-----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, A3Cdy/bv+J5PjhchfQ6acw7ilG00Kz/65A4RBYXTLjz4BiodFW5ZM5H0EduZaDvo d6TP90yWm8oaNks9ZvzRdw== 0000888955-07-000023.txt : 20071205 0000888955-07-000023.hdr.sgml : 20071205 20071205151125 ACCESSION NUMBER: 0000888955-07-000023 CONFORMED SUBMISSION TYPE: N-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071205 DATE AS OF CHANGE: 20071205 EFFECTIVENESS DATE: 20071205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 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/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-06707 FILM NUMBER: 071286537 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: 20060126 FORMER COMPANY: FORMER CONFORMED NAME: NARRAGANSETT INSURED TAX -FREE INCOME FUND DATE OF NAME CHANGE: 20060126 FORMER COMPANY: FORMER CONFORMED NAME: AQUILA NARRAGANSETT INSURED TAX FREE INCOME FUND DATE OF NAME CHANGE: 19951004 0000888955 S000009135 NARRAGANSETT INSURED TAX-FREE INCOME FUND C000024845 NARRAGANSETT INSURED TAX-FREE INCOME FUND CLASS A NITFX C000024846 NARRAGANSETT INSURED TAX-FREE INCOME FUND CLASS C NITCX C000024847 NARRAGANSETT INSURED TAX-FREE INCOME FUND CLASS I NITIX C000024848 NARRAGANSETT INSURED TAX-FREE INCOME FUND CLASS Y NITYX N-Q/A 1 nitfifnq.txt NARRAGANSETT INSURED TAX-FREE INCOME FUND 9/30/07 FORM N-QA 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, 2006 Date of reporting period: September 30, 2007 Item 1. Schedule of Investments. NARRAGANSETT INSURED TAX-FREE INCOME FUND SCHEDULE OF INVESTMENTS September 30, 2007 (unaudited)
- --------------------------------------------------------------------------------------------------------------- ------------ Principal Amount General Obligation Bonds (43.9%) Ratings Moody's, S&P Value (a) or Fitch - ------------------------- ------------------------------------------------------------- ----------------------- ------------ Coventry, Rhode Island $ 550,000 5.000%, 11/01/16 AMBAC Insured Aaa+/AAA+++ $ 579,629 550,000 5.000%, 11/01/17 AMBAC Insured Aaa+/AAA+++ 576,015 Cranston, Rhode Island 500,000 5.450%, 11/15/11 FGIC Insured Aaa+/AAA++ 524,770 1,000,000 4.250%, 04/01/18 MBIA Insured Aaa+/AAA++ 1,011,380 1,000,000 4.250%, 04/01/19 MBIA Insured Aaa+/AAA++ 1,005,670 1,000,000 4.300%, 04/01/20 MBIA Insured Aaa+/AAA++ 1,004,240 1,500,000 4.500%, 04/01/26 MBIA Insured Aaa+/AAA++ 1,498,125 Cumberland, Rhode Island 250,000 4.000%, 02/01/14 FGIC Insured Aaa+/AAA++ 253,588 250,000 4.000%, 02/01/15 FGIC Insured Aaa+/AAA++ 252,863 500,000 5.000%, 08/01/15 MBIA Insured Aaa+/AAA++ 515,135 250,000 4.000%, 02/01/16 FGIC Insured Aaa+/AAA++ 252,020 250,000 4.100%, 02/01/17 FGIC Insured Aaa+/AAA++ 252,253 250,000 4.150%, 02/01/18 FGIC Insured Aaa+/AAA++ 251,773 1,255,000 5.000%, 10/01/18 MBIA Insured Aaa+/AAA++ 1,306,079 1,040,000 5.200%, 10/01/21 MBIA Insured Aaa+/AAA++ 1,087,601 Lincoln, Rhode Island 2,000,000 4.500%, 08/01/26 MBIA Insured Aaa+/AAA+++ 1,997,360 New Shoreham, Rhode Island 245,000 4.000%, 11/15/15 AMBAC Insured Aaa+/AAA++ 247,592 255,000 4.250%, 11/15/16 AMBAC Insured Aaa+/AAA++ 259,924 270,000 4.250%, 11/15/17 AMBAC Insured Aaa+/AAA++ 274,209 