# EDGAR Filing Document

**Accession Number:** 0000705318
**File Stem:** 0001398344-23-005820
**Filing Date:** 2023-3
**Character Count:** 166808
**Document Hash:** ff6dd71157539fc705fca8076727f7e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005820.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001398344-23-005820

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASSET MANAGEMENT FUND
- **CENTRAL INDEX KEY:** 0000705318
- **IRS NUMBER:** 510266112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03541
- **FILM NUMBER:** 23716359

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 100
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 6144169059

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 100
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND INC
- **DATE OF NAME CHANGE:** 19950103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND FOR FINANCIAL INSTITUTIONS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND FOR SAVINGS INSTITUTIONS INC
- **DATE OF NAME CHANGE:** 19900306

## Series and Classes Contracts Data

### Large Cap Equity Fund (Series ID: S000015059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000041028 | Class AMF    | IICAX           |
| C000072278 | Class H      | IICHX           |

### AAAMCO Ultrashort Financing Fund (Series ID: S000055293)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000173969 | CLASS I SHARES | REPOX           |
| C000173970 | CLASS Y SHARES | REPYX           |

### AAMA Equity Fund (Series ID: S000057997)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000189198 | AAMA Equity Fund | AMFEX           |

### AAMA Income Fund (Series ID: S000057998)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000189199 | AAMA Income Fund | AMFIX           |

United States<br> Securities and Exchange Commission<br> Washington, D.C. 20549

**FORM N-CSR**<br>**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03541</u>

**Asset Management Fund**

(Exact name of registrant as specified in charter)

<u>690 Taylor Road, Suite 210 Gahanna, OH 43230</u>

(Address of principal executive offices) (Zip code)

<u>Foreside Management Services, LLC, 690 Taylor Road, Suite 210 Gahanna, OH 43230</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 247-9780 – Austin Atlantic Funds</u> <br> <u>(800) 701-9502 – AAMA Funds</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **AAMA Equity Fund** 

**Ticker: AMFEX** 

**AAMA Income Fund** 

**Ticker: AMFIX** 

**Semi-Annual Report** 

**December 31, 2022<br> (Unaudited)**

---

| | |
|:---|:---|
| **AAMA Funds** | **AAMA Funds** |
| **Letter To Shareholders<br> (Unaudited)** | **December 31, 2022**  |

---

Dear Fellow Shareholder,

The AAMA Equity and AAMA Income Funds performed admirably during the first six and last six months of 2022 given the slowing economy and the continuous short-term interest rate increases by the U.S. Federal Reserve Board. The individual portfolio review letters detail the performance of the Funds in greater detail.

Short term rates finished the year at their high, pushed higher by Federal Reserve (the Fed) policy. Yet, ten-year U.S. Government Treasuries hit their peak rate in October at 4.25%. At year end the yield on the ten-year Treasury was 3.88%. Two months of stability in the ten-year Treasury suggests the bond market is possibly anticipating a slowing economy, falling inflation, and an eventual "Fed pivot" away from fighting inflation

Today's increasing deficit spending and transfer payments have represented a historically high percentage of economic activity. Fiscal policy spending is not making the Federal Reserve Board's job any easier. Unless there is a significant disruption from a geopolitical or market liquidity event, we expect the Fed to continue signaling their inflation fighting stance into 2023.

Historically, inflation is difficult to tame without an economic recession. So far, macro indicators suggest the economy has been resilient in the face of tightening monetary conditions. Gross Domestic Product ("GDP") has not noticeably declined, and the unemployment rate is holding near historic lows. It is possible that 14 years of easy money policies were so extreme that it will simply take longer to reverse.

Behind the scenes of daily stock market price volatility, earnings expectations for many companies have been declining. For stock prices in general to stabilize, we believe it will require a reversal of the declining trend of earnings expectations.

Your investment team at AAMA continues to diligently monitor and evaluate the markets and position the AAMA Funds accordingly. We are grateful for your confidence in us and look forward to continuing to serve you as we work through the prevailing market conditions with our time-tested, fundamental investment process. In addition, we encourage you to maintain a strong relationship with

---

| |
|:---|
| **AAMA Funds** |
| **Letter To Shareholders <br> (Unaudited) (Continued)** |

---

your financial advisor. They will assist you in maintaining a portfolio structure that proactively considers both the opportunities and the uncertainty in the stock and bond markets.

Sincerely,

---

| | |
|:---|:---|
| ![](fp0081575_2.jpg) | ![](fp0081575_2a.jpg) |
| Robert D. Baker | Philip A. Voelker |
| Co-Portfolio Managers |  |

---

*Gross Domestic Product is the total value of goods produced and services provided in a country during one year.* 

*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.**

**AAMA Equity Fund<br> Management Discussion of Fund Performance<br> December 31, 2022 (Unaudited)**

The AAMA Equity Fund returned 2.19% for the six-month period ended December 31, 2022. This may be compared to the 2.31% return for the capitalization-weighted S&P 500 Index. Returns realized from broader market indices include the 6.29% return for the unweighted S&P 500 Index, an 8.05% return for the S&P MidCap 400 Index and the 3.51% return for the S&P SmallCap 600 Index. All market index returns represented a rebound from the sharply negative returns in the prior six-month period ended June 30, 2022.

The better relative returns in broad market indices versus the AAMA Equity Fund can be explained by the weakness in several large company equities. The ten largest capitalization components of the S&P 500 represented 26.75% of the index and returned a weighted negative return of 2.15% (compared to positive returns for all indices). In comparison, the top ten components of the AAMA Equity Fund represented 29.1% of the portfolio and returned a weighted -0.10%.

Economic growth rebounded modestly over the last six months with annualized growth of 3.2% in the third quarter and an estimated 2.9% in the fourth quarter. Both measures indicated renewed growth when compared to the small declines in the prior two quarters. Corporate profits have trended opposite economic growth as inflation has negatively impacted material input and labor costs resulting in declining profit margins. Third quarter S&P 500 operating earnings were 3.2% lower than prior year results. Fourth quarter earnings are estimated to be 10% lower.

The Federal Reserve's inflation-fighting policies continued through year-end, leaving its target for secured overnight lending rates at 4.38%. This rate is 4.25% above its target of 0.13% just nine months ago. Communications from the central bank acknowledge the historical record of lagging effects from monetary policy changes and the potential for a pause in its interest rate increases. However, there is no indication currently of a pivot towards an easier monetary policy. Future inflation reports will continue to drive market volatility and Federal Reserve policy.

*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 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.* 

*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.***

---

| | | |
|:---|:---|:---|
| **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** |
| **COMMON STOCKS — 62.9%**  | **Shares** | **Fair Value** |
| **AEROSPACE & DEFENSE — 1.2%**  |  |  |
| Raytheon Technologies Corporation  | 46696 | $4712560 |
| **BANKING — 1.3%**  |  |  |
| JPMorgan Chase & Company  | 37400 | 5015340 |
| **BEVERAGES — 1.2%**  |  |  |
| PepsiCo, Inc.  | 26400 | 4769424 |
| **BIOTECH & PHARMA — 6.9%**  |  |  |
| Amgen, Inc.  | 15000 | 3939600 |
| Bristol-Myers Squibb Company  | 94000 | 6763300 |
| Johnson & Johnson  | 48000 | 8479200 |
| Pfizer, Inc.  | 141500 | 7250460 |
|  |  | 26432560 |
| **CONTAINERS & PACKAGING — 0.5%**  |  |  |
| Ball Corporation  | 37000 | 1892180 |
| **DIVERSIFIED INDUSTRIALS — 2.0%**  |  |  |
| Emerson Electric Company  | 78400 | 7531104 |
| **E-COMMERCE DISCRETIONARY — 1.2%**  |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 54000 | 4536000 |
| **ELECTRIC UTILITIES — 1.0%**  |  |  |
| Constellation Energy Corporation  | 10000 | 862100 |
| Exelon Corporation  | 30000 | 1296900 |
| Public Service Enterprise Group, Inc.  | 25000 | 1531750 |
|  |  | 3690750 |
| **ENGINEERING & CONSTRUCTION — 0.6%**  |  |  |
| Quanta Services, Inc.  | 16100 | 2294250 |
| **FOOD — 1.1%**  |  |  |
| Conagra Brands, Inc.  | 106000 | 4102200 |
| **HEALTH CARE FACILITIES & SERVICES — 2.7%**  |  |  |
| UnitedHealth Group, Inc.  | 19400 | 10285492 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** |
| **COMMON STOCKS — 62.9% (Continued)** | **Shares** | **Fair Value** |
| **HOUSEHOLD PRODUCTS — 1.2%**  |  |  |
| Procter & Gamble Company (The)  | 29400 | $4455864 |
| **INDUSTRIAL SUPPORT SERVICES — 1.8%**  |  |  |
| Fastenal Company  | 30000 | 1419600 |
| Grainger (W.W.), Inc.  | 10100 | 5618125 |
|  |  | 7037725 |
| **INTERNET MEDIA & SERVICES — 1.6%**  |  |  |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 68000 | 5999640 |
| **LEISURE FACILITIES & SERVICES — 1.8%**  |  |  |
| Starbucks Corporation  | 70000 | 6944000 |
| **MEDICAL EQUIPMENT & DEVICES — 1.2%**  |  |  |
| Medtronic plc  | 59100 | 4593252 |
| **METALS & MINING — 2.5%**  |  |  |
| Freeport-McMoRan, Inc.  | 250000 | 9500000 |
| **OIL & GAS PRODUCERS — 4.8%**  |  |  |
| Chevron Corporation  | 46500 | 8346285 |
| Exxon Mobil Corporation  | 92000 | 10147600 |
|  |  | 18493885 |
| **RETAIL - CONSUMER STAPLES — 2.6%**  |  |  |
| Kroger Company (The)  | 102500 | 4569450 |
| Walmart, Inc.  | 36600 | 5189514 |
|  |  | 9758964 |
| **RETAIL - DISCRETIONARY — 1.4%**  |  |  |
| Home Depot, Inc. (The)  | 17000 | 5369620 |
| **SEMICONDUCTORS — 6.4%**  |  |  |
| Applied Materials, Inc.  | 93800 | 9134244 |
| Intel Corporation  | 168300 | 4448169 |
| QUALCOMM, Inc.  | 50900 | 5595946 |
| Texas Instruments, Inc.  | 31700 | 5237474 |
|  |  | 24415833 |

