Rule 497(e);
"Rule 482 Ad";
Reg. No. 33-86006; 811-8850
WE'RE SERIOUS ABOUT VALUE
ICAP SELECT EQUITY PORTFOLIO **
YTD 1 year Annualized Since Inception
Through 6/30/99 (6/30/98-6/30/99) (12/31/97-6/30/99)
22.76% 21.03% 26.17%
At Institutional Capital Corporation All provide access to the same
(ICAP), we eat, think and breathe value. investment management expertise
that has helped us successfully
serve institutional and
In fact, it's all we do. individual investors for three
decades.
For more than 30 years, our focus on The ICAP Select Equity Portfolio
attractively priced large- and mid-size is ICAP's most concentrated fund,
companies has helped us achieve superior containing 15-20 of our top picks.
long-term total returns.
SERIOUS ABOUT INVESTING FOR VALUE?
See for yourself. Contact your financial advisor or
call 888-221-(ICAP)(4227).
The no-load* ICAP Funds offer a choice Or visit our web site at
domestic and European equity portfolios, www.icapfunds.com for more
including the Discretionary Equity, Equity, information about the ICAP Funds.
Select Equity and Euro Select Equity
Portfolios. Each is guided by ICAP's [ICAP Logo]
time-tested, value-driven investment
approach.
ICAP FUNDS THE SERIOUS INVESTOR'S CHOICE
*While the ICAP Portfolios are no-load funds, other
fees and expenses apply to a continued investment in
the Portfolios. These are described more fully in the
Portfolios' 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.
** Past performance is not an indication of future
results. The ICAP Select Equity Fund is not
diversified, and may be more volatile than diversified
funds.
Investors should carefully read the prospectus before
investing.
