Narragansett Insured Tax-Free Income Fund
Supplement to the Statement of Additional Information
Dated October 31, 2000
The material under the heading "When-Issued and Delayed
Delivery Obligations" is replaced by the following:
When-Issued and Delayed Delivery Obligations
The Fund may buy Rhode Island Obligations on a when-issued or
delayed delivery basis. The purchase price and the interest rate
payable on the Rhode Island Obligations are fixed on the transaction
date. At the time the Fund makes the commitment to purchase Rhode
Island Obligations on a when-issued or delayed delivery basis, it
will record the transaction and thereafter reflect the value each
day of such Rhode Island Obligations in determining its net asset
value. The Fund will make commitments for such when-issued
transactions only when it has the intention of actually acquiring
the Rhode Island Obligations.
The date of this Supplement is
January 10, 2001
