WNL SERIES TRUST, N-30D, 1996-03-07

WNL SERIES TRUST
N-30D, 1996-03-07

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<PAGE>

WESTERN NATIONAL LIFE INSURANCE COMPANY

ELITEPLUS BONUS VARIABLE ANNUITY

TO ELITEPLUS CONTRACT OWNERS:

Thank you for choosing the Western National ElitePlus Bonus Variable
Annuity. ElitePlus offers a number of excellent features and includes a variety
of investment options managed by a group of highly-respected professional money
managers. Accordingly, ElitePlus gives you the ability to tailor a program
suited for your long-term financial plans, yet provides you the flexibility to
change investment options later, should your requirements change.

The enclosed Annual Report for WNL Series Trust contains detailed financial
information to help you understand your annuity contract's past performance.

We look forward to serving you in the future. Please contact us if you
have any questions concerning your account. Our toll-free telephone number is
(800) 910-4455.

Sincerely,

/s/ Michael J. Poulos
Michael J. Poulos
Chairman and
Chief Executive Officer
<PAGE>

WNL SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 1995
<PAGE>

BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - 47.4%
AEROSPACE - 0.7%
Lockheed Martin Corporation....................... 200 $ 15,800
--------

AIR TRAVEL - 1.7%
AMR Corporation (a)............................... 500 37,125
--------

BANKS - 2.7%
Astoria Financial Corporation..................... 700 31,938
Southern National Corporation..................... 1,000 26,250
--------
58,188
--------

BUSINESS SERVICES - 4.5%
Automatic Data Processing Incorporated............ 400 29,700
GTECH HOLDINGS CORPORATION (A).................... 1,000 26,000
HUMANA INCORPORATED (A)........................... 1,500 41,062
--------
96,762
--------
COMPUTERS & BUSINESS EQUIPMENT - 5.7%
DST Systems Incorporated (a)...................... 2,500 71,250
Seagate Technology (a)............................ 700 33,250
Western Digital Corporation (a)................... 1,000 17,875
--------
122,375
--------
CONSTRUCTION MATERIALS - 1.4%
USG Corporation (New) (a)......................... 1,000 30,000
--------

CONTAINERS & GLASS - 1.4%
Owens Illinois Incorporated (New) (a)............. 2,000 29,000
--------

COSMETICS & TOILETRIES - 3.3%
Estee Lauder Companies Incorporated, Class A (a).. 2,000 69,750
--------

DRUGS & HEALTH CARE - 4.3%
Barr Labs Incorporated (a)........................ 1,000 29,750
i-STAT Corporation (a)............................ 500 16,250
McKesson Corporation.............................. 500 25,313
Pharmacia & Upjohn Incorporated (a)............... 500 19,375
--------
90,688
--------
ELECTRICAL EQUIPMENT - 1.4%
General Electric Company.......................... 400 28,800
--------

ELECTRONICS - 2.3%
Intel Corporation................................. 400 22,700
Teledyne Incorporated............................. 1,000 25,625
--------
48,325
--------
</TABLE>

The accompanying notes are an integral part of the financial statements

2
<PAGE>

BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ ----------
<S> <C> <C>
COMMON STOCKS - (CONTINUED)
FINANCIAL SERVICES - 1.7%
Federal National Mortgage Association.. 300 $ 37,237
----------

INSURANCE - 1.2%
CapMAC Holdings Incorporated (a)....... 1,000 25,125
----------

INTERNATIONAL OIL - 3.1%
Exxon Corporation...................... 400 32,050
Mobil Corporation...................... 300 33,600
----------
65,650
----------
MINING - 0.6%
Phelps Dodge Corporation............... 200 12,450
----------

PUBLISHING - 1.5%
Dun & Bradstreet Corporation........... 500 32,375
----------

PHOTOGRAPHY - 1.6%
Eastman Kodak Company.................. 500 33,500
----------

PETROLEUM SERVICES - 1.0%
McDermott International Incorporated... 1,000 22,000
----------

TOYS & AMUSEMENTS - 1.4%
Mattel Incorporated.................... 1,000 30,750
----------

TOBACCO - 1.7%
Philip Morris Companies Incorporated... 400 36,200
----------

TRUCKING & FREIGHT FORWARDING - 1.5%
Tidewater Incorporated................. 1,000 31,500
----------

TELEPHONE - 2.7%
AT&T Corporation....................... 500 32,375
MCI Communications Corporation......... 1,000 26,125
----------
58,500
----------
TOTAL COMMON STOCKS - (Cost $919,339) 1,012,100
----------

PREFERRED STOCK - 0.0%
(Cost $150)
ELECTRONICS - 0.0%
Teledyne Incorporated, Series E....... 10 144
----------
</TABLE>

