Asset Management Fund N-CSRCertified 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)

Three Canal Plaza, Portland, ME 04101

(Address of principal executive offices) (Zip code)

Foreside Management Services, LLC, Three Canal Plaza, Portland, ME 04101

(Name and address of agent for service)

Date of fiscal year end: 6/30

Date of reporting period: 6/30/22

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.

AAMA Equity Fund

Ticker: AMFEX

AAMA Income Fund

Ticker: AMFIX

Annual Report

June 30, 2022

Dear Fellow Shareholder,

Stock and bond markets declined over the last twelve months ended June 30, 2022, although it was a volatile path. Bond prices peaked in the summer of 2020 and declined more significantly over the last six months. Stock prices made their peak in early January 2022. Both markets started to price in higher interest rates as the Federal Reserve indicated that it was making a pivot to fighting inflation. More speculative segments of the markets peaked in November 2021. Since their peak, many cryptocurrencies, new issue equities, and special purpose acquisition companies have experienced significant loss of value with many losing 80% or more and some filing for bankruptcy. Hindsight easily defines many of these assets as “bubbles” that have now broken. A “bubble”, by definition is a speculative mania, where asset prices are much higher than the underlying fundamentals can reasonably justify. In the early stages of a bubble, few recognize the bubble for what it is. People notice that prices are going up and often think it is justified. Bubbles are usually identified in retrospect, after they have popped, and prices have crashed. All assets, including housing values, had experienced outsize gains, partially fueled by unprecedented fiscal and monetary stimulus over the period.

In our view, stock valuation as measured by the forward price-earnings (“P/E” ratio) ratio for the S&P 500 Index, is a good measure of stock prices relative to the underlying fundamentals. The decline of stock prices has brought the forward P/E ratio down from its bubble levels (19-23) to a more reasonable level of 16. We believe that the “bubble” in stock price valuations is likely behind us and valuations are in the middle of the normal range. Whether we next see a 12 P/E or a 19 P/E will depend on the strength of the economy, inflation, interest rates, and, importantly, corporate earnings (the “E” in the P/E ratio). Through June 2022, corporate earnings and forecasts for the next twelve months have been relatively resilient, yet forecasts are subject to revisions.

The Federal Reserve’s current plans seem to indicate a new-found resolve to fight inflation which should curb the growth of its balance sheet and the money supply. The economy has definitely slowed from its torrid rebound after the pandemic recession. We have often cited the large fiscal and monetary support for consumer and business spending during the pandemic. We believe that those supports are behind us, and the economy needs to stand on its own.

Inflation will be key to many valuations in the securities markets. We believe that persistent inflation will push the Federal Reserve to be more resolved in its fight, while continued economic stagnation should ease some of the inflationary

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pressures. The Federal Reserve is walking a fine line and risks missing its targets in either direction – which may lead to continued volatility in economic reports and the securities markets.

We appreciate your use of the AAMA Funds and as always, we encourage you to work with your financial advisor to create a comprehensive investment plan that addresses both short and long-term objectives, and to implement the plan in a disciplined manner.

Sincerely,

The S&P 500 Index is an unmanaged index, generally representative of the U.S. Stock Market as a whole.

Indexes that are unmanaged, do not reflect fees or expenses and an investor cannot invest directly in an index.

The price-to-earnings ratio is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

AAMA Funds are distributed by Foreside Financial Services, LLC. Advanced Asset Management Advisors, Inc. is the investment adviser to the Funds.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. For additional information about the Funds, including fees, expenses, and risks, view our prospectus online at www.aamafunds.com or call 800-701-9502.

Read the prospectus carefully before you invest or send money.

Investing involves risk, including the potential loss of principal.

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AAMA Equity Fund
Management Discussion of Fund Performance
June 30, 2022 (Unaudited)

The AAMA Equity Fund returned -8.59% for the year ended June 30, 2022. This may be compared to the S&P 500 Index return of -10.62%. Broader market indices fared worse over the period, as represented by the Russell 3000 index return of -13.87%. The S&P MidCap 400 index and the S&P SmallCap 600 Index returns were -14.64% and -16.81%, respectively. Finally, representing a more volatile basket of common stocks, the NASDAQ Composite Index return was -23.96%.

Most equity indices posted their high price in early January 2022 and commenced a persistent decline thru the end of June. The bear market (by most definitions) was punctuated by sharp but brief periods of price appreciation.

The decline of stock prices since January has tempered the extreme high valuations that had been persistent in the market over the prior 18 months. With more reasonable valuations, the stock market has started to discount slower economic growth and less optimistic forecasts for corporate profits. This seems reasonable as the pandemic-related fiscal and monetary stimulus measures seem to be behind us and the resolution of current inflation and rising interest rate trends are not known at this time. The portfolio held a less than market weight in the Consumer Cyclical and Financial sectors. Both allocations benefited the portfolio return. The portfolio held over-weighted positions in the Consumer Defensive, Health Care and Technology sectors. The positions in Consumer Defensive and Health Care sectors were of benefit to the portfolio and the Technology allocation had a negative impact on portfolio results.

