Asset Management Fund N-CSRS Certified semi-annual shareholder report (management investment company)

United States
Securities And Exchange Commission

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-03541

Asset Management Fund

(Exact name of registrant as specified in charter)

230 West Monroe Street, Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Beacon Hill Fund Services, Inc., 4041 North High Street, Suite 402, Columbus, Ohio 43214
(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 527-3713

Date of fiscal year end: 10/31

Date of reporting period: 4/30/10

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

ASSET MANAGEMENT FUND

230 West Monroe Street

Chicago, IL 60606

ASSET MANAGEMENT FUND

Managed by:

Shay Assets Management, Inc.

SEMI-ANNUAL REPORT

April 30, 2010

ASSET MANAGEMENT FUND

MONEY MARKET FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net
	Assets			Shares		Value
INVESTMENT COMPANIES		0.0	%
Northern Institutional Treasury Portfolio					8,272	$	8,272
TOTAL INVESTMENT COMPANIES							8,272
	Percentage
	of Net			Principal
	Assets			Amount		Value
REPURCHASE AGREEMENTS		99.8	%
Bank of America, 0.19%, (Agreement dated 4/30/10 to be repurchased at $21,433,339 on 5/3/10. Collateralized by Adjustable Rate U.S. Government Mortgage-Backed Security, 0.79%, with a value of $21,861,661, due at 3/20/40)				$	21,433,000	$	21,433,000
TOTAL REPURCHASE AGREEMENTS							21,433,000
TOTAL INVESTMENTS (Cost $21,441,272)(a)		99.8	%				21,441,272
NET OTHER ASSETS (LIABILITIES)		0.2	%				35,824
Net Assets applicable to 21,491,367 Shares of Common Stock issued and outstanding		100.0	%			$	21,477,096
Net Asset Value, offering and redemption price per share ($21,477,096 ¸ 21,491,367 Shares)							$1.00

(a) Represents cost for financial reporting purposes.

See notes to financial statements.

1

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		47.2	%
1 Yr. Constant Maturity Treasury Based ARMS		17.7	%
Bear Stearns Adjustable Rate Mortgage Trust
3.41%					3/25/31	$	1,569,409	$	1,555,782
CS First Boston Mortgage Securities Corp.
5.27%					11/25/31		672,868		649,065
2.95%					6/25/32		385,814		330,023
Fannie Mae
3.06%					7/1/28		2,838,364		2,961,632
2.66%					8/1/29		2,439,154		2,520,206
4.07%					3/1/30		284,971		299,196
2.88%					1/1/32		4,044,903		4,194,739
2.68%					5/1/33		1,307,920		1,363,675
2.91%					9/1/33		3,544,295		3,688,811
2.68%					1/1/35		9,546,840		9,966,444
4.66%					11/1/35		12,638,869		13,279,951
4.28%					5/25/42		6,715,768		6,661,982
Fannie Mae Grantor Trust
4.68%					5/25/42		12,461,177		12,835,785
4.79%					5/25/42		11,834,763		11,882,651
4.27%					8/25/43		12,867,860		12,974,419
Fannie Mae Whole Loan
5.05%					8/25/42		3,942,023		3,870,317
4.72%					8/25/42		12,233,406		12,778,172
4.55%					4/25/45		21,728,634		20,786,315
FHLMC Structured Pass-Through Securities
4.68%					3/25/44		2,647,926		2,717,021
1.86%					7/25/44		3,773,173		3,720,020
Freddie Mac
4.57%					10/1/22		1,121,292		1,171,487
5.51%					8/1/24		1,222,328		1,289,747
2.70%					9/1/27		1,436,131		1,483,567
2.85%					12/1/27		1,416,916		1,471,520
2.76%					12/1/27		1,354,773		1,403,117
2.77%					9/1/28		9,920,296		10,284,681
2.75%					9/1/30		979,544		1,007,997
2.87%					7/1/31		6,000,650		6,200,611
									153,348,933

See notes to financial statements.

2

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
6 Mo. Certificate of Deposit Based ARMS		0.5	%
Fannie Mae
1.98%					6/1/21	$	1,331,619	$	1,336,979
2.85%					12/1/24		2,131,057		2,170,454
Freddie Mac
2.71%					1/1/26		753,856		769,104
									4,276,537
6 Mo. London Interbank Offering Rate (LIBOR)		4.1	%
Bear Stearns Adjustable Rate Mortgage Trust
4.22%					3/25/31		312,993		303,672
Fannie Mae
1.66%					9/1/27		3,408,908		3,467,822
1.68%					3/1/28		3,227,900		3,279,693
2.59%					6/1/28		565,709		584,321
1.72%					9/1/33		1,381,969		1,403,276
1.67%					11/1/33		2,649,792		2,692,833
2.05%					11/1/33		1,147,266		1,169,525
Freddie Mac
2.96%					9/1/30		3,382,938		3,512,119
Mastr Adjustable Rate Mortgages Trust
2.27%					1/25/34		807,332		693,773
MLCC Mortgage Investors, Inc.
2.15%					10/25/28		6,773,470		6,199,094
Structured Asset Mortgage Investments, Inc.
2.11%					7/19/32		2,955,665		2,667,901
2.76%					11/19/33		3,112,236		2,329,104
2.75%					12/19/33		5,464,275		4,818,043
Structured Asset Securities Corp.
4.33%					12/25/32		1,070,273		982,295
3.41%					2/25/33		1,817,037		1,663,755
									35,767,226
Cost of Funds Index Based ARMS		5.3	%
Fannie Mae
3.67%					2/1/28		16,036,068		16,770,218
3.04%					8/1/33		9,487,150		9,786,272
3.08%					11/1/36		10,856,475		11,251,100
2.86%					6/1/38		8,115,480		8,376,678
									46,184,268

See notes to financial statements.

3

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
HYBRID ARMS		12.0	%
Banc of America Funding Corp.
2.99%					5/25/35	$	10,377,070	$	2,533,084
4.45%					2/20/36		3,921,657		80,355
Banc of America Mortgage Securities
4.14%					7/25/33		2,240,892		1,236,728
5.30%					4/25/35		10,535,502		8,766,789
5.24%					7/25/35		11,476,834		10,454,045
Bear Stearns Adjustable Rate Mortgage Trust
4.70%					8/25/35		9,414,056		473,226
Chase Mortgage Finance Corp.
5.41%					1/25/36		5,450,939		1,481,575
Countrywide Home Loans
4.30%					11/19/33		2,295,882		1,098,161
5.85%					5/20/36		1,669,827		26,190
Fannie Mae
2.58%					1/1/35		5,274,246		5,509,305
2.79%					1/1/35		7,301,087		7,622,271
2.59%					6/1/35		19,339,702		20,165,047
First Horizon Alternative Mortgage Securities
4.44%					6/25/35		6,732,353		421,768
First Horizon Mortgage Pass-Through Trust
3.94%					12/25/34		1,819,971		1,020,036
5.30%					6/25/35		8,043,560		7,412,642
GMAC Mortgage Corporation Loan Trust
5.17%					11/19/35		10,787,334		9,380,824
GSR Mortgage Loan Trust
3.23%					9/25/35		14,823,787		2,452,329
4.89%					10/25/35		11,425,087		1,199,566
JP Morgan Mortgage Trust
4.19%					7/25/35		6,547,864		772,294
Mastr Adjustable Rate Mortgages Trust
6.37%					10/25/32		710,239		699,275
Merrill Lynch Mortgage Investors Trust
3.51%					2/25/34		3,302,139		1,468,560
Morgan Stanley Mortgage Loan Trust
3.64%					2/25/34		3,519,411		2,296,514
3.12%					9/25/34		2,845,301		755,481
4.89%					6/25/36		8,049,472		1,562,805
Provident Funding Mortgage Loan Trust
2.83%					4/25/34		1,356,205		761,740

See notes to financial statements.

4

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Residential Accredit Loans, Inc.
3.79%					4/25/35	$	5,647,942	$	381,807
Structured Adjustable Rate Mortgage Loan Trust
3.31%					5/25/34		7,949,293		2,086,038
WAMU Mortgage Pass-Through Certificates
3.04%					6/25/33		1,404,762		705,025
Wells Fargo Mortgage Backed Securities Trust
3.09%					9/25/34		6,283,159		2,454,308
2.99%					11/25/34		8,246,460		3,457,897
3.28%					12/25/34		9,320,047		4,645,317
4.93%					3/25/36		13,413,867		646,723
5.55%					5/25/36		5,743,599		182,928
									104,210,653
MONTHLY London Interbank Offering Rate (LIBOR) Collateralized Mortgage Obligations		7.6	%
Adjustable Rate Mortgage Trust
0.46%					3/25/37		4,244,254		133,995
Banc of America Funding Corp.
0.55%					2/20/47		7,591,019		99,063
Fannie Mae
0.66%					9/18/31		2,500,566		2,515,772
FHLMC Structured Pass-Through Securities
0.62%					10/25/29		4,090,402		3,897,356
Greenpoint Mortgage Funding Trust
0.57%					10/25/45		6,912,102		3,932,765
GSR Mortgage Loan Trust
0.61%					3/25/32		846,151		818,449
JP Morgan Alternative Loan Trust
0.48%					11/25/36		3,664,713		543,154
0.57%					11/25/36		10,456,781		19,345
Lehman XS Trust
0.42%					3/25/37		44,105,612		20,024,032
Merrill Lynch Mortgage Investors Trust
0.46%					7/25/36		5,333,023		2,139,317
Morgan Stanley Mortgage Loan Trust
0.50%					8/25/36		17,577,858		1,375,012
0.50%					10/25/36		8,037,496		595,742
0.51%					11/25/36		12,157,170		922,813
0.50%					12/25/36		6,759,353		436,204

See notes to financial statements.

5

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Nomura Asset Acceptance Corp.
0.61%					12/25/35	$	2,616,670	$	93,350
Residential Accredit Loans, Inc.
0.48%					7/25/36		10,467,801		4,173,922
Structured Adjustable Rate Mortgage Loan Trust
0.47%					2/25/37		2,028,970		61,947
Thornburg Mortgage Securities Trust
0.44%					10/25/46		24,415,090		23,629,559
									65,411,797
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									409,199,414
FIXED RATE MORTGAGE-RELATED SECURITIES		43.2	%
Collateralized Mortgage Obligations		43.2	%
Fannie Mae
5.00%					2/25/18		8,803,152		9,324,321
4.00%					2/25/23		14,842,221		15,398,146
4.00%					10/25/23		6,335,758		6,558,055
4.50%					3/25/24		16,000,906		16,817,559
5.00%					3/25/24		10,732,528		11,399,565
4.00%					3/25/24		16,849,287		17,469,159
4.50%					3/25/27		19,039,247		19,949,494
5.50%					8/25/27		4,114,282		4,196,118
6.00%					1/25/29		2,512,825		2,556,223
5.00%					5/25/32		11,665,004		12,322,760
5.50%					9/25/34		30,057,425		31,697,989
5.50%					1/25/36		9,235,262		9,928,913
Freddie Mac
5.38%					9/15/11		9,072,063		9,447,361
4.50%					12/15/13		9,151,970		9,381,660
4.00%					6/15/22		46,208,816		47,805,838
5.50%					1/15/23		1,821,229		1,889,892
4.00%					8/15/23		25,163,162		26,144,432
6.00%					3/15/32		14,275,173		15,342,268
5.00%					7/15/32		25,859,347		27,130,678
5.50%					2/15/33		14,581,254		15,477,301
5.00%					4/15/37		6,619,072		6,800,072
4.00%					4/15/37		6,195,799		6,329,927

See notes to financial statements.

6

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Government National Mortgage Association
2.27%					7/16/18	$	634,532	$	634,258
4.03%					5/16/22		2,212,779		2,238,666
4.49%					10/16/25		4,300,679		4,384,680
5.08%					1/16/30		1,445,157		1,518,092
4.50%					10/20/33		8,802,369		8,917,680
5.00%					8/20/35		14,645,664		15,451,537
4.50%					11/20/36		12,861,246		13,195,423
Residential Accredit Loans, Inc.
6.00%					12/25/35		6,860,854		5,107,049
									374,815,116
TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									374,815,116
U.S. GOVERNMENT AGENCIES		0.7	%
FDIC Structured Sale Guaranteed Notes
1.04%(a)					10/25/11		2,000,000		1,970,200
3.00%(a)					9/30/19		3,845,518		3,848,210
									5,818,410
TOTAL U.S. GOVERNMENT AGENCIES									5,818,410
U.S. GOVERNMENT OBLIGATIONS		3.7	%
U.S. Treasury Note
1.00%					3/31/12		32,300,000		32,344,251
TOTAL U.S. GOVERNMENT OBLIGATIONS									32,344,251

	Percentage
	of Net
	Assets			Shares		Value
INVESTMENT COMPANIES		0	.0%
Northern Institutional Treasury Portfolio					808	$	808
TOTAL INVESTMENT COMPANIES					��		808

See notes to financial statements.

7

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (concluded)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Principal
	Assets			Amount		Value
REPURCHASE AGREEMENTS		6	.3%
Bank of America, 0.19%, (Agreement dated 4/30/10 to be repurchased at $54,992,871 on 5/3/10. Collateralized by Adjustable Rate U.S. Government Mortgage-Backed Security, 0.79%, with a value of $56,091,840, due at 3/20/40)				$	54,992,000	$	54,992,000
TOTAL REPURCHASE AGREEMENTS							54,992,000
TOTAL INVESTMENTS (Cost $1,105,131,270)(b)		101	.1%				877,169,999
NET OTHER ASSETS (LIABILITIES)		(1	.1)%				(9,302,035	)
Net Assets applicable to 117,384,701 Shares of Common Stock issued and outstanding		100	.0%			$	867,867,964
Net Asset Value, offering and redemption price per share
($867,867,964 ¸ 117,384,701 Shares)							$7.39

* The rates presented are the rates in effect at April 30, 2010.

