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Supplement dated November 16, 2000
ALLEGHANY FUNDS
Class N Shares Prospectus dated February 15, 2000
Class I Shares Prospectus dated February 15, 2000
Alleghany/Veredus SciTech Fund Class N Shares Prospectus dated June 30, 2000
Alleghany/TAMRO Large Cap Value Fund and Alleghany/TAMRO Small Cap Fund Class N
Shares Prospectus dated November 30, 2000
and
Statement of Additional Information dated June 30, 2000
Statement of Additional Information dated November 30, 2000
On October 18, 2000, ABN AMRO Bank N.V. and Alleghany Corporation announced that
they had entered into a definitive agreement providing for the merger of
Alleghany Asset Management, Inc. with a subsidiary of ABN AMRO North America
Holding, Inc. Alleghany Asset Management, Inc. is the parent company to the
Trust's Advisers - The Chicago Trust Company, Montag & Caldwell, Inc.,
Blairlogie Capital Management, Veredus Asset Management LLC and TAMRO Capital
Partners LLC and to Chicago Capital Management, Inc. a Sub-Adviser to certain of
the Funds. Alleghany Asset Management, Inc. is also the parent of the Trust's
Administrator, Alleghany Investment Services, Inc.
The transaction is expected to close on or about February 1, 2001. Consummation
of the transaction is subject to a number of contingencies. Because the
transaction would constitute an assignment of the Funds' investment advisory
agreements and sub-investment advisory agreements, it is anticipated that the
Advisers will seek approval of new agreements by the Trust's Board and
shareholders.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
The Chicago Trust Company * Montag & Caldwell * Veredus Asset Management
Blairlogie Capital Management * TAMRO Capital Partners LLC
