-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FEx8Dk8EIzwp0BL3xCJdUlO79N+RUWYxx8PDeudWFasE5ADBxAld94WNMU1pNPyF yfPFnUWCoCNlfH8v4ARrLQ== 0000888955-04-000028.txt : 20041129 0000888955-04-000028.hdr.sgml : 20041129 20041129124231 ACCESSION NUMBER: 0000888955-04-000028 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041129 DATE AS OF CHANGE: 20041129 EFFECTIVENESS DATE: 20041129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AQUILA NARRAGANSETT INSURED TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000888955 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06707 FILM NUMBER: 041170448 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: NARRAGANSETT INSURED TAX FREE INCOME FUND DATE OF NAME CHANGE: 19920929 N-Q 1 nitfifnq.txt NARRAGANSETT INSURED TAX-FREE INCOME FUND 9/30/04 N-Q REPORT FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-6707 Narragansett Insured Tax-Free Income Fund (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Registrant's Telephone Number, including Area Code: (212) 697-6666 Date of fiscal year end: June 30, 2004 Date of reporting period: September 30, 2004 Item 1. Schedule of Investments. Schedule of investments as of the close of the reporting period as set forth in subsection 210.12-12 - 12-14 of Regulation S-X (17 CFR 210.12-12 - 12-14). NARRAGANSETT INSURED TAX-FREE INCOME FUND SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2004 (unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------- Face Amount General Obligation Bonds (44.5%) Ratings Moody's, Value (a) S&P or Fitch - ---------------------- ----------------------------------------------------------------------------------------------------------- Coventry, Rhode Island $ 550,000 5.000%, 11/01/16 AMBAC Insured Aaa+ / AAA+++ $ 598,004 550,000 5.000%, 11/01/17 AMBAC Insured Aaa+ / AAA+++ 591,250 Cranston, Rhode Island 300,000 5.500%, 06/15/07 MBIA Insured Aaa+ / AAA++ 314,148 1,000,000 3.125%, 02/15/11 FSA Insured Aaa+ / AAA++ 1,001,410 500,000 5.450%, 11/15/11 FGIC Insured Aaa+ / AAA++ 562,685 Cumberland, Rhode Island 250,000 3.750%, 02/01/13 FGIC Insured Aaa+ / AAA++ 255,923 250,000 4.000%, 02/01/14 FGIC Insured Aaa+ / AAA++ 258,218 250,000 4.000%, 02/01/15 FGIC Insured Aaa+ / AAA++ 256,040 500,000 5.000%, 08/01/15 MBIA Insured Aaa+ / AAA++ 532,375 250,000 4.000%, 02/01/16 FGIC Insured Aaa+ / AAA++ 254,242 250,000 4.100%, 02/01/17 FGIC Insured Aaa+ / AAA++ 254,402 250,000 4.150%, 02/01/18 FGIC Insured Aaa+ / AAA++ 252,797 1,255,000 5.000%, 10/01/18 MBIA Insured Aaa+ / AAA++ 1,339,524 1,040,000 5.200%, 10/01/21 MBIA Insured Aaa+ / AAA++ 1,120,028 East Providence, Rhode Island 500,000 5.400%, 05/15/07 MBIA Insured Aaa+ / AAA++ 520,710 Lincoln, Rhode Island 400,000 5.100%, 01/15/06 MBIA Insured Aaa+ / AAA++ 408,292 250,000 5.750%, 08/01/15 FGIC Insured Aaa+ / AAA+++ 263,540 New Shoreham, Rhode Island 245,000 4.000%, 11/15/15 