The small and mid-capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. Small and mid-capitalization companies may have limited product lines, markets and management groups.

The S&P 500 Index is an unmanaged index, generally representative of the U.S. Stock Market as a whole.

The Russell 3000 Index measures the performance of the top 3,000 U.S. publicly traded companies as ranked by market capitalization.

The S&P MidCap 400 Index measures the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

The S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The Index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.

The NASDAQ Composite Index is a market capitalization-weighted index of more than 3,700 stocks listed on the NASDAQ stock exchange.

Indexes are unmanaged, do not reflect fees or expenses and an investor cannot invest directly in an index.

Sectors and allocations are subject to change. Past performance does not guarantee future results.

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AAMA Equity Fund
Management Discussion of Fund Performance
(Unaudited) (Continued)

Comparison of the Change in Value of a Hypothetical $10,000 Investment in AAMA Equity Fund versus the S&P 500^® Index*

The Fund and S&P 500^® Index returns presented include the reinvestment of dividends and interest.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For the most recent month-end performance, please call 1-800-701-9502.

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AAMA Income Fund
Management Discussion of Fund Performance
June 30, 2022 (Unaudited)

The AAMA Income Fund returned -5.57% for the year ended June 30, 2022. This may be compared to the Bloomberg U.S. Aggregate Bond Index return of -10.29%. Long maturity sectors of the bond market fared worse with the Bloomberg U.S. Long Treasury Index return of -18.45%. Shorter maturity sectors of the market experienced smaller losses as evidenced by the Bloomberg 1-5 Year U.S. Government/Credit Index return of -5.20%.

The Federal Reserve was late to react and is now firmly in fighting inflation mode The Federal Reserve implemented three increases in the targeted overnight Federal Funds rate since March and projects more increases through the balance of the calendar year. Reducing the approximate $9 trillion balance sheet is also under way, which will likely pressure bond values across all maturities, on the margin. The bond market had started pricing in higher interest rates starting nearly one year ago, as investors became increasingly convinced that inflation was more persistent than transitory.

The AAMA Income Fund has been positioned in relatively short-term maturities of high quality issues over the last 12 months, which has helped insulate the Fund from the volatility of longer maturity issues and affords the opportunity to acquire higher yielding bonds should rates continue to increase.

When the Fund invests in fixed income securities including corporate bonds, the value of the Fund will fluctuate with changes in interest rates. When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value.

The Bloomberg U.S. Aggregate Index covers taxable corporate bonds, Treasury bonds, asset-backed securities and municipal bonds.

The Bloomberg U.S. Long Treasury Index consists of U.S. dollar-denominated, fixed rate nominal debt issued by the U.S. Treasury with maturities of 10 years or more.

The Bloomberg 1-5 Year U.S. Government/Credit Index is a broad-based benchmark that measures the non-securitized component of the Bloomberg U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities that have a remaining maturity of greater than or equal to one year and less than five years.

Indexes are unmanaged, do not reflect fees or expenses and an investor cannot invest directly in an index.

Sectors and allocations are subject to change. Past performance does not guarantee future results.

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AAMA Income Fund
Management Discussion of Fund Performance
(Unaudited) (Continued)

Comparison of the Change in Value of a Hypothetical $10,000 Investment in AAMA Income Fund versus the Bloomberg 1-5 Year U.S. Government/Credit Index*

The Fund and Bloomberg 1-5 Year U.S. Government/Credit Index returns presented include the reinvestment of dividends and interest.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For the most recent month-end performance, please call 1-800-701-9502.

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AAMA Funds
Notes to Financial Statements
June 30, 2022

1. Organization

AAMA Equity Fund and AAMA Income Fund (individually, a “Fund,” and, collectively, the “Funds” or “AAMA Funds”) are each a separate series of Asset Management Fund (the “Trust”), a professionally managed, diversified, open-end investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is organized as a Delaware statutory trust operating under a Second Amended and Restated Declaration of Trust dated November 27, 2018. Other series of the Trust are not included in this report. The inception date of the Funds was June 30, 2017. The Funds commenced operations on July 3, 2017, when they began to execute their investment objectives, which included purchasing investments.

AAMA Equity Fund’s investment objective is long-term capital appreciation.

AAMA Income Fund’s investment objective is current income with a secondary objective of preservation of capital.

2. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies.” The following is a summary of the Funds’ significant accounting policies used in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Securities valuation — The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used by the Funds maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

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AAMA Funds
Notes to Financial Statements (Continued)

Portfolio securities are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally, 4:00 p.m., Eastern time) on each day the NYSE is open. Listed securities, including common stocks and exchange-traded funds (“ETFs”), for which market quotations are readily available are valued at the closing prices on the primary exchange where the securities are normally traded. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments in other investment companies, except ETFs, are valued at their reported net asset value (“NAV”). In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are typically valued on the basis of valuations provided by dealers or by an independent pricing service approved by the Board of Trustees (the “Board”) that determines valuations based upon market transactions for normal, institutional-size trading units of similar securities. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost if it is determined that amortized cost approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a price has become stale, or an event occurs that materially affects the furnished price) are valued by the Pricing Committee. In these cases, the Pricing Committee determines in good faith, subject to procedures adopted by the Board, the fair value of such securities (“good faith fair valuation”). When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: type of security, nature and duration of any restrictions on disposition of the security, forces that influence the market in which the security is purchased or sold, existence of merger proposals or tender offers, expectation of additional news about the company and volume and depth of public trading in similar securities of the issuer or similar companies. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities will be classified as Level 2 or Level 3 in the fair value hierarchy. In December 2021, the U.S. Securities and Exchange Commission adopted Rule 2a-5 under the 1940 Act, which provides a new framework for fund valuation. The Board has approved procedures consistent with the new Rule, which will become effective September 8, 2022.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure the fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair

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AAMA Funds
Notes to Financial Statements (Continued)

value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund’s investments and the inputs used to value the investments as of June 30, 2022, by security type:

Refer to each Fund’s Schedule of Portfolio Investments for a listing of the securities by security type and industry type. The Funds did not hold derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended June 30, 2022.

Share valuation — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share.

Investment income — Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Discounts and premiums on fixed income securities are amortized using the interest method. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Trust’s understanding of the applicable country’s rules and tax rates.

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AAMA Funds
Notes to Financial Statements (Continued)

Distributions to shareholders — Dividends arising from net investment income, if any, are declared and paid annually to shareholders of the AAMA Equity Fund. Dividends arising from net investment income are declared and paid monthly to shareholders of the AAMA Income Fund. Net realized capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are permanent in nature and are primarily due to differing treatments of net short-term capital gains.

Dividends and distributions are recorded on the ex-dividend date. The tax character of distributions paid by each Fund during the year ended June 30, 2022 was ordinary income in the amounts of $1,018,613 paid to the shareholders of AAMA Equity Fund and $918,481 paid to the shareholders of AAMA Income Fund. The tax character of distributions paid by each Fund during the year ended June 30, 2021 was ordinary income in the amounts of $1,729,607 paid to the shareholders of AAMA Equity Fund and $945,606 paid to the shareholders of AAMA Income Fund.

Investment transactions — Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

Expenses — Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis.

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal income tax — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

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AAMA Funds
Notes to Financial Statements (Continued)

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The tax character of accumulated earnings as of June 30, 2022 was as follows:

During the year ended June 30, 2022, AAMA Equity Fund utilized short-term capital loss carryforwards of $3,972,414 to offset current year gains.

As of June 30, 2022, AAMA Income Fund had short-term capital loss carryforwards of $621,176 and long-term capital loss carryforwards of $254,794 for income tax purposes. These capital loss carryforwards, which do not expire, may be utilized in future years to offset realized capital gains, if any, prior to distributing such gains to shareholders.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed each Fund’s tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify their major tax jurisdiction as U.S. Federal. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended June 30, 2022, the Funds did not incur any interest or penalties.

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AAMA Funds
Notes to Financial Statements (Continued)

3. Investment Transactions

Investment transactions, other than short-term investments, were as follows for the year ended June 30, 2022:

4. Transactions with Related Parties

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by Advanced Asset Management Advisors, Inc. (the “Adviser”) under the terms of an Investment Advisory Agreement. AAMA Equity Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate of 1.00% of its average daily net assets. AAMA Income Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.75% of its average daily net assets.

During the year ended June 30, 2022, the Adviser voluntarily waived its advisory fees in the amount of $105,639 for AAMA Income Fund. These voluntary waivers are not eligible for recovery by the Adviser in future periods.

During the year ended June 30, 2022, there were no expense cap limitations in place for the Funds.

BUSINESS MANAGER AND ADMINISTRATOR

Foreside Management Services, LLC (“Foreside”) serves as the Trust’s business manager and administrator. Pursuant to the terms of a Management and Administration Agreement (the “Agreement”) between the Trust, on behalf of the Funds, and Foreside, Foreside performs and coordinates all management and administration services for the Trust either directly or through working with the Trust’s service providers. Services provided under the Agreement by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust,

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AAMA Funds
Notes to Financial Statements (Continued)

including but not limited to, President, Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust’s compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust’s registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial reports and filing them with the U.S. Securities and Exchange Commission (the “SEC”); and maintaining books and records in accordance with applicable laws and regulations.