The accompanying notes are an integral part of the financial statements

3
<PAGE>

BEA GROWTH AND INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>

PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------- --------- ----------
<S> <C> <C>
FOREIGN GOVERNMENT BOND - 0.5%
(Cost $9,171)
Republic of Italy
6.875%, 09/27/2023........................................... $ 10,000 $ 9,766
----------

U.S. GOVERNMENT AND AGENCY SECURITIES - 46.9%
U.S. GOVERNMENT - 30.7%
United States Treasury Bonds
7.125%, 02/15/2023........................................... 40,000 45,738
7.875%, 02/15/2021........................................... 80,000 98,513
10.750%, 08/15/2005.......................................... 70,000 96,174
United States Treasury Notes
5.375%, 05/31/1998........................................... 200,000 200,656
6.250%, 02/15/2003........................................... 40,000 41,731
7.750%, 11/30/1999........................................... 160,000 173,374
----------
656,186
----------
FEDERAL AGENCIES - 16.2%
Federal Home Loan PC
6.000%, 12/01/1998........................................... 29,964 30,066
7.000%, 11/01/2010........................................... 48,850 49,781
Federal National Mortgage Association
6.000%, 10/01/2025........................................... 48,738 47,108
6.500%, 11/01/2002........................................... 29,377 29,680
7.500%, 11/01/2002........................................... 29,380 30,069
8.000%, 07/01/2025........................................... 78,257 81,045
Government National Mortgage Association
7.000%, 07/15/2008........................................... 29,197 29,872
8.000%, 08/15/2025........................................... 29,972 31,227
9.000%, 10/15/2017........................................... 16,912 18,056
----------
346,904
----------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES - (Cost $982,181) 1,003,090
----------

TOTAL INVESTMENTS - (COST $1,910,841*) - 94.8%................. 2,025,100
OTHER ASSETS LESS LIABILITIES - 5.2%........................... 111,219
----------
NET ASSETS - 100.0%........................................... $2,136,319
==========
</TABLE>

(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 $119,477 and $5,218,
respectively, resulting in net unrealized appreciation of $114,259.

The accompanying notes are an integral part of the financial statements

4
<PAGE>

CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - 83.7%
ARGENTINA - 1.3%
Telefonica De Argentina Class B ADR (a).. 1,000 $ 27,250
--------

CZECH REPUBLIC - 1.4%
SPT Telecom AS (a)....................... 300 28,351
--------

FRANCE - 5.6%
AXA...................................... 470 31,672
BIC...................................... 290 29,492
LVMH Moet Hennessy....................... 140 29,161
Sanofi................................... 420 26,922
--------
117,247
--------
GERMANY - 6.6%
Adidas AG (a)............................ 600 31,746
Altana AG................................ 45 26,194
Bayer AG................................. 100 26,385
Mannesmann AG............................ 80 25,470
Siemens AG............................... 50 27,361
--------
137,156
--------
HONG KONG - 2.6%
HSBC Holdings Limited.................... 2,000 30,262
Hutchison Whampoa........................ 4,000 24,365
--------
54,627
--------
HUNGARY - 1.7%
Gedeon Richter GDR (a)................... 600 11,538
MOL Magyar Olarj-es Gazipari GDR (a)..... 2,900 23,490
--------
35,028
--------
INDONESIA - 1.3%
Astra International...................... 6,000 12,465
HM Sampoerna............................. 1,500 15,613
--------
28,078
--------
IRELAND - 1.2%
Bank of Ireland.......................... 3,500 25,496
--------

ISRAEL - 1.3%
Koors Industries Limited ADR (a)......... 1,300 26,325
--------

ITALY - 2.0%
Ente Nazionale Idrocarburi SPA (a)....... 3,925 13,717
Telecom Italia Mobile SPA (a)............ 15,500 27,279
--------
40,996
--------
</TABLE>

The accompanying notes are an integral part of the financial statements

5
<PAGE>

CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - (CONTINUED)
JAPAN - 22.2%
Amada Company............................................ 4,000 $ 39,516
Daiwa Securities......................................... 3,000 45,908
East Japan Railway....................................... 8 38,896
Hitachi Zosen Corporation................................ 6,000 31,090
Japan Airport Terminal................................... 3,000 36,320
Japan Associates Finance Company......................... 1,000 105,569
Maeda Road Construction.................................. 2,000 36,998
NEC Corporation.......................................... 6,000 73,220
Santen Pharmaceutical Company............................ 1,000 22,663
Sumitomo Osaka Cement Company Limited.................... 7,000 32,542
--------
462,722
--------
KOREA - 1.2%
Samsung Electronics Limited 144A (a)..................... 250 24,500
--------

