Asset Management Fund NCSR Certified 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: 10/31/10

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.

ANNUAL REPORT

October 31, 2010

CHAIRMAN’S LETTER

The Asset Management Fund (“AMF” and each series, a “Fund”) family of no load institutional mutual Funds is pleased to present shareholders the 2010 Annual Report.

In 2010, global economies and financial markets began to regain their footing after two years of rolling financial crisis. Some of the unprecedented support provided to financial markets by the U.S. government and Federal Reserve System has been withdrawn, replaced by normally functioning markets. Equity and fixed income market prices have rebounded, and economic activity is slowly but consistently improving.

However, financial markets remain vulnerable until the tepid economic recovery gains more momentum. The western banking system still suffers from the legacy of bad lending decisions from the middle of the decade. Governments, including many large U.S. states, are suffering from structural budget deficits which limit their flexibility to use fiscal policy creatively and pro-actively. The Federal Reserve’s Quantitative Easing strategy to lower interest rates, while not eliminating the high levels of nominal debt in the economy, has allowed debtholders to lower debt service costs while simultaneously lengthening debt maturities. In fact, by 2011 U.S. households debt service costs will reach levels, not seen since the late 1990’s. While successful so far, the exit strategy for quantitative easing creates some sticky issues and potential conflicts of interest which the Fed has never had to deal with before. And the residential housing market, where all of these problems started, remains mired in a long and painful workout.

Given that housing remains several years away from a full recovery, we expect that interest rates will be kept at relatively low rates for the foreseeable future. While the weak housing market will limit supply of mortgage-backed securities (“MBS”), we also expect that government reform of FHLMC and FNMA will reduce demand from these institutions, and government agency MBS will be a steady and attractive source of incremental yield. With the fixed income Funds increasing their focus on these securities, we continue to look to maximize shareholder value while vigilantly managing risk exposures.

Rodger D. Shay

Chairman

Asset Management Fund

The report has been prepared to provide information to the shareholders of the Funds and must be proceeded or accompanied by a prospectus. It is not to be construed as an offering to sell or buy any shares of the Funds. Such an offering is made only by the prospectus. You may obtain a current copy of the Prospectus by calling 1-800-527-3713 of at AMF’s website (www.amffunds.com). Investors should consider the investment objectives, risks, and expenses of the Funds before investing. Read the prospectus carefully before you invest. Like all Mutual Funds, the Funds are not FDIC insured, may lose value and have no bank guarantee.

MARKET OVERVIEW

October 31, 2010

Many of us are taught that markets move swiftly and efficiently. They capture economic and financial data, distill the appropriate variables, and transfer this information into securities prices. Arguably, our Internet-driven global economy should allow these processes to move even more rapidly and precisely than ever, since information has become more accessible, measureable, and democratic.

However, the events of the past few years seem to deny the claims of market efficiency. Clearly, the financial and economic lows over the past few years have tested the capacity of investors, households, and governments to respond appropriately to rejuvenate the economic landscape. Perhaps this period has been so “out-of-the-box” that the markets have been unable to understand the impact of their actions. The slow motion unwind of years of financial market and banking problems is a powerful juxtaposition to our assumption of market efficiency and sophistication in the wired age.

The securitization market is the obvious case study in this question of market efficiency, informational transparency, and the power of investors to accurately balance risk and return. Market efficiency presupposes accurate data inputs and properly incented economic players so that investment decisions can be made rationally. As the financial markets, regulators, and lawmakers grapple with restructuring the securitization market, capital remains relatively scarce in the residential mortgage markets. Housing affordability, for example, has been extremely high throughout 2010, but new and secondary home sales have languished due to extremely tight bank lending standards, high levels of unemployment, and excess housing supply. Lending standards are unlikely to normalize until all of the regulatory issues surrounding securitization are revamped.

That means banking regulators need to complete their work required by the Dodd-Frank bill to provide guidance to securitization rules; investors and underwriters need to work with finance industry regulators to revamp the information provided to investors so they can accurately measure mortgage loan performance; rating agencies need to determine how they price their services and how they interact with the market; and Congress and the regulators of FHLMC, FNMA, and GNMA (“the GSEs”) must determine how they will restructure these critical institutions. In other words, there is a great deal of work to be done before a robust securitization market emerges. Until these time-consuming negotiations are complete, the residential housing market will suffer from a lack of capital. Our view is that by the end of 2011, these issues will be substantially resolved, allowing for the rebirth of the securitization market for residential mortgage loans as non-bank capital providers enter the market.

As a result of these issues, the GSEs have dominated the securitization market in 2010, accounting for over 90% of residential mortgage loan originations. The GSEs are working to improve market transparency, setting the standard for the market. They are also required to shrink their balance sheets at a rate of 10% per annum, eliminating one of the traditional sources of demand for mortgage-backed securities. At the same time, the Fed’s massive purchase of securities, or quantitative easing, has recently focused exclusively on Treasury securities. This has resulted in a widening of spreads on agency mortgage-backed securities relative to Treasury securities, providing compelling opportunities to own agency mortgage-backed securities. We believe that prepayment risk is relatively muted given the lack of mortgage credit detailed above. We expect that these factors will remain favorable for the next few quarters.

Portfolio composition is subject to change.

Past performance is not predictive of future results. Investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

MARKET OVERVIEW
October 31, 2010

As noted, mortgage loan delinquency rates continue to be unsustainably high. Total loans seriously delinquent peaked at 10.1% in March 2010 and has been declining slowly since then. Servicers have been slow to deal with delinquent borrowers for a number of reasons, and the volume of distressed properties does not bode well for home prices over the next twelve months even though housing affordability is quite high. After a year of extraordinary support from the Federal Reserve and federal government provided to financial and housing markets in 2009, the government has reduced its direct support without systematic failure. While no single government program to support the mortgage markets can be called an unequivocal success, between HAMP, HARP, PPIP, and other programs, the secondary mortgage and MBS markets are in substantially better shape today than in 2009. One wildcard is the employment situation, which is slowly improving and could accelerate the overall improvement in mortgage credit and support housing prices.

We believe that the post-crisis mortgage and housing markets that emerge will be stronger, saner, and better capitalized. Loan underwriting standards are undoubtedly higher and new financial regulations, while potentially slowing the economic recovery, haven’t strangled it. In the U.S., industrial production, employment, and consumer spending have improved over the past year, but the pace of the recovery has been agonizingly slow.

Portfolio composition is subject to change.

ASSET MANAGEMENT FUND REVIEW

October 31, 2010

During this fiscal year, the AMF fixed income Funds have sought to reposition their portfolios to improve liquidity and quality. As conditions in the MBS markets improved in terms of both liquidity and valuations, the Funds began to sell private label MBS that had been downgraded below the Funds’ quality standards for purchase. All such downgraded holdings had been sold as of the date of this report. We are happy to report that all AMF Funds are open for daily subscriptions and have resumed cash redemptions and have been repositioned in a manner which we believe is in each Fund’s best interest.

AMF Ultra Short Mortgage Fund

The Fund was ranked in the 90th percentile of its Morningstar peer group for the one-year period ended October 31, 2009. With the recovery in the economy and financial markets, the valuation of many private label mortgage-backed securities (mainly those originally rated AAA) improved considerably throughout the year, and this improvement in price was the key driver of performance in 2010. Securities which were downgraded below Fund eligibility levels for purchase were liquidated throughout the year, particularly towards the end of the fiscal year. The Fund re-opened for subscriptions and resumed full cash redemptions as of October 1, 2010. Given the outlook for relatively stable interest rates and short-term rates at historical lows, the Fund increased its allocation to fixed rate securities. Interest rate risks were kept at exposures typical for the Fund, although the larger position in fixed rate assets results in relatively more interest rate risk if market rates rise. The Fund also increased its exposure to government agency MBS with higher coupons that are backed by loans which the adviser believes have limited refinancing capacity. With the heightened involvement of the FDIC in the liquidation of failed bank assets, the Fund also purchased several securities backed by a variety of mortgage assets but wrapped by the full faith and credit guaranty of the FDIC. Finally, the Fund’s investment guidelines were adjusted to limit new purchases to U.S. government and U.S. government agency securities. The Fund was ranked in the 11^th percentile of its Morningstar peer group for the one-year period ended October 31, 2010.

AMF Ultra Short Fund

The Fund was ranked in the 99th percentile of its Morningstar peer group for the one-year period ended October 31, 2009. While the price of many private label mortgage-backed securities improved throughout 2010, the Fund held securities with greater performance and cashflow uncertainty due to heightened credit risk, and these holdings did not appreciate in a similar fashion. Securities that were downgraded below Fund eligibility levels for purchase were liquidated throughout the year, particularly towards the end of the fiscal year. The Fund re-opened for subscriptions and resumed full cash redemptions as of October 1, 2010. Given the outlook for relatively stable interest rates and short-term rates at historical lows, the Fund purchased more fixed rate securities than usual. Interest rate risks were kept at exposures typical for the Fund, although the larger position in fixed rate assets results in relatively more interest rate risk than normal if market rates rise. The Fund also increased its exposure to government agency MBS with higher coupons that are backed by loans which the adviser believes have limited refinancing capacity. The Fund was ranked in the 100^th percentile of its Morningstar peer group for the one-year period ended October 31, 2010.

Portfolio composition is subject to change.

ASSET MANAGEMENT FUND REVIEW
October 31, 2010

AMF Short U.S. Government Fund

The Fund was ranked in the 44th percentile of its Morningstar peer group for the one-year period ended October 31, 2009. While the prices of many private label mortgage-backed securities improved throughout 2010, the Fund held securities with greater performance and cashflow uncertainty due to heightened credit risk, and these holdings did not appreciate in a similar fashion. Securities that were downgraded below Fund eligibility levels for purchase were liquidated throughout the year, and the Fund re-opened for subscriptions and resumed full cash redemptions as of March 8, 2010. As of May 8^th, 2010, the Fund has invested exclusively in investments issued or guaranteed by the U.S. Government or issued or guaranteed by U.S. Government agencies or instrumentalities. Given the outlook for relatively stable interest rates and short term rates at historical lows, the Fund purchased more fixed rate securities than usual. Interest rate risks were kept at exposures typical for the Fund, although the larger position in fixed rate assets results in relatively more interest rate risk than normal if market rates rise. With the heightened involvement of the FDIC in the liquidation of failed bank assets, the Fund also purchased a security backed by a variety of mortgage assets but wrapped by the full faith and credit guaranty of the FDIC. The Fund was ranked in the 76^th percentile of its Morningstar peer group for the one-year period ended October 31, 2010.

AMF Intermediate Mortgage Fund

The Fund was ranked in the 99th percentile of its Morningstar peer group for the one-year period ended October 31, 2009. While the prices of many private label mortgage-backed securities improved throughout 2010, the Fund held securities with greater performance and cashflow uncertainty due to heightened credit risk, and these holdings did not appreciate in a similar fashion. Securities that were downgraded below Fund eligibility levels for purchase were liquidated throughout the year, particularly towards the end of the fiscal year. The Fund re-opened for subscriptions and resumed redemptions as of October 1, 2010. Given the outlook for relatively stable interest rates but with interest rates at historical low levels, the Fund kept interest rate exposure at moderate levels. With the heightened involvement of the FDIC in the liquidation of failed bank assets, the Fund also purchased several securities backed by a variety of mortgage assets but wrapped by the full faith and credit guaranty of the FDIC. The Fund was ranked in the 100^th percentile of its Morningstar peer group for the one-year period ended October 31, 2010.

AMF U.S. Government Mortgage Fund

The Fund was ranked in the 96th percentile of its Morningstar peer group for the one-year period ended October 31, 2009. While the prices of many private label mortgage-backed securities improved throughout 2010, the Fund held securities with greater performance and cashflow uncertainty due to heightened credit risk, and these holdings did not appreciate in a similar fashion. Securities that were downgraded below Fund eligibility levels for purchase were liquidated throughout the year, and the Fund re-opened for subscriptions and resumed full cash redemptions as of March 8, 2010. As of May 8^th, 2010, the Fund adopted a policy of investing exclusively in mortgage-related investments issued or guaranteed by the U.S. Government or issued or guaranteed by U.S. Government agencies or instrumentalities under normal circumstances. Given the

Portfolio composition is subject to change.

ASSET MANAGEMENT FUND REVIEW
October 31, 2010

outlook for relatively stable interest rates but with interest rates at historical low levels, the Fund kept interest rate exposure at moderate levels. With the heightened involvement of the FDIC in the liquidation of failed bank assets, the Fund also purchased several securities backed by a variety of mortgage assets but wrapped by the full faith and credit guaranty of the FDIC. The Fund was ranked in the 98^th percentile of its Morningstar peer group for the one-year period ended October 31, 2010.

