File Nos. 33-48696 & 811-6707

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-12

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)

(212) 697-6666
(Registrant's Telephone Number)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required

<page>

Important Notice
Please Read Immediately
Aquilasm
Group of Funds

Narragansett Insured Tax-Free Income Fund
380 Madison Avenue, Suite 2300, New York, NY 10017

Notice of Annual Meeting of
Shareholders to Be Held
on September 4, 2003

To Shareholders of the Fund:

The purpose of this Notice is to advise you that an Annual Meeting of the
Shareholders of Narragansett Insured Tax-Free Income Fund (the "Fund") will be
held:

Place: (a) at the Rhode Island Convention Center
1 Sabin Street
Providence, Rhode Island;

Time: (b) on September 4, 2003
at 2:30 p.m. Eastern Daylight time;

Purposes: (c) for the following purposes:

(i) to elect eight Trustees; each Trustee elected will hold
office until the next annual meeting of the Fund's shareholders
or until his or her successor is duly elected (Proposal No. 1);

(ii) to ratify (that is, to approve) or reject the selection of
KPMG LLP as the Fund's independent auditors for the fiscal year
ending June 30, 2004 (Proposal No. 2);

(iii) to act upon any other matters which may properly come
before the Meeting at the scheduled time and place or any
adjourned meeting or meetings.

Who Can
Vote What
Shares:

(d) To vote at the Meeting, you must have been a shareholder on the
Fund's records at the close of business on June 13, 2003 (the
"record date"). Also, the number of shares of each of the Fund's
outstanding classes of shares that you held at that time and the
respective net asset values of each class of shares at that time
determine the number of votes you may cast at the Meeting (or any
adjourned meeting or meetings).

By order of the Board of Trustees,

EDWARD M. W. HINES
Secretary

July 25, 2003

Please Note:

If you do not expect to attend the Meeting, please vote by any of three ways: by
telephone, by the Internet or by completing the enclosed proxy card and
returning it in the accompanying stamped envelope. To avoid unnecessary expense
to the Fund, we request your cooperation in voting no matter how large or small
your holding may be.

<page>
Narragansett Insured Tax-Free Income Fund
380 Madison Avenue, Suite 2300, New York, NY 10017
Proxy Statement

Introduction

The purpose of the Notice preceding this Proxy Statement is to advise you
of the time, place and purposes of an Annual Meeting of the Shareholders of
Narragansett Insured Tax-Free Income Fund (the "Fund"). The purpose of this
Proxy Statement is to give you information on which you may base your decisions
as to the choices, if any, you make in voting.

The Fund's founder and Manager (the "Manager") is Aquila Management
Corporation, 380 Madison Avenue, Suite 2300, New York, NY 10017. The Fund's
principal underwriter (the "Distributor") is Aquila Distributors, Inc., 380
Madison Avenue, Suite 2300, New York, NY 10017. The Fund's Investment
Sub-Adviser is Citizens Investment Advisors, a department of Citizens Bank of
Rhode Island (the "Sub-Adviser"), One Citizens Plaza, Providence, RI 02903.

A copy of the Fund's most recent annual report will be sent to you without
charge upon written request to the Distributor, at the above address, or by
calling 800-437-1020 toll-free or 212-697-6666.

This Notice and Proxy Statement are first being mailed on or about July 25,
2003.

You should read this Proxy Statement prior to voting. If your shares are
registered in the name of your broker or someone other than yourself, you may
authorize that person to vote your shares. If your shares are registered in your
name, then you may vote in one of three ways:

(1) Proxy Card

The enclosed proxy card authorizes the persons named (or their substitutes)
to vote your shares; the Fund calls these persons the "proxy holders." As to the
election of Trustees you may authorize the proxy holders to vote your shares for
the entire slate indicated below by marking the appropriate box on the proxy
card or by merely signing and returning your proxy card with no instructions. Or
you may withhold the authority of the proxy holders to vote on the election of
Trustees by marking the appropriate box. Also, you may withhold that authority
as to any particular nominee by following the instructions on the proxy card.

