Alleghany Funds of Chicago recently opened the Alleghany/Chicago Trust Small Cap Value Fund. The fund will invest in companies with positive or improving cash flows and which show other signs of financial strength. The fund will be managed by Patricia Falkowski. Previously,

Falkowski was president and chief executive officer of United Asset Management's Chicago-based Fiduciary Management Associates, and was portfolio manager of UAM FMA Small Cap Fund. The minimum initial investment is $2,500 ($500 for IRAs).

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