Portfolio composition is subject to change.

AMF LARGE CAP EQUITY FUND REVIEW

October 31, 2010

During the one-year period ending October 31, 2010, the AMF Large Cap Equity Fund (Class AMF) produced a total return of 13.35%. Total return figures for the benchmark indices were 15.61% for the Morningstar Large Capitalization Blend Average and 16.59% for the Standard & Poor’s 500 Index for the same period. Total return assumes the reinvestment of all dividends and capital gains and the deduction of all applicable fees and expenses.

During the past year, the domestic economy has shown signs of improvement, albeit tepid. Gross Domestic Product (GDP) growth turned positive in late 2009 and has remained so in quarters since. Industrial activity and retail sales have both improved from very weak levels during the depth of the recession. The unemployment rate peaked near 10% in 2009, and has remained stubbornly high at more than 9.5%. The housing market continues to remain under significant pressure. Understandably, consumer confidence continues to be very weak, although slightly improved from its worst levels. Inflation has remained subdued as businesses have refrained from price increases even though many input costs have risen. Interest rates also continued to remain at historically low levels, as the Federal Reserve is pulling all of its available levers in order to stimulate economic activity.

The stock market, as might be expected during such uncertain times, reacted swiftly to any changes to the economic outlook provided by various economic statistics as they were published. In the first half of the one-year period ending October 31, 2010, the stock market rose to its highest level of the period in April as the economy showed early signs of notable improvement. Shortly thereafter, with stalling GDP growth, persistently high levels of unemployment and continued stress in the housing market, the fear of a double-dip recession increased and the markets’ gains evaporated by mid-summer. The Federal Reserve subsequently indicated that it would begin purchasing additional amounts of Treasury securities to further stimulate the economy. This, coupled with some additional glimmers of improvement in the economy, sparked a late summer stock market rally that brought the market close to its earlier highs achieved in April. We continue to believe that the economic recovery will remain subdued until such time as unemployment levels, consumer confidence and household balance sheets improve.

The AMF Large Cap Equity Fund’s investment philosophy focuses on investing in high quality large capitalization stocks. These companies typically have lower risk attributes due to their consistency of earnings and dividends. This investment approach results in the Fund having a higher concentration in sectors of the market that are less sensitive to the economy and a lower concentration in sectors more sensitive to the economy. During rapidly rising markets, it is often those sectors most sensitive to the economy that benefit most, while during falling markets those least sensitive to the economy tend to outperform. The relative performance of the Fund throughout the past year emulated this relationship.

A stock investor’s return is ultimately determined by the fundamental growth in a company’s intrinsic value per share coupled with the change in the discount or premium associated with that value. Over the short-term, investor sentiment tends to determine stock prices, however, over the long-term, business fundamentals have the largest impact on investment performance. The Fund’s investment portfolio team manages the portfolio from a business-like perspective. The Fund’s capital is invested in portions of public companies,

Portfolio composition is subject to change.

AMF LARGE CAP EQUITY FUND REVIEW
October 31, 2010

each of which generates earnings for its shareholders. A vast majority of our ownership stakes pay out a portion of earnings in the form of dividends. Many of our companies also actively repurchase their own shares which directly increases our ownership percentage.

The portfolio management team carefully monitors “owner earnings” just as an individual business owner would in his or her own organization. Owner earnings are simply the earnings per share times the number of shares owned for each of the portfolio holdings. Since the AMF Fund is an open-ended mutual fund, the owner earnings must be converted into owner earnings per AMF share to be comparable over time periods. In doing so, we can determine that owner earnings per share increased by 13% year-over-year as of October 31, 2010. This fundamental return closely matched the total return of the Fund during the period. Of course, cash dividends from portfolio companies were also received throughout the year and are an important part of total return.

As long-term owners of high quality businesses, our portfolio turnover tends to be quite low. Over the past five years, annual turnover has been between 10% and 14%, and this past year was no exception. This translates into an average ownership period of 7-10 years per holding. We will consider eliminating holdings in the portfolio if we believe current market value exceeds our estimate of intrinsic value, if fundamentals deteriorate measurably such that intrinsic value becomes permanently impaired, or if better opportunities exist for alternative investment. Two of the three holdings that were eliminated from the portfolio during the past year were primarily due to valuation, namely Staples and Omnicom Group. The third holding, UnitedHealth Group, was eliminated due to a change in its fundamental outlook resulting from the passage of the healthcare reform bill. New additions to the portfolio during the past year included Praxair and TJX Companies. Both of these companies are leaders in their industries and have achieved consistent and sustainable long-term earnings and dividend growth. The recent slowdown in the economy has given us the opportunity to acquire shares in these high quality companies at attractive values, in our opinion.

We remain steadfast in our belief that investing in high quality companies is an appropriate path to long-term wealth creation, especially if one agrees with our outlook for slow economic growth. Additionally, many high quality companies today provide attractive dividend yields particularly when compared to rates provided by alternative investments.

Portfolio composition is subject to change.

Investment

Comparison
(Unaudited)

Comparison of change in
value of a hypothetical
$10,000 investment for the
years ended October 31

INVESTMENT COMPARISON 

Ultra Short Mortgage Fund


			Barclay 6
	Ultra Short		Month T-Bill
	Mortgage Fund		Bellwethers Index
2000		10000		10000
2001		10697		11260
2002		11032		11513
2003		11205		11673
2004		11406		11817
2005		11614		12126
2006		12136		12692
2007		12703		13394
2008		10676		13940
2009		10583		14095
2010		11191		14150

Gross Expense Ratio

0.90%

The above expense ratios are from the Funds’ prospectus dated March 1, 2010. Additional information pertaining to the Funds’ expense ratios as of October 31, 2010 can be found in the Financial Highlights.

Average Annual Total Return

Periods Ending October 31, 2010


One	Five	Ten
Year	Year	Year

5.75%	(0.74%)	1.13%

Ultra Short Fund


			Barclay 6
	Ultra Short		Month T-Bill
	Fund		Bellwethers Index
2000		10000		10000
2001		10000		10000
2002		10229		10214
2003		10420		10356
2004		10608		10483
2005		10835		10758
2006		11364		11260
2007		11826		11883
2008		8924		12367
2009		7801		12505
2010		7626		12554

Gross Expense Ratio

0.97%

Average Annual Total Return

Periods Ending October 31, 2010


One	Five	Since Inception
Year	Year	(Nov 14, 2001)

(2.25%)	(6.78%)	(2.98%)

Past performance is not predictive of future results. The performance data quoted represents past performance and current returns may be lower or higher. Performance figures in the table and graph do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of Fund shares. The Barclay 6 Month T-Bill Bellwethers Index is an unmanaged index comprised of U.S. Government Treasury Bonds with an average maturity of six months. The index represents unmanaged groups of bonds that differ from the composition of each AMF Fund. The index does not include a reduction in return for expenses. Investors cannot invest directly in an index, although they can invest in its underlying securities. To obtain current month-end performance information for any of the AMF Funds, please call 1-800-527-3713.

Investment

Comparison
(Unaudited)

Comparison of change in
value of a hypothetical
$10,000 investment for the
years ended October 31

Short U.S. Government Fund


			Barclay 1-3
	Short U.S.		Year Government
	Government Fund		Index
2000		10000		10000
2001		10966		11799
2002		11402		12397
2003		11621		12661
2004		11867		12905
2005		12024		12998
2006		12568		13554
2007		13188		14331
2008		12366		15227
2009		13115		15813
2010		13414		16230

Gross Expense Ratio

0.62%

Average Annual Total Return

Periods Ending October 31, 2010


One	Five	Ten
Year	Year	Year

2.28%	2.21%	2.98%

Intermediate Mortgage Fund


			Barclay Fixed
			Rate Mortgage		Barclay 1-5
	Intermediate Mortgage		Backed Securities		Year Government
	Fund		Index		Index
2000		10000		10000		10000
2001		11159		11309		11955
2002		11620		12022		12669
2003		11784		12352		12960
2004		12115		13040		13298
2005		12244		13269		13333
2006		12844		14022		13912
2007		13270		14816		14737
2008		9827		15493		15800
2009		8289		17391		16549
2010		8018		18087		17077

Gross Expense Ratio

0.80%

Average Annual Total Return

Periods Ending October 31, 2010


One	Five	Ten
Year	Year	Year

(3.27%)	(8.12%)	(2.18%)

Past performance is not predictive of future results. The performance data quoted represents past performance and current returns may be lower or higher. Performance figures in the table and graph do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of Fund shares. The Barclay 1-3 Year Government Index is an unmanaged index generally representative of government securities with maturities of one to three years. The Barclay Fixed Rate Mortgage Backed Securities Index is a broad-based unmanaged index that represents the general performance of fixed rate mortgage bonds. The Barclay 1-5 Year Government Index is an unmanaged index generally representative of government securities with maturities of one to five years. The indices represent unmanaged groups of bonds that differ from the composition of each AMF Fund. The indices do not include a reduction in return for expenses. Investors cannot invest directly in an index, although they can invest in its underlying securities. To obtain current month-end performance information for any of the AMF Funds, please call 1-800-527-3713.

Investment

Comparison
(Unaudited)

Comparison of change in
value of a hypothetical
$10,000 investment for the
years ended October 31

U.S. Government Mortgage Fund


			Barclay Fixed
			Rate Mortgage
	U.S. Government		Backed Securities
	Mortgage Fund		Index
2000		10000.00		10000.00
2001		11199.00		11309.00
2002		11707.40		12022.00
2003		11946.30		12352.00
2004		12486.20		13040.00
2005		12601.10		13269.00
2006		13236.20		14022.00
2007		13857.00		14816.00
2008		12733.20		15493.00
2009		13294.70		17391.00
2010		13875.70		18087.00

Gross Expense Ratio

0.68%

Average Annual Total Return

Periods Ending October 31, 2010


One	Five	Ten
Year	Year	Year

4.37%	1.94%	3.33%

Past performance is not predictive of future results. The performance data quoted represents past performance and current returns may be lower or higher. Performance figures in the table and graph do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of Fund shares. The Barclay Fixed Rate Mortgage Backed Securities Index is a broad-based unmanaged index that represents the general performance of fixed rate mortgage bonds. The index represents unmanaged groups of bonds that differ from the composition of each AMF Fund. The index does not include a reduction in return for expenses. Investors cannot invest directly in an index, although they can invest in its underlying securities. To obtain current month-end performance information for any of the AMF Funds, please call 1-800-527-3713.

Investment

Comparison
(Unaudited)

Comparison of change in
value of a hypothetical
$10,000 investment for the
years ended October 31

Large Cap Equity Fund

The following graph shows that an investment of $10,000 in the Class AMF of the Fund on October 31, 2000 would have been worth $10,506 on October 31, 2010, assuming all dividends and distributions had been reinvested. A similar investment in the S&P 500, over the same period, would have been to $9,984. A similar investment in the Morningstar Large Cap Blend, over the same period, would have worth to $9,512.


							Morningstar Large
	Class AMF		Class H(1)		S&P		Cap Blend
2000		10000				10000		10000
2001		9182				7511		7403
2002		8597				6377		6263
2003		9332				7703		7486
2004		9835				8428		8075
2005		9987				9162		8858
2006		11201				10658		10167
2007		12059				12209		11711
2008		8896		10000		7804		7349
2009		9533		13022		8569		8226
2010		10806		14792		9984		9512

Gross Expense Ratios

Class AMF 1.20%

Class H 0.95%

Average Annual Total Return

Periods Ending October 31, 2010*


	One		Five		Ten			Since
	Year		Year		Year			Inception

Class AMF		13.35%		1.59%		0.78%
Class H(1)		13.59%		N/A		N/A			26.01%

Morningstar Large Cap Blend		15.61%		1.54%		0.58%

S&P		16.59%		1.73%		(0.02%	)


*	Assumes reinvestment of all dividends and distributions and the deduction of all applicable fees and expenses. Average annual returns are stated for periods greater than one year. The S&P 500 does not include a reduction in total return for expenses.


(1)	Class H of the Fund commenced operations on February 20, 2009. An investment of $10,000 in Class H on February 20, 2009 would have been worth $14,792 on October 31, 2010.

Past performance is not predictive of future results. The performance data quoted represents past performance and current returns may be lower or higher. Performance figures in the table and graph do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of Fund shares. The Morningstar Large Cap Blend Average consists of funds that, by portfolio practice, invest at least 70% of assets in domestic stocks in the top 70% of the capitalization of the U.S. equity market. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index. The Standard & Poors 500 Index is an unmanaged index, generally representative of the U.S. stock market as a whole. Each of these indices represents an unmanaged group of securities that differ from the composition of each AMF Fund. Investors cannot invest directly in an index, although they can invest in its underlying securities. To obtain current month-end performance information for any of the AMF Funds, please call 1-800-527-3713.