Pursuant to the Agreement, Foreside paid all operating expenses of the Trust and the Funds not specifically assumed by the Trust, unless the Trust or the Adviser otherwise agree to pay, including without limitation the compensation and expenses of any employees and officers of the Trust and of any other persons rendering any services to the Trust; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Trust in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws; insurance expenses; fees and expenses of the transfer agent, dividend disbursing agent, shareholder service agent, custodian, fund accounting agent and financial Funds are (excluding fees and expenses payable to Foreside) and accounting and their pricing services agent; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Funds; the cost of preparing and distributing reports and notices to shareholders; the cost of printing or preparing prospectuses and statements of additional information for delivery to each Fund’s current shareholders; the cost of printing or preparing any documents, statements or reports to shareholders; fees and expenses of Trustees of the Trust who are not interested persons of the Trust, as defined by the 1940 Act (“Independent Trustees”); and all other operating expenses not specifically assumed by the Trust. In paying expenses that would otherwise be obligations of the Trust, Foreside acted as an agent on behalf of the Trust. Foreside Financial Services, LLC serves as the Funds’ principal underwriter and is an affiliate of Foreside. For the services under the Agreement and expenses assumed by Foreside, the Trust, on behalf of the Funds, paid Foreside an annual fee equal to 0.20% of the average daily net assets of the Funds up to $250,000,000, 0.135% of the average daily net assets of the Funds between $250,000,000 and $500,000,000 and 0.05% of the average daily net assets of the Funds greater than $500,000,000; subject, however, to a minimum fee of $777,000. Such expenses are disclosed on the Statements of Operations as “Unitary fees.” During the year ended June 30, 2022, Foreside voluntarily waived fees in the amount of $3,723 and $1,277 with respect to AAMA Equity Fund and AAMA Income Fund, respectively. The voluntarily waived fees are not subject to recovery by the administrator.

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AAMA Funds
Notes to Financial Statements (Continued)

Effective as of July 1, 2022, Asset Management Fund, on behalf of the Funds, and Foreside Management Services, LLC amended the Agreement to change from a unitary fee structure to a non-unitary fee structure. Under the amended Agreement, the Funds are responsible for the payment of their expenses, unless specifically assumed by Foreside or the Adviser, and pays Foreside an annual fee for services under the Agreement equal to $210,000 plus 0.02% of the average daily net assets, subject, however, to a minimum fee of $300,000.

OTHER SERVICE PROVIDER

Ultimus Fund Solutions, LLC (“Ultimus”) serves as the transfer agent, fund accountant and financial administrator for the Funds. The transfer agent services provided by Ultimus to the Funds include, but are not limited to (i) processing shareholder purchase and redemption requests; (ii) processing dividend payments; and (iii) maintaining shareholder account records. The administrative and fund accounting services provided by Ultimus to the Funds include (i) computing each Fund’s NAV for purposes of the sale and redemption of its shares; (ii) computing the dividends payable by each Fund; (iii) preparing certain periodic reports and statements; and (iv) maintaining the general ledger and other accounting records for the Funds.

PRINCIPAL HOLDERS OF FUND SHARES

As of June 30, 2022, the following account holders owned of record 25% or more of the outstanding shares of each Fund:

A beneficial owner of 25% or more of each Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting.

5. Investments in Other Investment Companies

The Funds may invest a significant portion of their assets in shares of one or more investment companies, including ETFs. ETFs issue their shares to authorized participants in return for a specific basket of securities and/or cash. The authorized participants then sell the ETF’s shares on the secondary market. In other words, ETF shares are traded on a securities exchange based on their fair value. There are certain risks associated with investments in ETFs. Disruptions to the creations and redemptions process through which authorized

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AAMA Funds
Notes to Financial Statements (Continued)

participants directly purchase and sell ETF shares, the existence of extreme market volatility or potential lack of an active trading market, or changes in the liquidity of the market for an ETF’s underlying portfolio holdings, may result in the ETF’s shares trading at significantly above (at a premium to) or below (at a discount to) NAV, which may result in the Funds paying significantly more or receiving significantly less for ETF shares than the value of the relevant ETF’s underlying holdings. An ETF’s shares could also trade at a premium or discount to NAV when an ETF’s underlying securities trade on a foreign exchange that is closed when the securities exchange on which the ETF trades is open. The current price of the ETF’s underlying securities and the last quoted price for the underlying security are likely to deviate in such circumstances. There can be no assurance that an active trading market for an ETF’s shares will develop or be maintained. Trading may be halted, for example, due to market conditions. Because the value of ETF shares depends on the demand in the market, a Fund’s holdings may not be able to be liquidated at the most optimal time, adversely affecting performance. There can be no assurance that an ETF’s investment objectives will be achieved. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with real estate investments and natural resources. ETFs in which a Fund invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Fund invests will incur expenses not incurred by their applicable indices. Certain securities in the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs’ ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed. As of June 30, 2022, AAMA Equity Fund and AAMA Income Fund had 28.4% and 15.6%, respectively, of the fair value of their net assets invested in ETFs.

6. Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

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AAMA Funds
Notes to Financial Statements (Continued)

7. Trustee Compensation

The Independent Trustees are compensated for their services to the Trust by Foreside as part of the Management and Administration Agreement. Each Independent Trustee receives an annual retainer plus meeting fees (which vary depending on meeting type). Collectively, the Independent Trustees were paid $119,250 in fees during the year ended June 30, 2022, for the entire Trust, which include other funds not managed by Advanced Asset Management Advisors, Inc. Foreside paid Trustee compensation in the amount of $59,625 on behalf of the Funds. In addition, Foreside reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

8. Other Recent Developments

The recent spread of an infectious respiratory illness caused by a novel strain of COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

9. Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate

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AAMA Funds
Notes to Financial Statements (Continued)

cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events other than those disclosed within Note 4 in the notes to financial statements.

