<PAGE> PAGE 1
000 B000000 07/31/96
000 C000000 0000866841
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 RANSON MANAGED PORTFOLIOS
001 B000000 811-6153
001 C000000 7018525292
002 A000000 1 NORTH MAIN
002 B000000 MINOT
002 C000000 ND
002 D010000 58701
002 D020000 3189
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 THE KANSAS MUNICIPAL FUND
007 C030100 N
007 C010200 2
007 C020200 THE KANSAS INSURED INTERMEDIATE FUND
007 C030200 N
007 C010300 3
007 C020300 THE NEBRASKA MUNICIPAL FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 RANSON CAPITAL CORPORATION
008 B00AA01 A
008 C00AA01 801-51540
008 D01AA01 MINOT
008 D02AA01 ND
008 D03AA01 58703
008 D04AA01 3189
010 A00AA01 RANSON CAPITAL CORPORATION
010 B00AA01 8-42561
010 C01AA01 MINOT
010 C02AA01 ND
010 C03AA01 58703
<PAGE> PAGE 2
010 C04AA01 3189
011 A00AA01 RANSON CAPITAL CORPORATION
011 B00AA01 8-42561
011 C01AA01 MINOT
011 C02AA01 ND
011 C03AA01 58703
011 C04AA01 3189
012 A00AA01 ND RESOURCES, INC.
012 B00AA01 84-54415
012 C01AA01 MINOT
012 C02AA01 ND
012 C03AA01 58103
012 C04AA01 3189
013 A00AA01 BRADY, MARTZ & ASSOCIATES, P.C.
013 B01AA01 MINOT
013 B02AA01 ND
013 B03AA01 58703
014 A00AA01 RANSON CAPITAL CORPORATION
014 B00AA01 8-42561
014 A00AA02 ND CAPITAL, INC.
014 B00AA02 8-40329
015 A00AA01 FIRST WESTERN BANK & TRUST
015 B00AA01 C
015 C01AA01 MINOT
015 C02AA01 ND
015 C03AA01 58702
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 8
019 C00AA00 INTEGRITYM
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 FUJI SECURITIES
022 B000001 36-2880742
022 C000001 12148
022 D000001 19061
022 A000002 GX CLARK
022 B000002 13-2969143
022 C000002 10296
022 D000002 7055
022 A000003 PIPER JAFFRAY
<PAGE> PAGE 3
022 B000003 41-0953246
022 C000003 8339
022 D000003 5508
022 A000004 ALEX BROWN
022 B000004 52-1319768
022 C000004 1459
022 D000004 1102
022 A000005 GREENWICH PARTNERS
022 B000005 13-3176013
022 C000005 2020
022 D000005 0
022 A000006 DAIN BOSWORTH
022 B000006 41-0212020
022 C000006 1279
022 D000006 593
022 A000007 KIRKPATRIC PETTI'S
022 B000007 47-0301070
022 C000007 1815
022 D000007 0
022 A000008 AG EDWARDS & SONS INC.
022 B000008 52-1319768
022 C000008 0
022 D000008 1402
022 A000009 WHEAT FIRST SECURITIES
022 B000009 54-0796506
022 C000009 760
022 D000009 504
022 A000010 GIBRALTER SECURITIES
022 B000010 22-1843724
022 C000010 732
022 D000010 449
023 C000000 50206
023 D000000 45037
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE> PAGE 4
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
<PAGE> PAGE 5
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 Y
070 F01AA00 N
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
<PAGE> PAGE 6
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 250000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 832
028 A020100 387
028 A030100 0
028 A040100 1053
028 B010100 778
028 B020100 388
028 B030100 0
028 B040100 786
028 C010100 1286
028 C020100 376
028 C030100 0
028 C040100 947
028 D010100 547
028 D020100 402
028 D030100 0
028 D040100 1697
028 E010100 514
028 E020100 379
028 E030100 0
028 E040100 731
028 F010100 659
<PAGE> PAGE 7
028 F020100 360
028 F030100 0
028 F040100 1373
028 G010100 4616
028 G020100 2292
028 G030100 0
028 G040100 6587
028 H000100 4409
029 000100 Y
030 A000100 403
030 B000100 4.25
030 C000100 0.75
031 A000100 44
031 B000100 0
032 000100 358
033 000100 1
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 333
044 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 96.7
062 P000100 0.0
062 Q000100 0.0
062 R000100 1.5
063 A000100 0
063 B000100 19.4
<PAGE> PAGE 8
064 A000100 Y
064 B000100 N
071 A000100 29869
071 B000100 26355
071 C000100 130839
071 D000100 23
072 A000100 12
072 B000100 7972
072 C000100 35
072 D000100 0
072 E000100 0
072 F000100 666
072 G000100 93
072 H000100 0
072 I000100 162
072 J000100 57
072 K000100 0
072 L000100 0
072 M000100 9
072 N000100 1
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 0
072 T000100 333
072 U000100 0
072 V000100 0
072 W000100 9
072 X000100 1338
072 Y000100 212
072 Z000100 6881
072AA000100 905
072BB000100 0
072CC010100 0
072CC020100 215
072DD010100 6881
072DD020100 0
072EE000100 0
073 A010100 0.6855
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 589