As to the other matter listed on the proxy card, you may direct the proxy
holders to vote your shares on this proposal by marking the appropriate box
"For" or "Against" or instruct them not to vote your shares on the proposal by
marking the "Abstain" box. If you return your signed proxy card and do not mark
a box on the proposal, the proxy holders will vote your shares for that
proposal.

(2) Telephone Voting

To vote your shares by telephone, call the toll free number on your proxy
card. You will be prompted to enter the control number on your proxy card.
Follow the recorded instructions using your proxy card as a guide. If you vote
by phone, you need not return the proxy card by mail.

(3) Internet Voting

To vote your shares by the Internet, please contact the Fund at the
Internet address shown on your proxy card. You will be prompted to enter the
control number on your proxy card. Follow the instructions on the screen, using
your proxy card as a guide. If you vote by the Internet, you need not return the
proxy card by mail.

General Information

You may end the power of the proxy holders to vote your shares by: (i) so
notifying the Fund in writing; (ii) signing a new and different proxy card (if
the Fund receives it before the old one is used); (iii) voting your shares at
the meeting in person or by your duly appointed agent; or (iv) calling the toll
free number provided or contacting the Fund's Internet address, both of which
are detailed on your proxy card, entering your control number and revoking your
previous vote.

Proxies for shares held by brokers in "street name" and not voted or marked
as abstentions will be counted for purposes of determining a quorum. They will
be counted as present in determining voting results, which will have the same
effect as negative votes.

The Fund is sending you this Notice and Proxy Statement in connection with
the solicitation by its Trustees of proxies to be used at the Annual Meeting to
be held at the time and place and for the purposes indicated in the Notice or
any adjourned meeting or meetings. Whenever it is stated in this Proxy Statement
that a matter is to be acted on at the Meeting, this means the Meeting held at
the scheduled time or any adjourned meeting or meetings.

The Fund pays the costs of the solicitation. Proxies are being solicited by
the use of the mails; they may also be solicited by telephone, facsimile and
personal interviews. Brokerage firms, banks and others may be requested to
forward this Notice and Proxy Statement to beneficial owners of the Fund's
shares so that these owners may authorize the voting of their shares. The Fund
will pay these firms their out-of-pocket expenses for doing so.

On the record date, the Fund had four classes of shares outstanding. All
shareholders of the Fund are entitled to vote at the meeting. Each shareholder
on the record date is entitled to one vote for each dollar (and a proportionate
fractional vote for each fraction of a dollar) of net asset value (determined as
of the record date) represented by full and fractional shares of any class held
on the record date. On the record date, the net asset value per share of each of
the Fund's outstanding classes of shares was as follows: Class A Shares, $11.14;
Class C Shares, $11.13; Class Y Shares, $11.14; and Class I Shares, $11.13. The
meeting is expected to act only upon matters that affect the Fund as a whole:
the election of Trustees and the selection of independent auditors. On matters
that affect the Fund as a whole, all shareholders of the Fund, including the
shareholders of all classes of shares of the Fund, are entitled to vote at the
meeting.

On the record date, the total number of shares outstanding for each class
of shares was as follows: Class A Shares, 9,346,024; Class C Shares, 2,043,511;
Class Y Shares, 1,667,808; and Class I Shares, 41,115.

On the record date, the following holders held 5% or more of the Fund's
outstanding shares. On the basis of information received from the institutional
holders the Fund's management believes that all of the shares indicated are held
by them for the benefit of clients.

