WNL SERIES TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-48.4%
AEROSPACE-2.3%
Allied Signal Incorporated 500 $ 28,563
Lockheed Martin Corporation 400 33,600
62,163
--------
BANKS-2.5%
J.P. Morgan & Company Incorporated 400 33,850
Southern National Corporation 1,000 31,750
65,600
BROADCASTING-1.0%
United States West Incorporated (a) 1,500 27,375
BUSINESS SERVICES-3.6%
Automatic Data Processing Incorporated 800 30,900
GTECH Holdings Corporation (a) 1,400 41,475
Humana Incorporated (a) 1,300 23,237
95,612
CHEMICALS-1.3%
Crompton & Knowles Corporation 2,000 33,500
COMPUTERS & BUSINESS EQUIPMENT-1.2%
DST Systems Incorporated (a) 1,000 32,000
CONSTRUCTION MATERIALS-1.0%
Masco Corporation 900 27,225
CONTAINERS & GLASS-1.5%
Owens Illinois Incorporated (New) (a) 2,500 40,000
COSMETICS & TOILETRIES-1.3%
Estee Lauder Companies Incorporated, Class A 800 33,800
DOMESTIC OIL-2.5%
Amerada Hess Corporation 500 26,812
Ashland Incorporated 1,000 39,625
66,437
DRUGS & HEALTH CARE-5.8%
Barr Labs Incorporated (a) 1,500 38,625
Bausch & Lomb Incorporated 700 29,750
Pharmacia & Upjohn Incorporated 1,000 44,375
Smithkline Beecham PLC ADR 800 43,500
156,250
ELECTRICAL EQUIPMENT-3.0%
Emerson Electric Company 500 45,187
General Electric Company 400 34,600
79,787
ELECTRONICS-2.0%
Raytheon Company 600 30,975
Teledyne Incorporated 600 21,675
52,650
</TABLE>
The accompanying notes are an integral part of the financial statements
1
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------- ------ ----------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
FINANCIAL SERVICES-3.5%
Associates First Capital Corporation (a) 1,300 $ 48,912
Case Corporation 500 24,000
Federal National Mortgage Association 600 20,100
93,012
HOUSEHOLD APPLIANCES & HOME FURNISHINGS-1.7%
Newell Company 1,500 45,938
INSURANCE-3.2%
Ace Limited 900 42,300
Exel Limited 600 42,300
84,600
INTERNATIONAL OIL-2.2%
Exxon Corporation 300 26,063
Mobil Corporation 300 33,637
59,700
PETROLEUM SERVICES-2.1%
McDermott International Incorporated 1,500 31,313
Schlumberger Limited 300 25,275
56,588
PHOTOGRAPHY-1.2%
Eastman Kodak Company 400 31,100
PUBLISHING-1.1%
Hollinger International Incorporated 2,500 28,438
REAL ESTATE-2.5%
Starwood Lodging Trust 1,000 36,375
Trinet Corporation Reality Trust Incorporated 1,000 29,000
65,375
TOBACCO-1.9%
Philip Morris Companies Incorporated 500 52,000
TOTAL COMMON STOCKS-(Cost $1,155,801) 1,289,150
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C>
CORPORATE BONDS-5.5%
ELECTRIC UTILITIES-0.7%
Long Island Lighting Company
9.00%, 11/01/2022 $ 10,000 9,181
Niagara Mohawk Power Corporation
7.38%, 08/01/2003 10,000 8,899
18,080
FINANCE & BANKING-2.1%
A T & T Capital Corporation
6.03%, 10/27/1997 15,000 14,966
Credit Fonc France
8.00%, 01/14/2002 10,000 10,106
General Motors Acceptance Corporation
6.63%, 04/24/2000 30,000 29,858
54,930
</TABLE>
The accompanying notes are an integral part of the financial statements
2
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
----------
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------------- ---------- --------
<S> <C> <C>
CORPORATE BONDS-(CONTINUED)
HOUSEHOLD PRODUCTS-0.3%
Falcon Holdings Group LP
11.00%, 09/15/2003 $ 10,000 $ 9,600
LEISURE TIME-0.9%
Time Warner Incorporated
6.85%, 01/15/2026 25,000 23,947
OIL & GAS-0.3%
Tenneco Incorporated
7.25%, 12/15/2025 10,000 9,308
REAL ESTATE-0.4%
Chelsea GCA Realty Incorporated
7.75%, 01/26/2001 10,000 9,740
TELEPHONE-0.8%
Rogers Cantel Incorporated
9.38%, 06/01/2008 10,000 9,700
Summit Communications Group Incorporated
10.50%, 04/15/2005 10,000 10,800
20,500
TOTAL CORPORATE BONDS-(Cost $149,509) 146,105
FOREIGN GOVERNMENT BONDS-1.0%
Government of Poland
6.44%, 10/27/2024 10,000 9,375
Republic of Columbia
8.70%, 02/15/2016 10,000 9,164
Republic of Italy
6.88%, 09/27/2023 10,000 9,017
--------
TOTAL FOREIGN GOVERNMENT BONDS-(Cost $28,412) 27,556
COLLATERALIZED MORTGAGE OBLIGATIONS-1.2%
Nationscredit Grantor Trust,
Series 1996-1, Class A, 5.85%, 09/15/2011 22,830 22,160
Structured Asset Securities Corporation,
Series 1996-CFL, Class A1C, 5.94%, 02/25/2028 10,000 9,500
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS-(Cost $32,377) 31,660
----------
</TABLE>
The accompanying notes are an integral part of the financial statements
3
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
----------
SECURITY DESCRIPTION AMOUNT VALUE
- ------------------------------------------------------------- ---------- ----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES-35.7%
U.S. GOVERNMENT-21.7%
United States Treasury Bonds
7.13%, 02/15/2023 $ 40,000 $ 40,431
7.88%, 02/15/2021 90,000 98,733
10.75%, 08/15/2005 15,000 19,043
United States Treasury Notes
5.38%, 05/31/1998 130,000 128,274
7.25%, 05/15/2004 100,000 103,609
7.50%, 02/15/2005 30,000 31,561
7.75%, 11/30/1999 150,000 156,187
577,838
FEDERAL AGENCIES-14.0%
Federal Home Loan Mortgage Corporation
6.00%, 12/01/1998 28,588 27,981
7.00%, 11/01/2010 47,745 47,173
8.00%, 09/01/2025 35,326 35,624
Federal National Mortgage Association
6.00%, 10/01/2025 47,868 43,605
6.50%, 11/01/2002 27,664 27,128
7.00%, 04/01/2026 50,893 48,953
7.00%, 05/01/2026 55,865 53,735
7.50%, 11/01/2002 25,905 26,164
Government National Mortgage Association
7.00%, 07/15/2008 25,140 24,935
9.00%, 10/15/2017 16,267 17,194
Tennessee Valley Authority
5.98%, 04/01/2036 20,000 20,053
372,545
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES-(Cost $972,146) 950,383
REPURCHASE AGREEMENT-7.0%
(Cost $187,000)
State Street Bank and Trust Company, 2.00% dated
06/28/96, to be repurchased at $187,031 on 07/01/96,
collateralized by $130,000 par value U.S. Treasury Bill,
11.25% due 02/15/2015, with a value of $191,750 187,000 187,000
TOTAL INVESTMENTS-(COST $2,525,245*)-98.8% 2,631,854
OTHER ASSETS LESS LIABILITIES-1.2% 30,727
NET ASSETS-100.0% $2,662,581
</TABLE>
(a) Non-income producing security
ADR - American Depositary Receipt
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $143,663 and $37,054,
respectively, resulting in net unrealized appreciation of $106,609.
The accompanying notes are an integral part of the financial statements
4
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BLACKROCK MANAGED BOND PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------- ---------- --------
<S> <C> <C>
CORPORATE BONDS-12.0%
FINANCE & BANKING-4.5%
American Savings Bank of Irvine California
6.63%, 02/15/2006 $ 50,000 $ 46,652
National City Bank Louisville Kentucky
6.30%, 02/15/2011 50,000 44,934
Salomon Incorporated
7.25%, 05/01/2001 50,000 49,876
141,462
SOVEREIGN & PROVINCIAL-4.6%
Bangkok Public Bank Limited
8.25%, 03/15/2016 50,000 49,519
Fairfax Financial Holdings Limited
8.30%, 04/15/2026 50,000 49,522
Mayne Nickless Limited
6.25%, 02/01/2006 50,000 46,140
145,181
INDUSTRIALS-2.9%
Nabisco Incorporated
7.05%, 07/15/2007# 50,000 47,833
News America Holdings Incorporated
7.75%, 12/01/2045 50,000 44,738
92,571
TOTAL CORPORATE BONDS-(Cost $379,445) 379,214
FOREIGN CORPORATE BOND-1.6%
(Cost $49,669)
UTILITIES-1.6%
Hydro Quebec
7.50%, 04/01/2016 50,000 48,709
ASSET BACKED SECURITIES-7.1%
Banc One Credit Card Master Trust,
Series 1994-C, Class A, 7.80%, 12/15/2000 50,000 51,531
Chemical Master Credit Card Trust I,
Series 1996-3, Class A, 7.09%, 02/15/2009 30,000 29,873
Green Tree Financial Corporation,
Series 1993-4, Class A4, 6.60%, 01/15/2019 50,000 48,688
Green Tree Financial Corporation,
Series 1996-2, Class B2, 7.90%, 04/15/2027 50,000 48,078
Standard Credit Card Master Trust I,
Series 1995-1, Class A, 8.25%, 01/07/2007 40,000 42,387
--------
TOTAL ASSET BACKED SECURITIES-(Cost $224,097) 220,557
MULTIPLE CLASS MORTGAGE PASS-THROUGHS-2.6%
(Cost $89,093)
Community Program Loan Trust,
Series 1987-A, Class A4, 4.50%, 10/01/2018 100,000 83,063
</TABLE>
The accompanying notes are an integral part of the financial statements
5
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
BLACKROCK MANAGED BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- ------------------------------------------------------------ ---------- ----------
<S> <C> <C>
COMMERCIAL MORTGAGE BACKED SECURITIES-3.1%
GS Mortgage Security Corporation,
Series 1996-PL, Class A2, 7.41%, 02/15/2027 $ 50,000 $ 49,336
Structured Asset Securities Corporation
Series 1996-CFL, Class A1B, 5.751%, 02/25/2028 50,000 48,972
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES-(Cost $98,602) 98,308
U.S. GOVERNMENT SECURITIES-53.4%
U.S. GOVERNMENT-18.3%
United States Treasury Notes
6.375%, 05/15/1999 450,000 450,985
6.50%, 05/31/2001 50,000 50,024
6.875%, 03/31/2000 45,000 45,654
7.25%, 08/15/2004 30,000 31,073
577,736
MORTGAGE PASS-THROUGHS-35.1%
Federal Home Loan Mortgage Corporation
6.50%, 04/01/2011 303,816 295,082
6.50%, 03/01/2026 507,717 475,507
6.50%, 04/01/2026 305,491 286,111
Small Business Administration participation certificate
7.60%, Series 96-20E, 5/01/2016 50,000 50,500
1,107,200
TOTAL U.S. GOVERNMENT SECURITIES-(Cost $1,706,061) 1,684,936
DISCOUNT NOTES-19.3%
(Cost $610,000)
Federal Home Loan Bank Consolidated Discount Note
5.52%, 07/01/1996** 610,000 610,000
TOTAL INVESTMENTS-(COST $3,156,967*)-99.1% 3,124,787
OTHER ASSETS LESS LIABILITIES-0.9% 29,154
NET ASSETS-100.0% $3,153,941
<FN>
** The rate shown reflects the current yield at June 30, 1996
</TABLE>
<TABLE>
<CAPTION>
SCHEDULE OF FUTURES CONTRACTS
NUMBER OF CONTRACT TOTAL CONTRACT UNREALIZED
CONTRACTS DESCRIPTION VALUE GAIN (LOSS)
- ------------------------------ ------------------------------------ ---------------- ------------
<C> <S> <C> <C>
3 U.S. 5 Year Note Sept. 1996 (long) $ 317,250 $ 1,767
1 U.S. 10 Year Note Sept. 1996 (long) 107,500 1,308
(1) U.S. 2 Year Note Sept. 1996 (short) (205,969) (1,224)
(1) U.S. 30 Year Note Sept. 1996 (short) (109,531) (3,536)
------------
$ (1,685)
<FN>
# $50,000 par value of Nabisco Incorporated has been pledged as collateral for initial margin for
future contracts.