---

---

| | | |
|:---|:---|:---|
| **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** |
| **COMMON STOCKS — 62.9% (Continued)** | **Shares** | **Fair Value** |
| **SOFTWARE — 3.2%**  |  |  |
| Adobe, Inc. <sup>(a)</sup>  | 13200 | $4442196 |
| Microsoft Corporation  | 32500 | 7794150 |
|  |  | 12236346 |
| **TECHNOLOGY HARDWARE — 4.4%**  |  |  |
| Apple, Inc.  | 47200 | 6132696 |
| Cisco Systems, Inc.  | 131600 | 6269424 |
| Corning, Inc.  | 134800 | 4305512 |
|  |  | 16707632 |
| **TECHNOLOGY SERVICES — 3.0%**  |  |  |
| Mastercard, Inc. - Class A  | 11100 | 3859803 |
| Visa, Inc. - Class A  | 37400 | 7770224 |
|  |  | 11630027 |
| **TELECOMMUNICATIONS — 4.4%**  |  |  |
| T-Mobile US, Inc. <sup>(a)</sup>  | 73815 | 10334100 |
| Verizon Communications, Inc.  | 168100 | 6623140 |
|  |  | 16957240 |
| **TRANSPORTATION & LOGISTICS — 2.9%**  |  |  |
| Norfolk Southern Corporation  | 14200 | 3499164 |
| Union Pacific Corporation  | 19800 | 4099986 |
| United Parcel Service, Inc. - Class B  | 20000 | 3476800 |
|  |  | 11075950 |
| **TOTAL COMMON STOCKS** (Cost $153,912,502)  |  | $240437838 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 28.6%** | **Shares** | **Fair Value** |
| iShares Core S&P 500 ETF  | 69200 | $26587332 |
| iShares Core S&P U.S. Growth ETF  | 239600 | 19532192 |
| Schwab U.S. Large-Cap ETF  | 563400 | 25437510 |
| Vanguard Growth ETF  | 36000 | 7671960 |
| Vanguard S&P 500 ETF  | 85600 | 30074704 |
| **TOTAL EXCHANGE-TRADED FUNDS** (Cost $68,203,682)  |  | $109303698 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Equity Fund <br> Schedule of Portfolio Investments <br> (Continued)** |
| **MONEY MARKET FUNDS — 8.6%** | **Shares** | **Fair Value** |
| First American U.S. Treasury Money Market Fund - Class Z, 3.96% <sup>(b)</sup> (Cost $32,665,907)  | 32665907 | $32665907 |
| **TOTAL INVESTMENTS** (Cost $254,782,091) **— 100.1%**  |  | $382407443 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%)**  |  | (232467) |
| **NET ASSETS — 100.0%**  |  | $382174976 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022. <br> plc - Public Liability Company

---

| | |
|:---|:---|
| **Security Allocation (Percentage of Net Assets)** | **Security Allocation (Percentage of Net Assets)** |
| Common Stocks  | 62.9% |
| Exchange-Traded Funds  | 28.6% |
| Cash Equivalents\*  | 8.5% |
| Total  | 100.0% |

---

\* Includes Liabilities in Excess of Other Assets <br> See accompanying notes to financial statements.

**AAMA Income Fund<br> Management Discussion of Fund Performance<br> December 31, 2022 (Unaudited)**

The AAMA Income Fund returned -1.58% for the six-month period ended December 31, 2022. This may be compared to the Bloomberg U.S. Aggregate Bond Index return of -2.97%. Longer duration indices faired worse as evidenced by the -10.16% return of the Bloomberg U.S. Long Treasury Index. The last three-month period was generally characterized by less volatile returns with the AAMA Income Fund gaining 0.77% and the U.S. Bloomberg Aggregate Index returning of 1.87%.

Short term interest rates continued to increase in lock step with the Federal Reserve target for secured overnight lending rate target. The current target range is 4.25 to 4.50%. Ninety-day Treasury Bills and most money market funds now yield in excess of four percent.

Following stagnant real GDP growth in the prior six months, the U.S. economy returned to modest growth in the 2.9 to 3.2% range over the last six months. Inflation as measured by the broad Consumer Price Index ("CPI") declined from the 8.9% peak in June 2022 to an estimated 6.5% near year end. The smaller CPI increase was influenced by declining inflation in finished goods. However, measurements of inflation in various service sector components have been more persistent which supports the Federal Reserve position of steadfastly adhering to its tighter monetary policy stance.

*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.* 

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

*The Consumer Price Index is an index of the variation in prices paid by typical consumers for retail goods and other items.* 

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

---

| | | |
|:---|:---|:---|
| **AAMA Income Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> December 31, 2022 (Unaudited)** |
| **EXCHANGE-TRADED FUNDS — 15.4%** | **Shares** | **Fair Value** |
| Vanguard Mortgage-Backed Securities ETF  | 283000 | $12882160 |
| Vanguard Short-Term Treasury ETF  | 166000 | 9598120 |
| **TOTAL EXCHANGE-TRADED FUNDS** (Cost $25,605,664)  |  | $22480280 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 0.8%**  | **Coupon** | **Maturity** | **Principal <br> Amount** | **Fair Value** |
| City of Powell, Ohio, Various Purpose Ltd., GO Bond, Series 2021, (Cost $1,370,538)  | 2.000% | 12/01/26 | $1320000 | $1197283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT <br> AGENCIES — 31.1%**  | **Coupon** | **Maturity** | **Principal <br> Amount** | **Fair Value** |
| **FEDERAL FARM CREDIT BANK — 3.2%**  |  |  |  |  |
| Federal Farm Credit Bank  | 1.750% | 02/25/25 | $5000000 | $4722211 |
| **FEDERAL HOME LOAN BANK — 13.9%**  |  |  |  |  |
| Federal Home Loan Bank  | 2.375% | 09/08/23 | 6575000 | 6465981 |
| Federal Home Loan Bank  | 2.750% | 12/13/24 | 5000000 | 4839830 |
| Federal Home Loan Bank  | 1.750% | 09/12/25 | 5000000 | 4683309 |
| Federal Home Loan Bank  | 1.650% | 11/24/28 | 5000000 | 4245191 |
|  |  |  |  | 20234311 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION — 14.0%**  |  |  |  |  |
| Federal National Mortgage Association  | 0.625% | 04/22/25 | 5000000 | 4593718 |
| Federal National Mortgage Association  | 2.125% | 04/24/26 | 11454000 | 10733617 |
| Federal National Mortgage Association  | 0.750% | 10/08/27 | 5957000 | 5130381 |
|  |  |  |  | 20457716 |
| **TOTAL U.S. GOVERNMENT AGENCIES** (Cost $49,237,174)  |  |  |  | $45414238 |

---

See accompanying notes to financial statements.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AAMA Income Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> (Continued)** | **AAMA Income Fund <br> Schedule of Portfolio Investments <br> (Continued)** |
| **U.S. TREASURY <br> OBLIGATIONS — 39.4%**  | **Coupon** | **Maturity** | **Principal <br> Amount** | **Fair Value** |
| U.S. Treasury Notes  | 1.750% | 01/31/23 | $5000000 | $4990987 |
| U.S. Treasury Notes  | 1.750% | 05/15/23 | 10000000 | 9895312 |
| U.S. Treasury Notes  | 2.750% | 11/15/23 | 10000000 | 9829688 |
| U.S. Treasury Notes  | 2.125% | 02/29/24 | 5000000 | 4854102 |
| U.S. Treasury Notes  | 2.500% | 05/15/24 | 6000000 | 5823750 |
| U.S. Treasury Notes  | 1.875% | 08/31/24 | 5000000 | 4782422 |
| U.S. Treasury Notes  | 0.500% | 04/30/27 | 10000000 | 8610547 |
| U.S. Treasury Notes  | 1.125% | 02/29/28 | 10000000 | 8658203 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $60,903,247)  |  |  |  | $57445011 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 13.1%**  | **Shares** | **Fair Value** |
| First American U.S. Treasury Money Market Fund - Class Z, 3.96% <sup>(a)</sup> (Cost $19,170,755)  | 19170755 | $19170755 |
| **TOTAL INVESTMENTS** (Cost $156,287,378) **— 99.8%**  |  | $145707567 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%**  |  | 215013 |
| **NET ASSETS — 100.0%**  |  | $145922580 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Security Allocation (Percentage of Net Assets)** | **Security Allocation (Percentage of Net Assets)** |
| U.S. Treasury Obligations  | 39.4% |
| U.S. Government Agencies  | 31.1% |
| Exchange-Traded Funds  | 15.4% |
| Municipal Bonds  | 0.8% |
| Cash Equivalents\*  | 13.3% |
| Total  | 100.0% |

---

\* Includes Other Assets in Excess of Liabilities <br> See accompanying notes to financial statements.