910,000 4.800%, 04/15/18 AMBAC Insured Aaa+/AAA++ 939,894 285,000 4.500%, 11/15/18 AMBAC Insured Aaa+/AAA++ 292,188 1,105,000 5.000%, 04/15/22 AMBAC Insured Aaa+/AAA++ 1,151,311 Newport, Rhode Island 1,000,000 4.500%, 11/01/15 AMBAC Insured Aaa+/AAA+++ 1,035,910 1,000,000 4.750%, 11/01/18 AMBAC Insured Aaa+/AAA+++ 1,037,590 800,000 5.000%, 11/01/20 AMBAC Insured Aaa+/AAA+++ 835,376 North Kingstown, Rhode Island 500,000 3.750%, 10/01/12 FGIC Insured Aaa+/AAA++ 503,400 North Providence, Rhode Island 500,000 4.700%, 09/15/14 FSA Insured Aaa+/AAA++ 518,210 500,000 3.650%, 10/15/14 FSA Insured Aaa+/AAA++ 498,460 500,000 3.750%, 10/15/15 FSA Insured Aaa+/AAA++ 498,280 Pawtucket, Rhode Island 600,000 4.300%, 09/15/09 AMBAC Insured Aaa+/AAA+++ 608,964 250,000 4.400%, 09/15/10 AMBAC Insured Aaa+/AAA+++ 255,968 910,000 4.000%, 04/15/14 AMBAC Insured Aaa+/AAA+++ 921,284 Providence, Rhode Island 700,000 5.500%, 01/15/11 FSA Insured Aaa+/AAA++ 707,210 1,000,000 5.000%, 01/15/16 FGIC Insured Aaa+/AAA++ 1,053,420 1,000,000 5.000%, 01/15/17 FGIC Insured Aaa+/AAA++ 1,053,420 1,000,000 5.000%, 01/15/18 FGIC Insured Aaa+/AAA++ 1,053,420 Rhode Island Consolidated Capital Development Loan 1,000,000 5.125%, 07/15/11 FGIC Insured Aaa+/AAA++ 1,021,660 1,000,000 5.000%, 09/01/14 Series A FGIC Insured Aaa+/AAA++ 1,023,450 1,500,000 5.000%, 09/01/15 FGIC Insured Aaa+/AAA++ 1,535,175 1,500,000 4.750%, 09/01/17 Series A FGIC Insured Aaa+/AAA++ 1,531,845 South Kingstown, Rhode Island 500,000 5.500%, 06/15/12 FGIC Insured Aaa+/AAA+++ 529,810 State of Rhode Island 1,000,000 5.250%, 11/01/11 Series C MBIA Insured Aaa+/AAA++ 1,063,590 2,000,000 5.000%, 08/01/12 Series B MBIA Insured Aaa+/AAA++ 2,122,980 1,000,000 5.000%, 06/01/14 Series B FGIC Insured Aaa+/AAA++ 1,045,480 4,000,000 5.000%, 08/01/14 FGIC Insured Aaa+/AAA++ 4,189,640 2,000,000 5.000%, 08/01/15 Series B FGIC Insured Aaa+/AAA++ 2,086,820 2,000,000 4.500%, 02/01/17 MBIA Insured Aaa+/AAA++ 2,060,960 2,000,000 5.250%, 11/01/17 FGIC Insured Aaa+/AAA++ 2,153,760 2,500,000 5.000%, 09/01/18 MBIA Insured Aaa+/AAA++ 2,621,200 2,000,000 5.000%, 09/01/19 MBIA Insured Aaa+/AAA++ 2,092,280 1,500,000 5.000%, 09/01/20 MBIA Insured Aaa+/AAA++ 1,565,325 Warwick, Rhode Island 665,000 4.250%, 07/15/14 AMBAC Insured Aaa+/AAA++ 680,867 195,000 5.600%, 08/01/14 FSA Insured Aaa+/AAA++ 199,066 700,000 4.375%, 07/15/15 AMBAC Insured Aaa+/AAA++ 718,340 770,000 4.600%, 07/15/17 AMBAC Insured Aaa+/AAA++ 792,931 1,000,000 5.000%, 03/01/18 FGIC Insured Aaa+/AAA++ 1,024,310 905,000 4.250%, 01/15/18 XLCA Insured Aaa+/AAA++ 918,222 810,000 4.700%, 07/15/18 AMBAC Insured Aaa+/AAA++ 835,483 1,000,000 5.000%, 01/15/19 FGIC Insured Aaa+/AAA++ 1,044,860 855,000 4.750%, 07/15/19 AMBAC Insured Aaa+/AAA++ 879,992 500,000 5.000%, 01/15/20 FGIC Insured Aaa+/AAA++ 522,115 West Warwick, Rhode Island 500,000 4.875%, 03/01/16 AMBAC Insured Aaa+/AAA+++ 521,005 670,000 5.000%, 03/01/17 AMBAC Insured Aaa+/AAA+++ 702,073 700,000 5.050%, 03/01/18 AMBAC Insured Aaa+/AAA+++ 735,203 735,000 5.100%, 03/01/19 AMBAC Insured Aaa+/AAA+++ 771,316 Westerly, Rhode Island 900,000 4.000%, 07/01/17 MBIA Insured Aaa+/AAA++ 