FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
1. Name and address of issuer:
Ranson Managed Portfolios
1 North Main
Minot, ND 58703
2. Name of each series or class of funds for which this notice is filed:
The Nebraska Municipal Fund
The Kansas Insured Intermediate Fund
The Kansas Municipal Fund
The Oklahoma Municipal Fund
3. Investment Company Act File Number:
811-6153
Securities Act File Number:
033-36324
4. Last day of fiscal year for which this notice is filed:
7/31/97
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
N/A
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable:
N/A
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:
-0-
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
-0-
9. Number and aggregate sale price of securities sold during the fiscal
year:
OKF....557,078 shares......$ 6,448,490
NMF 1,172,643 shares 13,035,407
KIIF 110,692 shares 1,355,388
KMF 563,448 shares 6,910,719
Total $27,750,004
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
$27,750,004
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable:
N/A
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold $27,750,004
during the fiscal year in reliance on
rule 24f-2(from Item 10):
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): + N/A
(iii)Aggregate price of shares redeemed or
repurchased during the fiscal year(if
applicable): - N/A
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a
reduction to filing fees pursuant to rule
24f-2 (if applicable): + N/A
(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): N/A
(vi) Multiplier prescribed by Section 6(b) of
Securities Act of 1933 or other applicable
applicable law or regulation(see C.6) x 1/3300
(vii)Fee due [line(i) or line (v) multiplied by
line(vi)]: $ 8,409.09
13. Check box if fees are being remitted to the Commissions lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a). X
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository: September 16 1997
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)*
Robert E. Walstad, President
DATE: 9/16/1997
Peter A. Quist
389 East Brandon Drive
Bismarck, ND 58501
September 16, 1997
Ranson Managed Portfolios
One North Main
Minot, ND 58703
Gentlemen:
I have acted as special counsel to Ranson Managed Portfolios (the
"Fund"), a Massachusetts voluntary association established by Agreement
and Declaration of Trust (the "Declaration"), in connection with the
preparation and filing of the Fund's Rule 24f-2 Notice
(the "Notice")for the fiscal year ended July 31, 1997, pursuant to Rule
24f-2 under the Investment Company Act of 1940 covering the sale of an
indefinite number of Shares of the Fund pursuant to the declaration
contained in the Fund's registration statement on Form N-1A ("Registration
Statement").
I have examined copies of the Fund's Declaration, By-laws, and Registration
Statement, and other records and documents that I have deemed necessary for
the purpose of rendering this opinion. I have also examined such other
documents, papers, statutes, and authorities as I have deemed necessary to
form a basis for the opinion hereinafter expressed.
In my examination, I have assumed the genuineness of all signatures and the
conformity to original documents of all copies submitted to me. As to
various questions of fact material to my opinion, I have relied upon
statements and certificates of officers and representatives of the Fund and
others.
Based upon the foregoing, I am of the opinion that the Shares the
registration of which the Notice makes definite in number were legally
issued, fully paid, and, subject to the matters discussed below,
nonassessable.
Although shareholders of certain voluntary associations have been held to
be partners and, as such, liable for certain obligations of such
associations, and although in the absence of controlling precedent the
matter cannot be free from doubt, I believe that the courts of the
Commonwealth of Massachusetts, where the Fund is organized, should find
that the Fund is not a partnership and that the shareholders of the Fund, as
such, have no personal liability for the acts and omissions of the Fund or
its trustees, officers, or agents. The Declaration provides that neither
the Fund, nor the trustees, nor any officer, employee, or agent of the Fund
shall have any power to bind personally any shareholder, nor, except as
specifically provided therein, to call upon any shareholder for the payment
of any sum of money or assessment whatsoever other than such as the
shareholder may at any time personally agree to pay. The Declaration
further states that in case any shareholder or former shareholder shall be
held to be personally liable solely by reason of his or her being or
having been a shareholder and not because of his or her acts or omissions
or for some other reason, the shareholder or former shareholder (or his or
her heirs, executors, administrators, or other legal representatives, or in
the case of a corporation or other entity, its corporate or other general
successor) shall be entitled out of the assets of the particular series of
Shares of which he or she is or was a shareholder to be held harmless from
and indemnified against all loss and expense arising from such liability;
provided, however, there shall be no liability or obligation of the Fund to
reimburse any shareholder for taxes paid by reason of such shareholder's
ownership of Shares or for losses suffered by reason of any changes in
value of any Fund assets.
I hereby consent to the filing of this opinion as an exhibit to the Notice
and to any report made by or on behalf of the Fund in connection with the
registration of the Shares under the securities laws of any state.
Sincerely,
Peter A. Quist