---

| | | |
|:---|:---|:---|
| **AAMA Funds<br> Statements of Assets and Liabilities<br> December 31, 2022 (Unaudited)**  | **AAMA Funds<br> Statements of Assets and Liabilities<br> December 31, 2022 (Unaudited)**  | **AAMA Funds<br> Statements of Assets and Liabilities<br> December 31, 2022 (Unaudited)**  |
|  | **AAMA <br> Equity Fund** | **AAMA <br> Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost  | $254782091 | $156287378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value  | $382407443 | $145707567 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold  | 53309 | 34175 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 199948 | 476512 |
| &nbsp;&nbsp;&nbsp;Other assets  | 7505 | 5311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS  | 382668205 | 146223565 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Cash overdraft  | 32154 | 165374 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed  | 45728 | 16933 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4)  | 329347 | 81678 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4)  | 19569 | 7358 |
| &nbsp;&nbsp;&nbsp;Payable to Ultimus (Note 4)  | 9432 | 6700 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses  | 56999 | 22942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES  | 493229 | 300985 |
| **NET ASSETS**  | $382174976 | $145922580 |
| **Net assest consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital  | $254502838 | $157372081 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit)  | 127672138 | (11449501) |
| **Net assets**  | $382174976 | $145922580 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized)  | 26431376 | 6294373 |
| Net asset value, offering price and redemption price per share  | $14.46 | $23.18 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **AAMA Funds<br> Statements of Operations<br> Six Months Ended December 31, 2022 (Unaudited)** | **AAMA Funds<br> Statements of Operations<br> Six Months Ended December 31, 2022 (Unaudited)** | **AAMA Funds<br> Statements of Operations<br> Six Months Ended December 31, 2022 (Unaudited)** |
|  | **AAMA <br> Equity Fund** | **AAMA <br> Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends  | $3669580 | $414526 |
| &nbsp;&nbsp;&nbsp;Interest  | 202058 | 947982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME  | 3871638 | 1362508 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees  | 1957040 | 556090 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4)  | 118821 | 46000 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4)  | 40270 | 23725 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4)  | 26636 | 10273 |
| &nbsp;&nbsp;&nbsp;Legal fees  | 20745 | 8089 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees  | 17757 | 8110 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4)  | 11600 | 11600 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses  | 14436 | 5550 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees  | 13611 | 5461 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees  | 4787 | 5591 |
| &nbsp;&nbsp;&nbsp;Pricing costs  | 479 | 1049 |
| &nbsp;&nbsp;&nbsp;Other expenses  | 3456 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES  | 2229638 | 684205 |
| &nbsp;&nbsp;&nbsp;Less fees voluntarily waived by the Adviser  |  | (65399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES  | 2229638 | 618806 |
| **NET INVESTMENT INCOME**  | 1642000 | 743702 |
| **UNREALIZED GAINS (LOSSES) ON INVESTMENTS**  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments  | 6637717 | (3066360) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $8279717 | $(2322658) |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **AAMA Equity Fund<br> Statements of Changes in Net Assets** | **AAMA Equity Fund<br> Statements of Changes in Net Assets** | **AAMA Equity Fund<br> Statements of Changes in Net Assets** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2022** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $1642000 | $1511776 |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions  |  | 18944137 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments  | 6637717 | (56265166) |
| Net increase (decrease) in net assets resulting from operations  | 8279717 | (35809253) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)**  | (17561517) | (1018613) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 31017254 | 85712305 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 17527410 | 1017426 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (41523115) | (98903793) |
| Net increase (decrease) in net assets from capital share transactions  | 7021549 | (12174062) |
| **TOTAL DECREASE IN NET ASSETS**  | (2260251) | (49001928) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 384435227 | 433437155 |
| &nbsp;&nbsp;&nbsp;End of period  | $382174976 | $384435227 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 2034884 | 5164752 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 1210456 | 57579 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (2739109) | (5957049) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding  | 506231 | (734718) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period  | 25925145 | 26659863 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period  | 26431376 | 25925145 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **AAMA Income Fund<br> Statements of Changes in Net Assets** | **AAMA Income Fund<br> Statements of Changes in Net Assets** | **AAMA Income Fund<br> Statements of Changes in Net Assets** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2022** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $743702 | $834067 |
| &nbsp;&nbsp;&nbsp;Net realized losses on investment transactions  |  | (679203) |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from regulated investment companies  |  | 41060 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments  | (3066360) | (8979985) |
| Net decrease in net assets resulting from operations  | (2322658) | (8784061) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)**  | (738417) | (918481) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 11824815 | 37976462 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 737336 | 917090 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (13044689) | (27845079) |
| Net increase (decrease) in net assets from capital share transactions  | (482538) | 11048473 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (3543613) | 1345931 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 149466193 | 148120262 |
| &nbsp;&nbsp;&nbsp;End of period  | $145922580 | $149466193 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 505560 | 1538157 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 31683 | 37369 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (558594) | (1132496) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding  | (21351) | 443030 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period  | 6315724 | 5872694 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period  | 6294373 | 6315724 |

---

See accompanying notes to financial statements.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** | **AAMA Equity Fund<br> Financial Highlights** |
| **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** |
|  | **Six Months <br> Ended <br> Dec. 31, <br> 2022 <br> (Unaudited)**  | **Year Ended <br> June 30, <br> 2022** | **Year Ended <br> June 30, <br> 2021**  | **Year Ended <br> June 30, <br> 2020**  | **Year Ended <br> June 30, <br> 2019**  | **Year Ended <br> June 30, <br> 2018 <sup>(a)</sup>** |
| Net asset value at beginning of period  | $14.83 | $16.26 | $12.22 | $11.91 | $11.24 | $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup>  | 0.07 | 0.06 | 0.05 | 0.08 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments  | 0.25 | (1.45) | 4.05 | 0.33 | 0.66 | 1.20 |
| Total from investment operations  | 0.32 | (1.39) | 4.10 | 0.41 | 0.76 | 1.28 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.10) | (0.04) | (0.06) | (0.10) | (0.09) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains  | (0.59) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions  | (0.69) | (0.04) | (0.06) | (0.10) | (0.09) | (0.04) |
| Net asset value at end of period  | $14.46 | $14.83 | $16.26 | $12.22 | $11.91 | $11.24 |
| Total return <sup>(c)</sup>  | 2.19 %<sup>(d)</sup> | (8.59 %) | 33.64% | 3.41% | 6.85% | 12.85 %<sup>(d)</sup> |
| Net assets at end of period (000's)  | $382175 | $384435 | $433437 | $358993 | $335611 | $308028 |
| Ratio of total expenses to average net assets <sup>(e)</sup>  | 1.14 %<sup>(f)</sup> | 1.15% | 1.16% | 1.18% | 1.18% | 1.19 %<sup>(f)</sup> |
| Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.14 %<sup>(f)</sup> | 1.15 %<sup>(g)(h)</sup> | 1.16% | 1.18% | 0.99 %<sup>(g)</sup> | 0.90 %<sup>(f)(g)</sup> |
| Ratio of net investment income to average net assets <sup>(b)(e)</sup>  | 0.84 %<sup>(f)</sup> | 0.34 %<sup>(g)(h)</sup> | 0.33% | 0.67% | 0.90 %<sup>(g)</sup> | 0.78 %<sup>(f)(g)</sup> |
| Portfolio turnover rate  | 0 %<sup>(d)</sup> | 5% | 0 %<sup>(i)</sup> | 22% | 20% | 5 %<sup>(d)</sup> |

---

<sup>(a)</sup> Inception date of the Fund is June 30, 2017. The Fund commenced operations on July 3, 2017.

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of the dividends and distributions by the underlying investment companies in which the Fund invests. 

**AAMA Equity Fund<br> Financial Highlights (Continued)**<br>

---

| | |
|:---|:---|
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if the Adviser and/or administrator had not reduced fees for the years ended June 30, 2022, 2019 and 2018.  |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | The ratios of income and expenses to average net assets do not reflect the Fund's proportionate share of income and expenses of the underlying investment companies in which the Fund invests. |
| <sup>(f)</sup> | Annualized. |
| <sup>(g)</sup> | Ratio was determined after fee reductions. |
| <sup>(h)</sup> | The impact of the voluntary fee waiver by the administrator for the year ended June 30, 2022 was less than 0.005%. |
| <sup>(i)</sup> | Percentage rounds to less than 1%. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** | **AAMA Income Fund<br> Financial Highlights** |
| **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** | **Per Share Data for a Share Outstanding Throughout Each Period** |
|  | **Six Months <br> Ended <br> Dec. 31, <br> 2022 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2022** | **Year Ended <br> June 30, <br> 2021** | **Year Ended <br> June 30, <br> 2020** | **Year Ended <br> June 30, <br> 2019** | **Year Ended <br> June 30, <br> 2018 <sup>(a)</sup>**  |
| Net asset value at beginning of period  | $23.67 | $25.22 | $25.58 | $25.06 | $24.66 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.10 <sup>(b)</sup> | 0.14 <sup>(b)</sup> | 0.17 <sup>(b)</sup> | 0.27 <sup>(b)</sup> | 0.33 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments  | (0.49) | (1.54) | (0.37) | 0.52 | 0.40 | (0.35) |
| Total from investment operations  | (0.39) | (1.40) | (0.20) | 0.79 | 0.73 | (0.09) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.10) | (0.15) | (0.16) | (0.27) | (0.33) | (0.25) |
| Net asset value at end of period  | $23.18 | $23.67 | $25.22 | $25.58 | $25.06 | $24.66 |
| Total return <sup>(c)</sup>  | (1.58 %)<sup>(d)</sup> | (5.57 %) | (0.80 %) | 3.17% | 2.97% | (0.34 %)<sup>(d)</sup> |
| Net assets at end of period (000's)  | $145923 | $149466 | $148120 | $153568 | $143828 | $143050 |
| Ratio of total expenses to average net assets  | 0.92 %<sup>(e)(f)</sup> | 0.90 %<sup>(e)</sup> | 0.91 %<sup>(e)</sup> | 0.93 %<sup>(e)</sup> | 0.93% | 0.94 %<sup>(f)</sup> |
| Ratio of net expenses to average net assets <sup>(g)(h)</sup>  | 0.83 %<sup>(e)(f)</sup> | 0.83 %<sup>(e)</sup> | 0.83 %<sup>(e)</sup> | 0.83 %<sup>(e)</sup> | 0.71% | 0.63 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(g)</sup>  | 1.00 %<sup>(b)(e)(f)</sup> | 0.55 %<sup>(b)(e)</sup> | 0.67 %<sup>(b)(e)</sup> | 1.06 %<sup>(b)(e)</sup> | 1.32% | 1.05 %<sup>(f)</sup> |
| Portfolio turnover rate  | 0 %<sup>(d)</sup> | 39% | 37% | 33% | 20% | 6 %<sup>(d)</sup> |

---

<sup>(a)</sup> Inception date of the Fund is June 30, 2017. The Fund commenced operations on July 3, 2017.

