-----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, NsafSnclPgVEAiY0upei2APAaiMg8IRXF7h6bDONy9yYfaDSfTqprFlIBUnBwN8h lB+mRDTheS7pY3aJZV5mXA== 0000888955-05-000022.txt : 20051128 0000888955-05-000022.hdr.sgml : 20051128 20051128163614 ACCESSION NUMBER: 0000888955-05-000022 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051128 DATE AS OF CHANGE: 20051128 EFFECTIVENESS DATE: 20051128 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: 051228407 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 nitfifnq93005.txt NARRAGANSETT INSURED TAX-FREE INCOME FUND 9/30/05 FORM N-Q 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, 2005 Date of reporting period: September 30, 2005 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, 2005 (unaudited)
Face Amount General Obligation Bonds (42.7%) Ratings Moody's, S&P Value (a) or Fitch Coventry, Rhode Island $ 550,000 5.000%, 11/01/16 AMBAC Insured Aaa+/AAA+++ 587,999 550,000 5.000%, 11/01/17 AMBAC Insured Aaa+/AAA+++ 583,396 Cranston, Rhode Island 500,000 2.750%, 02/15/09 FSA Insured Aaa+/AAA++ 489,610 1,000,000 3.125%, 02/15/11 FSA Insured Aaa+/AAA++ 983,030 500,000 5.450%, 11/15/11 FGIC Insured Aaa+/AAA++ 547,590 Cumberland, Rhode Island 250,000 3.750%, 02/01/13 FGIC Insured Aaa+/AAA++ 251,745 250,000 4.000%, 02/01/14 FGIC Insured Aaa+/AAA++ 253,960 250,000 4.000%, 02/01/15 FGIC Insured Aaa+/AAA++ 252,840 500,000 5.000%, 08/01/15 MBIA Insured Aaa+/AAA++ 532,240 250,000 4.000%, 02/01/16 FGIC Insured Aaa+/AAA++ 251,410 250,000 4.100%, 02/01/17 FGIC Insured Aaa+/AAA++ 252,195 250,000 4.150%, 02/01/18 FGIC Insured Aaa+/AAA++ 251,557 1,255,000 5.000%, 10/01/18 MBIA Insured Aaa+/AAA++ 1,324,665 1,040,000 5.200%, 10/01/21 MBIA Insured Aaa+/AAA++ 1,122,534 Lincoln, Rhode Island 400,000 5.100%, 01/15/06 MBIA Insured Aaa+/AAA++ 402,748 New Shoreham, Rhode Island 245,000 4.000%, 11/15/15 AMBAC Insured Aaa+/AAA++ 247,715 255,000 4.250%, 11/15/16 AMBAC Insured Aaa+/AAA++ 260,329 270,000 4.250%, 11/15/17 AMBAC Insured Aaa+/AAA++ 274,801 910,000 4.800%, 04/15/18 AMBAC Insured Aaa+/AAA++ 948,793 285,000 4.500%, 11/15/18 AMBAC Insured Aaa+/AAA++ 292,846 1,105,000 5.000%, 04/15/22 AMBAC Insured Aaa+/AAA++ 1,160,151 Newport, Rhode Island 1,000,000 4.500%, 11/01/15 AMBAC Insured Aaa+/AAA+++ 1,044,460 1,000,000 4.750%, 11/01/18 AMBAC Insured Aaa+/AAA+++ 1,045,160 800,000 5.000%, 11/01/20 AMBAC Insured Aaa+/AAA+++ 847,688 North Kingstown, Rhode Island 500,000 3.750%, 10/01/12 FGIC Insured Aaa+/AAA++ 506,450 North Providence, Rhode Island 400,000 5.700%, 07/01/08 MBIA Insured Aaa+/AAA++ 426,308 500,000 3.500%, 10/15/13 FSA Insured Aaa+/AAA++ 495,160 500,000 4.700%, 09/15/14 FSA Insured Aaa+/AAA++ 525,090 500,000 3.650%, 10/15/14 FSA Insured Aaa+/AAA++ 496,195 500,000 3.750%, 10/15/15 FSA Insured Aaa+/AAA++ 494,640 Pawtucket, Rhode Island 600,000 4.300%, 09/15/09 AMBAC Insured Aaa+/AAA+++ 624,264 795,000 3.500%, 04/15/10 AMBAC Insured Aaa+/AAA+++ 802,298 250,000 4.400%, 09/15/10 AMBAC Insured Aaa+/AAA+++ 262,680 825,000 3.500%, 04/15/11 AMBAC Insured Aaa+/AAA+++ 828,292 850,000 3.625%, 04/15/12 AMBAC Insured Aaa+/AAA+++ 854,173 545,000 3.500%, 07/01/12 FGIC Insured Aaa+/AAA+++ 543,681 880,000 3.750%, 04/15/13 AMBAC Insured Aaa+/AAA+++ 