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AAMA Funds
Report of Independent Registered Public Accounting Firm

To the Shareholders of AAMA Funds and
Board of Trustees of Asset Management Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AAMA Equity Fund and AAMA Income Fund (the “AAMA Funds” or the “Funds”), each a series of the Asset Management Fund, as of June 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

31

AAMA Funds
Report of Independent Registered Public Accounting Firm (Continued)

We have served as the Funds’ auditor since 2017.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
August 29, 2022

32

AAMA Funds
About Your Funds’ Expenses (Unaudited)

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses. The following examples are 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.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The expenses in the table below are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (January 1, 2022 through June 30, 2022).

The table below illustrates each Fund’s costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the fourth column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Funds. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, 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 given for the Funds under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare each Fund’s ongoing costs with those of other mutual funds. It assumes that each Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the returns used are not the Funds’ actual returns, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return. You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The Funds do not charge sales loads or redemption fees.

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

33

AAMA Funds
About Your Funds’ Expenses (Unaudited)

More information about the Funds’ expenses can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Funds’ prospectuses.

34

AAMA Funds
Other Information (Unaudited)

A description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-701-9502, or on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling toll-free 1-800-701-9502, or on the SEC’s website at www.sec.gov.

The Trust files a complete listing of portfolio holdings of the Funds with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The filings are available upon request, by calling 1-800-701-9502. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov and the Funds’ website at www.aamafunds.com.

35

AAMA Funds
Federal Tax Information (Unaudited)

Qualified Dividend Income – For the fiscal year ended June 30, 2022, AAMA Equity Fund and AAMA Income Fund have designated 100.00% and 0.00%, respectively, of ordinary income distributions, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

Dividends Received Deduction – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of a Fund’s dividends that qualify under tax law. For the fiscal year ended June 30, 2022, 100.00% and 0.00%, of ordinary income dividends paid by AAMA Equity Fund and AAMA Income Fund, respectively, qualify for the corporate dividends received deduction.

36

AAMA Funds
Board of Trustees and Executive Officers
(Unaudited)

Listed below is basic information regarding the Trustee and executive officers of the Trust. The Trust’s Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling 1-800-701-9502.

37

AAMA Funds
Board of Trustees and Executive Officers
(Unaudited) (Continued)

The following table provides information regarding each officer of the Trust.

38

AAMA Funds
Investment Advisory Agreement Renewal
AAMA Income Fund and AAMA Equity Fund

The Board of Trustees (the “Board”) of Asset Management Fund (the “Trust”) approved the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the AAMA Equity Fund and the AAMA Income Fund (each, a “Fund” and collectively, the “Funds”), and Advanced Asset Management Advisors, Inc. (the “Adviser”), at a meeting held on May 16, 2022 (the “Meeting”). The Board determined that the continuation of the Advisory Agreement is in the best interests of each Fund in light of the nature, quality and extent of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

In reviewing the Advisory Agreement, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and their compensation under such agreements; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. The Board received a report from the Adviser in advance of the Board meeting that, among other things, outlined the services provided by the Adviser to the Funds (including the relevant personnel responsible for these services and their experience); performance information for the Funds; the advisory fees for the Funds as compared to fees charged by investment advisers to comparable funds; the expense ratio of each Fund as compared to expense ratios of comparable funds; the potential for economies of scale, if any; financial data on the Adviser; any fall out benefits to the Adviser; and the Adviser’s compliance program.

In considering the renewal of the Advisory Agreement for each Fund, the Board, at the Meeting, reviewed with the Adviser the materials provided in advance of the Meeting. The Board, which is composed entirely of Independent Trustees, also met independently of management to review and discuss the materials received from the Adviser and Trust counsel. The Board applied its business judgment to determine whether the Advisory Agreement continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board, in its judgment, had received sufficient information to renew the Advisory Agreement. The Board considered that shareholders chose to invest or remain invested in the Funds knowing that the Adviser manages the Funds and knowing the relevant Fund’s investment advisory fees. In determining to renew the Agreement for each Fund, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together, including the factors set forth below.

