-----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, GNbNgI4Ddl3vtwNFjEWa3E0gdY1Pn7UjQvDeuAbSRSVXL4uzzKrqT3s4cJ1e2u1h xvj/ucFakYUuiogQ7bplVw== 0000888955-09-000033.txt : 20091125 0000888955-09-000033.hdr.sgml : 20091125 20091125121614 ACCESSION NUMBER: 0000888955-09-000033 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091125 DATE AS OF CHANGE: 20091125 EFFECTIVENESS DATE: 20091125 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 SEC ACT: 1940 Act SEC FILE NUMBER: 811-06707 FILM NUMBER: 091207100 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 1 nitfifnq.txt NARRAGANSETT INSURED TAX-FREE INCOME FUND 9/30/09 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, 2009 Date of reporting period: September 30, 2009 Item 1. Schedule of Investments. NARRAGANSETT INSURED TAX-FREE INCOME FUND SCHEDULE OF INVESTMENTS September 30, 2009 (unaudited)
- --------------------------------------------------------------------------------------------------------------- Principal Amount General Obligation Bonds (40.2%) Ratings Moody's/ Value(a) S&P/ Fitch - ------------ -------------------------------------------------------------------------------------------------- Bristol, Rhode Island $ 2,200,000 4.000%, 02/15/26 Assured Guaranty Insured Aa2/AAA/NR $ 2,345,002 2,500,000 4.375%, 02/15/29 Assured Guaranty Insured Aa2/AAA/NR 2,685,625 Coventry, Rhode Island 550,000 5.000%, 11/01/16 AMBAC Insured A1/NR/NR 584,309 550,000 5.000%, 11/01/17 AMBAC Insured A1/NR/NR 582,582 Cranston, Rhode Island 1,000,000 4.250%, 04/01/18 NPFG Insured Baa1/A/BBB+ 1,056,880 1,000,000 4.250%, 04/01/19 NPFG Insured Baa1/A/BBB+ 1,048,530 1,000,000 4.300%, 04/01/20 NPFG Insured Baa1/A/BBB+ 1,046,080 250,000 5.000%, 02/15/22 FSA Insured Aa3/AAA/AA+ 262,453 1,000,000 4.500%, 04/01/23 NPFG Insured Baa1/A/BBB+ 1,055,810 250,000 5.000%, 02/15/24 FSA Insured Aa3/AAA/AA+ 260,410 2,455,000 4.625%, 07/01/25 FSA Insured Aa3/AAA/AA+ 2,567,095 1,500,000 4.500%, 04/01/26 NPFG Insured Baa1/A/BBB+ 1,549,410 Cumberland, Rhode Island 250,000 4.000%, 02/01/14 NPFG FGIC Insured A3/A/NR 266,488 250,000 4.000%, 02/01/15 NPFG FGIC Insured A3/A/NR 263,513 250,000 4.000%, 02/01/16 NPFG FGIC Insured A3/A/NR 262,040 250,000 4.100%, 02/01/17 NPFG FGIC Insured A3/A/NR 262,425 1,000,000 4.250%, 08/01/17 FSA Insured Aa3/AAA/AA+ 1,130,430 250,000 4.150%, 02/01/18 NPFG FGIC Insured A3/A/NR 262,005 600,000 4.250%, 08/01/18 FSA Insured Aa3/AAA/AA+ 678,588 1,255,000 5.000%, 10/01/18 NPFG Insured A3/A/NR 1,303,845 1,040,000 5.200%, 10/01/21 NPFG Insured A3/A/NR 1,081,808 Lincoln, Rhode Island 1,000,000 4.500%, 08/01/24 NPFG Insured Aa3/NR/AA- 1,088,660 1,275,000 4.500%, 08/01/25 NPFG Insured Aa3/NR/AA- 1,379,066 2,000,000 4.500%, 08/01/26 NPFG Insured Aa3/NR/AA- 2,154,320 New Shoreham, Rhode Island 245,000 4.000%, 11/15/15 AMBAC Insured NR/AA/NR 257,431 255,000 4.250%, 11/15/16 AMBAC Insured NR/AA/NR 268,428 270,000 4.250%, 11/15/17 AMBAC Insured NR/AA/NR 