ALLEGHANY FUNDS
Montag & Caldwell Balanced Fund
Chicago Trust Bond Fund
Supplement dated December 21, 1998
to Statement of Additional Information dated December 21, 1998
It is anticipated that shares of Montag & Caldwell Balanced Fund
will be offered for sale to investors effective December 31, 1998.
However, sales of shares of Chicago Trust Bond Fund have been
postponed indefinitely, and therefore will not be available to
investors until further notice.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE
REFERENCE.