909,900 900,000 4.000%, 07/01/18 MBIA Insured Aaa+/AAA++ 903,915 Woonsocket, Rhode Island 655,000 4.450%, 12/15/12 FGIC Insured Aaa+/AAA+++ 670,858 685,000 4.550%, 12/15/13 FGIC Insured Aaa+/AAA+++ 704,050 --------------- Total General Obligation Bonds 66,293,012 --------------- Revenue Bonds (54.8%) ------------------------------------------------------------- Development Revenue Bonds (8.5%) ------------------------------------------------------------- Providence Rhode Island Redevelopment Agency Revenue Refunding Public Safety Building Project 1,925,000 5.200%, 04/01/11 AMBAC Insured (pre-refunded) Aaa+/AAA+++ 2,015,937 Rhode Island Convention Center Authority Revenue Refunding 925,000 5.000%, 05/15/10 Series 1993 B MBIA Insured Aaa+/AAA++ 958,430 Rhode Island Public Building Authority State Public Projects 1,000,000 5.250%, 02/01/09 Series 1998 A AMBAC Insured Aaa+/AAA++ 1,015,550 Rhode Island State Economic Development Corp., Airport Revenue 1,000,000 5.000%, 07/01/18 Series B FSA Insured Aaa+/AAA++ 1,017,430 Rhode Island State Economic Development Corp., Airport Revenue Refunding 1,670,000 5.000%, 07/01/13 Series C MBIA Insured Aaa+/AAA++ 1,776,880 Rhode Island State Economic Development Corp., Motor Fuel Tax Revenue (Rhode Island Department of Transportation) 1,000,000 4.000%, 06/15/15 Series A AMBAC Insured Aaa+/AAA++ 1,011,650 1,000,000 4.000%, 06/15/18 Series 2006A AMBAC Insured Aaa+/AAA++ 996,500 Rhode Island State Economic Development Corp., (Rhode Island Airport Corp. Intermodal Facility Project) 1,000,000 4.250%, 07/01/17 CIFG Assurance North America, Inc. Insured Aaa+/AAA++ 1,006,490 Rhode Island State Economic Development Corp., University of Rhode Island 750,000 4.800%, 11/01/11 Series 1999 FSA Insured Aaa+/NR 772,980 750,000 4.900%, 11/01/12 Series 1999 FSA Insured Aaa+/NR 775,073 750,000 4.900%, 11/01/13 Series 1999 FSA Insured Aaa+/NR 775,988 750,000 5.000%, 11/01/14 Series 1999 FSA Insured Aaa+/NR 778,545 --------------- Total Development Revenue Bonds 12,901,453 --------------- Higher Education Revenue Bonds (30.5%) ------------------------------------------------------------- Providence, Rhode Island Public Building Authority, School Projects 500,000 5.500%, 12/15/14 Series 1996 B MBIA Insured Aaa+/AAA++ 506,845 500,000 5.500%, 12/15/15 Series 1996 B MBIA Insured Aaa+/AAA++ 506,845 1,000,000 5.250%, 12/15/14 Series 1998 FSA Insured Aaa+/AAA++ 1,038,070 500,000 5.000%, 12/15/09 Series 1999 A AMBAC Insured Aaa+/AAA++ 515,725 1,395,000 4.000%, 12/15/12 Series 2003 A MBIA Insured Aaa+/AAA++ 1,421,184 1,450,000 4.000%, 12/15/13 Series 2003 A MBIA Insured Aaa+/AAA++ 1,475,839 1,505,000 4.000%, 12/15/14 Series 2003 A MBIA Insured Aaa+/AAA++ 1,526,115 1,570,000 4.000%, 12/15/15 Series 2003 A MBIA Insured Aaa+/AAA++ 1,586,830 1,630,000 4.000%, 12/15/16 Series 2003 A MBIA Insured Aaa+/AAA++ 1,642,111 Providence, Rhode Island Public Building School & Public Facilities Project 1,500,000 5.250%, 12/15/17 AMBAC Insured Aaa+/AAA++ 1,575,300 1,000,000 5.250%, 12/15/19 AMBAC Insured Aaa+/AAA++ 1,048,240 Rhode Island Health & Education Building Corp., Brown University 2,000,000 