<PAGE> PAGE 1
000 B000000 07/31/97
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 58703
002 D020000 3189
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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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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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 ND RESOURCES, INC.
010 B00AA01 84-54415
010 C01AA01 MINOT
<PAGE> PAGE 2
010 C02AA01 ND
010 C03AA01 58703
010 C04AA01 3189
011 A00AA01 RANSON CAPITAL CORPORATION
011 B00AA01 8-42561
011 C01AA01 MINOT
011 C02AA01 ND
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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
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022 A000001 PIPER JAFFRAY, INC.
022 B000001 41-0953326
022 C000001 13398
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022 A000002 SMITH BARNEY HARRIS UPHAM & CO.
<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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
<PAGE>
To the Shareholders and Board
of Trustees of Ranson Managed
Portfolios - The Kansas Municipal Fund
In planning and performing our audit of the financial statements of
The Kansas Municipal Fund of Ranson Managed Portfolios for the year
ended July 31, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The Kansas Municipal Fund of Ranson Managed Portfolios
is responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of July 31, 1997.
The report is intended solely for the information and use of management
and the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
September 9, 1997
<PAGE>
To the Shareholders and Board
of Trustees of Ranson Managed
Portfolios - The Kansas Insured Intermediate Fund
In planning and performing our audit of the financial statements of The
Kansas Insured Intermediate Fund of Ranson Managed Portfolios for the
year ended July 31, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The Kansas Insured Intermediate of Ranson Managed
Portfolios is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of July 31, 1997.
The report is intended solely for the information and use of management
and the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
September 9, 1997
<PAGE>
To the Shareholders and Board
of Trustees of Ranson Managed
Portfolios - The Nebraska Municipal Fund
In planning and performing our audit of the financial statements of The
Nebraska Municipal Fund of Ranson Managed Portfolios for the year ended
July 31, 1997, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The Nebraska Municipal Fund of Ranson Managed
Portfolios is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of July 31, 1997.
The report is intended solely for the information and use of management
and the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
September 9, 1997
<PAGE>
To the Shareholders and Board
of Trustees of Ranson Managed
Portfolios - The Oklahoma Municipal Fund
In planning and performing our audit of the financial statements of The
Oklahoma Municipal Fund of Ranson Managed Portfolios for the year ended
July 31, 1997, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The Oklahoma Municipal Fund of Ranson Managed
Portfolios is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of July 31, 1997.
The report is intended solely for the information and use of management
and the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
September 9, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> THE KANSAS MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 120885661
<INVESTMENTS-AT-VALUE> 127819321
<RECEIVABLES> 2436380
<ASSETS-OTHER> 145454
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130401155
<PAYABLE-FOR-SECURITIES> 1496490
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 703211
<TOTAL-LIABILITIES> 2199701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 10321705
<SHARES-COMMON-PRIOR> 10905053
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4280562)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6933660
<NET-ASSETS> 128201454
<DIVIDEND-INCOME> 74144
<INTEREST-INCOME> 7654418
<OTHER-INCOME> 0
<EXPENSES-NET> (1207021)
<NET-INVESTMENT-INCOME> 6521541
<REALIZED-GAINS-CURRENT> (2222212)
<APPREC-INCREASE-CURRENT> 5213589
<NET-CHANGE-FROM-OPS> 9512918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6521541)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 563448
<NUMBER-OF-SHARES-REDEEMED> 1514291
<SHARES-REINVESTED> 367495
<NET-CHANGE-IN-ASSETS> (4147497)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 650009
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1253762
<AVERAGE-NET-ASSETS> 129850018
<PER-SHARE-NAV-BEGIN> 12.14
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> .28
<PER-SHARE-DIVIDEND> (.61)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> .93<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assets.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> THE KANSAS INSURED INTERMEDIATE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 25535252
<INVESTMENTS-AT-VALUE> 26492171
<RECEIVABLES> 470210
<ASSETS-OTHER> 28972
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26991353
<PAYABLE-FOR-SECURITIES> 1343902
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114033
<TOTAL-LIABILITIES> 1457935
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2086938
<SHARES-COMMON-PRIOR> 2507133
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (717376)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 956919
<NET-ASSETS> 25533418
<DIVIDEND-INCOME> 18227
<INTEREST-INCOME> 1387755
<OTHER-INCOME> 0
<EXPENSES-NET> (209195)
<NET-INVESTMENT-INCOME> 1196787
<REALIZED-GAINS-CURRENT> (411602)
<APPREC-INCREASE-CURRENT> 525690
<NET-CHANGE-FROM-OPS> 1310875
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1196787)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110692
<NUMBER-OF-SHARES-REDEEMED> 589765
<SHARES-REINVESTED> 58878
<NET-CHANGE-IN-ASSETS> (5030505)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 249803
<AVERAGE-NET-ASSETS> 27657523
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> .76<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assests.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> THE NEBRASKA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 26448041
<INVESTMENTS-AT-VALUE> 27551767
<RECEIVABLES> 773995
<ASSETS-OTHER> 7349
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28351774
<PAYABLE-FOR-SECURITIES> 345566
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204654
<TOTAL-LIABILITIES> 550220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2468032
<SHARES-COMMON-PRIOR> 1644023
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1128524)<F1>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1103726
<NET-ASSETS> 27801554
<DIVIDEND-INCOME> 22008
<INTEREST-INCOME> 1373876
<OTHER-INCOME> 0
<EXPENSES-NET> (172676)
<NET-INVESTMENT-INCOME> 1223208
<REALIZED-GAINS-CURRENT> (586350)
<APPREC-INCREASE-CURRENT> 1151347
<NET-CHANGE-FROM-OPS> 1788205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1223208)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1172613<F2>
<NUMBER-OF-SHARES-REDEEMED> 419638
<SHARES-REINVESTED> 71004
<NET-CHANGE-IN-ASSETS> 9724596
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 297070
<AVERAGE-NET-ASSETS> 24298411
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> .71<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
fo $10,299,543.
<F3>Ratio of net expenses to average net assets.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> THE OKLAHOMA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 6014164
<INVESTMENTS-AT-VALUE> 6154255
<RECEIVABLES> 527948
<ASSETS-OTHER> 25813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6722146
<PAYABLE-FOR-SECURITIES> 103367
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28104
<TOTAL-LIABILITIES> 131471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 555618
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 140091
<NET-ASSETS> 6590675
<DIVIDEND-INCOME> 4923
<INTEREST-INCOME> 64685
<OTHER-INCOME> 0
<EXPENSES-NET> (2078)
<NET-INVESTMENT-INCOME> 67530
<REALIZED-GAINS-CURRENT> 19246
<APPREC-INCREASE-CURRENT> 140091
<NET-CHANGE-FROM-OPS> 226867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (67530)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 557078
<NUMBER-OF-SHARES-REDEEMED> 3499
<SHARES-REINVESTED> 2039
<NET-CHANGE-IN-ASSETS> 6590675
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1341
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36687
<AVERAGE-NET-ASSETS> 1825592
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.86
<EXPENSE-RATIO> .11<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assets.
</FN>
</TABLE>