885,060 910,000 4.000%, 04/15/14 AMBAC Insured Aaa+/AAA+++ 923,059 Providence, Rhode Island 700,000 5.500%, 01/15/11 FSA Insured Aaa+/AAA++ 727,405 1,925,000 5.200%, 04/01/11 AMBAC Insured Aaa+/AAA+++ 2,089,703 1,000,000 3.600%, 07/15/13 Series A FSA Insured Aaa+/AAA++ 997,270 1,000,000 5.000%, 01/15/16 FGIC Insured Aaa+/AAA++ 1,067,020 1,000,000 5.000%, 01/15/17 FGIC Insured Aaa+/AAA++ 1,059,620 1,000,000 5.000%, 01/15/18 FGIC Insured Aaa+/AAA++ 1,054,720 Rhode Island Consolidated Capital Development Loan 1,000,000 5.250%, 11/01/11 Series C MBIA Insured Aaa+/AAA++ 1,096,680 1,000,000 5.000%, 06/01/14 Series B FGIC Insured Aaa+/AAA++ 1,064,170 1,000,000 5.000%, 09/01/14 Series A FGIC Insured Aaa+/AAA++ 1,062,960 2,000,000 5.000%, 08/01/15 Series B FGIC Insured Aaa+/AAA++ 2,118,840 1,500,000 4.750%, 09/01/17 Series A FGIC Insured Aaa+/AAA++ 1,557,030 Rhode Island State & Providence Consolidated Capital Development Loan Refunding 2,000,000 5.000%, 08/01/12 Series B MBIA Insured Aaa+/AAA++ 2,175,500 South Kingstown, Rhode Island 500,000 5.500%, 06/15/12 FGIC Insured Aaa+/AAA+++ 552,195 500,000 3.400%, 06/15/12 AMBAC Insured Aaa+/NR 495,840 State of Rhode Island 1,000,000 5.125%, 07/15/11 FGIC Insured Aaa+/AAA++ 1,057,140 4,000,000 5.000%, 08/01/14 FGIC Insured Aaa+/AAA++ 4,263,440 1,500,000 5.000%, 09/01/15 FGIC Insured Aaa+/AAA++ 1,594,440 2,000,000 5.250%, 11/01/17 FGIC Insured Aaa+/AAA++ 2,195,220 2,500,000 5.000%, 09/01/18 MBIA Insured Aaa+/AAA++ 2,662,250 2,000,000 5.000%, 09/01/19 MBIA Insured Aaa+/AAA++ 2,127,300 1,500,000 5.000%, 09/01/20 MBIA Insured Aaa+/AAA++ 1,590,585 Warwick, Rhode Island 665,000 4.250%, 07/15/14 AMBAC Insured Aaa+/AAA++ 684,704 195,000 5.600%, 08/01/14 FSA Insured Aaa+/AAA++ 203,096 700,000 4.375%, 07/15/15 AMBAC Insured Aaa+/AAA++ 722,974 770,000 4.600%, 07/15/17 AMBAC Insured Aaa+/AAA++ 798,998 1,000,000 5.000%, 03/01/18 FGIC Insured Aaa+/AAA++ 1,056,260 810,000 4.700%, 07/15/18 AMBAC Insured Aaa+/AAA++ 840,885 1,000,000 5.000%, 01/15/19 FGIC Insured Aaa+/AAA++ 1,066,030 855,000 4.750%, 07/15/19 AMBAC Insured Aaa+/AAA++ 886,011 500,000 5.000%, 01/15/20 FGIC Insured Aaa+/AAA++ 531,535 West Warwick, Rhode Island 500,000 4.875%, 03/01/16 AMBAC Insured Aaa+/AAA+++ 527,380 670,000 5.000%, 03/01/17 AMBAC Insured Aaa+/AAA+++ 712,960 700,000 5.050%, 03/01/18 AMBAC Insured Aaa+/AAA+++ 748,076 735,000 5.100%, 03/01/19 AMBAC Insured Aaa+/AAA+++ 787,552 Woonsocket, Rhode Island 500,000 3.500%, 03/01/12 AMBAC Insured Aaa+/AAA+++ 498,850 655,000 4.450%, 12/15/12 FGIC Insured Aaa+/AAA+++ 681,449 685,000 4.550%, 12/15/13 FGIC Insured Aaa+/AAA+++ 713,900 ---------------------- Total General Obligation Bonds 66,946,800 ---------------------- Revenue Bonds (55.5%) ------------------------------------------------------ Development Revenue Bonds (10.6%) ------------------------------------------------------ Providence Rhode Island Redevelopment Agency Revenue Refunding Public Safety Building Project 1,000,000 3.700%, 04/01/13 Series 2005 A AMBAC Insured Aaa+/AAA++ 1,000,650 Rhode Island Convention Center Authority 500,000 5.000%, 05/15/07 Series 1993 B MBIA Insured Aaa+/AAA++ 515,440 1,380,000 5.000%, 05/15/23 Series 1993 C MBIA Insured Aaa+/AAA++ 1,393,800 