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized appreciation for all
securities in which there is an excess of value over tax cost and aggregate gross unrealized
depreciation for all securities in which there is an excess of tax cost over value were $2,627 and
$34,807, respectively, resulting in net unrealized depreciation of $32,180.
</TABLE>
The accompanying notes are an integral part of the financial statements
6
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS- 90.6%
CANADA-1.5%
Rogers Communications Incorporated 4,000 $ 37,061
CHILE-3.9%
Five Arrows Chile Investment Trust Limited 20,000 57,400
Genesis Chile Fund 1,000 41,500
98,900
CHINA-0.9%
Shanghai Industrial Holdings 18,000 22,091
CROATIA-1.2%
Pliva D.D. GDR (a) 800 31,392
CZECH REPUBLIC-4.7%
Ateso (a) 1,446 30,746
Ceske Radiokomunikace (a) 100 14,539
Skoda Koncern Plzen AS 2,000 58,227
Vertex (a) 200 14,211
117,723
FRANCE-6.7%
Accor SA 200 27,996
AXA SA 387 21,105
Bic SA 138 19,612
Cie de Saint Gobain 165 22,102
LVMH (Moet Hennessy Louis Vuitton) 126 29,886
Sanofi SA 420 31,502
Valeo SA 310 16,604
168,807
GERMANY-6.9%
Altana AG 45 34,789
Bayer AG 840 29,694
Hoechst AG 900 30,543
Mannesmann AG 80 27,675
SGL Carbon AG 200 23,413
Siemens AG 500 26,735
172,849
HONG KONG-2.1%
Dickson Concept International 16,000 20,463
Hong Kong & China Gas (a) 12,000 19,145
Hutchison Whampoa 2,000 12,583
52,191
HUNGARY-4.4%
BorsodChem GDR (a) 2,000 38,500
MOL Magyar Olaj-es Gazipari GDR 600 6,540
Primagaz Hungaria Company Limited (a) 1,000 36,634
Zagrebacka Banka GDR 585 4,997
Zalakeramia AG. 600 24,578
111,249
INDONESIA-1.3%
PT Hanjaya Mandala Sampoerna 1,500 17,079
PT Bank Dagang Nasional 19,000 15,918
32,997
</TABLE>
The accompanying notes are an integral part of the financial statements
7
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------ ------ --------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
ISRAEL-0.4%
Tadiran Telecommunications Limited (a) 700 $ 11,200
ITALY-2.5%
Ente Nazionale Idrocarburi SPA 5,895 29,432
Telecom Italia Mobile SPA 15,500 34,669
64,101
JAPAN-18.5%
Amada Company 4,000 43,158
Banyu Pharmaceutical Company Limited 2,000 28,346
Daiwa Securities 3,000 38,678
East Japan Railway 8 42,061
Hitachi Zosen Corporation 6,000 34,069
Japan Airport Terminal 3,000 42,518
Maeda Road Construction 2,000 34,563
NEC Corporation 6,000 65,286
Nomura Securities 4,000 78,270
Santen Pharmaceutical Company 1,100 25,648
Sumitomo Osaka Cement Company Limited 7,000 34,179
466,776
KOREA-0.0%
Samsung Electronics Limited 144A GDR (a) 3 152
MALAYSIA-1.7%
Jaya Tiasa Holdings 4,000 23,412
Malaysian Resources Corporation 8,000 19,563
42,975
NETHERLANDS-5.7%
Ahold NV 500 27,118
ING Groep NV 955 28,502
Nutricia Verenigde Bedrijven NV 250 26,459
Oce Van Der Grinten NV 221 23,428
Vendex International 400 13,955
Verenigde Nederlandse Uitgeversbedrijven Verenigd Bezit 1,640 25,482
144,944
PHILIPPINES-0.7%
Hawaii Cement (a) 50,000 18,893
SINGAPORE-0.5%
Development Bank of Singapore 1,000 12,473
SLOVAKIA-3.4%
Slovenske Lodenice AS (a) 700 41,384
Vychodoslovenske Zeleziarne AS 2,000 43,290
84,674
SPAIN-2.6%
Banco Popular Espana 100 17,843
Gas Natural Sociedad Distribuidora de Gas SA 120 25,218
Iberdrola SA 2,200 22,600
65,661
SWEDEN-0.9%
Astra AB 500 22,130
</TABLE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------- ------- ----------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
SWITZERLAND-5.7%
Adia SA 90 $ 22,604
Ciba Geigy AG 31 37,814
Roche Holdings AG 5 38,174
Schweizerische Rueckversicherungs-Gesellschaft 24 24,668
SMH AG Neuenburg 31 21,573
144,833
THAILAND-2.3%
Advanced Information Services 1,000 15,679
Bangkok Bank 1,400 18,972
BEC World (a) 4,000 22,599
57,250
UNITED KINGDOM-11.4%
Abbey National PLC 3,100 26,046
Asda Group PLC 17,600 31,980
Courtaulds PLC 4,400 29,042
Dixons Group PLC 4,300 35,193
Electrocomponents PLC 5,100 30,217
General Accident PLC 2,600 26,347
GKN PLC 2,100 32,222
Pearson PLC 2,700 27,843
THORN EMI PLC 730 20,339
Wolseley PLC 4,150 29,293
288,522
UNITED STATES-0.7%
Electric Fuel Corporation (a) 2,500 17,188
TOTAL COMMON STOCKS-(Cost $2,088,389) 2,287,032
WARRANTS- 5.2%
HONG KONG-0.0%
Hong Kong & China Gas 1,000 261
ISRAEL-0.2%
Israel Fund (a) 30,000 3,900
JAPAN-5.0%
Schroder Japan Growth Fund PLC (a) 130,000 61,578
Fleming Japanese Investment Trust PLC (a) 40,000 65,228
126,806
TOTAL WARRANTS-(Cost $153,556) 130,967
</TABLE>
The accompanying notes are an integral part of the financial statements
9
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
<S> <C>
TOTAL INVESTMENTS-(COST $2,241,945*)-95.8% 2,417,999
OTHER ASSETS LESS LIABILITIES-4.2% 105,599
NET ASSETS-100.0% $2,523,598
</TABLE>
(a) Non-income producing security
GDR - Global Depositary Receipt
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $241,919 and $65,865,
respectively, resulting in net unrealized appreciation of $176,054.
The accompanying notes are an integral part of the financial statements
10
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
ANALYSIS OF INDUSTRY CLASSIFICATIONS
JUNE 30, 1996 (UNAUDITED)
PERCENT OF
INDUSTRY NET ASSETS
- ----------------------------------------------- -----------
<S> <C>
Auto Parts 2.5%
Banks 3.6
Broadcasting 1.5
Building Materials 0.9
Business Services 0.9
Chemicals 7.5
Computers & Business Equipment 0.9
Conglomerates 2.1
Construction Materials 3.9
Construction & Mining Equipment 1.6
Consumer (non-durables) 0.8
Containers & Glass 0.9
Drugs & Health Care 2.4
Electric Utilities 1.6
Electrical Equipment 3.6
Electronics 1.8
Financial Services 5.7
Food & Beverages 1.0
Gas Utilities 1.8
Household Appliances & Home Furnishings 0.8
Industrial Machinery 7.1
Insurance 2.9
Investment Companies 9.1
Leisure Time 2.8
Liquor 1.2
Miscellaneous 6.0
Oil & Gas 1.4
Pharmaceuticals 6.0
Plastics 1.0
Publishing 1.1
Railroads & Equipment 1.7
Retail Grocery 2.3
Retail Trade 2.8
Telecommunications 1.6
Telephone 1.4
Tobacco 0.7
Toys & Amusements 0.9
TOTAL INVESTMENTS BY INDUSTRY CLASSIFICATION 95.8%
</TABLE>
The accompanying notes are an integral part of the financial statements
11
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
ELITEVALUE ASSET ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-86.0%
AEROSPACE-8.1%
Lockheed Martin Corporation 700 $ 58,800
McDonnell Douglas Corporation 1,200 58,200
117,000
AIR TRAVEL-1.9%
AMR Corporation (a) 300 27,300
APPAREL & TEXTILES-3.3%
VF Corporation 800 47,700
BANKS-17.3%
Citicorp 800 66,100
First Empire State Corporation 200 48,200
Mellon Bank Corporation 700 39,900
Wells Fargo & Company 400 95,550
249,750
BUSINESS SERVICES-2.4%
R.R. Donnelley & Sons Company 1,000 34,875
CHEMICALS-4.6%
Du Pont (E.I.) De Nemours & Company 700 55,387
Hercules Incorporated 200 11,050
66,437
COMMUNICATION SERVICES-0.9%
Loral Spaces & Communications (a) 1,000 13,625
DOMESTIC OIL-3.5%
Tenneco Incorporated 1,000 51,125
DRUGS & HEALTH CARE-2.8%
Becton Dickinson & Company 500 40,125
ELECTRICAL EQUIPMENT-0.9%
Arrow Electronics Incorporated (a) 300 12,938
ELECTRONICS-7.9%
Intel Corporation 800 58,750
National Semiconductor Corporation (a) 1,600 24,800
Unitrode Corporation (a) 1,600 31,000
114,550
FINANCIAL SERVICES-11.5%
American Express Company 300 13,387
Countrywide Credit Industries Incorporated 2,000 49,500
Federal Home Loan Mortgage Corporation 700 59,850
Federal National Mortgage Association 1,300 43,550
166,287
INSURANCE-5.1%
Ace Limited 500 23,500
Exel Limited 700 49,350
72,850
</TABLE>
The accompanying notes are an integral part of the financial statements
12
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
ELITEVALUE ASSET ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------ ------ ----------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
MINING-3.8%
Freeport-McMoRan Copper & Gold Incorporated 1,700 $ 54,188
PAPER-4.5%
Champion International Corporation 1,000 41,750
Kimberly Clark Corporation 300 23,175
64,925
RAILROADS & EQUIPMENT-2.9%
Union Pacific Corporation 600 41,925
TELEPHONE-0.9%
Sprint Corporation 300 12,600
TOYS & AMUSEMENTS-3.7%
Mattel Incorporated 1,875 53,672
TOTAL COMMON STOCKS-(Cost $1,166,438) 1,241,872
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
SECURITY DESCRIPTION AMOUNT
- ------------------------------------------ ----------
<S> <C> <C>
DISCOUNT NOTES-13.0%
Federal Home Loan Mortgage Discount Notes
5.26%, 08/07/1996** $ 70,000 69,621
5.26%, 07/31/1996** 118,000 117,483
TOTAL DISCOUNT NOTES-(Cost $187,105) 187,104
TOTAL INVESTMENTS-(COST $1,353,543*)-99.0% 1,428,976
OTHER ASSETS LESS LIABILITIES-1.0% 14,771
NET ASSETS-100.0% $1,443,747
<FN>
(a) Non-income producing security
** The rate shown reflects the current yield at June 30, 1996
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $91,947 and $16,514,
respectively, resulting in net unrealized appreciation of $75,433.