NETHERLANDS - 6.7%
Ahold NV................................................. 700 28,572
Heineken NV.............................................. 150 26,612
International Nederlanden................................ 450 30,062
Nutricia Verenigde Bedrijven NV.......................... 350 28,311
Verenigde Nederlandse Uitgeversbedrijven Verenigd Bezit.. 190 26,084
--------
139,641
--------
SINGAPORE - 1.2%
Development Bank of Singapore............................ 2,000 24,885
--------

SPAIN - 3.8%
Banco Popular Espana..................................... 140 25,819
Gas Natural Sociedad Distribuidora de Gas SA............. 165 25,709
Iberdrola SA............................................. 3,000 27,452
--------
78,980
--------
SWEDEN - 0.9%
Astra AB................................................. 500 19,956
--------

SWITZERLAND - 5.8%
Ciba Geigy AG............................................ 31 27,278
Roche Holdings AG........................................ 5 39,553
Schweizerische Bankverein................................ 130 26,541
Schweizerische Rueckversicherungs-Gesellschaft........... 24 27,922
--------
121,294
--------
THAILAND - 3.8%
Advanced Information Services............................ 1,500 26,558
Bangkok Bank............................................. 2,500 30,369
Finance One Public Company Limited....................... 3,500 22,092
--------
79,019
--------
</TABLE>

The accompanying notes are an integral part of the financial statements

6
<PAGE>

CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- --------- ----------
<S> <C> <C>
COMMON STOCKS - (CONTINUED)
UNITED KINGDOM - 13.1%
Abbey National............................................. 3,100 $ 30,620
Asda Group................................................. 17,600 30,340
Courtaulds................................................. 4,400 27,778
De La Rue.................................................. 1,850 18,704
Dixons Group............................................... 4,300 29,651
Electrocomponents.......................................... 5,100 28,474
General Accident........................................... 2,600 26,266
GKN........................................................ 2,100 25,406
Pearson.................................................... 2,700 26,145
Wolseley................................................... 4,150 29,067
----------
272,451
----------

TOTAL COMMON STOCKS - (Cost $1,676,022) 1,744,002
----------

WARRANTS - 4.1%
UNITED KINGDOM
Fleming Japan Investor (a)................................. 40,000 65,849
Schroder Japan GWT (a)..................................... 30,000 18,869
----------
TOTAL WARRANTS - (Cost $83,489).............................. 84,718
----------

PRINCIPAL
AMOUNT
---------
REPURCHASE AGREEMENT - 14.1%
(Cost $294,000)
State Street Bank and Trust Company, 2.250% dated
12/29/95, to be repurchased at $294,074 on 01/02/96,
collateralized by $270,000 par value U.S. Treasury Notes,
8.000% due 08/15/1999, with a value of $301,312............ $294,000 294,000
----------

TOTAL INVESTMENTS - (COST $2,053,511*) - 101.9%.............. 2,122,720
OTHER ASSETS LESS LIABILITIES - (1.9)%....................... (39,696)
----------
NET ASSETS - 100.0%......................................... $2,083,024
==========

</TABLE>

(a) Non-income producing security.
ADR - American Depositary Receipts.
GDR - Global Depositary Receipts.

*-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 $92,402 and $23,193,
respectively, resulting in net unrealized appreciation of $69,209.

The accompanying notes are an integral part of the financial statements

7
<PAGE>

CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
ANALYSIS OF INDUSTRY CLASSIFICATION
DECEMBER 31, 1995

PERCENT OF
INDUSTRY NET ASSETS
- -------- -----------
<S> <C>

Auto Parts...................................... 1.2%
Banks........................................... 10.8
Chemicals....................................... 3.9
Conglomerates................................... 3.2
Construction Materials.......................... 4.7
Electric Utilities.............................. 2.6
Electrical Equipment............................ 4.8
Electronics..................................... 2.5
Financial Services.............................. 11.5
Food & Beverages................................ 1.4
Industrial Machinery............................ 4.6
Insurance....................................... 4.1
Leisure Time.................................... 1.7
Liquor.......................................... 2.7
Miscellaneous................................... 0.9
Oil & Gas....................................... 1.8
Pharmaceuticals................................. 7.0
Publishing...................................... 3.4
Railroads & Equipment........................... 1.9
Retail Grocery.................................. 1.5
Retail Trade.................................... 2.8
Shoes........................................... 1.5
Telecommunications.............................. 3.9
Telephone....................................... 2.6
Tobacco......................................... 0.8
----
TOTAL INVESTMENTS BY INDUSTRY CLASSIFICATION.. 87.8

Repurchase Agreement.......................... 14.1
------
TOTAL INVESTMENTS 101.9%
======