ASSET MANAGEMENT FUND

MONEY MARKET FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net
	Assets			Shares		Value

INVESTMENT COMPANIES		0.0	%
Northern Institutional Treasury Portfolio					68	$	68

TOTAL INVESTMENT COMPANIES							68


	Percentage
	of Net			Principal
	Assets			Amount		Value

REPURCHASE AGREEMENTS		100.06	%
Bank of America, 0.22%, (Agreement dated 10/29/10 to be repurchased at $19,314,354 on 11/1/10. Collateralized by Fixed Rate U.S. Government Mortgage-Backed Securities, 4.5%, with a value of $19,700,281, due at 1/20/37)				$	19,314,000	$	19,314,000

TOTAL REPURCHASE AGREEMENTS							19,314,000

TOTAL INVESTMENTS (Cost $19,314,068)(a)		100.06	%				19,314,068
OTHER NET ASSETS (LIABILITIES)		(0.06	)%				(10,949	)

Net Assets applicable to 19,317,391 Shares of Common Stock issued and outstanding		100.0	%				$19,303,119

Net Asset Value, offering and redemption price per share ($19,303,119 ¸ 19,317,391 Shares)							$1.00


(a)		Represents cost for financial reporting purposes.

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		37.8	%
1 Yr. Constant Maturity Treasury Based ARMS		21.1	%
Bear Stearns Adjustable Rate Mortgage Trust
3.01%					3/25/31	$	1,531,883	$	1,511,737
CS First Boston Mortgage Securities Corp.
2.76%					6/25/32		381,719		327,051
Fannie Mae
2.74%					7/1/28		2,623,565		2,745,648
2.36%					8/1/29		2,088,582		2,162,434
3.94%					3/1/30		264,981		276,637
2.65%					1/1/32		3,690,743		3,836,381
2.60%					5/1/33		1,135,678		1,182,443
2.69%					9/1/33		3,308,733		3,454,467
2.64%					1/1/35		6,575,556		6,913,114
2.56%					1/1/35		8,515,329		8,864,850
4.00%(a)					9/1/36		31,199,186		32,693,721
4.12%					5/25/42		6,530,029		6,845,887
Fannie Mae Grantor Trust
4.05%					8/25/43		12,571,399		13,290,332
Fannie Mae Whole Loan
4.72%					8/25/42		3,743,774		4,104,262
4.45%					8/25/42		11,888,266		12,791,905
4.14%					4/25/45		20,053,394		21,581,290
FHLMC Structured Pass-Through Securities
4.34%					3/25/44		2,566,971		2,645,580
Freddie Mac
3.99%					10/1/22		976,426		1,014,151
2.53%					9/1/27		1,358,315		1,406,345
2.52%					9/1/28		9,477,452		9,854,486
2.51%					9/1/30		885,226		912,601
2.59%					7/1/31		5,374,086		5,563,320

									143,978,642

12 Mo. London Interbank Offering Rate (LIBOR)		2.8	%
Sequoia Mortgage Trust
3.75%					2/25/40		18,471,238		18,816,613

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

6 Mo. Certificate of Deposit Based ARMS		0.6	%
Fannie Mae
1.70%					6/1/21	$	1,227,553	$	1,231,599
2.41%					12/1/24		1,954,242		1,986,454
Freddie Mac
2.37%					1/1/26		727,580		741,193

									3,959,246

6 Mo. London Interbank Offering Rate (LIBOR)		4.0	%
Bear Stearns Adjustable Rate Mortgage Trust
3.96%					3/25/31		303,348		294,663
Fannie Mae
1.97%					9/1/27		3,247,162		3,312,830
1.67%					3/1/28		2,917,489		2,967,006
2.43%					6/1/28		415,648		429,612
1.91%					9/1/33		1,374,219		1,398,087
1.79%					11/1/33		2,367,737		2,409,692
1.98%					11/1/33		1,134,618		1,157,656
Freddie Mac
2.75%					9/1/30		3,265,817		3,434,336
Mastr Adjustable Rate Mortgages Trust
2.12%					1/25/34		804,363		687,226
MLCC Mortgage Investors, Inc.
2.19%					10/25/28		6,437,957		6,182,833
Structured Asset Mortgage Investments, Inc.
2.49%					12/19/33		5,389,779		5,083,322

									27,357,263

Cost of Funds Index Based ARMS		6.3	%
Fannie Mae
3.90%					2/1/28		14,919,299		15,835,642
3.05%					8/1/33		8,877,845		9,189,653
3.17%					11/1/36		10,079,753		10,441,193
3.00%					6/1/38		7,549,534		7,820,872

									43,287,360

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

HYBRID ARMS		2.9	%
Freddie Mac
3.44%					5/1/40	$	18,398,433	$	19,163,127
Mastr Adjustable Rate Mortgages Trust
6.11%					10/25/32		702,983		689,781

									19,852,908

MONTHLY London Interbank Offering Rate (LIBOR) Collateralized Mortgage Obligations		0.1	%
GSR Mortgage Loan Trust
0.61%					3/25/32		835,814		743,764

TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									257,995,796

FIXED RATE MORTGAGE-RELATED SECURITIES		59.0	%
15 Yr. Securities		5.2	%
Fannie Mae
3.50%					9/1/20		9,095,441		9,505,373
3.50%(b)					10/22/25		25,000,000		26,167,970

									35,673,343

30 Yr. Securities		8.4	%
Fannie Mae
6.00%					5/1/39		48,306,276		52,883,006
Freddie Mac
4.00%					8/1/33		3,877,821		4,002,292

									56,885,298

Collateralized Mortgage Obligations		45.4	%
Fannie Mae
5.00%					2/25/18		7,401,823		8,012,803
4.00%					2/25/23		12,443,570		13,176,825
4.00%					10/25/23		5,562,853		5,878,548
4.50%					3/25/24		13,770,662		14,850,843
5.00%					3/25/24		9,124,583		9,936,206
4.00%					3/25/24		13,970,767		14,742,648
4.50%					3/25/27		17,015,413		17,706,988
5.50%					8/25/27		2,298,062		2,321,487
6.00%					1/25/29		1,054,610		1,055,169
5.50%					9/25/34		20,239,016		20,911,619
5.50%					1/25/36		8,266,031		8,817,880

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND (continued)

STATEMENT OF NET ASSETS

October 31, 2010


		Percentage
		of Net			Maturity		Principal
		Assets			Date		Amount		Value

Freddie Mac
5.38%						9/15/11	$	7,854,744	$	8,080,236
4.50%						12/15/13		6,334,434		6,443,932
4.00%						6/15/22		41,644,383		43,353,219
4.00%						8/15/23		21,189,502		22,658,901
6.00%						3/15/32		12,024,442		13,246,821
5.00%						7/15/32		25,021,725		25,818,740
5.50%						2/15/33		14,581,254		15,584,161
4.00%						4/15/37		5,628,033		5,782,906
5.00%						4/15/37		5,373,803		5,703,815
Government National Mortgage Association
4.49%	��					10/16/25		3,551,916		3,610,001
5.08%						1/16/30		1,297,925		1,370,634
2.32%						1/16/32		16,390,985		16,818,068
5.00%						8/20/35		13,473,090		14,289,181
4.50%						11/20/36		9,442,435		9,632,070

										309,803,701

TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES										402,362,342

U.S. GOVERNMENT AGENCIES			2.7	%
FDIC Structured Sale Guaranteed Notes
1.06%(c)						10/25/11		2,000,000		1,987,500
1.68%(c)						1/7/13		2,500,000		2,455,850
3.00%(c)						9/30/19		3,146,180		3,265,241

										7,708,591

FDIC Trust
2.18%(c)						5/25/50		10,769,046		10,831,292

TOTAL U.S. GOVERNMENT AGENCIES										18,539,883

U.S. GOVERNMENT OBLIGATIONS			2.2	%
U.S. Treasury Note
0.38%						9/30/12		15,000,000		15,010,545

TOTAL U.S. GOVERNMENT OBLIGATIONS										15,010,545

		Percentage
		of Net
		Assets					Shares		Value

INVESTMENT COMPANIES			0.0	%
Northern Institutional Treasury Portfolio								21,145	$	21,145

TOTAL INVESTMENT COMPANIES										21,145

See notes to financial statements.

ASSET MANAGEMENT FUND
ULTRA SHORT MORTGAGE FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net			Principal
	Assets			Amount		Value

REPURCHASE AGREEMENTS		2.3	%
Bank of America, 0.22%, (Agreement dated 10/29/10 to be repurchased at $15,793,290 on 11/1/10. Collateralized by Fixed Rate U.S. Government Mortgage-Backed Securities, 4.50%, with a value of $16,108,860, due at 1/20/37)				$	15,793,000	$	15,793,000

TOTAL REPURCHASE AGREEMENTS							15,793,000

TOTAL INVESTMENTS (Cost $695,171,157)(d)		104.0	%				709,722,711
NET OTHER ASSETS (LIABILITIES)		(4.0	)%				(27,607,486	)

Net Assets applicable to 90,972,292 Shares of Common Stock issued and outstanding		100.0	%			$	682,115,225

Net Asset Value, offering and redemption price per share ($682,115,225 ¸ 90,972,292 Shares)							$7.50


*		The rates presented are the rates in effect at October 31, 2010.
(a)		Security held as collateral for When-Issued Security.


(b)		When-Issued Security.


(c)		Securities purchased in a transaction 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.


(d)		Represents cost for financial reporting purposes.


		FHLMC – Federal Home Loan Mortgage Corporation

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		42.5	%
1 Yr. Constant Maturity Treasury Based ARMS		41.2	%
Fannie Mae
2.54%					10/1/28	$	183,437	$	191,529
2.95%					12/1/30		505,402		534,183
2.65%					1/1/32		1,661,748		1,727,321
2.56%					7/1/33		718,509		743,263
Freddie Mac
2.62%					11/1/28		176,051		184,439
3.15%					1/1/29		663,156		697,891
2.56%					7/1/30		531,386		552,595
2.59%					9/1/30		109,280		113,654
2.78%					8/1/31		1,139,226		1,191,293

									5,936,168

Cost of Funds Index Based ARMS		1.3	%
Regal Trust IV
3.25%(a)					9/29/31		143,548		124,010
Ryland Mortgage Securities Corp.
3.72%					10/25/23		64,809		62,100

									186,110

TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									6,122,278

FIXED RATE MORTGAGE-RELATED SECURITIES		40.4	%
15 Yr. Securities		21.8	%
Fannie Mae
3.50%					11/1/20		3,000,000		3,135,210

Collateralized Mortgage Obligations		18.6	%
Freddie Mac
4.00%					8/15/23		1,548,743		1,656,142
Government National Mortgage Association
2.32%					1/16/32		993,393		1,019,277

									2,675,419

TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									5,810,629

See notes to financial statements.

ASSET MANAGEMENT FUND
ULTRA SHORT FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

U.S. GOVERNMENT OBLIGATIONS		14.0	%
U.S. Treasury Note
0.63%					7/31/12	$	2,000,000	$	2,010,240

TOTAL U.S. GOVERNMENT OBLIGATIONS									2,010,240



	Percentage
	of Net
	Assets					Shares		Value

INVESTMENT COMPANIES		2.9	%
Northern Institutional Treasury Portfolio							418,656	$	418,656

TOTAL INVESTMENT COMPANIES									418,656

TOTAL INVESTMENTS (Cost $14,181,333)(b)		99.8	%						14,361,803

OTHER NET ASSETS (LIABILITIES)		0.2	%						34,219

Net Assets applicable to 2,792,485 Shares of Common Stock issued and outstanding		100.0	%						$14,396,022

Net Asset Value, offering and redemption price per share ($14,396,022 ¸ 2,792,485 Shares)									$5.16


*		The rates presented are the rates in effect at October 31, 2010.

(a)		Securities purchased in a transaction 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.