</TABLE>
The accompanying notes are an integral part of the financial statements
13
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-96.7%
AEROSPACE-3.2%
General Dynamics Corporation 700 $ 43,400
McDonnell Douglas Corporation 800 38,800
82,200
AIR TRAVEL-2.4%
Delta Air Lines Incorporated 500 41,500
UAL Corporation (a) 400 21,500
63,000
AUTOMOBILES-4.4%
Chrysler Corporation 800 49,600
Ford Motor Company 2,000 64,750
114,350
BANKS-5.3%
Comerica Incorporated 100 4,463
First Bank Systems Incorporated 300 17,400
First Union Corporation 100 6,087
J.P. Morgan & Company Incorporated 700 59,237
Nationsbank Corporation 600 49,575
136,762
CHEMICALS-4.4%
Dow Chemical Company 700 53,200
Georgia Gulf Corporation 300 8,775
Terra Industries Incorporated 3,200 39,600
Wellman Incorporated 500 11,687
113,262
COMPUTERS & BUSINESS EQUIPMENT-8.1%
Cisco Systems Incorporated (a) 600 33,975
Compaq Computer Corporation (a) 400 19,700
Dell Computer Corporation (a) 1,000 50,875
Komag Incorporated (a) 1,200 31,650
Storage Technology Corporation (a) 500 19,125
Western Digital Corporation (a) 2,000 52,250
207,575
CONSTRUCTION & MINING EQUIPMENT-0.8%
Caterpillar Incorporated 300 20,325
COSMETICS & TOILETRIES-1.1%
Alberto Culver Company, Class B (conv.) 600 27,825
DOMESTIC OIL-1.2%
Sun Incorporated 1,000 30,375
DRUGS & HEALTH CARE-11.3%
Bergen Brunswig Corporation 1,500 41,625
Bristol Myers Squibb Company 800 72,000
Eli Lilly & Company 800 52,000
Guidant Corporation 400 19,700
Schering Plough Corporation 900 56,475
Tenet Healthcare Corporation (a) 2,000 42,750
Wellpoint Health Networks Incorporated (a) 200 6,250
290,800
</TABLE>
The accompanying notes are an integral part of the financial statements
14
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
ELECTRIC UTILITIES-3.0%
Illinova Corporation 1,400 $ 40,250
Unicom Corporation 1,300 36,238
76,488
ELECTRICAL EQUIPMENT-0.1%
Novellus Systems Incorporated (a) 100 3,600
ELECTRONICS-2.3%
KLA Instruments Corporation (a) 1,000 23,250
LAM Research Corporation (a) 700 18,200
Teradyne Incorporated (a) 1,100 18,975
60,425
FINANCIAL SERVICES-5.5%
Bankers Life Holding Corporation 900 19,912
Case Corporation 600 28,800
Chase Manhattan Corporation 800 56,500
Student Loan Marketing Association 500 37,000
142,212
FOOD & BEVERAGES-5.3%
Hormel Foods Corporation 800 21,400
IBP Incorporated 1,400 38,675
Pepsico Incorporated 2,200 77,825
137,900
FOREST PRODUCTS-1.1%
Fort Howard Corporation (a) 1,400 27,825
GAS EXPLORATION-2.5%
Sonat Offshore Drilling Incorporated 700 35,350
Vastar Resources Incorporated 800 29,900
65,250
GAS & PIPELINE UTILITIES-3.5%
Consolidated Natural Gas Company 900 47,025
National Fuel Gas Company New Jersey 1,200 43,200
90,225
HOUSEHOLD PRODUCTS-1.0%
Clorox Company 300 26,588
INDUSTRIAL MACHINERY-2.1%
Applied Materials Incorporated (a) 1,400 42,700
Silicon Valley Group Incorporated (a) 600 11,250
53,950
INSURANCE-2.2%
Marsh & McLennan Companies Incorporated 500 48,250
Old Republic International Corporation 400 8,600
56,850
INTERNATIONAL OIL-3.3%
Exxon Corporation 200 17,375
Mobil Corporation 600 67,275
84,650
</TABLE>
The accompanying notes are an integral part of the financial statements
15
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------- ------ ----------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
INVESTMENT COMPANIES-1.8%
Lehman Brothers Holdings Incorporated 700 $ 17,325
Paine Webber Group Incorporated 1,200 28,500
45,825
LEISURE TIME-1.7%
Callaway Golf Company 1,300 43,225
PLASTICS-0.2%
First Brands Corporation 200 5,400
RAILROADS & EQUIPMENT-1.5%
CSX Corporation 800 38,600
RETAIL TRADE-3.9%
Dayton Hudson Corporation 500 51,562
Eckerd Corporation (a) 1,900 42,987
Mercantile Stores Incorporated 100 5,863
100,412
SOFTWARE-2.9%
Compuware Corporation (a) 1,800 71,100
Read Rite Corporation (a) 300 4,238
75,338
TELEPHONE-7.9%
Ameritech Corporation 600 35,625
GTE Corporation 1,400 62,650
Pacific Telesis Group 1,500 50,625
Southern New England Telecommunications Corporation 100 4,200
Sprint Corporation 1,200 50,400
203,500
TOBACCO-2.4%
Philip Morris Companies Incorporated 600 62,400
TRUCKING & FREIGHT FORWARDING-0.3%
Tidewater Incorporated 200 8,775
TOTAL COMMON STOCKS-(Cost $2,274,986) 2,495,912
MUTUAL FUNDS-3.0%
(Cost $77,309)
Dreyfus Cash Management 77,309 77,309
TOTAL INVESTMENTS-(COST $2,352,295*)-99.7% 2,573,221
OTHER ASSETS LESS LIABILITIES-0.3% 6,969
NET ASSETS-100.0% $2,580,190
<FN>
(a) Non-income producing security
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $329,985 and $109,059,
respectively, resulting in net unrealized appreciation of $220,926.
</TABLE>
The accompanying notes are an integral part of the financial statements
16
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
GLOBAL ADVISORS MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- ------------------------------------------------------- ---------- --------
<S> <C> <C>
DISCOUNT NOTES-90.3%
Federal Farm Credit Bank Discount Notes
5.20%, 07/26/1996** $ 5,000 $ 4,982
5.21%, 07/05/1996** 25,000 24,986
5.29%, 08/05/1996** 70,000 69,640
Federal Home Loan Bank Consolidated Discount Notes
5.21%, 08/06/1996** 100,000 99,479
Federal Home Loan Mortgage Discount Notes
5.20%, 07/29/1996** 40,000 39,838
5.20%, 10/01/1996** 51,000 50,322
5.21%, 08/01/1996** 50,000 49,776
Federal National Mortgage Association Discount Notes
5.18%, 07/18/1996** 30,000 29,927
5.21%, 07/18/1996** 20,000 19,951
5.21%, 08/23/1996** 50,000 49,616
5.27%, 07/24/1996** 55,000 54,815
Student Loan Marketing Association Discount Note
5.52%, 07/01/1996** 265,000 265,000
TOTAL DISCOUNT NOTES-(Cost $758,332) 758,332
COMMERCIAL PAPER-3.0%
(Cost $24,910)
General Electric Capital Corporation
5.38%, 07/25/1996 25,000 24,910
TOTAL INVESTMENTS-(COST $783,242*)-93.3% 783,242
OTHER ASSETS LESS LIABILITIES-6.7% 56,146
NET ASSETS-100.0% $839,388
</TABLE>
** The rate shown reflects the current yield at June 30, 1996
*-Aggregate cost for Federal tax purposes
The accompanying notes are an integral part of the financial statements
17
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
SALOMON BROTHERS U.S. GOVERNMENT SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------------------- ---------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES-96.4%
U.S. GOVERNMENT-30.5%
United States Treasury Notes
5.625%, 02/28/2001 $ 225,000 $ 217,442
6.125%, 05/31/1997 300,000 300,936
6.625%, 06/30/2001 100,000 100,641
6.875%, 05/15/2006 50,000 50,554
669,573
FEDERAL AGENCIES-65.9%
Federal Home Loan Mortgage Corporation
5.89%, 07/24/2000 225,000 219,375
11.75%, 07/01/2006 10,058 11,106
11.75%, 07/01/2013 7,065 7,758
11.75%, 08/01/2013 22,638 23,628
11.75%, 10/01/2013 37,695 42,336
Federal National Mortgage Association
7.00%, 05/01/2026 199,810 192,191
11.50%, 04/01/2019 23,758 26,780
12.00%, 01/01/2016 4,962 5,707
12.50%, 08/01/2015 9,114 10,549
12.50%, 09/01/2015 11,834 13,765
13.00%, 11/01/2015 22,634 26,553
14.50%, 11/01/2014 11,150 13,617
Government National Mortgage Association
7.00%, 04/15/2024 23,039 22,182
7.00%, 04/15/2026 626,327 600,491
Student Loan Marketing Association
7.20%, 11/09/2000 225,000 229,639
1,445,677
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES-(Cost $2,144,396) 2,115,250
REPURCHASE AGREEMENT-6.7%
(Cost $147,000)
J.P. Morgan Government Securities Incorporated, 5.42%
dated 06/28/96, to be repurchased at $147,066 on 07/01/96,
collateralized by $132,000 par value U.S. Treasury Bonds,
9.125% due 05/15/2009, with a value of $150,645 147,000 147,000
TOTAL INVESTMENTS-(COST $2,291,396*)-103.1% 2,262,250
LIABILITIES, NET OF ASSETS-(3.1)% (67,850)
NET ASSETS-100.0% $2,194,400
</TABLE>
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $929 and $30,075, respectively,
resulting in net unrealized depreciation of $29,146.
