(ALLEGHANY FUNDS - GRAPHIC OMITTED)
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/Blairlogie International Developed Fund
Alleghany/Blairlogie Emerging Markets 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
Class N Shares
Supplement dated July 31, 2000
to Prospectus (Class N 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, Alleghany/Chicago
Trust Small Cap Value Fund, Alleghany/Chicago Trust Balanced Fund,
Alleghany/Chicago Trust Bond Fund, Alleghany/Chicago Trust Municipal Bond Fund
and Alleghany/Chicago Trust Money Market 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.
For Alleghany/Chicago Trust Talon Fund, Thyra E. Zerhusen has been named sole
portfolio manager, effective August 1, 2000.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
THE CHICAGO TRUST COMPANY * MONTAG & CALDWELL * VEREDUS ASSET MANAGEMENT *
BLAIRLOGIE CAPITAL MANAGEMENT
<PAGE>
(ALLEGHANY 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, Alleghany/Chicago
Trust Small Cap Value Fund, Alleghany/Chicago Trust Balanced Fund,
Alleghany/Chicago Trust Bond Fund, Alleghany/Chicago Trust Municipal Bond Fund
and Alleghany/Chicago Trust Money Market 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
