Common use of Shareholder Reports Clause in Contracts

Shareholder Reports. Investors Capital will prepare the semi-annual and annual financial reports and footnotes required by Securities and Exchange Commission ("SEC") regulation for reporting to the shareholders and the SEC. Investors Capital will coordinate with the Investment Adviser and Independent Accountants to obtain the appropriate letters to the shareholders. Investors Capital will coordinate the printing of the reports and mail to the shareholders as well as file copies with the appropriate regulatory authorities. Investors Capital will respond to any shareholder inquiries under the direction of the Fund's officers.

Shareholder Reports. Investors Capital will prepare the semi-annual and annual financial reports and footnotes required by Securities and Exchange Commission ("SEC") SEC regulation for reporting to the shareholders of the Fund ("Shareholders") and the SEC. Investors Capital will coordinate with the Investment Adviser Adviser, Sub-advisers, and Independent Accountants to obtain the appropriate letters to the shareholdersShareholders. Investors Capital will coordinate the printing of the reports and mail to the shareholders Shareholders as well as file copies with the appropriate regulatory authorities. Investors Capital will respond to any shareholder inquiries under the direction of the Fund's officers.

Shareholder Reports. Investors Capital will prepare the semi-annual and annual financial reports and footnotes required by Securities and Exchange Commission ("SEC") SEC regulation for reporting to the shareholders and the SEC. Investors Capital will coordinate with the Investment Adviser and Independent Accountants to obtain the appropriate letters to the shareholders. Investors Capital will coordinate the printing of the reports and mail to the shareholders as well as file copies with the appropriate regulatory authorities. Investors Capital will respond to any shareholder inquiries under the direction of the Fund's officers.