(ALLEGAHNY FUNDS - GRAPHIC OMITTED)
ALLEGHANY FUNDS
Montag & Caldwell Growth Fund
Alleghany/Chicago Trust Growth & Income Fund
Alleghany/Blairlogie International Developed Fund
Alleghany/Blairlogie Emerging Markets Fund
Montag & Caldwell Balanced Fund
Alleghany/Chicago Trust Bond Fund
Class I Shares
Supplement dated July 31, 2000
to Prospectus (Class I Shares) dated February 15, 2000
Effective July 1, 2000, Chicago Capital Management, Inc. ("CCM") became the
Sub-Adviser to Alleghany/Chicago Trust Growth & Income Fund and
Alleghany/Chicago Trust Bond Fund. CCM is a wholly-owned subsidiary of The
Chicago Trust Company and is located at 171 North Clark Street, Chicago IL
60601. There are no changes in personnel or the fees paid by each Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
THE CHICAGO TRUST COMPANY * MONTAG & CALDWELL *VEREDUS ASSET MANAGEMENT
* BLAIRLOGIE CAPITAL MANAGEMENT