39

AAMA Funds
Investment Advisory Agreement Renewal
AAMA Income Fund and AAMA Equity Fund (Continued)

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by the Adviser to the Funds, including the compliance program established by the Adviser and the level of compliance attained by the Adviser. The Board reviewed the Adviser’s portfolio management services and considered the experience and skills of the Adviser’s investment management team. The Board reviewed each Fund’s investment performance for the one-year and three-year periods ended December 31, 2021 (noting that each Fund commenced operations on July 3, 2017) and compared this information to the performance of the peer universe of funds in the same Morningstar category (Large Blend for the AAMA Equity Fund and Intermediate Core-Plus Bond for the AAMA Income Fund) and to the performance of each Fund’s respective benchmark index (S&P 500 Index for the AAMA Equity Fund and Bloomberg 1-5 Year U.S. Government/Credit Index for the AAMA Income Fund). With respect to the AAMA Equity Fund, the Board noted that the Fund’s performance was in the 4th quartile of its peer universe for the one-year and three-year periods ended December 31, 2021 and that the Fund underperformed its benchmark over the same periods. The Board discussed with the Adviser the reasons for the AAMA Equity Fund’s underperformance relative to its Morningstar category, noting that the Fund has the ability to invest in large, mid and small cap companies and AAMA’s belief that a more appropriate performance comparison was to a blended category consisting of 60% Large Blend, 20% Mid-cap Growth and 20% Small-cap Growth and that the Fund returned 22.58% relative to the blended category’s 19.88% over the one-year period ended December 31, 2021. With respect to the AAMA Income Fund, the Board noted that the Fund’s performance was in the 4th quartile of its peer universe for the one-year and three-year periods ended December 31, 2021 and that the Fund underperformed its benchmark over the same periods. The Board discussed with the Adviser the reasons for the AAMA Income Fund’s recent relative underperformance, noting that AAMA believed that the Morningstar Short Government Category better reflected the AAMA Income Fund’s composition and that the Fund ranked in the 35th percentile relative to that category over the one-year period ended December 31, 2021. The Adviser also provided additional comparative performance information for each Fund to other representative Morningstar categories and other relevant broad-based indexes which was reviewed by the Board.

In light of the information presented and the considerations made, the Board concluded that the nature, quality and extent of the services provided to each Fund by the Adviser under the Advisory Agreement have been and are expected to remain satisfactory.

40

AAMA Funds
Investment Advisory Agreement Renewal
AAMA Income Fund and AAMA Equity Fund (Continued)

Fees and Expenses. The Board reviewed each Fund’s contractual investment advisory fees and total net expense ratio. The Board received information from the Adviser, using Morningstar data, comparing each Fund’s investment advisory fees and total net expense ratio to the investment advisory fees and total net expense ratios of funds in a peer group screened from the peer universe of funds in its Morningstar category. The Board considered the Adviser’s statements with respect to certain limitations in comparing each Fund to the funds in its peer group, including that many of the peer funds are part of larger fund complexes that may allow for more economies of scale. The information provided to the Board showed that each Fund’s investment advisory fees were above the average of its applicable peer group. The Board noted the Adviser’s intention to continue the current voluntary fee waiver for the AAMA Income Fund. Although above the average of its applicable peer group, the Board concluded that, based on the totality of information provided, the investment advisory fees for each Fund were within a reasonable range. The information provided to the Board showed that each Fund’s total net expense ratio was above the average of its applicable peer group. On the basis of all information provided, the Board concluded that the investment advisory fees charged by the Adviser for managing each Fund continue to be reasonable and appropriate in light of the nature, quality and extent of services provided by the Adviser.

Profitability. The Board received the financial statements of the Adviser and considered information related to the estimated profitability to the Adviser from its relationship with the Funds. Based upon the information provided, the Board concluded that any profits realized by the Adviser in connection with the management of the Funds were not unreasonable.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale. The Board considered the current net assets of each Fund and concluded that the investment advisory fee schedule for each Fund reflects an appropriate level of sharing of any economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to the Adviser. The Board considered whether there are any incidental benefits received by the Adviser as a result of the Adviser’s relationship with the Funds. The Board considered that the Adviser does not use brokerage of the Funds to obtain third party research and that the Adviser receives no fees from the Funds other than the investment advisory fees.

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

41

Investment Advisor
Advanced Asset Management Advisors, Inc.
4995 Bradenton Avenue, Suite 210
Dublin, Ohio 43017

Business Manager and Administrator
Foreside Management Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101

Financial Administrator and Transfer and Dividend Agent
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246

Distributor
Foreside Financial Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101

Legal Counsel
Vedder Price P.C.
222 N. LaSalle Street
Chicago, Illinois 60601

Custodian
U.S. Bank, N.A.
1555 N. Rivercenter Drive, MK-WI-S302
Milwaukee, Wisconsin 53212

Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 N. Water Street, Suite 830
Milwaukee, WI 53202

ANNUAL REPORT
June 30, 2022

2022 SHAREHOLDER LETTER

The Ultrashort Financing Fund and the AMF Large Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds”), a (“AAF” and each series, a “Fund”) family of no load mutual funds, is pleased to present to shareholders the 2022 Annual Report for the Funds advised by Austin Atlantic Asset Management Company (“Austin Atlantic”). All market returns shown in this letter are for the July 1, 2021 – June 30, 2022 time period.

In our comments last year, we raised the specter of inflation as a potential problem for the markets. We did not dwell on that risk, perhaps because it had been decades since inflation was a significant concern for the financial markets. In fact, the last time the core Consumer Price Index was consistently above 4% was the 1970’s and 1980’s; it has been running above that level since the middle of 2021. Inflation is on the verge of imbedding itself into a classic wage-price spiral both in the U.S. and the global economy.

