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SIGNATURE JACQUELINE L. PICKEN
TITLE CORPORATE SECRETARY
March 27, 1996
Ranson Managed Portfolios
201 South Broadway
Minot, ND 58701
US Securities and Exchange Commission
Washington DC 20549
RE: Engagement of a New Accountant
At a special meeting of the shareholders held on December 11,
1995, Brady, Martz & Associates, P.C. was ratified as the Fund's
Independent Accountant.
Sincerely,
Robert E. Walstad
President
Ranson Managed Portfolios
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<EXPENSES-NET> 45,019
<NET-INVESTMENT-INCOME> 412,214
<REALIZED-GAINS-CURRENT> 13,933
<APPREC-INCREASE-CURRENT> 590,076
<NET-CHANGE-FROM-OPS> 954,662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 412,214
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 254,929
<NUMBER-OF-SHARES-REDEEMED> 39,052
<SHARES-REINVESTED> 23,220
<NET-CHANGE-IN-ASSETS> 3,208,197
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,039
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115,298
<AVERAGE-NET-ASSETS> 16,002,962
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> .38
<PER-SHARE-DIVIDEND> .34
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.33
<EXPENSE-RATIO> .56<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assets, annualized.
</FN>
</TABLE>