Rhode Island Convention Center Authority Revenue Refunding 925,000 5.000%, 05/15/10 Series 1993 B MBIA Insured Aaa+/AAA++ 992,543 Rhode Island Public Building Authority State Public Projects 1,000,000 5.250%, 02/01/09 Series 1998 A AMBAC Insured Aaa+/AAA++ 1,055,930 500,000 5.000%, 12/15/09 Series 1999 A AMBAC Insured Aaa+/AAA++ 535,040 1,000,000 5.250%, 12/15/14 Series 1998 FSA Insured Aaa+/AAA++ 1,076,630 500,000 5.500%, 12/15/14 Series 1996 B MBIA Insured Aaa+/AAA++ 524,125 500,000 5.500%, 12/15/15 Series 1996 B MBIA Insured Aaa+/AAA++ 524,125 Rhode Island State Economic Development Corp., Airport Revenue 1,000,000 5.000%, 07/01/18 Series B FSA Insured Aaa+/AAA++ 1,047,360 Rhode Island State Economic Development Corp. Airport Revenue Refunding 1,670,000 5.000%, 07/01/13 Series C MBIA Insured Aaa+/AAA++ 1,809,011 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++ 2,016,500 1,000,000 4.000%, 06/15/15 Series A AMBAC Insured Aaa+/AAA++ 1,011,860 Rhode Island State Economic Development Corp., University of Rhode Island 750,000 4.800%, 11/01/11 Series 1999 FSA Insured Aaa+/NR 791,445 750,000 4.900%, 11/01/12 Series 1999 FSA Insured Aaa+/NR 791,633 750,000 4.900%, 11/01/13 Series 1999 FSA Insured Aaa+/NR 791,633 750,000 5.000%, 11/01/14 Series 1999 FSA Insured Aaa+/NR 795,907 ---------------------- Total Development Revenue Bonds 16,673,632 ---------------------- Higher Education Revenue Bonds (26.7%) --------------------------------------------------------- Providence, Rhode Island Public Building Authority, School Projects 1,395,000 4.000%, 12/15/12 Series 2003 A MBIA Insured Aaa+/AAA++ 1,430,921 1,450,000 4.000%, 12/15/13 Series 2003 A MBIA Insured Aaa+/AAA++ 1,481,799 1,505,000 4.000%, 12/15/14 Series 2003 A MBIA Insured Aaa+/AAA++ 1,528,463 1,570,000 4.000%, 12/15/15 Series 2003 A MBIA Insured Aaa+/AAA++ 1,587,568 1,630,000 4.000%, 12/15/16 Series 2003 A MBIA Insured Aaa+/AAA++ 1,639,047 Providence, Rhode Island Public Building School & Public Facilities Project 1,500,000 5.250%, 12/15/17 AMBAC Insured Aaa+/AAA++ 1,630,515 1,000,000 5.250%, 12/15/19 AMBAC Insured Aaa+/AAA++ 1,087,010 Rhode Island Health & Education Building Corp., Brown University 2,000,000 5.250%, 09/01/17 Series 1993 MBIA Insured AAA++/AAA+++ 2,156,440 1,000,000 5.000%, 09/01/23 Series 1993 MBIA Insured Aaa+/AAA++ 1,038,060 Rhode Island Health & Education Building Corp., Bryant College 1,000,000 5.125%, 06/01/19 AMBAC Insured Aaa+/AAA++ 1,066,920 230,000 5.000%, 12/01/21 AMBAC Insured Aaa+/AAA++ 242,556 Rhode Island Health & Education Building Corp., Higher Educational Facilities 500,000 3.500%, 09/15/13 Series 2003 B MBIA Insured Aaa+/AAA++ 493,500 1,010,000 3.625%, 09/15/14 Series 2003 B MBIA Insured Aaa+/AAA++ 992,921 600,000 3.625%, 09/15/14 Series 2003 C MBIA Insured Aaa+/AAA++ 589,854 1,050,000 4.000%, 09/15/15 Series 2003 B MBIA Insured Aaa+/AAA++ 1,055,670 500,000 4.000%, 09/15/15 Series 2003 C MBIA Insured Aaa+/AAA++ 502,700 1,040,000 4.000%, 09/15/16 Series 2003 B MBIA Insured Aaa+/AAA++ 1,039,064 500,000 4.000%, 09/15/16 Series 2003 C MBIA Insured Aaa+/AAA++ 499,550 Rhode Island Health & Education Building Corp., Johnson & Wales University 465,000 5.500%, 04/01/15 Series 1999 A MBIA Insured