283,805 910,000 4.800%, 04/15/18 AMBAC Insured NR/AA/NR 957,984 285,000 4.500%, 11/15/18 AMBAC Insured NR/AA/NR 300,815 1,105,000 5.000%, 04/15/22 AMBAC Insured NR/AA/NR 1,168,073 Newport, Rhode Island 1,000,000 4.500%, 11/01/15 AMBAC Insured Aa3/NR/NR 1,053,580 1,000,000 4.750%, 11/01/18 AMBAC Insured Aa3/NR/NR 1,057,150 800,000 5.000%, 11/01/20 AMBAC Insured Aa3/NR/NR 854,792 North Kingstown, Rhode Island 500,000 3.750%, 10/01/12NPFG FGIC Insured Aa3/AA/NR 536,405 North Providence, Rhode Island 500,000 4.700%, 09/15/14 FSA Insured Aa3/AAA/AA+ 525,910 500,000 3.650%, 10/15/14 FSA Insured Aa3/AAA/AA+ 532,370 500,000 3.750%, 10/15/15 FSA Insured Aa3/AAA/AA+ 525,570 250,000 4.000%, 10/15/17 FSA Insured Aa3/AAA/AA+ 261,740 Pawtucket, Rhode Island 250,000 4.400%, 09/15/10 AMBAC Insured A3/NR/NR 256,485 910,000 4.000%, 04/15/14 AMBAC Insured A3/NR/BBB+ 951,196 1,950,000 4.500%, 07/15/26 Assured Guaranty Insured Aa2/AAA/AA 2,091,824 1,500,000 4.750%, 07/15/29 Assured Guaranty Insured Aa2/AAA/AA 1,614,120 Providence, Rhode Island 700,000 5.500%, 01/15/11 FSA Insured Aa3/AAA/AA+ 700,154 500,000 5.000%, 07/15/14 FSA Insured Aa3/AAA/AA+ 575,895 1,000,000 5.000%, 01/15/16 FGIC Insured (pre-refunded) A3/A/A 1,065,300 1,000,000 5.000%, 01/15/17 FGIC Insured (pre-refunded) A3/A/A 1,065,300 1,000,000 5.000%, 01/15/18 FGIC Insured (pre-refunded) A3/A/A 1,065,300 State of Rhode Island 4,000,000 5.000%, 08/01/14 Series A NPFG FGIC Insured Aa3/AA/AA- 4,234,280 2,000,000 5.000%, 08/01/12 Series B NPFG Insured Aa3/AA/AA- 2,208,480 1,000,000 5.000%, 06/01/14 Series B NPFG FGIC Insured Aa3/AA/AA- 1,053,290 2,000,000 5.000%, 08/01/15 Series B NPFG FGIC Insured Aa3/AA/AA- 2,105,320 1,000,000 5.250%, 11/01/11 Series C NPFG Insured Aa3/AA/AA- 1,087,590 3,000,000 5.000%, 09/01/18 Series C NPFG Insured Aa3/AA/AA- 3,191,040 2,000,000 5.000%, 09/01/19 Series C NPFG Insured Aa3/AA/AA- 2,130,460 1,500,000 5.000%, 09/01/20 Series C NPFG Insured Aa3/AA/AA- 1,597,560 2,000,000 4.500%, 02/01/17 NPFG Insured Aa3/AA/AA- 2,139,960 2,000,000 5.250%, 11/01/17 FGIC Insured (pre-refunded) Aa3/AA/AA- 2,254,580 Warwick, Rhode Island 250,000 4.000%, 07/15/11 AMBAC Insured A1/AA-/NR 263,955 250,000 4.125%, 07/15/13 AMBAC Insured A1/AA-/NR 266,798 665,000 4.250%, 07/15/14 AMBAC Insured A1/AA-/NR 705,957 700,000 4.375%, 07/15/15 AMBAC Insured A1/AA-/NR 740,012 1,000,000 4.000%, 08/01/16 FSA Insured Series 2008 Aa3/AAA/AA+ 1,115,440 770,000 4.600%, 07/15/17 AMBAC Insured A1/AA-/NR 809,085 1,015,000 4.000%, 08/01/17 FSA Insured Series 2008 Aa3/AAA/AA+ 1,129,401 905,000 4.250%, 01/15/18 Syncora Guarantee Inc. Insured A1/AA-/NR 976,785 810,000 4.700%, 07/15/18 AMBAC Insured A1/AA-/NR 853,934 1,000,000 5.000%, 01/15/19 NPFG FGIC Insured A1/AA-/NR 1,049,600 855,000 4.750%, 07/15/19 AMBAC Insured A1/AA-/NR 894,792 500,000 5.000%, 01/15/20 NPFG FGIC Insured A1/AA-/NR 524,470 West Warwick, Rhode Island 500,000 4.875%, 03/01/16 AMBAC Insured Baa1/NR/BBB 