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of the dividends and distributions by the underlying investment companies in which the Fund invests. 

<sup>(c)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if the Adviser and/or administrator had not reduced fees. 

**AAMA Income Fund<br> Financial Highlights (Continued)**<br>

---

| | |
|:---|:---|
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | The ratios of income and expenses to average net assets do not reflect the Fund's proportionate share of income and expenses of the underlying investment companies in which the Fund invests. |
| <sup>(f)</sup> | Annualized. |
| <sup>(g)</sup> | Ratio was determined after fee reductions. |
| <sup>(h)</sup> | The impact of the voluntary fee waiver by the Adviser and/or administrator for the period ended December 31, 2022 and the years ended June 30, 2022, 2021, 2020, 2019 and 2018 was 0.09%<sup>(f)</sup>, 0.07%, 0.08%, 0.10%, 0.22% and 0.31%<sup>(f)</sup>, respectively. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**AAMA Funds<br> Notes to Financial Statements<br> December 31, 2022 (Unaudited)**

**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:

● Level 1 — quoted prices in active markets for identical securities

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

● Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

**AAMA Funds<br> 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 independent pricing services approved by Advanced Asset Management Advisors, Inc. (the "Adviser"), the Valuation Designee, 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 Valuation Designee. In these cases, the Valuation Designee determines in good faith, subject to procedures approved by the Board of Trustees (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.

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 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.

**AAMA Funds<br> Notes to Financial Statements (Continued)**

The following is a summary of each Fund's investments and the inputs used to value the investments as of December 31, 2022, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AAMA Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks  | $240437838 | $— | $— | $240437838 |
| Exchange-Traded Funds  | 109303698 |  |  | 109303698 |
| Money Market Funds  | 32665907 |  |  | 32665907 |
| Total  | $382407443 | $— | $— | $382407443 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AAMA Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds  | $22480280 | $— | $— | $22480280 |
| Municipal Bonds  |  | 1197283 |  | 1197283 |
| U.S. Government Agencies  |  | 45414238 |  | 45414238 |
| U.S. Treasury Obligations  |  | 57445011 |  | 57445011 |
| Money Market Funds  | 19170755 |  |  | 19170755 |
| Total  | $41651035 | $104056532 | $— | $145707567 |

---

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 six months ended December 31, 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.

**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

**AAMA Funds<br> Notes to Financial Statements (Continued)**

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 during the twelve-month period ended December 31, 2022 and the six-month period ended June 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Periods <br> Ended** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Total <br> Distributions** |
| AAMA Equity Fund  | 12/31/22 | $2587695 | $14973822 | $17561517 |
|  | 06/30/22 | $1018613 | $— | $1018613 |
| AAMA Income Fund  | 12/31/22 | $738417 | $— | $738417 |
|  | 06/30/22 | $918481 | $— | $918481 |

---

**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.

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.

**AAMA Funds<br> Notes to Financial Statements (Continued)**

The tax character of accumulated earnings as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | **AAMA<br> Equity Fund** | **AAMA<br> Income Fund** |
| Tax cost of portfolio investments  | $254782091 | $156287378 |
| Gross unrealized appreciation  | $136046872 | $— |
| Gross unrealized depreciation  | (8421520) | (10579811) |
| Net unrealized appreciation  | 127625352 | (10579811) |
| Accumulated ordinary income  | 48885 | 6280 |
| Other losses  | (2099) |  |
| Capital loss carryforwards  |  | (875970) |
| Accumulated earnings (deficit)  | $127672138 | $(11449501) |

---

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 the current and 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 the current and 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 six months ended December 31, 2022, the Funds did not incur any interest or penalties.

**3. Investment Transactions** 

Investment transactions, other than short-term investments, were as follows for the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Non-U.S. Government** | **AAMA<br> Equity Fund** | **AAMA<br> Equity Fund** | **AAMA<br> Income Fund** | **AAMA<br> Income Fund** |
| Purchase of investment securities  | $|  | $|  |
| Proceeds from sales of investment securities  | $|  | $|  |

---

**AAMA Funds<br> Notes to Financial Statements (Continued)**

---

| | | |
|:---|:---|:---|
| **U.S. Government (long-term)** | **AAMA<br> Equity Fund** | **AAMA<br> Income Fund** |
| Purchase of U.S. government securities  | $— | $— |
| Proceeds from sales and maturities of U.S. government securities  | $— | $12000000 |

---

**4. Transactions with Related Parties** 

INVESTMENT ADVISORY AGREEMENT

Each Fund's investments are managed by 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 six months ended December 31, 2022, the Adviser voluntarily waived its advisory fees in the amount of $65,399 for AAMA Income Fund. These voluntary waivers are not eligible for recovery by the Adviser in future periods.

During the six months ended December 31, 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, 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.

**AAMA Funds<br> Notes to Financial Statements (Continued)**

Pursuant to the Agreement, the Funds pay Foreside an annual fee of $210,000 plus 0.02% of 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 December 31, 2022, the following account holders owned of record 25% or more of the outstanding shares of each Fund:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| **AAMA Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;TD Ameritrade, Inc. (for the benefit of its clients)  | 75% |
| **AAMA Income Fund** |  |
| &nbsp;&nbsp;&nbsp;TD Ameritrade, Inc. (for the benefit of its clients)  | 78% |

---

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 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

**AAMA Funds<br> Notes to Financial Statements (Continued)**

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 December 31, 2022, AAMA Equity Fund and AAMA Income Fund had 28.6% and 15.4%, 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.

**AAMA Funds<br> Notes to Financial Statements (Continued)**

**7. Trustee Compensation** 

The Independent Trustees are compensated for their services to the Trust by the Funds. Each Independent Trustee receives an annual retainer plus meeting fees (which vary depending on meeting type). Collectively, the Independent Trustees were paid $60,000 in fees during the six months ended December 31, 2022, for the entire Trust, which includes other funds not managed by Advanced Asset Management Advisors, Inc. The Funds paid Trustee compensation in the amount of $30,000 for the six months ended December 31, 2022. In addition, the Funds reimburse Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

**8. Liquidity Risk Management Program** 

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the 1940 Act (the "Rule"). This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments and periodic reporting to the Board. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID (now Form N-RN), which generally requires a fund to notify the Commission when certain liquidity-related events occur. The Adviser has established a Liquidity Risk Management Program Committee ("Committee"). The Committee is comprised of the Trust's Chief Financial Officer and officers and employees of the Adviser. At the Board's regular meeting on November 30, 2022, the Program Administrator provided a written report to the Board (the "Report") on the operation, adequacy and effectiveness of the LRMP for the Funds for the period October 1, 2021 through September 30, 2022 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Funds' investments by monitoring the liquidity and selection of portfolio investments during normal and reasonably foreseeable stressed conditions, short-term and long-term cash flow projections during normal and reasonably foreseeable stressed conditions and cash and cash equivalents, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Funds' investments, the Adviser utilizes

**AAMA Funds<br> Notes to Financial Statements (Continued)**

a third-party provider of liquidity monitoring services. The Report stated that during the Reporting Period, each Fund invested 100% of its total net assets in highly liquid investments. Because each Fund consisted primarily of highly liquid investments, pursuant to the Rule, no highly liquid investment minimum was required to be established for the Funds. The Report concluded that the LRMP for the Funds has been appropriately designed and implemented and was effectively operating to assess and manage the Funds' liquidity risk during the Reporting Period.

**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 cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**AAMA Funds<br> 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 (July 1, 2022 through December 31, 2022).

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

<u>Actual fund return</u> – 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."

<u>Hypothetical 5% return</u> – 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.

**AAMA Funds<br> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> July 1, 2022** | **Ending <br> Account Value <br> December 31, <br> 2022** | **Net <br> Expense <br> Ratio<sup>(a)</sup>** | **Expenses <br> Paid During <br> Period<sup>(b)</sup>** |
| **AAMA Equity Fund** |  |  |  |  |
| Based on Actual Fund Return  | $1000.00 | $1021.90 | 1.14% | $5.81 |
| Based on Hypothetical 5% Return (before expenses)  | $1000.00 | $1019.46 | 1.14% | $5.80 |
| **AAMA Income Fund** |  |  |  |  |
| Based on Actual Fund Return  | $1000.00 | $984.20 | 0.83% | $4.15 |
| Based on Hypothetical 5% Return (before expenses)  | $1000.00 | $1021.02 | 0.83% | $4.23 |

---

<sup>(a)</sup> Annualized, based on the Fund's most recent one-half year expenses. <br> <sup>(b)</sup> Expenses are equal to each Fund's annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

