<PAGE> PAGE 1
000 A000000 01/31/97
000 C000000 0000866841
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002 D020000 3189
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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 C020400 THE OKLAHOMA MUNICIPAL FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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007 C011000 10
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008 D02AA01 ND
008 D03AA01 58703
008 D04AA01 3189
010 A00AA01 DELETE
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011 B00AA01 8-42561
<PAGE> PAGE 2
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
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013 B03AA01 58703
014 A00AA01 RANSON CAPITAL CORPORATION
014 B00AA01 8-42561
014 A00AA02 ND CAPITAL, INC.
014 B00AA02 8-40329
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
055 A00AA00 N
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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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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>
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<FN>
<F1>Ration of net expenses (after expense assumption) to average net assets,
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<NAME> RANSON MANAGED PORTFOLIOS
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<NAME> KANSAS INSURED INTERMEDIATE FUND
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 25911808
<INVESTMENTS-AT-VALUE> 26596657
<RECEIVABLES> 540921
<ASSETS-OTHER> 41168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27178746
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159614
<TOTAL-LIABILITIES> 159614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2199940
<SHARES-COMMON-PRIOR> 2507133
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (345706)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 684849
<NET-ASSETS> 27019132
<DIVIDEND-INCOME> 10971
<INTEREST-INCOME> 717254
<OTHER-INCOME> 0
<EXPENSES-NET> (106107)
<NET-INVESTMENT-INCOME> 622118
<REALIZED-GAINS-CURRENT> (39932)
<APPREC-INCREASE-CURRENT> 253620
<NET-CHANGE-FROM-OPS> 835806
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (622118)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59023
<NUMBER-OF-SHARES-REDEEMED> 396484
<SHARES-REINVESTED> 30268
<NET-CHANGE-IN-ASSETS> (3544791)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72289
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136634
<AVERAGE-NET-ASSETS> 28842691
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> .74<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses (after expense assumption) to average net assets,
annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 3
<NAME> NEBRASKA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 27583079
<INVESTMENTS-AT-VALUE> 27869610
<RECEIVABLES> 831736
<ASSETS-OTHER> 68660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28770006
<PAYABLE-FOR-SECURITIES> 457917
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137514
<TOTAL-LIABILITIES> 595431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2530542
<SHARES-COMMON-PRIOR> 1644023
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (636768)<F1>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 286531
<NET-ASSETS> 28174575
<DIVIDEND-INCOME> 9551
<INTEREST-INCOME> 591768
<OTHER-INCOME> 0
<EXPENSES-NET> (74108)
<NET-INVESTMENT-INCOME> 527211
<REALIZED-GAINS-CURRENT> (94594)
<APPREC-INCREASE-CURRENT> 333802
<NET-CHANGE-FROM-OPS> 766419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (527211)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1048556<F2>
<NUMBER-OF-SHARES-REDEEMED> 191133
<SHARES-REINVESTED> 29096
<NET-CHANGE-IN-ASSETS> 10097617
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140245
<AVERAGE-NET-ASSETS> 21244102
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> .70<F3>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Includes $322,399 of accumulated realized losses inherited from the Heartland
Nebraska Tax Free Fund pursuant to the agreement and plan of reorganization.
<F2>Includes 926,218 shares issued to the shareholders of the Heartland Nebraska
Tax Free Fund pursuant to the plan of reorganization in exchange for net assets
of $10,299,543.
<F3>Ratio of net expenses to average net assets, annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 4
<NAME> OKLAHOMA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 597513
<INVESTMENTS-AT-VALUE> 600536
<RECEIVABLES> 35661
<ASSETS-OTHER> 26550
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 662747
<PAYABLE-FOR-SECURITIES> 28467
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31191
<TOTAL-LIABILITIES> 59658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 52173
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3023
<NET-ASSETS> 603089
<DIVIDEND-INCOME> 476
<INTEREST-INCOME> 6474
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 6950
<REALIZED-GAINS-CURRENT> (296)
<APPREC-INCREASE-CURRENT> 3023
<NET-CHANGE-FROM-OPS> 9677
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6950)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51961
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 217
<NET-CHANGE-IN-ASSETS> 603089
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 670
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9778
<AVERAGE-NET-ASSETS> 409754
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> .00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses (after expense assumption) to average net assets,
annualized.
</FN>
</TABLE>
77M.
a) Heartland Nebraska Tax Free Fund
b) An agreement and plan of reorganization was approved effective December 9,
1996 by the sharelolders of the Heartland Nebraska Tax Free Fund (Heartland).
Pursuant to the agreement, The Nebraska Municipal Fund, in exhcange for the
assets of Heartland assumed certain liabilities of Heartland and issued shares
of The Nebraska Municipal Fund to shareholders of Heartland on a pro rata
basis.
On the date of exchange, 926,218 shares of The Nebraska Municipal Fund were
issued to the shareholders of Heartland for net assets of $10,299,543 at
$11.12.
77Q(g)
In answer to 77Q(g) we incorporate by reference the N-14 registration dated
October 18, 1996. Exhibit 1; File #811-06153; 33-36324.