074 B000100 0
074 C000100 0
074 D000100 129940
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
<PAGE> PAGE 9
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 2572
074 M000100 0
074 N000100 133101
074 O000100 0
074 P000100 113
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 639
074 S000100 0
074 T000100 132349
074 U010100 10905
074 U020100 0
074 V010100 12.14
074 V020100 0.00
074 W000100 0.0000
074 X000100 4701
074 Y000100 0
075 A000100 0
075 B000100 132958
076 000100 0.00
028 A010200 240
028 A020200 70
028 A030200 0
028 A040200 356
028 B010200 194
028 B020200 68
028 B030200 0
028 B040200 126
028 C010200 731
028 C020200 67
028 C030200 0
028 C040200 863
028 D010200 177
028 D020200 69
028 D030200 0
028 D040200 376
028 E010200 75
028 E020200 66
028 E030200 0
028 E040200 568
028 F010200 65
028 F020200 60
028 F030200 0
028 F040200 515
028 G010200 1482
028 G020200 400
<PAGE> PAGE 10
028 G030200 0
028 G040200 2804
028 H000200 1352
029 000200 Y
030 A000200 53
030 B000200 2.75
030 C000200 0.25
031 A000200 4
031 B000200 0
032 000200 49
033 000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 96.5
062 P000200 0.0
062 Q000200 0.0
062 R000200 2.8
063 A000200 0
063 B000200 8.0
064 A000200 Y
064 B000200 N
071 A000200 6123
071 B000200 6592
071 C000200 30674
<PAGE> PAGE 11
071 D000200 20
072 A000200 12
072 B000200 1578
072 C000200 6
072 D000200 0
072 E000200 0
072 F000200 157
072 G000200 47
072 H000200 0
072 I000200 52
072 J000200 16
072 K000200 3
072 L000200 0
072 M000200 2
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 0
072 T000200 0
072 U000200 8
072 V000200 0
072 W000200 1
072 X000200 289
072 Y000200 72
072 Z000200 1367
072AA000200 47
072BB000200 0
072CC010200 340
072CC020200 0
072DD010200 1367
072DD020200 0
072EE000200 0
073 A010200 0.5331
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 635
074 D000200 29484
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 508
074 K000200 0
074 L000200 581
074 M000200 9
<PAGE> PAGE 12
074 N000200 31217
074 O000200 499
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 154
074 S000200 0
074 T000200 30564
074 U010200 2507
074 U020200 0
074 V010200 12.19
074 V020200 0.00
074 W000200 0.0000
074 X000200 844
074 Y000200 0
075 A000200 0
075 B000200 31276
076 000200 0.00
028 A010300 361
028 A020300 46
028 A030300 0
028 A040300 66
028 B010300 348
028 B020300 48
028 B030300 0
028 B040300 73
028 C010300 300
028 C020300 47
028 C030300 0
028 C040300 386
028 D010300 259
028 D020300 50
028 D030300 0
028 D040300 139
028 E010300 364
028 E020300 48
028 E030300 0
028 E040300 259
028 F010300 283
028 F020300 45
028 F030300 0
028 F040300 315
028 G010300 1915
028 G020300 284
028 G030300 0
028 G040300 1238
028 H000300 1911
029 000300 Y
030 A000300 232
<PAGE> PAGE 13
030 B000300 4.25
030 C000300 0.75
031 A000300 25
031 B000300 0
032 000300 207
033 000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 42
044 000300 0
062 A000300 Y
062 B000300 7.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 97.5
062 P000300 0.0
062 Q000300 0.0
062 R000300 6.1
063 A000300 0
063 B000300 19.4
064 A000300 Y
064 B000300 N
071 A000300 8812
071 B000300 4552
071 C000300 16736
071 D000300 27
072 A000300 12
072 B000300 961
072 C000300 8
072 D000300 0
<PAGE> PAGE 14
072 E000300 0
072 F000300 84
072 G000300 35
072 H000300 0
072 I000300 45
072 J000300 11
072 K000300 0
072 L000300 3
072 M000300 1
072 N000300 2
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 3
072 S000300 0
072 T000300 42
072 U000300 6
072 V000300 0
072 W000300 1
072 X000300 233
072 Y000300 129
072 Z000300 865
072AA000300 0
072BB000300 15
072CC010300 23
072CC020300 0
072DD010300 865
072DD020300 0
072EE000300 0
073 A010300 0.5690
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 26
074 B000300 0
074 C000300 0
074 D000300 17622
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 1096
074 J000300 0
074 K000300 0
074 L000300 267
074 M000300 13
074 N000300 19024
074 O000300 847
074 P000300 0
074 Q000300 0
074 R010300 0
<PAGE> PAGE 15
074 R020300 0
074 R030300 0
074 R040300 100
074 S000300 0
074 T000300 18077
074 U010300 1644
074 U020300 0
074 V010300 11.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 904
074 Y000300 0
075 A000300 0
075 B000300 16847
