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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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075 B000500 1
076 000500 0.00
SIGNATURE JACQUELINE L. PICKEN
TITLE CORPORATE SECRETARY
Brady Martz
Certified Public Accountants
24 West Central PO Box 848
Minot, ND 58702-0848
To the Shareholders and Board
Of Trustees of Ranson Managed
Portfolios
In planning and performing our audit of the financial statements of the
Ranson Managed Portfolios (Kansas Municipal Fund, Kansas Insured
Intermediate Fund, Nebraska Municipal Fund and Oklahoma Municipal Fund)
for the period ended July 30, 1999, 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 internal control.
The management of Ranson Managed Portfolios is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are required to
assess the expected benefits and related cost of internal controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control 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 internal control would not necessarily disclose
all matters in internal control 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 one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal control and it's operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of July 30, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of Ranson Managed Portfolios and
the Securities and Exchange Commission.
BRADY, MARTZ & ASSOCIATES, P.C.
September 10, 1999
77M.
a) Lancaster Nebraska Tax Free Fund
b) An agreement and plan of reorganization was approved effective May
21, 1999 by the shareholders of the Lancaster Nebraska Tax Free Fund
(Lancaster). Pursuant to the agreement, The Nebraska Municipal Fund
(the Fund), in exchange for the assets of Lancaster, assumed certain
liabilities of Lancaster and issued shares of the Fund to shareholders
of Lancaster on a pro rata basis.
On the date of exchange, 1,148,739 shares of the Fund were issued to
the shareholders of Lancaster for net assets of $12,877,367, including
$434,196 of unrealized appreciation, at $11.21 per share. As of May
21, 1999, Lancaster had an accumulated undistributed net realized loss
on investments of $406,497. The combined net assets of the Fund and
Lancaster immediately after the reorganization was $42,459,680.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> THE KANSAS MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-30-1999
<PERIOD-END> JUL-30-1999
<INVESTMENTS-AT-COST> 111124816
<INVESTMENTS-AT-VALUE> 114508678
<RECEIVABLES> 1990446
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116499124
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 617037
<TOTAL-LIABILITIES> 617037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 117675469
<SHARES-COMMON-STOCK> 9675452
<SHARES-COMMON-PRIOR> 9875312
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5177244)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3383862
<NET-ASSETS> 115882087
<DIVIDEND-INCOME> 52564
<INTEREST-INCOME> 6755336
<OTHER-INCOME> 0124897
<EXPENSES-NET> 1124897
<NET-INVESTMENT-INCOME> 5683003
<REALIZED-GAINS-CURRENT> 774752
<APPREC-INCREASE-CURRENT> (2483703)
<NET-CHANGE-FROM-OPS> 3974052
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5683003)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594266
<NUMBER-OF-SHARES-REDEEMED> 1110974
<SHARES-REINVESTED> 316848
<NET-CHANGE-IN-ASSETS> (4141648)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592103
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1148326
<AVERAGE-NET-ASSETS> 118407484
<PER-SHARE-NAV-BEGIN> 12.15
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (.17)
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> THE KANSAS INSURED INTERMEDIATE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-30-1999
<PERIOD-END> JUL-30-1999
<INVESTMENTS-AT-COST> 20438277
<INVESTMENTS-AT-VALUE> 21044806
<RECEIVABLES> 395905
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21440711
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107285
<TOTAL-LIABILITIES> 107285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21596919
<SHARES-COMMON-STOCK> 1781247
<SHARES-COMMON-PRIOR> 1705829
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (870022)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 606529
<NET-ASSETS> 21333426
<DIVIDEND-INCOME> 17380
<INTEREST-INCOME> 1068785
<OTHER-INCOME> 0
<EXPENSES-NET> 158491
