To download a one-page overview of Narragansett Insured Tax-Free Income Fund, please click here.

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INVESTMENT OBJECTIVE	To seek to provide as high a level of current income exempt from Rhode Island personal and regular Federal income taxes as is consistent with preservation of capital by investing in municipal obligations which pay interest exempt from Rhode Island State and Federal income taxes. To achieve this objective, the Fund will invest primarily in tax-free municipal obligations which are insured by nationally recognized insurers of municipal obligations. Municipal obligations are the kind of securities that finance schools, highways, airports, hospitals, and water and sewer facilities in Rhode Island.
INVESTOR PROFILE	Rhode Island taxpayers who can benefit from income that is exempt from Federal, state, and local income taxes. The Fund is not appropriate for tax-deferred retirement plans, such as IRAs.
INSURANCE	The purpose of having insurance on investments in Rhode Island obligations in the Fund's portfolio is to reduce credit risk. Insurance on an obligation is intended to mitigate credit risk; it does not insure the market price of the obigation. The Fund's share value and dividend rate are not fixed and will vary with prevailing interest rates and economic and market factors.
LOCAL PORTFOLIO MANAGEMENT	CITIZENS INVESTMENT ADVISORS, a department of Citizens Bank of Rhode Island, is the Fund's Investment Sub-Adviser, providing the Fund with experienced local professional management. The Trust Group of Citizens Bank of Rhode Island has approximately $10.8 billion in assets under administration, including $731 million in municipal obligations.
INCEPTION DATE	September 10, 1992
NET ASSETS	$159.0 million (March 31, 2008)
MONTHLY INCOME	Your income from the Fund is double tax-free - free of both Federal and State of Rhode Island income taxes.*
LOW INITIAL INVESTMENT	You may open your account with any amount of $1,000 or more or by opening an Automatic Investment Program (minimum $50 per month). This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
ADDITIONAL INVESTMENTS	Once your account is open, you may add to it at any time and in any amount. There is no minimum on additional investments.
AUTOMATIC INVESTMENTS	A specific amount ($50 minimum per investment) can be invested, automatically each month on the 1st and/or 16th. Your pre-designated checking account will be debited automatically. This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
DIVERSIFICATION	You gain immediate diversification in a high quality portfolio of investment grade bonds through the Fund. As of March 31, 2008, there were 147 municipal bond issues in the portfolio.
LIQUIDITY	You have ready liquidity permitting you to sell any amount of your investment on any business day at the then current share Net Asset Value. Due to market fluctuations, such share value may, of course, be more or less than your share purchase price. There are no redemption charges or penalties when you sell regular Class A Shares. A 1% Contingent Deferred Sales Charge (CDSC) will apply to Class C Shares redeemed within the first 12 months of purchase.
DIVIDENDS	Dividends are declared daily and paid monthly. You have the choice of having any or all of your dividends automatically reinvested for you, without sales charge, in additional shares or paid in cash by either electronic transfer to your personal bank account or a convenient monthly check. If you automatically reinvest your monthly dividends, your income will compound tax-free. Alternatively, you may direct all your distributions to another one of your existing accounts in the Aquila Group of Funds.
MONTHLY STATEMENTS	You receive a monthly statement of your account. Additionally, you receive a statement each time you add to your account or take money out. This allows you to easily keep track of your investment.
YIELD	You may obtain the latest 30-day yield by calling toll-free 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. (Eastern time) on any business day.
HOW TO INVEST	You may invest in Narragansett Insured Tax-Free Income Fund through your local financial professional. Nearly 500 securities firms have sales agreements to sell shares of the Fund. If yours is not one of these firms, you may invest by using the Fund's application.
ALTERNATE PURCHASE PLANS AND SALES CHARGE BREAKPOINTS	The Fund offers both Front-Payment Class Shares (Class A Shares) or Level-Payment Class Shares (Class C Shares). There is a maximum sales charge of 4% on investments in the Class A Shares. Class C Shares do not have a sales charge, but do have a contingent deferred sales charge (CDSC) of 1% if a redemption occurs within the first 12 months of purchase. For additional details, click here.
3/31/08 PORTFOLIO	Click Here (In order to view the portfolio, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)
LOCAL AQUILA REPRESENTATIVE		Stephen J. Caridi, Senior Vice President 1-800-437-1020 scaridi@aquilafunds.com
OFFICERS	Diana P. Herrmann, Vice Chair and President Stephen J. Caridi, Senior Vice President Joseph P. DiMaggio, Chief Financial Officer and Treasurer Edward M.W. Hines, Secretary
TOLL-FREE NUMBERS	General Information: 1-800-437-1020 Account Inquiries: 1-800-437-1000