Name and Address of Percent
The Holder of Record Number of Shares of Class

Institutional 5% shareholders

National Financial Services 1,479,075 Class A Shares 15.8%
Corp.
200 Liberty Street
New York, NY 10281

Fiserv Securities Inc. 1,327,444 Class A Shares 14.2%
One Commerce Square
2005 Market Street
Philadelphia, PA 19103

Merrill Lynch Pierce, 585,410 Class A Shares 6.3%
Fenner & Smith 422,425 Class C Shares 20.7%
4800 Deer Lake Dr. East
Jacksonville, FL 32246

Citizens Bank of Rhode Island 1,166,656 Class Y Shares 70.0%
One Citizens Plaza
Providence, RI 02903

Pershing LLC 171,803 Class Y Shares 10.3%
P. O. Box 2052
Jersey City, NJ 07303

Perry Baker & Co. 41,115 Class I Shares 100.0%
The Washington Trust Co.
23 Broad Street
Westerly, RI 02891

The Fund's management is not aware of any other person beneficially owning
more than 5% of any class of its outstanding shares as of such date.

Election of Trustees
(Proposal No. 1)

At the Meeting, eight Trustees are to be elected. Each Trustee elected will
serve until the next annual meeting or until his or her successor is duly
elected. The nominees selected by the Trustees are named in the table below. See
"Introduction" above for information as to how you can vote your shares in the
election of Trustees.

The following material includes information about each nominee and each
officer of the Fund. All shares of the Fund listed as owned by the Trustees are
Class A Shares unless indicated otherwise. All of the nominees are presently
Trustees and were elected by the shareholders in October, 2002. All nominees
have consented to serve if elected.

Trustees(1)
and Officers

Number of
Positions Held Portfolios in Other Directorships
with Fund Complex Held by Trustee
Fund Overseen by (The position held is
Name, Address(2) and and Length of Principal Occupation(s) Trustee a directorship unless
Date of Birth Service(3) During Past 5 Years indicated otherwise.)

Interested Trustees(4)

Lacy B. Herrmann Chairman of Founder and Chairman of the 12 Director or trustee, OCC Cash
New York, NY the Board of Board, Aquila Management Reserves, Inc., OCC
(05/12/29) Trustees since Corporation, the sponsoring Accumulation Trust, Oppenheimer
1992 organization and Manager or Quest Value Funds Group,
Administrator and/or Adviser or Oppenheimer Small Cap Value
Sub-Adviser to each fund of the Fund, Oppenheimer Midcap Fund,
Aquilasm Group of Funds (5) and and Oppenheimer Rochester Group
Founder, Chairman of the Board of of Funds.
Trustees and (currently or until
1998) President of each since its
establishment, beginning in 1984;
Director of the Distributor since
1981 and formerly Vice President
or Secretary, 1981-1998;
President and a Director, STCM
Management Company, Inc., sponsor
and investment adviser to Capital
Cash Management Trust since 1973;
Trustee Emeritus, Brown
University and active in
university, school and charitable
organizations.

David A. Duffy Trustee Chairman, formerly President, 1 Citizens Bank of Rhode
North Kingstown, RI since 1995 Duffy & Shanley, Inc., a Island since 1999.
(08/07/39) marketing communications firm,
since 1973; Transition Chairman
for Gov. Donald Carcieri (R.I.);
immediate past National Chairman,
National Conference for Community
and Justice (NCCJ); Chairman,
Providence College President's
Council; officer or director of
numerous civic and non-profit
organizations.
John J. Partridge Trustee since Founding Partner, Partridge, Snow 1 None
Providence, RI 2002 & Hahn, LLP, a law firm,
(05/05/40) Providence, Rhode Island, since
1988; director of various
educational, civic and charitable
organizations, including Greater
Providence Chamber of Commerce
and Memorial Hospital of Rhode
Island.

Non-interested
Trustees

Vernon R. Alden Trustee since Retired; General Independent 1 Sonesta International Hotels
Boston, MA 1992 Partner, Merrill Lynch-Lee Funds; Corporation.
(04/07/23) former director or trustee of
various Fortune 500 companies, as
well as various open-end
investment companies, formerly
President of Ohio University and
Associate Dean of the Harvard
University Graduate School of
Business Administration; member
of several Japan-related advisory
councils; Honorary Consul General
of the Royal Kingdom of Thailand;
trustee of various cultural,
educational and civic
organizations.

