Asset Management Fund (AMF) to Acquire BIF Mutual Fund Assets.

CHICAGO -- The Asset Management Fund ("AMF Mutual Funds") family of mutual funds announced today that it will acquire approximately $95.2 million in mutual fund assets from Bank Investment Fund (BIF), a Boston-based no-load complex consisting of two mutual fund portfolios: "Fund One," and "Liquidity Fund." Shareholders of the two BIF funds will receive shares in one of two existing AMF mutual fund portfolios as summarized in the following tables:

Ticker  Inception     Net
                       Fund Name         Symbol     Date     Assets(a)
----------------------------------------------------------------------
Acquiring Fund  AMF Money Market Fund    ASLXX    11/27/82     $55.6
----------------------------------------------------------------------
Acquired Fund   BIF Liquidity Fund        N/A     10/12/88     $57.6
----------------------------------------------------------------------

                                         Ticker  Inception     Net
                       Fund Name         Symbol     Date     Assets(a)
----------------------------------------------------------------------
Acquiring Fund  AMF Short U.S.           ASITX
                 Government Fund                  11/27/82    $130.6
----------------------------------------------------------------------
Acquired Fund   BIF Fund One              N/A      4/7/85      $37.6
----------------------------------------------------------------------

(a) Assets in millions as of August 25, 2005

The transaction was approved by members of the BIF Board of Directors at a meeting held on July 18, 2005, and is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization.

"In both instances, the acquiring mutual fund portfolio shares a substantially similar investment objective to that of fund to be acquired," remarked Rodger D. Shay, Sr., chairman of the seven-member AMF Board of Trustees. "When we viewed this in combination with the similarities in the underlying shareholder base--depository institutions--we concluded that the consolidation of assets would result in a long term reduction in overall fixed costs."

William F. Casey, Jr., President of the Bank Investment Fund, remarked that "The combining of our funds with the respective AMF Funds was determined to be in the best interest of our shareholders. Susan Ellis and I are excited to remain available through the newly formed BIF Services, LLC to provide shareholder administrative services assistance to Shay Financial Services, Inc., the AMF Funds distributor."

AMF is an open-end investment management company that offers six actively managed high quality fixed income mutual fund portfolios. As of June 30, 2005, total fund assets exceeded $3.7 billion. Organized as a Delaware Statutory Trust, the Funds are managed by Shay Assets Management, Inc., an SEC-registered investment adviser, from its principal office in Chicago, Illinois.