AQUILA NARRAGANSETT INSURED TAX FREE INCOME FUND
NSAR-B, 1998-08-20
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SIGNATURE   PATRICIA A. CRAVEN                           
TITLE       ASSISTANT SECRETARY 
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated June 30, 1998 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000888955
<NAME> NARRAGANSETT INSURED TAX-FREE INCOME FUND, CLASS A SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-END>                               JUN-30-1998
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<DIVIDEND-INCOME>                                    0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated June 30, 1998 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000888955
<NAME> NARRAGANSETT INSURED TAX-FREE INCOME FUND, CLASS C SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated June 30, 1998 is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000888955
<NAME> NARRAGANSETT INSURED TAX-FREE INCOME FUND, CLASS Y SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
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</TABLE>


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