5.250%, 09/01/17 Series 1993 MBIA Insured Aaa+/AAA++ 2,107,380 Rhode Island Health & Education Building Corp., Bryant College - 1,000,000 5.125%, 06/01/19 AMBAC Insured Aaa+/AAA++ 1,046,490 230,000 5.000%, 12/01/21 AMBAC Insured Aaa+/AAA++ 238,278 Rhode Island Health & Education Building Corp., Higher Educational Facilities 1,010,000 3.625%, 09/15/14 Series 2003 B MBIA Insured Aaa+/AAA++ 999,274 1,050,000 4.000%, 09/15/15 Series 2003 B MBIA Insured Aaa+/AAA++ 1,057,172 1,040,000 4.000%, 09/15/16 Series 2003 B MBIA Insured Aaa+/AAA++ 1,043,266 600,000 3.625%, 09/15/14 Series 2003 C MBIA Insured Aaa+/AAA++ 593,628 500,000 4.000%, 09/15/15 Series 2003 C MBIA Insured Aaa+/AAA++ 503,415 500,000 4.000%, 09/15/16 Series 2003 C MBIA Insured Aaa+/AAA++ 501,570 Rhode Island Health & Education Building Corp., Johnson & Wales University 465,000 5.500%, 04/01/15 Series 1999 A MBIA Insured Aaa+/AAA++ 517,736 900,000 5.500%, 04/01/16 Series 1999 A MBIA Insured Aaa+/AAA++ 1,008,801 785,000 5.500%, 04/01/17 Series 1999 A MBIA Insured Aaa+/AAA++ 883,863 1,360,000 4.000%, 04/01/12 Series 2003 XLCA Insured Aaa+/AAA++ 1,380,128 3,210,000 4.000%, 04/01/13 Series 2003 XLCA Insured Aaa+/AAA++ 3,262,259 2,000,000 4.000%, 04/01/14 Series 2003 XLCA Insured Aaa+/AAA++ 2,024,620 Rhode Island Health & Education Building Corp., Rhode Island School of Design 505,000 4.700%, 06/01/18 Series 2001 MBIA Insured Aaa+/AAA++ 523,503 280,000 4.750%, 06/01/19 Series 2001 MBIA Insured Aaa+/AAA++ 289,526 Rhode Island Health & Education Building Corp., Roger Williams University 500,000 5.125%, 11/15/11 AMBAC Insured Aaa+/AAA++ 517,975 1,000,000 5.125%, 11/15/14 Series 1996 S AMBAC Insured Aaa+/AAA++ 1,035,160 1,000,000 5.000%, 11/15/18 Series 1996 S AMBAC Insured Aaa+/AAA++ 1,031,690 Rhode Island Health & Educational Building Corp., University of Rhode Island 800,000 5.000%, 09/15/23 Series 2003 C Refunding MBIA Insured Aaa+/AAA++ 831,664 1,200,000 4.000%, 09/15/11 Series 2005 G AMBAC Insured Aaa+/AAA++ 1,219,272 1,200,000 4.125%, 09/15/12 Series 2005 G AMBAC Insured Aaa+/AAA++ 1,228,308 1,200,000 4.125%, 09/15/13 Series 2005 G AMBAC Insured Aaa+/AAA++ 1,230,864 1,000,000 4.500%, 09/15/26 Series 2005 G Refunding AMBAC Insured Aaa+/AAA++ 998,710 Rhode Island Health & Education Facilities Authority Providence College 1,000,000 4.250%, 11/01/14 XLCA Insured Aaa+/AAA++ 1,026,920 2,500,000 4.375%, 11/01/15 XLCA Insured Aaa+/AAA++ 2,560,925 2,500,000 4.500%, 11/01/16 XLCA Insured Aaa+/AAA++ 2,581,775 1,000,000 4.500%, 11/01/17 XLCA Insured Aaa+/AAA++ 1,026,170 --------------- Total Higher Education Revenue Bonds 46,113,446 --------------- Housing Revenue Bonds (0.7%) ------------------------------------------------------------- Rhode Island Housing & Mortgage Finance Corp. Homeowner Opportunity 1,000,000 3.750%, 10/01/13 Series 50-A MBIA Insured AAA++/AAA+++ 992,580 --------------- Pollution Control Revenue Bonds (4.4%) ------------------------------------------------------------- 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++ 1,879,092 4,765,000 4.375%, 10/01/21 Series 2002 B MBIA Insured Aaa+/AAA++ 4,791,541 --------------- Total