Total income (loss) from operations ......... (0.15)
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... (0.15)
----------------
Net asset value, end of period ................ $ 9.98
================
Total Return (a) .............................. (1.48)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 148,258
Ratio of expenses to average net assets (b) 0.82%
Ratio of net investment income to average net
assets (b) ............................... 10.14%
Portfolio turnover .......................... 31.49%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
--------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
<PAGE>
PPM America/JNL Money Market Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 1.00
----------------
Income from operations:
Net investment income ....................... 0.03
----------------
Less distributions:
From net investment income .................. (0.03)
----------------
Net increase -
----------------
Net asset value, end of period ................ $ 1.00
================
Total Return (a) .............................. 2.74%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 147,342
Ratio of expenses to average net assets (b) 0.70%
Ratio of net investment income to average net
assets (b) ............................... 5.46%
Ratio information assuming no expense
reimbursement or fees paid indirectly:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
Salomon Brothers/JNL Global Bond Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.25
----------------
Income from operations:
Net investment income ....................... 0.36
Net realized and unrealized gains (losses) on
investments and foreign currency related
items ..................................... (0.14)
----------------
Total income from operations ................ 0.22
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions .............................. -
Return of capital ........................... -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.22
----------------
Net asset value, end of period ................ $ 10.47
================
Total Return (a) .............................. 2.15%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $ 96,747
Ratio of expenses to average net assets (b)(c) 0.95%
Ratio of net investment income to average net
assets (b) ................................ 7.45%
Portfolio turnover .......................... 71.99%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
-------------------------------------------------------------------------------
(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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
Salomon Brothers/JNL U.S. Government & Quality Bond Series
Financial Highlights (Unaudited)
Six month
ended
June 30,
2000
----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 10.36
----------------
Income from operations:
Net investment income ....................... 0.30
Net realized and unrealized gains (losses) on
investments ............................... 0.08
----------------
Total income (loss) from operations ......... 0.38
----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment .......
transactions ................................ -
----------------
Total distributions ......................... -
----------------
Net increase (decrease) ..................... 0.38
----------------
Net asset value, end of period ................ $ 10.74
================
Total Return (a) .............................. 3.67%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) .... $ 117,421
Ratio of expenses to average net assets (b)(c) 0.80%
Ratio of net investment income to average net
assets (b) .................................. 6.10%
Portfolio turnover .......................... 50.76%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment income to average net
assets (b) n/a
<PAGE>
T. Rowe Price/JNL Established Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period .......... $ 21.70
-----------------
Income from operations:
Net investment income ....................... -
Net realized and unrealized gains on
investments and foreign currency
related items ............................... 1.70
-----------------
Total income from operations ................ 1.70
-----------------
Less distributions:
From net investment income .................. -
From net realized gains on investment
transactions ................................ -
Return of capital ........................... -
-----------------
Total distributions .......................... -
-----------------
Net increase ................................. 1.70
-----------------
Net asset value, end of period ................. $ 23.40
=================
Total Return (a) ............................... 7.83%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ..... $415,651
Ratio of expenses to average net assets (b) 0.92%
Ratio of net investment income to average net
assets (b) ................................ -
Portfolio turnover ........................... 39.95%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b)... n/a
Ratio of net investment income (loss) to
average net assets (b) .................... n/a
--------------------------------------------------------------------------------
(a) Assumes investment at net asset value at the beginning of 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 periods less than one year.
(b) Annualized for periods less than one year.
(c) For the year ended December 31, 1997, the ratio of expenses to average net
assets excluding non-operating expenses was 1.00%.
<PAGE>
T. Rowe Price/JNL Mid-Cap Growth Series
Financial Highlights (Unaudited)
Six months
ended
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 23.71
-----------------
Income from operations:
Net investment income (loss) ............... (0.03)
Net realized and unrealized gains on
investments and
foreign currency related items ........... 1.34
-----------------
Total income from operations ............... 1.31
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net increase ............................... 1.31
-----------------
Net asset value, end of period ............... $ 25.02
=================
Total Return (a) ............................. 5.53%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 355,790
Ratio of expenses to average net assets (b) 1.02%
Ratio of net investment income (loss) to
average net assets (b) .................. (0.25)%
Portfolio turnover ......................... 28.00%
Ratio information assuming no expense
reimbursement:
Ratio of expenses to average net assets (b) n/a
Ratio of net investment loss to average net
assets (b) n/a
<PAGE>
T. Rowe Price/JNL Value Series
Financial Highlights (Unaudited)
Period from
May 1,
2000* to
June 30,
2000
-----------------
Selected Per Share Data
Net asset value, beginning of period ......... $ 10.00
-----------------
Income from operations:
Net investment income ...................... 0.03
Net realized and unrealized losses on
investments and foreign currency related
items .................................... (0.38)
-----------------
Total loss from operations ................. (0.35)
-----------------
Less distributions:
From net investment income ................. -
From net realized gains on investment
transactions ............................... -
-----------------
Total distributions ........................ -
-----------------
Net decrease ............................... (0.35)
-----------------
Net asset value, end of period ............... $ 9.65
=================
Total Return (a) ............................. (3.50)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) ... $ 15,630
Ratio of expenses to average net assets (b) 1.00%
Ratio of net investment income to average
net assets (b) .......................... 2.04%
Portfolio turnover 12.23%
--------------------------------------------------------------------------------
* 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 periods less than one year.
(b) Annualized for periods less than one year.
This Supplement is dated December 18, 2000.
(To be used with Form No. NV3174 Rev. 05/00.)