(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.
(b)	Represents cost for financial reporting purposes. FHLMC Federal Home Loan Mortgage Corporation

See notes to financial statements.

8

ASSET MANAGEMENT FUND

ULTRA SHORT FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		76.1	%
1 Yr. Constant Maturity Treasury Based ARMS		37.5	%
Fannie Mae
2.90%					10/1/28	$	199,535	$	207,692
3.21%					12/1/30		534,130		562,492
2.88%					1/1/32		1,821,208		1,888,671
2.83%					7/1/33		835,683		866,256
Freddie Mac 2.83%					11/1/28		180,944		188,838
3.31%					1/1/29		720,269		759,996
2.80%					7/1/30		571,422		592,162
2.79%					9/1/30		119,413		124,469
3.02%					8/1/31		1,256,048		1,309,656
Fund America Investors Corp. II
2.78%					6/25/23		412,485		392,784
									6,893,016
6 Mo. London Interbank Offering Rate (LIBOR)		1.4	%
Structured Adjustable Rate Mortgage Loan Trust
3.27%					8/25/34		492,237		155,882
Structured Asset Securities Corp.
3.03%					11/25/32		119,219		92,944
									248,826
Cost of Funds Index Based ARMS		1.1	%
Regal Trust IV
3.29%(a)					9/29/31		156,567		132,341
Ryland Mortgage Securities Corp.
3.92%					10/25/23		68,096		64,361
									196,702
HYBRID ARMS		25.2	%
Adjustable Rate Mortgage Trust
3.69%					10/25/35		698,455		132,232
3.47%					3/25/36		381,600		99,381
Banc of America Funding Corp.
4.11%					5/20/35		1,751,576		132,016
4.45%					2/20/36		660,316		4,583
Banc of America Mortgage Securities
6.21%					1/20/38		1,543,326		212,919
Bear Stearns Adjustable Rate Mortgage Trust
4.09%					10/25/35		1,673,706		56,806

See notes to financial statements.

9

ASSET MANAGEMENT FUND

ULTRA SHORT FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Fannie Mae
2.59%					6/1/35	$	313,671	$	327,058
GSR Mortgage Loan Trust
5.01%					1/25/36		1,876,094		80,269
Indymac INDA Mortgage Loan Trust
5.07%					11/25/35		1,786,874		1,603,245
5.82%					9/25/36		1,415,649		950,426
Morgan Stanley Mortgage Loan Trust
4.89%					6/25/36		1,296,384		155,851
Mortgageit Trust
1.65%					5/25/35		318,342		62,828
1.65%					5/25/35		202,873		31,072
Sequoia Mortgage Trust
2.95%					4/20/35		422,866		33,372
Structured Adjustable Rate Mortgage Loan Trust
2.98%					4/25/35		1,394,618		52,451
5.54%					10/25/35		1,966,449		99,817
WAMU Mortgage Pass-Through Certificates
2.75%					2/25/33		101,394		36,596
Wells Fargo Mortgage Backed Securities Trust
3.13%					5/25/35		504,050		227,878
2.98%					6/25/35		2,519,011		343,740
									4,642,540
MONTHLY London Interbank Offering Rate (LIBOR)
Collateralized Mortgage Obligations		10.9	%
Adjustable Rate Mortgage Trust
0.53%					11/25/35		716,400		500,928
Bear Stearns Alt-A Trust
0.48%					8/25/36		640,205		34,383
Morgan Stanley Mortgage Loan Trust
0.35%					6/25/36		138,279		135,707
Sequoia Mortgage Trust
0.88%					9/20/33		618,007		536,655
Structured Asset Mortgage Investments, Inc.
2.06%					2/19/35		524,165		86,650

See notes to financial statements.

10

ASSET MANAGEMENT FUND

ULTRA SHORT FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Structured Asset Securities Corp.
1.47%					3/25/33	$	215,738	$	167,971
1.61%					5/25/33		222,169		186,565
1.46%					11/25/33		432,369		360,993
									2,009,852
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									13,990,936
FIXED RATE MORTGAGE-RELATED SECURITIES		13.0	%
Collateralized Mortgage Obligations		13.0	%
Freddie Mac 4.00%					8/15/23		1,839,178		1,910,900
Government National Mortgage Association 4.50%					10/20/33		466,027		472,132
									2,383,032
TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									2,383,032
U.S. GOVERNMENT OBLIGATIONS		3.8	%
U.S. Treasury Note 1.00%					3/31/12		700,000		700,959
TOTAL U.S. GOVERNMENT OBLIGATIONS									700,959

	Percentage
	of Net
	Assets		Shares		Value
INVESTMENT COMPANIES		0.0%
Northern Institutional Treasury Portfolio				318	$	318
TOTAL INVESTMENT COMPANIES						318

See notes to financial statements.

11

ASSET MANAGEMENT FUND

ULTRA SHORT FUND (concluded)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net		Principal
	Assets		Amount		Value
REPURCHASE AGREEMENTS		7.0%
Bank of America, 0.19%, (Agreement dated 4/30/10 to be repurchased at $1,291,020 on 5/3/10. Collateralized by Adjustable Rate U.S. Government Mortgage-Backed Security, 0.79%, with a value of $1,316,821, due at 3/20/40)			$	1,291,000	$	1,291,000
TOTAL REPURCHASE AGREEMENTS						1,291,000
TOTAL INVESTMENTS (Cost $36,119,731)(b)		99.9%			$	18,366,245
NET OTHER ASSETS (LIABILITIES)		0.1%				22,405
Net Assets applicable to 3,364,259 Shares of Common Stock issued and outstanding		100.0%			$	18,388,650
Net Asset Value, offering and redemption price per share ($18,388,650 ¸ 3,364,259 Shares)						$5.47

*	The rates presented are the rates in effect at April 30, 2010.
(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.
(b)	Represents cost for financial reporting purposes.

See notes to financial statements.

12

ASSET MANAGEMENT FUND

SHORT U.S. GOVERNMENT FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		45.6	%
1 Yr. Constant Maturity Treasury Based ARMS		27.0	%
Fannie Mae
3.17%					5/1/31	$	715,614	$	750,939
2.88%					1/1/32		2,563,222		2,658,172
Fannie Mae Grantor Trust
4.27%					8/25/43		2,512,862		2,533,671
Freddie Mac
2.75%					3/1/27		393,614		408,853
3.02%					8/1/31		1,831,952		1,910,139
									8,261,774
HYBRID ARMS		2.8	%
Fannie Mae
2.79%					1/1/35		624,447		651,917
2.59%					6/1/35		190,930		199,079
									850,996
MONTHLY London Interbank Offering Rate (LIBOR)
Collateralized Mortgage Obligations		15.8	%
Freddie Mac Whole Loan
0.41%					9/25/35		4,916,904		4,821,123
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									13,933,893
FIXED RATE MORTGAGE-RELATED SECURITIES		46.1	%
15 Yr. Securities		0.1	%
Freddie Mac
8.00%					12/17/15		33,065		34,793
Collateralized Mortgage Obligations		46.0	%
Fannie Mae
4.00%					2/25/23		2,591,757		2,688,833
Freddie Mac
4.50%					4/15/19		2,918,904		3,068,364
4.00%					8/15/23		2,548,273		2,647,646

See notes to financial statements.

13

ASSET MANAGEMENT FUND

SHORT U.S. GOVERNMENT FUND (concluded)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Government National Mortgage Association
5.12%					1/16/28	$	1,070,337	$	1,130,737
4.79%					6/16/31		1,039,163		1,104,509
4.50%					10/20/33		1,847,752		1,871,957
4.50%					11/20/36		1,497,089		1,535,988
									14,048,034
TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									14,082,827
	Percentage
	of Net
	Assets					Shares		Value
INVESTMENT COMPANIES		0.0	%
Northern Institutional Treasury Portfolio							643	$	643
TOTAL INVESTMENT COMPANIES									643
	Percentage
	of Net					Principal
	Assets					Amount		Value
REPURCHASE AGREEMENTS		8.3	%
Bank of America, 0.19%, (Agreement dated 4/30/10 to be repurchased at $2,515,040 on 5/3/10. Collateralized by Adjustable Rate U.S. Government Mortgage-Backed Security, 0.79%, with a value of $2,565,300, due at 3/20/40)						$	2,515,000	$	2,515,000
TOTAL REPURCHASE AGREEMENTS									2,515,000
TOTAL INVESTMENTS (Cost $29,735,906)(a)		100.0	%						30,532,363
NET OTHER ASSETS (LIABILITIES)		0.0	%						11,195
Net Assets applicable to 3,260,249 Shares of Common Stock issued and outstanding		100.0	%					$	30,543,558
Net Asset Value, offering and redemption price per share ($30,543,558 ¸ 3,260,249 Shares)									$9.37

*	The rates presented are the rates in effect at April 30, 2010.
(a)	Represents cost for financial reporting purposes.

See notes to financial statements.

14

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		25.5	%
1 Yr. Constant Maturity Treasury Based ARMS		4.8	%
Countrywide Home Loans
2.94%					1/20/35	$	957,870	$	784,559
Lehman XS Trust
1.42%					11/25/35		1,562,102		951,315
									1,735,874
HYBRID ARMS		20.0	%
Adjustable Rate Mortgage Trust
4.46%					10/25/35		3,927,910		114,184
Banc of America Mortgage Securities
3.17%					3/25/33		206,576		28,999
2.87%					4/25/33		26,331		26,008
Bear Stearns Adjustable Rate Mortgage Trust
4.09%					10/25/35		5,398,978		317,892
Countrywide Alternative Loan Trust
3.23%					12/25/34		2,888,037		358,322
Countrywide Home Loans
4.63%					12/25/33		1,106,711		564,387
5.35%					11/25/35		2,875,894		81,888
CS First Boston Mortgage Securities Corp.
3.20%					6/25/33		143,150		58,776
Fannie Mae
2.59%					6/1/35		1,200,134		1,251,351
First Horizon Alternative Mortgage Securities
4.99%					7/25/35		4,931,979		116,000
GSR Mortgage Loan Trust
5.01%					1/25/36		2,384,004		102,000
JP Morgan Mortgage Trust
4.95%					8/25/35		1,763,518		170,814
Structured Adjustable Rate Mortgage Loan Trust
2.89%					4/25/34		2,621,602		917,771
5.49%					6/25/36		3,215,131		2,976,787
Wells Fargo Mortgage Backed Securities Trust 6.02%					12/25/36		1,706,295		165,354
									7,250,533

See notes to financial statements.

15

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
MONTHLY London Interbank Offering Rate (LIBOR) Collateralized Mortgage Obligations		0.7	%
Banc of America Funding Corp.
0.57%					2/20/47	$	1,923,962	$	19,913
0.60%					2/20/47		1,604,102		15,704
Impac CMB Trust
1.28%					6/25/33		229,740		196,504
									232,121
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									9,218,528
FIXED RATE MORTGAGE-RELATED SECURITIES		69.8	%
15 Yr. Securities		5.2	%
Fannie Mae
7.00%					3/1/15		80,268		85,593
7.00%					3/1/15		72,479		77,231
7.00%					3/1/15		145,030		154,762
7.50%					11/1/15		111,945		120,717
6.50%					1/1/16		106,605		114,021
6.00%					6/1/16		313,292		337,561
6.00%					7/1/17		364,109		394,344
6.00%					7/1/17		197,738		214,394
Freddie Mac
6.00%					6/1/17		361,424		391,957
									1,890,580
Collateralized Mortgage Obligations		64.6	%
Countrywide Alternative Loan Trust
5.50%					12/25/35		2,242,939		1,923,829
Credit Suisse Mortgage Capital Certificates
6.00%					2/25/37		411,644		84,749
6.00%					2/25/37		2,716,306		1,153,898
Fannie Mae
4.00%					2/25/23		3,229,947		3,350,927
4.50%					3/25/24		1,234,320		1,297,317
5.00%					5/25/32		2,487,719		2,627,994
4.00%					10/25/32		1,436,372		1,479,164
5.00%					9/25/35		422,893		428,910

See notes to financial statements.

16

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
First Horizon Alternative Mortgage Securities
6.00%					7/25/36	$	1,075,236	$	573,244
6.00%					7/25/36		1,198,637		168,617
Freddie Mac
5.00%					2/15/30		3,985,792		4,230,779
Freddie Mac Reference REMIC
5.50%					12/15/18		2,823,366		2,925,515
Government National Mortgage Association
4.50%					11/20/36		1,701,125		1,745,326
Residential Funding Mortgage Securities I
6.00%					1/25/37		3,047,361		1,393,360
									23,383,629
TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									25,274,209
U.S. GOVERNMENT AGENCIES		1.3	%
FDIC Structured Sale Guaranteed Notes
3.00%(a)					9/30/19		480,690		481,026
TOTAL U.S. GOVERNMENT AGENCIES									481,026
	Percentage
	of Net
	Assets					Shares		Value
INVESTMENT COMPANIES		0.0	%
Northern Institutional Treasury Portfolio							247	$	247
TOTAL INVESTMENT COMPANIES									247

See notes to financial statements.

17

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND (concluded)

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Principal
	Assets			Amount		Value
REPURCHASE AGREEMENTS		3.5	%
Bank of America, 0.19%, (Agreement dated 4/30/10 to be repurchased at $1,246,020 on 5/3/10. Collateralized by Adjustable Rate U.S. Government Mortgage-Backed Security, 0.79%, with a value of $1,270,921, due at 3/20/40)				$	1,246,000	$	1,246,000
TOTAL REPURCHASE AGREEMENTS							1,246,000
TOTAL INVESTMENTS (Cost $72,168,015)(b)		100.1	%			$	36,220,010
NET OTHER ASSETS (LIABILITIES)		(0.1	)%				(19,743	)
Net Assets applicable to 7,511,958 Shares of Common Stock issued and outstanding		100.0	%			$	36,200,267
Net Asset Value, offering and redemption price per share ($36,200,267 ¸ 7,511,958 Shares)							$4.82

*	The rates presented are the rates in effect at April 30, 2010.
(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

(b) Represents cost for financial reporting purposes.