Aaa+/AAA++ 527,087 900,000 5.500%, 04/01/16 Series 1999 A MBIA Insured Aaa+/AAA++ 1,022,985 785,000 5.500%, 04/01/17 Series 1999 A MBIA Insured Aaa+/AAA++ 895,716 1,360,000 4.000%, 04/01/12 Series 2003 XLCA Insured Aaa+/AAA++ 1,392,014 3,210,000 4.000%, 04/01/13 Series 2003 XLCA Insured Aaa+/AAA++ 3,274,585 2,000,000 4.000%, 04/01/14 Series 2003 XLCA Insured Aaa+/AAA++ 2,025,860 Rhode Island Health & Education Building Corp., Rhode Island School of Design 505,000 4.700%, 06/01/18 Series 2001 MBIA Insured Aaa+/AAA++ 526,397 280,000 4.750%, 06/01/19 Series 2001 MBIA Insured Aaa+/AAA++ 292,214 Rhode Island Health & Education Building Corp., Roger Williams University 1,000,000 5.500%, 11/15/11 Series 1996 S AMBAC Insured NR/AA++ 1,046,430 500,000 5.125%, 11/15/11 AMBAC Insured Aaa+/AAA++ 536,555 1,000,000 5.125%, 11/15/14 Series 1996 S AMBAC Insured Aaa+/AAA++ 1,073,110 1,000,000 5.000%, 11/15/18 Series 1996 S AMBAC Insured Aaa+/AAA++ 1,061,300 Rhode Island Health & Education Facilities Authority Providence College 1,000,000 4.250%, 11/01/14 XLCA Insured Aaa+/AAA++ 1,031,010 2,500,000 4.375%, 11/01/15 XLCA Insured Aaa+/AAA++ 2,569,275 2,500,000 4.500%, 11/01/16 XLCA Insured Aaa+/AAA++ 2,592,425 1,000,000 4.500%, 11/01/17 XLCA Insured Aaa+/AAA++ 1,030,000 Rhode Island State Health & Educational Building Corp., University of Rhode Island 1,000,000 3.500%, 9/15/13 Series 2004 A AMBAC Insured Aaa+/AAA++ 990,400 ---------------------- Total Higher Education Revenue Bonds 41,949,921 ---------------------- Housing Revenue Bonds (0.6%) -------------------------------------------------------- Rhode Island Housing & Meeting Finance Corp. Homeowner Opportunity 1,000,000 3.750%, 10/01/13 Series 50-A MBIA Insured Aaa+/AAA+++ 1,002,740 ---------------------- Pollution Control Revenue Bonds (4.3%) --------------------------------------------------------- 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++ 1,903,176 4,765,000 4.375%, 10/01/21 Series 2002 B MBIA Insured Aaa+/AAA++ 4,812,174 ---------------------- Total Pollution Control Revenue Bonds 6,715,350 ---------------------- Water and Sewer Revenue Bonds (9.8%) --------------------------------------------------------- Bristol County, Rhode Island Water Authority 300,000 5.000%, 12/01/08 Series 1997 A MBIA Insured Aaa+/AAA++ 307,071 750,000 5.250%, 07/01/17 Series 1997 A MBIA Insured Aaa+/AAA++ 782,475 1,000,000 3.250%, 12/01/12 Series 2004 Refdg. A MBIA Insured Aaa+/AAA++ 970,750 1,000,000 3.500%, 12/01/13 Series 2004 Refdg. A MBIA Insured Aaa+/AAA++ 986,690 1,000,000 3.500%, 12/01/14 Series 2004 Refdg. A MBIA Insured Aaa+/AAA++ 977,710 Kent County, Rhode Island Water Authority 500,000 4.000%, 07/15/12 Series 2002 A MBIA Insured Aaa+/AAA++ 513,730 1,055,000 4.150%, 07/15/14 Series 2002 A MBIA Insured Aaa+/AAA++ 1,080,004 Rhode Island Clean Water Protection Finance Agency 200,000 5.300%, 10/01/07 1993 Ser. 1993 A MBIA Insured Aaa+/AAA++ 208,540 300,000 5.400%, 10/01/09 1993 Ser. 1993 A MBIA Insured Aaa+/AAA++ 324,531 500,000 4.500%, 10/01/11 1993 Ser. 1993 B AMBAC Insured Aaa+/AAA++ 517,330 1,000,000 5.125%, 10/01/11 Ser. 1999 C MBIA Insured Aaa+/AAA++ 1,066,910 500,000 4.600%, 10/01/13 Ser. A AMBAC Insured Aaa+/AAA++ 517,480 