AMBAC Insured Aaa+ / AAA++ 250,792 255,000 4.250%, 11/15/16 AMBAC Insured Aaa+ / AAA++ 263,657 270,000 4.250%, 11/15/17 AMBAC Insured Aaa+ / AAA++ 277,455 910,000 4.800%, 04/15/18 AMBAC Insured Aaa+ / AAA++ 957,511 285,000 4.500%, 11/15/18 AMBAC Insured Aaa+ / AAA++ 294,978 1,105,000 5.000%, 04/15/22 AMBAC Insured Aaa+ / AAA++ 1,157,178 Newport, Rhode Island 250,000 4.900%, 05/15/06 FGIC Insured Aaa+ / AAA++ 255,857 500,000 5.000%, 05/15/07 FGIC Insured Aaa+ / AAA++ 512,080 150,000 6.550%, 08/15/07 MBIA Insured Aaa+ / AAA++ 152,809 500,000 5.100%, 05/15/08 FGIC Insured Aaa+ / AAA++ 512,135 1,000,000 4.500%, 11/01/15 AMBAC Insured Aaa+ / AAA+++ 1,059,640 1,000,000 4.750%, 11/01/18 AMBAC Insured Aaa+ / AAA+++ 1,053,960 800,000 5.000%, 11/01/20 AMBAC Insured Aaa+ / AAA+++ 851,824 North Providence, Rhode Island 400,000 5.700%, 07/01/08 MBIA Insured Aaa+ / AAA++ 446,132 500,000 3.500%, 10/15/13 FSA Insured Aaa+ / AAA++ 503,080 500,000 4.700%, 09/15/14 FSA Insured Aaa+ / AAA++ 535,425 500,000 3.650%, 10/15/14 FSA Insured Aaa+ / AAA++ 504,215 500,000 3.750%, 10/15/15 FSA Insured Aaa+ / AAA++ 501,135 Pawtucket, Rhode Island 600,000 4.300%, 09/15/09 AMBAC Insured Aaa+ / AAA+++ 643,860 795,000 3.500%, 04/15/10 AMBAC Insured Aaa+ / AAA+++ 817,968 250,000 4.400%, 09/15/10 AMBAC Insured Aaa+ / AAA+++ 269,205 825,000 3.500%, 04/15/11 AMBAC Insured Aaa+ / AAA+++ 844,363 850,000 3.625%, 04/15/12 AMBAC Insured Aaa+ / AAA+++ 869,414 880,000 3.750%, 04/15/13 AMBAC Insured Aaa+ / AAA+++ 899,122 910,000 4.000%, 04/15/14 AMBAC Insured Aaa+ / AAA+++ 937,446 Providence, Rhode Island 700,000 5.500%, 01/15/11 FSA Insured Aaa+ / AAA++ 755,727 1,925,000 5.200%, 04/01/11 AMBAC Insured Aaa+ / AAA+++ 2,133,554 1,000,000 3.600% 7/15/2013 Series A FSA Insured Aaa+ / AAA++ 1,013,510 1,000,000 5.000%, 01/15/16 FGIC Insured Aaa+ / AAA++ 1,085,390 1,000,000 5.000%, 01/15/17 FGIC Insured Aaa+ / AAA++ 1,074,300 1,000,000 5.000%, 01/15/18 FGIC Insured Aaa+ / AAA++ 1,065,640 Rhode Island Consolidated Capital Development Loan 1,000,000 5.250%, 11/01/11 Series C MBIA Insured Aaa+ / AAA++ 1,128,800 1,000,000 5.000%, 06/01/14 Series B FGIC Insured Aaa+ / AAA++ 1,088,950 1,000,000 5.000%, 09/01/14 Series A FGIC Insured Aaa+ / AAA++ 1,076,690 2,000,000 5.000%, 08/01/15 Series B FGIC Insured Aaa+ / AAA++ 2,160,400 1,500,000 4.750%, 09/01/17 Series A FGIC Insured Aaa+ / AAA++ 1,562,340 South Kingstown, Rhode Island 500,000 5.500%, 06/15/12 FGIC Insured Aaa+ / AAA+++ 566,655 State of Rhode Island 1,000,000 5.000%, 07/15/05 FGIC Insured Aaa+ / AAA++ 1,026,070 1,000,000 5.125%, 07/15/11 FGIC Insured Aaa+ / AAA++ 1,086,870 4,000,000 5.000%, 08/01/14 FGIC Insured Aaa+ / AAA++ 4,363,680 1,500,000 5.000%, 09/01/15 FGIC Insured Aaa+ / AAA++ 1,601,895 2,000,000 5.250%, 11/01/17 FGIC Insured Aaa+ / AAA++ 2,224,900 2,500,000 5.000%, 09/01/18 MBIA Insured Aaa+ / AAA++ 2,682,575 2,000,000 5.000%, 09/01/19 