See notes to financial statements.

18

ASSET MANAGEMENT FUND

U.S. GOVERNMENT MORTGAGE FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES*		12.6	%
HYBRID ARMS		1.0	%
Fannie Mae
2.59%					6/1/35	$	218,206	$	227,518
MONTHLY London Interbank Offering Rate (LIBOR)
Collateralized Mortgage Obligations		11.6	%
Fannie Mae
0.68%					2/25/37		2,652,551		2,599,843
TOTAL ADJUSTABLE RATE MORTGAGE-RELATED
SECURITIES									2,827,361
FIXED RATE MORTGAGE-RELATED SECURITIES		83.4	%
15 Yr. Securities		0.5	%
Fannie Mae
7.00%					3/1/15		99,696		106,233
30 Yr. Securities		5.2	%
Fannie Mae
5.00%					3/1/38		675,214		700,586
Government National Mortgage Association
7.50%					2/15/24		96,081		105,082
7.00%					4/15/27		103,509		114,988
6.00%					1/15/29		220,540		239,958
									1,160,614
Collateralized Mortgage Obligations		77.7	%
Fannie Mae
4.50%					3/25/24		368,532		387,341
5.00%					5/25/32		2,475,865		2,615,472
5.00%					9/25/32		5,099,251		5,430,768
4.00%					1/25/33		165,128		169,826
5.50%					12/25/36		3,138,481		3,371,494
Freddie Mac
4.50%					4/15/19		2,928,712		3,078,675
4.00%					3/15/33		221,559		225,937

See notes to financial statements.

19

ASSET MANAGEMENT FUND
U.S. GOVERNMENT MORTGAGE FUND (concluded)
STATEMENT OF NET ASSETS
April 30, 2010 (Unaudited)

	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value
Freddie Mac Reference REMIC
5.50%†					12/15/18	$	2,117,406	$	2,194,013
									17,473,526
TOTAL FIXED RATE MORTGAGE-RELATED
SECURITIES									18,740,373
U.S. GOVERNMENT AGENCIES		2.1	%
FDIC Structured Sale Guaranteed Notes 3.00%(a)					9/30/19		480,690		481,026
TOTAL U.S. GOVERNMENT AGENCIES									481,026
	Percentage
	of Net
	Assets					Shares		Value
INVESTMENT COMPANIES		1.9	%
Northern Institutional Treasury Portfolio							437,038	$	437,038
TOTAL INVESTMENT COMPANIES									437,038
TOTAL INVESTMENTS (Cost $21,440,020)(b)		100.0	%						22,485,798
NET OTHER ASSETS (LIABILITIES)		0.0	%						(5,837	)
Net Assets applicable to 2,597,198 Shares of Common Stock issued and outstanding		100.0	%					$	22,479,961
Net Asset Value, offering and redemption price per share ($22,479,961 ¸ 2,597,198 Shares)									$8.66

*	The rates presented are the rates in effect at April 30, 2010.
†	REMIC – Real Estate Mortgage Investment Conduit.

(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.
(b)	Represents cost for financial reporting purposes.

See notes to financial statements.

20

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND

STATEMENT OF NET ASSETS

April 30, 2010 (Unaudited)

	Percentage
	of Net
	Assets		Shares		Value
COMMON STOCKS		96.3%
Aerospace & Defense		7.0%
General Dynamics Corp.				30,000	$	2,290,800
United Technologies Corp.				50,000		3,747,500
						6,038,300
Air Freight & Logistics		3.6%
United Parcel Service, Inc.				45,000		3,111,300
Beverages		8.8%
Coca-Cola Co.				70,000		3,741,500
PepsiCo, Inc.				60,000		3,913,200
						7,654,700
Chemicals		1.5%
Praxair, Inc.				15,000		1,256,550
Commercial Banks		3.8%
Wells Fargo & Co.				100,000		3,311,000
Communications Equipment		3.1%
Cisco Systems, Inc.(a)				100,000		2,692,000
Computers & Peripherals		4.5%
International Business Machines Corp.				30,000		3,870,000
Diversified Financial Services		3.2%
American Express Co.				60,000		2,767,200
Food & Staples Retailing		7.6%
Sysco Corp.				90,000		2,838,600
Wal-Mart Stores, Inc.				70,000		3,755,500
						6,594,100
Health Care Equipment & Supplies		5.4%
Becton, Dickinson & Co.				30,000		2,291,100
Medtronic, Inc.				55,000		2,402,950
						4,694,050
Health Care Providers & Services		2.3%
UnitedHealth Group, Inc.				65,000		1,970,150
Hotels, Restaurants & Leisure		4.1%
McDonalds Corp.				50,000		3,529,500
Household Products		4.3%
Proctor & Gamble				60,000		3,729,600

See notes to financial statements.

21

ASSET MANAGEMENT FUND
LARGE CAP EQUITY FUND (concluded)
STATEMENT OF NET ASSETS
April 30, 2010 (Unaudited)

	Percentage
	of Net
	Assets		Shares		Value
Industrial Conglomerates		7.5%
3M Company				35,000	$	3,103,450
General Electric Co.				180,000		3,394,800
						6,498,250
Insurance		4.4%
Berkshire Hathaway, Inc.(a)				33		3,805,725
IT Services		3.3%
Automatic Data Processing				65,000		2,818,400
Oil & Gas Consumable Fuels		7.6%
Chevron Corp.				35,000		2,850,400
Exxon Mobil Corp.				55,000		3,731,750
						6,582,150
Pharmaceuticals		8.0%
Abbott Laboratories				60,000		3,069,600
Johnson & Johnson				60,000		3,858,000
						6,927,600
Software		3.5%
Microsoft Corp.				100,000		3,054,000
Specialty Retail		2.8%
Home Depot				70,000		2,467,500
TOTAL COMMON STOCKS						83,372,075
INVESTMENT COMPANIES		3.7%
Northern Institutional Treasury Portfolio				3,207,498		3,207,498
TOTAL INVESTMENT COMPANIES						3,207,498
TOTAL INVESTMENTS (Cost $65,740,743)(b)		100.0%				86,579,573
NET OTHER ASSETS (LIABILITIES)		0.0%				(26,553	)
Net Assets applicable to 10,707,090 Shares of Common Stock issued and outstanding		100.0%			$	86,553,020
Net Asset Value, Class AMF offering and redemption price per share ($83,646,651 ¸ 10,347,628 Shares)						$8.08
Net Asset Value, Class H offering and redemption price per share ($2,906,369 ¸ 359,462 Shares)						$8.09

(a)	Non-income producing security.
(b)	Represents cost for financial reporting purposes.

See notes to financial statements.

22

ASSET MANAGEMENT FUND

STATEMENTS OF OPERATIONS

For the Six Months Ended April 30, 2010 (Unaudited)

					Ultra						Short						U.S.			Large
	Money				Short			Ultra			U.S.			Intermediate			Government			Cap
	Market				Mortgage			Short			Government			Mortgage			Mortgage			Equity
	Fund				Fund			Fund			Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Interest income	$	11,204			$	16,921,135		$	610,039		$	594,632		$	1,679,707		$	595,158		$	632
Dividend income		—				—			—			—			—			—			928,383
Total investment income		11,204				16,921,135			610,039			594,632			1,679,707			595,158			929,015
Operating expenses:
Investment advisory		16,548		��		1,955,695			44,007			43,297			67,306			29,545			274,096
Distribution — Class AMF Shares		—				—			—			—			—			—			101,970
Distribution — Class I Shares		16,345				1,086,492			24,448			25,978			28,846			17,727			—
Distribution — Class D Shares		813				—			—			—			—			—			—
Administration		6,387				253,795			5,837			10,378			11,487			7,094			23,813
Legal		2,164				88,254			2,020			3,571			3,951			2,429			8,274
Chief Compliance Officer		2,306				99,935			2,277			4,032			4,456			2,748			9,387
Trustees		1,358				54,581			1,255			2,212			2,453			1,506			5,100
Other		7,313				253,116			13,184			35,981			13,157			15,116			81,810
Total expenses before fee reductions		53,234				3,791,868			93,028			125,449			131,656			76,165			504,450
Expenses reduced by Investment Adviser		(39,423	)			(869,203	)		(19,559	)		(13,214	)		(19,230	)		—			(40,600	)
Expenses reduced by Distributor		(10,966	)			(434,593	)		(9,779	)		—			—			—			(14,035	)
Net expenses		2,845				2,488,072			63,690			112,235			112,426			76,165			449,815
Net investment income		8,359				14,433,063			546,349			482,397			1,567,281			518,993			479,200
REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENT ACTIVITIES:
Realized gains (losses) from investment transactions		—				(59,591,397	)		(997,797	)		(5,348,747	)		(320,347	)		(5,546,746	)		818,856
Change in unrealized appreciation (depreciation) on investments		—				67,744,745			674,741			4,877,003			(1,077,583	)		5,092,629			10,043,270
Net realized and unrealized gains (losses) from investment activities		—				8,153,348			(323,056	)		(471,744	)		(1,397,930	)		(454,117	)		10,862,126
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,359			$	22,586,411		$	223,293		$	10,653		$	169,351		$	64,876		$	11,341,326

See notes to financial statements.

23

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ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	Six Months Ended			Year Ended
	April 30, 2010			October 31,
	(Unaudited)			2009
Increase (decrease) in net assets:
Operations:
Net investment income	$	8,359		$	35,042
Change in net assets resulting from operations		8,359			35,042
Dividends paid to stockholders:
From net investment income:
Class I Stockholders		(8,267	)		(26,436	)
Class D Stockholders		(92	)		(8,606	)
Total dividends paid to stockholders		(8,359	)		(35,042	)
Capital Transactions:
Class I Shares:
Proceeds from sale of shares		46,753,267			109,008,107
Value of shares issued to stockholders in reinvestment of dividends		7,580			24,157
Cost of shares repurchased		(46,629,758	)		(120,258,530	)
Class D Shares:
Proceeds from sale of shares		512,535			45,561,153
Value of shares issued to stockholders in reinvestment of dividends		50			1,695
Cost of shares repurchased		(1,509,495	)		(58,697,936	)
Change in net assets from capital transactions		(865,821	)		(24,361,354	)
Change in net assets		(865,821	)		(24,361,354	)
Net Assets:
Beginning of year		22,342,917			46,704,271
End of period	$	21,477,096		$	22,342,917
Accumulated net investment income (losses)	$	—		$	—

See notes to financial statements.

25

ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Ultra Short Mortgage Fund						Ultra Short Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2010			October 31,			April 30, 2010			October 31,
	(Unaudited)			2009			(Unaudited)			2009
Increase (decrease) in net assets:
Operations:
Net investment income	$	14,433,063		$	38,977,216		$	546,349		$	1,794,787
Net realized (losses) from investment transactions		(59,591,397	)		(21,453,817	)		(997,797	)		(3,250,158	)
Change in unrealized appreciation (depreciation) on investments		67,744,745			(31,943,732	)		674,741			(2,648,572	)
Change in net assets resulting from operations		22,586,411			(14,420,333	)		223,293			(4,103,943	)
Dividends paid to stockholders:
From net investment income		(15,175,626	)		(39,660,763	)		(701,671	)		(1,805,958	)
Total dividends paid to stockholders		(15,175,626	)		(39,660,763	)		(701,671	)		(1,805,958	)
Capital Transactions:
Value of shares issued to stockholders in reinvestment of dividends		970,244			5,199,249			16,276			79,245
Value of shares redeemed		(32,257,440	)		(65,146,760	)		(2,263,926	)		(6,071,600	)
Value of in-kind shares redeemed		—			(38,806,947	)		—			(6,732,581	)
Change in net assets from capital transactions		(31,287,196	)		(98,754,458	)		(2,247,650	)		(12,724,936	)
Change in net assets		(23,876,411	)		(152,835,554	)		(2,726,028	)		(18,634,837	)
Net Assets:
Beginning of year		891,744,375			1,044,579,929			21,114,678			39,749,515
End of period	$	867,867,964		$	891,744,375		$	18,388,650		$	21,114,678
Accumulated undistributed net investment income (losses) (distributions in excess of income)	$	(104,363	)	$	638,200		$	(83,451	)	$	71,871

See notes to financial statements.