The accompanying notes are an integral part of the financial statements
18
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------- ------ -------
<S> <C> <C>
COMMON STOCKS-95.0%
AEROSPACE-3.1%
Sun Microsystems Incorporated (a) 225 $13,247
United States Robotics Corporation (a) 200 17,100
30,347
AIR TRAVEL-1.1%
America West Airlines Incorporated (a) 75 1,650
Comair Holdings Incorporated 112 3,024
Continental Airlines Incorporated (a) 100 6,175
10,849
APPAREL & TEXTILES-6.1%
Fila Holdings SPA ADR 100 8,625
Gadzooks Incorporated (a) 112 3,612
Just For Feet Incorporated (a) 75 3,966
Liz Claiborne Incorporated 100 3,462
Nautica Enterprises Incorporated (a) 50 1,437
Nike Incorporated 125 12,844
St. John Knits Incorporated 150 6,694
Tommy Hilfiger Corporation (a) 250 13,406
Wolverine World Wide Incorporated 200 6,500
60,546
AUTO PARTS-0.4%
Danaher Corporation 100 4,350
BANKS-1.5%
Bank of Boston Corporation 25 1,238
Cullen Frost Bankers Incorporated 100 2,775
First Bank Systems Incorporated 75 4,350
Firstar Corporation (New) 25 1,153
TCF Financial Corporation 150 4,987
14,503
BROADCASTING-1.7%
Clear Channel Communications Incorporated (a) 125 10,297
Evergreen Media Corporation (a) 125 5,344
Infinity Broadcasting Corporation (a) 50 1,500
17,141
BUSINESS SERVICES-9.5%
Accustaff Incorporated (a) 250 6,812
Apollo Group Incorporated (a) 150 4,200
Career Horizons Incorporated (a) 75 2,625
Corestaff Incorporated (a) 200 8,950
Corrections Corporation of America (a) 200 14,000
Gartner Group Incorporated (New) (a) 250 9,156
Interpublic Group of Companies Incorporated 75 3,516
Medaphis Corporation (a) 50 1,988
National Data Corporation 75 2,569
Oakley Incorporated (a) 200 9,100
Omnicom Group 75 3,487
Paychex Incorporated 150 7,219
Quintiles Transnational Corporation (a) 75 4,931
</TABLE>
The accompanying notes are an integral part of the financial statements
19
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------- ------ -------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
BUSINESS SERVICES-(CONTINUED)
Sitel Corporation (a) 250 $10,500
SunGuard Data Systems Incorporated (a) 125 5,016
94,069
CHEMICALS-1.2%
Advanced Technology Labs Incorporated (a) 75 2,738
Goodrich (B.F.) Company 100 3,737
Praxair Incorporated 125 5,281
11,756
COMMUNICATION SERVICES-8.2%
APAC Teleservices Incorporated (a) 150 5,400
Ascend Communications Incorporated (a) 500 28,125
Cascade Communications Corporation (a) 250 17,000
DSP Communications Incorporated (a) 200 10,275
Pairgain Technologies Incorporated (a) 200 12,400
Proxim Incorporated (a) 100 4,025
TCSI Corporation (a) 200 4,825
82,050
COMPUTERS & BUSINESS EQUIPMENT-6.4%
Applix Incorporated (a) 125 3,594
Astea International Incorporated (a) 75 1,819
Cisco Systems Incorporated (a) 200 11,325
Cycare Systems Incorporated (a) 50 2,606
HBO & Company 400 27,100
HPR Incorporated (a) 200 4,250
IDX Systems Corporation (a) 100 3,900
Medic Computer Systems Incorporated (a) 50 4,056
PRI Automation Incorporated (a) 25 763
Transition Systems Incorporated (a) 100 2,850
Vitesse Semiconductor Corporation (a) 75 1,800
64,063
CONSTRUCTION MATERIALS-0.3%
Granite Construction Incorporated 150 3,450
CONSTRUCTION & MINING EQUIPMENT-0.3%
Foster Wheeler Corporation 75 3,366
DOMESTIC OIL-0.2%
Pogo Producing Company 50 1,906
-------
DRUGS & HEALTH CARE-12.3%
ABR Information Services Incorporated (a) 50 2,512
Access Health Incorporated (a) 100 4,725
Arterial Vascular Engineering Incorporated (a) 50 1,813
Clintrials Research Incorporated (a) 175 7,262
CNS Incorporated (a) 200 4,850
Coherent Incorporated (a) 100 5,200
Conmed Corporation (a) 50 1,331
Curative Technologies Incorporated (a) 100 2,625
Dura Pharmaceuticals Incorporated (a) 150 8,400
Genetics Institute Incorporated (a) 75 4,762
Genesis Health Ventures Incorporated (a) 75 2,353
Elan Corporation PLC ADR (a) 50 2,856
</TABLE>
The accompanying notes are an integral part of the financial statements
20
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
DRUGS & HEALTH CARE-(CONTINUED)
Guidant Corporation 225 $ 11,081
Gulf South Medical Supply Incorporated (a) 50 1,950
Health Management Associates Incorporated (a) 262 5,305
Health Management Systems Incorporated (a) 200 6,350
Healthcare Compare Corporation (a) 75 3,656
Healthsouth Corporation (a) 225 8,100
Jones Medical Industries Incorporated 75 2,494
Minimed Incorporated (a) 100 2,975
Orthodontic Centers of America Incorporated (a) 75 1,988
Parexel International Corporation (a) 75 3,619
Physician Reliance Network Incorporated (a) 100 2,225
Physician Sales & Service Incorporated (a) 100 2,425
Rexall Sundown Incorporated 50 1,350
Spine Tech Incorporated (a) 100 2,900
Tenet Healthcare Corporation (a) 175 3,741
Thermedics Incorporated (a) 100 2,500
Total Renal Care Holdings Incorporated (a) 100 4,225
United Dental Care Incorporated (a) 50 2,113
Universal Health Services Incorporated (a) 100 2,612
Veterinary Centers of America Incorporated (a) 100 2,238
122,536
ELECTRICAL EQUIPMENT-1.3%
Kent Electronics Corporation (a) 150 4,687
Millipore Corporation 100 4,188
Raychem Corporation 25 1,797
UCAR International Incorporated (a) 50 2,081
12,753
ELECTRONICS-5.7%
Adaptec Incorporated (a) 50 2,369
Aspect Telecommunications Corporation (a) 150 7,425
Aspen Technology Incorporated (a) 100 5,500
Atmel Corporation (a) 50 1,506
BMC Industries Incorporated 100 2,875
Cambridge Technology Partners Incorporated (a) 225 6,862
Checkpoint Systems Incorporated (a) 200 6,875
Hologic Incorporated (a) 200 8,850
Input/Output Incorporated (a) 100 3,238
Newbridge Networks Corporation (a) 25 1,638
Picturetel Corporation (a) 75 2,953
SCI Systems Incorporated (a) 50 2,031
Zygo Corporation (a) 100 4,375
56,497
FINANCIAL SERVICES-3.1%
Aames Financial Corporation 187 6,709
Concord EFS Incorporated (a) 50 1,775
Corporate Express Incorporated (a) 175 7,000
Finova Group Incorporated 150 7,312
First USA Paymentech Incorporated (a) 50 2,000
Green Tree Financial Corporation 100 3,125
</TABLE>
The accompanying notes are an integral part of the financial statements
21
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------ ------ -------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
FINANCIAL SERVICES-(CONTINUED)
Imperial Credit Industries Incorporated 50 $ 1,513
Money Store Incorporated 50 1,106
30,540
FOOD & BEVERAGES-0.2%
Coca-Cola Enterprises Incorporated 50 1,731
GAS EXPLORATION-1.9%
BJ Services Company (a) 100 3,513
Chesapeake Energy Corporation (a) 125 11,234
ENSCO International Incorporated (a) 50 1,625
Sonat Offshore Drilling Incorporated 50 2,525
18,897
HOMEBUILDERS-0.3%
Lennar Corporation 100 2,500
HOTELS & RESTAURANTS-2.6%
Boston Market Incorporated (a) 100 3,250
HFS Incorporated (a) 175 12,250
Mirage Resorts Incorporated (a) 125 6,750
Planet Hollywood International Incorporated (a) 50 1,350
Promus Hotel Corporation (a) 100 2,963
26,563
HOUSEHOLD APPLIANCES & HOME FURNISHINGS-0.4%
Harman International Industries Incorporated (New) 75 3,694
LSI Industries Incorporated 25 431
4,125
HOUSEHOLD PRODUCTS-0.6%
Snap-On Incorporated 50 2,369
USA Detergents Incorporated (a) 100 3,987
6,356
INDUSTRIAL MACHINERY-0.6%
United States Filter Corporation (a) 175 6,081
INSURANCE-1.7%
American Bankers Insurance Group Incorporated 25 1,091
American Travellers Corporation (a) 75 1,725
Compdent Corporation (a) 50 2,325
Exel Limited 100 7,050
TIG Holdings Incorporated 75 2,175
Vesta Insurance Group Incorporated 75 2,503
16,869
INVESTMENT COMPANIES-0.4%
CMAC Investment Corporation 75 4,313
LEISURE TIME-2.1%
Anchor Gaming (a) 100 6,025
Doubletree Corporation (a) 200 7,100
Regal Cinemas Incorporated (a) 175 8,006
21,131
</TABLE>
The accompanying notes are an integral part of the financial statements
22
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------- ------ -------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
MINING-0.4%
Diamond Offshore Drilling Incorporated (a) 75 $ 4,294
OFFICE FURNISHINGS & SUPPLIES-2.4%
Boise Cascade Office Products Corporation (a) 200 6,925
Staples Incorporated (a) 200 3,900
United States Office Products Company (a) 200 8,400
Viking Office Products Incorporated (a) 150 4,706
23,931
PAPER-0.3%
Pentair Incorporated 100 3,000
PETROLEUM SERVICES-1.7%
Baker Hughes Incorporated 75 2,466
Camco International Incorporated 75 2,541
Global Marine Incorporated 225 3,122
Marine Drilling Companies Incorporated (a) 100 1,012
Noble Drilling Corporation (a) 50 694
Pride Petroleum Services Incorporated (a) 100 1,425
Reading & Bates Corporation (a) 100 2,212
Rowan Companies Incorporated (a) 175 2,581
Smith International Incorporated (a) 25 753
16,806
POLLUTION CONTROL-1.7%
Sanifill Incorporated (a) 125 6,156
United Waste Systems Incorporated (a) 250 8,063
USA Waste Services Incorporated (a) 75 2,222
16,441
RETAIL GROCERY-1.1%
Richfood Holdings Incorporated 50 1,625
Safeway Incorporated (a) 50 1,650
Vons Companies Incorporated (a) 200 7,475
10,750
RETAIL TRADE-5.1%
Bed Bath & Beyond Incorporated (a) 225 6,019
Borders Group Incorporated (a) 275 8,869
Claire's Stores Incorporated 200 5,525
CompUSA Incorporated (a) 50 1,706
Consolidated Stores Corporation (a) 125 4,594
Gap Incorporated 100 3,212
Peoplesoft Incorporated (a) 25 1,781
Ross Stores Incorporated 225 7,819
Sunglass Hut International Incorporated (a) 100 2,438
Tiffany & Company 50 3,650
TJX Companies Incorporated (New) 75 2,531
Zale Corporation (a) 150 2,531
50,675
SAVINGS & LOAN-0.4%
Washington Mutual Incorporated 125 3,734
</TABLE>
The accompanying notes are an integral part of the financial statements
23
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------- ------ --------
<S> <C> <C>
COMMON STOCKS-(CONTINUED)
SOFTWARE-6.3%
BMC Software Incorporated (a) 100 $ 5,975
Cadence Design Systems Incorporated (a) 350 11,812
Computer Associates International Incorporated 25 1,781
GT Interactive Software Corporation (a) 50 838
INSO Corporation (a) 75 3,928
Integrated Systems Incorporated (a) 100 4,006
McAfee Associates Incorporated (a) 200 9,800
Parametric Technology Corporation (a) 75 3,253
Security Dynamics Technologies Incorporated (a) 50 4,113
Shiva Corporation (a) 75 6,000
Viasoft Incorporated (a) 150 9,694
Visio Corporation (a) 25 900
62,100
TELEPHONE-1.8%
ACC Corporation (a) 50 2,431
Cincinnati Bell Incorporated 150 7,819
Frontier Corporation 150 4,594
LCI International Incorporated (a) 100 3,137
17,981
TRUCKING & FREIGHT FORWARDING-0.6%
Tidewater Incorporated 125 5,484
TOTAL INVESTMENTS-(COST $808,955)-95.0% 944,484
OTHER ASSETS LESS LIABILITIES-5.0% 49,899
NET ASSETS-100.0% $994,383
</TABLE>
(a) Non-income producing security
ADR - American Depositary Receipt
*-Aggregate cost for Federal tax purposes. Aggregate gross unrealized
appreciation for all securities in which there is an excess of value over tax
cost and aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value were $152,933 and $17,404,
respectively, resulting in net unrealized appreciation of $135,529.