**AAMA Funds<br> 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.

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

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

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

**Distributor**<br> Foreside Financial Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04101

**Legal Counsel**<br> Vedder Price P.C.<br> 222 N. LaSalle Street<br> Chicago, Illinois 60601

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

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

**SEMI-ANNUAL REPORT<br> December 31, 2022**

**AAAMCO ULTRASHORT FINANCING FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Percentage <br> of Net <br> Assets** | **Principal <br> Amount/<br> Shares** | **Value** |
| INVESTMENT COMPANIES | 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio, Premier Class, 3.75%\* |  | 1438000 | $1438000 |
| TOTAL INVESTMENT COMPANIES |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,438,000) |  |  | 1438000 |
| REPURCHASE AGREEMENTS | 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM High Income Fund, L.P., 4.90%, Open repurchase agreement which the Fund can initiate closure at any time. (Collateralized by SBA Loans, with a value of $5,825,417, due 03/15/31 - 10/15/46 and cash equivalents of $1,400,000) |  | 6164735 | 6164735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM High Income Fund, L.P., 4.90%, Open repurchase agreement which the Fund can initiate closure at any time. (Collateralized by SBA Pools, with a value of $2,139,276, due 11/25/31 and cash equivalents of $372,973) |  | 2166143 | 2166143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Capital Markets, 4.90%, Open repurchase agreement which the Fund can initiate closure at any time. (Collateralized by SBA Loans, with a value of $18,922,129 due at 07/15/32 - 11/15/47 and cash equivalents of $1,378,646) |  | 19106211 | 19106211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVB Financial, 5.07%, Agreement dated 12/16/22 to be repurchased at $5,455,254 on 01/17/23. (Collateralized by TMC Master Trust Series 2016-M3 Certificates 5.00% - 7.625%, with a value of $5,750,929, due 11/01/52 - 01/01/53 and cash equivalent of $799,000)<sup>(1),(2)</sup> |  | 5430779 | 5430779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Hess IO Opportunity Fund, 4.80%, Open repurchase agreement which the Fund can initiate closure at any time. (Collateralized by SBA Loans, with a value of $14,817,352 due 04/15/31 - 07/15/47 and investment line of $1,307,215 and cash equivalents of $181,303) |  | 14965905 | 14965905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Hess Opportunity Fund, 4.80%, Open repurchase agreement which the Fund can initiate closure at any time. (Collateralized by SBA Loans, with a value of $14,783,873 due 07/15/28 - 04/15/45 and investment line of $1,403,688 and cash equivalents of $11,883) |  | 15100052 | 15100052 |
| TOTAL REPURCHASE AGREEMENTS |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,933,825) |  |  | 62933825 |
| TOTAL INVESTMENTS |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $64,371,825) | 101.2% |  | $64371825 |
| NET OTHER ASSETS (LIABILITIES) | (1.2)% |  | (767987) |
| NET ASSETS | 100.0% |  | $63603838 |

---

\* The rate presented is the 7-day effective yield in effect at December 31, 2022.

<sup>(1)</sup> Illiquid security, maturity date is greater than 7 days. As of December 31, 2022, the value of this illiquid security amounted to approximately 8.5% of net assets.

<sup>(2)</sup> The rates and maturity dates disclosed represent those of the underlying mortgage loans which are used to securitize the Trust Certificate referenced within.

See notes to financial statements.

**LARGE CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Percentage <br> of Net <br> Assets** | **Shares** | **Value** |
| COMMON STOCKS | 95.2% |  |  |
| &nbsp;&nbsp;&nbsp;Banks | 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  | 7800 | $352794 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. |  | 7150 | 1732373 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B |  | 1000 | 117010 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. |  | 1000 | 263530 |
| &nbsp;&nbsp;&nbsp;Diversified Financials | 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. |  | 500 | 354315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. |  | 1000 | 168160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group (The), Inc. |  | 1200 | 412056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  | 2300 | 195546 |
|  |  |  | 1130077 |
| &nbsp;&nbsp;&nbsp;Energy | 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  | 7000 | 826000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  | 10800 | 1398816 |
|  |  |  | 2224816 |
| &nbsp;&nbsp;&nbsp;Food & Staples Retailing | 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  | 3500 | 1597750 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 9.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. |  | 6000 | 305820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. |  | 5800 | 1391768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. |  | 1500 | 768285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  | 3092 | 1639317 |
|  |  |  | 4105190 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products | 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble (The) Co. |  | 8900 | 1348884 |
| &nbsp;&nbsp;&nbsp;Insurance | 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. |  | 22000 | 1582680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive (The) Corp. |  | 14000 | 1815940 |
|  |  |  | 3398620 |
| &nbsp;&nbsp;&nbsp;Materials | 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. |  | 650 | 200369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. |  | 10000 | 380000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V., Class A |  | 6000 | 498180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. |  | 3500 | 165200 |
|  |  |  | 1243749 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment | 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> |  | 15400 | 1358742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A |  | 35900 | 1255423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class A |  | 5000 | 151850 |
|  |  |  | 2766015 |

---

See notes to financial statements.

**LARGE CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (continued)** 

**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Percentage <br> of Net <br> Assets** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotech & Life Sciences | 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. |  | 11000 | $1777710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  | 9700 | 697915 |
|  |  |  | 2475625 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. |  | 2000 | 423720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. |  | 6137 | 720975 |
|  |  |  | 1144695 |
| &nbsp;&nbsp;&nbsp;Retailing | 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. |  | 9000 | 721890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot (The), Inc. |  | 5000 | 1579300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  | 4000 | 796960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. |  | 6000 | 894240 |
|  |  |  | 3992390 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. |  | 2750 | 1537607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. |  | 10000 | 264300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. |  | 3000 | 1131090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  | 13800 | 969450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. |  | 5000 | 730700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  | 400 | 66088 |
|  |  |  | 4699235 |
| &nbsp;&nbsp;&nbsp;Software & Services | 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A |  | 5000 | 1334200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. |  | 1000 | 389220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A |  | 4200 | 1460466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. |  | 6550 | 1570821 |
|  |  |  | 4754707 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment | 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. |  | 11000 | 1429230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunication Services | 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  | 7000 | 275800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation | 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. |  | 48000 | 1487040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. |  | 2400 | 415680 |
|  |  |  | 1902720 |
| &nbsp;&nbsp;&nbsp;Utilities | 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  | 9200 | 769120 |
| TOTAL COMMON STOCKS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,805,385) |  |  | 41724330 |

---

See notes to financial statements.

**LARGE CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (concluded)** 

**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Percentage <br> of Net <br> Assets** | **Shares** | **Value** |
| INVESTMENT COMPANIES | 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio, Premier Class, 3.75%\* |  | 2150531 | $2150531 |
| TOTAL INVESTMENT COMPANIES |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,150,531) |  |  | 2150531 |
| TOTAL INVESTMENTS |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,955,916) | 100.1% |  | $43874861 |
| NET OTHER ASSETS (LIABILITIES) | (0.1)% |  | (44370) |
| NET ASSETS | 100.0% |  | $43830491 |

---

\* The rate presented is the 7-day effective yield in effect at December 31, 2022.

<sup>(a)</sup> Non-income producing security.

See notes to financial statements.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **AAAMCO <br> Ultrashort <br> Financing Fund** | **Large Cap <br> Equity Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $1438000 | $29955916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | 1438000 | 43874861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, cost equals fair value | 62933825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for dividends and interest | 256681 | 33274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold |  | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 9452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable | 7999 | 13183 |
| Total Assets | 64645957 | 43922518 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral due to broker | 799000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income distribution payable | 192806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable |  | 21076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable | 1050 | 7896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed payable |  | 21708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees payable | 42706 | 30772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable (see Note B) | 6557 | 10575 |
| Total Liabilities | 1042119 | 92027 |
| Net Assets | $63603838 | $43830491 |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12397924 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding | 1239792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $10.0000 | $— |
| Class Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $51205914 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding | 5120592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $10.0000 | $— |
| Class AMF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $36026810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding |  | 3983547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $— | $9.04 |
| Class H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $7803681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding |  | 868948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $— | $8.98 |
| Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $63695125 | $28921190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings/(accumulated deficit) | (91287) | 14909301 |
| Net assets | $63603838 | $43830491 |

---

See notes to financial statements.

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **AAAMCO <br> Ultrashort <br> Financing Fund** | **Large Cap <br> Equity Fund** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $2830607 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 63989 | 502984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2894596 | 502984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory | 284270 | 145871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting | 54696 | 66290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration (see Note B) | 59708 | 62671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution — Class AMF Shares |  | 46220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution — Class I Shares | 6196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 37755 | 27673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 208066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration (includes blue sky fees) | 2630 | 4460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 15627 | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee | 17108 | 17108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing | 2530 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 5309 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reductions | 693895 | 378041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reduced by Investment Adviser | (211175) | (22441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reduced by Administrator | (15013) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 467707 | 355600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2426889 | 147384 |
| REALIZED AND UNREALIZED GAINS FROM INVESTMENT ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions |  | 1744316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investments |  | 841659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains from investment activities |  | 2585975 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $2426889 | $2733359 |

---

See notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **AAAMCO Ultrashort Financing Fund** | **AAAMCO Ultrashort Financing Fund** |
| | **Six Months Ended <br> December 31, 2022 <br> (Unaudited)** | **Year Ended <br> June 30, 2022** |
| Increase (decrease) in net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2426889 | $1934745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 2426889 | 1934745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shareholders | (190941) | (50126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y Shareholders | (2234958) | (1886869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid to shareholders | (2425899) | (1936995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 200922 | 1354581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued to shareholders in reinvestment of dividends | 189721 | 49459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (322329) | (1227357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20104346 | 45316089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued to shareholders in reinvestment of dividends | 146485 | 113613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (360152401) | (104345236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | (339833256) | (58738851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | (339832266) | (58741101) |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 403436104 | 462177205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $63603838 | $403436104 |

---

See notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (concluded)** 

---

| | | |
|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| | **Six Months Ended <br> December 31, 2022 <br> (Unaudited)** | **Year Ended <br> June 30, 2022** |
| Increase (decrease) in net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $147384 | $193213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 1744316 | 3470362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation /depreciation on investments | 841659 | (5648324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 2733359 | (1984749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AMF Shareholders | (3152094) | (2370997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class H Shareholders | (686924) | (534011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid to shareholders | (3839018) | (2905008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AMF Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 69233 | 563963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued to shareholders in reinvestment of dividends | 2653412 | 2079431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1415535) | (3966108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class H Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 822392 | 672110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued to shareholders in reinvestment of dividends | 970 | 12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (328184) | (1258208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | 1802288 | (1896639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | 696629 | (6786396) |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 43133862 | 49920258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $43830491 | $43133862 |

---

See notes to financial statements.

