To the Board of Trustees and Shareholders of
Narragansett Insured Tax-Free Income Fund:
In planning and performing our audit of the financial statements of
Narragansett Insured Tax-Free Income Fund (the "Fund) for the year ended
June 30, 2000, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However, we
noted no matters involving the internal control and its operation, including
controls for safeguarding securities that we consider to be material
weaknesses as defined above.
This report is intended solely for the information and use of management, the
Board of Trustees of the Fund, and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than the
specified parties.
/s/ KPMG LLP
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New York, New York
August 4, 2000
