ICAP Funds, Inc.
Supplement to the Prospectus
Dated April 30, 1996
TOLL-FREE TELEPHONE NUMBER
Effective January 1, 1997, the toll-free telephone
number of ICAP Funds, Inc. ("Company") will change.
The telephone number which prior to January 1, 1997 was
1-800-645-2457, will change to 1-888-221-ICAP or 1-888-
221-4227. Accordingly, on and after January 1, 1997,
all inquires regarding the Company, the ICAP Equity
Portfolio, the ICAP Discretionary Equity Portfolio,
shareholder accounts and telephone transactions, may be
directed to the Company at this new telephone number.
This Supplement should be retained with your Prospectus
for future reference. The date of this Supplement is
January 1, 1997.