076 000300 0.00
SIGNATURE JACQUELINE L. PICKEN
TITLE CORPORATE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 1
<NAME> KANSAS MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 128219751
<INVESTMENTS-AT-VALUE> 129939822
<RECEIVABLES> 2572016
<ASSETS-OTHER> 589363
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 133101201
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 752250
<TOTAL-LIABILITIES> 752250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 10905053
<SHARES-COMMON-PRIOR> 10777009
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2058350)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1720071
<NET-ASSETS> 132348951
<DIVIDEND-INCOME> 34993
<INTEREST-INCOME> 7972486
<OTHER-INCOME> 0
<EXPENSES-NET> (1126429)
<NET-INVESTMENT-INCOME> 6881050
<REALIZED-GAINS-CURRENT> 905123
<APPREC-INCREASE-CURRENT> (215174)
<NET-CHANGE-FROM-OPS> 7570999
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6881050)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 918984
<NUMBER-OF-SHARES-REDEEMED> 1174350
<SHARES-REINVESTED> 383410
<NET-CHANGE-IN-ASSETS> 2257666
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 666479
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1338485
<AVERAGE-NET-ASSETS> 132958181
<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> .69
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.69)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.14
<EXPENSE-RATIO> .85<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses (after expense assumption) to average net assets,
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 2
<NAME> KANSAS INSURED INTERMEDIATE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 29687404
<INVESTMENTS-AT-VALUE> 30118633
<RECEIVABLES> 1089318
<ASSETS-OTHER> 9266
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31217217
<PAYABLE-FOR-SECURITIES> 499239
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154055
<TOTAL-LIABILITIES> 653294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2507133
<SHARES-COMMON-PRIOR> 2548917
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (305774)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 431229
<NET-ASSETS> 30563923
<DIVIDEND-INCOME> 6305
<INTEREST-INCOME> 1577775
<OTHER-INCOME> 0
<EXPENSES-NET> (217251)
<NET-INVESTMENT-INCOME> 1366829
<REALIZED-GAINS-CURRENT> 46810
<APPREC-INCREASE-CURRENT> 340266
<NET-CHANGE-FROM-OPS> 1753905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1366829)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227680
<NUMBER-OF-SHARES-REDEEMED> 335874
<SHARES-REINVESTED> 66410
<NET-CHANGE-IN-ASSETS> (114381)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156871
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289194
<AVERAGE-NET-ASSETS> 31276498
<PER-SHARE-NAV-BEGIN> 12.04
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 12.19
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 3
<NAME> NEBRASKA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 18633253
<INVESTMENTS-AT-VALUE> 18717989
<RECEIVABLES> 266325
<ASSETS-OTHER> 39243
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19023557
<PAYABLE-FOR-SECURITIES> 846725
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99874
<TOTAL-LIABILITIES> 946599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1644023
<SHARES-COMMON-PRIOR> 1318776
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (219774)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84736
<NET-ASSETS> 18076958
<DIVIDEND-INCOME> 8088
<INTEREST-INCOME> 960630
<OTHER-INCOME> 0
<EXPENSES-NET> (104113)
<NET-INVESTMENT-INCOME> 864605
<REALIZED-GAINS-CURRENT> (15386)
<APPREC-INCREASE-CURRENT> 23173
<NET-CHANGE-FROM-OPS> 872392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (864605)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428516
<NUMBER-OF-SHARES-REDEEMED> 152247
<SHARES-REINVESTED> 48978
<NET-CHANGE-IN-ASSETS> 3632243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84492
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233166
<AVERAGE-NET-ASSETS> 16846818
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.57)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.00
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>