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062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
<PAGE> PAGE 21
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 34090
071 B000400 14894
071 C000400 15828
071 D000400 94
072 A000400 6
072 B000400 11
072 C000400 247
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<PAGE> PAGE 22
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072 Y000400 75
072 Z000400 196
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072BB000400 762
072CC010400 1906
072CC020400 0
072DD010400 200
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072EE000400 0
073 A010400 0.2152
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073 B000400 0.0000
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074 C000400 351
074 D000400 0
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<PAGE> PAGE 23
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SIGNATURE ANGELA PALMER
TITLE SR FINANCIAL ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> ICAP DISCRETIONARY EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 190,692,740
<INVESTMENTS-AT-VALUE> 235,316,296
<RECEIVABLES> 1,742,925
<ASSETS-OTHER> 18,473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,077,694
<PAYABLE-FOR-SECURITIES> 1,568,443
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,206,356
<TOTAL-LIABILITIES> 2,774,799
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,721,946
<SHARES-COMMON-STOCK> 6,345,186
<SHARES-COMMON-PRIOR> 6,416,379
<ACCUMULATED-NII-CURRENT> 2,740
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,954,653
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,623,556
<NET-ASSETS> 234,302,895
<DIVIDEND-INCOME> 2,198,978
<INTEREST-INCOME> 244,521
<OTHER-INCOME> 0
<EXPENSES-NET> (866,459)
<NET-INVESTMENT-INCOME> 1,577,040
<REALIZED-GAINS-CURRENT> 18,905,554
<APPREC-INCREASE-CURRENT> 12,513,548
<NET-CHANGE-FROM-OPS> 32,996,142
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,610,075)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 298,429
<NUMBER-OF-SHARES-REDEEMED> 386,549
<SHARES-REINVESTED> 16,927
<NET-CHANGE-IN-ASSETS> 28,934,025
<ACCUMULATED-NII-PRIOR> 33,760
<ACCUMULATED-GAINS-PRIOR> (2,950,901)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 866,459
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,035,401
<AVERAGE-NET-ASSETS> 218,429,403
<PER-SHARE-NAV-BEGIN> 32.01
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 4.92
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 36.93
<EXPENSE-RATIO> .80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> ICAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 745,126,337
<INVESTMENTS-AT-VALUE> 916,502,131
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<PAYABLE-FOR-SECURITIES> 6,413,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,687,475
<TOTAL-LIABILITIES> 11,100,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 704,197,906
<SHARES-COMMON-STOCK> 20,346,265
<SHARES-COMMON-PRIOR> 18,567,876
<ACCUMULATED-NII-CURRENT> 3,313
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,350,644
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,375,794
<NET-ASSETS> 912,927,657
<DIVIDEND-INCOME> 8,816,524
<INTEREST-INCOME> 406,131
<OTHER-INCOME> 0
<EXPENSES-NET> (3,310,681)
<NET-INVESTMENT-INCOME> 5,911,974
<REALIZED-GAINS-CURRENT> 51,648,355
<APPREC-INCREASE-CURRENT> 74,278,617
<NET-CHANGE-FROM-OPS> 131,838,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,020,942)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,801,146
<NUMBER-OF-SHARES-REDEEMED> 2,070,270
<SHARES-REINVESTED> 47,513
<NET-CHANGE-IN-ASSETS> 195,660,883
<ACCUMULATED-NII-PRIOR> 110,266
<ACCUMULATED-GAINS-PRIOR> (14,297,711)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,310,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,608,729
<AVERAGE-NET-ASSETS> 834,602,311
<PER-SHARE-NAV-BEGIN> 38.63
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 6.25
<PER-SHARE-DIVIDEND> (0.30)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 44.87
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> ICAP EURO SELECT EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 22,604,603
<INVESTMENTS-AT-VALUE> 25,069,652
<RECEIVABLES> 104,806
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,174,458
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<OTHER-ITEMS-LIABILITIES> 423,212
<TOTAL-LIABILITIES> 712,592
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,211,629
<SHARES-COMMON-STOCK> 987,485
<SHARES-COMMON-PRIOR> 1,152,607
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,785,188
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,465,049
<NET-ASSETS> 24,461,866
<DIVIDEND-INCOME> 553,212
<INTEREST-INCOME> 10,721
<OTHER-INCOME> 0
<EXPENSES-NET> (129,437)
<NET-INVESTMENT-INCOME> 434,496
<REALIZED-GAINS-CURRENT> 2,886,427
<APPREC-INCREASE-CURRENT> (2,234,940)
<NET-CHANGE-FROM-OPS> 1,085,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (434,542)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 132,714
<NUMBER-OF-SHARES-REDEEMED> 300,049
<SHARES-REINVESTED> 2,213
<NET-CHANGE-IN-ASSETS> (3,571,957)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,101,193)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,437
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207,547
<AVERAGE-NET-ASSETS> 26,101,262
<PER-SHARE-NAV-BEGIN> 24.32
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> (0.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.77
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> ICAP SELECT EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 28,474,724
<INVESTMENTS-AT-VALUE> 31,580,038
<RECEIVABLES> 633,464
<ASSETS-OTHER> 8,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,222,192
<PAYABLE-FOR-SECURITIES> 603,642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,077
<TOTAL-LIABILITIES> 803,719
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,829,104
<SHARES-COMMON-STOCK> 1,132,887
<SHARES-COMMON-PRIOR> 420,833
<ACCUMULATED-NII-CURRENT> 388
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 483,667
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,105,314
<NET-ASSETS> 31,418,473
<DIVIDEND-INCOME> 247,205
<INTEREST-INCOME> 11,089
<OTHER-INCOME> 0
<EXPENSES-NET> (62,206)
<NET-INVESTMENT-INCOME> 196,088
<REALIZED-GAINS-CURRENT> 868,341
<APPREC-INCREASE-CURRENT> 1,905,664
<NET-CHANGE-FROM-OPS> 2,970,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (200,052)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713,221
<NUMBER-OF-SHARES-REDEEMED> 2,634
<SHARES-REINVESTED> 1,467
<NET-CHANGE-IN-ASSETS> 21,837,624
<ACCUMULATED-NII-PRIOR> 4,352
<ACCUMULATED-GAINS-PRIOR> (384,674)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136,961
<AVERAGE-NET-ASSETS> 15,682,562
<PER-SHARE-NAV-BEGIN> 22.77
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 4.97
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.73
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Exhibit to Accompany
Item 77J (b)
Form N-SAR
ICAP Funds, Inc.
( the "Fund")
According to the provisions of Statement of Position 93 - 2 (SOP 93 - 2)
"Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions by Investment
Companies," the Fund is required to report the accumulated net
investment income (loss) and accumulated net capital gain (loss)
accounts to approximate amounts available for future distributions
on a tax basis (or to offset future realized capital gains).
Accordingly, at June 30, 1999, reclassifications were recorded to
increase undistributed net investment income by $2,015, $2,015, $46
and $0; decrease accumulated net realized gain on investments by $0,
$0, $46 and $0; and decrease paid-in-capital in excess of par by
$2,015, $2,015, $0 and $0 for the Discretionary Equity, Equity, Euro
Select Equity and Select Equity Portfolios, respectively.
This reclassification has no impact on the net asset value of the Fund
and is designed to present the Fund's capital accounts on a tax basis.
K:\ICAP\NSAR\77J699.txt
8/22/99