</TABLE>

The accompanying notes are an integral part of the financial statements

8
<PAGE>

GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - 97.7%
AEROSPACE - 2.0%
General Dynamics Corporation............. 700 $ 41,388
--------

AIR TRAVEL - 0.9%
UAL Corporation (a)...................... 100 17,850
--------

BANKS - 6.7%
Chemical Banking Corporation............. 800 47,000
Nationsbank Corporation.................. 700 48,737
Wells Fargo & Company.................... 200 43,200
--------
138,937
--------
CHEMICALS - 4.6%
IMC Global Incorporated.................. 1,200 49,050
Terra Industries Incorporated............ 3,200 45,200
--------
94,250
--------
COMPUTERS & BUSINESS EQUIPMENT - 4.2%
Compaq Computer Corporation (a).......... 900 43,200
Seagate Technology (a)................... 900 42,750
--------
85,950
--------
COSMETICS & TOILETRIES - 1.0%
Alberto Culver Company, Class B (conv.).. 600 20,625
--------

DRUGS & HEALTH CARE - 11.0%
Bristol Myers Squibb Company............. 700 60,112
Eli Lilly & Company...................... 1,000 56,250
Guidant Corporation...................... 400 16,900
Medtronic Incorporated................... 800 44,700
Schering Plough Corporation.............. 900 49,275
--------
227,237
--------
DOMESTIC OIL - 1.3%
Sun Incorporated......................... 1,000 27,375
--------

ELECTRONICS - 6.9%
KLA Instruments Corporation (a).......... 1,000 26,062
LAM Research Corporation (a)............. 700 32,025
Teradyne Incorporated (a)................ 1,100 27,500
Texas Instruments Incorporated........... 700 36,225
Thomas & Betts Corporation............... 300 22,125
--------
143,937
--------

ELECTRIC UTILITIES - 4.1%
Illinova Corporation..................... 1,400 42,000
Unicom Corporation....................... 1,300 42,575
--------
84,575
--------
</TABLE>

The accompanying notes are an integral part of the financial statements

9
<PAGE>

GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - (CONTINUED)
FOOD & BEVERAGES - 4.7%
IBP Incorporated.......................... 700 $ 35,350
Pepsico Incorporated...................... 1,100 61,462
--------
96,812
--------
FINANCIAL SERVICES - 6.7%
Bankers Life Holding Corporation.......... 900 18,225
Case Corporation.......................... 1,100 50,325
Paine Webber Group Incorporated........... 1,200 24,000
Student Loan Marketing Association........ 700 46,112
--------
138,662
--------
GAS EXPLORATION - 1.5%
Sonat Offshore Drilling Incorporated...... 700 31,325
--------

GAS & PIPELINE UTILITIES - 3.9%
Consolidated Natural Gas Company.......... 900 40,838
National Fuel Gas Company New Jersey...... 1,200 40,350
--------
81,188
--------
HOUSEHOLD PRODUCTS - 1.0%
Clorox Company............................ 300 21,488
--------

HOTELS & RESTAURANTS - 1.5%
Mirage Resorts Incorporated (a)........... 900 31,050
--------

INSURANCE - 4.5%
Aetna Life & Casualty Company............. 300 20,775
Conseco Incorporated...................... 100 6,262
Marsh & McLennan Companies Incorporated... 500 44,375
Old Republic International Corporation.... 600 21,300
--------
92,712
--------
INTERNATIONAL OIL - 4.0%
Exxon Corporation......................... 200 16,025
Mobil Corporation......................... 600 67,200
--------
83,225
--------
LEISURE TIME - 1.4%
Callaway Golf Company..................... 1,300 29,413
--------

NEWSPAPERS - 2.7%
Central Newspapers Incorporated, Class A.. 400 12,550
Tribune Company........................... 700 42,788
--------
55,338
--------

PAPER - 0.2%
Champion International Corporation........ 100 4,200
--------

</TABLE>

The accompanying notes are an integral part of the financial statements

10
<PAGE>

GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995

SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ ----------
<S> <C> <C>
COMMON STOCKS - (CONTINUED)
RETAIL TRADE - 3.7%
Eckerd Corporation (a)........................ 1,000 $ 44,625
Walgreen Company.............................. 1,100 32,863
----------
77,488
----------
RETAIL GROCERY - 1.7%
Safeway Incorporated (a)...................... 700 36,050
----------

RAILROADS & EQUIPMENT - 1.8%
CSX Corporation............................... 800 36,500
----------

SOFTWARE - 3.0%
Compuware Corporation (a)..................... 2,200 40,700
Read Rite Corporation (a)..................... 900 20,925
----------
61,625
----------
TOBACCO - 2.6%
Philip Morris Companies Incorporated.......... 600 54,300
----------