26

Short U.S. Government Fund							Intermediate Mortgage Fund						U.S. Government Mortgage Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2010			October 31,			April 30, 2010			October 31,			April 30, 2010			October 31,
	(Unaudited)			2009			(Unaudited)			2009			(Unaudited)			2009
	$	482,397		$	1,806,820		$	1,567,281		$	3,882,696		$	518,993		$	1,881,772
		(5,348,747	)		(1,634,145	)		(320,347	)		(16,762,015	)		(5,546,746	)		(5,384,185	)
		4,877,003			2,475,196			(1,077,583	)		1,700,346			5,092,629			4,925,874
		10,653			2,647,871			169,351			(11,178,973	)		64,876			1,423,461
		(496,443	)		(1,776,089	)		(1,580,439	)		(3,868,565	)		(515,451	)		(1,872,169	)
		(496,443	)		(1,776,089	)		(1,580,439	)		(3,868,565	)		(515,451	)		(1,872,169	)
		44,258			424,380			34,718			128,193			27,257			273,685
		(5,645,253	)		(4,828,379	)		(3,532,765	)		(5,459,155	)		(1,723,494	)		(3,038,416	)
		—			(20,371,849	)		—			(18,751,029	)		—			(31,995,150	)
		(5,600,995	)		(24,775,848	)		(3,498,047	)		(24,081,991	)		(1,696,237	)		(34,759,881	)
		(6,086,785	)		(23,904,066	)		(4,909,135	)		(39,129,529	)		(2,146,812	)		(35,208,589	)
		36,630,343			60,534,409			41,109,402			80,238,931			24,626,773			59,835,362
	$	30,543,558		$	36,630,343		$	36,200,267		$	41,109,402		$	22,479,961		$	24,626,773
	$	(1,644	)	$	12,402		$	17,874		$	31,032		$	(4,438	)	$	(7,980	)

27

ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Large Cap Equity Fund
	Six Months Ended			Year Ended
	April 30, 2010			October 31,
	(Unaudited)			2009
Increase (decrease) in net assets:
Operations:
Net investment income	$	479,200		$	867,548
Net realized gains (losses) from investment transactions		818,856			(2,726,424	)
Change in unrealized appreciation (depreciation) on investments		10,043,270			14,067,892
Change in net assets resulting from operations		11,341,326			12,209,016
Dividends paid to stockholders:
From net investment income:
Class AMF Stockholders		(565,403	)		(886,785	)
Class H Stockholders		(22,144	)		(26,983	)
From net realized gains:
Class AMF Shares		—			(774,584	)
Total dividends paid to stockholders		(587,547	)		(1,688,352	)
Capital Transactions:
Class AMF Shares:
Proceeds from sale of shares		507,335			245,000
Value of shares issued due to reorganization					33,578,897
Value of shares issued to stockholders in reinvestment of dividends		399,389			1,024,252
Cost of shares repurchased		(4,329,663	)		(7,482,412	)
Class H Shares:
Proceeds from sale of shares		69,490			186,226
Value of shares issued due to reorganization					2,412,274
Value of shares issued to stockholders in reinvestment of dividends		22,047			24,244
Cost of shares repurchased		(121,916	)		(684,825	)
Change in net assets from capital transactions		(3,453,318	)		29,303,656
Change in net assets		7,300,461			39,824,320
Net Assets:
Beginning of year		79,252,559			39,428,239
End of period	$	86,553,020		$	79,252,559
Accumulated net investment income	$	34,062		$	142,409

See notes to financial statements.

28

ASSET MANAGEMENT FUND

MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended			Year Ended October 31,
	April 30, 2010
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.0004			0.0009			0.0250			0.0512			0.0465			0.0264
Net realized losses from investments		—			—			—			—	(a)		—			—	(a)
Total from investment operations		0.0004			0.0009			0.0250			0.0512			0.0465			0.0264
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.0004	)		(0.0009	)		(0.0250	)		(0.0512	)		(0.0465	)		(0.0264	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.04%	(b)		0.09%			2.53%			5.24%			4.76%			2.68%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	21,477		$	21,342		$	32,568		$	131,720		$	110,021		$	81,311
Ratio of net expenses to average net assets		0.03%	(c)		0.16%			0.20%			0.14%			0.18%			0.17%
Ratio of net investment income to average net assets		0.08%	(c)		0.09%			2.82%			5.12%			4.68%			2.84%
Ratio of expenses to average net assets*		0.48%	(c)		0.61%			0.43%			0.40%			0.43%			0.42%

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	Net realized losses per share were less than $0.00005.
(b)	Not annualized.

(c)  Annualized.

See notes to financial statements.

29

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended			Year Ended October 31,
	April 30, 2010
	(Unaudited)			2009		2008		2007			2006			2005
Net asset value, beginning of period	$	7.33		$	7.72	$	9.62	$	9.68		$	9.69		$	9.83
Income from investment operations:
Net investment income		0.1265			0.3058		0.4290		0.5107			0.4216			0.2706
Net realized and unrealized gains (losses) from investments		0.0602			(0.3855)		(1.9116)		(0.0686	)		0.0041	(a)		(0.0930	)
Total from investment operations		0.1867			(0.0797)		(1.4826)		0.4421			0.4257			0.1776
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.1267	)		(0.3109)		(0.4174)		(0.5021	)		(0.4357	)		(0.3176	)
Change in net asset value		0.06			(0.39)		(1.90)		(0.06	)		(0.01	)		(0.14	)
Net asset value, end of period	$	7.39		$	7.33	$	7.72	$	9.62		$	9.68		$	9.69
Total return		2.57%	(b)		(0.88)%		(15.95)%		4.67%			4.49%			1.83%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	867,868		$	891,744	$	1,044,580	$	2,131,889		$	2,292,373		$	2,674,298
Ratio of net expenses to average net assets		0.57%	(c)		0.60%		0.50%		0.46%			0.46%			0.46%
Ratio of net investment income to average net assets		3.32%	(c)		4.24%		4.71%		5.28%			4.35%			2.80%
Ratio of expenses to average net assets*		0.87%	(c)		0.90%		0.80%		0.76%			0.76%			0.76%
Portfolio turnover rate		26%			56%		35%		59%			83%			63%

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(b)	Not annualized.

(c)  Annualized.

See notes to financial statements.

30

ASSET MANAGEMENT FUND

ULTRA SHORT FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended			Year Ended October 31,
	April 30, 2010
	(Unaudited)			2009		2008		2007			2006			2005
Net asset value, beginning of period	$	5.59		$	6.86	$	9.61	$	9.74		$	9.74		$	9.87
Income from investment operations:
Net investment income		0.1949			0.4179		0.4667		0.5137			0.4462			0.2909
Net realized and unrealized gains (losses) from investments		(0.2954	)		(1.2717)		(2.7462)		(0.1249	)		0.0185			(0.0832	)
Total from investment operations		(0.1005	)		(0.8538)		(2.2795)		0.3888			0.4647			0.2077
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.0195	)		(0.4162)		(0.4705)		(0.5188	)		(0.4647	)		(0.3377	)
Change in net asset value		(0.12	)		(1.27)		(2.75)		(0.13	)		—			(0.13	)
Net asset value, end of period	$	5.47		$	5.59	$	6.86	$	9.61		$	9.74		$	9.74
Total return		1.40%	(a)		(12.45)%		(24.99)%		4.07%			4.88%			2.14%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	18,389		$	21,115	$	39,750	$	195,161		$	204,662		$	231,797
Ratio of net expenses to average net assets		0.65%	(b)		0.67%		0.54%		0.48%			0.48%			0.49%
Ratio of net investment income to average net assets		5.59%	(b)		7.07%		5.16%		5.29%			4.57%			2.99%
Ratio of expenses to average net assets*		0.95%	(b)		0.97%		0.84%		0.78%			0.78%			0.79%
Portfolio turnover rate		6%			10%		32%		36%			89%			36%

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	Not annualized.
(b)	Annualized.

See notes to financial statements.

31

ASSET MANAGEMENT FUND

SHORT U.S. GOVERNMENT FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended			Year Ended October 31,
	April 30, 2010
	(Unaudited)			2009			2008		2007			2006			2005
Net asset value, beginning of period	$	9.49		$	9.28		$	10.35	$	10.37		$	10.37		$	10.61
Income from investment operations:
Net investment income		0.1380			0.3548			0.4301		0.5222			0.4370			0.3421
Net realized and unrealized gains (losses) from investments		(0.1245	)		0.2069			(1.0594)		(0.0232	)		0.0209			(0.2035	)
Total from investment operations:		0.0135			0.5617			(0.6293)		0.4990			0.4579			0.1386
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.1335	)		(0.3517	)		(0.4407)		(0.5190	)		(0.4579	)		(0.3786	)
Change in net asset value		(0.12	)		0.21			(1.07)		(0.02	)		—			(0.24	)
Net asset value, end of period	$	9.37		$	9.49		$	9.28	$	10.35		$	10.37		$	10.37
Total return		0.14%	(a)		6.17%			(6.71)%		4.93%			4.52%			1.33%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	30,544		$	36,630		$	60,534	$	132,727		$	162,250		$	156,322
Ratio of net expenses to average net assets		0.65%	(b)		0.59%			0.53%		0.48%			0.51%			0.50%
Ratio of net investment income to average net assets		2.79%	(b)		3.92%			4.33%		5.04%			4.22%			3.24%
Ratio of expenses to average net assets*		0.72%	(b)		0.62%			0.53%		0.48%			0.51%			0.50%
Portfolio turnover rate		3%			59%			58%		42%			56%			95%

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	Not annualized.
(b)	Annualized.

See notes to financial statements.

32

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended
	April 30, 2010			Year Ended October 31,
	(Unaudited)			2009		2008		2007			2006			2005
Net asset value, beginning of period	$	5.00		$	6.39	$	9.12	$	9.29		$	9.28		$	9.57
Income from investment operations:
Net investment income		0.1977			0.4028		0.4504		0.4810			0.4306			0.3792
Net realized and unrealized gains (losses) from investments		(0.1782	)		(1.3925)		(2.7388)		(0.1774	)		0.0123			(0.2778	)
Total from investment operations		0.0195			(0.9897)		(2.2884)		0.3036			0.4429			0.1014
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.1995	)		(0.4003)		(0.4416)		(0.4736	)		(0.4329	)		(0.3914	)
Change in net asset value		(0.18	)		(1.39)		(2.73)		(0.17	)		0.01			(0.29	)
Net asset value, end of period	$	4.82		$	5.00	$	6.39	$	9.12		$	9.29		$	9.28
Total return		0.41%	(a)		(15.65)%		(25.94)%		3.31%			4.90%			1.07%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	36,200		$	41,109	$	80,239	$	230,076		$	259,106		$	277,961
Ratio of net expenses to average net assets		0.58%	(b)		0.70%		0.51%		0.48%			0.48%			0.48%
Ratio of net investment income to average net assets		8.15%	(b)		7.41%		5.42%		5.19%			4.65%			4.02%
Ratio of expenses to average net assets*		0.68%	(b)		0.80%		0.61%		0.58%			0.58%			0.58%
Portfolio turnover rate		5%			32%		18%		39%			56%			95%

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	Not annualized.
(b)	Annualized.

See notes to financial statements.

33

ASSET MANAGEMENT FUND

U.S. GOVERNMENT MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months
	Ended
	April 30, 2010			Year Ended October 31,
	(Unaudited)			2009			2008		2007			2006			2005
Net asset value, beginning of period	$	8.82		$	8.86		$	10.13	$	10.18		$	10.19		$	10.59
Income from investment operations:
Net investment income		0.1908			0.4225			0.4898		0.5287			0.5038			0.4855
Net realized and unrealized gains (losses) on investments		(0.1615	)		(0.0399	)		(1.2772)		(0.0631	)		(0.0053	)		(0.3880	)
Total from investment operations		0.0293			0.3826			(0.7874)		0.4656			0.4985			0.0975
Less distributions:
Dividends paid to stockholders:
From net investment income		(0.1893	)		(0.4226	)		(0.4826)		(0.5156	)		(0.5085	)		(0.4975	)
Change in net asset value		(0.16	)		(0.04	)		(1.27)		(0.05	)		(0.01	)		(0.40	)
Net asset value, end of period	$	8.66		$	8.82		$	8.86	$	10.13		$	10.18		$	10.19
Total return		0.32%	(a)		4.41%			(8.11)%		4.69%			5.04%			0.92%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	22,480		$	24,627		$	59,835	$	131,070		$	164,088		$	166,048
Ratio of expenses to average net assets		0.64%	(b)		0.68%			0.52%		0.49%			0.48%			0.48%
Ratio of net investment income to average net assets		4.39%	(b)		4.83%			4.96%		5.20%			4.98%			4.66%
Portfolio turnover rate		3%			36%			28%		39%			105%			71%

(a)	Not annualized.
(b)	Annualized.

See notes to financial statements.

34

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND — CLASS AMF SHARES

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months							Ten Months
	Ended							Ended
	April 30, 2010			Year Ended October 31,				October 31,			Year Ended December 31,
	(Unaudited)			2009		2008		2007*			2006		2005		2004
Net asset value, beginning of period	$	7.11		$	6.89	$	10.47	$	10.01		$	9.77	$	10.56	$	10.61
Income (Loss) from operations:
Net investment income		0.06			0.09		0.09		0.05			0.01		0.01		0.05
Net realized and unrealized gains (losses) from investments		0.96			0.37		(2.57)		0.46			1.35		(0.29)		0.50
Total from investment operations		1.02			0.46		(2.48)		0.51			1.36		(0.28)		0.55
Less Distributions:
Dividends paid to stockholders:
From net investment income		(0.05	)		(0.10)		(0.12)		(0.05	)		(0.02)		(0.01)		(0.05	)
From net realized gains on investments		—			(0.14)		(0.98)		—			(1.10)		(0.50)		(0.55	)
Tax return of capital		—			—		—		—			—(a)		—		—
Total distributions		(0.05	)		(0.24)		(1.10)		(0.05	)		(1.12)		(0.51)		(0.60	)
Change in net asset value		0.97			0.22		(3.58)		0.46			0.24		(0.79)		(0.05	)
Net asset value, end of period	$	8.08		$	7.11	$	6.89	$	10.47		$	10.01	$	9.77	$	10.56
Total return		14.42%	(b)		7.16%		(26.23)%		5.11%	(b)		13.83%		(2.70)%		5.16%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	83,647		$	76,669	$	39,428	$	57,461		$	66,161	$	83,632	$	91,059
Ratio of net expenses to average net assets		1.07%	(c)		1.24%		0.97%		1.18%	(c)		1.68%		1.44%		1.20%
Ratio of net investment income to average net assets		1.13%	(c)		1.39%		1.08%		0.60%	(c)		0.09%		0.11%		0.46%
Ratio of expenses to average net assets**		1.20%	(c)		1.45%		1.07%		1.27%	(c)		—		—		—
Portfolio turnover rate		4%			14%		14%		13%			10%		23%		14%

  *  In connection with the reorganization of the AMF Large Cap Equity Institutional Fund, Inc. (the Predecessor Fund) into the Large Cap Equity Fund on January 8, 2007, the Net Asset Value (NAV) of the Predecessor Fund changed to $10.00 per share. Shareholders received the number of shares of Large Cap Equity Fund equal in value to the number of shares held in the Predecessor Fund. The amounts presented prior to this date have been restated to reflect the change in NAV during the reorganization.

