ALLEGHANY FUNDS
Alleghany/Montag & Caldwell Growth Fund
Alleghany/Chicago Trust Growth & Income Fund
Alleghany/Chicago Trust Talon Fund
Alleghany/Chicago Trust Small Cap Value Fund
Alleghany/Veredus Aggressive Growth Fund
Alleghany/Montag & Caldwell Balanced Fund
Alleghany/Chicago Trust Balanced Fund
Alleghany/Chicago Trust Bond Fund
Alleghany/Chicago Trust Municipal Bond Fund
Alleghany/Chicago Trust Money Market Fund
Supplement Dated September 29, 1999
to Prospectus Dated March 1, 1999
This supplement contains new and additional information beyond that contained in
the Prospectus and should be retained and read in conjunction with such
Prospectus.
Effective September 21, 1999, Bernard Myszkowski was appointed portfolio manager
of Alleghany/Chicago Trust Growth & Income Fund and co-portfolio manager of
Alleghany/Chicago Trust Balanced Fund.
The following replaces information about the Portfolio Managers for
Alleghany/Chicago Trust Growth & Income Fund and Alleghany/Chicago Trust
Balanced Fund found under "Management of the Funds - The Chicago Trust Company"
section found on page 26:
<TABLE>
<CAPTION>
<S> <C> <C>
Fund Name Portfolio Manager(s) Investment Experience
- --------------------------- --------------------- ------------------------------------------
Alleghany/Chicago Trust Bernard Myszkowski Portfolio manager since September 1999;
Growth & Income Fund Senior Vice President and Chief Equity
Officer, associated with Chicago Trust
since 1969. Member of Equity Investment
Committee since 1993; began managing
balanced and common stock portfolios for
institutional and private family
accounts in 1973.
Alleghany/Chicago Trust Thomas Marthaler Portfolio manager since 1997; fixed
Balanced Fund income portfolio manager since 1981.
Bernard Myszkowski Portfolio manager since September 1999;
Senior Vice President and Chief Equity
Officer, associated with Chicago Trust
since 1969. Member of Equity Investment
Committee since 1993; began managing
balanced and common stock portfolios for
institutional and private family
accounts in 1973.
</TABLE>
September 29, 1999
ALLEGHANY FUNDS
Montag & Caldwell Growth Fund
Alleghany/Chicago Trust Growth & Income Fund
Montag & Caldwell Balanced Fund
Alleghany/Chicago Trust Balanced Fund
(Class I Shares)
Supplement dated September 29, 1999
to Prospectus dated July 12, 1999
This supplement contains new and additional information beyond that contained in
the Prospectus and should be retained and read in conjunction with such
Prospectus.
Sales of shares of Alleghany/Chicago Trust Growth & Income Fund (Class I Shares)
have been postponed indefinitely and will not be available until further notice.
Effective September 21, 1999, Bernard Myszkowski was appointed portfolio manager
of Alleghany/Chicago Trust Growth & Income Fund and co-portfolio manager of
Alleghany/Chicago Trust Balanced Fund.
The following replaces the paragraph about the portfolio managers for
Alleghany/Chicago Trust Growth & Income Fund and Alleghany/Chicago Trust
Balanced Fund found under "Management of the Funds - The Chicago Trust Company"
section found on page 17:
Bernard Myszkowski has been portfolio manager since September 21, 1999. Mr.
Myszkowski is Senior Vice President and Chief Equity Officer and has been
associated with Chicago Trust since 1969. A member of the Equity Investment
Committee since 1993, he began managing balanced and common stock portfolios for
institutional and private family accounts in 1973.
September 29, 1999