TRUCKING & FREIGHT FORWARDING - 0.7%
Polaris Industries Incorporated............... 500 14,688
----------

TELEPHONE - 9.4%
Ameritech Corporation......................... 600 35,400
GTE Corporation............................... 1,400 61,600
Pacific Telesis Group......................... 1,500 50,437
Sprint Corporation............................ 1,200 47,850
----------
195,287
----------

TOTAL COMMON STOCKS - (Cost $1,954,695) 2,023,475
----------

SHORT TERM INVESTMENT
(Cost $40,214)
MUTUAL FUNDS - 1.9%
Dreyfus Cash Management....................... 40,214 40,214
----------

TOTAL INVESTMENTS - (COST $1,994,909*) - 99.6%.. 2,063,689
OTHER ASSETS LESS LIABILITIES - 0.4%............ 8,950
----------
NET ASSETS - 100.0%............................ $2,072,639
==========

</TABLE>
(a) Non-income producing securities

*-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 $132,504 and $63,724,
respectively, resulting in net unrealized appreciation of $68,780.

The accompanying notes are an integral part of the financial statements

11
<PAGE>

GLOBAL ADVISORS MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>

PRINCIPAL
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------- --------- --------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES - 86.7%
U.S. GOVERNMENT - 27.5%
United States Treasury Bills
5.100%, 03/07/1996.................................... $35,000 $ 34,673
--------

FEDERAL AGENCIES - 59.2%
Federal Farm Credit Bank Discount Notes
5.460%, 01/22/1996.................................... 25,000 24,920
Federal Home Loan Mortgage Discount Notes
5.600%, 01/09/1996.................................... 25,000 24,969
Federal National Mortgage Association Discount Notes
5.580%, 01/19/1996.................................... 25,000 24,930
--------
74,819
--------

TOTAL INVESTMENTS - (COST $109,492*) - 86.7%............ 109,492
OTHER ASSETS LESS LIABILITIES - 13.3%................... 16,787
--------
NET ASSETS - 100.0%.................................... $126,279
========

</TABLE>
*-Aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements

12
<PAGE>

WNL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
BEA CREDIT GLOBAL GLOBAL
GROWTH SUISSE ADVISORS ADVISORS
AND INTERNATIONAL GROWTH MONEY
INCOME EQUITY EQUITY MARKET
----------- ------------- --------- ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities,
at value.................. $2,025,100 $1,828,720 $2,063,689 $109,492
Repurchase agreements, at
value..................... -- 294,000 -- --
---------- ---------- ---------- ---------

TOTAL INVESTMENTS (A)
(NOTE 1)............... 2,025,100 2,122,720 2,063,689 109,492
Cash, including foreign
currency, at value........ 93,340 79,376 3,857 14,653
Receivable for currency
sold...................... -- 84,227 -- --
Interest receivable........ 11,486 55 -- --
Dividends receivable....... 12,259 2,358 4,447 --
Receivable for fund shares
sold...................... -- -- -- 1,094
Due from affiliate of the
Adviser (Note 2).......... 23,479 29,625 23,480 23,518
---------- ---------- ---------- ---------
TOTAL ASSETS.............. 2,165,664 2,318,361 2,095,473 148,757

LIABILITIES
Payable for securities
purchased................. 6,505 121,645 -- --
Payable for currency
purchased................. -- 84,442 -- --
Payable for fund shares
repurchased............... -- -- -- 17
Accounts payable and
accrued expenses.......... 22,840 29,250 22,834 22,461
---------- ---------- ---------- ---------
TOTAL LIABILITIES......... 29,345 235,337 22,834 22,478
---------- ---------- ---------- ---------
NET ASSETS................ $2,136,319 $2,083,024 $2,072,639 $126,279
========== ========== ========== =========

NET ASSETS CONSIST OF:
Par value (Note 4)......... $ 2,042 $ 2,016 $ 2,011 $ 1,263
Paid-in capital (Note 4)... 2,041,563 2,014,090 2,009,286 125,016
Undistributed net
investment income......... -- (278) -- --
Accumulated net realized
loss on investments and
foreign currency
transactions.............. (21,545) (835) (7,438) --
Net unrealized
appreciation
(depreciation) of:
Investments.............. 114,259 69,209 68,780 --
Foreign currency......... -- (1,178) -- --
========== ========== ========== =========
NET ASSETS................ $2,136,319 $2,083,024 $2,072,639 $126,279
========== ========== ========== =========

NET ASSET VALUE PER SHARE
Net assets................. $2,136,319 $2,083,024 $2,072,639 $126,279
Total shares outstanding 204,163 201,560 201,097 126,279
at end of period..........
Net asset value per
share (b)................. $10.46 $10.33 $10.31 $1.00
(a) Investments in
securities and repurchase $1,910,841 $2,053,511 $1,994,909 $109,492

agreements, at cost......