Paul Y. Clinton Trustee since Principal, Clinton Management 2 Director or trustee, OCC
Osterville, MA 1996 Associates, a financial and Cash Reserves, Inc., OCC
Naples, FL venture capital consulting firm. Accumulation Trust,
(02/14/31) Oppenheimer Quest Value
Funds Group, Oppenheimer
Small Cap Value Fund,
Oppenheimer Midcap Fund, and
Oppenheimer Rochester Group
of Funds.

William J. Nightingale Trustee since Retired; formerly Chairman, 2 Ring's End, Inc.
Rowayton, CT 1992 founder (1975) and Senior Advisor
(09/16/29) until 2000 of Nightingale &
Associates, L.L.C., a general
management consulting firm
focusing on interim management,
divestitures, turnaround of
troubled companies, corporate
restructuring and financial
advisory services.

Cornelius T. Ryan Trustee since Founder and General Partner, 3 Director of Neuberger &
Westport, CT and 2002 Oxford Ventures Partners, a group Berman Equity Funds.
Sun Valley, ID of investment venture capital
(11/14/31) partnerships, since 1981 and
Founder and General Partner,
Oxford Bioscience Partners, a
group of venture capital
partnerships focused on life
sciences, genomics, healthcare
information technology and
medical devices, since 1991.

J. William Weeks Trustee since Retired; limited partner and 3 None
Palm Beach, FL 1995 investor in various real estate
(06/22/27) partnerships since 1988; formerly
Senior Vice President or Vice
President of the Aquila Bond
Funds; and Vice President of the
Distributor.

Officers
Diana P. Herrmann President President and Chief Operating N/A N/A
New York, NY since 1998 Officer of the Manager since
(02/25/58) 1997, a Director since 1984,
Secretary since 1986 and
previously its Executive Vice
President, Senior Vice President
or Vice President, 1986-1997;
President, Senior Vice President
or Executive Vice President of
funds in the Aquilasm Group of
Funds since 1986; Director of
the Distributor since 1997;
trustee, Reserve Money-Market
Funds, 1999-2000 and Reserve
Private Equity Series,
1998-2000; active in mutual fund
and trade organizations and in
charitable and volunteer
organizations.

Stephen J. Caridi Senior Vice Vice President of the Distributor N/A N/A
New York, NY (05/06/61) President since 1995; Vice President,
since 1998 Hawaiian Tax-Free Trust since
1998; Senior Vice President,
Narragansett Insured Tax-Free
Income Fund since 1998, Vice
President 1996-1997; Assistant
Vice President, Tax-Free Fund For
Utah since 1993

Joseph P. DiMaggio Chief Chief Financial Officer of the N/A N/A
New York, NY Financial Aquilasm Group of Funds since
(11/06/56) Officer since 2003 and Treasurer since 2000;
2003 and Controller, Van Eck Global Funds,
Treasurer 1993-2000.
since 2000

Edward M. W. Hines Secretary Partner, Hollyer Brady Smith & N/A N/A
New York, NY since 1982 Hines LLP, legal counsel to the
(12/16/39) Fund, since 1989; Secretary of
the Aquilasm Group of Funds.

Robert W. Anderson Assistant Compliance Officer of the Manager N/A N/A
New York, NY (08/23/40) Secretary since 1998 and Assistant
since 2000 Secretary of the Aquilasm Group
of Funds since 2000; trustee,
Alpha Strategies Fund since July,
2002; Consultant, The Wadsworth
Group, 1995-1998.

John M. Herndon Assistant Assistant Secretary of the N/A N/A
New York, NY (12/17/39) Secretary Aquilasm Group of Funds since
since 1995 1995 and Vice President of the
four Aquila Money-Market Funds
since 1990; Vice President of the
Manager since 1990.

Lori A. Vindigni Assistant Assistant Treasurer of the N/A N/A
New York, NY Treasurer since Aquilasm Group of Funds since
(11/02/66) 2000 2000; Assistant Vice President of
the Manager since 1998; Fund
Accountant for the Aquilasm Group
of Funds, 1995-1998.

(1)The Fund's Statement of Additional Information includes additional
information about the Trustees and is available, without charge, upon request by
calling 800-437-1020 (toll free).