We’re at a crucial point in the process of nipping inflation in the bud. The Federal Reserve (Fed) is talking tough, and we believe they will follow through with decisive action. The voting members of the Fed are generally prudent and firmly on board with controlling inflation. We don’t think they will stop until nominal rates are higher than recent and near-term expected inflation trends. In other words, we believe that it will take positive real rates to slow inflationary trends; we expect the Federal Funds rate to peak around 4-4.5%, which is higher than market expectations, assuming that inflation moderates in the second half of this year, as most forecasters expect.

In our view, higher rates don’t necessarily mean that the consumer will crack or unemployment will surge, or that corporate default rates will rise sharply. Consumer debt service costs are relatively low: consumer debt service is about 14% of disposable income, versus 17% before the 2008 recession, and much of that debt is termed out with mortgages. Corporation debt service levels are also relatively low.

The risks are really at the Fed and the U.S. government. The quantitative easing programs of 2008-2012 and 2020-2022 resulted in the Fed’s balance sheet increasing from 6% of U.S. GDP to 37% of GDP. Essentially, the Fed had “federalized” much of the imbedded weakness of lower quality consumers, corporations, and municipalities. By artificially lowering interest rates, the Fed provided a multi-year opportunity for a massive refinancing of these sectors. Not only were financing rates lowered, but debt was termed out; for example, adjustable-rate mortgages were approximately 30% of the mortgage market in 2006; today they make up less than 10% of all mortgages outstanding.

While the Fed is now allowing that balance sheet to run off, through bond maturities and payoffs, it will take years for the balance sheet to shrink. In the meantime, the requirement to increase interest rates to fight inflation is immediate and will place the Fed in the position of earning less on its bond portfolio than what it’s paying to finance those positions. Based on our expectation of the peak Federal Funds rate, the Fed’s portfolio will yield less than their cost of funding it, thereby generating losses. The Fed will need to cover this deficit with the U.S. Treasury Department. At the same time, the large accumulated U.S. debt will face higher interest rates and may keep the U.S. budget deficit above optimal levels (although inflation could also swell the federal government’s revenues). These dual issues – the Federal Reserve and the federal government budget deficits - will be the political hot potato of 2023-24.

While 2022 has been a tough year for the global equity markets so far, we’re sticking to last year’s view that forward equity returns will be positive (5-10% per annum over the next ten years) but below returns for the period of 2011-2021. We’ll achieve the higher-end of that target if inflation is immediately brought under control, and will struggle with the lower-end if this drags on.

Sean Kelleher
President
Austin Atlantic Asset Management Company

This report has been prepared to provide information to the shareholders of the Funds and must be preceded or accompanied by the Prospectus. It should not 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 1-800-247-9780 or at the Funds’ 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.

1

AAAMCO ULTRASHORT FINANCING FUND PERFORMANCE REVIEW

June 30, 2022

For the twelve months ended June 30, 2022, the AAAMCO Ultrashort Financing Fund Class Y Shares outperformed its benchmark index. The Class I Shares of the Fund returned 0.40% and the Class Y Shares earned 0.45% while the U.S. Secured Overnight Funding Rate Index (which calculates the average rate earned from overnight investments in repurchase agreements collateralized with U.S. Treasuries) returned 0.23%.

Due to the Federal Reserve’s (Fed) 2020-2022 quantitative easing program, there hasn’t been much yield to be had in high quality, short term U.S. bond investments. The yields available from all short term investments, whether they be money market funds, bank Certificates of Deposit, or other cash-like investments are highly correlated to Fed‘s monetary policy. The assets of the AAAMCO Ultrashort Financing Fund are repurchase agreements (“repos”) collateralized by government and government agency securities, and are priced off of interest rates controlled by the Fed’s monetary policy. So while recent yields have been low, the level of yield is a function of government policy. As the Fed raises interest rates to combat inflation, we expect that the Fund’s yield will increase in sync

More importantly, shareholders should ask whether or not the Fund provides an attractive risk-adjusted return as a cash-alternative investment. Using the Morningstar Ultrashort bond fund category as the relevant comparable universe of bond funds, the AAAMCO Ultrashort Financing Fund ranked in the top 2%, 19%, and 26% of all ultrashort bond funds for the respective one-year, three-year, and five-year time periods. However, because the Fund has historically experienced lower net asset value per share volatility than the funds in it’s Morningstar fund category, our risk-adjusted returns have consistently been in the top 5% of all funds.

At the end of June 2022, 100% of the Fund’s assets were in repos or cash equivalents. The Fund’s original investment thesis of “repos as an asset class” remains in place. We continue to find financing opportunities that provide the Fund with opportunities that are similar to previous years. Given that the average duration of the repurchase agreements in the Fund is less than 7 days, the Fund’s yield should be highly correlated with changes in short term rates. For example, the Fed commenced interest rate hikes in March of 2022 and raised the federal funds rate by 150 bps through the end of June 2022. With a lag of 5-10 business days, the Fund has been able to capture close to 100% of that increase in rates.