(b) Net assets divided by
shares outstanding.
</TABLE>

The accompanying notes are an integral part of the financial statements

13
<PAGE>

WNL SERIES TRUST
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 1995*
<TABLE>
<CAPTION>

BEA CREDIT GLOBAL GLOBAL
GROWTH SUISSE ADVISORS ADVISORS
AND INTERNATIONAL GROTH MONEY
INCOME EQUITY EQUITY MARKET
-------- -------------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income............ $ 13,206 $ 9,742 $ 2,215 $ 1,263
Dividend income**.......... 16,239 2,425 8,309 --

TOTAL INVESTMENT INCOME... 29,445 12,167 10,524 1,263

EXPENSES
Investment Advisory fee
(Note 2).................. 3,106 3,643 2,490 106
Sub-Administration fee..... 13,402 13,401 13,401 13,401
Audit fee.................. 10,200 10,200 10,200 10,200
Custodian fees and expenses 7,656 13,796 7,653 7,461
Trustee's fees (Note 2).... 2,625 2,625 2,625 2,625
Registration and filing
expenses.................. 56 56 57 56
Legal fees................. 3,750 3,750 3,750 3,750
Transfer Agent fees........ 415 415 415 415
------- -------- ------- -------
Total operating expenses
before waivers and
reimbursement........... 41,210 47,886 40,591 38,014
Fees waived and expenses
reimbursed (Note 2)....... (40,713) (47,400) (40,101) (37,985)
------- -------- ------- -------
NET EXPENSES.............. 497 486 490 29
------- -------- ------- -------
NET INVESTMENT INCOME..... 28,948 11,681 10,034 1,234
------- -------- ------- -------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
FROM INVESTMENTS AND
FOREIGN CURRENCY
Net realized gain (loss)
on:
Investments............... (11,754) (669) (7,438) --
Foreign currency
transactions............. -- (444) -- --
Unrealized appreciation
(depreciation) of:
Investments............... 114,259 69,209 68,780 --
Foreign currency.......... -- (1,178) -- --
------- -------- ------- -------

NET REALIZED AND
UNREALIZED GAIN (LOSS).... 102,505 66,918 61,342 --
------- -------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS.. $131,453 $ 78,599 $ 71,376 $ 1,234
------- -------- ------- -------

** Net of foreign
withholding taxes of...... -- $ 342 -- --
======= ======== ======= =======
</TABLE>
* The Money Market Portfolio commenced investment operations on October 10,
1995. The Growth and Income, International Equity, and Growth Equity
Portfolios commenced investment operations on October 20, 1995.

The accompanying notes are an integral part of the financial statements

14
<PAGE>

WNL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED DECEMBER 31, 1995*
<TABLE>
<CAPTION>

BEA CREDIT GLOBAL GLOBAL
GROWTH SUISSE ADVISORS ADVISORS
AND INTERNATIONAL GROWTH MONEY
INCOME EQUITY EQUITY MARKET
---------- ------------- -------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS
From operations:
Net investment income..... $ 28,948 $ 11,681 $ 10,034 $ 1,234
Net realized gain (loss)
on:
Investments............... (11,754) (669) (7,438) --
Foreign currency
transactions............. -- (444) -- --
Net unrealized
appreciation
(depreciation) of:
Investments............... 114,259 69,209 68,780 --
Foreign currency.......... -- (1,178) -- --
---------- ----------- -------- --------
Net increase in net
assets resulting from
operations............. 131,453 78,599 71,376 1,234

Distributions to
shareholders:
From net investment income (28,948) (11,681) (10,034) (1,234)
In excess of net realized
gains.................... (9,791) -- -- --
Fund share transactions
(Note 4).................. 2,043,605 2,016,106 2,011,297 126,279
---------- ----------- -------- --------
Total increase in net
assets.................... 2,136,319 2,083,024 2,072,639 126,279

NET ASSETS:
Beginning of period........ -- -- -- --
---------- ----------- ---------- --------
END OF PERIOD.............. $2,136,319 $2,083,024 $2,072,639 $126,279
========== =========== ========== ========

</TABLE>
* The Money Market Portfolio commenced investment operations on October 10,
1995. The Growth and Income, International Equity, and Growth Equity
Portfolios commenced investment operations on October 20, 1995.