(2) The mailing address of each Trustee and officer is c/o Narragansett Insured
Tax-Free Income Fund, 380 Madison Avenue, New York, NY 10017.

(3) Each Trustee holds office until the next annual meeting of shareholders or
until his or her successor is elected and qualifies. The term of office of each
officer is one year.

(4) Mr. Herrmann is an interested person of the Fund, as that term is defined in
the 1940 Act, as an officer of the Fund, as a director, officer and shareholder
of the Manager and as a shareholder and director of the Distributor. Mr. Duffy
is an interested person as a director of the Sub-Adviser. Mr. Partridge is an
interested person of the Fund as a partner of the law firm that performs legal
services for the Sub-Adviser.

(5) In this material Pacific Capital Cash Assets Trust, Pacific Capital U.S.
Government Securities Cash Assets Trust, Pacific Capital Tax-Free Cash Assets
Trust and Capital Cash Management Trust, each of which is a money-market fund,
are called the "Aquila Money-Market Funds"; Hawaiian Tax-Free Trust, Tax-Free
Trust of Arizona, Tax-Free Trust of Oregon, Tax-Free Fund of Colorado, Churchill
Tax-Free Fund of Kentucky, Narragansett Insured Tax-Free Income Fund and
Tax-Free Fund For Utah, each of which is a tax-free municipal bond fund, are
called the "Aquila Bond Funds"; Aquila Rocky Mountain Equity Fund is an equity
fund; considered together, these 12 funds are called the "Aquilasm Group of
Funds."

Securities Holdings of the Trustees
(as of 06-30-03)

Dollar Range Aggregate Dollar
Of Ownership Range of Ownership
In Narragansett in Aquilasm Investment
Insured Tax-Free Companies Overseen by
Income Fund(1) Trustee(1)

Interested Trustees

Lacy B. Herrmann B E

David A. Duffy C C

John J. Partridge C C

Not interested Trustees

Vernon R. Alden B B

Paul Y. Clinton B B

William J. Nightingale B C

Cornelius T. Ryan B C

J. William Weeks B C

(1) A. None
B. $1-$10,000
C. $10,001-$50,000
D. $50,001-$100,000
E. over $100,000

None of the non-interested Trustees or their immediate family members holds
of record or beneficially any securities of the Manager or the Distributor.

The Fund does not currently pay fees to any of the Fund's officers or to
Trustees affiliated with the Manager or the Sub-Adviser. For its fiscal year
ended June 30, 2003 the Fund paid a total of $83,518 in compensation and
reimbursement of expenses to the Trustees. No other compensation or remuneration
of any type, direct or contingent, was paid by the Fund to its Trustees.

The Fund is one of the 12 funds in the Aquilasm Group of Funds, which
consist of tax-free municipal bond funds, money-market funds and an equity fund.
The following table lists the compensation of all nominees for Trustee who
received compensation from the Fund or from other funds in the Aquilasm Group of
Funds during the Fund's fiscal year. None of such Trustees has any pension or
retirement benefits from the Fund or any of the other funds in the Aquila group.

Compensation
From
all funds Number of
in the boards on
Compensation Aquilasm which the
from the Group Trustee
Name Fund of Funds now serves

Vernon R. Alden $7,400 $ 7,400 1

Paul Y. Clinton $6,500 $10,300 2

David A. Duffy $6,850 $ 6.850 1

William J.
Nightingale $8,000 $16,000 2

John J.
Partridge $7,200 $ 7,200 1

Cornelius T. Ryan $7,050 $13,850 3

J. William Weeks $8,400 $22,100 3

Class A Shares may be purchased without a sales charge by certain of the
Fund's Trustees and officers.

The Fund's Manager is Manager or Administrator to the Aquilasm Group of
Funds. As of June 30, 2003, these funds had aggregate assets of approximately
$3.9 billion, of which approximately $2.5 billion consisted of assets of the
tax-free municipal bond funds. The Manager is controlled by Mr. Lacy B.
Herrmann, through share ownership directly, through a trust and by his wife.
During the fiscal year ended June 30, 2003, the Fund accrued $648,033 in
management fees, of which $516,239 was waived, $2,187 was paid to the Manager,
and the balance was paid to the Sub-Adviser.

