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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 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
070 F010400 Y
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 22
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024 000500 Y
025 A000501 AMERICAN EXPRESS CREDIT
<PAGE> PAGE 23
025 B000501 11-1988350
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<PAGE> PAGE 24
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055 A000500 N
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056 000500 Y
057 000500 N
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<PAGE> PAGE 25
066 D000500 N
066 E000500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE ANDREW B. HOPPING
TITLE VICE PRESIDENT
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<NAME> JACKSON NATIONAL MONEY MARKET FUND
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<NAME> JACKSON NATIONAL TAX-EXEMPT FUND
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</TABLE>
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<NAME> JACKSON NATIONAL INCOME FUND
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</TABLE>
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<NAME> JACKSON NATIONAL GROWTH FUND
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<INVESTMENTS-AT-COST> 14672238
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> JACKSON NATIONAL TOTAL RETURN FUND
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<PERIOD-END> OCT-31-1996
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<REALIZED-GAINS-CURRENT> 2186531
<APPREC-INCREASE-CURRENT> 706879
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<DISTRIBUTIONS-OF-GAINS> 1555659
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<SHARES-REINVESTED> 2518815
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</TABLE>
This report is signed on behalf of the registrant (or
depositor or trustee).
City of: Lansing State of: Michigan Date:
December 19, 1996
Name of Registrant, Depositor, or Trustee: Jackson National
Capital Management Funds
By (Name and Title): Witness (Name and
Title)
/s/ Andrew B. Hopping /s/ Thomas J. Meyer
Andrew B. Hopping Thomas J. Meyer
Vice President Secretary
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, 1996, 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, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
Price Waterhouse LLP
December 10, 1996