**	During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.
(a)	Distributions per share were less than $0.005.
(b)	Not annualized.
(c)	Annualized.

See notes to financial statements.

35

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND — CLASS H SHARES

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	Six Months			Period
	Ended			Ended
	April 30, 2010			October 31,
	(Unaudited)			2009(a)
Net asset value, beginning of period	$	7.11		$	5.52
Income (Loss) from operations:
Net investment income		0.06			0.07
Net realized and unrealized gains (losses) from investments		0.98			1.59
Total from investment operations		1.04			1.66
Less Distributions:
Dividends paid to stockholders:
From net investment income		(0.06	)		(0.07	)
Change in net asset value		0.98			1.59
Net asset value, end of period	$	8.09		$	7.11
Total return		14.69%	(b)		30.22%	(b)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	2,906		$	2,584
Ratio of net expenses to average net assets		0.85%	(c)		0.90%	(c)
Ratio of net investment income to average net assets		1.36%	(c)		1.56%	(c)
Ratio of expenses to average net assets*		0.95%	(c)		1.05%	(c)
Portfolio turnover rate		4%			14%	(d)

  *  During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated.

(a)	For the period February 20, 2009 (commencement of operations) through October 31, 2009.
(b)	Not annualized.
(c)	Annualized.
(d)	The portfolio turnover rate represents the full year period of November 1, 2008 through October 31, 2009.

See notes to financial statements.

36

ASSET MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

APRIL 30, 2010 (Unaudited)

Asset Management Fund (the “Trust”) was reorganized as a Delaware statutory trust on September 30, 1999, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management company. As of April 30, 2010, the Trust is authorized to issue an unlimited number of shares in seven separate series: the Money Market Fund, the Ultra Short Mortgage Fund, the Ultra Short Fund, the Short U.S. Government Fund, the Intermediate Mortgage Fund, the U.S. Government Mortgage Fund and the Large Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds”). Each of the Funds, except the Large Cap Equity Fund, offer a single class of shares. The Large Cap Equity Fund is authorized to sell two classes of shares, Class AMF Shares and Class H Shares. Class AMF and Class H Shares of the Large Cap Equity Fund have the same rights and obligations except (i) Class AMF Shares bear a distribution fee, while Class H Shares do not have a distribution fee, which will cause Class AMF Shares to have a higher expense ratio and to pay lower dividends than those related to Class H Shares; (ii) other expenses, which are determined to properly apply to one class of shares upon approval by the Board of Trustees, will be borne solely by the class to which such expenses are attributable; and (iii) each class will have exclusive voting rights with respect to the matters relating to its own distribution arrangements.

As of April 30, 2010, all of the Funds except the Money Market Fund, Short U.S. Government Fund, U.S. Government Fund, and the Large Cap Equity Fund are closed to new investors and additional purchases by existing shareholders, however, additional shares may still be issued to shareholders in reinvestment of dividends for all Funds.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund. However, based on experience, the Trust expects the risk of loss to be remote. The Trust maintains an insurance policy which insures its officers and trustees against certain liabilities.

A. Significant accounting policies are as follows:

SECURITY VALUATION

Money Market Fund:

Fund securities are valued under the amortized cost method as allowed by Rule 2a-7 under the 1940 Act, which approximates current market value. Under this method, securities are valued at cost when purchased and thereafter a constant accretion / amortization rate of any discount or premium is recorded until maturity of the security as long as the calculation approximates fair value. The Fund seeks to maintain a net asset value per share (“NAV”) at $1.00.

Ultra Short Mortgage Fund, Ultra Short Fund, Short U.S. Government Fund, Intermediate Mortgage Fund and U.S. Government Mortgage Fund:

The Funds’ debt securities (except short-term debt instruments maturing within 60 days which are valued at amortized cost) are valued at market quotations or values obtained from independent pricing services approved by the Board of Trustees. The Board of Trustees has authorized one or more pricing services with respect to various asset classes of securities held by the Funds. Pricing services may use various techniques to value securities which take in account a variety of factors including yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, including broker quotes. If a pricing service is unable to provide valuations for a particular security or securities, or the Adviser determined that such valuations are unreliable, the funds will fair value the securities pursuant to the Board approved proprietary fair valuation methodology of the Adviser.

Within the fair value pricing methodology used by the Adviser, among the more specific factors that are

37

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

considered in determining the fair value of investments in debt instruments are: (1) information obtained with respect to market transactions in such securities or comparable securities; (2) the price and extent of public trading in similar securities of the issuer or comparable securities; (3) the fundamental analytical data relating to the investment; (4) quotations from broker/dealers, yields, maturities, ratings and various relationships between securities; and (5) evaluation of the forces which influence the market in which these securities are purchased and sold. The fair valuation process also takes into consideration factors such as interest rate changes, movements in credit spreads, default rate assumptions, prepayment assumptions, type and quality of collateral, and security seasoning. Imprecision in estimating fair value can impact the amount of unrealized appreciation or depreciation recorded for a particular security, and differences in the assumptions used could result in a different determination of fair value and those differences could be material.

Fair value pricing, including prices obtained from pricing services is inherently a process of estimates and judgments. When determining the fair value of the Funds’ investments, additional consideration is given to those assets or liabilities that have experienced a decrease in the volume or level of activity or have identified circumstances that indicate that a transaction is not orderly. Fair value prices established by a Fund may fluctuate to a greater degree than securities for which market quotes are readily available and may differ materially from the value that might be realized upon the sale of the security. There can be no assurance that a Fund could purchase or sell a portfolio of investments at the fair value price used to calculate the Fund’s NAV. In addition, changes in the value of portfolio investments priced at fair value may be less frequent and of greater magnitude than changes in the price of securities that trade frequently in the marketplace, resulting in potentially greater NAV volatility.

While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values at the time of pricing, the Trust cannot ensure that fair value prices would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security, particularly in a forced or distressed sale.

Short-term debt instruments of sufficient credit quality maturing within 60 days of the valuation date will be valued at amortized cost, which approximates market value.

Large Cap Equity Fund:

Securities traded on the NASDAQ National Market System are valued at the official closing price as reported by NASDAQ. Securities traded on national exchanges are valued at the last reported sale price on the exchange where the security is principally traded. In the case of over-the-counter securities, securities are valued at the mean between closing bid and asked prices as of the close of regular trading on the New York Stock Exchange (normally 4:00 PM Eastern time). Open-end mutual fund investments are valued at their most recently calculated net asset value. Closed-end funds are valued at their market values based upon the latest available sale price on the exchange where the security is principally traded. Short-term debt instruments of sufficient credit quality maturing within 60 days of the valuation date are valued at amortized cost, which approximates market value. Securities for which (i) quotations are not readily available, or (ii) are determined by the Adviser not to reflect their fair market value are valued at fair value as determined in good faith by the Valuation Committee under the direction of the Board of Trustees.

The Funds have a three-tier fair value hierarchy and is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

•  Level 1 — quoted prices in active markets for identical assets

38

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

•  Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

	Level 1 -		Level 2 -		Level 3 -
	Quoted		Other Significant		Significant
Portfolio	Prices		Observable Inputs		Unobservable Inputs		Total
Money Market Fund
Repurchase Agreements	$	—	$	21,433,000	$	—	$	21,433,000
Investment Companies		8,272		—		—		8,272
Total Investments								21,441,272
Ultra Short Mortgage Fund
U.S. Government Agency Mortgages		—		662,994,736		—		662,994,736
Non-Agency Mortgage Related Securities		—		159,182,455		—		159,182,455
Repurchase Agreements		—		54,992,000		—		54,992,000
Investment Companies		808		—		—		808
Total Investments								877,169,999
Ultra Short Fund
U.S. Government Agency Mortgages		—		9,210,322		—		9,210,322
Non-Agency Mortgage Related Securities		—		7,163,646		—		7,163,646
U.S. Government Obligations				700,959				700,959
Repurchase Agreements		—		1,291,000		—		1,291,000
Investment Companies		318		—		—		318
Total Investments								18,366,245
Short U.S. Government Fund
U.S. Government Agency Mortgages		—		28,016,720		—		28,016,720
Repurchase Agreements		—		2,515,000		—		2,515,000
Investment Companies		643		—		—		643
Total Investments								30,532,363
Intermediate Mortgage Fund
U.S. Government Agency Mortgages		—		21,227,863		—		21,227,863
Non-Agency Mortgage Related Securities		—		13,745,900		—		13,745,900
Repurchase Agreements		—		1,246,000		—		1,246,000
Investment Companies		247		—		—		247
Total Investments								36,220,010

39

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

	Level 1 -		Level 2 -		Level 3 -
	Quoted		Other Significant		Significant
Portfolio	Prices		Observable Inputs		Unobservable Inputs		Total
U.S. Government Mortgage Fund
U.S. Government Agency Mortgages	$	—	$	21,567,734	$	—	$	21,567,734
U.S. Government Agencies		—		481,026		—		481,026
Investment Companies		437,038		—		—		437,038
Total Investments								22,485,798
Large Cap Equity Fund
Common Stocks		83,372,075		—		—		83,372,075
Investment Companies		3,207,498		—		—		3,207,498
Total Investments							$	86,579,573

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Ultra Short Mortgage Fund			Ultra Short Fund			Short U.S. Government Fund
	Investments in			Investments in			Investments in
	Mortgage Non-Agency			Mortgage Non-Agency			Mortgage Non-Agency
	Related			Related			Related
	Securities			Securities			Securities
Balance as of 10/31/2009	$	263,887,470		$	10,169,129		$	1,986,770
Realized Gain/(Loss)		(60,594,307	)		(1,109,085	)		(5,363,404	)
Accrued Accretion/(Amortization)		802,925			57,683
Change in Unrealized Appreciation/ (Depreciation)*		68,234,756			599,725			4,828,756
Net Purchase/(Sales)		(115,118,588	)		(2,553,805	)		(1,452,122	)
Transfers In/(Out) of Level 3		(157,212,256	)		(7,163,647	)
Balance as of 04/30/2010	$	—		$	—		$	—

	Intermediate Mortgage Fund			U.S. Government Mortgage Fund
	Investments in			Investments in
	Mortgage Non-Agency			Mortgage Non-Agency
	Related			Related
	Securities			Securities
Balance as of 10/31/2009	$	15,771,742		$	983,816
Realized Gain/(Loss)		312,125			(5,546,209	)
Accrued Accretion/(Amortization)		186,664			8,101
Change in Unrealized Appreciation/(Depreciation)*
Net Purchase/(Sales)		(1,796,255	)		5,086,062
Transfers In/(Out) of Level 3		(1,209,403	)		(531,770	)
Balance as of 04/30/2010		(13,264,873	)		—
	$	—		$	—

*  Changes in unrealized appreciation/(depreciation) related to assets still held at reporting date.

40

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

Liquidity and Valuation of Certain Securities

Instability in the markets for fixed income securities, particularly non-agency mortgage-backed securities, has affected and is expected to continue to affect the liquidity and valuation of such securities.

As a result, certain segments of the non-agency market have experienced significantly diminished liquidity and valuations and are currently illiquid. In addition, other segments of the non-agency market have experienced diminished liquidity and valuations and may be illiquid.

As of April 30, 2010, the respective Funds’ holdings of non-agency mortgage-backed securities were:

Ultra Short Mortgage Fund	18.1%
Ultra Short Fund	39.0%
Intermediate Mortgage Fund	38.0%

The current market instability has made it more difficult to obtain market quotations on many of the Funds’ portfolio securities. The value and related income of these securities are sensitive to changes in economic conditions, particularly changes in the housing market (e.g., housing prices, mortgage delinquencies and/or defaults). Deteriorating fundamentals in the U.S. housing market and heightened concerns about credit quality within the residential mortgage-backed securities market have adversely impacted the valuation of securities held by the Funds and resulted in increased volatility of the values of securities held by the Funds. Certain holdings of the Funds have also experienced material downgrades in their credit ratings by one or more nationally recognized statistical rating organizations (Moody’s, Standard & Poors, Fitch, etc.) as a result of these deteriorating housing fundamentals. Further deterioration in the housing industry could adversely impact a Fund’s NAV, future performance and liquidity.

Under current market conditions many of the Funds’ portfolio securities (particularly those in certain segments of the non-agency market) may be deemed to be illiquid. Illiquid securities are generally those that cannot be sold or disposed of in an orderly fashion within five business days at approximately the prices at which they are valued. This may result in illiquid securities being disposed of at a price different from the recorded value since the market price of illiquid securities generally is more volatile than that of more liquid securities. This illiquidity of portfolio securities may result in the Funds incurring greater losses on the sale of some portfolio securities than under more stable market conditions. Such losses could adversely impact the Funds’ net asset values per share.

Redemption-In-Kind Policy

Pursuant to the First Amended and Restated Declaration of Trust, the Funds have reserved the right to effect in-kind redemptions when the Board of Trustees determines that it is in the best interest of the Funds to do so. In light of market conditions resulting from the credit crisis, the Funds (other than the Money Market Fund, Short U.S. Government Fund, U.S. Government Mortgage Fund, and the Large Cap Equity Fund) have activated the redemption-in-kind policy. Pursuant to an election made by the Funds pursuant to rule 18f-1 under the 1940 act, it is the policy of the Funds to effect redemption requests in an amount up to $250,000 over a ninety day period in cash. Redemptions in excess of this amount may be effected in-kind.

Realized gains and losses on redemptions in-kind are recognized for financial reporting purposes, but are not considered to be realized for federal income tax purposes. There were no in-kind redemptions for the period ended April 30, 2010.