During the fiscal year ended June 30, 2003, $142,960 was paid under Part I
of the Fund's Distribution Plan to Qualified Recipients with respect to the
Class A Shares, of which $2,971 was retained by the Distributor. With respect to
Class C Shares, during the same period $141,378 was paid under Part II of the
Plan and $47,126 was paid under the Shareholder Services Plan. Of these total
payments under Part II of the Plan of $188,504, the Distributor received
$30,771. All of such payments were for compensation. With respect to Class I
Shares, during the same period $206 was paid under Part III of the Plan and $617
was paid under the Shareholder Services Plan.

The Distributor currently handles the distribution of the shares of twelve
funds (four money-market funds, seven tax-free municipal bond funds and an
equity fund), including the Fund. Under the Distribution Agreement, the
Distributor is responsible for the payment of certain printing and distribution
costs relating to prospectuses and reports as well as the costs of supplemental
sales literature, advertising and other promotional activities. The shares of
the Distributor are owned 24% by Diana P. Herrmann, 72% by Mr. Herrmann and
other members of his immediate family and the balance by current employees of
Aquila Management Corporation.

Other Information on Trustees

The Trustees have appointed a standing Audit Committee consisting of all of
the Trustees who are "independent" and are not "interested persons" of the Fund,
as that term is defined in the 1940 Act. The members of the Audit Committee are
Vernon R. Alden, Paul Y. Clinton, William J. Nightingale, Cornelius T. Ryan and
J. William Weeks. The Committee (i) selects the Fund's independent auditors
(subject to shareholder ratification); (ii) reviews the methods, scope and
result of audits and the fees charged; and (iii) reviews the adequacy of the
Fund's internal accounting procedures and controls. Selection of auditors is
also ratified by the Board of Trustees. The Audit Committee held one meeting
during the Fund's last fiscal year. The Board of Trustees has adopted a written
charter for the Audit Committee, a copy of which is attached as an appendix to
this Proxy Statement.

During the Fund's last fiscal year, the Board of Trustees held four
meetings. Each current Trustee was present for at least 75% of the total number
of Board meetings and Audit Committee meetings (if such Trustee was a member of
that committee). The Board of Trustees does not have a nominating committee.

Since the beginning of the Fund's most recently completed fiscal year, no
Trustee purchased or sold more than 1% of the outstanding shares of any class of
the Manager, Sub-adviser or the parents or subsidiaries of either.

Vote Required

To be elected, each nominee must receive the affirmative votes of a
majority of the shares present.

Ratification or Rejection
of Selection of
Independent Auditors
(Proposal No. 2)

KPMG LLP ("KPMG"), which is currently serving as the Fund's independent
auditors, has been selected by the Fund's Audit Committee and ratified by the
Board of Trustees, including a majority of the Independent Trustees, as the
Fund's independent auditors for the fiscal year ending June 30, 2004. Such
selection is submitted to the shareholders for ratification or rejection.

The following table represents fees for professional audit services
rendered by KPMG for the audit of the Fund's annual financial statements for
2002 and 2003, and fees billed for other services rendered by KPMG.

2002 2003

Audit Fees $14,500 $14,950

Audit related fees $ -0- $ -0-

Audit and
audit related fees $14,500 $14,950

Tax fees(1) $ 8,900 $ 7,767

All other fees $ -0- $ -0-

Total fees $23,400 $22,717

(1) Tax fees consisted of fees for tax consultation and tax compliance services.

KPMG did not perform any services during the fiscal year for the Fund's
investment adviser (the Manager) or any entity controlling, controlled by or
under common control with the Manager that provides services to the Fund.

The Audit Committee has reviewed all services performed and fees charged by
KPMG and has accepted its representation that it is independent in recommending
re-appointment of it for the fiscal year ending June 30, 2004.