ASSET MANAGEMENT FUND

SHORT U.S. GOVERNMENT FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		35.9	%
1 Yr. Constant Maturity Treasury Based ARMS		35.9	%
Fannie Mae
2.84%					5/1/31	$	673,665	$	709,829
2.65%					1/1/32		2,338,794		2,431,083
2.64%					1/1/35		562,394		591,265
4.00%					9/1/36		854,772		895,718
Fannie Mae Grantor Trust
4.05%					8/25/43		2,454,969		2,595,363
Freddie Mac
2.61%					3/1/27		368,991		384,502
2.78%					8/1/31		1,661,566		1,737,507

TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									9,345,267

FIXED RATE MORTGAGE-RELATED SECURITIES		52.8	%
15 Yr. Securities		0.1	%
Freddie Mac
8.00%					12/17/15		30,118		32,031

Collateralized Mortgage Obligations		52.7	%
Fannie Mae
4.00%					2/25/23		2,172,903		2,300,945
Freddie Mac
4.50%					4/15/19		2,918,904		3,211,410
4.00%					8/15/23		2,145,860		2,294,666
Government National Mortgage Association
5.12%					1/16/28		1,070,337		1,113,816
4.62%					6/16/31		1,039,163		1,103,149
2.32%					1/16/32		2,483,483		2,548,192
4.50%					11/20/36		1,099,128		1,121,203

									13,693,381

TOTAL FIXED RATE MORTGAGE-RELATED
SECURITIES									13,725,412

U.S. GOVERNMENT AGENCIES		1.9	%
FDIC Structured Sale Guaranteed Notes
1.68%(a)					1/7/13		500,000		491,170

TOTAL U.S. GOVERNMENT AGENCIES									491,170

See notes to financial statements.

ASSET MANAGEMENT FUND
SHORT U.S. GOVERNMENT FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

U.S. GOVERNMENT OBLIGATIONS		7.7	%
U.S. Treasury Note
1.25%					9/30/15	$	2,000,000	$	2,009,376

TOTAL U.S. GOVERNMENT OBLIGATIONS									2,009,376



	Percentage
	of Net
	Assets					Shares		Value

INVESTMENT COMPANIES		1.1	%
Northern Institutional Treasury Portfolio							285,525	$	285,525

TOTAL INVESTMENT COMPANIES									285,525

TOTAL INVESTMENTS (Cost $25,011,276)(b)		99.4	%						25,856,750

NET OTHER ASSETS (LIABILITIES)		0.6	%						149,704

Net Assets applicable to 2,753,515 Shares of Common Stock issued and outstanding		100.0	%					$	26,006,454

Net Asset Value, offering and redemption price per share ($26,006,454¸ 2,753,515 Shares)									$9.45


*		The rates presented are the rates in effect at October 31, 2010.

(a)		Securities purchased in a transaction 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.

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

FIXED RATE MORTGAGE-RELATED SECURITIES		73.2	%
15 Yr. Securities		12.3	%
Fannie Mae
7.00%					3/1/15	$	64,880	$	69,511
7.00%					3/1/15		58,454		62,557
7.00%					3/1/15		116,507		124,956
7.50%					11/1/15		95,377		103,487
6.50%					1/1/16		87,235		93,621
6.00%					6/1/16		260,602		282,651
6.00%					7/1/17		317,311		344,159
6.00%					7/1/17		147,430		159,981
3.50%					9/1/20		1,959,295		2,047,600
Freddie Mac
6.00%					6/1/17		317,126		343,964

									3,632,487

30 Yr. Securities		38.2	%
Fannie Mae
4.00%					8/1/40		1,000,000		1,031,942
4.00%					10/1/40		1,000,000		1,031,942
4.00%					10/1/40		5,301,624		5,471,235
Freddie Mac
4.00%					8/1/33		3,631,979		3,748,558

									11,283,677

Collateralized Mortgage Obligations		22.7	%
Fannie Mae
4.00%					2/25/23		2,707,955		2,867,525
4.50%					3/25/24		1,062,277		1,145,603
4.00%					10/25/32		1,180,353		1,232,557
5.00%					9/25/35		203,659		205,571
Government National Mortgage Association
4.50%					11/20/36		1,248,927		1,274,010

									6,725,266

TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									21,641,430

See notes to financial statements.

ASSET MANAGEMENT FUND
INTERMEDIATE MORTGAGE FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

U.S. GOVERNMENT AGENCIES		9.3	%
FDIC Structured Sale Guaranteed Notes
3.00%(a)					9/30/19	$	393,273	$	408,155
FDIC Trust 2.18%(a)					5/25/50		2,341,097		2,354,629

TOTAL U.S. GOVERNMENT AGENCIES									2,762,784

U.S. GOVERNMENT OBLIGATIONS		17.0	%
U.S. Treasury Note
0.63%					7/31/12		1,000,000		1,005,120
0.75%					8/15/13		1,000,000		1,008,125
1.25%					9/30/15		3,000,000		3,014,064

TOTAL U.S. GOVERNMENT OBLIGATIONS									5,027,309



	Percentage
	of Net
	Assets					Shares		Value

INVESTMENT COMPANIES		0.5	%
Northern Institutional Treasury Portfolio							146,429	$	146,429

TOTAL INVESTMENT COMPANIES									146,429

TOTAL INVESTMENTS (Cost $29,147,168)(b)		100.0	%						29,577,952

NET OTHER ASSETS (LIABILITIES)		0.0	%						9,511

Net Assets applicable to 6,541,883 Shares of Common Stock issued and outstanding		100.0	%						$29,587,463

Net Asset Value, offering and redemption price per share ($29,587,463 ¸ 6,541,883 Shares)									$4.52


(a)		Securities purchased in a transaction 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.

ASSET MANAGEMENT FUND

U.S. GOVERNMENT MORTGAGE FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES*		10.9	%
MONTHLY London Interbank Offering Rate (LIBOR)
Collateralized Mortgage Obligations		10.9	%
Fannie Mae
0.68%					2/25/37	$	2,521,617	$	2,511,691

TOTAL ADJUSTABLE RATE MORTGAGE-RELATED SECURITIES									2,511,691

FIXED RATE MORTGAGE-RELATED SECURITIES		82.9	%
15 Yr. Securities		46.0	%
Fannie Mae
7.00%					3/1/15		80,404		86,049
3.50%					9/1/20		4,898,238		5,119,001
3.50%					11/1/20		5,160,602		5,393,190

									10,598,240

30 Yr. Securities		4.5	%
Fannie Mae
5.00%					3/1/38		554,552		589,103
Government National Mortgage Association
7.50%					2/15/24		93,956		107,323
7.00%					4/15/27		101,872		113,655
6.00%					1/15/29		194,692		215,413

									1,025,494

Collateralized Mortgage Obligations		32.4	%
Fannie Mae
4.50%					3/25/24		317,165		342,044
4.00%					1/25/33		132,914		138,022
5.50%					12/25/36		3,138,481		3,555,640
Freddie Mac
4.50%					4/15/19		2,928,712		3,222,201
4.00%					3/15/33		186,807		197,151

									7,455,058

TOTAL FIXED RATE MORTGAGE-RELATED SECURITIES									19,078,792

See notes to financial statements.

ASSET MANAGEMENT FUND
U.S. GOVERNMENT MORTGAGE FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net			Maturity		Principal
	Assets			Date		Amount		Value

U.S. GOVERNMENT AGENCIES		5.9	%
FDIC Structured Sale Guaranteed Notes
3.00%(a)					9/30/19	$	393,273	$	408,155
FDIC Trust 2.18%(a)					5/25/50		936,439		941,852

TOTAL U.S. GOVERNMENT AGENCIES									1,350,007



	Percentage
	of Net
	Assets					Shares		Value

INVESTMENT COMPANIES		0.3	%				81,283	$	81,283
Northern Institutional Treasury Portfolio

TOTAL INVESTMENT COMPANIES									81,283

TOTAL INVESTMENTS (Cost $22,109,771)(b)		100.0	%						23,021,773

NET OTHER ASSETS (LIABILITIES)		0.0	%						967

Net Assets applicable to 2,593,826 Shares of Common Stock issued and outstanding		100.0	%						$23,022,740

Net Asset Value, offering and redemption price per share ($23,022,740 ¸ 2,593,826 Shares)									$8.88


*		The rates presented are the rates in effect at October 31, 2010.

(a)		Securities purchased in a transaction 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.

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND

STATEMENT OF NET ASSETS

October 31, 2010


	Percentage
	of Net
	Assets		Shares		Value

COMMON STOCKS		94.3%
Aerospace & Defense		7.1%
General Dynamics Corp.				40,000	$	2,724,800
United Technologies Corp.				50,000		3,738,500

						6,463,300

Air Freight & Logistics		2.9%
United Parcel Service, Inc.				40,000		2,693,600

Beverages		8.6%
Coca-Cola Co.				70,000		4,292,400
PepsiCo, Inc.				55,000		3,591,500

						7,883,900

Chemicals		2.2%
Praxair, Inc.				22,000		2,009,480

Commercial Banks		3.6%
Wells Fargo & Co.				125,000		3,260,000

Communications Equipment		2.9%
Cisco Systems, Inc.(a)				115,000		2,625,450

Computers & Peripherals		4.4%
International Business Machines Corp.				28,000		4,020,800

Diversified Financial Services		3.2%
American Express Co.				70,000		2,902,200

Food & Staples Retailing		7.3%
Sysco Corp.				90,000		2,651,400
Wal-Mart Stores, Inc.				75,000		4,062,750

						6,714,150

Health Care Equipment & Supplies		5.0%
Becton, Dickinson & Co.				30,000		2,265,600
Medtronic, Inc.				65,000		2,288,650

						4,554,250

Hotels, Restaurants & Leisure		4.2%
McDonalds Corp.				50,000		3,888,500

Household Products		4.2%
Proctor & Gamble				60,000		3,814,200

Industrial Conglomerates		6.4%
3M Company				35,000		2,947,700
General Electric Co.				180,000		2,883,600

						5,831,300

See notes to financial statements.

ASSET MANAGEMENT FUND
LARGE CAP EQUITY FUND (concluded)
STATEMENT OF NET ASSETS
October 31, 2010


	Percentage
	of Net
	Assets		Shares		Value

Insurance		3.9%
Berkshire Hathaway, Inc.(a)				30	$	3,579,000

IT Services		2.9%
Automatic Data Processing				60,000		2,665,200

Oil & Gas Consumable Fuels		8.0%		40,000
Chevron Corp.						3,304,400
Exxon Mobil Corp.				60,000		3,988,200

						7,292,600

Pharmaceuticals		8.2%
Abbott Laboratories				65,000		3,335,800
Johnson & Johnson				65,000		4,138,550

						7,474,350

Retail		2.5%
TJX Companies				50,000		2,294,500

Software		4.4%
Microsoft Corp.				150,000		3,996,000

Specialty Retail		2.4%
Home Depot				70,000		2,161,600

TOTAL COMMON STOCKS						86,124,380

INVESTMENT COMPANIES		5.7%
Northern Institutional Treasury Portfolio				5,200,776		5,200,776

TOTAL INVESTMENT COMPANIES						5,200,776

TOTAL INVESTMENTS (Cost $71,216,343)(b)		100.0%				91,325,156
NET OTHER ASSETS (LIABILITIES)		0.0%				(19,423	)

Net Assets applicable to 11,479,148 Shares of Common Stock issued and outstanding		100.0%			$	91,305,733

Net Asset Value, Class AMF offering and redemption price per share ($88,368,370 ¸ 11,109,865 Shares)						$7.95

Net Asset Value, Class H offering and redemption price per share ($2,937,363 ¸ 369,283 Shares)						$7.95


(a)		Non-income producing security.


(b)		Represents cost for financial reporting purposes.

See notes to financial statements.

ASSET MANAGEMENT FUND

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2010


				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	$	32,888		$	29,713,986		$	1,072,555		$	987,511		$	2,638,490		$	986,640		$	2,462	��
Dividend income		—			—			—			—			—			—			1,912,299

Total investment income		32,888			29,713,986			1,072,555			987,511			2,638,490			986,640			1,914,761

Operating expenses:
Investment advisory		32,485			3,873,462			82,376			80,495			126,228			58,439			549,734
Distribution — Class AMF Shares		—			—			—			—			—			—			204,477
Distribution — Class I Shares		32,283			2,151,913			45,764			48,297			54,098			35,064			—
Distribution — Class D Shares		813			—			—			—			—			—			—
Administration		13,382			521,127			11,020			19,441			21,928			14,333			49,889
Legal		7,533			291,600			6,145			10,759			12,251			7,835			28,452
Trustees		3,481			133,307			2,874			5,023			5,677			3,601			12,866
Other		21,919			480,383			21,496			37,749			19,720			20,060			122,297

Total expenses before fee reductions		111,896			7,451,792			169,675			201,764			239,902			139,332			967,715

Expenses reduced by Investment Adviser		(76,348	)		(1,721,549	)		(36,612	)		—			(36,065	)		—			(40,605	)
Expenses reduced by Distributor		(21,590	)		(860,759	)		(18,306	)		—			—			—			(55,037	)

Net expenses		13,958			4,869,484			114,757			201,764			203,837			139,332			872,073

Net investment income		18,930			24,844,502			957,798			785,747			2,434,653			847,308			1,042,688

REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENT ACTIVITIES:
Realized gains (losses) from investment transactions		—			(287,155,424	)		(19,988,019	)		(5,085,539	)		(38,832,643	)		(4,836,822	)		552,483
Change in unrealized appreciation (depreciation) on investments		—			310,257,569			18,608,697			4,926,020			35,301,206			4,958,853			9,313,253

Net realized and unrealized gains (losses) from investment activities		—			23,102,145			(1,379,322	)		(159,519	)		(3,531,437	)		122,031			9,865,736

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,930		$	47,946,647		$	(421,524	)	$	626,228		$	(1,096,784	)	$	969,339		$	10,908,424

See notes to financial statements.

