WITNESSETH THAT:

                    AMENDMENT TO SUB-ADMINISTRATION AGREEMENT


         This AMENDMENT, dated as of the 17th day of September, 1998, is made by
and  between  First  Data  Investor   Services  Group,   Inc.,  a  Massachusetts
corporation  ("Investor  Services  Group"),  and The Chicago Trust  Company,  an
Illinois corporation (the "Administrator") (collectively, the "Parties").

                                WITNESSETH THAT:

         WHEREAS, the Administrator has entered into an Administration Agreement
with Alleghany Funds  (formerly known as CT&T Funds) (the "Company")  dated June
15,  1995 as  amended  December  21,  1995 and June 13,  1996 and June 1,  1997,
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 Investor  Services Group
dated June 1, 1997 wherein  Investor  Services  Group agreed to provide  certain
administrative services to the Company; and
         WHEREAS, the Parties wish to amend the Sub-Administration  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  Schedule  "A" to the  Sub-Administration  Agreement in the
form attached hereto as Schedule "A".
         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  Amendment
consisting of one type written page, 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.

Chicago Trust Company                First Data Investor Services Group, Inc.

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

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







                                  SCHEDULE "A"

                            AS OF September 17, 1998



                                  LIST OF FUNDS

                           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