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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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074 S000500 0
074 T000500 1
074 U010500 0
074 U020500 0
074 V010500 11.10
074 V020500 0.00
074 W000500 0.0000
074 X000500 1
074 Y000500 0
075 A000500 0
075 B000500 79
076 000500 0.00
SIGNATURE JACQUELINE L. PICKEN
TITLE CORPORATE SECRETARY
Brady, Martz & Associates, P.C.
24 West Central P.O. Box 848
Minot, ND 58702-848
To the Shareholders and Board
of Trustees of Ranson Managed
Portfolios
In planning and performing our audit of the financial statements of Ranson
Managed Portfolios for the year ended July 31, 1998, 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 Ranson Managed Portfolios is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements 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
structures 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, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
MINOT, NORTH DAKOTA
September 4, 1998
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<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 01
<NAME> THE KANSAS MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 112528588
<INVESTMENTS-AT-VALUE> 118382193
<RECEIVABLES> 2069736
<ASSETS-OTHER> 209375
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120661304
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 637569
<TOTAL-LIABILITIES> 637569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120108166
<SHARES-COMMON-STOCK> 9875312
<SHARES-COMMON-PRIOR> 10071898
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (5954996)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5867565
<NET-ASSETS> 120023735
<DIVIDEND-INCOME> 44353
<INTEREST-INCOME> 7227124
<OTHER-INCOME> 0
<EXPENSES-NET> (1176336)
<NET-INVESTMENT-INCOME> 6095141
<REALIZED-GAINS-CURRENT> (1671434)
<APPREC-INCREASE-CURRENT> (1066095)
<NET-CHANGE-FROM-OPS> 3357612
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6095141)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 706375
<NUMBER-OF-SHARES-REDEEMED> (1497432)
<SHARES-REINVESTED> 344664
<NET-CHANGE-IN-ASSETS> (81777197)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 619124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1180237
<AVERAGE-NET-ASSETS> 123698634
<PER-SHARE-NAV-BEGIN> 12.42
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 12.15
<EXPENSE-RATIO> .95<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
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 02
<NAME> THE KANSAS INSURED INTERMEDIATE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 19527501
<INVESTMENTS-AT-VALUE> 20269595
<RECEIVABLES> 376342
<ASSETS-OTHER> 31406
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20677343
<PAYABLE-FOR-SECURITIES> 76669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15833
<TOTAL-LIABILITIES> 92502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20683568
<SHARES-COMMON-STOCK> 1705829
<SHARES-COMMON-PRIOR> 1865962
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (842915)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 744188
<NET-ASSETS> 20584841
<DIVIDEND-INCOME> 24721
<INTEREST-INCOME> 1138009
<OTHER-INCOME> 0
<EXPENSES-NET> (179,276)
<NET-INVESTMENT-INCOME> 993262
<REALIZED-GAINS-CURRENT> (125540)
<APPREC-INCREASE-CURRENT> (212731)
<NET-CHANGE-FROM-OPS> 654991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (993,262)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61738
<NUMBER-OF-SHARES-REDEEMED> 492742
<SHARES-REINVESTED> 49895
<NET-CHANGE-IN-ASSETS> (4948577)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 111945
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 179276
<AVERAGE-NET-ASSETS> 22455359
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> .75<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
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 03
<NAME> THE NEBRASKA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 24960855
<INVESTMENTS-AT-VALUE> 26111667
<RECEIVABLES> 394056
<ASSETS-OTHER> 43743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26549466
<PAYABLE-FOR-SECURITIES> 102550
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128538
<TOTAL-LIABILITIES> 231088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26677203
<SHARES-COMMON-STOCK> 2365171
<SHARES-COMMON-PRIOR> 2468032
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1512439)<F1>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1153604
<NET-ASSETS> 26318378
<DIVIDEND-INCOME> 15665
<INTEREST-INCOME> 1535604
<OTHER-INCOME> 0
<EXPENSES-NET> (171038)
<NET-INVESTMENT-INCOME> 1380231
<REALIZED-GAINS-CURRENT> (383905)
<APPREC-INCREASE-CURRENT> 49878
<NET-CHANGE-FROM-OPS> 1046204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1380231)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 251824
<NUMBER-OF-SHARES-REDEEMED> 436786
<SHARES-REINVESTED> 82101
<NET-CHANGE-IN-ASSETS> (1483176)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136742
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222271
<AVERAGE-NET-ASSETS> 27288794
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> (.13)
<PER-SHARE-DIVIDEND> (.56)
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<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> .63<F2>
<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>Ratio of net expenses to average net assets.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 04
<NAME> THE OKLAHOMA MUNCIPAL FUND
<S> <C>
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<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
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<ACCUM-APPREC-OR-DEPREC> 109188
<NET-ASSETS> 11335236
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<INTEREST-INCOME> 528875
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<EXPENSES-NET> (20071)
<NET-INVESTMENT-INCOME> 522753
<REALIZED-GAINS-CURRENT> (68145)
<APPREC-INCREASE-CURRENT> (30903)
<NET-CHANGE-FROM-OPS> 423705
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<DISTRIBUTIONS-OF-INCOME> (522753)
<DISTRIBUTIONS-OF-GAINS> (19246)
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<NUMBER-OF-SHARES-SOLD> 684086
<NUMBER-OF-SHARES-REDEEMED> 294163
<SHARES-REINVESTED> 25084
<NET-CHANGE-IN-ASSETS> 4744561
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73251
<AVERAGE-NET-ASSETS> 10286302
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.68
<EXPENSE-RATIO> .20<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
<CIK> 0000866841
<NAME> RANSON MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 05
<NAME> THE ILLINOIS MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
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<INVESTMENTS-AT-VALUE> 1847
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<PAID-IN-CAPITAL-COMMON> 4383
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<ACCUM-APPREC-OR-DEPREC> (3404)
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<NET-INVESTMENT-INCOME> 3307
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<DISTRIBUTIONS-OF-GAINS> 0
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 418
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26588
<AVERAGE-NET-ASSETS> 79141
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 0<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assets, annualized.
</FN>
</TABLE>
