Rule 497(e);
"Rule 482 Ad";
Reg. No. 33-86006; 811-8850
RUNNING OF THE BULLS
[graphic depicting three bulls running across a portion of a map of Europe]
Where will you stand as the changes ICAP EURO SELECT EQUITY PORTFOLIO
sweeping Europe unleash a stampede of Annualized
investment opportunity? YTD Through 1 year Since Inception
6/30/99 (6/30/98-6/30/99)(12/31/97-6/30/99)
Hopefully not on the sidelines. 3.64% (1.23%) 20.42%
At Institutional Capital Corporation (ICAP), we See for yourself.
believe the stocks of large European companies
undergoing some type of change offer serious For more information about
investors some of the best opportunities for the Euro Select Equity
capital appreciation. And we should know. Portfolio or any of the other
no-load* ICAP Equity Funds,
Our no-load ICAP Euro Select Equity Portfolio, contact your financial
with 15-25 stocks, has provided investors with advisor or call
returns that stand out from the herd. How? By 888-221-ICAP (4227).
using ICAP's time-tested large-cap value invest- www.icapfunds.com.
ment approach. It's a strategy that, for nearly
three decades, has helped us serve the unique [ICAP Logo]
needs of institutional and serious individual
investors.
*While the ICAP Euro Select Equity Portfolio is a no-
load fund, other fees and expenses apply to a continued
investment in the Portfolio. These are described more
fully in the Portfolio's prospectus. ICAP may waive
some fees and/or reimburse some expenses without which
performance would be lower. Share price and return may
vary and you may have a gain or loss when you sell your
shares.
An investment in this non-diversified Portfolio may
offer greater return potential. However, this
investment may often involve greater risk and investors
should carefully read the prospectus before investing.
An investment in the Euro Select Equity Portfolio
entails the special risk of international investing,
including currency exchange fluctuations, government
regulations, and the potential for political and
economic instability. The Portfolio's share price is
expected to be more volatile than that of a U.S.-only
fund. Furthermore, the Portfolio is primarily unhedged
against currency fluctuations, which may also lead to
increased volatility. Past performance does not
guarantee future results.