**AAAMCO ULTRASHORT FINANCING FUND — CLASS I SHARES** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for a share outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | | |
| | **Six Months <br> Ended <br> December 31,**<br>**2022<br> (Unaudited)** | **2022** | **<br> 2021** | **2020** | **2019** | **Eight Months**<br>**Ended<br> June 30, 2018** | **Year Ended**<br>**October 31, <br> 2017<sup>(1)</sup>** |
| Net asset value, beginning of period | $9.9992 | $9.9992 | $9.9992 | $10.00 | $10.00 | $10.00 | $10.00 |
| <u><u>Income (loss) from investment operations:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.1552 | 0.0398 | 0.0272 | 0.1567 | 0.2507 | 0.1260 | 0.0533 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) from investments | 0.0008 |  | 0.0010<sup>(2)</sup> | (0.0002)<sup>(2)</sup> | (0.0003) | (0.0025) | 0.0018<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.1560 | 0.0398 | 0.0282 | 0.1565 | 0.2504 | 0.1235 | 0.0551 |
| <u><u>Less distributions:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.1552) | (0.0398) | (0.0282) | (0.1573) | (0.2504) | (0.1235) | (0.0551) |
| Change in net asset value | 0.0008 |  |  | (0.0008) |  |  |  |
| Net asset value, end of period | $10.0000 | $9.9992 | $9.9992 | $9.9992 | $10.00 | $10.00 | $10.00 |
| Total return | 1.57%<sup>(3)</sup> | 0.40% | 0.28% | 1.58% | 2.53% | 1.24%<sup>(3)</sup> | 0.55%<sup>(3)</sup> |
| <u><u>Ratios/Supplemental data:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $12398 | $12329 | $12153 | $7464 | $6784 | $8632 | $9049 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 0.33%<sup>(5),(6)</sup> | 0.28%<sup>(5)</sup> | 0.31%<sup>(5)</sup> | 0.27% | 0.27% | 0.30%<sup>(6)</sup> | 0.34%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.08%<sup>(6)</sup> | 0.40% | 0.27% | 1.60% | 2.48% | 1.89%<sup>(6)</sup> | 1.32%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(7)</sup> | 0.75%<sup>(6)</sup> | 0.50% | 0.49% | 0.48% | 0.67% | 1.05%<sup>(6)</sup> | 1.05%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | —%<sup>(3)</sup> | —% | —% | 24% | 258% | 706%<sup>(3)</sup> | 389%<sup>(3)</sup> |

---

<sup>(1)</sup> For the period from June 6, 2017, commencement of operations, to October 31, 2017.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The impact of the voluntary waivers for the years ended June 30, 2019, 2020, 2021 and 2022 and for the six months ended December 31, 2022 were 0.09%, 0.08%, 0.04%, 0.07%, and 0.03% respectively.

<sup>(5)</sup> Expenses include interest expense of less than 0.01%, 0.02% and 0.10% impact to Average Net Assets for the years ended June 30, 2021 and 2022 and for the six months ended December 31, 2022, respectively.

<sup>(6)</sup> Annualized for periods less than one year.

<sup>(7)</sup> During the periods shown, certain fees were contractually and voluntarily reduced. If such contractual and voluntary fee reductions had not occurred, the ratios would have been as indicated.

See notes to financial statements.

**AAAMCO ULTRASHORT FINANCING FUND — CLASS Y SHARES** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for a share outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | | |
| | **Six Months <br> Ended <br> December 31,**<br>**2022 <br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months**<br>**Ended<br> June 30, 2018** | **Year Ended**<br>**October 31, <br> 2017<sup>(1)</sup>** |
| Net asset value, beginning of period | $10.0000 | $10.0000 | $10.0002 | $10.00 | $10.00 | $10.00 | $10.00 |
| <u><u>Income (loss) from investment operations:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.1505 | 0.0448 | 0.0332 | 0.1618 | 0.2527 | 0.1290 | 0.0553 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) from investments | 0.0073 |  | (0.0002) | 0.0007 | 0.0028<sup>(2)</sup> | (0.0021) | 0.0018<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.1578 | 0.0448 | 0.0330 | 0.1625 | 0.2555 | 0.1269 | 0.0571 |
| <u><u>Less distributions:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.1578) | (0.0448) | (0.0332) | (0.1623) | (0.2555) | (0.1269) | (0.0571) |
| Change in net asset value |  |  | (0.0002) | 0.0002 |  |  |  |
| Net asset value, end of period | $10.0000 | $10.0000 | $10.0000 | $10.0002 | $10.00 | $10.00 | $10.00 |
| Total return | 1.59%<sup>(3)</sup> | 0.45% | 0.33% | 1.68% | 2.58% | 1.28%<sup>(3)</sup> | 0.57%<sup>(3),(4)</sup> |
| <u><u>Ratios/Supplemental data:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $51206 | $391107 | $450024 | $400118 | $567339 | $50919 | $50281 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(5)</sup> | 0.27%<sup>(6),(7)</sup> | 0.23%<sup>(7)</sup> | 0.26%<sup>(7)</sup> | 0.22% | 0.21% | 0.25%<sup>(6)</sup> | 0.29%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.52%<sup>(6)</sup> | 0.44% | 0.33% | 1.69% | 2.63% | 1.95%<sup>(6)</sup> | 1.37%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(8)</sup> | 0.50%<sup>(6)</sup> | 0.40% | 0.39% | 0.38% | 0.43% | 0.95%<sup>(6)</sup> | 0.96%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | —%<sup>(3)</sup> | —% | —% | 24% | 258% | 706%<sup>(3)</sup> | 389%<sup>(3)</sup> |

---

<sup>(1)</sup> For the period from June 6, 2017, commencement of operations, to October 31, 2017.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> During the period ended October 31, 2017, the AAAMCO Ultrashort Financing Fund received monies from the Adviser. If these monies were not received, the return for the period would have been 0.47%.

<sup>(5)</sup> The impact of the voluntary waivers for the years ended June 30, 2019, 2020, 2021 and 2022 and for the six months ended December 31, 2022 were 0.09%, 0.08%, 0.04%, 0.07%, and 0.03% respectively.

<sup>(6)</sup> Annualized for periods less than one year.

<sup>(7)</sup> Expenses include interest expense of less than 0.01%, 0.02% and 0.23% impact to Average Net Assets for the years ended June 30, 2021 and 2022 and for the six months ended December 31, 2022, respectively.

<sup>(8)</sup> During the periods shown, certain fees were contractually and voluntarily reduced. If such contractual and voluntary fee reductions had not occurred, the ratios would have been as indicated.

See notes to financial statements.

**LARGE CAP EQUITY FUND — CLASS AMF SHARES** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for a share outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | | |
| | **Six Months <br> Ended <br> December 31,**<br>**2022 <br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months**<br>**Ended<br> June 30, 2018** | **Year Ended**<br>**October 31, <br> 2017** |
| Net asset value, beginning of period | $9.30 | $10.33 | $7.91 | $7.96 | $8.39 | $9.84 | $10.34 |
| <u><u>Income (loss) from investment operations:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) from investments | 0.56 | (0.45) | 2.72 | 0.32 | 0.45 | 0.30 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.59 | (0.41) | 2.76 | 0.37 | 0.50 | 0.34 | 2.13 |
| <u><u>Less distributions:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.03) | (0.04) | (0.04) | (0.05) | (0.05) | (0.05) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.82) | (0.58) | (0.30) | (0.37) | (0.88) | (1.74) | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions. | (0.85) | (0.62) | (0.34) | (0.42) | (0.93) | (1.79) | (2.63) |
| Change in net asset value | (0.26) | (1.03) | 2.42 | (0.05) | (0.43) | (1.45) | (0.50) |
| Net asset value, end of period | $9.04 | $9.30 | $10.33 | $7.91 | $7.96 | $8.39 | $9.84 |
| Total return | 6.35%<sup>(1)</sup> | (5.06)% | 35.61% | 4.41% | 7.68% | 3.41%<sup>(1)</sup> | 24.63% |
| <u><u>Ratios/Supplemental data:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $36027 | $35608 | $40977 | $32305 | $34453 | $35819 | $40104 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.63%<sup>(2)</sup> | 1.61% | 1.75% | 2.01% | 1.77% | 1.49%<sup>(2)</sup> | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.61%<sup>(2)</sup> | 0.34% | 0.42% | 0.55% | 0.63%<sup>(2)</sup> | 0.69%<sup>(2)</sup> | 1.09%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets | 1.73%<sup>(2),(3)</sup> | 1.71%<sup>(3)</sup> | 1.85%<sup>(3)</sup> | 2.11%<sup>(3)</sup> | 1.89%<sup>(4)</sup> | 1.59%<sup>(2),(4)</sup> | 1.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2%<sup>(1)</sup> | 5% | 17% | 33% | 26% | 21%<sup>(1)</sup> | 112% |

---

<sup>(1)</sup> Not annualized for periods less than one year.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> The impact of the voluntary waivers were 0.10%.

<sup>(4)</sup> During the periods shown, certain fees were contractually and voluntarily reduced. If such contractual and voluntary fee reductions had not occurred, the ratios would have been as indicated.

See notes to financial statements.

