(ASARX) Nations Largest No-Load Adjustable Rate Mortgage (ARM) Fund Now Available to Customers of TD Waterhouse, Ameritrade, Sungard, & Bidwell

CHICAGO-September 20, 2002-Shay Assets Management, Inc. (Shay), a family-owned investment adviser to over $4 billion in no-load equity and fixed income mutual funds, recently announced the signing of a series of distribution agreements, which now makes the nations largest no-load Adjustable Rate Mortgage (ARM) mutual fund available for purchase by customers of TD Waterhouse, Ameritrade Inc., Sungard Financial Networks (via the STN platform), and Bidwell & Co.

CHICAGO-September 20, 2002-Shay Assets Management, Inc. (Shay), a family-owned investment adviser to over $4 billion in no-load equity and fixed income mutual funds, recently announced the signing of a series of distribution agreements, which now makes the nations largest no-load Adjustable Rate Mortgage (ARM) mutual fund available for purchase by customers of TD Waterhouse, Ameritrade Inc., Sungard Financial Networks (via the STN platform), and Bidwell & Co. The AMF ARM Fund is one of several funds that the firm has elected to open for distribution. A complete list of those funds affected is provided in the table below:

Fund Name    Ticker Symbol   Morningstar Category   Inception Date
AMF Adjustable Rate Mortgage (ARM) Fund   ASARX   Ultrashort Bond   9/18/91
AMF Ultra Short Fund   AULTX   Ultrashort Bond   11/14/01
AMF Short U.S. Govt. Fund   ASITX   Short Government   11/27/82
AMF Intermediate Mortgage Fund   ASCPX   Short Government   11/7/86
AMF U.S. Govt. Mortgage Fund   ASMTX   Intermediate Govt   1/23/84
M.S.B. Fund   MSBFX   Large Blend   12/31/64

The recent wave of agreements marks a material departure from the organizations traditional sales approach, which, for the past 19 years, has focused exclusively on the direct marketing of mutual funds to financial institutions (banks, thrifts, and credit unions).

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

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

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

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

Asset Growth
Shays plain-vanilla investment styles combined with the firms increased exposure to investors through additional distribution channels paid attractive dividends in 2001, and continue to do so in 2002. A recent study by the N.Y.-based mutual fund research firm, Strategic Insight LLC, found Shay to be the second-fastest growing mutual fund manager in the nation in 2001 (for managers with assets in excess of $2 billion), growing from $1.1 billion to $3.1 billion. While at a somewhat slower rate, firm-wide mutual fund balances have continued their growth in 2002, with assets increasing from over $3.3 billion on December 31, 2001 to over $4.3 billion as of September 19, 2002.

SEC Standardized Performance Data
As of June 30, 2002, the annualized total returns for the AMF ARM Fund were 4.09%, 5.51%, 5.44% and 5.47% on a 1 Year, 5 Year, 10 Year and since inception basis. For more complete information about any Shay Fund, please read each Funds prospectus carefully before investing or forwarding funds. The prospectus includes more complete information about each Fund, including fees and expenses. Shay Financial Services, Inc., the Funds distributor, is an NASD and SIPC member. To receive a prospectus, please visit Shays website at: www.shayassets.com or contact an investment representative at (800) 982-1846.

CONTACT:    Shay Assets Management, Inc.
                Media Contact:
                Derek S. Casteel,
(312) 214-7453 direct
               dcasteel@shay.com
         www.shayassets.com