Nation's Largest No-Load Adjustable Rate Mortgage -ARM- Fund Now Available to Customers of TD Waterhouse, Ameritrade Sungard, & Bidwell.

Business Editors

CHICAGO--(BUSINESS WIRE)--Sept. 24, 2002

Shay Assets Management, Inc. (Shay), a family-owned investment adviser to over $4 billion in no-load equity and fixed income mutual funds, recently announced the signing of a series of distribution agreements, which now makes the nation's largest no-load Adjustable Rate Mortgage (ARM) mutual fund available for purchase by customers of TD Waterhouse, Ameritrade Inc., Sungard Financial Networks (via the STN platform), and Bidwell & Co. The AMF ARM Fund is one of several funds that the firm has elected to open for distribution. A complete list of those funds affected is provided in the table below:

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Fund Name                   Ticker       Morningstar       Inception
                            Symbol        Category            Date
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AMF Adjustable Rate
 Mortgage (ARM) Fund        ASARX      Ultrashort Bond      9/18/91
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AMF Ultra Short Fund        AULTX      Ultrashort Bond     11/14/01
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AMF Short U.S. Govt. Fund   ASITX     Short Government     11/27/82
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AMF Intermediate
 Mortgage Fund              ASCPX     Short Government      11/7/86
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AMF U.S. Govt.
 Mortgage Fund              ASMTX    Intermediate Govt      1/23/84
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M.S.B. Fund                 MSBFX       Large Blend        12/31/64
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The recent wave of agreements marks a material departure from the organization's traditional sales approach, which, for the past 19 years, has focused exclusively on the direct marketing of mutual funds to financial institutions (banks, thrifts, and credit unions).

"The opening of our doors to clients/users of these firms' various brokerage platforms has been driven purely by their recent demand for our investment products," remarks Edward E. Sammons, President of Shay Assets Management, Inc. "In the past 24 months, we've experienced an unprecedented surge in interest from brokerage firm representatives, Registered Investment Advisers (RIAs), insurance companies, trust companies, and individual investors, many of which prefer to purchase fund shares through a single consolidated brokerage account. We're delighted to place our products on the shelf space offered to us by these premier mutual fund supermarkets!"

Flagship Product: ARM Fund

Sammons adds that a vast majority of the demand has been focused on the firm's $3.3 billion no-load ARM Fund, Shay's flagship product. "In 1994, when the Federal Reserve aggressively raised rates, the average long-term bond fund provided investors with a negative (-) 6.20% return, during the same period, the AMF ARM Fund generated a positive (+) 1.97% return. Many investors and their advisers are cognizant of the potential losses that could be experienced in traditional bond funds should rates rise again in the near future. Because the ARM Fund invests primarily in Adjustable Rate Mortgage-related bonds, shareholders benefit from the fact that the coupons on many of the Fund's underlying securities reset periodically as prevailing rates change; thereby providing a degree of protection in a rising rate environment."

Fund Details: AMF ARM Fund (data as of 8/31/02)
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       Total           Credit           Number of       Effective
       Assets       Quality (S&P)        Issues         Duration
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   $3.2 billion         AAAf               101          0.7 years
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Firm History

Unlike most mutual fund complexes, Shay's lineup of funds was initially created specifically for investment by financial institutions. Launched in 1982, the Asset Management Fund (AMF) family of funds was conceived to provide these institutions [banks, thrifts, and credit unions] with mutual fund vehicles espousing investment objectives designed to comply with the regulatory guidelines of each such institution.

Asset Growth

Shay's plain-vanilla investment styles combined with the firm's increased exposure to investors through additional distribution channels paid attractive dividends in 2001, and continues to do so in 2002. A recent study by the N.Y.-based mutual fund research firm, Strategic Insight LLC, found Shay to be the second-fastest growing mutual fund manager in the nation in 2001 (for managers with assets in excess of $2 billion), growing from $1.1 billion to $3.1 billion. While at a somewhat slower rate, firm-wide mutual fund balances have continued their growth in 2002, with assets increasing from over $3.3 billion on December 31, 2001 to over $4.3 billion as of September 23, 2002.

SEC Standardized Performance Data

As of June 30, 2002, the annualized total returns for the AMF ARM Fund were 4.09%, 5.51%, 5.44% and 5.47% on a 1 Year, 5 Year, 10 Year and since inception basis. For more complete information about any Shay Fund, please read each Fund's prospectus carefully before investing or forwarding funds. The prospectus includes more complete information about each Fund, including fees and expenses. Shay Financial Services, Inc., the Fund's distributor, is an NASD and SIPC member. To receive a prospectus, please visit Shay's website at: www.shayassets.com or contact an investment representative at [phone].