MBIA Insured Aaa+ / AAA++ 2,139,400 1,500,000 5.000%, 09/01/20 MBIA Insured Aaa+ / AAA++ 1,595,205 Warwick, Rhode Island 665,000 4.250%, 07/15/14 AMBAC Insured Aaa+ / AAA++ 696,827 195,000 5.600%, 08/01/14 FSA Insured Aaa+ / AAA++ 211,292 700,000 4.375%, 07/15/15 AMBAC Insured Aaa+ / AAA++ 733,579 770,000 4.600%, 07/15/17 AMBAC Insured Aaa+ / AAA++ 808,454 1,000,000 5.000%, 03/01/18 FGIC Insured Aaa+ / AAA++ 1,071,520 810,000 4.700%, 07/15/18 AMBAC Insured Aaa+ / AAA++ 848,086 1,000,000 5.000%, 01/15/19 FGIC Insured Aaa+ / AAA++ 1,064,490 855,000 4.750%, 07/15/19 AMBAC Insured Aaa+ / AAA++ 890,483 500,000 5.000%, 01/15/20 FGIC Insured Aaa+ / AAA++ 529,670 West Warwick, Rhode Island 500,000 4.875%, 03/01/16 AMBAC Insured Aaa+ / AAA+++ 535,730 670,000 5.000%, 03/01/17 AMBAC Insured Aaa+ / AAA+++ 716,987 700,000 5.050%, 03/01/18 AMBAC Insured Aaa+ / AAA+++ 749,462 735,000 5.100%, 03/01/19 AMBAC Insured Aaa+ / AAA+++ 790,250 Woonsocket, Rhode Island 385,000 5.125%, 03/01/11 MBIA Insured Aaa+ / AAA++ 393,809 655,000 4.450%, 12/15/12 FGIC Insured Aaa+ / AAA+++ 696,468 685,000 4.550%, 12/15/13 FGIC Insured Aaa+ / AAA+++ 726,860 ----------------- Total General Obligation Bonds 67,051,347 ----------------- Revenue Bonds (53.4%) ------------------------------------------------------------- Development Revenue Bonds (9.1%) ------------------------------------------------------------- Rhode Island Convention Center Authority 500,000 5.000%, 05/15/07 Series 1993 B MBIA Insured Aaa+ / AAA++ 535,985 2,000,000 5.000%, 05/15/23 Series 1993 C MBIA Insured Aaa+ / AAA++ 2,023,040 Rhode Island Public Building Authority State Public Projects 1,000,000 5.250%, 02/01/09 Series 1998 A AMBAC Insured Aaa+ / AAA++ 1,099,690 500,000 5.000%, 12/15/09 Series 1999 A AMBAC Insured Aaa+ / AAA++ 553,835 1,000,000 5.250%, 12/15/14 Series 1998 FSA Insured Aaa+ / AAA++ 1,110,710 500,000 5.500%, 12/15/14 Series 1996 B MBIA Insured Aaa+ / AAA++ 545,015 500,000 5.500%, 12/15/15 Series 1996 B MBIA Insured Aaa+ / AAA++ 545,015 Rhode Island State Economic Development Corp., Airport Revenue 1,000,000 5.000%, 07/01/18 Series B FSA Insured Aaa+ / AAA++ 1,060,510 Rhode Island State Economic Development Corp., Motor Fuel Tax Revenue (Rhode Island Department of Transportation) 2,000,000 3.875%, 06/15/14 Series A AMBAC Insured Aaa+ / AAA++ 2,049,680 1,000,000 4.000%, 06/15/15 Series A AMBAC Insured Aaa+ / AAA++ 1,025,080 Rhode Island State Economic Development Corp., University of Rhode Island 750,000 4.800%, 11/01/11 Series 1999 FSA Insured Aaa+ / NR 812,138 750,000 4.900%, 11/01/12 Series 1999 FSA Insured Aaa+ / NR 810,863 750,000 4.900%, 11/01/13 Series 1999 FSA Insured Aaa+ / NR 807,585 750,000 5.000%, 11/01/14 Series 1999 FSA Insured Aaa+ / NR 812,145 ----------------- Total Development Revenue Bonds 13,791,291 ----------------- Higher Education Revenue Bonds (27.6%) ------------------------------------------------------------- Providence, Rhode Island Public Building Authority, School Projects 1,395,000 4.000%, 12/15/12 Series 2003 A MBIA Insured Aaa+ / AAA++ 1,461,500 1,450,000 4.000%, 12/15/13 Series 2003 A MBIA Insured Aaa+ / AAA++ 1,509,595 1,505,000 4.000%, 12/15/14 Series 2003 A MBIA Insured Aaa+ / AAA++ 1,553,807 1,570,000 4.000%, 12/15/15 Series 2003 A MBIA Insured Aaa+ / AAA++ 1,607,429 1,630,000 4.000%, 12/15/16 Series 2003 A MBIA Insured Aaa+ / AAA++ 1,657,302 Rhode Island Health & Education Building Corp., Brown University 2,000,000 5.250%, 09/01/17 Series 1993 MBIA Insured AAA++ / AAA+++ 2,193,700 1,000,000 5.000%, 09/01/23 Series 1993 MBIA Insured Aaa+ / AAA++ 1,031,880 Rhode Island Health & Education Building Corp., Bryant College 1,000,000 5.125%, 06/01/19 AMBAC Insured Aaa+ / AAA++ 1,072,140 230,000 5.000%, 12/01/21 AMBAC Insured Aaa+ / AAA++ 243,004 Rhode Island Health & Education Building Corp. Higher Educational Facilities 500,000 3.500%, 09/15/13 Series 2003 B MBIA Insured Aaa+ / AAA++ 501,140 1,010,000 3.625%, 09/15/14 Series 2003 B MBIA Insured Aaa+ / AAA++ 1,008,727 600,000 3.625%, 09/15/14 Series 2003 C MBIA Insured Aaa+ / AAA++ 599,244 1,050,000 4.000%, 09/15/15 Series 2003 B MBIA Insured Aaa+ / AAA++ 1,077,006 500,000 4.000%, 09/15/15 Series 2003 C MBIA Insured Aaa+ / AAA++ 510,945 1,040,000 4.000%, 09/15/16 Series 2003 B MBIA Insured Aaa+ / AAA++ 1,058,793 500,000 4.000%, 09/15/16 Series 2003 C MBIA Insured Aaa+ / AAA++ 507,135 Rhode Island Health & Education Building Corp., Johnson & Wales University 1,360,000 4.000%, 04/01/12 Series 2003 XLCA Insured Aaa+ / AAA++ 1,419,949 3,210,000 4.000%, 04/01/13 Series 2003 XLCA Insured Aaa+ / AAA++ 3,334,163 2,000,000 4.000%, 04/01/14 Series 2003 XLCA Insured Aaa+ / AAA++ 2,059,540 465,000 5.500%, 04/01/15 1999 Series A MBIA Insured Aaa+ / AAA++ 538,968 900,000 5.500%, 04/01/16 1999 Series A MBIA Insured Aaa+ / AAA++ 1,045,008 785,000 5.500%, 04/01/17 1999 Series A MBIA Insured Aaa+ / AAA++ 912,468 Rhode Island Health & Education Building Corp., Rhode Island School of Design 505,000 4.700%, 06/01/18 Series 2001 MBIA Insured Aaa+ / AAA++ 531,002 280,000 4.750%, 06/01/19 Series 2001 MBIA Insured Aaa+ / AAA++ 293,759 Rhode Island Health & Education Building Corp., Roger Williams University 1,000,000 5.500%, 11/15/11 Series 1996 S AMBAC Insured NR / AAA++ 1,087,870 500,000 5.125%, 11/15/11 AMBAC Insured Aaa+ / AAA++ 547,595 1,000,000 5.125%, 11/15/14 Series 1996 S AMBAC Insured Aaa+ / AAA++ 1,104,210 1,000,000 5.000%, 11/15/18 Series 1996 S AMBAC Insured Aaa+ / AAA++ 1,065,530 Rhode Island Health & Education Facilities Authority Providence College 1,000,000 4.250%, 11/01/14 XLCA Insured Aaa+ / AAA++ 1,050,700 2,500,000 4.375%, 11/01/15 XLCA Insured Aaa+ / AAA++ 2,627,025 2,500,000 4.500%, 11/01/16 XLCA Insured Aaa+ / AAA++ 2,631,200 1,000,000 4.500%, 11/01/17 XLCA