(This page intentionally left blank)

ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Money Market Fund

	Year Ended			Year Ended
	October 31,			October 31,
	2010			2009

Increase (decrease) in net assets:
Operations:
Net investment income	$	18,930		$	35,042

Change in net assets resulting from operations		18,930			35,042

Dividends paid to stockholders:
From net investment income:
Class I Stockholders		(18,837	)		(26,436	)
Class D Stockholders		(93	)		(8,606	)

Total dividends paid to stockholders		(18,930	)		(35,042	)

Capital Transactions:
Class I Shares:
Proceeds from sale of shares		111,342,638			109,008,107
Value of shares issued to stockholders in reinvestment of dividends		17,242			24,157
Cost of shares repurchased		(113,398,431	)		(120,258,530	)
Class D Shares:
Proceeds from sale of shares		547,890			45,561,153
Value of shares issued to stockholders in reinvestment of dividends		89			1,695
Cost of shares repurchased		(1,549,226	)		(58,697,936	)

Change in net assets from capital transactions		(3,039,798	)		(24,361,354	)

Change in net assets		(3,039,798	)		(24,361,354	)
Net Assets:
Beginning of year		22,342,917			46,704,271

End of year	$	19,303,119		$	22,342,917

Accumulated net investment income (losses)	$	—		$	—

See notes to financial statements.

ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	Ultra Short Mortgage Fund						Ultra Short Fund

	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2010			2009			2010			2009

Increase (decrease) in net assets:
Operations:
Net investment income	$	24,844,502		$	38,977,216		$	957,798		$	1,794,787
Net realized (losses) from investment transactions		(287,155,424	)		(21,453,817	)		(19,988,019	)		(3,250,158	)
Change in unrealized appreciation (depreciation) on investments		310,257,569			(31,943,732	)		18,608,697			(2,648,572	)

Change in net assets resulting from operations		47,946,647			(14,420,333	)		(421,524	)		(4,103,943	)

Dividends paid to stockholders:
From net investment income		(28,484,326	)		(39,660,763	)		(1,077,269	)		(1,805,958	)

Total dividends paid to stockholders		(28,484,326	)		(39,660,763	)		(1,077,269	)		(1,805,958	)

Capital Transactions:
Proceeds from sale of shares		—			—			—			—
Value of shares issued to stockholders in reinvestment of dividends		1,770,618			5,199,249			25,546			79,245
Value of shares redeemed		(230,862,089	)		(65,146,760	)		(5,245,409	)		(6,071,600	)
Value of in-kind shares redeemed		—			(38,806,947	)		—			(6,732,581	)

Change in net assets from capital transactions		(229,091,471	)		(98,754,458	)		(5,219,863	)		(12,724,936	)

Change in net assets		(209,629,150	)		(152,835,554	)		(6,718,656	)		(18,634,837	)
Net Assets:
Beginning of year		891,744,375			1,044,579,929			21,114,678			39,749,515

End of year	$	682,115,225		$	891,744,375		$	14,396,022		$	21,114,678

Accumulated undistributed net investment income (losses) (distributions in excess of income)	$	51,568		$	638,200		$	2,779		$	71,871

See notes to financial statements.


Short U.S. Government Fund							Intermediate Mortgage Fund						U.S. Government Mortgage Fund

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2010			2009			2010			2009			2010			2009



	$	785,747		$	1,806,820		$	2,434,653		$	3,882,696		$	847,308		$	1,881,772

		(5,085,539	)		(1,634,145	)		(38,832,643	)		(16,762,015	)		(4,836,822	)		(5,384,185	)

		4,926,020			2,475,196			35,301,206			1,700,346			4,958,853			4,925,874


		626,228			2,647,871			(1,096,784	)		(11,178,973	)		969,339			1,423,461


		(867,842	)		(1,776,089	)		(2,499,209	)		(3,868,565	)		(847,537	)		(1,872,169	)


		(867,842	)		(1,776,089	)		(2,499,209	)		(3,868,565	)		(847,537	)		(1,872,169	)


		61,516			—			—			—			—			—

		76,817			424,380			59,680			128,193			43,648			273,685
		(10,520,608	)		(4,828,379	)		(7,985,626	)		(5,459,155	)		(1,769,483	)		(3,038,416	)
		—			(20,371,849	)		—			(18,751,029	)		—			(31,995,150	)


		(10,382,275	)		(24,775,848	)		(7,925,946	)		(24,081,991	)		(1,725,835	)		(34,759,881	)

		(10,623,889	)		(23,904,066	)		(11,521,939	)		(39,129,529	)		(1,604,033	)		(35,208,589	)

		36,630,343			60,534,409			41,109,402			80,238,931			24,626,773			59,835,362

	$	26,006,454		$	36,630,343		$	29,587,463		$	41,109,402		$	23,022,740		$	24,626,773



	$	(14,312	)	$	12,402		$	7,233		$	31,032		$	1,843		$	(7,980	)

ASSET MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	Large Cap Equity Fund

	Year Ended			Year Ended
	October 31,			October 31,
	2010			2009

Increase (decrease) in net assets:
Operations:
Net investment income	$	1,042,688		$	867,548
Net realized gains (losses) from investment transactions		552,483			(2,726,424	)
Change in unrealized appreciation (depreciation) on investments		9,313,253			14,067,892

Change in net assets resulting from operations		10,908,424			12,209,016

Dividends paid to stockholders:
From net investment income:
Class AMF Stockholders		(1,118,313	)		(886,785	)
Class H Stockholders		(43,869	)		(26,983	)
From net realized gains:
Class AMF Shares		—			(774,584	)

Total dividends paid to stockholders		(1,162,182	)		(1,688,352	)

Capital Transactions:
Class AMF Shares:
Proceeds from sale of shares		10,966,491			245,000
Value of shares issued due to reorganization		—			33,578,897
Value of shares issued to stockholders in reinvestment of dividends		802,483			1,024,252
Cost of shares repurchased		(9,505,526	)		(7,482,412	)
Class H Shares:
Proceeds from sale of shares		186,857			186,226
Value of shares issued due to reorganization		—			2,412,274
Value of shares issued to stockholders in reinvestment of dividends		43,772			24,244
Cost of shares repurchased		(187,145	)		(684,825	)

Change in net assets from capital transactions		2,306,932			29,303,656

Change in net assets		12,053,174			39,824,320
Net Assets:
Beginning of year		79,252,559			39,428,239

End of year	$	91,305,733		$	79,252,559

Accumulated net investment income	$	22,915		$	142,409

See notes to financial statements.

ASSET MANAGEMENT FUND

MONEY MARKET FUND

FINANCIAL HIGHLIGHTS — CLASS I SHARES

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.0009			0.0009			0.0250			0.0512			0.0465
Net realized losses from investments		—			—			—			—	^(a)		—

Total from investment operations		0.0009			0.0009			0.0250			0.0512			0.0465

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.0009	)		(0.0009	)		(0.0250	)		(0.0512	)		(0.0465	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return		0.09%			0.09%			2.53%			5.24%			4.76%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	19,303		$	21,342		$	32,568		$	131,720		$	110,021
Ratio of expenses to average net assets		0.06%			0.16%			0.20%			0.14%			0.18%
Ratio of net investment income to average net assets		0.09%			0.09%			2.82%			5.12%			4.68%
Ratio of gross expenses to average net assets*		0.51%			0.61%			0.43%			0.40%			0.43%


*	During the periods shown, 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.

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	7.33		$	7.72		$	9.62		$	9.68		$	9.69

Income from investment operations:
Net investment income		0.2054			0.3058			0.4290			0.5107			0.4216
Net realized and unrealized gains (losses) from investments		0.2082			(0.3855	)		(1.9116	)		(0.0686	)		0.0041

Total from investment operations		0.4136			(0.0797	)		(1.4826	)		0.4421			0.4257

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.2436	)		(0.3109	)		(0.4174	)		(0.5021	)		(0.4357	)

Change in net asset value		0.17			(0.39	)		(1.90	)		(0.06	)		(0.01	)

Net asset value, end of year	$	7.50		$	7.33		$	7.72		$	9.62		$	9.68

Total return		5.75%			(0.88%	)		(15.95%	)		4.67%			4.49%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	682,115		$	891,744		$	1,044,580		$	2,131,889		$	2,292,373
Ratio of expenses to average net assets		0.57%			0.60%			0.50%			0.46%			0.46%
Ratio of net investment income to average net assets		2.88%			4.24%			4.71%			5.28%			4.35%
Ratio of gross expenses to average net assets*		0.87%			0.90%			0.80%			0.76%			0.76%
Portfolio turnover rate		74%			56%			35%			59%			83%


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

See notes to financial statements.

ASSET MANAGEMENT FUND

ULTRA SHORT FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	5.59		$	6.86		$	9.61		$	9.74		$	9.74

Income from investment operations:
Net investment income		0.2737			0.4179			0.4667			0.5137			0.4462
Net realized and unrealized gains (losses) from investments		(0.3939	)		(1.2717	)		(2.7462	)		(0.1249	)		0.0185

Total from investment operations		(0.1202	)		(0.8538	)		(2.2795	)		0.3888			0.4647

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.3098	)		(0.4162	)		(0.4705	)		(0.5188	)		(0.4647	)

Change in net asset value		(0.43	)		(1.27	)		(2.75	)		(0.13	)		—

Net asset value, end of year	$	5.16		$	5.59		$	6.86		$	9.61		$	9.74

Total return		(2.25%	)		(12.45%	)		(24.99%	)		4.07%			4.88%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	14,396		$	21,115		$	39,750		$	195,161		$	204,662
Ratio of expenses to average net assets		0.63%			0.67%			0.54%			0.48%			0.48%
Ratio of net investment income to average net assets		5.23%			7.07%			5.16%			5.29%			4.57%
Ratio of gross expenses to average net assets*		0.93%			0.97%			0.84%			0.78%			0.78%
Portfolio turnover rate		66%			10%			32%			36%			89%


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

See notes to financial statements.

ASSET MANAGEMENT FUND

SHORT U.S. GOVERNMENT FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	9.49		$	9.28		$	10.35		$	10.37		$	10.37

Income from investment operations:
Net investment income		0.2236			0.3548			0.4301			0.5222			0.4370
Net realized and unrealized gains (losses) from investments		(0.0115	)		0.2069			(1.0594	)		(0.0232	)		0.0209

Total from investment operations		0.2121			0.5617			(0.6293	)		0.4990			0.4579

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.2521	)		(0.3517	)		(0.4407	)		(0.5190	)		(0.4579	)

Change in net asset value		(0.04	)		0.21			(1.07	)		(0.02	)		—

Net asset value, end of year	$	9.45		$	9.49		$	9.28		$	10.35		$	10.37

Total return		2.28%			6.17%			(6.71%	)		4.93%			4.52%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	26,006		$	36,630		$	60,534		$	132,727		$	162,250
Ratio of expenses to average net assets		0.63%			0.59%			0.53%			0.48%			0.51%
Ratio of net investment income to average net assets		2.44%			3.92%			4.33%			5.04%			4.22%
Ratio of gross expenses to average net assets		0.63%			0.62%*			0.53%*			0.48%*			0.51%*
Portfolio turnover rate		44%			59%			58%			42%			56%


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

See notes to financial statements.

