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062 P000400 0.0
062 Q000400 0.0
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<PAGE> PAGE 21
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
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
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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
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070 N010400 Y
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070 O010400 Y
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070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE JASON HADLER
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> ICAP DISCRETIONARY EQUITY PORTFOLIO
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 222,111,028
<DIVIDEND-INCOME> 4,054,866
<INTEREST-INCOME> 557,792
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<EXPENSES-NET> (1,747,696)
<NET-INVESTMENT-INCOME> 2,864,962
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<TABLE> <S> <C>
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<SERIES>
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 167,690,977
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<DISTRIBUTIONS-OF-INCOME> (10,669,849)
<DISTRIBUTIONS-OF-GAINS> (26,832,819)
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<TABLE> <S> <C>
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<CIK> 0000932510
<NAME> ICAP FUNDS, INC
<SERIES>
<NUMBER> 4
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 490,906
<INTEREST-INCOME> 20,276
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 343,153
<REALIZED-GAINS-CURRENT> 477,674
<APPREC-INCREASE-CURRENT> 2,406,217
<NET-CHANGE-FROM-OPS> 3,227,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (347,672)
<DISTRIBUTIONS-OF-GAINS> (516,699)
<DISTRIBUTIONS-OTHER> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932510
<NAME> ICAP FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> ICAP EURO SELECT EQUITY PORTFOLIO
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 1,152,607
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,037,201
<NET-ASSETS> 31,867,107
<DIVIDEND-INCOME> 684,097
<INTEREST-INCOME> 28,168
<OTHER-INCOME> 0
<EXPENSES-NET> (263,142)
<NET-INVESTMENT-INCOME> 449,123
<REALIZED-GAINS-CURRENT> 4,077,211
<APPREC-INCREASE-CURRENT> 1,337,212
<NET-CHANGE-FROM-OPS> 5,863,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (443,758)
<DISTRIBUTIONS-OF-GAINS> (1,322,801)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 476,595
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<NET-CHANGE-IN-ASSETS> 3,833,284
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,101,193)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NII> .45
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<PER-SHARE-DIVIDEND> (1.66)
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</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 December 31,
1999, reclassifications were recorded to
increase undistributed net investment income by
$4,067, $4,067 and $167; decrease accumulated net
realized loss on investments by $0, $0, and $11; and
decrease paid-in-capital in excess of par by $4,067,
$4,067, and $178 for the Discretionary Equity, 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.
Report of Independent Accountants
To the Board of Directors and Shareholders
of ICAP Funds, Inc.
In planning and performing our audit of the financial
statements of the Discretionary Equity Portfolio,
Equity Portfolio, Select Equity Portfolio and Euro
Select Equity Portfolio constituting the ICAP Funds,
Inc., hereafter referred to as the Funds for the year
ended December 31, 1999, we considered their internal
control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that controls
may become inadequate because of changes in
conditions or that the effectiveness of their design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts
that would be material in relation to the financial
statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of December
31, 1999.
This report is intended solely for the information
and use of the Board of Directors, management of the
Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by
anyone other than these specified parties.
January 28, 2000
