EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
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Exhibit A:
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and Board of Trustees of
Investors Capital Funds
Lynnfield, Massachusetts
We have audited the accompanying statements of assets and
liabilities of Investors Capital Funds (comprising,
respectively, Investors Capital Twenty Fund and Investors
Capital Internet and Technology Fund ), including the schedules
of investments, as of September 30, 2000, and the related
statements of operations and changes in net assets, and the
financial highlights for the respective periods from
commencement of operations to September 30, 2000. These
financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of September 30, 2000, by correspondence
with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of each of the Funds comprising
Investors Capital Funds as of September 30, 2000, and the
results of their operations, the changes in their net assets and
the financial highlights for the respective periods from
commencement of operations to September 30, 2000 in conformity
with generally accepted accounting principles.
BRIGGS, BUNTING & DOUGHERTY, LLP
Philadelphia, Pennsylvania
October 20, 2000
