<PAGE> PAGE 1
000 B000000 12/31/97
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000 J000000 A
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001 B000000 811-8912
001 C000000 7138887811
002 A000000 5555 SAN FELIPE SUITE 900
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77056
003 000000 N
004 000000 N
005 000000 N
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007 B000000 8
007 C010100 1
007 C020100 GLOBAL ADVISORS MONEY MARKET
007 C030100 N
007 C010200 2
007 C020200 GLOBAL ADVISORS GROWTH EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 BEA GROWTH AND INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 VAN KAMPEN AMERICAN CAPITAL EMERGING GROWTH
007 C030500 N
007 C010600 6
007 C020600 BLACKROCK MANAGED BOND PORTFOLIO
007 C030600 Y
007 C010700 7
007 C020700 SALOMON BROTHERS U.S. GOVERNMENT SECURITIES
007 C030700 N
007 C010800 8
007 C020800 ELITEVALUE ASSET ALLOCATION PORTFOLIO
007 C030800 N
010 A00AA01 STATE STREET BANK AND TRUST COMPANY
010 B00AA01 85-05003
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
<PAGE> PAGE 2
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 WNL BROKERAGE SERVICE, INC.
014 B00AA01 8-47753
014 A00AA02 CS FIRST BOSTON CORPORATION
014 B00AA02 8-00422
014 A00AA03 STATE STREET BROKERAGE SERVICE, INC.
014 B00AA03 8-44744
014 A00AA04 SALOMON BROTHERS, INC.
014 B00AA04 8-00000000
014 A00AA05 MORGAN STANLEY AND CO.
014 B00AA05 8-00000000
014 A00AA06 OPPENHEIMER & CO.
014 B00AA06 8-00000000
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK, AKTIENGESELLSCHAFT
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
<PAGE> PAGE 3
015 E04AA06 X
015 A00AA07 BARCLAYS BANK OF BOTSWANA LTD.
015 B00AA07 S
015 C01AA07 GABORONE
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A.
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 CANADA TRUST COMPANY
015 B00AA09 S
015 C01AA09 TORONTO
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A.
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA11 S
015 C01AA11 SHANGHAI
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA12 S
015 C01AA12 SHENZHEN
015 D01AA12 CHINA
015 E04AA12 X
015 A00AA13 CITITRUST COLOMBIA S.A.
015 B00AA13 S
015 C01AA13 BOGOTA
015 D01AA13 COLOMBIA
015 E04AA13 X
015 A00AA14 BARCLAYS BANK, PLC
015 B00AA14 S
015 C01AA14 NICOSIA
015 D01AA14 CYPRUS
015 E04AA14 X
015 A00AA15 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B00AA15 S
015 C01AA15 PRAGUE
015 D01AA15 CZECH REPUBLIC
015 E04AA15 X
015 A00AA16 DEN DANSKE BANK
015 B00AA16 S
015 C01AA16 COPENHAGEN
015 D01AA16 DENMARK
015 E04AA16 X
<PAGE> PAGE 4
015 A00AA17 NATIONAL BANK OF EGYPT
015 B00AA17 S
015 C01AA17 CAIRO
015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LIMITED
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 BARCLAYS BANK OF GHANA LTD.