**LARGE CAP EQUITY FUND — CLASS H SHARES** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for a share outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | | |
| | **Six Months <br> Ended <br> December 31,**<br>**2022 <br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months**<br>**Ended<br> June 30, 2018** | **Year Ended**<br>**October 31, <br> 2017** |
| Net asset value, beginning of period | $9.24 | $10.27 | $7.87 | $7.93 | $8.36 | $9.82 | $10.34 |
| <u><u>Income (loss) from investment operations:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.07 | 0.06 | 0.05 | 0.07 | 0.05 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) from investments | 0.56 | (0.46) | 2.70 | 0.33 | 0.45 | 0.30 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.60 | (0.39) | 2.76 | 0.38 | 0.52 | 0.35 | 2.14 |
| <u><u>Less distributions:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.06) | (0.06) | (0.07) | (0.07) | (0.07) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.82) | (0.58) | (0.30) | (0.37) | (0.88) | (1.74) | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions. | (0.86) | (0.64) | (0.36) | (0.44) | (0.95) | (1.81) | (2.66) |
| Change in net asset value | (0.26) | (1.03) | 2.40 | (0.06) | (0.43) | (1.46) | (0.52) |
| Net asset value, end of period | $8.98 | $9.24 | $10.27 | $7.87 | $7.93 | $8.36 | $9.82 |
| Total return | 6.53%<sup>(1)</sup> | (4.86)% | 35.86% | 4.56% | 7.93% | 3.54%<sup>(1)</sup> | 24.76% |
| <u><u>Ratios/Supplemental data:</u></u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $7804 | $7526 | $8943 | $6793 | $6887 | $6333 | $6196 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.38%<sup>(2)</sup> | 1.36% | 1.50% | 1.76% | 1.56% | 1.35%<sup>(2)</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.86%<sup>(2)</sup> | 0.58% | 0.67% | 0.80% | 0.85%<sup>(3)</sup> | 0.82%<sup>(2),(3)</sup> | 1.24%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets | 1.48%<sup>(2),(4)</sup> | 1.46%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 1.86%<sup>(4)</sup> | 1.64%<sup>(3)</sup> | 1.35%<sup>(2),(3)</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2%<sup>(1)</sup> | 5% | 17% | 33% | 26% | 21%<sup>(1)</sup> | 112% |

---

<sup>(1)</sup> Not annualized for periods less than one year.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> During the periods shown, certain fees were contractually and voluntarily reduced. If such contractual and voluntary fee reductions had not occurred, the ratios would have been as indicated.

<sup>(4)</sup> The impact of the voluntary waivers were 0.10%.

See notes to financial statements.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022 (Unaudited)**

<br> 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 an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." As of December 31, 2022, the Trust is authorized to issue an unlimited number of shares, at no par value, in two separate series: the AAAMCO Ultrashort Financing Fund and the Large Cap Equity Fund (referred to individually as a "Fund" and collectively as the "Funds"). Other series of the Trust are not included in this report.

The AAAMCO Ultrashort Financing Fund is authorized to issue two classes of shares: Class I Shares and Class Y Shares. Class I and Class Y Shares of the AAAMCO Ultrashort Financing Fund have the same rights and obligations except: (i) Class I Shares bear a distribution fee, while Class Y Shares do not have any distribution fee, which will cause Class I Shares to have a higher expense ratio and to pay lower dividends than those related to Class Y Shares; (ii) other expenses, which are determined to properly apply to one class of shares upon approval by the Board of Trustees of the Trust ("Board"), 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. The AAAMCO Ultrashort Financing Fund commenced operations on June 6, 2017. The Large Cap Equity Fund is authorized to issue 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 dividend rates 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, 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.

The Trust maintains an insurance policy that insures its officers and trustees against certain liabilities. 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.

A. Significant accounting policies are as follows:

SECURITY VALUATION

Investments are recorded 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 employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

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

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

● Level 3 — significant unobservable inputs (including a 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, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

The Funds' prices for equity securities are generally provided by an independent third party pricing service approved by Austin Atlantic Asset Management Company, the Valuation Designee, as of the close of the regular trading session of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of each Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the mean of the latest bid and ask quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value ("NAV") as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The Funds' debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Valuation Designee. To value debt securities, pricing services may

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. Repurchase agreements and reverse repurchase agreements are valued at par daily, as long as the market value of collateral is sufficient to support this valuation. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy. If a pricing service is unable to provide valuations for a particular security or securities, or the Valuation Designee has determined that such valuations are unreliable, the Board has approved the use of a fair valuation methodology implemented by the Valuation Designee to fair value the security or securities.

Within the fair value pricing methodology implemented by the Valuation Designee, 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 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, repayment 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. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

Fair value pricing, including evaluated prices obtained from pricing services, is inherently a process of estimates and judgments. Fair value prices may fluctuate less than market prices due to technical issues which may impact the prices at which the Funds can purchase or sell securities. Market prices can be impacted by technical factors such as short term changes in market liquidity and volatility which may not directly impact fair value prices. 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.

The following is a summary of the inputs used to value the Funds' investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Level 1 - <br> Quoted Prices** | **Level 2 -<br> Other Significant Observable Inputs** | **Level 3 – <br> Significant Unobservable Inputs** | **Total** |
| **AAAMCO Ultrashort Financing Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | $1438000 | $— | $— | $1438000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 62933825 |  | 62933825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $1438000 | $62933825 | $— | $64371825 |
| **Large Cap Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $41724330 | $— | $— | $41724330 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 2150531 |  |  | 2150531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $43874861 | $— | $— | $43874861 |

---

As of December 31, 2022, there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 as of December 31, 2022, based on levels assigned to securities as of December 31, 2022.

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> REPURCHASE AGREEMENTS

The AAAMCO Ultrashort Financing Fund may invest in obligations of the U.S. Government or other obligations that are not subject to any investment limitation on the part of national banks that 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 Fund, through the custodian or other contracted parties, receives delivery of the underlying collateral for each repurchase agreement. The Fund requires the custodian or other contracted parties to take possession of all collateral for repurchase agreements. The Fund requires the fair value of collateral underlying the repurchase agreement to be at least 102% of the repurchase price, including any accrued interest earned, and at not less than 102% throughout, the term of the repurchase agreement. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.

The Fund may enter into transactions subject to enforceable netting arrangements ("netting arrangements") under a repurchase agreement. Generally, netting arrangements allow the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty. In addition, netting arrangements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2022, the AAAMCO Ultrashort Financing Fund has invested in the repurchase agreements described below, with gross exposures on the Statement of Assets and Liabilities, that could be netted subject to netting agreements.

The following table presents the repurchase agreements, which are subject to netting arrangements, as well as the collateral received related to those repurchase agreements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| <br>**Fund Name** | <br>**Counterparty** | <br>**Weighted Average Days to Maturity** | <br>**Gross Amounts of Assets Presented In Statements of Assets and Liabilities** | **Financial Instruments\*** | **Net Amount** |
| AAAMCO Ultrashort Financing Fund | BCM High Income Fund, L.P. | Open | $8330878 | $(8330878) | $— |
|  | BMO Capital Markets | Open | 19106211 | (19106211) |  |
|  | JVB Financial | 17.00 | 5430779 | (5430779) |  |
|  | Solomon Hess IO Opportunity Fund | Open | 14965905 | (14965905) |  |
|  | Solomon Hess Opportunity Fund | Open | 15100052 | (15100052) |  |
|  | Total |  | $62933825 | $(62933825) | $— |

---

\* Collateral presented is disclosed up to the fair value of the asset; therefore, collateral received may be in excess of the collateral presented.

REVERSE REPURCHASE AGREEMENTS

The AAAMCO Ultrashort Financing Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

As of December 31, 2022 the Fund held no reverse repurchase agreements.

The average amount of reverse repurchase agreements outstanding during the six months ended December 31, 2022, was $20,692,707 at a weighted average interest rate of 2.40%.

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> SECURITIES PURCHASED OR SOLD ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS

Each Fund may purchase or sell securities on a when-issued basis or delayed-delivery basis. With when-issued transactions, securities are bought or sold during the periods between the announcement of an offering and the issuance and payment date of the securities. When securities are purchased or sold on a delayed-delivery basis, the price of the securities is fixed at the time of the commitment to purchase or sell is made, but settlement may take place at a future date. By the time of delivery, securities purchased or sold on a when-issued or delayed-delivery basis may be valued at less than the purchase or sell price. There were no securities purchased or sold on a when-issued or delayed- delivery basis held by the Funds as of December 31, 2022.

MORTGAGE-BACKED TO-BE-ANNOUNCED TRANSACTIONS

A Mortgage-Backed To-Be-Announced ("TBA") trade represents a forward contract for the purchase or sale of single family mortgage-related securities to be delivered on a specified future date. In a typical TBA trade, the specific pool of mortgages that will be delivered to fulfill the forward contract are unknown at the time of the trade. The parties to a TBA trade agree upon the issuer, coupon, price, product type, amount of securities and settlement date for delivery. Settlement for TBA trades is standardized to occur on one specific day each month. The mortgage-related securities that ultimately will be delivered, and the loans backing those mortgage-related securities, frequently have not been created or originated at the time of the TBA trade, even though a price for the securities is agreed to at that time.

The AAAMCO Ultrashort Financing Fund may engage in TBA transactions to manage cash positions as well as to manage interest rate and prepayment risks. The Fund may engage in forward sales of TBA trades only when the Fund has identified the actual mortgage pool held in position to be delivered in fulfillment of the TBA trade obligation(specifying the pool or CUSIP number). These pools must be deliverable into the sold TBA position. There were no mortgage-backed TBA positions held in the Ultra Short Financing Fund at December 31, 2022.

DISTRIBUTIONS TO SHAREHOLDERS

AAAMCO Ultrashort Financing Fund:

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

Large Cap Equity Fund:

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

For both 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends as well as the most recent fiscal year end which has yet to be filed). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> EXPENSE ALLOCATION

Each Fund is charged for those expenses that are directly attributable to that Fund. Certain expenses that arise in connection with a class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund are allocated among all Funds in the Trust in proportion to each Fund's relative net assets or other reasonable basis.

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 on a using the effective interest method and 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 Statements of Operations.

The Funds' net asset values per share may fluctuate daily. For each Fund, net asset value per share is determined by dividing the value of all securities and all other assets, less liabilities, by the number of shares outstanding. For the Large Cap Equity Fund, the value per share is rounded to the nearest whole cent ($0.01). For the Ultrashort Financing Fund, the net asset value per share is rounded to the nearest one hundredth of one cent ($0.0001).