KPMG has no direct or indirect financial interest in the Fund, the Manager
or the Sub-Adviser. It is expected that representatives of KPMG will not be
present at the meeting but will be available should any matter arise requiring
their presence.

Receipt of
Shareholder Proposals

Under the proxy rules of the Securities and Exchange Commission,
shareholder proposals meeting tests contained in those rules may, under certain
conditions, be included in the Fund's proxy statement and proxy card for a
particular annual meeting. One of these conditions relates to the timely receipt
by the Fund of any such proposal. Under these rules, proposals submitted for
inclusion in the proxy material for the Fund's next annual meeting after the
meeting to which this Proxy Statement relates must be received by the Fund not
less than 120 days before the anniversary of the date stated in this Proxy
Statement for the first mailing of this Proxy Statement. The date for such
submission could change, depending on the scheduled date for the next annual
meeting; if so, shareholders will be notified.

The fact that the Fund receives a shareholder proposal in a timely manner
does not insure its inclusion in the Fund's proxy material, since there are
other requirements in the proxy rules relating to such inclusion.

Other Business

The Fund does not know of any other matter which will come up for action at
the Meeting. If any other matter or matters properly come up for action at the
Meeting, including any adjournment of the Meeting, the proxy holders will vote
the shares which your proxy card, telephone or Internet vote entitles them to
vote, in accordance with their judgment on such matter or matters, except as
noted. That is, by signing and returning your proxy card or by voting by
telephone or the Internet, you give the proxy holders discretionary authority as
to any such matter or matters.
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APPENDIX

Narragansett Insured Tax-Free Income Fund

AUDIT COMMITTEE CHARTER

1. The Audit Committee shall be composed entirely of independent Trustees.

2. The purposes of the Audit Committee are:

(a) to oversee the Fund's accounting and financial reporting policies.

(b) to oversee the quality and objectivity of the Fund's financial
statements and the independent audit thereof; and

The function of the Audit Committee is oversight; it is management's
responsibility to maintain appropriate systems for accounting and internal
control, and the auditor's responsibility to plan and carry out a proper audit.

3. To carry out its purposes, the Audit Committee shall have the following
duties and powers:

(a) to recommend the selection, retention or termination of auditors and,
in connection therewith, to evaluate the independence of the auditors,
including whether the auditors provide any consulting services to the
manager, and to receive the auditors' specific representations as to their
independence;

(b) to meet with the Fund's independent auditors, including private
meetings, as necessary (i) to review the arrangements for and scope of the
annual audit and any special audits; (ii) to discuss any matters of concern
relating to the Fund's financial statements, including any adjustments to
such statements recommended by the auditors, or other results of said
audit(s); (iii) to consider the auditors' comments with respect to the
Fund's financial policies, procedures and internal accounting controls and
management's responses thereto; and (iv) to review the form of opinion the
auditors propose to render to the Board and shareholders;

(c) to consider the effect upon the Fund of any changes in accounting
principles or practices proposed by management or the auditors;

(d) to review the fees charged by the auditors for audit and non-audit
services;

(e) to investigate improprieties or suspected improprieties in Fund
operations; and

(f) to report its activities to the full Board on a regular basis and to
make such recommendations with respect to the above and other matters as
the Committee may deem necessary or appropriate.

4. The Committee shall meet on a periodic basis and is empowered to hold
special meetings as circumstances require.

5. The Committee shall periodically meet with the Chief Financial Officer
and/or the Treasurer of the Fund and with internal auditors, if any, for
the management company.

6. The Committee shall have the resources and authority appropriate to
discharge its responsibilities, including the authority to retain special
counsel and other experts or consultants at the expense of the Fund.