The accompanying notes are an integral part of the financial statements
24
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
BEA CREDIT ELITE-
GROWTH BLACKROCK SUISSE VALUE
AND MANAGED INTERNATIONAL ASSET
INCOME BOND EQUITY ALLOCATION
----------- ----------- --------------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (a) (Note 1) $2,631,854 $3,124,787 $ 2,417,999 $ 1,428,976
Cash, including foreign currency, at value 58 2,501 115,898 11,735
Receivable for securities sold 13,474 - 70,246 -
Receivable for variation margin on futures - 719 - -
Receivable for forward contracts (Note 5) - - 1,400 -
Interest receivable 13,746 25,223 - -
Dividends receivable 3,025 - 14,597 953
Receivable for fund shares sold 99 - 57 225
Receivable due from Adviser (Note 2) 48,741 20,436 57,305 19,599
----------- ----------- --------------- -----------
TOTAL ASSETS 2,710,997 3,173,666 2,677,502 1,461,488
LIABILITIES
Payable for securities purchased - - 93,884 -
Payable for forward currency contracts (Note 5) - - 2,037 -
Payable for fund shares sold 389 191 173 336
Trustees fees payable 1,335 1,376 1,335 1,376
Accounts payable and accrued expenses 46,692 18,158 56,475 16,029
----------- ----------- --------------- -----------
TOTAL LIABILITIES 48,416 19,725 153,904 17,741
----------- ----------- --------------- -----------
NET ASSETS $2,662,581 $3,153,941 $ 2,523,598 $ 1,443,747
=========== =========== =============== ===========
NET ASSETS CONSIST OF:
Par value (Note 4) $ 2,447 $ 3,292 $ 2,209 $ 1,332
Paid-in capital (Note 4) 2,481,184 3,280,647 2,229,213 1,357,677
Undistributed net investment income (2) - 904 -
Accumulated net realized gain (loss) on
investments, futures, and foreign currency
translations 72,343 (96,133) 115,543 9,305
Net unrealized appreciation (depreciation) of:
Investments 106,609 (32,180) 176,054 75,433
Futures - (1,685) - -
Foreign currency - - (325) -
----------- ----------- --------------- -----------
NET ASSETS $2,662,581 $3,153,941 $ 2,523,598 $ 1,443,747
=========== =========== =============== ===========
Shares outstanding at end of period 244,656 329,215 220,870 133,236
Net asset value per share $ 10.88 $ 9.58 $ 11.43 $ 10.84
(a) Investments in securities at cost $2,525,245 $3,156,967 $ 2,241,945 $ 1,353,543
</TABLE>
The accompanying notes are an integral part of the financial statements
25
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
SALOMON VAN KAMPEN
GLOBAL GLOBAL BROTHERS AMERICAN
ADVISORS ADVISORS U.S. CAPITAL
GROWTH MONEY GOVERNMENT EMERGING
EQUITY MARKET SECURITIES GROWTH
---------- --------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (a) (Note 1) $2,573,221 $ 783,242 $ 2,262,250 $ 944,484
Cash, including foreign currency, at value 911 349 605 43,707
Receivable for securities sold - - - 5,342
Interest receivable - - 30,981 -
Dividends receivable 4,836 - - 203
Receivable for fund shares sold - 51,784 - 287
Receivable due from Adviser (Note 2) 44,762 39,920 17,020 33,308
---------- --------- ------------ ------------
TOTAL ASSETS 2,623,730 875,295 2,310,856 1,027,331
LIABILITIES
Payable for securities purchased - - 100,641 1,443
Payable for fund shares repurchased 304 627 212 631
Trustees fees payable 1,342 1,335 1,376 1,376
Accounts payable and accrued expenses 41,894 33,945 14,227 29,498
---------- --------- ------------ ------------
TOTAL LIABILITIES 43,540 35,907 116,456 32,948
---------- --------- ------------ ------------
NET ASSETS $2,580,190 $ 839,388 $ 2,194,400 $ 994,383
========== ========= ============ ============
NET ASSETS CONSIST OF:
Par value (Note 4) $ 2,293 $ 8,394 $ 2,274 $ 834
Paid-in capital (Note 4) 2,319,675 830,994 2,265,251 873,334
Accumulated net realized gain (loss) on
investments and foreign currency
translations 37,296 - (43,979) (15,314)
Net unrealized appreciation (depreciation) of:
Investments 220,926 - (29,146) 135,529
---------- --------- ------------ ------------
NET ASSETS $2,580,190 $ 839,388 $ 2,194,400 $ 994,383
========== ========= ============ ============
Shares outstanding at end of period 229,274 839,388 227,359 83,422
Net asset value per share $ 11.25 $ 1.00 $ 9.65 $ 11.92
(a) Investments in securities at cost $2,352,295 $ 783,242 $ 2,291,396 $ 808,955
</TABLE>
The accompanying notes are an integral part of the financial statements
26
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1996* (UNAUDITED)
BEA CREDIT ELITE-
GROWTH BLACKROCK SUISSE VALUE
AND MANAGED INTERNATIONAL ASSET
INCOME BOND EQUITY ALLOCATION
--------- ----------- --------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 35,780 $ 88,988 $ 461 $ 4,527
Dividend income** 11,101 - 23,701 9,335
--------- ----------- --------------- ------------
TOTAL INVESTMENT INCOME 46,881 88,988 24,162 13,862
EXPENSES
Investment Advisory fees (Note 2) 8,802 8,205 10,159 3,882
Sub-administration fees 29,533 29,304 29,502 28,755
Audit fees 3,514 3,615 3,514 3,615
Custodian fees and expenses 10,445 5,646 12,971 4,514
Trustee's fees (Note 2) 3,359 3,399 3,359 3,399
Legal fees 3,733 3,805 3,732 3,805
Transfer agent fees 887 1,400 753 1,170
Registration and filing fees 184 49 183 49
Miscellaneous expenses 20 9 2 9
--------- ----------- --------------- ------------
Total operating expenses before
waivers and reimbursements 60,477 55,432 64,175 49,198
Fees waived and expenses reimbursed (Note 2) (56,590) (53,641) (59,769) (48,481)
--------- ----------- --------------- ------------
NET EXPENSES 3,887 1,791 4,406 717
--------- ----------- --------------- ------------
NET INVESTMENT INCOME 42,994 87,197 19,756 13,145
--------- ----------- --------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments and future contracts 93,888 (96,133) 109,184 9,305
Foreign currency transactions - - 7,194 -
Net change in unrealized
appreciation (depreciation) of:
Investments (7,650) (32,180) 106,845 75,433
Futures - (1,685) - -
Foreign currency - - 853 -
--------- ----------- --------------- ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) 86,238 (129,998) 224,076 84,738
--------- ----------- --------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $129,232 $ (42,801) $ 243,832 $ 97,883
========= =========== =============== ============
** Net of foreign withholding taxes of $ 150 $ 209 $ 3,755 $ -
========= =========== =============== ============
</TABLE>
* The Managed Bond Portfolio and the Asset Allocation Portfolio commenced
investment operations on January 2, 1996.
The accompanying notes are an integral part of the financial statements
27
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1996* (UNAUDITED)
SALOMON VAN KAMPEN
GLOBAL GLOBAL BROTHERS AMERICAN
ADVISORS ADVISORS U.S. CAPITAL
GROWTH MONEY GOVERNMENT EMERGING
EQUITY MARKET SECURITIES GROWTH
---------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 1,012 $ 12,251 $ 50,162 $ 2,281
Dividend income 26,040 - - 1,316
---------- ---------- ------------ ------------
TOTAL INVESTMENT INCOME 27,052 12,251 50,162 3,597
EXPENSES
Investment Advisory fees (Note 2) 7,128 1,048 3,895 3,006
Sub-administration fees 29,531 28,591 24,523 28,656
Audit fees 3,514 3,514 3,615 3,624
Custodian fees and expenses 6,494 1,063 2,517 18,019
Trustee's fees (Note 2) 3,365 3,359 3,399 3,399
Legal fees 3,733 3,733 3,805 3,805
Transfer agent fees 844 1,218 920 1,228
Registration and filing fee 184 184 49 49
Miscellaneous expenses 20 19 9 9
---------- ---------- ------------ ------------
Total operating expenses before
waivers and reimbursements 54,813 42,729 42,732 61,795
Fees waived and expenses reimbursed (Note 2) (51,622) (42,172) (41,748) (61,314)
---------- ---------- ------------ ------------
NET EXPENSES 3,191 557 984 481
---------- ---------- ------------ ------------
NET INVESTMENT INCOME 23,861 11,694 49,178 3,116
---------- ---------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 44,734 - (43,979) (15,314)
Net change in unrealized
appreciation (depreciation) of:
Investments 152,146 - (29,146) 135,529
---------- ---------- ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) 196,880 - (73,125) 120,215
---------- ---------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 220,741 $ 11,694 $ (23,947) $ 123,331
========== ========== ============ ============
</TABLE>
* The U.S. Government Securities Portfolio and the Emerging Growth Portfolio
commenced investment operations on February 6, 1996 and January 2, 1996,
respectively.
The accompanying notes are an integral part of the financial statements
28
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BLACKROCK
MANAGED CREDIT
BEA GROWTH AND INCOME BOND INTERNATIONAL
--------------- -------------- ---------------- ---------------
SIX MONTHS PERIOD PERIOD SIX MONTHS
ENDED ENDED ENDED ENDED
JUNE 30, 1996 DECEMBER 31, JUNE 30, 1996* JUNE 30, 1996
(UNAUDITED) 1995* (UNAUDITED) (UNAUDITED)
--------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net investment income $ 42,994 $ 28,948 $ 87,197 $ 19,756
Net realized gain (loss) on:
Investments 93,888 (11,754) (96,133) 109,184
Foreign currency transactions - - - 7,194
Net change in unrealized appreciation
(depreciation) of:
Investments and futures (7,650) 114,259 (33,865) 106,845
Foreign currency - - - 853
--------------- -------------- ---------------- ---------------
Net increase in net assets resulting
from operations 129,232 131,453 (42,801) 243,832
Distributions to shareholders:
From net investment income (42,996) (28,948) (87,197) (18,574)
In excess of net realized gains - (9,791) - -
Fund share transactions (Note 4) 440,026 2,043,605 3,283,939 215,316
--------------- -------------- ---------------- ---------------
Total increase in net assets 526,262 2,136,319 3,153,941 440,574
NET ASSETS:
Beginning of period 2,136,319 - - 2,083,024
--------------- -------------- ---------------- ---------------
END OF PERIOD (A) $ 2,662,581 $ 2,136,319 $ 3,153,941 $ 2,523,598
=============== ============== ================ ===============
(a) Including undistributed (overdistributed)
net investment income $ (2) $ - $ 0 $ 905
=============== ============== ================ ===============
ELITEVALUE
SUISSE ASSET
EQUITY ALLOCATION
-------------- ----------------
PERIOD PERIOD
ENDED ENDED
DECEMBER 31, JUNE 30, 1996*
1995* (UNAUDITED)
-------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net investment income $ 11,681 $ 13,145
Net realized gain (loss) on:
Investments (669) 9,305
Foreign currency transactions (444) -
Net change in unrealized appreciation
(depreciation) of:
Investments and futures 69,209 75,433
Foreign currency (1,178) -
-------------- ----------------
Net increase in net assets resulting
from operations 78,599 97,883
Distributions to shareholders:
From net investment income (11,681) (13,145)
In excess of net realized gains - -
Fund share transactions (Note 4) 2,016,106 1,359,009
-------------- ----------------
Total increase in net assets 2,083,024 1,443,747
NET ASSETS:
Beginning of period - -
-------------- ----------------
END OF PERIOD (A) $ 2,083,024 $ 1,443,747
============== ================
(a) Including undistributed (overdistributed)
net investment income $ - $ -
============== ================
<FN>
* The Growth and Income Portfolio and the International Equity Portfolio commenced investment operations on October
20, 1995, and the Managed Bond Portfolio and the Asset Allocation Portfolio commenced investment operations on
January 2, 1996.
</TABLE>
The accompanying notes are an integral part of the financial statements
29
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
SALOMON
BROTHERS
U.S.
