Rule 497(e);
"Rule 482 Ad";
Reg. No. 33-86006;
811-8850
[graphic depicting three people watching a horse race,
talking about ICAP; the jockey riding the horse and the
horse overhear the discussion and question what "ICAP"
is]
The Secret's Out
The exclusive methods and knowledge of Institutional
Capital Corporation (ICAP), long the province of only
major institutions, are now available through the ICAP
Funds.
ICAP was founded in 1970 as an investment management
firm dedicated to the unique needs of institutional
investors. ICAP continues to manage money for some of
the world's largest corporations and institutions and
is now offering a family of no-load mid to large cap
equity mutual funds as well.
These mutual funds are based on ICAP's institutional
investment strategy and offer the opportunity for the
individual investor to seek the same performance, while
minimizing risk, that ICAP has delivered to its
institutional clients. As a matter of fact, two of our
funds have recently received the coveted five star
rating from Morningstar*, Inc. The secret is out,
indeed.
[I C A P Logo]
Family of Mutual Funds
Institutional Clout For The Individual Investor
Be sure to see Rob Lyon, President and Chief Investment
Officer of ICAP on Wall $treet Week With Louis
Rukeyser, Friday, April 10th, 1998. The program airs
at 8:30 p.m. Eastern/Pacific time and 7:30 p.m. Central
time on the PBS Television Network. (Times may vary.
Check your local listings for station and time.)
For more information contact your financial advisor or
call 1-888-221-ICAP(4227). www.icapfunds.com Please
read the prospectus carefully before investing.
*Morningstar proprietary ratings reflect risk-adjusted
performance as of 2/28/98. The ratings are subject to
change every month. Past performance is no guarantee
of future results. Morningstar ratings are calculated
from the funds' three-, five-, and ten-year average
annual returns (if applicable) in excess of 90 day
Treasury bill returns with appropriate fee adjustments,
and a risk factor that reflects fund performance below
90-day T-bill returns. The ICAP Equity Portfolio and
the ICAP Discretionary Equity Portfolio each received
five stars for the 3-year rating period. 10% of the
funds in a category receive 5 stars. The funds were
rated among 2,383 Domestic Equity Funds for the 3-year
period. [copyright symbol] 1998 Institutional Capital
Corporation