7. The Committee shall review this Charter at least annually and recommend any
changes to the full Board of Trustees.

<page>

THE AQUILASM GROUP OF FUNDS
380 MADISON AVENUE, SUITE 2300
NEW YORK, NY 10017

VOTE BY TELEPHONE OR INTERNET OR MAIL 24 Hours a day, 7 days a week

TELEPHONE
1-888-221-0697

To vote your shares by telephone, call toll free 1-888-221-0697. You will
be prompted to enter the 14-digit control number on this proxy card. Follow the
simple recorded instructions using this proxy card as a guide. If you vote by
phone, you need not return the proxy card by mail.

INTERNET VOTING
www.proxyweb.com/aquila

To vote your shares by the Internet, contact the Fund at
www.proxyweb.com/aquila. You will be prompted to enter the 14-digit control
number on this proxy card. Follow the simple instructions at the website, using
your proxy card as a guide. If you vote by the Internet, you need not return the
proxy card by mail.

MAIL

You can vote your shares by completing and returning this proxy card.
Please mark your proxy, date and sign it below and return it promptly in the
accompanying envelope which requires no postage if mailed in the United States.

Please fold and detach card at perforation before mailing.

Aquilasm Group of Funds
NARRAGANSETT INSURED TAX-FREE INCOME FUND

Proxy for Shareholders Meeting September 4, 2003
Proxy Solicited on Behalf of the Board of Trustees

The shareholder(s) of NARRAGANSETT INSURED TAX-FREE INCOME FUND (the
"Fund") whose signature(s) appear(s) below do/does hereby appoint LACY B.
HERRMANN, DIANA P. HERRMANN and EDWARD M. W. HINES, or any of them, as attorneys
and proxies of the undersigned, with full power of substitution, to attend the
Annual Meeting of Shareholders of the Fund to be held on Thursday, September 4,
2003 at the Rhode Island Convention Center, One Sabin Street, Providence, Rhode
Island; at 2:30 p.m. Eastern Daylight time, and at all adjournments thereof, and
thereat to vote the shares held in the name of the undersigned on the record
date for said meeting on the matters listed on the reverse side. Such shares are
entitled to one vote for every dollar of net asset value represented by the
share balance printed below.

Please read the proxy statement prior to voting.

Annual Meeting Attendance

We encourage you to attend the Annual Meeting of Shareholders. If you can join
us, please so indicate on the proxy card or e-mail us at info@aquilafunds.com.

Address changes/comments: _______________________________
_______________________________
_______________________________

(If you noted any address changes/comments above, please mark
corresponding box on other side.)

Dated: __________________, 2003

_________________________________
Signature(s)
[SIGN WITHIN THE BOX]

PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS PROXY CARD. When signing
as a custodian, attorney, executor, administrator, trustee, guardian, etc.,
please sign your full title as such. Joint owners should each sign.

<page>

Please fold and detach card at perforation before mailing.

NARRAGANSETT INSURED TAX-FREE INCOME FUND

Please fill in box(es) as shown using black or blue ink or number 2 pencil.

[X] PLEASE DO NOT USE FINE POINT PENS

1. Election of Trustees

01) Lacy B. Herrmann* 02) Vernon R. Alden 03) Paul Y. Clinton
04) David A. Duffy* 05) William J. Nightingale 06) John J.
Partridge* 07) Cornelius T. Ryan 08) J. William Weeks

* interested Trustees
__
[__] FOR ALL
__
[__] WITHHOLD ALL
__
[__] FOR ALL EXCEPT

_____________________

INSTRUCTION: To withhold authority to vote for one or more (but not all)
nominees, mark "FOR ALL EXCEPT" and write the nominee number(s) and/or name(s)on
the line above.

[bolded in printed form]

Management recommends a vote FOR all nominees listed above and FOR the
proposal listed below. The shares represented hereby will be voted as indicated
below or FOR if no choice is indicated.

2. Action on selection of KPMG LLP as independent auditors
(Proposal No.2 in Proxy Statement)
__ __ __
FOR [__] AGAINST [__] ABSTAIN [__]

As to any other matter said proxies shall vote in accordance with their best
judgment.
__
I plan to attend the annual meeting [__]

For address changes and/or comments, please check this box and write them on
the front where indicated.
_
[_]

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED ON THE REVERSE SIDE.