ASSET MANAGEMENT FUND

INTERMEDIATE MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	5.00		$	6.39		$	9.12		$	9.29		$	9.28

Income from investment operations:
Net investment income		0.3162			0.4028			0.4504			0.4810			0.4306
Net realized and unrealized gains (losses) from investments		(0.4711	)		(1.3925	)		(2.7388	)		(0.1774	)		0.0123

Total from investment operations		(0.1549	)		(0.9897	)		(2.2884	)		0.3036			0.4429

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.3251	)		(0.4003	)		(0.4416	)		(0.4736	)		(0.4329	)

Change in net asset value		(0.48	)		(1.39	)		(2.73	)		(0.17	)		0.01

Net asset value, end of year	$	4.52		$	5.00		$	6.39		$	9.12		$	9.29

Total return		(3.27%	)		(15.65%	)		(25.94%	)		3.31%			4.90%
Ratios/Supplemental data:
Net assets, end of year (in 000’s)	$	29,587		$	41,109		$	80,239		$	230,076		$	259,106
Ratio of expenses to average net assets		0.57%			0.70%			0.51%			0.48%			0.48%
Ratio of net investment income to average net assets		6.76%			7.41%			5.42%			5.19%			4.65%
Ratio of gross expenses to average net assets*		0.67%			0.80%			0.61%			0.58%			0.58%
Portfolio turnover rate		115%			32%			18%			39%			56%


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

See notes to financial statements.

ASSET MANAGEMENT FUND

U.S. GOVERNMENT MORTGAGE FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year Ended October 31,

	2010			2009			2008			2007			2006

Net asset value, beginning of year	$	8.82		$	8.86		$	10.13		$	10.18		$	10.19

Income from investment operations:
Net investment income		0.3169			0.4225			0.4898			0.5287			0.5038
Net realized and unrealized gains (losses) on investments		0.0603			(0.0399	)		(1.2772	)		(0.0631	)		(0.0053	)

Total from investment operations		0.3772			0.3826			(0.7874	)		0.4656			0.4985

Less distributions:
Dividends paid to stockholders:
From net investment income		(0.3172	)		(0.4226	)		(0.4826	)		(0.5156	)		(0.5085	)

Change in net asset value		0.06			(0.04	)		(1.27	)		(0.05	)		(0.01	)

Net asset value, end of year	$	8.88		$	8.82		$	8.86		$	10.13		$	10.18

Total return		4.37%			4.41%			(8.11%	)		4.69%			5.04%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	23,023		$	24,627		$	59,835		$	131,070		$	164,088
Ratio of expenses to average net assets		0.60%			0.68%			0.52%			0.49%			0.48%
Ratio of net investment income to average net assets		3.63%			4.83%			4.96%			5.20%			4.98%
Portfolio turnover rate		104%			36%			28%			39%			105%

See notes to financial statements.

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND — CLASS AMF SHARES

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year			Year		Year			Ten Months
	Ended			Ended		Ended			Ended			Year Ended December 31,
	October 31,			October 31,		October 31,			October 31,
	2010			2009		2008			2007*			2006			2005

Net asset value, beginning of period	$	7.11		$	6.89	$	10.47		$	10.01		$	9.77		$	10.56

Income (Loss) from operations:
Net investment income		0.09			0.09		0.09			0.05			0.01			0.01
Net realized and unrealized gains (losses) from investments		0.85			0.37		(2.57	)		0.46			1.35			(0.29	)

Total from investment operations		0.94			0.46		(2.48	)		0.51			1.36			(0.28	)

Less Distributions:
Dividends paid to stockholders:
From net investment income		(0.10	)		(0.10)		(0.12	)		(0.05	)		(0.02	)		(0.01	)
From net realized gains on investments		0.00			(0.14)		(0.98	)		—			(1.10	)		(0.50	)
Tax return of capital		—			—		—			—			—	^(a)		—

Total distributions		(0.10	)		(0.24)		(1.10	)		(0.05	)		(1.12	)		(0.51	)

Change in net asset value		0.84			0.22		(3.58	)		0.46			0.24			(0.79	)

Net asset value, end of period	$	7.95		$	7.11	$	6.89		$	10.47		$	10.01		$	9.77

Total return		13.35%			7.16%		(26.23%	)		5.11%	^(b)		13.83%			(2.70%	)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	88,368		$	76,669	$	39,428		$	57,461		$	66,161		$	83,632
Ratio of expenses to average net assets		1.04%			1.24%		0.97%			1.18%	^(c)		1.68%			1.44%
Ratio of net investment income to average net assets		1.23%			1.39%		1.08%			0.60%	^(c)		0.09%			0.11%
Ratio of gross expenses to average net assets**		1.15%			1.45%		1.07%			1.27%	^(c)		—			—
Portfolio turnover rate		14%			14%		14%			13%			10%			23%


*	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 periods shown, 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.

ASSET MANAGEMENT FUND

LARGE CAP EQUITY FUND — CLASS H SHARES

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.


	Year			Period
	Ended			Ended
	October 31,			October 31,
	2010			2009^(a)

Net asset value, beginning of period	$	7.11		$	5.52

Income (Loss) from operations:
Net investment income		0.11			0.07
Net realized and unrealized gains (losses) from investments		0.85			1.59

Total from investment operations		0.96			1.66

Less Distributions:
Dividends paid to stockholders:
From net investment income		(0.12	)		(0.07	)

Change in net asset value		0.84			1.59

Net asset value, end of period	$	7.95		$	7.11

Total return		13.59%			30.22%	^(b)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	2,937		$	2,584
Ratio of expenses to average net assets		0.85%			0.90%	^(c)
Ratio of net investment income to average net assets		1.41%			1.56%	^(c)
Ratio of gross expenses to average net assets*		0.90%			1.05%	^(c)
Portfolio turnover rate		14%			14%	^(d)


*	During the periods shown, 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.

ASSET MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2010

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 October 31, 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 any 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. Class D Shares of the Money Market Fund were terminated during the fiscal year on December 30, 2009.

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 that 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. Open-end mutual fund investments are valued at their most recently calculated net asset 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 of the Trust (“Board”). Pricing services may use various techniques to value securities which take into account a variety of factors including yield, quality, coupon rate, maturity date, 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 has determined that such valuations are unreliable, the Funds will fair value the security or securities pursuant to the Board approved fair valuation methodology of the Adviser.

Within the fair value pricing methodology used by the Adviser, among the more specific factors that are considered in determining the fair value of investments in debt instruments are: (1) information obtained with respect to market transactions in

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

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.

Open-end mutual fund investments are valued at their most recently calculated net asset value. Short-term 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. Short-term 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 use a three tier fair value hierarchy that 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

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

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010


	•	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, short-term debt securities of sufficient credit quality maturing within 60 days 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	$	—	$	19,314,000	$	—	$	19,314,000
Investment Companies		68		—		—		68

Total Investments								19,314,068
Ultra Short Mortgage Fund
U.S. Government Agency Mortgages		—		626,021,148		—		626,021,148
Non-Agency Mortgage Related Securities		—		34,336,990		—		34,336,990
U.S. Government Agencies		—		18,539,883		—		18,539,883
U.S. Government Obligations		—		15,010,545		—		15,010,545
Repurchase Agreements		—		15,793,000		—		15,793,000
Investment Companies		21,145		—		—		21,145

Total Investments								709,722,711
Ultra Short Fund
U.S. Government Agency Mortgages		—		11,746,797		—		11,746,797
Non-Agency Mortgage Related Securities		—		186,110		—		186,110
U.S. Government Obligations		—		2,010,240		—		2,010,240
Investment Companies		418,656		—		—		418,656

Total Investments								14,361,803
Short U.S. Government Fund
U.S. Government Agency Mortgages		—		23,070,679		—		23,070,679
U.S. Government Agencies		—		491,170		—		491,170
U.S. Government Obligations		—		2,009,376		—		2,009,376
Investment Companies		285,525		—		—		285,525

Total Investments								25,856,750
Intermediate Mortgage Fund
U.S. Government Agency Mortgages		—		21,641,430		—		21,641,430
U.S. Government Agencies		—		2,762,784		—		2,762,784
U.S. Government Obligations		—		5,027,309		—		5,027,309
Investment Companies		146,429		—		—		146,429

Total Investments								29,577,952

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010



	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	$	—	$	21,590,483	$	—	$	21,590,483
U.S. Government Agencies		—		1,350,007		—		1,350,007
Investment Companies		81,283		—		—		81,283

Total Investments								23,021,773
Large Cap Equity Fund
Common Stocks		86,124,380		—		—		86,124,380
Investment Companies		5,200,776		—		—		5,200,776

Total Investments							$	91,325,156

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 Related			Mortgage Related			Mortgage Related
	Securities			Securities			Securities

Balance as of 10/31/2009	$	263,887,470		$	10,169,129		$	1,986,770
Realized Gain/(Loss)		(291,245,542	)		(20,001,577	)		(5,363,404	)
Accrued Accretion/(Amortization)		4,666,809			569,292			72,808
Change in Unrealized Appreciation/ (Depreciation)		300,351,929			17,994,096			4,755,948
Net Purchase/(Sales)		(262,140,288	)		(8,544,831	)		(1,452,122	)
Gross Transfers Out of Level 3		(15,520,378	)		(186,109	)		—

Balance as of 10/31/2010	$	—		$	—		$	—



	Intermediate Mortgage Fund			U.S. Government Mortgage Fund
	Investments in			Investments in
	Mortgage Related			Mortgage Related
	Securities			Securities

Balance as of 10/31/2009	$	15,771,742		$	983,816
Realized Gain/(Loss)		(39,454,464	)		(5,546,209	)
Accrued Accretion/(Amortization)		333,853			67,987
Change in Unrealized Appreciation/ (Depreciation)		35,453,200			5,026,175
Net Purchase/(Sales)		(12,104,331	)		(531,769	)
Gross Transfers Out of Level 3		—			—

Balance as of 10/31/2010	$	—		$	—

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

As of October 31, 2010, there were no level 3 securities held by the Funds.

The Fund’s policy is to disclose significant transfers between levels based on valuations at the end of the reporting period. There were no significant transfers between Level 1 or 2 as of October 31, 2010, based on levels assigned to securities on October 31, 2009.

LIQUIDITY AND VALUATION OF CERTAIN SECURITIES

While liquidity has improved throughout the year in the non-agency mortgage-backed securities market, securities valuation continues to be impacted by a number of variables which are difficult to forecast. For example, the federal government continues to evaluate novel strategies for modifying loan principal balances for many classes of residential mortgage-backed securities, and these strategies could negatively impact the valuation of certain holdings of the Fund. Further deterioration in the real estate markets, changes in the securitization process, and changes in the mandate of the government sponsored mortgage entities (GNMA, FHLMC, and FNMA) could impact the Fund’s future performance. While the Fund’s holding of non-agency mortgage-backed securities is substantially less than in previous years, these issues could result in downgrades in the credit ratings of these holdings. These downgrades, as well as a number of other events, could result in losses for the Fund and these securities may be deemed to be illiquid. Illiquid securities generally are those that cannot be sold or disposed of in an orderly fashion within five business days at approximately the price 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 difficult to estimate 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 value. As of October 31, 2010, there were no securities held in the Funds deemed to be illiquid by the adviser.

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.

DIVIDENDS TO SHAREHOLDERS

Money Market Fund, Ultra Short Mortgage Fund, Ultra Short Fund, Short U.S. Government Fund,

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

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 at least paid quarterly. Net short-term and long-term capital gains, if any, are declared and paid annually.

For all Funds, 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 “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 all open tax years, 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.

OTHER

Investment transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, investment transactions are reported on the trade date. 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 adjustments to interest income in the Statement of Operations.

B. Fees and transactions with affiliates were as follows:

Shay Assets Management, Inc. “SAMI” serves the Trust as investment adviser (the “Adviser”). Robert Schweitzer is the current President of SAMI. The Adviser is a wholly-owned subsidiary of Shay Investment Services, Inc. “SISI”. SISI is controlled by

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

Rodger D. Shay, Chairman of the Board and Rodger D. Shay, Jr., a member of the Board 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 October 31, 2010. The Adviser voluntarily reimbursed fund level expenses of $43,185 and class specific distribution expenses in Class I shares of $10,761 and in Class D shares of $745 during the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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.

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 year ended October 31, 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 voluntarily waived a portion of its fee so that the Fund paid 0.60% of average daily net assets for the year ended October 31, 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, to the extent that the daily ratio of operating expenses to average daily net assets of each Fund exceeds 0.75% through February 28, 2011.

Amounts of advisory fees contractually or voluntarily waived for the Funds during the fiscal year ended October 31, 2010 are not subject to recoupment.

SFSI serves the Trust as distributor (the “Distributor”). The Distributor is a wholly-owned subsidiary of SISI, which is controlled by Rodger D. Shay, Chairman of the Board and Rodger D. Shay, Jr., a member of the Board of and the President of SFSI.

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

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

Market Fund so that the Fund paid an amount equal to 0.05% of average daily net assets for the year ended October 31, 2010. The Money Market Fund Class I distribution fee waivers amounted to $21,522 for the year ended October 31, 2010.

