<PAGE> PAGE 1
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<PAGE> PAGE 2
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015 C03AA01 02110
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015 A00AA02 CITIBANK, N.A.
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015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
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015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
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015 A00AA07 BARCLAYS BANK OF BOTSWANA LTD.
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<PAGE> PAGE 3
015 D01AA11 CHINA
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934349
<NAME> WNL SERIES TRUST
<SERIES>
<NUMBER> 6
<NAME> BLACKROCK MANAGED BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 3312640
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<SHARES-COMMON-STOCK> 345168
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<OVERDISTRIBUTION-GAINS> (61443)
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<NET-INVESTMENT-INCOME> 189281
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<NET-CHANGE-FROM-OPS> 126319
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<SHARES-REINVESTED> 19619
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<PER-SHARE-NII> .58
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000934349
<NAME> WNL SERIES TRUST
<SERIES>
<NUMBER> 7
<NAME> SALOMON BROTHERS U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
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<PERIOD-START> FEB-6-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934349
<NAME> WNL SERIES TRUST
<SERIES>
<NUMBER> 8
<NAME> ELITEVALUE ASSET ALLOCATION PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1977488
<INVESTMENTS-AT-VALUE> 2286872
<RECEIVABLES> 32494
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<TOTAL-LIABILITIES> 24673
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> (28614)
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
WNL Series Trust:
In planning and performing our audit of the financial statements of WNL
Series Trust for the year ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of WNL Series Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and transactions are executed in
accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weaknesses is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 10, 1997