We thank all of the Fund’s shareholders for allowing us to assist them with their investment needs. We look forward to serving them in the future

This report has been prepared to provide information to the shareholders of the Funds and must be preceded or accompanied by the Prospectus. It should not 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 1-800-247-9780 or at the Funds’ 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.

Portfolio composition is subject to change.

Past performance does not guarantee 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.

2

AAAMCO ULTRASHORT FINANCING FUND PERFORMANCE REVIEW

June 30, 2022

(Unaudited)

AAAMCO Ultrashort Financing Fund

Class I
Gross 0.49% Net 0.35%
Class Y
Gross 0.39% Net 0.30%

The gross expense ratios above are from the Fund’s prospectus dated October 28, 2021. Additional information pertaining to the Fund’s expense ratios as of June 30, 2022 can be found in the Financial Highlights.

Average Annual Total Return
Periods Ended June 30, 2022*

Comparison of change in value of a hypothetical $25,000 investment for the year ended June 30

The following graph shows that an investment of $25,000 in Class I of the Fund on June 6, 2017, would have been worth $26,687 on June 30, 2022, assuming all dividends and distributions had been reinvested. A similar investment in the U.S. Secured Overnight Financing Rate, over the same period, would have been worth $26,327.

Past performance does not guarantee future results. Investments returns and net asset values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. 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 U.S. Secured Overnight Financing Rate, or SOFR, is an influential interest rate that banks use to price U.S. dollar-denominated derivatives and loans. Investors cannot invest directly in an index, although they can invest in its underlying securities. To obtain current month-end performance information for the Fund, please call 1-800-247-9780.

3

AMF LARGE CAP EQUITY FUND PERFORMANCE REVIEW

June 30, 2022

For the twelve months ended June 30, 2022, the Large Cap Equity Fund Class AMF Shares returned -5.06% while the S&P 500 Index generated -10.62%. and the Morningstar Large Blend category average returned earned -11.58%. This places the fund in the top 9% of all Large Cap Blend stock funds for the past year. For the three-and-five year periods, the fund ranked in the 29th percentile and the 59th percentile, respectively. The fund’s recent outperformance is indicative of its value orientation; while the fund lagged during the Federal Reserve’s (Fed) quantitative easing, “easy money” Covid period, its underweight to the large tech-oriented megacaps (Apple, Microsoft, Amazon, Facebook/Meta, Alphabet, and Tesla) provided the fund with a much softer landing as the Fed became more restrictive. In fact, the fund’s exposure to these six stocks is typically less than 50% of their exposure in the S&P 500 Index, and never held Amazon or Facebook/Meta during this period, the two worst performing stocks of the six.

But the Fund continues to prefer companies with low share prices relative to cashflow and sales, and higher than average dividend yields, factors that we believe provide more stability and less volatility when markets underperform. In fact, the Fund continues to generate lower return volatility than the S&P 500 Index as well as the average of the funds in the Morningstar Large Blend category. As stated last year, the Fund’s sub-advisor, System Two Advisors, relies on a blend of fundamental and quantitative analysis. Since System Two Advisors took over management of the fund, relative performance – to both the fund’s index and similar funds - has improved even though the fund remains less volatile than its index. We believe that the investment process of System Two Advisors provides an attractive risk-adjusted approach for our shareholders.

We thank all of the Fund’s shareholders for allowing us to assist them with their investment needs. We look forward to serving them in the future.

This report has been prepared to provide information to the shareholders of the Funds and must be preceded or accompanied by the Prospectus. It should not 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 1-800-247-9780 or at the Funds’ 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.

Portfolio composition is subject to change.

Past performance does not guarantee 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.

4

AMF LARGE CAP EQUITY FUND PERFORMANCE REVIEW

June 30, 2022

(Unaudited)

Large Cap Equity Fund

Gross Expense Ratio
Class AMF 1.80%
Class H 1.55%

The gross expense ratio above are from the Fund’s prospectus dated October 28, 2021. Additional information pertaining to the Fund’s expense ratios as of June 30, 2022, can be found in the Financial Highlights.

Average Annual Total Return
Periods Ended June 30, 2022*

Comparison of change in value of a hypothetical $10,000 investment for the years ended June 30

The following graph shows that an investment of $10,000 in Class AMF of the Fund on June 30, 2012, would have been worth $27,587 on June 30, 2022, assuming all dividends and distributions had been reinvested. A similar investment in the S&P 500 Index, over the same period, would have been worth $33,816.

Past performance does not guarantee 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 Standard & Poors 500 Index is an unmanaged index, generally representative of the U.S. stock market as a whole. The index differs from the composition of the 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 the Fund, please call 1-800-247-9780.

5

AAAMCO ULTRASHORT FINANCING FUND

SCHEDULE OF INVESTMENTS

June 30, 2022

See notes to financial statements.

6

AAAMCO ULTRASHORT FINANCING FUND

SCHEDULE OF INVESTMENTS (concluded)

June 30, 2022