ICAP FUNDS, INC.
SUPPLEMENT TO THE PROSPECTUS
Dated December 31, 1994
Financial Highlights
The following table is to be inserted on page 4 of the
Prospectus.
The financial information relating to the Portfolios
during the period from January 1, 1995 (commencement of
operations) to June 30, 1995 included in this table has
been derived from the financial records of each
Portfolio without examination by the Portfolio's
independent accountants, who do not express an opinion
thereon. The table should be read in conjunction with
the financial statements and related notes included in
the Company's Statement of Additional Information.
<TABLE>
<CAPTION>
Discretionary Equity
Equity Portfolio Portfolio
<S> <C> <C>
Net asset value, beginning of period $20.00 $20.00
Income from investment operations:
Net investment income 0.14 0.12
Net realized and unrealized gains on
investments 4.33 4.65
Total From Investment Operations 4.47 4.77
Less distributions:
Dividends from net investment income (0.14) (0.12)
Net asset value, end of period $24.33 $24.65
Total return 22.34% 23.85%
Supplemental data and ratios:
Net assets, end of period $16,977,085 $28,594,631
Ratio of expenses to average net
assets <F1><F2> 0.80% 0.80%
Ratio of net investment income
to average net assets<F1><F2> 2.22% 2.57%
Portfolio turnover rate 61% 47%
<F1> Net of reimbursements and waivers by ICAP. Without
reimbursements and waivers of expenses, the ratio of
expenses to average net assets would be 2.12% and
2.37%, and the ratio of net investment income to
average net assets would be 0.90% and 1.00% for the
Discretionary Equity and Equity Portfolios,
respectively.
<F2> Annualized.
</TABLE>
This Supplement should be retained with your Prospectus
for future reference.
The date of this Supplement is July 31, 1995.
PMK-ICAP SUPP2
11/3/95<PAGE>