The distribution fee rate for the Money Market Class D Shares was 0.60% of average daily net assets. The Distributor voluntarily waived a portion of the 12b-1 fees for the Class D Shares of the Money Market Fund so that the Fund paid an amount equal to 0.55% of average daily net assets. The Money Market Fund Class D distribution fee waivers amounted to $68 for the period ending December 30, 2009, the date which Class D Shares of the Money Market terminated.

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 year ended October 31, 2010.

The distribution fee rate for each of the Intermediate Mortgage Fund and the U.S. Government Mortgage Fund, computed separately, is as follows: 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 0.19% of average daily net assets for the year ended October 31, 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”) and the Trust entered into a Custody Agreement, Fund Administration and Accounting Services Agreement, and Transfer Agency Service Agreement (collectively the “Services Agreements”). As compensation for its services under the Service Agreements, 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 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 pays Beacon Hill an annual fee of $115,000, plus reasonable out-of-pocket expenses.

Effective November 1, 2009, the Trust entered into a Financial Services Agreement with Beacon Hill. Pursuant to the terms of the Financial Services Agreement, Beacon Hill makes available an individual to serve as the Trust’s chief financial officer. The chief financial officer is responsible for administering the Trust’s accounting policies and procedures. As compensation for the services to each Fund rendered by Beacon Hill under the Financial Services Agreement, the Trust has agreed to pay Beacon Hill an annual fee of $90,000 plus reasonable out-of-pocket expenses.

Effective November 1, 2009, the Trust entered into an agreement with Beacon Hill to provide

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

governance and regulatory oversight services to the Trust. Under the terms of this agreement, Beacon Hill performs and coordinates 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, 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 pays 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 0.015% of the average daily assets for assets in excess of $1 billion, with a minimum annual fee of $150,000 plus reasonable out-of-pocket expenses.

C. Transactions in shares of the Funds for the years ended October 31, 2010 and October 31, 2009 were as follows:



	Money Market Fund

	Year Ended			Year Ended
	October 31, 2010			October 31, 2009


Share transactions Class I:
Sale of shares		111,344,959			109,008,107
Shares issued to stockholders in reinvestment of dividends		17,242			24,157
Shares repurchased		(113,398,431	)		(120,258,530	)

Net (decrease)		(2,036,230	)		(11,226,266	)
Shares Outstanding
Beginning of year		21,353,621			32,579,887

End of year		19,317,391			21,353,621

Share transactions Class D:
Sale of shares		547,890			45,561,153
Shares issued to stockholders in reinvestment of dividends		89			1,695
Shares repurchased		(1,549,226	)		(58,697,936	)

Net (decrease)		(1,001,247	)		(13,135,088	)
Shares Outstanding
Beginning of year		1,001,247			14,136,335

End of year		—			1,001,247

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010



	Ultra Short Mortgage Fund						Ultra Short Fund

	Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share transactions:
Sale of shares		—			—			—			—
Shares issued to stockholders in reinvestment of dividends		239,831			718,582			4,746			13,314
Shares repurchased		(30,928,375	)		(8,938,630	)		(988,643	)		(1,025,596	)
In-Kind shares repurchased		—			(5,389,432	)		—			(1,003,009	)

Net (decrease)		(30,688,544	)		(13,609,480	)		(983,897	)		(2,015,291	)
Shares Outstanding
Beginning of year		121,660,836			135,270,316			3,776,382			5,791,673

End of year		90,972,292			121,660,836			2,792,485			3,776,382



	Short U.S. Government Fund						Intermediate Mortgage Fund

	Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share transactions:
Sale of shares		6,523			—			—			—
Shares issued to stockholders in reinvestment of dividends		8,159			45,343			12,497			24,030
Shares repurchased		(1,120,280	)		(441,546	)		(1,700,702	)		(1,033,356	)
In-Kind shares repurchased		—			(2,266,709	)		—			(3,311,911	)

Net (decrease)		(1,105,598	)		(2,662,912	)		(1,688,205	)		(4,321,237	)
Shares Outstanding
Beginning of year		3,859,113			6,522,025			8,230,088			12,551,325

End of year		2,753,515			3,859,113			6,541,883			8,230,088

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010



	U.S. Government Mortgage Fund

	Year Ended			Year Ended
	October 31, 2010			October 31, 2009


Share transactions:
Sale of shares		—			—
Shares issued to stockholders in reinvestment of dividends		4,963			30,948
Shares repurchased		(203,184	)		(242,355	)
In-Kind shares repurchased		—			(3,749,962	)

Net (decrease)		(198,221	)		(3,961,369	)
Shares Outstanding
Beginning of year		2,792,047			6,753,416

End of year		2,593,826			2,792,047



	Large Cap Equity Fund

	Year Ended			Year Ended
	October 31, 2010			October 31, 2009


Share transactions Class AMF:
Sale of shares		1,356,290			38,698
Shares isssued due to reorganization		—			6,081,016
Shares issued to stockholders in reinvestment of dividends		104,311			164,096
Shares repurchased		(1,134,197	)		(1,224,487	)

Net increase		326,404			5,059,323
Shares Outstanding
Beginning of year		10,783,461			5,724,138

End of year		11,109,865			10,783,461

Share transactions Class H:*
Sale of shares		21,203			28,866
Shares isssued due to reorganization		—			436,856
Shares issued to stockholders in reinvestment of dividends		5,690			3,764
Shares repurchased		(20,952	)		(106,144	)

Net increase		5,941			363,342
Shares Outstanding
Beginning of period		363,342			—

End of period		369,283			363,342


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

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

D. At October 31, 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	$	19,484,968		$	1,067,539,229		$	45,893,929		$	34,568,458		$	86,938,528		$	34,544,292		$	74,206,895
Accumulated net investment income/(loss)		—			51,568			2,779			(14,312	)		7,233			1,843			22,915
Accumulated net realized gain/(loss)		(181,849	)		(400,027,126	)		(31,681,156	)		(9,393,166	)		(57,789,082	)		(12,435,397	)		(3,032,890	)
Net unrealized appreciation/(depreciation) of investments		—			14,551,554			180,470			845,474			430,784			912,002			20,108,813

Net Assets	$	19,303,119		$	682,115,225		$	14,396,022		$	26,006,454		$	29,587,463		$	23,022,740		$	91,305,733

E. At October 31, 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	$	174		$	1,553,048	$	22,505	$	51,992	$	48,406	$	46,115	$	—
Investment Advisory fees payable		—			163,607		3,242		5,969		6,529		4,896		50,092
Receivable from Investment Advisor		(289	)
Administration fees payable		1,319			45,559		881		1,532		1,860		1,235		4,281
Distribution fees payable		764			98,165		1,945		3,581		3,918		2,938		11,190
Capital shares redeemed payable		—			3,217,131		17		—		1,183		—		13,338
Securities purchased payable		—			56,178,175		—		—		—		—		—
Accrued expenses and other payables		9,337			323,370		6,263		11,073		12,793		8,787		27,359

	$	11,305		$	61,579,055	$	34,853	$	74,147	$	74,689	$	63,971	$	106,260

F. For the year ended October 31, 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	$	—	$	—	$	—	$	—	$	—	$	11,083,337
Sales		135,289,919		1,498,079		—		—		—		11,541,150

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

For the year ended October 31, 2010, purchases and sales of U.S. Government securities, other than short-term investments, were as follows:



	Ultra				Short				U.S.
	Short		Ultra		U.S.		Intermediate		Government
	Mortgage		Short		Government		Mortgage		Mortgage
	Fund		Fund		Fund		Fund		Fund

Purchases	$	601,564,137	$	11,295,539	$	13,144,184	$	39,590,928	$	23,487,331
Sales		709,648,157		14,685,819		21,305,819		44,914,838		24,067,644

G. FEDERAL INCOME TAX INFORMATION:

The tax characteristics of distributions paid to shareholders during the fiscal years ended October 31, 2010, and 2009 were as follows:



	Distributions paid from		Total Taxable		Total Distributions
2010	Ordinary Income		Distributions		Paid*

Money Market Fund	$	19,005	$	19,005	$	19,005
Ultra Short Mortgage Fund		29,551,205		29,551,205		29,551,205
Ultra Short Fund		1,182,936		1,182,936		1,182,936
Short U.S. Government Fund		904,883		904,883		904,883
Intermediate Mortgage Fund		2,724,267		2,724,267		2,724,267
U.S. Government Mortgage Fund		894,265		894,265		894,265



	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


*	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 periods ended October 31, 2010 and 2009 for the Large Cap Equity Fund were as follows:



	Distributions paid from		Net Long		Total Taxable		Tax Return of		Total Distributions
2010	Ordinary Income		Term Gains		Distributions		Capital		Paid

Large Cap Equity Fund	$	1,162,182	$	—	$	1,162,182	$	—	$	1,162,182



	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

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

At October 31, 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	$	19,314,068	$	—	$	—		$	—
AMF Ultra Short Mortgage Fund		695,171,157		15,724,644		(1,173,090	)		14,551,554
AMF Ultra Short Fund		14,181,333		215,928		(35,458	)		180,470
AMF Short U.S. Government Fund		25,011,276		846,060		(586	)		845,474
AMF Intermediate Mortgage Fund		29,147,168		451,767		(20,983	)		430,784
AMF U.S. Government Mortgage Fund		22,109,771		944,651		(32,649	)		912,002
AMF Large Cap Equity Fund		71,216,343		24,736,459		(4,627,646	)		20,108,813

As of October 31, 2010, 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	$	174	$	—	$	174	$	(174	)	$	(181,849	)	$	—	$	(181,849	)
Ultra Short Mortgage Fund		1,604,616		—		1,604,616		(1,553,048	)		(400,027,127	)		14,551,554		(385,424,005	)
Ultra Short Fund		25,284		—		25,284		(22,505	)		(31,681,156	)		180,470		(31,497,907	)
Short U.S. Government Fund		37,678		—		37,678		(51,992	)		(9,393,166	)		845,474		(8,562,006	)
Intermediate Mortgage Fund		55,637		—		55,637		(48,406	)		(57,789,080	)		430,784		(57,351,065	)
U.S. Government Mortgage Fund		47,958		—		47,958		(46,115	)		(12,435,397	)		912,002		(11,521,552	)
Large Cap Equity Fund		22,915		—		22,915		—			(3,032,890	)		20,108,813		17,098,838

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

At October 31, 2010, 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		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 Mortgage Fund		13,969,341		2014		290,225,068		2018
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
Ultra Short Fund		1,784,218		2014		20,036,732		2018
Short U.S. Government Fund		137,446		2012		357,577		2015
Short U.S. Government Fund		1,805,629		2013		1,071,031		2016
Short U.S. Government Fund		880,563		2014		5,140,920		2018
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
Intermediate Mortgage Fund		2,863,116		2014		38,873,400		2018
U.S. Government Mortgage Fund		1,808,782		2011		3,057,928		2014
U.S. Government Mortgage Fund		2,721,813		2012		4,846,874		2018
Large Cap Equity Fund		232,465		2015		2,726,446		2017
Large Cap Equity Fund		73,979		2016


*	A portion of the capital loss carry-forwards may be 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 to offset will not be distributed to shareholders. During the fiscal year ended October 31, 2010, Ultra Short Mortgage Fund, Ultra Short Fund, Intermediate Mortgage Fund, and U.S. Government Mortgage Fund had net capital loss carry-forward amounts expire of $2,995,058, $1,342,312, $312,894, and $47,849, 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.

H. INVESTMENT ADVISER AND DISTRIBUTOR LEGAL PROCEEDINGS

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.

ASSET MANAGEMENT FUND
NOTES TO FINANCIAL STATEMENTS (continued)
OCTOBER 31, 2010

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. Neither Asset Management Fund (the “Trust”) or any series of the Trust is named as a party in any of these matters.

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.

I. SUBSEQUENT EVENTS

The Funds evaluated subsequent events from October 31, 2010, through the date these financial statements were issued and available. There were no subsequent events to report that would have a material inpact on the Funds’ financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of
the Asset Management Fund

In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Money Market Fund, Ultra Short Mortgage Fund, Ultra Short Fund, Short U.S. Government Fund, Intermediate Mortgage Fund, U.S. Government Mortgage Fund, and Large Cap Equity Fund (collectively referred to as the “Funds”) at October 31, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights of the Large Cap Equity Fund for each of the two years in the period ended December 31, 2006 were audited by other auditors, whose report, dated February 20, 2007, expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP

Chicago, Illinois

December 21, 2010

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION

OCTOBER 31, 2010 (Unaudited)

Other Federal Income Tax Information

For the year ended October 31, 2010, certain distributions paid by the Funds may be subject to a maximum tax rate of 15% as provided by the Jobs and Growth Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2010 Form 1099-DIV.

