APPENDIX B The CUSTODY AGREEMENT between UMB BANK, N.A. and ICAP FUNDS, INC., dated December 30, 1994, is hereby amended to include the following funds.

                                     Exhibit 8 (b)

                      APPENDIX B
                           
                           
                           
The CUSTODY AGREEMENT between UMB BANK, N.A. and
ICAP FUNDS, INC., dated December 30, 1994, is
hereby amended to include the following funds.


                           
               ICAP DISCRETIONARY EQUITY
                      ICAP EQUITY
           ICAP EURO SELECT EQUITY PORTFOLIO
             ICAP SELECT EQUITY PORTFOLIO
                           



ICAP FUNDS, INC.                 UMB BANK, N.A.


By:  /s/ Xxxxxx X. Xxxxxx          By:  /s/ Xxxxx Fautoro
--------------------------              ----------------------------
Title:    Vice President           Title:    Senior Vice President

Date:     11-3-97                  Date:    10-27-97