500,000 4.750%, 10/01/14 Ser. A AMBAC Insured Aaa+/AAA++ 523,080 1,250,000 5.400%, 10/01/15 Ser. A MBIA Insured Aaa+/AAA++ 1,393,325 2,000,000 4.750%, 10/01/18 Ser. A AMBAC Insured Aaa+/AAA++ 2,063,720 500,000 4.750%, 10/01/20 Ser. A AMBAC Insured Aaa+/AAA++ 512,030 Rhode Island Water Resources Board Public Drinking Water Protection 1,500,000 4.000%, 03/01/14 MBIA Insured Aaa+/AAA++ 1,521,135 1,000,000 4.250%, 03/01/15 MBIA Insured Aaa+/AAA++ 1,027,060 ---------------------- Total Water and Sewer Revenue Bonds 15,293,571 ---------------------- Other Revenue Bonds (3.5%) --------------------------------------------------------- Rhode Island State Capital Development Loan 1,500,000 5.400%, 08/01/08 MBIA Insured Aaa+/AAA++ 1,545,585 1,135,000 5.000%, 08/01/11 MBIA Insured Aaa+/AAA++ 1,187,324 State of Rhode Island Certificates of Participation, Howard Center Improvements 400,000 5.250%, 10/01/10 MBIA Insured Aaa+/AAA++ 419,592 200,000 5.375%, 10/01/16 MBIA Insured Aaa+/AAA++ 210,154 State of Rhode Island Depositors Economic Protection Corp. 135,000 5.500%, 08/01/06 Series 1992 B MBIA Insured Aaa+/AAA++ 137,892 300,000 5.800%, 08/01/09 Series 1993 B MBIA Insured Aaa+/AAA++ 328,404 500,000 6.000%, 08/01/17 Series 1992 B MBIA Insured Aaa+/AAA++ 549,870 1,045,000 5.250%, 08/01/21 Series 1993 B MBIA Insured ETM Aaa+/AAA++ 1,141,537 ---------------------- Total Other Revenue Bonds 5,520,358 ---------------------- Total Revenue Bonds 87,155,572 ---------------------- Total Investments (cost $149,164,209*) 98.2% 154,102,372 Other assets less liabilities 1.8 2,810,170 ---- -------------------- Net Assets 100.0% $156,912,542 ====== ======================
* See note b. Rating Services: +Moody's Investors Service ++Standard & Poor's +++ Fitch NR - Not rated by two of the three ratings services Portfolio Distribution By Quality Rating (unaudited) Aaa of Moody's or AAA of S&P or Fitch 100% PORTFOLIO ABBREVIATIONS: ------------------------ AMBAC - American Municipal Bond Assurance Corp. ETM - Escrowed to Maturity FGIC - Financial Guaranty Insurance Co. FSA - Financial Security Assurance MBIA - Municipal Bond Investors Assurance XLCA - XL Capital Assurance See accompanying notes to financial statements. 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, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $149,164,209 amounted to $4,938,163, which consisted of aggregate gross unrealized appreciation of $5,171,391 and aggregate gross unrealized depreciation of $233,228. 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/ Diana P. Herrmann --------------------------------- Diana P. Herrmann President and Trustee November 28, 2005 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/ Diana P. Herrmann --------------------------------- Diana P. Herrmann President and Trustee November 28, 2005 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 28, 2005 EX-99.CERT 2 nitfifnqcert.txt CERTIFICATIONS CERTIFICATIONS 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 28, 2005 /s/ Diana P. Herrmann - - ----------------------------- Diana P. Herrmann President and Trustee 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 28, 2005 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----