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ICAP.


ICAP has been in the investment management business since 1970. As of April 1, 2005, ICAP had approximately $12 billion in assets under management. ICAP has a broad diversity in client type: universities, corporations, public funds, Taft-Hartley clients, and other institutions both within the U.S. and overseas as well.

Team approach has been in the business, on average, for more than 20 years. Their team approach allows us to bring that experience to bear on every investment decision. Large cap stocks of Each Fund generally invest in the equity securities of companies with market capitalizations of at least $2 billion.

The net asset value of the mutual fund is the value of one share of the fund. It is calculated by taking the market value of the fund’s securities as of a certain day, adding to it other fund assets such as cash, subtracting expenses, and then dividing this dollar amount by the number of outstanding shares of the fund. This is referred to as the net asset value of the fund and it usually fluctuates daily based upon the value of the fund’s stock and other investments.

Each year, under federal regulations, a mutual fund is required to distribute investment income it has earned and capital gains it has realized from the sale of securities.When a distribution is paid to the mutual fund investors, this results in a corresponding reduction in the fund’s net asset value.

The distribution does not increase or decrease the total value of your investment in the mutual fund, as long as the distribution is reinvested in additional shares of the mutual fund. You have the option of taking the distribution in cash, through the compounding effect of reinvesting the distribution; you may be able to increase the value of your investment over time. The end of the year, the ICAP Funds will send you a statement indicating all of the distributions that have been made during the year.

If mutual fund shares are sold or exchanged in a taxable account, a capital gain or loss must be reported on your income tax return. Your monthly and year-end statements from the ICAP Funds can provide you with the information you will need to calculate the cost basis of your investment in the ICAP Funds. 
 
On the 15th of each month, the ICAP Funds posts its portfolio holdings as of the previous month-end on its Web site.

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