For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended October 31, 2010, qualify for corporate dividends received deduction for the following Fund:



Fund	Percentage

Large Cap Equity Fund		100.0%

For the year ended October 31, 2010, the following Funds paid qualified dividend income for purposes of reduced individual federal income tax rates of:



Fund	Percentage

Large Cap Equity Fund		99.79%

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (continued)

OCTOBER 31, 2010 (Unaudited)

Trustees and Officers of Asset Management Fund



			Number of
	Position(s) Held with		Portfolios in
	Trust, Length of Time		Fund		Other
	Served and Term	Principal Occupation(s)	Complex		Directorships
Name, Address and Age	of Office	During Past 5 Years	Overseen		Held

*Independent Trustees*
David F. Holland 17 Ledgewood Circle Topsfield, MA 01983 Age: 68	Trustee since 1993 and from 1988 to 1989. Indefinite Term of Office	Retired; Chairman of the Board, Chief Executive Officer and President, BostonFed Bancorp Inc. from 1995 to 2005; Chairman of the Board from 1989 to 2005 and Chief Executive Officer from 1986 to 2005, Boston Federal Savings Bank.		7
Gerald J. Levy 4000 W. Brown Deer Road Milwaukee, WI 53209 Age: 78	Lead Independent Trustee since 2010, Vice Chairman of the Board since 1997 and Trustee since 1982. Indefinite Term of Office	Chairman since 1984 and Director since 1963, Guaranty Bank, F.S.B.		7	FISERV, Inc.; Guaranty Financial; Federal Home Loan Bank of Chicago
William A. McKenna, Jr. 42 Dorothy Grace Road Saugerties, NY 12477 Age: 73	Trustee since 2002. Indefinite Term of Office	Retired; Chairman and Chief Executive Officer from 1992 to 2004 and President from 1985 to 2001, Ridgewood Savings Bank.		7	RSGroup Trust Company; RetirementSystem Group, Inc.; Irish Educational Development Foundation, Inc.; The Catholic University of America; RSI Retirement Trust; St. Vincent’s Services; Boys Hope Girls Hope; Calvary Hospital Fund; St. Aloysius School; American Institute of Certified Public Accountants; TransVideo Communications, Inc.
Christopher M. Owen 5615 Chesbro Avenue San Jose, CA 95123 Age: 63	Trustee since 2005. Indefinite Term of Office	President and Chief Executive Officer, Meriwest Credit Union since 1995.		7	Meriwest Mortgage LLC

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 2010 (Unaudited)

Trustees and Officers of Asset Management Fund (continued)



			Number of
	Position(s) Held with		Portfolios in
	Trust, Length of Time		Fund		Other
	Served and Term	Principal Occupation(s)	Complex		Directorships
Name, Address and Age	of Office	During Past 5 Years	Overseen		Held

Maria F. Ramirez 675 3rd Avenue, 11th Floor New York, NY 10017 Age: 62	Trustee since 2005. Indefinite Term of Office	President and Chief Executive Officer, Maria Fiorini Ramirez Inc. (a global economic and financial consulting firm) since 1992.		7	Schroder Hedge Funds Bermuda; Pace University; Sovereign Bank; Security Mutual Insurance Company

*Interested Trustees¹*
Rodger D. Shay²1000 Brickell Avenue Miami, FL 33131 Age: 74	Chairman of the Board since 1997 and Trustee since 1993 and from 1985 to 1990. Indefinite Term of Office	Chairman and Director of Shay Investment Services, Inc. and Shay Financial Services, Inc. since 1997.		7	Shay Assets Management, Inc.
Rodger D. Shay, Jr.²230 West Monroe Street Suite 2810 Chicago, IL 60606 Age: 51	Trustee since 2002. Indefinite Term of Office President since 2005. Term of Office Expires 2011	President and Chief Executive Officer of Shay Financial Services, Inc. since 1997; President, Shay Assets Management, Inc. from 2005 to 2008.		7	Family Financial Holdings, LLC; First Financial Bank and Trust

*Officers*
Robert T. Podraza 1000 Brickell Avenue Miami, FL 33131 Age: 66	Vice President and Assistant Treasurer since 1998. Term of Office Expires 2011	Chief Compliance Officer, Shay Assets Management since 2010, Vice President, Shay Investment Services, Inc. since 1990; Vice President and Chief Compliance Officer, Shay Financial Services, Inc. since 1990 and 1997, respectively; Vice President, Shay Assets Management, Inc. since 1990.		N/A	None
Trent M. Statczar 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 39	Treasurer since 2009. Term of Office Expires 2011	Vice President, Beacon Hill Fund Services, Inc. 2008 to present; Senior Vice President of Citi Fund Services Ohio, Inc. from 2007 to 2008; Vice President Citi Fund Services Ohio, Inc. from 2004 to 2007.		N/A	None
Rodney L. Ruehle 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 42	Chief Compliance Officer since 2009. Term of Office Expires 2011	Director, Beacon Hill Fund Services, Inc. 2008 to present; Vice President, CCO Services, Citi Fund Services, Inc. from 2004 to 2008; Director, Fund Administration, Citi Fund Services, Inc. from 1995 to 2004.		N/A	None

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 2010 (Unaudited)

Trustees and Officers of Asset Management Fund (concluded)



			Number of
	Position(s) Held with		Portfolios in
	Trust, Length of Time		Fund		Other
	Served and Term	Principal Occupation(s)	Complex		Directorships
Name, Address and Age	of Office	During Past 5 Years	Overseen		Held

Christine A. Cwik 230 West Monroe Street Suite 2810 Chicago, IL 60606 Age: 61	Assistant Secretary since 1999. Term of Office Expires 2011	Executive Secretary, Shay Assets Management, Inc. since 1999.		N/A	None
Robin M. Baxter 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 47	Assistant Secretary since 2009. Term of Office Expires 2011	Manager, Governance & Regulatory Oversight Services at Beacon Hill Fund Services, Inc. October 2009 to present; Paralegal in Public Finance at Squire, Sanders & Dempsey L.L.P. from 2001 to 2009; Senior Paralegal at BISYS Fund Services Ohio, Inc. from 2000 to 2001.		N/A	None


1	A trustee is an “interested person” of the Trust under the 1940 Act because he holds certain positions with the Trust’s Distributor and/or Investment Adviser and because of his financial interest in Shay Investment Services, Inc., parent company of the Trust’s Investment Adviser, Shay Assets Management, Inc., and Distributor, Shay Financial Services, Inc.
2	Rodger D. Shay, Jr., Trustee, is the son of Rodger D. Shay, Chairman of the Board of Trustees and Trustee.

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 2010 (Unaudited)

A. SECURITY ALLOCATION:

MONEY MARKET FUND



	Percentage of
Security Allocation	Net Assets

Repurchase Agreements		100.06	%
Certificates of Deposit		0.0	%

Total		100.06	%

ULTRA SHORT MORTGAGE FUND



	Percentage of
Security Allocation	Net Assets

Adjustable Rate Mortgage-Related Securities		37.8	%
Fixed Rate Mortgage-Related Securities		59.0	%
Repurchase Agreements		2.3	%
U.S. Government Obligations		2.2	%
U.S. Government Agency Securities		2.7	%
Certificates of Deposit		0.0	%

Total		104.0	%

ULTRA SHORT FUND



	Percentage of
Security Allocation	Net Assets

Adjustable Rate Mortgage-Related Securities		42.5	%
Fixed Rate Mortgage-Related Securities		40.4	%
Investment Companies		2.9	%
U.S. Government Obligations		14.0	%
Repurchase Agreements		0.0	%

Total		99.8	%

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 2010 (Unaudited)

SHORT U.S. GOVERNMENT FUND



	Percentage of
Security Allocation	Net Assets

Adjustable Rate Mortgage-Related Securities		35.9	%
Fixed Rate Mortgage-Related Securities		52.8	%
Investment Companies		1.1	%
U.S. Government Agency Securities		1.9	%
U.S. Government Obligations		7.7	%
Repurchase Agreements		0.0	%

Total		99.4	%

INTERMEDIATE MORTGAGE FUND



	Percentage of
Security Allocation	Net Assets

Fixed Rate Mortgage-Related Securities		73.2	%
Adjustable Rate Mortgage-Related Securities		0.0	%
Investment Companies		0.5	%
Repurchase Agreements		0.0	%
U.S. Government Agency Securities		9.3	%
U.S. Government Obligations		17.0	%

Total		100.0	%

U.S. GOVERNMENT MORTGAGE FUND



	Percentage of
Security Allocation	Net Assets

Adjustable Rate Mortgage-Related Securities		10.9	%
Fixed Rate Mortgage-Related Securities		82.9	%
Investment Companies		0.3	%
U.S. Government Agency Securities		5.9	%

Total		100.0	%

LARGE CAP EQUITY FUND



	Percentage of
Security Allocation	Net Assets

Common Stocks		94.3	%
Investment Companies		5.7	%

Total		100.0	%

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 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 May 1, 2010 through October 31, 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		Expense Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period*
		5/1/10		10/31/10		5/1/10 - 10/31/10		5/1/10 - 10/31/10

Money Market Fund	Class I	$	1,000.00	$	1,000.50	$	0.50		0.10	%
Ultra Short Mortgage Fund			1,000.00		1,030.90		2.87		0.56	%
Ultra Short Fund			1,000.00		964.00		2.97		0.60	%
Short U.S. Government Fund			1,000.00		1,021.30		3.06		0.60	%
Intermediate Mortgage Fund			1,000.00		963.40		2.67		0.54	%
U.S. Government Mortgage Fund			1,000.00		1,040.30		2.83		0.55	%
Large Cap Equity Fund	Class AMF		1,000.00		990.60		5.02		1.00	%
	Class H		1,000.00		990.40		4.26		0.85	%


*	Expenses are equal to the Fund’s annualized expenses ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent half fiscal year (184) divided by the number of days in the current year (365).

ASSET MANAGEMENT FUND
ADDITIONAL INFORMATION (continued)
OCTOBER 31, 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		Expense Paid		Expense Ratio
		Account Value		Account Value		During Period*		During Period*
		5/1/2010		10/31/2010		5/1/10 - 10/31/10		5/1/10 - 10/31/10

Money Market	Class I	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Ultra Short Mortgage Fund			1,000.00		1,022.38		2.85		0.56	%
Ultra Short Fund			1,000.00		1,022.18		3.06		0.60	%
Short Intermediate U.S. Government			1,000.00		1,022.18		3.06		0.60	%
Intermediate Mortgage Fund			1,000.00		1,022.48		2.75		0.54	%
U.S. Government Mortgage			1,000.00		1,022.43		2.80		0.55	%
Large Cap Equity	Class A MF		1,000.00		1,020.16		5.09		1.00	%
	Class H		1,000.00		1,020.92		4.33		0.85	%


*	Expenses are equal to the Fund’s annualized expenses ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent half fiscal year (184) divided by the number of days in the current year (365).

ASSET MANAGEMENT FUND

ADDITIONAL INFORMATION (concluded)
OCTOBER 31, 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.

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

GOVERNANCE AND REGULATORY SERVICES

Beacon Hill Fund Services, Inc.

4041 N. High St.

Columbus, OH 43214

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

One North Wacker Drive

Chicago, IL 60606

AMF-ANN-1010

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 12(a)(1).

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is David F. Holland, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Audit fees totaled $156,250 and $151,700 in fiscal 2010 and 2009 respectively, including fees associated with the annual audit and filings of the registrant’s Form N-1A and Form N-SAR.

(b) Audit-Related Fees. There were no audit related fees billed in 2010. Audit related fees totaled $17,500 in fiscal 2009 and were related to the audit testing of a service provider conversion.

(c) Tax Fees. Fees for tax compliance and review services totaled $26,925 and $26,140 in fiscal 2010 and 2009, respectively.

(d) All Other Fees. There were no other fees in fiscal 2010 and 2009.

(e)(1) Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the trust’s audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to the fund, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) None of the services summarized in (b)—(d), above, were approved by the audit committee pursuant to rule 2-01(c)(7)(i)(C) of regulation S-X.

(f) Not applicable

(g) There were no aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant in 2010 or 2009.

(h) There were no non-audit services billed for 2010 or 2009.

Item 5. Audit Committee of Listed Companies.

Not applicable.

Item 6. Schedule of Investments.

(a)		The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 1 of this Form.

(b)		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)		Code of Ethics for Senior Financial Officers is filed herewith

(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: January 6, 2011

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: January 6, 2011

By (Signature and Title)


/s/ Trent M. Statczar
Trent M. Statczar
Treasurer and Chief Financial Officer

Date: January 6, 2011

Asset Management Fund N-CSRCertified annual shareholder report (management investment company)