GLOBAL ADVISORS GLOBAL ADVISORS GOVERNMENT
GROWTH EQUITY MONEY MARKET SECURITIES
--------------- -------------- --------------- -------------- ----------------
SIX MONTHS PERIOD SIX MONTHS PERIOD PERIOD
ENDED ENDED ENDED ENDED ENDED
JUNE 30, 1996 DECEMBER 31, JUNE 30, 1996 DECEMBER 31, JUNE 30, 1996*
(UNAUDITED) 1995* (UNAUDITED) 1995* (UNAUDITED)
--------------- -------------- --------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net investment income $ 23,861 $ 10,034 $ 11,694 $ 1,234 $ 49,178
Net realized gain (loss) on:
Investments 44,734 (7,438) - - (43,979)
Net change in unrealized appreciation of
investments 152,146 68,780 - - (29,146)
--------------- -------------- --------------- -------------- ----------------
Net increase in net assets resulting
from operations 220,741 71,376 11,694 1,234 (23,947)
Distributions to shareholders
from net investment income (23,861) (10,034) (11,694) (1,234) (49,178)
Fund share transactions (Note 4) 310,671 2,011,297 713,109 126,279 2,267,525
--------------- -------------- --------------- -------------- ----------------
Total increase in net assets 507,551 2,072,639 713,109 126,279 2,194,400
NET ASSETS:
Beginning of period 2,072,639 - 126,279 - -
--------------- -------------- --------------- -------------- ----------------
END OF PERIOD $ 2,580,190 $ 2,072,639 $ 839,388 $ 126,279 $ 2,194,400
=============== ============== =============== ============== ================
VAN KAMPEN
AMERICAN
CAPITAL
EMERGING
GROWTH
----------------
PERIOD
ENDED
JUNE 30, 1996*
(UNAUDITED)
----------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net investment income $ 3,116
Net realized gain (loss) on:
Investments (15,314)
Net change in unrealized appreciation of
investments 135,529
----------------
Net increase in net assets resulting
from operations 123,331
Distributions to shareholders
from net investment income (3,116)
Fund share transactions (Note 4) 874,168
----------------
Total increase in net assets 994,383
NET ASSETS:
Beginning of period -
----------------
END OF PERIOD $ 994,383
================
<FN>
* The Growth Equity Portfolio, Money Market Portfolio, U.S. Government Securities Portfolio and Emerging Growth Portfolio
commenced investment operations on October 20, 1995, October 10,1995, February 6, 1996 and January 2, 1996, respectively.
</TABLE>
The accompanying notes are an integral part of the financial statements
30
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
BlackRock Credit Suisse
BEA Growth and Income Managed Bond International Equity
--------------- -------------- ---------------- --------------- --------------
Six Months Period Period Six Months Period
Ended Ended Ended Ended Ended
June 30, 1996 December 31, June 30, 1996* June 30, 1996 December 31,
(unaudited) 1995* (unaudited) (unaudited) 1995*
--------------- -------------- ---------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE
Net asset value, beginning of period $ 10.46 $ 10.00 $ 10.00 $ 10.33 $ 10.00
--------------- -------------- ---------------- --------------- --------------
INVESTMENT OPERATIONS
Net investment income (1) 0.18 0.14 0.27 0.15 0.06
Net realized and
unrealized gain (loss) 0.42 0.51 (0.42) 1.03 0.33
--------------- -------------- ---------------- --------------- --------------
Total from investment operations 0.60 0.65 (0.15) 1.18 0.39
--------------- -------------- ---------------- --------------- --------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (0.18) (0.14) (0.27) (0.08) (0.06)
In excess of net realized gains 0.00 (0.05) 0.00 0.00 0.00
--------------- -------------- ---------------- --------------- --------------
Total distributions
to shareholders (0.18) (0.19) (0.27) (0.08) (0.06)
--------------- -------------- ---------------- --------------- --------------
Net asset value, end of period $ 10.88 $ 10.46 $ 9.58 $ 11.43 $ 10.33
=============== ============== ================ =============== ==============
TOTAL RETURN (2) 5.71% 6.57% (1.47)% 11.38% 3.93%
RATIOS AND SUPPLEMENTAL
DATA
Expenses to average
net assets (3) (4) 0.33% 0.12% 0.12% 0.39% 0.12%
Net investment income to
average net assets (4) 3.66% 6.99% 5.85% 1.75% 2.89%
Portfolio turnover rate (5) 66% 75% 428% 46% 2%
Average commission rate (6) $ 0.0599 $ 0.0623 - $ 0.0124 $ 0.0371
Net assets, end of period (000's) $ 2,663 $ 2,136 $ 3,154 $ 2,524 $ 2,083
EliteValue
Asset Allocation
------------------
Period
Ended
June 30, 1996*
(unaudited)
------------------
<S> <C>
NET ASSET VALUE
Net asset value, beginning of period $ 10.00
------------------
INVESTMENT OPERATIONS
Net investment income (1) 0.10
Net realized and
unrealized gain (loss) 0.84
------------------
Total from investment operations 0.94
------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (0.10)
In excess of net realized gains 0.00
------------------
Total distributions
to shareholders (0.10)
------------------
Net asset value, end of period $ 10.84
==================
TOTAL RETURN (2) 9.36%
RATIOS AND SUPPLEMENTAL
DATA
Expenses to average
net assets (3) (4) 0.12%
Net investment income to
average net assets (4) 2.20%
Portfolio turnover rate (5) 9%
Average commission rate (6) $ 0.0534
Net assets, end of period (000's) $ 1,444
<FN>
* The Growth and Income and International Equity Portfolios commenced investment operations on October 20, 1995, and the
Managed Bond and Asset Allocation Portfolios commenced investment operations on January 2, 1996.
(1) Net investment income is after waiver of fees and reimbursement of certain expenses by the Investment Adviser, the
Sub-administrator and Western National Life Insurance Company, an affiliate of the Adviser (see Note 2 to the financial
statements). If the Investment Adviser and the Sub-administrator had not waived fees and Western National Life Insurance
Company had not reimbursed expenses for the periods ended June 30, 1996, and December 31, 1995, net investment income
(loss) per share would have been $(0.06) and $(0.06) for the Growth and Income Portfolio, respectively, and $(0.31) and
$(0.18) for the International Equity Portfolio, respectively. For the period ended June 30,1996, the net investment
income (loss) per share would have been $0.10 and $(0.27) for the Managed Bond and Asset Allocation Portfolios,
respectively.
(2) Total return represents aggregate total return for the period indicated and is not annualized.
(3) If the Investment Adviser and the Sub-administrator had not waived fees and Western National Life Insurance Company
had not reimbursed expenses for the periods ended June 30, 1996, and December 31, 1995, the ratio of operating expenses
to average net assets would have been 5.15% and 9.95% for the Growth and Income Portfolio, respectively, and 5.69% and
11.83% for the International Equity Portfolio, respectively. For the period ended June 30,1996, the ratio of operating
expenses to average net assets would have been 3.72% and 8.24% for the Managed Bond and Asset Allocation Portfolios,
respectively.
(4) Annualized.
(5) Not annualized.
(6) Represents the average commission rate paid on equity security transactions on which commissions are charged.
</TABLE>
The accompanying notes are an integral part of the financial statements
31
<PAGE>
<TABLE>
<CAPTION>
WNL SERIES TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
SALOMON BROTHERS
GLOBAL ADVISORS GLOBAL ADVISORS U.S. GOVERNMENT
GROWTH EQUITY MONEY MARKET SECURITIES
--------------- -------------- --------------- -------------- ------------------
Six Months Period Six Months Period Period
Ended Ended Ended Ended Ended
June 30, 1996 December 31, June 30, 1996 December 31, June 30, 1996*
(unaudited) 1995* (unaudited) 1995* (unaudited)
--------------- -------------- --------------- -------------- ------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE
Net asset value, beginning of period $ 10.31 $ 10.00 $ 1.00 $ 1.00 $ 10.00
--------------- -------------- --------------- -------------- ------------------
INVESTMENT OPERATIONS
Net investment income (1) 0.11 0.05 0.02 0.01 0.22
Net realized and
unrealized gain (loss) 0.94 0.31 0.00 0.00 (0.35)
--------------- -------------- --------------- -------------- ------------------
Total from investment operations 1.05 0.36 0.02 0.01 (0.13)
--------------- -------------- --------------- -------------- ------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (0.11) (0.05) (0.02) (0.01) (0.22)
--------------- -------------- --------------- -------------- ------------------
Net asset value, end of period $ 11.25 $ 10.31 $ 1.00 $ 1.00 $ 9.65
=============== ============== =============== ============== ==================
TOTAL RETURN (2) 10.21% 3.57% 2.47% 1.17% (1.27)%
RATIOS AND SUPPLEMENTAL
DATA
Expenses to average
net assets (3) (4) 0.27% 0.12% 0.24% 0.12% 0.12%
Net investment income to
average net assets (4) 2.04% 2.46% 5.02% 5.25% 6.00%
Portfolio turnover rate (5) 32% 9% N/A N/A 217%
Average commission rate (6) $ 0.0373 $ 0.0226 - - -
Net assets, end of period (000's) $ 2,580 $ 2,073 $ 839 $ 126 $ 2,194
VAN KAMPEN
AMERICAN CAPITAL
EMERGING GROWTH
------------------
Period
Ended
June 30, 1996*
(unaudited)
------------------
<S> <C>
NET ASSET VALUE
Net asset value, beginning of period $ 10.00
------------------
INVESTMENT OPERATIONS
Net investment income (1) 0.04
Net realized and
unrealized gain (loss) 1.92
------------------
Total from investment operations 1.96
------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (0.04)
------------------
Net asset value, end of period $ 11.92
==================
TOTAL RETURN (2) 19.57%
RATIOS AND SUPPLEMENTAL
DATA
Expenses to average
net assets (3) (4) 0.12%
Net investment income to
average net assets (4) 0.78%
Portfolio turnover rate (5) 62%
Average commission rate (6) $ 0.0509
Net assets, end of period (000's) $ 994
<FN>
* The Growth Equity Portfolio, Money Market Portfolio, U.S. Government Securities Portfolio and Emerging Growth Portfolio
commenced operations on October 20, 1995, October 10, 1995, February 6, 1996 and January 2, 1996, respectively.
(1) Net investment income is after waiver of fees and reimbursement of certain expenses by the Investment Adviser, the
Sub-administrator and Western National Life Insurance Company, an affiliate of the Adviser (see Note 2 to the financial
statements). If the Investment Adviser and the Sub-administrator had not waived fees and Western National Life Insurance
Company had not reimbursed expenses for the periods ended June 30, 1996, and December 31, 1995, net investment income
(loss) per share would have been $(0.12) and $(0.15) for the Growth Equity Portfolio, respectively, and $(0.06) and $(0.35)
for the Money Market Portfolio, respectively. For the period ended June 30,1996, the net investment income (loss) per
share would have been $0.03 and $(0.70) for the U.S. Government Securities and Emerging Growth Portfolios, respectively.
(2) Total return represents aggregate total return for the period indicated and is not annualized.
(3) If the Investment Adviser and the Sub-administrator had not waived fees and Western National Life Insurance Company had
not reimbursed expenses for the periods ended June 30, 1996, and December 31, 1995, the ratio of operating expenses to
average net assets would have been 4.69% and 9.94% for the Growth Equity Portfolio, respectively, and 18.36% and 161.83%
for the Money Market Portfolio, respectively. For the period ended June 30, 1996, the ratio of operating expenses to
average net assets would have been 5.21% and 15.42% for the U.S. Government Securities and Emerging Growth Portfolios,
respectively.
(4) Annualized.
(5) Not annualized.
(6) Represents the average commission rate paid on equity security transactions on which commissions are charged.