533,345 670,000 5.000%, 03/01/17 AMBAC Insured Baa1/NR/BBB 713,061 700,000 5.050%, 03/01/18 AMBAC Insured Baa1/NR/BBB 743,092 735,000 5.100%, 03/01/19 AMBAC Insured Baa1/NR/BBB 778,975 1,900,000 4.625%, 04/01/26 Assured Guaranty Insured Aa2/NR/AA 2,045,863 1,400,000 4.750%, 04/01/29 Assured Guaranty Insured Aa2/NR/AA 1,498,210 Westerly, Rhode Island 900,000 4.000%, 07/01/17 NPFG Insured Aa3/AA-/NR 973,350 900,000 4.000%, 07/01/18 NPFG Insured Aa3/AA-/NR 961,884 Woonsocket, Rhode Island 655,000 4.450%, 12/15/12 NPFG FGIC Insured Baa1/NR/A- 664,674 685,000 4.550%, 12/15/13 NPFG FGIC Insured Baa1/NR/A- 694,912 --------------- Total General Obligation Bonds 84,087,156 --------------- Revenue Bonds (56.5%) ---------------------------------------------------------------- Development Revenue Bonds (11.0%) ---------------------------------------------------------------- Providence, Rhode Island Redevelopment Agency Revenue Refunding Public Safety Building Project 2,000,000 4.750%, 04/01/22 AMBAC Insured Series A Baa2/A/NR 2,014,400 Rhode Island Convention Center Authority Revenue Refunding 1,350,000 5.000%, 05/15/10 NPFG Insured Series 1993 B Baa1/A/NR 1,363,730 2,000,000 5.000%, 05/15/21 FSA Insured Aa3/AAA/AA+ 2,099,540 1,500,000 5.500%, 05/15/27 Assured Guaranty Insured Series A Aa2/AAA/AA 1,613,490 Rhode Island State Economic Development Corp., Airport Revenue 540,000 4.625%, 07/01/26 Assured Guaranty Insured Series B Aa2/AAA/AA 557,410 1,670,000 5.000%, 07/01/13 NPFG Insured Series C A2/A/A 1,813,720 1,000,000 5.000%, 07/01/18 Assured Guaranty Insured Series C Aa2/AAA/AA 1,118,430 1,500,000 5.000%, 07/01/22 NPFG Insured Series C A2/A/A 1,579,290 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 A2/A+/A 1,041,450 500,000 3.750%, 06/15/13 Series 2003A AMBAC Insured A2/A+/A 526,070 2,385,000 4.700%, 06/15/23 Series 2003A AMBAC Insured A2/A+/A 2,437,565 1,000,000 4.000%, 06/15/18 Series 2006A AMBAC Insured A2/A+/A 1,027,160 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 Baa1/BBB+/NR 1,005,190 Rhode Island Economic Development Corp. (Rhode Island Department of Transportation) 1,500,000 5.250%, 06/15/21 Assured Guaranty Insured Aa2/AAA/AA 1,712,820 Rhode Island State Economic Development Corp., University of Rhode Island 750,000 4.800%, 11/01/11 Series 1999 FSA Insured Aa3/NR/AA+ 759,458 750,000 4.900%, 11/01/12 Series 1999 FSA Insured Aa3/NR/AA+ 759,338 750,000 4.900%, 11/01/13 Series 1999 FSA Insured Aa3/NR/AA+ 759,225 750,000 5.000%, 11/01/14 Series 1999 FSA Insured Aa3/NR/AA+ 759,188 --------------- Total Development Revenue Bonds 22,947,474 --------------- Higher Education Revenue Bonds (32.3%) ---------------------------------------------------------------- Providence, Rhode Island Public Building Authority, School Projects 500,000 5.500%, 12/15/14 Series 1996 B NPFG Insured Baa1/A/NR 500,075 500,000 5.500%, 12/15/15 Series 1996 B NPFG Insured Baa1/A/NR 500,080 1,000,000 5.250%, 12/15/14 Series 