015 B00AA21 S
015 C01AA21 ACCRA
015 D01AA21 GHANA
015 E04AA21 X
015 A00AA22 NATIONAL BANK OF GREECE S.A.
015 B00AA22 S
015 C01AA22 ATHENS
015 D01AA22 GREECE
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
015 B00AA23 S
015 C01AA23 HONG KONG
015 D01AA23 HONG KONG
015 E04AA23 X
015 A00AA24 CITIBANK BUDAPEST RT.
015 B00AA24 S
015 C01AA24 BUDAPEST
015 D01AA24 HUNGARY
015 E04AA24 X
015 A00AA25 DEUTSCHE BANK AG
015 B00AA25 S
015 C01AA25 BOMBAY
015 D01AA25 INDIA
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED BANK
015 B00AA26 S
015 C01AA26 JAKARTA
015 D01AA26 INDONESIA
015 E04AA26 X
015 A00AA27 BANK OF IRELAND
<PAGE> PAGE 5
015 B00AA27 S
015 C01AA27 DUBLIN
015 D01AA27 IRELAND
015 E04AA27 X
015 A00AA28 BANK HAPOALIM B.M.
015 B00AA28 S
015 C01AA28 TEL AVIV
015 D01AA28 ISRAEL
015 E04AA28 X
015 A00AA29 BANQUE PARIBAS
015 B00AA29 S
015 C01AA29 MILANO
015 D01AA29 ITALY
015 E04AA29 X
015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA30 S
015 C01AA30 TOKYO
015 D01AA30 JAPAN
015 E04AA30 X
015 A00AA31 BRITISH BANK OF THE MIDDLE EAST
015 B00AA31 S
015 C01AA31 AMMAN
015 D01AA31 JORDAN
015 E04AA31 X
015 A00AA32 BARCLAYS BANK OF KENYA LTD.
015 B00AA32 S
015 C01AA32 NAIROBI
015 D01AA32 KENYA
015 E04AA32 X
015 A00AA33 SEOULBANK
015 B00AA33 S
015 C01AA33 SEOUL
015 D01AA33 KOREA
015 E04AA33 X
015 A00AA34 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA34 S
015 C01AA34 KUALA LUMPUR
015 D01AA34 MALAYSIA
015 E04AA34 X
015 A00AA35 CITIBANK MEXICO, S.A.
015 B00AA35 S
015 C01AA35 MEXICO CITY
015 D01AA35 MEXICO
015 E04AA35 X
015 A00AA36 BANQUE COMMERCIALE DU MAROC
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015 D01AA36 MOROCCO
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<PAGE> PAGE 6
015 C01AA37 AMSTERDAM
015 D01AA37 NETHERLANDS
015 E04AA37 X
015 A00AA38 ANZ BANKING GROUP (NEW ZEALAND) LTD.
015 B00AA38 S
015 C01AA38 WELLINGTON
015 D01AA38 NEW ZEALAND
015 E04AA38 X
015 A00AA39 CHRISTIANIA BANK OF KREDITKASSE
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015 C01AA39 OSLO
015 D01AA39 NORWAY
015 E04AA39 X
015 A00AA40 DEUTSCHE BANK AG
015 B00AA40 S
015 C01AA40 KARACHI
015 D01AA40 PAKISTAN
015 E04AA40 X
015 A00AA41 CITIBANK, N.A.
015 B00AA41 S
015 C01AA41 LIMA
015 D01AA41 PERU
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK
015 B00AA42 S
015 C01AA42 MANILA
015 D01AA42 PHILIPPINES
015 E04AA42 X
015 A00AA43 CITIBANK POLAND S.A.
015 B00AA43 S
015 C01AA43 WARSAW
015 D01AA43 POLAND
015 E04AA43 X
015 A00AA44 BANCO COMERCIAL PORTUGUES
015 B00AA44 S
015 C01AA44 LISBON
015 D01AA44 PORTUGAL
015 E04AA44 X
015 A00AA45 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA45 S
015 C01AA45 SINGAPORE
015 D01AA45 SINGAPORE
015 E04AA45 X
015 A00AA46 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA46 S
015 C01AA46 JOHANNESBURG
015 D01AA46 SOUTH AFRICA
015 E04AA46 X
015 A00AA47 BANCO SANTANDER, S.A.
015 B00AA47 S
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<PAGE> PAGE 7
015 D01AA47 SPAIN
015 E04AA47 X
015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA48 S
015 C01AA48 COLOMBO
015 D01AA48 SRI LANKA
015 E04AA48 X
015 A00AA49 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA49 S
015 C01AA49 STOCKHOLM
015 D01AA49 SWEDEN
015 E04AA49 X
015 A00AA50 BARCLAY BANK OF SWAZILAND LTD.
015 B00AA50 S
015 C01AA50 MBABANE
015 D01AA50 SWAZILAND
015 E04AA50 X
015 A00AA51 UNION BANK OF SWITZERLAND
015 B00AA51 S
015 C01AA51 ZURICH
015 D01AA51 SWITZERLAND
015 E04AA51 X
015 A00AA52 CENTRAL TRUST OF CHINA
015 B00AA52 S
015 C01AA52 TAIPEI
015 D01AA52 TAIWAN-R.O.C.
015 E04AA52 X
015 A00AA53 STANDARD CHARTERED BANK
015 B00AA53 S
015 C01AA53 BANGKOK
015 D01AA53 THAILAND
015 E04AA53 X
015 A00AA54 CITIBANK, N.A.
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015 C01AA54 ISTANBUL
015 D01AA54 TURKEY
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015 A00AA55 STATE STREET BANK AND TRUST COMPANY
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015 C01AA55 LONDON
015 D01AA55 UNITED KINGDOM
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015 C01AA56 MONTEVIDEO
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015 E04AA56 X
015 A00AA57 CITIBANK, N.A.
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<PAGE> PAGE 8
015 E04AA57 X
015 A00AA58 BARCLAYS BANK OF ZAMBIA LTD.
015 B00AA58 S
015 C01AA58 LUSAKA
015 D01AA58 ZAMBIA
015 E04AA58 X
015 A00AA59 BARCLAYS BANK OF ZIMBABWE LTD.
015 B00AA59 S
015 C01AA59 HARARE
015 D01AA59 ZIMBABWE
015 E04AA59 X
015 A00AA60 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA60 S
015 C01AA60 PORT LOUIS BR.
015 D01AA60 MAURITIUS
015 E04AA60 X
015 A00AA61 CESKOSLOVENSKA OBCHODNA BANKA A.S.
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015 C01AA61 BRATISLAVA
015 D01AA61 SLOVAK REPUBLIC
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015 A00AA62 CITIBANK, N.A.
