Supplement Dated January 19, 1996 to Prospectus Dated
December 31, 1994.
FOR DELIVERY TO RESIDENTS OF NEW JERSEY
ICAP FUNDS, INC.
ICAP Discretionary Equity Portfolio
ICAP Equity Portfolio
Because the ICAP Discretionary Equity Portfolio and the ICAP
Equity Portfolio (collectively, the "Portfolios") may purchase
and sell options and futures contracts, the State of New Jersey
believes that: "THESE ARE SPECULATIVE SECURITIES AND AN
INVESTMENT IN THE PORTFOLIOS MAY INVOLVE SIGNIFICANT RISKS." The
Portfolios may engage in specific types of options and futures
transactions, sometimes referred to as derivative transactions,
which involve specific risks. For more information regarding
these transactions and their risks, please see "Investment
Techniques and Risks - Options and Futures Transactions" in the
Prospectus and "Investment Policies and Techniques - Hedging
Strategies," in the Statement of Additional Information.