Pollution Control Revenue Bonds 6,670,633 --------------- Water and Sewer Revenue Bonds (9.0%) ------------------------------------------------------------- Bristol County, Rhode Island Water Authority 750,000 5.250%, 07/01/17 Series 1997 A MBIA Insured Aaa+/AAA++ 758,370 1,000,000 3.500%, 12/01/13 Series 2004 Refunding A MBIA Insured Aaa+/AAA++ 992,300 1,000,000 3.500%, 12/01/14 Series 2004 Refunding A MBIA Insured Aaa+/AAA++ 987,480 Kent County, Rhode Island Water Authority 500,000 4.000%, 07/15/12 Series 2002 A MBIA Insured Aaa+/AAA++ 508,695 1,055,000 4.150%, 07/15/14 Series 2002 A MBIA Insured Aaa+/AAA++ 1,075,594 Rhode Island Clean Water Protection Finance Agency 300,000 5.400%, 10/01/09 1993 Series 1993 A MBIA Insured Aaa+/AAA++ 310,596 500,000 4.500%, 10/01/11 1993 Series 1993 B AMBAC Insured Aaa+/AAA++ 507,430 1,000,000 5.125%, 10/01/11 Series 1999 C MBIA Insured Aaa+/AAA++ 1,028,510 500,000 4.600%, 10/01/13 Series A AMBAC Insured Aaa+/AAA++ 509,345 500,000 4.750%, 10/01/14 Series A AMBAC Insured Aaa+/AAA++ 510,970 1,250,000 5.400%, 10/01/15 Series A MBIA Insured Aaa+/AAA++ 1,345,450 2,000,000 4.750%, 10/01/18 Series A AMBAC Insured Aaa+/AAA++ 2,036,160 500,000 4.750%, 10/01/20 Series A AMBAC Insured Aaa+/AAA++ 506,735 Rhode Island Water Resources Board Public Drinking Water Protection 1,500,000 4.000%, 03/01/14 MBIA Insured Aaa+/AAA++ 1,518,120 1,000,000 4.250%, 03/01/15 MBIA Insured Aaa+/AAA++ 1,021,760 --------------- Total Water and Sewer Revenue Bonds 13,617,515 --------------- Other Revenue Bonds (1.7%) ------------------------------------------------------------- State of Rhode Island Certificates of Participation, Howard Center Improvements 400,000 5.250%, 10/01/10 MBIA Insured Aaa+/AAA++ 404,496 200,000 5.375%, 10/01/16 MBIA Insured Aaa+/AAA++ 202,268 State of Rhode Island Depositors Economic Protection Corp. 500,000 6.000%, 08/01/17 Series 1992 B MBIA Insured Aaa+/AAA++ 542,130 300,000 5.800%, 08/01/09 Series 1993 B MBIA Insured Aaa+/AAA++ 312,315 1,045,000 5.250%, 08/01/21 Series 1993 B MBIA Insured ETM (pre-refunded) Aaa+/AAA++ 1,100,249 --------------- Total Other Revenue Bonds 2,561,458 --------------- Total Revenue Bonds 82,857,085 --------------- Total Investments (cost $146,068,751-note b) 98.7% 149,150,097 Other assets less liabilities 1.3 1,967,600 ---- -------------- Net Assets 100.0% $151,117,697 ====== =============== 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. CIFG -CDC IXIS Financial Guaranty 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, 2007, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $146,061,587 amounted to $3,088,510, which consisted of aggregate gross unrealized appreciation of $3,310,422 and aggregate gross unrealized depreciation of $221,912. 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 26, 2007 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 26, 2007 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 26, 2007 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 26, 2007 /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 26, 2007 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----