Annual Notice of Securities Sold Pursuant to Rule 24F-2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Jackson National Capital Management Funds
5901 Executive Drive
Lansing, Michigan 48911
2. Name of each series or class of funds for which this
notice is filed:
Jackson National Money Market Fund
Jackson National Tax-Exempt Fund
Jackson National Income Fund
Jackson National Growth Fund
Jackson National Total Return Fund
3. Investment Company Act File Number:
811-6611
Securities Act File Number:
33-46590
4. Last day of fiscal year for which this notice is filed:
December 23, 1996
5. Check box if this notice is being filed more than 180
days after the close of the issuer's fiscal year for the
purposes of reporting securities sold after the close of the
fiscal year but before termination of the issuer's 24f-2
declaration:
6. Date of termination of issuer's declaration under rule
24f-2(a)(1), if applicable (see Instruction A.6):
Not applicable
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act of
1933 other than pursuant to rule 24f-2 in a prior fiscal
year, but which remained unsold at the beginning of the
fiscal year:
Not applicable
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
Not applicable
9. Number and aggregate sale price of securities sold
during the fiscal year:
Shares Sale Price
Money Market Fund 818,771.220 818,771.22
Tax-Exempt Fund 7,735.782 80,936.08
Income Fund 12,581.124 127,389.53
Growth Fund 20,346.283 276,655.58
Total Return Fund 4,309.626 58,600.70
863,744.035 1,362,353.11
10. Number and aggregate sale price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
Shares Sale Price
Money Market Fund 818,771.220 818,771.22
Tax-Exempt Fund 7,735.782 80,936.08
Income Fund 12,581.124 127,389.53
Growth Fund 20,346.283 276,655.58
Total Return Fund 4,309.626 58,600.70
863,744.035 1,362,353.11
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans, if applicable (see Instruction B.7):
Not applicable
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$ 1,362,353
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
+ 0
(iii)Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
-101,530,783
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
+ 0
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line (i),
plus line (ii), less line (iii), plus line (iv)] (if
applicable):
0
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or regulation
(see Instruction C.6):
x 1/3300
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]:
0
13. Check box if fees are being remitted to the
Commission's lockbox depository as described in section 3a
of the Commission's Rule of Informal and Other Procedures
(17 CFR 202.3a).
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
Not applicable
SIGNATURES
This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.
By (Signature and Title)
/s/ Andrew B. Hopping
Andrew B. Hopping
Vice President
Date: February 20, 1997
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
222 NORTH LASALLE STREET
CHICAGO, ILLINOIS 60601-1003
312-609-7500
FACSIMILE: 312-609-5005
February 20, 1997
Board of Trustees
Jackson National Capital
Management Funds
5901 Executive Drive
Lansing, Michigan 48909
Re: 24f-2 Notice for Jackson National Capital Management
Funds
File Nos. 33-46590 and 811-6611
Dear Trustees:
We have acted as counsel to Jackson National Capital
Management Funds (the "Fund") since its organization in
connection with its public offering of an indefinite number
of units of beneficial interest, no par value ("Shares"),
from each of the five authorized series of the Fund.
Based upon the foregoing, it is our opinion that the
Shares issued, as reported on the accompanying Notice
pursuant to Rule 24f-2 reporting sales and redemptions
during the period November 1, 1996 through December 23,
1996, were legally issued, fully paid and nonassessable.
In rendering this opinion, we have relied upon an
Officer's Certificate executed by an officer of the Fund
representing, among other things, that all Shares of the
Fund have been issued at the net asset value per share next
determined after the Fund's receipt of an order in proper
form and payment therefor from the investor, as described in
the Fund's Prospectus and Statement of Additional
Information.
We hereby consent to the filing of this opinion with
the Securities and Exchange Commission pursuant to Rule 24f-
2 promulgated under Section 24(f) of the Investment Company
Act of 1940, together with the Fund's Rule 24f-2 Notice.
Sincerely,
/s/ Vedder, Price, Kaufman & Kammholz
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