Recent Accounting Pronouncements

On January 21, 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”). ASU 2010-06 amends ASC 820, Fair Value Measurements and Disclosures (formerly FASB Statement No. 157). Specifically, ASU 2010-06 requires entities to disclose

41

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

a) the amounts of significant transfers between Level 1 and Level 2 of the fair value hierarchy and the reasons for these transfers, b) the reasons for any transfers in or out of Level 3 and c) information in the reconciliation of recurring Level 3 measurements about purchases, sales, issuances and settlements on a gross basis. In addition, ASU 2010-06 clarifies the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. Except for the requirement to disclose information about purchases, sales, issuances and settlements in the reconciliation of recurring Level 3 measurements on a gross basis, all ASU 2010-06 disclosure requirements are effective for financial statements issued for interim and annual reporting periods beginning after December 15, 2009. The requirement to separately disclose purchases, sales, issuances and settlements of recurring Level 3 measurements is effective for financial statements issued for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU 2010-06 and the impact it will have to the Funds’ financial disclosures.

REPURCHASE AGREEMENTS

Obligations of the U.S. Government or other obligations that are not subject to any investment limitation on the part of national banks may be purchased from government securities dealers or the custodian bank, subject to the seller’s agreement to repurchase them at an agreed upon date and price. The value of collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. If the counter-party defaults, and the fair value of the collateral declines, realization of the collateral by Funds may be delayed or limited.

SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED-DELIVERY BASIS

Each Fund, except the Money Market Fund, may purchase securities on a when-issued or delayed-delivery basis. In when-issued transactions, securities are bought or sold during the period between the announcement of an offering and the issuance and payment date of the securities. When securities are purchased on a delayed-delivery basis, the price of the securities is fixed at the time the commitment to purchase is made, but settlement may take place at a future date. By the time of delivery, securities purchased on a when-issued or delayed-delivery basis may be valued at less than the purchase price. At the time when-issued or delayed-delivery securities are purchased, the Fund must set aside funds in a segregated account to pay for the purchase, and until acquisition, the Fund will not earn any income on the securities that it purchased. As of April 30, 2010, the Funds did not hold any securities purchased on a when-issued or delayed-delivery basis.

DIVIDENDS TO SHAREHOLDERS

Money Market Fund, Ultra Short Mortgage Fund, Ultra Short Fund, Short U.S. Government Fund, Intermediate Mortgage Fund and U.S. Government Mortgage Fund:

Dividends from net investment income are declared daily and paid monthly. Net short-term and long-term capital gains, if any, are declared and paid annually.

Large Cap Equity Fund:

Dividends from net investment income are declared and paid quarterly. Net short-term and long-term capital gains, if any, are declared and paid annually.

Distributions from net investment income and from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These

42

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

“book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., reclass of dividend distribution and return of capital), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as distributions of capital.

FEDERAL TAXES

No provision is made for Federal income taxes as it is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Uncertain tax positions must be recognized, measured, presented and disclosed in the financial statements. An evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns has occurred to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has reviewed the open tax years for 2007, 2008 and 2009, and has made the determination that there are no positions that will have an impact on the financial statements.

MANAGEMENT ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

INVESTMENT TRANSACTIONS AND RELATED INCOME

Investment transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, investment transactions are reported on trade date on the last business day of the reporting period. Interest income is recorded on the accrual basis, amortization and accretion is recognized based on the anticipated effective maturity date, and the cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Paydown gains and losses on mortgage- and asset-backed securities are recorded as interest income.

B. Fees and transactions with affiliates were as follows:

Shay Assets Management, Inc. (SAMI) serves the Trust as investment adviser (the “Adviser”). David Adamson is the President of SAMI. The Adviser is a wholly-owned subsidiary of Shay Investment Services, Inc. (SISI). SISI is controlled by Rodger D. Shay, the Chairman of the Board of Trustees of the Trust, and Rodger D. Shay, Jr., a member of the Board of Trustees and President of Shay Financial Services, Inc. (SFSI), also a wholly-owned subsidiary of SISI.

As compensation for investment advisory services, the Funds pay an investment advisory fee monthly based upon an annual percentage of the average daily net assets of each Fund as follows:

The investment advisory fee rate for the Money Market Fund is 0.15% of the first $500 million, 0.125% of the next $500 million, and 0.10% of net assets in excess of $1 billion. The Adviser voluntarily waived a portion of its fee so that the Fund paid 0.05% of average daily net assets for the period ended April 30, 2010. In addition the Adviser voluntarily reimbursed fund level expenses of $27,431 and class specific distribution expenses in Class I and

43

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

Class D in the amount of $16,345 and $813, respectively, during the period ended April 30, 2010.

The investment advisory fee rate for the Ultra Short Mortgage Fund is 0.45% of the first $3 billion, 0.35% of the next $2 billion, and 0.25% of net assets in excess of $5 billion. The Adviser voluntarily waived a portion of its fee so that the Fund paid 0.25% of average daily net assets for the period ended April 30, 2010.

The investment advisory fee rate for the Ultra Short Fund is 0.45% of the average daily net assets. The Adviser voluntarily waived a portion of its fee so that the Fund paid 0.25% of average daily net assets for the period ended April 30, 2010.

The investment advisory fee rate for each of the Short U.S. Government Fund and the U.S. Government Mortgage Fund, computed separately, is 0.25% of the first $500 million, 0.175% of the next $500 million, 0.125% of the next $500 million, and 0.10% of net assets in excess of $1.5 billion. For the Short U.S. Government Fund, the Adviser reimbursed Fund level expenses in the amount of $13,214 during the period ended April 30, 2010.

The investment advisory fee rate for the Intermediate Mortgage Fund is 0.35% of the first $500 million, 0.275% of the next $500 million, 0.20% of the next $500 million, and 0.10% of net assets in excess of $1.5 billion. The Adviser voluntarily waived a portion of its fee so that the Fund paid 0.25% of average daily net assets for the period ended April 30, 2010.

The investment advisory fee rate for the Large Cap Equity Fund is 0.65% of the first $250 million and 0.55% for assets over $250 million. The Adviser reimbursed Fund level expenses in the amount of $40,600 during the period ended April 30, 2010. In addition the Adviser voluntarily reimbursed distribution expenses in the amount of $14,035, during the period ended April 30, 2010.

The Adviser has contractually agreed to reduce its advisory fees charged to the Money Market Fund, the Short U.S. Government Fund, the Intermediate Mortgage Fund and the U.S. Government Mortgage Fund, for a period of one year beginning on March 1, 2010, to the extent that the ratio of operating expenses to average daily net assets of each Fund exceeds 0.75%.

SFSI serves the Trust as distributor (the “Distributor”). The Distributor is a wholly-owned subsidiary of SISI.

As compensation for distribution services, the Trust pays the Distributor a distribution fee monthly in accordance with the distribution plan adopted by the Trust, pursuant to Rule 12b-1 under the 1940 Act, based upon an annual percentage of the average daily net assets of each Fund as follows:

The distribution fee rate for each of the Money Market Fund Class I Shares and Short U.S. Government Fund is based upon an annual percentage of the combined average daily net assets of both funds and is as follows: 0.15% of the first $500 million, 0.125% of the next $500 million, 0.10% of the next $1 billion, and 0.075% of combined net assets in excess of $2 billion. The fee is allocated between the two Funds based on their relative average net assets. The Distributor voluntarily waived a portion of its 12b-1 fee for the Class I Shares of the Money Market Fund so that the Fund paid an amount equal to 0.05% of average daily net assets for the period ended April 30, 2010. The Money Market Fund Class I distribution fee waivers amounted to $10,897 for the period ended April 30, 2010.

The distribution fee rate for each of the Ultra Short Mortgage Fund and the Ultra Short Fund, computed separately, is 0.25% of average daily net assets. The Distributor voluntarily waived a portion of its fee so that the Ultra Short Mortgage Fund and the Ultra Short Fund paid an amount equal to 0.15% of average daily net assets for the period ended April 30, 2010.

The distribution fee rate for each of the Intermediate Mortgage Fund and the U.S. Government Mortgage Fund, computed separately, is as follows:

44

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

0.15% of the first $500 million, 0.125% of the next $500 million, 0.10% of the next $500 million, and 0.075% of net assets in excess of $1.5 billion.

The distribution fee rate for the Large Cap Equity Fund Class AMF Shares is 0.25% of average daily net assets. The Distributor waived a portion of its fee so that the Large Cap Equity Fund Class AMF Shares paid an amount equal to 0.22% of average daily net assets for the period ended April 30, 2010. The Large Cap Equity Fund Class AMF distribution fee waivers amounted to $14,035 for the year ended April 30, 2010. The Large Cap Equity Fund Class H Shares does not have a distribution fee.

Effective November 1, 2009, The Northern Trust Company (“Northern Trust”), 50 South LaSalle Street, Chicago, Illinois 60603, has served as the Trust’s custodian, financial administrator and fund accountant with respect to each Fund. Effective November, 20, 2009, Northern Trust has served as the transfer agent to the Funds.

Northern Trust and the Trust have entered into a Custody Agreement (“Custody Agreement”), pursuant to which Northern Trust serves as the Trust’s custodian with respect to the Funds and, among other things, will maintain custody of the Funds’ cash and securities. In addition, Northern Trust is the financial administrator and fund accountant for the Trust. Pursuant to the terms of the Fund Administration and Accounting Services Agreement between the Trust and Northern Trust (the “Fund Accounting Agreement”), Northern Trust provides various administrative and fund accounting services to the Funds, which include (i) computing each Fund’s net asset value for purposes of the sale and redemption of its shares, (ii) computing each Fund’s dividend payables, (iii) preparing certain periodic reports and statements, and (iv) maintaining the general ledger accounting records for each Fund.

Pursuant to the terms of the transfer agency agreement between the Trust and Northern Trust (the “Transfer Agency Agreement”), Northern Trust provides various transfer agency services to the Funds, including, but not limited to, (i) processing shareholder purchase and redemption requests, (ii) processing dividend payments and (iii) maintaining shareholder account records.

As compensation for its services under the Custody Agreement, Transfer Agency Agreement and the Fund Accounting Agreement, the Trust has agreed to pay Northern Trust a fee of $680,000 for the aggregate services, with no charge for normal out-of-pocket expenses related to routine activities for the first two years of service. For the third year of service the Trust has agreed to pay Northern Trust a fee of $680,000 for the aggregate services, with the Funds being responsible for any normal out-of-pocket expenses in excess of $200,000.

Effective November 1, 2009, the Trust also entered into a compliance services agreement with Beacon Hill Fund Services, Inc. (“Beacon Hill”). Pursuant to the terms of the Compliance Services Agreement, Beacon Hill makes available an individual to serve as the Trust’s chief compliance officer. The chief compliance officer is responsible for administering the Trust’s compliance policies and procedures and annually reviewing the compliance policies and procedures of the Trust and the Trust’s service providers in accordance with Rule 38a-1 under the 1940 Act. As compensation for the services to each Fund rendered by Beacon Hill under the compliance services agreement, the Trust has agreed to pay Beacon Hill an annual fee of $115,000 plus out-of-pocket expenses.

The Trust has also entered into an agreement with Beacon Hill to provide governance and regulatory oversight services to the Trust. Under the terms of this agreement, Beacon Hill will provide the chief financial officer, perform and coordinate Fund governance and regulatory oversight activities of the Trust, including but not limited to, monitoring activities of its third party service providers, coordinating and filing amendments to the Trust’s registration statement and financial filings,

45

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

preparing and distributing material for board meetings and maintaining all books and records as required by the federal securities laws.

As compensation for its services under the agreement, the Trust has agreed to pay Beacon Hill a fee at an annual rate of 0.02% of the average daily assets of the Trust for the first $1 billion and 0.15% of the average daily assets for assets in excess of $1 billion, with a minimum annual fee of $150,000, plus out-of-pocket expenses.

C. Transactions in shares of the Funds for the six months ended April 30, 2010 and the year ended October 31, 2009 were as follows:

	Money Market Fund
	Six Months Ended			Year Ended
	April 30, 2010			October 31, 2009
Share transactions Class I:
Sale of shares		46,755,588			109,008,107
Shares issued to stockholders in reinvestment of dividends		7,579			24,157
Shares repurchased		(46,625,421	)		(120,258,530	)
Net (decrease)		137,746			(11,226,266	)
Shares Outstanding
Beginning of year		21,353,621			32,579,887
End of period		21,491,367			21,353,621
Share transactions Class D*:
Sale of shares		512,535			45,561,153
Shares issued to stockholders in reinvestment of dividends		49			1,695
Shares repurchased		(1,513,831	)		(58,697,936	)
Net (decrease)		(1,001,247	)		(13,135,088	)
Shares Outstanding
Beginning of year		1,001,247			14,136,335
End of period		—			1,001,247

 *  Share class was liquidated on December 31, 2009.