Insured Aaa+ / AAA++ 1,041,570 Providence, Rhode Island Public Building School & Public Facilities Project 1,500,000 5.250%, 12/15/17 AMBAC Insured Aaa+ / AAA++ 1,652,430 1,000,000 5.250%, 12/15/19 AMBAC Insured Aaa+ / AAA++ 1,094,100 ----------------- Total Higher Education Revenue Bonds 41,630,434 ----------------- Pollution Control Revenue Bonds (4.5%) ------------------------------------------------------------- Rhode Island Clean Water Finance Agency, Water Pollution Control Bonds 1,800,000 5.000%, 10/01/18 Series 2002 B MBIA Insured Aaa+ / AAA++ 1,923,318 4,765,000 4.375%, 10/01/21 Series 2002 B MBIA Insured Aaa+ / AAA++ 4,795,353 ----------------- Total Pollution Control Revenue Bonds 6,718,671 ----------------- Water and Sewer Revenue Bonds (8.4%) ------------------------------------------------------------- Bristol County, Rhode Island Water Authority 300,000 5.000%, 12/01/08 Series 1997 A MBIA Insured Aaa+ / AAA++ 316,263 750,000 5.250%, 07/01/17 Series 1997 A MBIA Insured Aaa+ / AAA++ 811,875 Kent County, Rhode Island Water Authority Revenue Bonds 500,000 4.000%, 07/15/12 Series 2002 A MBIA Insured Aaa+ / AAA++ 522,770 1,055,000 4.150%, 07/15/14 Series 2002 A MBIA Insured Aaa+ / AAA++ 1,098,371 Rhode Island Clean Water Protection 200,000 5.300%, 10/01/07 1993 Series 1993 A MBIA Insured Aaa+ / AAA++ 217,536 300,000 5.400%, 10/01/09 1993 Series 1993 A MBIA Insured Aaa+ / AAA++ 336,675 500,000 4.500%, 10/01/11 1993 Series 1993 B AMBAC Insured Aaa+ / AAA++ 529,750 Rhode Island Clean Water Protection Finance Agency, 1,000,000 5.125%, 10/01/11 Series 1999 C MBIA Insured Aaa+ / AAA++ 1,105,100 500,000 4.600%, 10/01/13 Series A AMBAC Insured Aaa+ / AAA++ 526,850 500,000 4.750%, 10/01/14 Series A AMBAC Insured Aaa+ / AAA++ 527,445 1,250,000 5.400%, 10/01/15 Series A MBIA Insured Aaa+ / AAA++ 1,445,338 2,000,000 4.750%, 10/01/18 Series A AMBAC Insured Aaa+ / AAA++ 2,068,140 500,000 4.750%, 10/01/20 Series A AMBAC Insured Aaa+ / AAA++ 514,300 Rhode Island Water Resources Board Public Drinking Water Protection Revenue Bond 1,500,000 4.000%, 03/01/14 MBIA Insured Aaa+ / AAA++ 1,544,565 1,000,000 4.250%, 03/01/15 MBIA Insured Aaa+ / AAA++ 1,041,240 ----------------- Total Water and Sewer Revenue Bonds 12,606,218 ----------------- Other Revenue Bonds (3.8%) ------------------------------------------------------------- Rhode Island State Capital Development Loan 1,500,000 5.400%, 08/01/08 MBIA Insured Aaa+ / AAA++ 1,610,850 1,135,000 5.000%, 08/01/11 MBIA Insured Aaa+ / AAA++ 1,236,719 State of Rhode Island Certificates of Participation, Howard Center Improvements 400,000 5.250%, 10/01/10 MBIA Insured Aaa+ / AAA++ 436,052 200,000 5.375%, 10/01/16 MBIA Insured Aaa+ / AAA++ 218,438 State of Rhode Island Depositors Economic Protection Corp. 135,000 5.500%, 08/01/06 Series 1992 B MBIA Insured Aaa+ / AAA++ 143,911 300,000 5.800%, 08/01/09 Series 1993 B MBIA