The accompanying notes are an integral part of the financial statements

15
<PAGE>

WNL SERIES TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING FOR THE PERIOD ENDED
DECEMBER 31, 1995*
<TABLE>
<CAPTION>

BEA CREDIT GLOBAL GLOBAL
GROWTH SUISSE ADVISORS ADVISORS
AND INTERNATIONAL GROWTH MONEY
INCOME EQUITY EQUITY MARKET
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period................. $10.00 $10.00 $10.00 $ 1.00
------ ------ ------ ------
Net investment income(1)... 0.14 0.06 0.05 0.01
Net realized and
unrealized gain on
investments.............. 0.51 0.33 0.31 --
------ ------ ------ ------
Total from investment
operations................ 0.65 0.39 0.36 0.01
------ ------ ------ ------
Distributions:
From net investment
income.................. (0.14) (0.06) (0.05) (0.01)
In excess of net
realized gains.......... (0.05) -- -- --
------ ------ ------ ------
Total distributions........ (0.19) (0.06) (0.05) (0.01)
------ ------ ------ ------
Net asset value, end of
period.................... $10.46 $10.33 $10.31 $ 1.00
====== ====== ====== ======

TOTAL RETURN(2)............ 6.57% 3.93% 3.57% 1.17%

RATIOS/SUPPLEMENTAL DATA:
OPERATING EXPENSES TO
AVERAGE NET ASSETS(3)..... 0.12% 0.12% 0.12% 0.12%
NET INVESTMENT INCOME TO
AVERAGE NET ASSETS(4)..... 6.99% 2.89% 2.46% 5.25%
PORTFOLIO TURNOVER RATE(5). 75% 2% 9% N/A
NET ASSETS, AT END OF
PERIOD (000S)............. $2,136 $2,083 $2,073 $ 126

</TABLE>

* The Money Market Portfolio commenced investment operations on October 10,
1995. The Growth and Income, International Equity, and Growth Equity
Portfolios commenced investment operations on October 20, 1995.

(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,
net investment income (loss) per share would have been $(0.06) for the BEA
Growth and Income Portfolio, $(0.18) for the Credit Suisse International Equity
Portfolio, $(0.15) for the Global Advisors Growth Equity Portfolio, and $(0.35)
for the Global Advisors Money Market Portfolio.

(2) Total return represents aggregate total return for the period indicated.

(3) If the Investment Adviser and the Sub-Administrator had not waived fees and
Western National Life Insurance Company had not reimbursed expenses, the ratio
of operating expenses to average net assets would have been 9.95% for the BEA
Growth and Income Portfolio, 11.83% for the Credit Suisse International Equity
Portfolio, 9.94% for the Global Advisors Growth Equity Portfolio, and 161.83%
for the Global Advisors Money Market Portfolio.

(4) Annualized.

(5) Not annualized.

The accompanying notes are an integral part of the financial statements

16
<PAGE>

WNL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995

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: American Capital Emerging Growth Portfolio (the "Emerging
Growth Portfolio"), BEA Growth and Income Portfolio (the "Growth and Income
Portfolio"), Credit Suisse International Equity Portfolio (the "International
Equity Portfolio"), BlackRock Managed Bond Portfolio (the "Managed Bond
Portfolio"), Quest for Value Asset Allocation Portfolio (the "Asset Allocation
Portfolio"), Salomon Brothers U.S. Government Securities Portfolio (the
"Government Securities Portfolio"), Global Advisors Growth Equity Portfolio (the
"Growth Equity Portfolio"), and Global Advisors Money Market Portfolio (the
"Money Market Portfolio"). These financial statements report on the Money
Market Portfolio, which commenced operations on October 10, 1995; the Growth and
Income, the International Equity and the Growth Equity Portfolios, which
commenced operations on October 20, 1995. The Emerging Growth, Managed Bond and
Asset Allocation Portfolios commenced operations on January 2, 1996, and the
Government Securities Portfolio commenced operations on February 6, 1996. The
Portfolios are currently available to the public only through variable annuity
contracts ("VA Contracts") issued by Western National Life Insurance 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 realized 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.

17
<PAGE>

(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 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.

18
<PAGE>

(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.

(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:

<S> <C>
BEA Growth and Income Portfolio 0.75%
Credit Suisse International Equity
Portfolio 0.90%
Global Advisors Growth Equity Portfolio 0.61%
Global Advisors Money Market Portfolio 0.45%
</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. In addition,
Western National Life Insurance Company, an affiliate of the Adviser, has
undertaken to bear until May 1, 1996, 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: Van Kampen American Capital Asset Management, Inc. for the
Emerging Growth Portfolio; BEA Associates for the Growth and Income Portfolio;
Credit Suisse Investment Management, Ltd. for the International Equity
Portfolio; BlackRock Financial Management for the Managed Bond Portfolio; Quest
for Value Advisors for the Asset Allocation Portfolio; Salomon Brothers Asset
Management Inc. for the Government

19
<PAGE>

Securities Portfolio; and State Street Global Advisors for the Growth Equity
and Money Market Portfolios. The Sub-Advisers receive their fees directly from
the Adviser, and receive no compensation from the Trust.