1998 A FSA Insured Aa3/AAA/AA+ 1,017,240 685,000 5.000%, 12/15/18 Series 1998 A FSA Insured Aa3/AAA/AA+ 694,357 500,000 5.125%, 12/15/14 Series 1999 A AMBAC Insured Baa1/A/NR 511,130 250,000 5.250%, 12/15/15 Series 1999 A AMBAC Insured Baa1/A/NR 255,498 1,500,000 5.250%, 12/15/17 Series 1999 A AMBAC Insured Baa1/A/NR 1,525,665 1,000,000 5.250%, 12/15/19 Series 1999 A AMBAC Insured Baa1/A/NR 1,007,540 1,395,000 4.000%, 12/15/12 Series 2003 A NPFG Insured Baa1/A/NR 1,439,724 1,450,000 4.000%, 12/15/13 Series 2003 A NPFG Insured Baa1/A/NR 1,486,236 1,505,000 4.000%, 12/15/14 Series 2003 A NPFG Insured Baa1/A/NR 1,529,772 1,570,000 4.000%, 12/15/15 Series 2003 A NPFG Insured Baa1/A/NR 1,583,533 1,630,000 4.000%, 12/15/16 Series 2003 A NPFG Insured Baa1/A/NR 1,632,347 150,000 5.500%, 12/15/13NPFG Insured 2006 Series B Baa1/A/NR 150,018 Rhode Island Economic Development Corp. Rhode Island Department of Transportation 395,000 5.000%, 06/15/10 NPFG FGIC Insured Series 2006 A Aa3/A+/AA- 406,518 Rhode Island Health & Education Building Corp., Brown University 2,000,000 5.250%, 09/01/17 Series 1993 NPFG Insured Aa1/AA+/NR 2,108,960 Rhode Island Health & Education Building Corp. Bryant College - 1,000,000 5.125%, 06/01/19 AMBAC Insured A2/A/NR 1,047,550 230,000 5.000%, 12/01/21 AMBAC Insured A2/A/NR 238,158 Rhode Island Health & Education Building Corp., Higher Educational Facilities 1,010,000 3.625%, 09/15/14 Series 2003 B NPFG Insured Baa1/A/NR 1,042,805 1,050,000 4.000%, 09/15/15 Series 2003 B NPFG Insured Baa1/A/NR 1,088,777 1,040,000 4.000%, 09/15/16 Series 2003 B NPFG Insured Baa1/A/NR 1,068,642 600,000 3.625%, 09/15/14 Series 2003 C NPFG Insured Baa1/A/NR 619,488 500,000 4.000%, 09/15/15 Series 2003 C NPFG Insured Baa1/A/NR 518,465 500,000 4.000%, 09/15/16 Series 2003 C NPFG Insured Baa1/A/NR 513,770 1,500,000 4.250%, 05/15/21 Series A FSA Insured Aa3/NR/AA+ 1,548,015 1,500,000 4.375%, 05/15/22 Series A FSA Insured Aa3/NR/AA+ 1,557,195 Rhode Island Health & Education Building Corp., Johnson & Wales University 465,000 5.500%, 04/01/15 Series 1999 A NPFG Insured Baa1/A/NR 494,825 900,000 5.500%, 04/01/16 Series 1999 A NPFG Insured Baa1/A/NR 953,793 785,000 5.500%, 04/01/17 Series 1999 A NPFG Insured Baa1/A/NR 832,901 1,360,000 4.000%, 04/01/12 Series 2003 Syncora Guarantee Inc. Insured NR/NR/NR* 1,375,096 3,210,000 4.000%, 04/01/13 Series 2003 Syncora Guarantee Inc. Insured NR/NR/NR* 3,232,855 500,000 5.250%, 04/01/14 Series 2003 Syncora Guarantee Inc. Insured NR/NR/NR* 521,320 2,000,000 4.000%, 04/01/14 Series 2003 Syncora Guarantee Inc. Insured NR/NR/NR* 1,997,540 1,300,000 5.000%, 04/01/29 NPFG Insured Baa1/A/NR 1,240,798 Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design 250,000 4.400%, 06/01/15 NPFG Insured A1/A/NR 262,113 585,000 4.600%, 06/01/17 NPFG Insured A1/A/NR 611,512 505,000 4.700%, 06/01/18 Series 2001 NPFG Insured A1/A/NR 527,271 280,000 4.750%, 06/01/19 Series 2001 NPFG Insured