AMENDMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT

               AMENDMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT

         This AMENDMENT, dated as of the 17th day of September, 1998, is made by
and between  Alleghany Funds (formerly known as CT&T Funds), a Delaware business
trust (the  "Trust")  operating  as an open-end  management  investment  company
registered under the Investment Company Act of 1940, as amended,  duly organized
and  existing  under the laws of the State of Delaware  and First Data  Investor
Services Group, Inc. ("First Data"), a Massachusetts corporation  (collectively,
the "Parties").
                                                              WITNESSETH THAT:
         WHEREAS,  the Trust and First Data have entered into an agreement dated
June 1, 1997,  wherein  First  Data  agreed to provide  stock  transfer  agency,
shareholder  services and related other services to the Trust ("Transfer  Agency
and Services Agreement"); and
         WHEREAS,  the Parties  wish to amend the  Transfer  Agency and Services
Agreement to include under its terms four  additional  separate series of shares
identified as the Alleghany/Chicago Trust SmallCap Value Fund, Alleghany/Veredus
Aggressive   Growth  Fund,   Alleghany/Blairlogie   Emerging  Markets  Fund  and
Alleghany/Blairlogie International Developed Fund;
         NOW,  THEREFORE,  in consideration of the premises and mutual covenants
contained herein,  the Parties hereto,  intending to be legally bound, do hereby
agree:
         1. To amend Exhibit "1" to the Transfer  Agency and Services  Agreement
in the form attached hereto as Exhibit "1".
         This  Amendment  shall  take  effect  upon the  date or dates  when the
respective amendments to the registration statement of the Trust registering the
Alleghany/Chicago Trust SmallCap Value Fund, Alleghany/Veredus Aggressive Growth
Fund, Alleghany/Blairlogie Emerging Markets Fund and Alleghany/Blairlogie
International Developed Fund become effective.
         IN WITNESS  WHEREOF,  the Parties  hereto  have  caused this  Agreement
consisting of one type written page,  together with Exhibit "1", to be signed by
their duly  authorized  officers and their corporate seals hereunto duly affixed
and attested, as of the day and year first above written.





Alleghany Funds                         First Data Investor Services Group, Inc.

XXXXXXX X. XXXXXXXX                     XXXXXXX X. XXXXXXX
By:  Xxxxxxx X. Xxxxxxxx, President     By: Xxxxxxx X. Xxxxxxx

XXXXXX X. XXXXXXXXXX                    XXXXXXXXX X. XXXXX
Attest:  Xxxxxx X. Xxxxxxxxxx, V.P.     Attest: Xxxxxxxxx X. Xxxxx








                                   EXHIBIT "1"

                            AS OF September 17, 1998



                               LIST OF PORTFOLIOS

                          Montag & Xxxxxxxx Growth Fund
                       Chicago Trust Growth & Income Fund
                            Chicago Trust Talon Fund
                           Chicago Trust Balanced Fund
                (formerly known as Chicago Trust Asset Allocation
               Fund) Montag & Xxxxxxxx Balanced Fund Chicago Trust
               Bond Fund Chicago Trust Municipal Bond Fund Chicago
                 Trust Money Market Fund Alleghany/Chicago Trust
                SmallCap Value Fund Alleghany/Veredus Aggressive
                Growth Fund Alleghany/Blairlogie Emerging Markets
                Fund Alleghany/Blairlogie International Developed
                                      Fund