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<PAGE> PAGE 2
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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 10
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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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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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045 000500 Y
046 000500 N
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<PAGE> PAGE 22
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055 A000500 Y
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE LARRY C. JORDAN
TITLE VICE PRESIDENT
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<NAME> JACKSON NATIONAL TAX EXEMPT FUND
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<NAME> JACKSON NATIONAL INCOME FUND
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<NAME> JACKSON NATIONAL GROWTH FUND
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<NAME> JACKSON NATIONAL TOTAL RETURN FUND
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</TABLE>
100 East Wisconsin Avenue Telephone 4142769500
Suite 1500
Milwaukee, WI 53202
Price Waterhouse LLP
To the Board of Trustees of Jackson National Capital Management Funds
In planning and performing our audit of the financial statements of
Jackson National Money Market Fund, Jackson National Tax-Exempt Fund,
Jackson National Income Fund, Jackson National Growth Fund and Jackson
National Total Return Fund (constituting the Jackson National Capital-
Management Funds, hereafter referred to as the "Funds") for the year ended
October 31, 1995, we considered the Funds' internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the internal control structure.
The management of the Funds 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 appropriately safeguarded against loss
from unauthorized use or disposition and that 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 weakness 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 October 31,
1995.
This report is intended solely for the information and use of management
and theSecurities and Exchange Commission.
Price Waterhouse/s/
Price Waterhouse LLP
November 30, 1995