A1/A/NR 291,827 1,310,000 5.625%, 08/15/22 Syncora Guarantee Inc. Insured Series D A1/NR/NR 1,387,107 900,000 5.000%, 08/15/23 Syncora Guarantee Inc. Insured Series D A1/NR/NR 929,718 Rhode Island Health & Educational Building Corp., Higher Education Facility, Roger Williams University 500,000 5.000%, 11/15/24 AMBAC Insured NR/NR/NR* 502,925 Rhode Island Health & Education Building Corp., Lifespan Obligation 2,500,000 5.000%, 05/15/20 FSA Insured Series A Aa3/AAA/AA+ 2,663,300 1,900,000 5.250%, 05/15/26 NPFG Insured A3/A/NR 1,899,943 Rhode Island Health & Education Building Corp., Public School Financing 1,000,000 5.000%, 05/15/17 Series 2006 A FSA Insured Aa3/AAA/AA+ 1,131,260 500,000 5.000%, 05/15/20 Series 2007 A FSA Insured Aa3/NR/AA+ 543,795 1,000,000 4.250%, 05/15/21 Series 2007 B FSA Insured Aa3/AAA/AA+ 1,028,800 500,000 5.000%, 05/15/17 FSA Insured 2008 Series A Aa3/NR/AA+ 557,850 2,000,000 4.750%, 05/15/29 FSA Insured Series A Aa3/NR/AA+ 2,069,940 Rhode Island Health & Education Building Corp., Roger Williams University 500,000 5.125%, 11/15/11 AMBAC Insured NR/NR/NR* 506,975 1,000,000 5.125%, 11/15/14 Series 1996 S AMBAC Insured NR/NR/NR* 1,013,720 1,000,000 5.000%, 11/15/18 Series 1996 S AMBAC Insured NR/NR/NR* 1,011,250 Rhode Island Health & Educational Building Corp., University of Rhode Island 300,000 5.200%, 09/15/16 Series 2000 B AMBAC Insured (pre-refunded) NR/A+/NR 315,813 800,000 5.000%, 09/15/23 Series 2003 C Refunding NPFG Insured Baa1/A/NR 829,792 1,200,000 4.000%, 09/15/11 Series 2005 G AMBAC Insured A1/A+/NR 1,267,476 1,200,000 4.125%, 09/15/12 Series 2005 G AMBAC Insured A1/A+/NR 1,294,716 1,200,000 4.125%, 09/15/13 Series 2005 G AMBAC Insured A1/A+/NR 1,310,076 1,000,000 4.500%, 09/15/26 Series 2005 G Refunding AMBAC Insured A1/A+/NR 1,020,890 Rhode Island Health & Education Facilities Authority, Providence College 1,000,000 4.250%, 11/01/14 Syncora Guarantee Inc. Insured A2/NR/NR 1,046,780 2,500,000 4.375%, 11/01/15 Syncora Guarantee Inc. Insured A2/NR/NR 2,604,475 2,500,000 4.500%, 11/01/16 Syncora Guarantee Inc. Insured A2/NR/NR 2,594,050 1,000,000 4.500%, 11/01/17 Syncora Guarantee Inc. Insured A2/NR/NR 1,029,200 1,000,000 5.000%, 11/01/24 Syncora Guarantee Inc. Insured Series 2003 A A2/NR/NR 1,026,240 --------------- Total Higher Education Revenue Bonds 67,519,500 --------------- Housing Revenue Bonds (0.5%) ---------------------------------------------------------------- Rhode Island Housing & Mortgage Finance Corp. Homeowner Opportunity 1,000,000 3.750%, 10/01/13 Series 50-A NPFG Insured A2/AA+/NR 1,052,620 --------------- Lease Revenue Bonds (1.4%) ---------------------------------------------------------------- Rhode Island Certificates of Participation (Central Power Plant) 1,000,000 4.000%, 10/01/20 Series D FSA Insured Aa3/AAA/AA+ 1,053,110 Rhode Island Certificates of Participation (Kent County Court House Project) 250,000 5.000%, 10/01/22NPFG Insured Series 