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015 A00AA63 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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015 C01AA63 MUMBAI
015 D01AA63 INDIA
015 E04AA63 X
015 A00AA64 SOCIETE GENERALE DE BANQUES
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015 C01AA64 BLANK
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015 E04AA66 X
015 A00AA67 CREDIT SUISSE, ZURICH
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<PAGE> PAGE 9
015 A00AA68 BRITISH BANK OF THE MIDDLE EAST
015 B00AA68 S
015 C01AA68 MANAMA
015 D01AA68 BAHRAIN
015 E04AA68 X
015 A00AA69 THE BANK OF BERMUDA, LIMITED
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015 A00AA70 BANCO BOLIVIANO AMERICANO
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015 D01AA70 BOLIVIA
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015 A00AA71 SCOTIABANK JAMAICA TRUST AND MERCHANT BANK
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015 C01AA71 KINGSTON
015 D01AA71 JAMAICA
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015 A00AA72 THE BRITISH BANK OF THE MIDDLE EAST
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015 D01AA72 LEBANON
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015 A00AA73 STANDARD BANK
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015 A00AA74 BRITISH BANK OF THE MIDDLE EAST
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015 A00AA75 ING BANK
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015 A00AA76 BARCLAYS BANK OF SWAZILAND
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<PAGE> PAGE 10
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015 D01AA78 TAIWAN
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015 A00AA79 STANDARD CHARTERED
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015 C01AA79 BANGKOK
015 D01AA79 THAILAND
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015 C01AA80 TOBAGO
015 D01AA80 TRINIDAD
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE BILL BESTON
TITLE ASSISTANT VICE PRES.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 0
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 0
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<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000934349
<NAME> WNL SERIES TRUST
<SERIES>
<NUMBER> 7
<NAME> SALOMON BROTHERS US GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
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<INVESTMENTS-AT-COST> 5115271
<INVESTMENTS-AT-VALUE> 5152395
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 159857
<REALIZED-GAINS-CURRENT> 23149
<APPREC-INCREASE-CURRENT> 38894
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<SHARES-REINVESTED> 16187
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934349
<NAME> WNL SERIES TRUST
<SERIES>
<NUMBER> 8
<NAME> ELITE VALUE ASSET ALLOCATION PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 9462060
<RECEIVABLES> 37299
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<TOTAL-ASSETS> 9505114
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<OTHER-ITEMS-LIABILITIES> 34493
<TOTAL-LIABILITIES> 34493
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<PAID-IN-CAPITAL-COMMON> 8551870
<SHARES-COMMON-STOCK> 658676
<SHARES-COMMON-PRIOR> 187301
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12088)
<ACCUM-APPREC-OR-DEPREC> 930825
<NET-ASSETS> 9470621
<DIVIDEND-INCOME> 50057
<INTEREST-INCOME> 65279
<OTHER-INCOME> 0
<EXPENSES-NET> (28561)
<NET-INVESTMENT-INCOME> 86775
<REALIZED-GAINS-CURRENT> 201702
<APPREC-INCREASE-CURRENT> 621441
<NET-CHANGE-FROM-OPS> 909918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (86761)
<DISTRIBUTIONS-OF-GAINS> (213790)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 562538
<NUMBER-OF-SHARES-REDEEMED> (112176)
<SHARES-REINVESTED> 21013
<NET-CHANGE-IN-ASSETS> 7163583
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 151853
<AVERAGE-NET-ASSETS> 5492628
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 2.39
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</TABLE>
<DESRIPTION>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 and
financial highlights of WNL Series Trust for the year ended December 31,
1997, we considered its internal control including control over
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control.
The management of WNL Series Trust is responsible for establishing and
maintaining internal control . In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to entitys objective of preparing
financial statements and financial highlights for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and may not be detected. Also, projection of any evaluation
of internal control 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 would not necessarily disclose
all matters in internal control 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 does not reduce to a
relatively low level the risk that errors or fraud in amounts that would
be material in relation to the financial statements and financial
highlights 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 internal control,
including control over safeguarding securities, that we consider to be
material weaknesses as defined above, as of December 31, 1997.
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 13, 1998
