NOTES TO FINANCIAL STATEMENTS
July 31, 1995
1. BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Kansas Insured Intermediate Fund (the "Fund") is an investment portfolio of Ranson Managed Portfolios (the
"Trust") registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end
management investment company. The Trust may offer multiple portfolios; currently three portfolios are offered.
Ranson Managed Portfolios is an unincorporated business trust organized under Massachusetts law on August
10, 1990. The Fund had no operations from that date to November 23, 1992, other than matters relating to
organization and registration. On November 23, 1992, the Fund commenced its Public Offering of capital shares
to the public.
Investments are stated at value, as that term is defined in the Investment Company Act of 1940 and the published
rules and regulations thereunder. The net asset value per share is determined at 3:15 p.m. (central standard time)
on each day the New York Stock Exchange is open for business and on any other day on which there is a
sufficient degree of trading in the portfolio securities that the current net asset value of the Fund's shares might be
materially affected. Fixed income securities are valued at the mean of the quoted bid and asked price. Securities
for which quotations are not readily available (which constitutes a majority of the securities held by the Fund) are
valued at fair value as determined by Ranson Capital Corporation (the "Manager") using methods which include
consideration of yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications as to value from dealers, and general market conditions.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date, which is the date the investments are purchased or
sold. Realized gains and losses on the sale of investments