AMF Mutual Funds Deliver Category Leading Performance in 2006.

CHICAGO -- Chicago-based Shay Assets Management, Inc. (Shay), the privately held investment adviser to the Asset Management Fund (AMF) family of no-load mutual funds, announced performance results for the year ended December 31, 2006. For the year, 80% of its bond funds ranked in the top 18% of their respective category rankings tracked by Morningstar, Inc., a leading provider of independent investment research. As a matter of context, only four other managers in a Morningstar universe1 of approximately 200 advisers with over $3 billion in assets delivered equal or better peer group results.

The following table summarizes return information for AMF Mutual Funds main strategies as of December 31, 2006:

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When asked about 2006 performance results, Rodger D. Shay, Jr., the company's President, commented: "We are pleased to report category-leading results for the AMF Funds in 2006, driven primarily by Shay's mortgage-centric, risk-control oriented investment process, experienced management team and below-average fees. As an adviser, Shay's goal is to continually deliver value to our clients via the generation of high nominal and risk-adjusted returns."

Shay investment strategies include actively managed, Mortgage-backed Securities (MBS) focused portfolios that seek to generate superior risk-adjusted returns above traditional, passively managed Government portfolios. For a given risk tolerance (duration target), Shay can create customized, MBS-centric investment solutions for a myriad of institutional investors.

In recognition of the solid showing in 2006, Shay's Short U.S. Government Composite has been given four stars and has been selected as a "Top Gun" performer in the Short Maturity Universe (for the period ending 12/31/06) by PSN's (Informa Investment Solutions) separate account database. "The four star designation is particularly important to Shay because it measures not only strong nominal return performance, but also considers the amount of risk undertaken to generate those returns. We feel that this really demonstrates that we are meeting our overall goal of delivering value to our clients in the form of solid nominal and risk-adjusted returns."

For more information about Shay Assets Management, Inc. and the AMF family of no-load mutual funds, please contact us at [phone] or visit the web at www.amffunds.com or www.shayassets.com.

1 The Morningstar Universe consist of 6,199 Taxable and Municipal Bond Funds PSN is an investment manager database and is a division of Informa Investment Solutions.

The inception date of the AMF Ultra Short Fund is 11/14/01. The inception date of the AMF Ultra Short Mortgage Fund is 09/18/91. The inception date of the AMF Short U.S. Government Fund is 11/27/82. The inception date of the AMF Intermediate Mortgage Fund is 11/7/86. The inception date of the AMF U.S. Government Mortgage Fund is 01/23/84. As of 12/31/2006, SEC Standardized Returns for the AMF Ultra Short Fund for 1 year, 5 years and since inception were 4.99%, 2.67%, and 2.68%, respectively. As of 12/31/2006, SEC Standardized Returns for the AMF Ultra Short Mortgage Fund for 1 year, 5 years, 10 years and since inception were 4.58%, 2.62%, 4.23%, and 4.60%, respectively. As of 12/31/2006, SEC Standardized Returns for the AMF Short U.S. Government Fund for 1 year, 5 years, 10 years and since inception were 4.33%, 2.90%, 4.46%, and 6.76%, respectively. As of 12/31/2006, SEC Standardized Returns for the AMF Intermediate Mortgage Fund for 1 year, 5 years, 10 years and since inception were 4.66%, 3.19%, 4.94%, and 6.14%, respectively. As of 12/31/2006, SEC Standardized Returns for the AMF U.S. Government Mortgage Fund for 1 year, 5 years, 10 years and since inception were 4.52%, 3.86%, 5.35%, and 7.65%, respectively.

The performance data represents past performance and does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The most recent month-end data can be found at www.amffunds.com or by calling [phone].

The Adviser and Distributor are currently waiving 0.20% and 0.10% respectively of fees on the AMF Ultra Short Fund beginning 11/14/01. The Adviser and Distributor are currently waiving 0.20% and 0.10% respectively of fees for the AMF Ultra Short Mortgage Fund beginning 12/07/93. The Adviser is currently waiving its fee of .10 of 1% on the AMF Intermediate Mortgage Fund beginning 03/13/96. If these fee waivers were rescinded, performance would be reduced.

Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual Funds that invest in securities issued by the U.S. Government or its Agencies are not insured by the U.S. Government, the FDIC or any other government agency.

Read the prospectus carefully before you invest or forward funds. The Fund may not be available to investors in all states, and this does not constitute an offer in those states. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other investment information about the Fund. To receive a prospectus, please contact the Fund's Distributor, Shay Financial Services, Inc., member NASD and SIPC, at [phone].