<NET-INVESTMENT-INCOME> 927674
<REALIZED-GAINS-CURRENT> (27108)
<APPREC-INCREASE-CURRENT> (137659)
<NET-CHANGE-FROM-OPS> 762907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (927674)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 166145
<NUMBER-OF-SHARES-REDEEMED> 135547
<SHARES-REINVESTED> 44820
<NET-CHANGE-IN-ASSETS> 748585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105661
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187720
<AVERAGE-NET-ASSETS> 21134496
<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> .75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> THE NEBRASKA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-30-1999
<PERIOD-END> JUL-30-1999
<INVESTMENTS-AT-COST> 40683661
<INVESTMENTS-AT-VALUE> 41512918
<RECEIVABLES> 657685
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42170603
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227955
<TOTAL-LIABILITIES> 227955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42850706
<SHARES-COMMON-STOCK> 3808712
<SHARES-COMMON-PRIOR> 2365171
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1737315)<F1>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 829257
<NET-ASSETS> 41942648
<DIVIDEND-INCOME> 16250
<INTEREST-INCOME> 1664770
<OTHER-INCOME> 0
<EXPENSES-NET> 213977
<NET-INVESTMENT-INCOME> 1467043
<REALIZED-GAINS-CURRENT> 181611
<APPREC-INCREASE-CURRENT> (758543)
<NET-CHANGE-FROM-OPS> 890111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1467043)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1633234<F2>
<NUMBER-OF-SHARES-REDEEMED> 273842
<SHARES-REINVESTED> 84149
<NET-CHANGE-IN-ASSETS> 15624270
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333926
<AVERAGE-NET-ASSETS> 30368351
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> (.54)
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<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> .70
<FN>
<F1>Includes $434,195.82 of accumulated realized gains inherited from the Lancaster
Nebraska Tax-Free fund pursuant to the Agreement and Plan of Reorganization.
<F2>Includes 1,148,739 shares issued to the shareholders of the Lancaster Nebraska
Tax-Free Fund pursuant to the Plan of Reorganization in exchange for net assets
of $12,877,368.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> THE OKLAHOMA MUNICIPAL FUND
<S> <C>
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<FISCAL-YEAR-END> JUL-30-1999
<PERIOD-END> JUL-30-1999
<INVESTMENTS-AT-COST> 16031668
<INVESTMENTS-AT-VALUE> 15883953
<RECEIVABLES> 258926
<ASSETS-OTHER> 81944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16224823
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 89632
<TOTAL-LIABILITIES> 89632
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16247377
<SHARES-COMMON-STOCK> 1389571
<SHARES-COMMON-PRIOR> 970625
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35529
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (147715)
<NET-ASSETS> 16135191
<DIVIDEND-INCOME> 14910
<INTEREST-INCOME> 757441
<OTHER-INCOME> 0
<EXPENSES-NET> 54056
<NET-INVESTMENT-INCOME> 718295
<REALIZED-GAINS-CURRENT> 103674
<APPREC-INCREASE-CURRENT> (256903)
<NET-CHANGE-FROM-OPS> 565066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (718295)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 730053
<NUMBER-OF-SHARES-REDEEMED> 348510
<SHARES-REINVESTED> 37403
<NET-CHANGE-IN-ASSETS> 4799955
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 75641
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187145
<AVERAGE-NET-ASSETS> 15154180
<PER-SHARE-NAV-BEGIN> 11.68
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.61
<EXPENSE-RATIO> .36
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> THE ILLINOIS MUNICIPAL FUND
<S> <C>
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<PERIOD-END> JUL-30-1999
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<ACCUMULATED-NET-GAINS> (3404)
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<NET-INVESTMENT-INCOME> 0
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<NUMBER-OF-SHARES-REDEEMED> (88)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (979)
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<GROSS-ADVISORY-FEES> 4
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<GROSS-EXPENSE> 23650
<AVERAGE-NET-ASSETS> 978
<PER-SHARE-NAV-BEGIN> 11.10
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<EXPENSE-RATIO> 0
</TABLE>
