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ICAP FUNDS, INC.
SUPPLEMENT TO THE PROSPECTUS
Dated April 30, 1997
Capitalized terms used herein shall have the same
meaning as used in the Prospectus
Revised Minimum Initial Investment
Effective August 11, 1997, the minimum initial
investment required by each Portfolio shall be $10,000.
This minimum may be changed or waived at any time at
the discretion of the Company.
This Supplement should be retained with your Prospectus
for future reference.
The date of this Supplement is August 11, 1997.
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