46

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

	Ultra Short Mortgage Fund						Ultra Short Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2010			October 31, 2009			April 30, 2010			October 31, 2009
Share transactions:
Sale of shares		—			—			—			—
Shares issued to stockholders in reinvestment of dividends		132,439			718,582			2,986			13,314
Shares repurchased		(4,408,574	)		(8,938,630	)		(415,109	)		(1,025,596	)
In-Kind shares repurchased		—			(5,389,432	)		—			(1,003,009	)
Net (decrease)		(4,276,135	)		(13,609,480	)		(412,123	)		(2,015,291	)
Shares Outstanding
Beginning of year		121,660,836			135,270,316			3,776,382			5,791,673
End of period		117,384,701			121,660,836			3,364,259			3,776,382

	Short U.S. Government Fund						Intermediate Mortgage Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2010			October 31, 2009			April 30, 2010			October 31, 2009
Share transactions:
Sale of shares		—			—			—			—
Shares issued to stockholders in reinvestment of dividends		4,705			45,343			7,112			24,030
Shares repurchased		(603,569	)		(441,546	)		(725,242	)		(1,033,356	)
In-Kind shares repurchased		—			(2,266,709	)		—			(3,311,911	)
Net (decrease)		(598,864	)		(2,662,912	)		(718,130	)		(4,321,237	)
Shares Outstanding
Beginning of year		3,859,113			6,522,025			8,230,088			12,551,325
End of period		3,260,249			3,859,113			7,511,958			8,230,088

47

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

	U.S. Government Mortgage Fund
	Six Months Ended			Year Ended
	April 30, 2010			October 31, 2009
Share transactions:
Sale of shares		—			—
Shares issued to stockholders in reinvestment of dividends		3,112			30,948
Shares repurchased		(197,961	)		(242,355	)
In-Kind shares repurchased		—			(3,749,962	)
Net (decrease)		(194,849	)		(3,961,369	)
Shares Outstanding
Beginning of period		2,792,047			6,753,416
End of period		2,597,198			2,792,047

	Large Cap Equity Fund
	Six Months Ended			Year Ended
	April 30, 2010			October 31, 2008
Share transactions Class AMF:
Sale of shares		65,681			38,698
Shares issued due to reorganization					6,081,016
Shares issued to stockholders in reinvestment of dividends		51,189			164,096
Shares repurchased		(552,703	)		(1,224,487	)
Net increase		(435,833	)		5,059,323
Shares Outstanding
Beginning of year		10,783,461			5,724,138
End of period		10,347,628			10,783,461
Share transactions Class H:*
Sale of shares		8,978			28,866
Shares issued due to reorganization		—			436,856
Shares issued to stockholders in reinvestment of dividends		2,825			3,764
Shares repurchased		(15,683	)		(106,144	)
Net increase		(3,880	)		363,342
Shares Outstanding
Beginning of period		363,342			—
End of period		359,462			363,342

 *  Large Cap Equity Fund Class H Shares commenced operations on February 20, 2009.

48

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

D. At April 30, 2010 Net Assets consisted of the following:

				Ultra						Short						U.S.			Large
	Money			Short			Ultra			U.S.			Intermediate			Government			Cap
	Market			Mortgage			Short			Government			Mortgage			Mortgage			Equity
	Fund			Fund			Fund			Fund			Fund			Fund			Fund
Capital	$	21,658,945		$	1,268,338,562		$	50,210,120		$	39,349,738		$	91,679,321		$	34,621,739		$	68,446,645
Accumulated net investment income/(loss)		—			(104,363	)		(83,451	)		(1,644	)		17,874			(4,438	)		34,062
Accumulated net realized gain/(loss)		(181,849	)		(172,404,965	)		(13,984,533	)		(9,600,993	)		(19,548,923	)		(13,183,118	)		(2,766,517	)
Net unrealized appreciation/(depreciation) of investments		—			(227,961,270	)		(17,753,486	)		796,457			(35,948,005	)		1,045,778			20,838,830
Net Assets	$	21,477,096		$	867,867,964		$	13,388,650		$	30,543,558		$	36,200,267		$	22,479,961		$	86,553,020

E.   At April 30, 2010, liabilities for the Funds included:

			Ultra				Short				U.S.		Large
	Money		Short		Ultra		U.S.		Intermediate		Government		Cap
	Market		Mortgage		Short		Government		Mortgage		Mortgage		Equity
	Fund		Fund		Fund		Fund		Fund		Fund		Fund
Income distribution payable	$	1,540	$	2,400,052	$	108,704	$	60,735	$	256,763	$	66,163	$	—
Investment Advisory fees payable		4,087		319,516		6,813		6,490		10,459		4,601		46,430
Administration fees payable		1,051		51,740		1,235		2,024		2,321		1,249		4,719
Distribution fees payable		2,295		177,508		3,785		3,894		4,483		2,761		17,258
Capital shares redeemed payable		—		3,984		4		—		5,254		—		60
Securities purchased payable		—		9,816,009		—		—		—		—		—
Accrued expenses and other payables		16,541		357,164		15,125		29,906		20,677		12,660		66,275

F. For the period ended April 30, 2010, purchases and sales of securities, other than short-term investments and U.S. Government securities, were as follows:

	Ultra				Short				U.S.		Large
	Short		Ultra		U.S.		Intermediate		Government		Cap
	Mortgage		Short		Government		Mortgage		Mortgage		Equity
	Fund		Fund		Fund		Fund		Fund		Fund
Purchases	$	—	$	—	$	—	$	—	$	—	$	3,228,477
Sales		113,782,943		2,553,805		1,452,123		1,209,403		531,769		7,447,567

For the period ended April 30, 2010, purchases and sales of U.S. Government securities, other than short-term investments, were as follows:

					Short				U.S.
	Ultra Short		Ultra		U.S.		Intermediate		Government
	Mortgage		Short		Government		Mortgage		Mortgage
	Fund		Fund		Fund		Fund		Fund
Purchases	$	214,677,873	$	1,046,945	$	895,625	$	1,827,564	$	740,362
Sales		131,797,812		1,194,090		4,906,022		2,546,450		1,115,568

49

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

G. FEDERAL INCOME TAX INFORMATION:

The tax characteristics of distributions paid to shareholders during the years ended October 31, 2009 and 2008 were as follows:

	Distributions paid from		Total Taxable		Total Distributions
2009	Ordinary Income		Distributions		Paid*
Money Market Fund	$	38,242	$	38,242	$	38,242
Ultra Short Mortgage Fund		40,713,271		40,713,271		40,713,271
Ultra Short Fund		1,887,522		1,887,522		1,887,522
Short U.S. Government Fund		1,842,735		1,842,735		1,842,735
Intermediate Mortgage Fund		4,048,373		4,048,373		4,048,373
U.S. Government Mortgage Fund		2,023,861		2,023,861		2,023,861

	Distributions paid from		Total Taxable		Total Distributions
2008	Ordinary Income		Distributions		Paid*
Money Market Fund	$	5,439,293	$	5,439,293	$	5,439,293
Ultra Short Mortgage Fund		82,186,692		82,186,692		82,186,692
Ultra Short Fund		7,202,634		7,202,634		7,202,634
Short U.S. Government Fund		5,095,794		5,095,794		5,095,794
Intermediate Mortgage Fund		8,943,448		8,943,448		8,943,448
U.S. Government Mortgage Fund		4,843,018		4,843,018		4,843,018

*  Total distributions paid differ from the Statement of Changes in Net Assets because dividends are recognized when actually paid for federal income tax purposes.

The tax characteristics of distributions paid to shareholders during the years ended October 31, 2009 and 2008 for the Large Cap Equity Fund were as follows:

	Distributions paid from		Net Long		Total Taxable		Tax Return of		Total Distributions
2009	Ordinary Income		Term Gains		Distributions		Capital		Paid
Large Cap Equity Fund	$	929,687	$	758,665	$	1,688,352	$	—	$	1,688,352

	Distributions paid from		Net Long		Total Taxable		Tax Return of		Total Distributions
2008	Ordinary Income		Term Gains		Distributions		Capital		Paid
Large Cap Equity Fund	$	680,847	$	5,389,677	$	6,070,524	$	—	$	6,070,524

50

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

At April 30, 2010, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:

								Net Unrealized
			Tax Unrealized		Tax Unrealized			Appreciation/
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
AMF Money Market Fund	$	21,433,000	$	—	$	—		$	—
AMF Ultra Short Mortgage Fund		1,105,130,462		10,297,233		(238,258,503	)		(227,961,270	)
AMF Ultra Short Fund		36,119,413		147,204		(17,900,690	)		(17,753,486	)
AMF Short U.S. Government Fund		29,735,263		796,457		—			796,457
AMF Intermediate Mortgage Fund		72,167,768		803,787		(36,751,792	)		(35,948,005	)
AMF U.S. Government Mortgage Fund		21,002,982		1,098,486		(52,708	)		1,045,778
AMF Large Cap Equity Fund		62,533,245		24,637,281		(3,798,451	)		20,838,830

As of October 31, 2009, the components of accumulated earnings/(deficit) on a tax basis were as follows:

			Undistributed													Total
	Undistributed		Long Term							Accumulated			Unrealized			Accumulated
	Ordinary		Capital		Accumulated		Distributions			Capital and			Appreciation/			Earnings
	Income		Gains		Earnings		Payable			Other Losses			(Depreciation)			(Deficit)
Money Market Fund	$	249	$	—	$	249	$	(249	)	$	(181,849	)	$	—		$	(181,849	)
Ultra Short Mortgage Fund		3,258,127		—		3,258,127		(2,619,927	)		(112,797,116	)		(295,722,467	)		(407,881,383	)
Ultra Short Fund		197,453		—		197,453		(125,582	)		(12,986,736	)		(18,428,227	)		(31,343,092	)
Short U.S. Government Fund		101,435		—		101,435		(89,033	)		(4,252,246	)		(4,080,546	)		(8,320,390	)
Intermediate Mortgage Fund		304,496		—		304,496		(273,464	)		(19,228,576	)		(34,870,422	)		(54,067,966	)
U.S. Government Mortgage Fund		84,863		—		84,863		(92,843	)		(7,636,372	)		(4,046,851	)		(11,691,203	)
Large Cap Equity Fund		142,409		—		142,409		—			(3,585,373	)		10,795,560			7,352,596

51

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

At October 31, 2009, the following Funds had capital loss carry-forwards available to offset future net capital gains through the indicated expiration dates:

Fund	Amount		Expires		Amount		Expires
Money Market Fund	$	181,035		2011	$	407		2015
Money Market Fund		407		2013
Ultra Short Mortgage Fund		2,995,058		2010		13,969,341		2014
Ultra Short Mortgage Fund		33,378,700		2011		1,808,482		2015
Ultra Short Mortgage Fund		24,633,492		2012		7,491,105		2016
Ultra Short Mortgage Fund		19,172,685		2013		9,348,253		2017
Ultra Short Fund		1,342,312		2010		1,784,218		2014
Ultra Short Fund		1,849,300		2011		1,128,003		2015
Ultra Short Fund		1,616,100		2012		3,451,774		2016
Ultra Short Fund		1,507,357		2013		307,672		2017
Short U.S. Government Fund		137,446		2012		357,577		2015
Short U.S. Government Fund		1,805,629		2013
Short U.S. Government Fund		880,563		2014		1,071,031		2016
Intermediate Mortgage Fund		312,894		2010		2,863,116		2014
Intermediate Mortgage Fund		3,013,622		2011		1,013,863		2015
Intermediate Mortgage Fund		2,261,965		2012		2,299,353		2016
Intermediate Mortgage Fund		1,821,864		2013		5,641,899		2017
U.S. Government Mortgage Fund		47,849		2010		3,057,928		2014
U.S. Government Mortgage Fund		1,808,782		2011
U.S. Government Mortgage Fund		2,721,813		2012
Large Cap Equity Fund		784,948		2015		2,726,446*		2017
Large Cap Equity Fund		73,979		2016

 * A portion of the capital loss carryover is subject to limitations under section 382 of the Internal Revenue Code, and is available to the extent allowed by tax law to offset future net capital gain, if any.

To the extent that these carry-forwards are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. During the year ended October 31, 2009, the Short U.S. Government Fund and U.S. Government Mortgage Fund had net capital loss carry-forward amounts expire of $856,959 and $133,681, respectively.

Dividends and distributions are determined in accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for deferral of losses on wash sales. To the extent these differences are permanent, adjustments are made to the appropriate components of net assets in the period that these differences arise.

Investment Adviser and Distributor Legal Proceedings

On or about January 21, 2009, Shay Financial Services, Inc. was named in an arbitration proceeding involving Premier Pacific Bank. The allegations generally allege disclosure and suitability failures.

On or about March 10, 2010, Shay Financial Services, Inc., Rodger D. Shay and Rodger D. Shay, Jr. were named as respondents in a FINRA arbitration proceeding initiated by Cross County Federal Savings Bank, which alleged that the respondents committed fraud and made unsuitable investment recommendations and material misrepresentations. Claimant is seeking rescissionary damages of approximately $26 million, together with punitive damages, attorneys fees, costs and interest.

52

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
APRIL 30, 2010 (Unaudited)

During February and March 2010, Prudential Savings Bank, Stonebridge Bank, First Star Bank, Phoenixville Federal Bank and Trust, First Keystone Bank and First Bucks Corporation initiated legal action in two venues. A lawsuit in the Circuit Court of Cook County Illinois was filed on February 23, 2010 against Shay Assets Management, Inc. In addition, on or about March 16, 2010, Shay Financial Services, Inc., Rodger D. Shay and Rodger D. Shay, Jr. were named as respondents in a FINRA arbitration proceeding. In both matters, claimants allege various claims generally relating to the liquidity and valuation of mortgage related securities including common law fraud, aiding and abetting common law fraud, breach of fiduciary duty, negligent misrepresentation and negligence. Claimants are seeking damages of approximately $28 million, together with punitive damages, attorneys fees, costs and interest.

There is no assurance that additional legal actions arising out of these circumstances will not be filed against Shay Assets Management, Inc., Shay Financial Services, Inc., Rodger D. Shay and/or Rodger D. Shay, Jr.

The Adviser and Distributor are unable to predict the potential range of monetary exposure, if any, but believe the claims asserted in each of the above-referenced actions are without merit and each intends to vigorously defend itself against all actions. However, an unfavorable result could have a material adverse effect on the Adviser and the Distributor.

H. SUBSEQUENT EVENTS

Management has evaluated subsequent events through June 29, 2010, the date of this filing and has concluded that there are no recognized or non recognized subsequent events relevant for financial statement disclosure.

53

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION

APRIL 30, 2010 (Unaudited)

Disclosure Regarding Annual Review of Asset Management Fund’s Investment Advisory Agreements

The Board of Trustees of Asset Management Fund (the “Trust”) approved the renewal of the investment advisory agreement for each series of the Trust, (each, a “Fund” and collectively, the “Funds”) with the Funds’ investment adviser, Shay Assets Management, Inc. (the “Investment Adviser”), at a meeting on January 29-30, 2010. In considering renewal of the investment advisory agreements (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”), the Board of Trustees (the “Board”) received a recommendation from the Independent Trustees for the renewal of each Investment Advisory Agreement.