</TABLE>
The accompanying notes are an integral part of the financial statements
32
<PAGE>
WNL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
WNL Series Trust (the "Trust") is an open-end, diversified series management
investment company which currently offers shares of beneficial interest in
eight series (the "Portfolios"), each of which has a different investment
objective and represents the entire interest in a separate portfolio of
investments. The Portfolios are: BEA Growth and Income Portfolio (the
"Growth and Income Portfolio"), BlackRock Managed Bond Portfolio (the "Managed
Bond Portfolio"), Credit Suisse International Equity Portfolio (the
"International Equity Portfolio"), EliteValue Asset Allocation Portfolio (the
"Asset Allocation Portfolio"), Global Advisors Growth Equity Portfolio (the
"Growth Equity Portfolio"), Global Advisors Money Market Portfolio (the "Money
Market Portfolio"), Salomon Brothers U.S. Government Securities Portfolio (the
"U.S. Government Securities Portfolio"), and Van Kampen American Capital
Emerging Growth Portfolio (the "Emerging Growth Portfolio"). The Portfolios
are currently available to the public only through variable annuity contracts
("VA Contracts") issued by Western National Life Insurance Company (the "Life
Company"), a wholly-owned subsidiary of Western National Corporation. The
preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates. The following is a summary
of significant accounting policies followed by each Portfolio in the
preparation of its financial statements in accordance with generally accepted
accounting principles.
(A) VALUATION OF SECURITIES - All securities are valued as of the close of
regular trading on the New York Stock Exchange (normally 4:00 p.m. New York
time). Securities traded on a national securities exchange or quoted on the
NASDAQ National Market System are valued at their last-reported sale price on
the principal exchange or reported by NASDAQ or, if there is no reported sale,
and in the case of over-the-counter securities not included in the NASDAQ
National Market System, at a bid price estimated by a broker or dealer. Debt
securities, including zero-coupon securities, and certain foreign securities
will be valued by a pricing service approved by the Trustees. Other foreign
securities will be valued by the Trust's custodian. The value of a foreign
security is determined in its national currency as of the close of trading on
the foreign exchange on which it is traded or as of 4:00 p.m. New York time,
if that is earlier, and that value is then converted into its U.S. dollar
equivalent at the foreign exchange rate in effect at noon, New York time, on
the day the value of the foreign security is determined. Securities for which
current market quotations are not readily available and all other assets are
valued at fair value as determined in good faith by the Trustees.
The Money Market Portfolio values all securities using the amortized cost
method which approximates market value. Under this method, which does not
take into account unrealized securities gains or losses, an instrument is
initially valued at its cost and thereafter assumes a constant amortization or
accretion to maturity of any discount or premium.
(B) REPURCHASE AGREEMENTS - A repurchase agreement is a contract under which
the Portfolio acquires a security for a relatively short period (usually not
more than a week) subject to the obligation of the seller to repurchase and
the Portfolio to resell such security at a fixed time and price. The
collateral for such agreements will be held by the Portfolio's custodian. The
Portfolio will enter into repurchase agreements only with banks and
broker-dealers that have been determined to be creditworthy by the Trust's
Board of Trustees. The seller under a repurchase agreement would be required
to maintain the value of the obligations subject to the repurchase agreement
at not less than the repurchase price. Default by the seller would expose the
Portfolio to possible loss because of adverse market action or delay in
connection with the disposition of the underlying obligations. In addition,
if bankruptcy proceedings are commenced with respect to the seller of the
obligations, the Portfolio may be delayed or limited in its ability to sell
the collateral.
(C) FOREIGN INVESTMENTS - Certain Portfolios may invest in securities of
foreign issuers. There are certain risks involved in investing in foreign
securities, including those resulting from fluctuations in currency exchange
rates, devaluation of currencies, future political or economic developments
and the possible imposition of currency exchange blockages or other foreign
governmental laws or restrictions, reduced availability of public information
concerning issuers, and the fact that foreign companies are not generally
subject to uniform accounting, auditing and financial reporting standards or
to other regulatory practices and requirements comparable to those applicable
to domestic companies. The Portfolios' foreign investments
33
<PAGE>
may be less liquid and their prices may be more volatile than comparable
investments in securities of U.S. companies.
(D) FOREIGN CURRENCY EXCHANGE TRANSACTIONS - Certain Portfolios may engage in
foreign currency exchange transactions. Portfolios may enter into foreign
currency exchange transactions to convert to and from different foreign
currencies. A Portfolio can either enter into these transactions on a spot
(i.e., cash) basis at the spot rate prevailing in the foreign currency
exchange market, or use forward contracts to purchase or sell foreign
currencies. Realized and unrealized gains and losses arising from such
transactions are included in net realized and unrealized gains and losses from
foreign currency related transactions.
A forward foreign exchange contract is an obligation by a Portfolio to
purchase or sell a specific currency at a future date. The Portfolio
maintains with its custodian, in a segregated account, high-grade liquid
assets in an amount at least equal to its obligations under each contract.
Neither spot transactions nor forward foreign currency exchange contracts
eliminate fluctuations in the prices of the Portfolio's securities or in
foreign exchange rates, or prevent loss if the prices of these securities
should decline.
A Portfolio may enter into foreign currency exchange transactions for hedging
purposes as well as for non-hedging purposes. Transactions are entered into
for hedging purposes in an attempt to protect against changes in foreign
currency exchange rates that would adversely affect a portfolio position or an
anticipated portfolio position. Although these transactions tend to minimize
the risk of loss due to a decline in the value of the hedged currency, at the
same time they tend to limit any potential gain that might be realized should
the value of the hedged currency increase.
A Portfolio may enter into foreign currency exchange transactions for other
than hedging purposes which present greater profit potential but also involves
increased risk.
(E) FOREIGN CURRENCY - The books and records of the Trust are maintained in
U.S. dollars. Foreign currencies, investments and other assets and
liabilities are translated into U.S. dollars at the exchange rates prevailing
at the end of the period, and purchases and sales of investment securities,
income and expenses are translated on the respective dates of such
transactions. The eligible Portfolios do not isolate that portion of the
results of operations from changes in foreign exchange rates on investments
from the fluctuations arising from changes in market prices of securities
held. Such fluctuations are included with net realized and unrealized gain or
loss from investments. Foreign exchange gain (loss) is treated as ordinary
income for federal income tax purposes to the extent constituting "Section 988
Transactions" pursuant to the Internal Revenue Code, including currency gains
(losses) related to the sale of debt securities, forward foreign currency
exchange contracts, payments of liabilities, and collections of receivables.
(F) FUTURES CONTRACTS - Certain Portfolios may enter into futures contracts.
Upon entering into a futures contract, the Portfolio is required to deposit
with the broker an amount of cash or cash equivalents equal to a certain
percentage of the contract amount. This is known as the initial margin.
Subsequent payments ("variation margin") are made or received by the Portfolio
each day, depending on the daily fluctuation of the value of the contract.
The daily changes in the contract are recorded as unrealized gains or losses.
The Portfolio recognizes a realized gain or loss when the contract is closed.
The use of futures contracts as a hedging device involves several risks. The
change in value of futures contracts primarily corresponds with the value of
their underlying instruments, which may not correlate with the change in value
of the hedged investments. In addition, the Portfolio may not be able to
enter into a closing transaction because of an illiquid secondary market.
(G) SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions
are recorded as of the trade date. Realized gains and losses on sales of
investments are recorded on the identified cost basis. Interest income is
recorded daily on the accrual basis. Dividend income is recorded on the
ex-date.
(H) EXPENSE ALLOCATION - Expenses with respect to any two or more Portfolios
may be allocated in proportion to the net assets of the respective Portfolios
except where allocations of direct expenses can otherwise be fairly made.
34
<PAGE>
(I) DIVIDENDS AND DISTRIBUTIONS - The Money Market Portfolio will declare a
dividend of its net ordinary income daily and distribute such dividend
monthly. Each of the other Portfolios will declare and distribute dividends
from net ordinary income at least annually and will distribute its net
realized capital gains, if any, at least annually.
Income dividends and capital gain distributions are determined in accordance
with Federal tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by the
Portfolios, timing differences and differing characterization of distributions
made by the Portfolios. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, each
Portfolio may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Portfolio.
(J) FEDERAL INCOME TAXES - Each Portfolio of the Trust intends to qualify and
elects to be treated as a regulated investment company that is taxed under the
rules of Subchapter M of the Internal Revenue Code. As an electing regulated
investment company, a Portfolio will not be subject to federal income tax on
its net ordinary income and net realized capital gains to the extent such
income and gains are distributed to the separate account of the Life Company
which holds its shares.
2. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under an Investment Advisory Agreement (the "Agreement"), WNL Investment
Advisory Services, Inc. (the "Adviser"), a subsidiary of Western National
Corporation, manages the business and affairs of the Portfolios and the Trust,
subject to the control of the Trustees. Under the Agreement, the Adviser is
obligated to formulate a continuing program for the investment of the assets
of each Portfolio of the Trust in a manner consistent with each Portfolio's
investment objectives, policies and restrictions and to determine from time to
time securities to be purchased, sold, retained or lent by the Trust and to
implement those decisions. The Agreement also provides that the Adviser shall
provide such services required for effective administration of the Trust.
As full compensation for its services under the Agreement, the Trust will pay
the Adviser a monthly fee at the following rates based on the average daily
net assets of each Portfolio:
<TABLE>
<CAPTION>
<S> <C>
BEA Growth and Income 0.75%
BlackRock Managed Bond 0.55%
Credit Suisse International Equity 0.90%
EliteValue Asset Allocation 0.65%
Global Advisors Growth Equity 0.61%
Global Advisors Money Market 0.45%
Salomon Brothers U.S. Government Securities 0.475%
Van Kampen American Capital Emerging Growth 0.75%
</TABLE>
The Adviser has agreed to waive its advisory fee for each of the Portfolios
for the initial six months of each Portfolio's investment operations.
Additionally, the Adviser has agreed to waive that portion of its advisory fee
which is in excess of the amount payable by the Adviser to each Sub-adviser
pursuant to the respective sub-advisory agreements for each Portfolio until
May 1, 1997. The Adviser pays each Sub-adviser the following fees:
<TABLE>
<CAPTION>
<S> <C>
BEA Growth and Income 0.50%
BlackRock Managed Bond 0.30%
Credit Suisse International Equity 0.65%
EliteValue Asset Allocation 0.40%
Global Advisors Growth Equity 0.36%
Global Advisors Money Market 0.20%
Salomon Brothers U.S. Government Securities 0.225%
Van Kampen American Capital Emerging Growth 0.50%
</TABLE>
35
<PAGE>
In addition, Western National Life Insurance Company, an affiliate of the
Adviser, has undertaken to bear until May 1, 1997, all operating expenses of
each Portfolio, excluding the compensation of the Adviser, that exceed 0.12%
of each Portfolio's average daily net assets.
In accordance with each Portfolio's investment objective and policies and
under the supervision of the Adviser and the Trust's Board of Trustees, each
Portfolio's Sub-adviser is responsible for the day-to-day investment
management of the Portfolio, to make investment decisions for the Portfolio
and to place orders on behalf of the Portfolio to effect the investment
decisions made as provided in separate Sub-advisory Agreements. The
Sub-advisers to the Portfolios are: BEA Associates for the Growth and Income
Portfolio; BlackRock Financial Management, Inc., for the Managed Bond
Portfolio; Credit Suisse Investment Management, Ltd. for the International
Equity Portfolio; OpCap Advisors for the Asset Allocation Portfolio; State
Street Global Advisors for the Growth Equity and Money Market Portfolios;
Salomon Brothers Asset Management Inc. for the U.S. Government Securities
Portfolio; and Van Kampen American Capital Asset Management, Inc. for the
Emerging Growth Portfolio. The Sub-advisers receive their fees directly from
the Adviser, and receive no compensation from the Trust.
The Trust's Sub-administrator, custodian, transfer and dividend-paying agent
is State Street Bank and Trust Company.