2004 A A1/AA-/A+ 258,690 Rhode Island Certificates of Participation (School for the Deaf Project) 1,000,000 5.500%, 04/01/27 Series C 2009 AGC Insured Aa2/AAA/AA 1,071,750 500,000 5.625%, 04/01/29 Series C 2009 AGC Insured Aa2/AAA/AA 535,470 --------------- 2,919,020 --------------- Pollution Control Revenue Bonds (3.3%) ---------------------------------------------------------------- Rhode Island Clean Water Finance Agency, Water Pollution Control Bonds 1,800,000 5.000%, 10/01/18 Series 2002 B NPFG Insured Aaa/AA/NR 1,938,510 4,765,000 4.375%, 10/01/21 Series 2002 B NPFG Insured Aaa/AA/NR 4,952,360 --------------- Total Pollution Control Revenue Bonds 6,890,870 --------------- Water and Sewer Revenue Bonds (6.6%) ---------------------------------------------------------------- Bristol County, Rhode Island Water Authority 750,000 5.250%, 07/01/17 Series 1997 A NPFG Insured Baa1/A/NR 750,450 1,000,000 3.500%, 12/01/13 Series 2004 Refunding A NPFG Insured Baa1/A/NR 1,040,820 1,000,000 3.500%, 12/01/14 Series 2004 Refunding A NPFG Insured Baa1/A/NR 1,034,820 Kent County, Rhode Island Water Authority 500,000 4.000%, 07/15/12 Series 2002 A NPFG Insured Baa1/A/NR 538,700 1,055,000 4.150%, 07/15/14 Series 2002 A NPFG Insured Baa1/A/NR 1,112,445 Narragansett, Rhode Island Bay Commission Water Authority 365,000 5.000%, 08/01/27 NPFG Insured Series A Baa1/AA-/NR 383,579 Rhode Island Clean Water Protection Finance Agency 500,000 4.600%, 10/01/13 Series A AMBAC Insured Aaa/BBB/NR 500,660 500,000 4.750%, 10/01/14 Series A AMBAC Insured Aaa/BBB/NR 500,685 2,000,000 4.750%, 10/01/18 Series A AMBAC Insured Aaa/BBB/NR 2,001,820 1,250,000 5.400%, 10/01/15 1993 Series A NPFG Insured Aaa/A/NR 1,396,350 500,000 4.500%, 10/01/11 1993 Series B AMBAC Insured Aa1/BBB/NR 500,780 500,000 4.750%, 10/01/20 1999 Series A AMBAC Insured Aaa/BBB/NR 500,375 1,000,000 5.125%, 10/01/11 1999 Series C NPFG Insured Aaa/AA/NR 1,001,990 Rhode Island Water Resources Board Public Drinking Water Protection 1,500,000 4.000%, 03/01/14 Series 2002 NPFG Insured Baa1/A/NR 1,569,375 595,000 4.250%, 03/01/15 Series 2002 NPFG Insured Baa1/AA-/NR 618,865 405,000 4.250%, 03/01/15 Series 2002 NPFG Insured (pre-refunded) NR/AA-/NR 436,910 --------------- Total Water and Sewer Revenue Bonds 13,888,624 --------------- Other Revenue Bonds (1.4%) ---------------------------------------------------------------- Rhode Island Refunding Bond Authority State Public Projects 500,000 5.250%, 02/01/10 AMBAC Insured Series 1998 A A1/AA-/NR 501,510 State of Rhode Island Depositors Economic Protection Corp. 500,000 6.000%, 08/01/17 Series 1992 B NPFG Insured ETM NR/A/NR 557,640 1,045,000 5.250%, 08/01/21 Ser. 1993 B NPFG Insured ETM (pre-refunded) NR/A/NR 1,104,743 250,000 5.750%, 08/01/21 Series A FSA Insured ETM NR/NR/NR* 315,710 235,000 6.550%, 08/01/10 NPFG Insured ETM NR/AA/NR 246,548 215,000 6.375%, 08/01/22 NPFG Insured Series A ETM NR/AA-/AAA 287,128 --------------- Total Other Revenue Bonds 3,013,279 --------------- Total Revenue Bonds 118,231,387 --------------- Total Investments (cost $193,544,732-note b) 96.7% 202,318,543 Other assets less liabilities 3.3 6,911,412 ---- --------- Net Assets 100.0% $ 209,229,955 ====== ================= Percent of Portfolio Distribution By Quality Rating (unaudited) Investments + Aaa of Moody's or AAA of S&P or Fitch 23.9% % Aa of Moody's or AA of S&P or Fitch 30.5% A of Moody's or S&P or Fitch 38.5% Baa of Moody's or BBB of S&P 1.9% Not rated* 5.2% --------------- 100.0% % ===============
+ Calculated using the highest rating of the three rating services. * Any security not rated (NR) by any of the approved credit rating services has been determined by the Investment Sub-Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a rating service. PORTFOLIO ABBREVIATIONS: AGC - Assured Guaranty Corp. AMBAC- American Municipal Bond Assurance Corp. CIFG -CDC IXIS Financial Guaranty ETM- Escrowed to Maturity FGIC- Financial Guaranty Insurance Co. FSA - Financial Security Assurance NPFG- National Public Finance Guarantee NR - Not rated Note: National Public Finance Guarantee formerly known as National-re. On November 2, 2009, Assured Guaranty Ltd. the holding company for Assured Guaranty Corp. and Financial Security Assurance Inc. ("FSA") announced that pending regulatory approval, it will change the name of its subsidiary FSA to Assured Guaranty Municipal Corp. The Company also plans to change the names of the FSA companies worldwide. See accompanying notes to financial statements. NOTES TO FINANCIAL STATEMENTS NARRAGANSETT INSURED TAX-FREE INCOME FUND (unaudited) (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, 2009, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $193,523,493 amounted to $8,795,050, which consisted of aggregate gross unrealized appreciation of $8,859,102 and aggregate gross unrealized depreciation of $64,052. (c) Fair Value Measurements The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective July 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Fund's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Fund's investments (details of which can be found in the schedule of investments), used to value the Fund's net assets as of September 30, 2009: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Municipal Bonds $ 202,318,543 Level 3 - Significant Unobservable Inputs $ ------------------- Total $ 202,318,543 =================== 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 25, 2009 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 25, 2009 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 25, 2009 EX-99.CERT 2 nitfifnqcert.txt FORM N-Q 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 25, 2009 /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 25, 2009 /s/ Joseph P. DiMaggio - ------------------------------ Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----