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SIGNATURE DARLA BALL
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000050691
<NAME> INSTITUTIONAL INVESTORS CAPITAL APPRECIATION FUND, INC.
<SERIES>
<NUMBER> 010
<NAME> INSTITUTIONAL INVESTORS CAPITAL APPRECIATION FUND, INC.
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To the Board of Directors of
Institutional Investors Capital Appreciation Fund, Inc.:
In planning and performing our audit of the financial
statements of Institutional Investors Capital Appreciation
Fund, Inc. for the year ended December 31, 1999, we
considered its internal control, including control activities
for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Institutional Investors Capital
Appreciation Fund, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, error
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants.
A material weakness is a condition in which the design
or operation of one or more of the internal control
components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal course
of performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use
of management, the Board of Directors of Institutional
Investors Capital Appreciation Fund, Inc., and the
Securities and Exchange Commission and is not intended
to be, and should not be, used for anyone other than these
specified parties.
Cincinnati, Ohio,
February 10, 2000