For the period ended June 30, 1996, the Adviser waived advisory fees, the
Sub-administrator waived Sub-administration fees, and Western National Life
Insurance Company reimbursed operating expenses as follows:
<TABLE>
<CAPTION>
Advisory Sub-
Fees administration Expenses
Waived Fees Waived Reimbursed Total
--------- --------------- ----------- -------
<S> <C> <C> <C> <C>
BEA Growth and Income $ 6,327 $ 25,000 $ 25,263 $56,590
BlackRock Managed Bond 8,205 25,000 20,436 53,641
Credit Suisse International Equity 7,089 25,000 27,680 59,769
EliteValue Asset Allocation 3,882 25,000 19,599 48,481
Global Advisors Growth Equity 5,340 25,000 21,282 51,622
Global Advisors Money Market 770 25,000 16,402 42,172
Salomon Brothers U.S. Government
Securities 3,895 20,833 17,020 41,748
Van Kampen American Capital
Emerging Growth 3,006 25,000 33,308 61,314
</TABLE>
WNL Brokerage Services, Inc., a subsidiary of Western National Corporation, is
the distributor and underwriter of the VA Contracts.
Each Trustee of the Trust who is not an interested person of the Trust or
Adviser or Sub-adviser receives an annual fee of $7,500 and an additional fee
of $750 for each Trustees' meeting attended. In addition, disinterested
Trustees who are members of any Board committees will receive a separate $750
fee for attendance at any committee meeting that is held on a day on which no
Board meeting is held.
3. SECURITY TRANSACTIONS
The aggregate cost of purchases and proceeds from sales of securities,
excluding short-term investments, for the period ended June 30, 1996 were as
follows:
36
<PAGE>
<TABLE>
<CAPTION>
U.S. U.S.
Government Proceeds Government
Purchases Purchases from Sales Sales
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
BEA Growth and Income $1,210,307 $ 606,418 $ 847,374 $ 617,220
BlackRock Managed Bond 1,059,591 11,170,245 218,721 9,354,461
Credit Suisse International Equity 1,402,221 - 1,014,609 -
EliteValue Asset Allocation 1,180,731 98,913 84,509 -
Global Advisors Growth Equity 1,021,885 - 731,734 14,588
Global Advisors Money Market - - - -
Salomon Brothers U.S. Government
Securities - 5,414,013 - 3,212,329
Van Kampen American Capital
Emerging Growth 1,227,177 5,229 402,604 5,471
</TABLE>
4. SHARES OF BENEFICIAL INTEREST
The Trust has an unlimited authorized number of shares of beneficial interest
with a par value of
$0.01. The tables below summarize transactions in Trust shares.
<TABLE>
<CAPTION>
BEA GROWTH AND INCOME PORTFOLIO
SIX MONTHS ENDED JUNE 30, 1996 PERIOD ENDED DECEMBER 31, 1995**
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Capital stock sold 37,365 $ 406,042 200,461 $ 2,004,865
Capital stock issued upon
reinvestment of
dividends and distributions 3,951 42,996 3,702 38,740
Capital stock redeemed (823) (9,012) - -
- ----------------------------- ----------------- ---------------- ---------------- --------------------
Net increase 40,493 $ 440,026 204,163 $ 2,043,605
============================= ================= ================ ================ ====================
</TABLE>
<TABLE>
<CAPTION>
BLACKROCK MANAGED BOND PORTFOLIO
PERIOD ENDED JUNE 30, 1996#
SHARES AMOUNT
<S> <C> <C>
Capital stock sold 320,342 $ 3,198,989
Capital stock issued upon
reinvestment of dividends
and distributions 9,102 87,197
Capital stock redeemed (229) (2,247)
Net increase 329,215 $ 3,283,939
=========================== ================== ================
</TABLE>
<TABLE>
<CAPTION>
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SIX MONTHS ENDED JUNE 30, 1996 PERIOD ENDED DECEMBER 31, 1995**
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Capital stock sold 18,328 $ 204,007 200,429 $ 2,004,424
Capital stock issued upon
reinvestment of dividends
and distributions 1,626 18,574 1,131 11,682
Capital stock redeemed (644) (7,265) - -
Net increase 19,310 $ 215,316 201,560 $ 2,016,106
=========================== ================= =============== ============ ====================
</TABLE>
37
<PAGE>
<TABLE>
<CAPTION>
ELITEVALUE ASSET ALLOCATION PORTFOLIO
PERIOD ENDED JUNE 30, 1996#
SHARES AMOUNT
<S> <C> <C>
Capital stock sold 132,751 $ 1,353,838
Capital stock issued upon
reinvestment of dividends
and distributions 1,213 13,145
Capital stock redeemed (728) (7,974)
Net increase 133,236 $ 1,359,009
=========================== ================= ======================
</TABLE>
<TABLE>
<CAPTION>
GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SIX MONTHS ENDED JUNE 30, 1996 PERIOD ENDED DECEMBER 31, 1995**
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Capital stock sold 28,642 $315,996 200,124 $2,001,261
Capital stock issued upon
reinvestment of dividends
and distributions 2,120 23,861 973 10,036
Capital stock redeemed (2,585) (29,186) - -
Net increase 28,177 $310,671 201,097 $2,011,297
=========================== ======= ========= ======= ==========
</TABLE>
<TABLE>
<CAPTION>
GLOBAL ADVISORS MONEY MARKET PORTFOLIO
SIX MONTHS ENDED JUNE 30, 1996 PERIOD ENDED DECEMBER 31, 1995*
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Capital stock sold 3,493,623 $ 3,493,623 140,324 $140,324
Capital stock issued upon
reinvestment of dividends
and distributions 11,694 11,694 1,233 1,233
Capital stock redeemed (2,792,208) (2,792,208) (15,278) (15,278)
Net increase 713,109 $ 713,109 126,279 $126,279
=========================== =========== ============ ======== =========
</TABLE>
<TABLE>
<CAPTION>
SALOMON BROTHERS U.S. GOVERNMENT SECURITIES PORTFOLIO
PERIOD ENDED JUNE 30, 1996##
SHARES AMOUNT
<S> <C> <C>
Capital stock sold 222,395 $2,219,626
Capital stock issued upon
reinvestment of dividends
and distributions 5,095 49,178
Capital stock redeemed (131) (1,279)
Net increase 227,359 $2,267,525
=========================== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
VAN KAMPEN CAPITAL EMERGING GROWTH PORTFOLIO
PERIOD ENDED JUNE 30, 1996#
SHARES AMOUNT
<S> <C> <C>
Capital stock sold 124,258 $1,345,300
Capital stock issued upon
reinvestment of dividends
and distributions 261 3,115
Capital stock redeemed (41,097) (474,247)
Net increase 83,422 $ 874,168
=========================== ======== ===========
</TABLE>
38
<PAGE>
* Portfolio commenced operations on October 10, 1995.
** Portfolio commenced operations on October 20, 1995.
# Portfolio commenced operations on January 2, 1996.
## Portfolio commenced operations on February 6, 1996.
5. FORWARD FOREIGN CURRENCY CONTRACTS
At June 30, 1996, the outstanding forward foreign exchange currency contracts,
which contractually obligate the Trust to deliver currencies at a specified
date, were as follows:
CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
U.S. DOLLAR
COST ON U.S. DOLLAR UNREALIZED
CURRENCY SOLD SETTLEMENT ORIGINATION CURRENT APPRECIATION/
DATE DATE VALUE (DEPRECIATION)
---------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
DEM 08/19/1996 $ 144,709 $ 145,880 $ (1,171)
NLG 08/19/1996 135,071 135,937 (866)
$ 279,780 $ 281,817 $ (2,037)
</TABLE>
<TABLE>
<CAPTION>
U.S. DOLLAR
COST ON U.S. DOLLAR UNREALIZED
CURRENCY PURCHASED SETTLEMENT ORIGINATION CURRENT APPRECIATION/
DATE DATE VALUE (DEPRECIATION)
---------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
USD 08/19/1996 $ 439,436 $ 438,036 $ 1,400
</TABLE>
39
<PAGE>
WNL SERIES TRUST
PROXY VOTING RESULTS
The following proposals were voted upon at a special meeting of shareholders
on May 10, 1996, with results shown for each respective proposal.
PROPOSAL 1.
To elect six trustees to serve until their successors shall have been duly
elected and qualified.
<TABLE>
<CAPTION>
BEA GROWTH AND INCOME BLACKROCK MANAGED BOND
For Against Abstain For Against Abstain
---------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
John A. Graf 220,609 - - 307,357 - -
Alden W. Brosseau 220,609 - - 307,357 - -
Hugh L. Hyde 220,609 - - 307,357 - -
Melvin C. Payne 220,609 - - 307,357 - -
Richard W. Scott 220,609 - - 307,357 - -
S. Tevis Grinstead 220,609 - - 307,357 - -
</TABLE>
<TABLE>
<CAPTION>
CREDIT SUISSE INTERNATIONAL ELITE VALUE ASSET
EQUITY ALLOCATION
For Against Abstain For Against Abstain
------- ------- ------------- ------- ---------- -------
<S> <C> <C> <C> <C> <C> <C>
John A. Graf 208,096 - - 107,636 - 4,747
Alden W. Brosseau 208,096 - - 107,636 - 4,747
Hugh L. Hyde 208,096 - - 107,636 - 4,747
Melvin C. Payne 208,096 - - 107,636 - 4,747
Richard W. Scott 208,096 - - 107,636 - 4,747
S. Tevis Grinstead 208,096 - - 107,636 - 4,747
</TABLE>
<TABLE>
<CAPTION>
GLOBAL ADVISORS GROWTH GLOBAL ADVISORS MONEY
EQUITY MARKET
For Against Abstain For Against Abstain
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
John A. Graf 211,152 - 6,465 541,954 - -
Alden W. Brosseau 211,152 - 6,465 541,954 - -
Hugh L. Hyde 211,152 - 6,465 541,954 - -
Melvin C. Payne 211,152 - 6,465 541,954 - -
Richard W. Scott 211,152 - 6,465 541,954 - -
S. Tevis Grinstead 211,152 - 6,465 541,954 - -
</TABLE>
<TABLE>
<CAPTION>
SALOMON BROTHERS U.S. VAN KAMPEN AMERICAN CAPITAL
GOVERNMENT SECURITIES EMERGING GROWTH
For Against Abstain For Against Abstain
---------- -------- ---------- ---------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
John A. Graf 207,681 - - 76,077 - -
Alden W. Brosseau 207,681 - - 76,077 - -
Hugh L. Hyde 207,681 - - 76,077 - -
Melvin C. Payne 207,681 - - 76,077 - -
Richard W. Scott 207,681 - - 76,077 - -
S. Tevis Grinstead 207,681 - - 76,077 - -
</TABLE>
40
<PAGE>
WNL SERIES TRUST
PROXY VOTING RESULTS (CONTINUED)
PROPOSAL 2.
To ratify the Board of Trustees' selection of Coopers & Lybrand L.L.P. as
independent public accountants.
<TABLE>
<CAPTION>
For Against Abstain
------- ------- -------
<S> <C> <C> <C>
BEA Growth and Income 220,609 - -
BlackRock Managed Bond 307,357 - -
Credit Suisse International Equity 208,096 - -
EliteValue Asset Allocation 107,636 - 4,747
Global Advisors Growth Equity 211,152 - 6,465
Global Advisors Money Market 541,954 - -
Salomon Brothers U.S. Government
Securities 207,681 - -
Van Kampen American Capital
Emerging Growth 76,077 - -
</TABLE>
PROPOSAL 3.
To approve the Investment Advisory Agreement and the Sub-advisory Agreements.
<TABLE>
<CAPTION>
For Against Abstain
------- ------- -------
<S> <C> <C> <C>
BEA Growth and Income 220,609 - -
BlackRock Managed Bond 307,357 - -
Credit Suisse International Equity 208,096 - -
EliteValue Asset Allocation 107,636 - 4,747
Global Advisors Growth Equity 211,152 - 6,465
Global Advisors Money Market 541,954 - -
Salomon Brothers U.S. Government
Securities 207,681 - -
Van Kampen American Capital
Emerging Growth 76,077 - -
</TABLE>
41
<PAGE>
