ALLEGHANY FUNDS
                      Alleghany/Chicago Trust Balanced Fund
                                (Class I Shares)

                         Supplement dated July 12, 1999
               to Prospectus (Class I Shares) dated July 12, 1999


Sales of shares of  Alleghany/Chicago  Trust  Balanced 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.





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                                 ALLEGHANY FUNDS
                      Alleghany/Chicago Trust Balanced Fund
                                (Class I Shares)

                         Supplement dated July 12, 1999
           to Statement of Additional Information dated March 1, 1999,
                            as amended July 12, 1999


Sales of shares of  Alleghany/Chicago  Trust Balanced Fund (Class I shares) 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.



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