In preparation for their review process, the Independent Trustees met with the Trust’s counsel and discussed the type and nature of information to be provided and sent a formal request for information to the Investment Adviser. The Investment Adviser provided information in response to the request. Among other information, the Independent Trustees reviewed materials to assess the services provided by the Investment Adviser, information comparing the performance, investment advisory fees and expense ratios of each Fund to other mutual funds, and information about the profitability of the Investment Advisory Agreements to the Investment Adviser, economies of scale and fall-out benefits to the Investment Adviser and its affiliates as a result of its relationship with the Funds. The Independent Trustees also received a memorandum from Trust counsel advising them of their duties and responsibilities in connection with the review of the Investment Advisory Agreements. In considering renewal of the Investment Advisory Agreements, the Independent Trustees met independently of management and of the interested Trustees to review and discuss materials received from the Investment Adviser and Trust counsel. The Independent Trustees noted that the Board also received regular information throughout the year regarding the performance and operating results of each Fund. Based upon the information reviewed and their accumulated experience as Board members in working with the Investment Adviser and overseeing the Funds, the Independent Trustees determined to recommend renewal of the Investment Advisory Agreements.

Based upon the recommendation from the Independent Trustees as well as its own review, the Board concluded that it was in the best interest of each Fund to continue the Investment Advisory Agreement for each Fund. In reaching this conclusion for each Fund, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together.

Nature, Quality and Extent of Services.  The Board considered the nature, quality and extent of services provided under the Investment Advisory Agreements. The Board reviewed the experience and skills of senior management and the investment management team. The Board also considered the Investment Adviser’s ability to manage investments that met the special needs of the shareholders of the Funds. The Board considered the impact of the financial crisis that began in 2008, and the Investment Adviser’s capabilities with respect to the types of securities in which certain of the Funds are invested. The Board also considered the compliance program established by the Investment Adviser and the level of compliance attained by the Investment Adviser. The Board additionally considered the portfolio securities valuation oversight provided by the Investment Adviser.

Investment Performance.  The Board reviewed each Fund’s investment performance for the one-year, three- and five-year periods ended November 30,

54

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

2009 and compared this information to the performance of a peer group of funds in the same Morningstar category based on information and data provided by the Trust’s administrator based upon Morningstar, Inc. data. The Board also reviewed comparative performance for the one-, five- and ten-year periods ended October 31, 2009, as applicable, compared to peer groups determined by Lipper Inc. and appropriate market indices. The Board considered whether investment results were consistent with a Fund’s investment objective and policies and noted that the Funds (other than the Ultra Short Fund and the Large Cap Equity Fund) limit their investments and investment techniques in order to qualify for investment without specific statutory limitation by national banks, federal savings associations and federal credit unions under current applicable federal regulations while the peer group of funds for the most part are not subject to such limitations. For the fixed income Funds, the Board noted the underperformance of the Funds relative to both their peer groups and market indices and noted that such underperformance was more significant in more recent periods. The Board considered the extraordinary market circumstances that began in 2008 and their disproportionate affect on these Funds. In particular the Board considered that the underperformance of these Funds was the result of the Funds’ holdings in private label mortgage-backed securities whose value and liquidity were more severely impacted by market conditions. The Board also took into account the Investment Adviser’s adherence to its investment style, the nature of the securities held by the Funds and the analysis necessary to manage the portfolios in light of challenging market conditions and the Investment Adviser’s depth with respect to the types of securities held by the Funds. The Board also considered the increased efforts and resources that were necessary to manage valuation, liquidity and other challenges presented by market conditions in effect during the period, as well the additional efforts and resources necessary to respond to increased shareholder requests. For the Money Market Fund, the Board reviewed the performance of the Class I Shares, which was compared to the Morningstar U.S. Money Market Funds Taxable category. In reviewing the performance of the Money Market Fund, the Board noted the impact of the size of the fund on performance. With respect to the Large Cap Equity Fund, the Board noted that the Fund had performed consistent with its investment strategy, which results in better relative performance in a down market, with lower relative returns during an upside market. The Board noted the Fund’s first quartile performance for the three-year period ending November 30, 2009, and that as of October 31, 2009, the Fund had performed above or approximately at its benchmark index for each of the one-, five- and ten-year periods. The Board also noted the Large Cap Equity Fund’s four-star Morningstar ranking.

On the basis of this evaluation and its ongoing review of investment results, the Board concluded that the Funds were best served by continuing to employ the Investment Adviser to manage the assets of the Funds.

Fees and Expenses.  The Board reviewed each Fund’s contractual investment advisory fees and actual total expense ratios. The Board received information, based upon Morningstar, Inc. data comparing each Fund’s contractual investment advisory fee and actual total expense ratio to the contractual investment advisory fees and actual total expense ratios of funds in a peer group based upon asset size and in the peer universe. The information provided to the Board showed that each Fund’s contractual investment advisory fee, with the exception of the Ultra Short Fund and Ultra Short Mortgage Fund, which were subject to substantial fee waivers, were in the top two quartiles of the Morningstar peer group and peer universe. The information also showed that for each Fund the actual total expense ratio, taking into account fee waivers, was in the first quartile of the Morningstar peer group and peer universe. The Board concluded that the contractual advisory fees for Ultra Short Fund and Ultra Short Mortgage Fund are within a reasonable range of the peer group average and

55

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

median. The Board received information on fee waivers and/or reimbursements and noted that all of the Funds, other than the Short U.S. Government Fund and U.S. Government Mortgage Fund, are currently benefiting from fee waivers. The Board noted that historically the Investment Adviser has waived fees consistent with the current waiver levels, and the Investment Adviser indicated its intention to continue such waivers with respect to the fixed income Funds. On the basis of all information provided, the Board concluded that the investment advisory fees charged by the Investment Adviser for managing each Fund were reasonable and appropriate in light of the nature, quality and extent of services provided by the Investment Adviser.

Profitability.  The Board considered certain financial information related to the costs and profitability of the Investment Adviser’s Investment Advisory Agreements with the Funds. The Board also received the financial statements of the Investment Adviser and its parent company, Shay Investment Services, Inc., for various periods. Based upon the information provided, the Board concluded that the profits realized by the Investment Adviser in connection with the management of the Funds were not unreasonable.

Economies of Scale.  The Board considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale through breakpoints in fees or otherwise. The Board noted that the current fee structure is comprised of breakpoints for each Fund except for the Ultra Short Fund. The Board concluded that, given the size of the Ultra Short Fund, breakpoints were not necessary at this time. The Board also considered whether the investment advisory fee rate for each Fund is reasonable in relation to the size of such Fund. The Board concluded that the investment advisory fee schedule reflects an appropriate level of sharing of any economies of scale.

Other Benefits to the Investment Adviser.  The Board also considered the character and amount of other incidental benefits received by the Investment Adviser and its affiliate, Shay Financial Services, Inc., which acts as the Trust’s Distributor, as a result of the Investment Adviser’s relationship with the Funds. The Board considered payments under the Funds’ Rule 12b-1 Plan to the Distributor and noted that the Distributor reported a net loss on distribution services provided to the Trust during the fiscal year ended October 31, 2009. The Board considered the advantage that the Distributor’s knowledge of its clients’ circumstances offers the Funds, and the increased shareholder services being provided under current market conditions. The Board noted that the Distributor does not execute portfolio transactions on behalf of the Funds. The Board also considered that the Investment Adviser does not use brokerage of the Funds to obtain third party research.

Conclusion.  Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Investment Advisory Agreements continue to be fair and reasonable and that continuance of the Investment Advisory Agreements is in the best interests of each Fund.

56

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

A. SECURITY ALLOCATION

MONEY MARKET FUND

	Percentage of
Security Allocation	Net Assets
Repurchase Agreements		99.8	%
Total		99.8	%

ULTRA SHORT MORTGAGE FUND

	Percentage of
Security Allocation	Net Assets
Adjustable Rate Mortgage-Related Securities		47.2	%
Fixed Rate Mortgage-Related Securities		43.2	%
Repurchase Agreements		6.3	%
U.S. Government Obligations		3.7	%
U.S. Government Agency Securities		0.7	%
Total		101.1	%

ULTRA SHORT FUND

	Percentage of
Security Allocation	Net Assets
Adjustable Rate Mortgage-Related Securities		76.1	%
Fixed Rate Mortgage-Related Securities		13.0	%
Repurchase Agreements		7.0	%
U.S. Government Obligations		3.8	%
Investment Companies		0.0	%
Total		99.9	%

SHORT U.S. GOVERNMENT FUND

	Percentage of
Security Allocation	Net Assets
Fixed Rate Mortgage-Related Securities		46.1	%
Adjustable Rate Mortgage-Related Securities		45.6	%
Repurchase Agreements		8.3	%
Total		100.0	%

57

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

INTERMEDIATE MORTGAGE FUND

	Percentage of
Security Allocation	Net Assets
Fixed Rate Mortgage-Related Securities		69.8	%
Adjustable Rate Mortgage-Related Securities		25.5	%
Repurchase Agreements		3.5	%
U.S. Government Agency Securities		1.3	%
Total		100.1	%

U.S. GOVERNMENT MORTGAGE FUND

	Percentage of
Security Allocation	Net Assets
Fixed Rate Mortgage-Related Securities		83.4	%
Adjustable Rate Mortgage-Related Securities		12.6	%
U.S. Government Agency Securities		2.1	%
Investment Companies		1.9	%
Total		100.0	%

LARGE CAP EQUITY FUND

	Percentage of
Security Allocation	Net Assets
Common Stocks		96.3	%
Investment Companies		3.7	%
Total		100.0	%

58

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

B. EXPENSE COMPARISON:

As a shareholder of the Funds, you incur ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2009 through April 30, 2010.

ACTUAL EXPENSES

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning		Ending Account		Expense Paid		Expense Ratio
		Account Value		Value		During Period*		During Period**
		11/1/09		4/30/10		11/1/09 - 4/30/10		11/1/09 - 4/30/10
Money Market Fund		$	1,000.00	$	1,000.40	$	0.15		0.03	%
Ultra Short Mortgage Fund			1,000.00		1,025.70		2.86		0.57	%
Ultra Short Fund			1,000.00		1,014.00		3.25		0.65	%
Short U.S. Government Fund			1,000.00		1,001.40		3.23		0.65	%
Intermediate Mortgage Fund			1,000.00		1,004.10		2.88		0.58	%
U.S. Government Mortgage Fund			1,000.00		1,003.20		3.18		0.64	%
Large Cap Equity Fund	Class AMF		1,000.00		1,144.20		5.69		1.07	%
	Class H		1,000.00		1,146.90		4.52		0.85	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized

59

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)
APRIL 30, 2010 (Unaudited)

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning		Ending Account		Expense Paid		Expense Ratio
		Account Value		Value		During Period*		During Period**
		11/1/09		4/30/10		11/1/09 - 4/30/10		11/1/09 - 4/30/10
Money Market Fund		$	1,000.00	$	1,024.65	$	0.15		0.03	%
Ultra Short Mortgage Fund			1,000.00		1,021.97		2.86		0.57	%
Ultra Short Fund			1,000.00		1,021.57		3.26		0.65	%
Short U.S. Government Fund			1,000.00		1,021.57		3.26		0.65	%
Intermediate Mortgage Fund			1,000.00		1,021.92		2.91		0.58	%
U.S. Government Mortgage Fund			1,000.00		1,021.62		3.21		0.64	%
Large Cap Equity Fund	Class AMF		1,000.00		1,019.49		5.36		1.07	%
	Class H		1,000.00		1,020.58		4.26		0.85	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized

60

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (concluded)

APRIL 30, 2010 (Unaudited)

C. OTHER INFORMATION:

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-527-3713; and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-527-3713; and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

A complete schedule of each Fund’s portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the Securities and Exchange Commission on Form N-Q and is available on the Securities and Exchange Commission’s website at http://www.sec.gov. In addition, the schedules may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request, by calling 800-527-3713.

61

DISTRIBUTOR

Shay Financial Services, Inc.

230 West Monroe Street, Suite 2810

Chicago, IL 60606

INVESTMENT ADVISER

Shay Assets Management, Inc.

230 West Monroe Street, Suite 2810

Chicago, IL 60606

ADMINISTRATOR, TRANSFER AGENT, AND DIVIDEND AGENT

Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

LEGAL COUNSEL

Vedder Price, P.C.

222 North LaSalle Street

Chicago, IL 60601

CUSTODIAN

Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

PricewaterhouseCoopers LLP

41 South High Street

Columbus, OH 43215

Item 2. Code of Ethics.

Not applicable in Semi-Annual report filing.

Item 3. Audit Committee Financial Expert.

Not applicable in Semi-Annual report filing.

Item 4. Principal Accountant Fees and Services.

Not applicable in Semi-Annual report filing.

Item 5. Audit Committee of Listed Companies.

Not applicable.

Item 6. Schedule of Investments.

(a)(1) The Schedule is included as part of the report to Shareholders, filed under Item 1 of this Form.

(b)(2) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as

conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications required by Item 12(a) of Form N-CSR are filed herewith.
(a)(3)	Not applicable.
(b)	Certification required by Item 12(b) of Form N-CSR is filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Asset Management Fund

By (Signature and Title)
 

/s/ Trent M. Statczar  

Trent M. Statczar 

Treasurer and Chief Financial Officer 

Date: July 7, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)
 

/s/ Rodger D. Shay, Jr.  

Rodger D. Shay, Jr. 

President 

Date: July 7, 2010

By (Signature and Title)
 

/s/ Trent M. Statczar  

Trent M. Statczar 

Treasurer and Chief Financial Officer 

Date: July 7, 2010