This AMENDMENT NO. 1, dated the 30th day of June, 2000, is made by and between PFPC Inc., a Massachusetts corporation ("PFPC"), and Alleghany Investment Services Inc., an Illinois corporation (the "Administrator") (collectively, the "Parties")....

Exhibit (h)(5)
                    AMENDMENT NO. 1 TO SUB-ADMINISTRATION AND
                          ACCOUNTING SERVICES AGREEMENT


         This AMENDMENT NO. 1, dated the 30th day of June,  2000, is made by and
between  PFPC  Inc.,  a  Massachusetts   corporation  ("PFPC"),   and  Alleghany
Investment  Services  Inc.,  an  Illinois   corporation  (the   "Administrator")
(collectively, the "Parties").
                                WITNESSETH THAT:
         WHEREAS, the Administrator has entered into an Administration Agreement
with Alleghany  Funds (the  "Company")  dated June 17, 1999, as amended to date,
wherein the Administrator has agreed to provide certain administrative  services
to the Company; and
         WHEREAS,  the  Administrator  has  entered  into  a  Sub-Administration
Agreement (the  "Sub-Administration  Agreement")  with PFPC dated April 1, 2000,
wherein PFPC agreed to provide certain administrative and accounting services to
the Company; and
         WHEREAS, the Parties wish to amend the Sub-Administration  Agreement to
include under its terms one additional  separate series of shares  identified as
Alleghany/Veredus SciTech 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  Schedule  "A" to the  Sub-Administration  Agreement in the
form attached hereto as Schedule "A".
         This  Amendment  shall take  effect  upon the date when the  respective
amendments   to  the   registration   statement   of  the  Company   registering
Alleghany/Veredus SciTech Fund become effective.
         IN WITNESS  WHEREOF,  the Parties  hereto  have  caused this  Amendment
consisting of two type written  pages,  together with Schedule "A", 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 Investment Services Inc.                            PFPC Inc.


/s/Xxxxxx X. Xxxxxxxxxx                     /s/ Xxxxxxx X. Xxxxx
By: Xxxxxx X. Xxxxxxxxxx              By: Xxxxxxx X. Xxxxx, Exec. Vice President

/s/Xxxxx Xxxxx
Attest: Xxxxx Xxxxx                                           Attest:





                                    EXHIBIT A


                                   PORTFOLIOS


                    Alleghany/Chicago Trust Money Market Fund
                   Alleghany/Chicago Trust Municipal Bond Fund
                        Alleghany/Chicago Trust Bond Fund
                      Alleghany/Chicago Trust Balanced Fund
                       Alleghany/Chicago Trust Talon Fund
                  Alleghany/Chicago Trust Growth & Income Fund
                  Alleghany/Chicago Trust Small Cap Value Fund
                    Alleghany/Veredus Aggressive Growth Fund
                    Alleghany/Montag & Xxxxxxxx Balanced Fund
                     Alleghany/Montag & Xxxxxxxx Growth Fund
                Alleghany/Blairlogie International Developed Fund
                   Alleghany/Blairlogie Emerging Markets Fund
                         Alleghany/Veredus SciTech Fund



Dated: April 1, 2000
Amended: June 30, 2000