ALLEGHANY FUNDS
NSAR-B, EX-27, 2000-12-29
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<TABLE> <S> <C>

<ARTICLE>                                6
<SERIES>
<NUMBER>                                 031
<NAME>                                   Municipal Bond Fund-Class N

<S>                                      <C>
<PERIOD-TYPE>                            YEAR
<FISCAL-YEAR-END>                        OCT-31-2000
<PERIOD-START>                           OCT-31-1999
<PERIOD-END>                             OCT-31-2000
<INVESTMENTS-AT-COST>                                       18,925,123
<INVESTMENTS-AT-VALUE>                                      19,134,688
<RECEIVABLES>                                                  639,779
<ASSETS-OTHER>                                                     325
<OTHER-ITEMS-ASSETS>                                                35
<TOTAL-ASSETS>                                              19,774,827
<PAYABLE-FOR-SECURITIES>                                       774,416
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       97,746
<TOTAL-LIABILITIES>                                            872,162
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    19,152,894
<SHARES-COMMON-STOCK>                                        1,905,044
<SHARES-COMMON-PRIOR>                                        1,769,602
<ACCUMULATED-NII-CURRENT>                                            0
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                       459,794
<ACCUM-APPREC-OR-DEPREC>                                       209,565
<NET-ASSETS>                                                18,902,665
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                              838,992
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 (16,825)
<NET-INVESTMENT-INCOME>                                        822,167
<REALIZED-GAINS-CURRENT>                                      (449,564)
<APPREC-INCREASE-CURRENT>                                      807,634
<NET-CHANGE-FROM-OPS>                                        1,180,237
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (860,093)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        405,518
<NUMBER-OF-SHARES-REDEEMED>                                    285,679
<SHARES-REINVESTED>                                             15,603
<NET-CHANGE-IN-ASSETS>                                       1,683,370
<ACCUMULATED-NII-PRIOR>                                         37,926
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                      10,230
<GROSS-ADVISORY-FEES>                                          100,946
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                196,067
<AVERAGE-NET-ASSETS>                                        16,816,504
<PER-SHARE-NAV-BEGIN>                                             9.73
<PER-SHARE-NII>                                                   0.48
<PER-SHARE-GAIN-APPREC>                                           0.21
<PER-SHARE-DIVIDEND>                                             (0.50)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               9.92
<EXPENSE-RATIO>                                                   0.10



</TABLE>


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