Narragansett Insured Tax-Free Income Fund is a mutual fund created especially for the benefit of Rhode Island residents. The Fund, launched in 1992, seeks to provide as high a level of current income that is exempt from both State of Rhode Island and Federal income taxes as is consistent with preservation of investors' capital.# The Fund invests primarily in tax-free municipal bond obligations of Rhode Island issuers, such as schools, highways, hospitals, and water and sewer facilities. Nationally-recognized insurers of municipal obligations insure all the Fund's investments. As of June 30, 2007, Narragansett Insured Tax-Free Income Fund's assets total over $147 million, while its shareholder base exceeds 1,900.

The Fund is qualified for sale only in:
Rhode Island, Connecticut, Colorado, Florida, Hawaii, Massachusetts*, Nebraska*, New Jersey, New York, Tennessee** and Wisconsin***.

 *  Class A and C shares only.
**  Class A shares only.
*** Class C shares only.
^#For certain investors, some dividends may be subject to Federal and state taxes, including the Alternative Minimum Tax. Income earned by non-Rhode Island residents will be subject to applicable state and local taxes.

The Fund is not a financial institution deposit or other obligation, is not backed by any financial institution guarantee, is not backed by FDIC or other deposit insurance, and is subject to investment risks, including possible loss of the principal amount invested. Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. Consideration should be given to the risks of investing including potential loss of value, market risk, interest rate risk, credit risk, and geographic concentration. Insurance on an obligation is intended to mitigate credit risk; it does not insure the market price of the obligation.