Supplement dated October 29, 1999 to Statement of Additional Information dated
October 18, 1999 of
INVESTORS CAPITAL FUNDS
Investors Capital Twenty Fund
Investors Capital Internet Fund
The following supplements and supersedes any contrary information contained in
the section of the Funds' Statement of Additional Information entitled
"Purchase, Redemption and Pricing of Shares":
Sales Charge Waivers. Under certain conditions, Class A shares may be sold
without a sales charge to officers, directors, trustees and employees of the
Advisor, the Funds' distributor and any of their affiliated companies, and
immediate family members of any of these people. Class A shares may also be
sold without a sales charge to individuals with an investment account or
relationship with the Advisor; fee-based financial planners acting for the
account of their clients; broker-dealers who have entered into selling
agreements with the Distributor for their own accounts; banks and other
financial institutions that have entered into agreements with the Funds to
provide shareholder services for customers; and individuals purchasing shares
with the proceeds of a redemption made from another mutual fund complex on which
the investor had paid a front-end sales charge or a deferred sales charge, if
such redemption occurred within the previous 12 months with proof of purchase.
