FORM OF AMENDMENT TO SUB-ADMINISTRATION AGREEMENT

Exhibit (h)

                                     FORM OF

                                  AMENDMENT TO
                          SUB-ADMINISTRATION AGREEMENT


          This  Amendment  dated as of December  __,  1999,  is entered  into by
     ALLEGHANY  INVESTMENT SERVICES INC. (the "Company") and PFPC INC.

          WHEREAS,  the Company and Investor  Services Group have entered into a
     Sub-Administration  Agreement  dated  as of June 1,  1997  (as  amended  or
     supplemented, the "Agreement"); and

          WHEREAS,  the Company and  PFPC Inc.  wish to amend the
     Agreement to revise the  description of services to be provided by Investor
     Services Group to the Company and related matters;

         NOW,  THEREFORE,  the parties  hereto,  intending  to be legally  bound
hereby, hereby agree as follows:

         I.       The following is hereby added to Schedule D of the Agreement:

                             Sales Support Services

* Sales literature review and  recommendations for compliance with NASD and
      SEC rules and regulations
* Preparation  of training  materials for use by personnel of the Company or
      the Adviser
* Preparation of ongoing compliance updates
* Coordination of registration of the Fund with National Securities Clearing
      Corp. ("NSCC") and filing required Fund/SERV reports with NSCC
* Provision of advice and counsel to the Company with respect to  regulatory
     matters,  including monitoring regulatory and legislative developments that
     may affect the Company
* Assistance in the preparation of quarterly board materials with regard to
     sales and other distribution related data reasonably requested by the board

          II. Except to the extent amended  hereby,  the Agreement  shall remain
     unchanged and in full force and effect and is hereby ratified and confirmed
     in all respects as amended hereby.

         IN WITNESS WHEREOF,  the undersigned have executed this Amendment as of
the date and year first written above.

                                             ALLEGHANY INVESTMENT SERVICES INC.

                                             By: __________________________

                                             PFPC INC.

                                             By: __________________________