Exhibit (i)
June 29, 2000
Alleghany Funds
171 North Clark Street
Chicago, Illinois 60601
Ladies and Gentlemen:
Reference is made to Post-Effective Amendment No. 22 to the
Registration Statement on Form N-1A under the Securities Act of 1933
being filed by Alleghany Funds, a Delaware business trust (the
"Trust"), in connection with the public offering from time to time
of units of beneficial interest, no par value ("Shares") in the
Alleghany/Veredus SciTech Fund ("Fund") of which the shares of the
Fund have been further classified and designated as Class N Shares.
As counsel to the Trust we have examined such Trust records
and other documents and certificates as we have considered necessary
or appropriate for the purposes of this opinion. In our examination
of such materials, we have assumed the genuineness of all signatures
and the conformity to original documents of all copies submitted to
us.
Based upon the foregoing, and assuming that the Trust's
Declaration of Trust dated September 8, 1993, and the Certificate of
Business Trust filed on September 10, 1993, as amended by the
Certificate of Amendment dated February 25, 1998, as filed on March
3, 1998, and the Trust's By-Laws dated September 10, 1993, as
amended March 18, 1999, are presently in full force and effect and
have not been amended in any respect except as provided above and
that the resolutions adopted by the Board of Trustees of the Trust
on March 16, 2000 relating to organizational matters, securities
matters and the issuance of shares are presently in full force and
effect and have not been amended in any respect, we advise you and
opine that (a) the Trust is a validly existing voluntary association
with transferable shares under the laws of the State of Delaware and
is authorized to issue an unlimited number of Shares in the Fund;
and (b) presently and upon such further issuance of the Shares in
accordance with the Trust's Declaration of Trust and the receipt by
the Trust of a purchase price not less than the net asset value per
Share and when the pertinent provisions of the Securities Act of
1933 and such "blue sky" and securities laws as may be applicable
have been complied with, and assuming that the Trust continues to
validly exist as provided in (a) above, the Shares are and will be
legally issued and outstanding, fully paid and nonassessable.
This opinion is solely for the benefit of the Trust, the
Trust's Board of Trustees and the Trust's officers and may not be
relied upon by any other person without our prior written consent.
We hereby consent to the use of this opinion in connection with said
Post-Effective Amendment.
Very truly yours,
/s/ Vedder, Price, Kaufman & Kammholz
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
