We consider the problem of wavelength assignment in reconfigurable WDM networks with wavelength converters. We show that for N-node P-port bidirectional rings, a minimum numberof [PN/4] wavelengths are required to support all possible connected virtual topologies in a rearrangeably nonblocking fashion, and provide an algorithm that meets this bound using no more than [PN/2] wavelength converters. This improves over the tight lower bound of [PN/3] wavelengths required for such rings given in [1] if no wavelength conversion is available. We extend this to the general P-port case where each node i may have a different number of ports P-i, and show that no more than [Sigma(i) P-i/41] + 1 wavelengths are required. We then provide a second algorithm that uses more wavelengths yet requires significantly fewer converters. We also develop a method that allows the wavelength converters to be arbitrarily located at any node in the ring. This gives significant flexibility in the design of the networks. For example, all [PN/2] converters can be collocated at a single hub node, or distributed evenly among the N nodes with min {[P/2] + 1, P} converters at each node.