Insured Aaa+ / AAA++ 343,086 500,000 6.000%, 08/01/17 Series1992 B MBIA Insured Aaa+ / AAA++ 539,620 1,045,000 5.250%, 08/01/21 Series 1993 B MBIA Insured (Escrowed to Maturity) Aaa+ / AAA++ 1,176,242 ----------------- Total Other Revenue Bonds 5,704,918 ----------------- Total Revenue Bonds 80,451,532 ----------------- Total Investments (cost $140,208,207*) 97.9% 147,502,879 Other assets less liabilities 2.1 3,124,217 ---- ----------- Net Assets 100.0% $150,627,096 ------ ============
* See note b . Rating Services: +Moody's Investors Service ++Standard & Poor's +++ Fitch NR - Not rated by two of the ratings services PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. FGI - Financial Guaranty Insurance Co. FSA - Financial Security Assurance MBIA - Municipal Bond Investors Assurance XLCA - XL Capital Assurance --------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS NARRAGANSETT INSURED TAX-FREE INCOME FUND (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. (b) At September 30, 2004, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $140,178,582 amounted to $7,324,297, which consisted of aggregate gross unrealized appreciation of $7,341,938 and aggregate gross unrealized depreciation of $17,641. Item 2. Controls and Procedures. (a) The Fund's principal financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was timely recorded, processed, summarized and reported. (b) The Fund's principal chief financial and executive officers are aware of no change in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each principal financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NARRAGANSETT INSURED TAX-FREE INCOME FUND By: /s/ Lacy B. Herrmann ------------------------------- Lacy B. Herrmann Chairman of the Board November 29, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Lacy B. Herrmann -------------------------------- Lacy B. Herrmann Chairman of the Board November 29, 2004 By: /s/ Diana P. Herrmann --------------------------------- Diana P. Herrmann Vice Chair and President November 29, 2004 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 29, 2004 EX-99.CERT 2 nitfifnqcert.txt CERTIFICATIONS CERTIFICATIONS I, Lacy B. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Narragansett Insured Tax-Free Income Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 29, 2004 /s/ Lacy B. Herrmann - - ------------------------------ Lacy B. Herrmann Chairman of the Board I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Narragansett Insured Tax-Free Income Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 29, 2004 /s/ Diana P. Herrmann - - ----------------------------- Diana P. Herrmann Vice Chair and President I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-Q of Narragansett Insured Tax-Free Income Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 29, 2004 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----