For the period ended December 31, 1995, the Adviser waived advisory fees, the
Sub-Administrator waived the Sub-Administration fee, and Western National Life
Insurance Company reimbursed operating expenses as follows:

Advisory Sub-
Fees Administration Expenses
Waived Fees Waived Reimbursed Total
---------- ----------------- ------------- -------
<S> <C> <C> <C> <C>
BEA Growth and Income $3,106 $12,253 $25,354 $40,713
Credit Suisse International Equity 3,643 12,258 31,499 47,400
Global Advisors Growth Equity 2,490 12,256 25,355 40,101
Global Advisors Money Market 106 12,486 25,393 37,985
</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.

The Trust's Sub-administrator, custodian, transfer and dividend-paying agent is
State Street Bank and Trust Company.

3. SECURITY TRANSACTIONS
The aggregate cost of purchases and proceeds from sales of securities, excluding
short-term investments, for the period ended December 31, 1995 were as follows:
<TABLE>
<CAPTION>

Purchases Sales
---------- ----------
<S> <C> <C>
BEA Growth and Income Portfolio (1) $3,017,692 $1,094,387
Credit Suisse International Equity
Portfolio 1,772,398 12,052
Global Advisors Growth Equity Portfolio 2,092,311 130,177
</TABLE>
(1) Includes purchases and sales of U.S. Government securities of $1,006,155 and
$23,346, respectively.

4. SHARES OF BENEFICIAL INTEREST
The Trust has an unlimited authorized number of shares of beneficial interest
with a par value of $.01. The tables below summarize transactions in Trust
shares.
<TABLE>
<CAPTION>

BEA GROWTH AND INCOME PORTFOLIO
Period Ended December 31, 1995*
Shares Amount
------------- ----------------
<S> <C> <C>
Sold................................. 200,461 $2,004,865
Issued as reinvestment of dividends
and distributions.................. 3,702 38,740
------- ----------
Net increase......................... 204,163 $2,043,605
======= ==========
</TABLE>

20
<PAGE>

CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
Period Ended December 31, 1995*

Shares Amount
-------- -------
<S> <C> <C>
Sold................................. 200,429 $2,004,424

Issued as reinvestment of dividends.. 1,131 11,682
------- ----------
Net increase......................... 201,560 $2,016,106
======= ==========

GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
Period Ended December 31, 1995*

Shares Amount
-------- -------
Sold................................. 200,124 $2,001,261

Issued as reinvestment of dividends.. 973 10,036
------- ----------
Net increase......................... 201,097 $2,011,297
======= ==========

GLOBAL ADVISORS MONEY MARKET PORTFOLIO
Period Ended December 31, 1995#

Shares Amount
-------- -------
Sold................................. 140,324 $140,324
Issued as reinvestment of dividends.. 1,233 1,233
Repurchased.......................... (15,278) (15,278)
------- --------
Net increase......................... 126,279 $126,279
======= ========
</TABLE>
* - Portfolio commenced operations on October 20, 1995.
# - Portfolio commenced operations on October 10, 1995.

21
<PAGE>

Report of Independent Auditors

To the Trustees and Shareholders
WNL Series Trust

We have audited the accompanying statements of assets and liabilities of the WNL
Series Trust which is comprised of BEA Growth and Income Portfolio, Credit
Suisse International Equity Portfolio, Global Advisors Growth Equity Portfolio
and Global Advisors Money Market Portfolio, including the schedules of
investments as of December 31, 1995 and the related statements of operations,
the statements of changes in net assets, and the financial highlights for the
period October 10, 1995 (commencement of operations) through December 31, 1995
for Global Advisors Money Market Portfolio and October 20, 1995 (commencement of
operations) through December 31, 1995 for BEA Growth and Income Portfolio,
Credit Suisse International Equity Portfolio and Global Advisors Growth Equity
Portfolio. These financial statements and financial highlights are the
responsibility of the Trusts management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
WNL Series Trust which is comprised of BEA Growth and Income Portfolio, Credit
Suisse International Equity Portfolio, Global Advisors Growth Equity Portfolio
and Global Advisors Money Market Portfolio as of December 31, 1995, the results
of its operations, the changes in its net assets and the financial highlights
for the period October 10, 1995 (commencement of operations) through December
31, 1995 for Global Advisors Money Market Portfolio and October 20, 1995
(commencement of operations) through December 31, 1995 for BEA Growth and Income
Portfolio, Credit Suisse International Equity Portfolio and Global Advisors
Growth Equity Portfolio in conformity with generally accepted accounting
principles.

Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 7, 1996