**B.** Fees and transactions with affiliates were as follows:

FEES AND TRANSACTIONS WITH AFFILIATES

Austin Atlantic Asset Management Company ("AAAMCO") serves the Funds as investment adviser (the "Adviser"). The Adviser is a wholly-owned subsidiary of Austin Atlantic Inc. ("AAI"). AAI is controlled by Rodger D. Shay,Jr., President of Austin Atlantic Capital Inc. ("AACI"), also a wholly-owned subsidiary of AAI.

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 AAAMCO Ultrashort Financing Fund is 0.30% of average daily net assets. The Adviser voluntarily waived $32,057, of the investment advisory fee for the six months ended December 31, 2022, which cannot be recouped. The Adviser has contractually agreed to waive fees and reimburse expenses for the AAAMCO Ultrashort Financing Fund to the extent that Total Annual Operating Expenses (excluding brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under GAAP)) exceed 0.30% for Class Y shares and 0.35% for Class I shares through October 28, 2023. If it becomes unnecessary for the Adviser to contractually waive fees or make reimbursements, the Adviser may recapture any of its prior contractual waivers or reimbursements for a period not to exceed three years from the fiscal year in which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under GAAP)) to exceed the applicable expense limitation in effect at time of recoupment or that was in effect at the time of the waiver or reimbursement, whichever is lower. The Adviser cannot terminate this agreement prior to October 28, 2023. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will also terminate automatically upon termination of the investment advisory agreement. For the six months ended December 31, 2022, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Fund in the amounts of $179,118.

The Adviser has retained Folio Beyond, LLC ("Folio Beyond") to perform a daily review of repurchase agreement collateral for the AAAMCO Ultrashort Financing Fund under the terms of a Sub-Advisory Agreement. The Adviser (not the Fund) pays Folio Beyond a fee for these services.

As of December 31, 2022, the AAAMCO Ultrashort Financing Fund had the following amounts (and year of expiration) subject to repayment to the Adviser:

---

| | | |
|:---|:---|:---|
| **Year Waived** | **Year Repayment Expires** | **Balance** |
| 2020 | 2023 | $444911 |
| 2021 | 2024 | $345979 |
| 2022 | 2025 | $385577 |
| Six months ended 12/31/22 | 2026 | $179118 |

---

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 in an amount of 0.10% so that the Fund paid 0.55% of average daily net assets for the six months ended December 31, 2022, which cannot be recouped.

The Adviser has retained System Two Advisors, L.P. ("S2") to perform the daily investment of the assets of the Large Cap Equity Fund under the terms of a Sub-Advisory Agreement. The Adviser (not the Fund) pays the S2 a fee for these services.

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> AACI serves the Trust as distributor (the "Distributor"). The Distributor is a wholly-owned subsidiary of AAI.

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 the AAAMCO Ultrashort Financing Fund Class I Shares is 0.10% of average daily net assets. The AAAMCO Ultrashort Financing Fund Class Y Shares do not have a distribution fee.

The distribution fee rate for the Large Cap Equity Fund Class AMF Shares is 0.25% of average daily net assets. The Large Cap Equity Fund Class H Shares do not have a distribution fee.

There were no brokerage commissions paid to the Distributor during the six months ended December 31, 2022.

BUSINESS MANAGER AND ADMINISTRATOR

The Trust has a Management and Administration Agreement with Foreside Management Services, LLC ("Foreside"), who serves as business manager and administrator for the Trust on behalf of the Funds. Pursuant to the terms of the Agreement, Foreside performs and coordinates all management and administration services for the Funds either directly or through working with the Fund's service providers. Services provided under the Agreements by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service pro viders to the Funds; serving as officers of the Trust, including but not limited to President, Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust 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 filings and filing with the Securities and Exchange Commission; and maintaining books and records in accordance with applicable laws and regulations. Pursuant to the Agreement, the Large Cap Equity Fund pays Foreside an annual fee of $120,000 plus 0.01% of average daily net assets of the Fund; subject to an aggregate minimum annual fee of $125,000. The AAAMCO Ultrashort Financing Fund pays Foreside an annual fee of $100,000 plus 0.01% of average daily net assets; subject to an aggregate minimum annual fee of $140,000. With respect to the Funds, Foreside has voluntarily agreed to waive a portion of its fee for the AAAMCO Ultrashort Financing Fund, which is disclosed on the Statements of Operations.

**C.** Transactions in shares of the Funds for the six months ended December 31, 2022 and the year ended June 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| | **AAAMCO Ultrashort Financing Fund** | **AAAMCO Ultrashort Financing Fund** |
| | **Six Months Ended December 31, 2022** | **Year ended<br> June 30, 2022** |
| Shares Transactions Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares | 20001 | 135467 |
| &nbsp;&nbsp;&nbsp;Shares issued to shareholders in reinvestment of dividends | 18972 | 4946 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (32235) | (122745) |
| &nbsp;&nbsp;&nbsp;Net increase | 6738 | 17668 |
| &nbsp;&nbsp;&nbsp;Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 1233054 | 1215386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | 1239792 | 1233054 |
| Shares Transactions Class Y: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares | 2010435 | 4531391 |
| &nbsp;&nbsp;&nbsp;Shares issued to shareholders in reinvestment of dividends | 14649 | 11361 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (36015148) | (10434524) |
| &nbsp;&nbsp;&nbsp;Net decrease | (33990064) | (5891772) |
| &nbsp;&nbsp;&nbsp;Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 39110656 | 45002428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | 5120592 | 39110656 |

---

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> ---

| | | |
|:---|:---|:---|
| | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| | **Six Months Ended December 31, 2022** | **Year ended<br> June 30, 2022** |
| Shares Transactions Class AMF: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares | 7170 | 52222 |
| &nbsp;&nbsp;&nbsp;Shares issued to shareholders in reinvestment of dividends | 292605 | 183157 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (144375) | (374649) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 155400 | (139270) |
| &nbsp;&nbsp;&nbsp;Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 3828147 | 3967417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | 3983547 | 3828147 |
| Shares Transactions Class H: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares | 89617 | 60306 |
| &nbsp;&nbsp;&nbsp;Shares issued to shareholders in reinvestment of dividends | 108 | 1082 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (35018) | (118232) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 54707 | (56844) |
| &nbsp;&nbsp;&nbsp;Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 814241 | 871085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | 868948 | 814241 |

---

**D.** For the six months ended December 31, 2022, purchases and sales of securities, other than short-term investments and U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
| | **AAAMCO <br> Ultrashort <br> Financing Fund** | **Large Cap <br> Equity Fund** |
| Purchases | $— | $778530 |
| Sales |  | 3268521 |

---

For the six months ended December 31, 2022, purchases and sales of U.S. Government securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AAAMCO <br> Ultrashort <br> Financing Fund** | **AAAMCO <br> Ultrashort <br> Financing Fund** | **Large Cap <br> Equity Fund** | **Large Cap <br> Equity Fund** |
| Purchases | $|  | $|  |
| Sales | |  | |  |

---

**E.** LIQUIDITY RISK MANAGEMENT PROGRAM

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the 1940 Act (the "Rule"). This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments and periodic reporting to the Board. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID (now Form N-RN), which generally requires a fund to notify the Commission when certain liquidity-related events occur. The Adviser has established a Liquidity Risk Management Program Committee (the "Committee"). The Committee is comprised of the Trust's Chief Financial Officer and officers and employees of the Adviser. At the Board's regular meeting on November 30, 2022, the Program Administrator provided a

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> written report to the Board (the "Report") on the operation, adequacy and effectiveness of the LRMP for the Funds for the period October 1, 2021 through September 30, 2022 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Funds' investments by monitoring the liquidity and selection of portfolio investments during normal and reasonably foreseeable stressed conditions, short-term and long- term cash flow projections during normal and reasonably foreseeable stressed conditions and cash and cash equivalents, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. The Report stated that during the Reporting Period, no highly liquid investment minimum was required to be established for the Funds. The Report concluded that the LRMP for the Funds has been appropriately designed and implemented and was effectively operating to assess and manage the Funds' liquidity risk during the Reporting Period.

**F.** NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

**G.** FEDERAL INCOME TAX INFORMATION:

The tax characteristics of distributions paid to shareholders during the fiscal years ended June 30, 2022 and 2021 for the AAAMCO Ultrashort Financing Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2022** | **Distributions <br> paid from <br> Ordinary Income** | **Total Taxable Distributions** | **Total Distributions Paid\*** |
| AAAMCO Ultrashort Financing Fund | $1601380 | $1601380 | $1601380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **2021** | **Distributions <br> paid from <br> Ordinary Income** | **Total Taxable Distributions** | **Total Distributions Paid\*** |
| AAAMCO Ultrashort Financing Fund | $1464129 | $1464129 | $1464129 |

---

\* Total distributions paid differ from the Statements 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 fiscal years ended June 30, 2022 and 2021 for the Large Cap Equity Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Distributions paid from Ordinary Income** | **Net Long <br> Term Gains** | **Total Taxable Distributions** | **Total Distributions Paid** |
| **2022** |  |  |  |  |
| Large Cap Equity Fund | $193213 | $2711795 | $2905008 | $2905008 |
| **2021** |  |  |  |  |
| Large Cap Equity Fund | 202033 | 1458844 | 1660877 | 1660877 |

---

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**December 31, 2022 (Unaudited)**

<br> At December 31, 2022, the cost, gross unrealized appreciation and gross unrealized depreciation on securities including reverse repurchase agreements, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Unrealized Appreciation** | **Tax Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |
| AAAMCO Ultrashort Financing Fund | $64371825 | $— | $— | $— |
| Large Cap Equity Fund | 29955916 | 15583075 | (1664129) | 13918946 |

---

As of June 30, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed Ordinary Income** | **Undistributed Long Term Capital <br> Gains** | **Accumulated Earnings** | **Distributions Payable** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation/ (Depreciation)** | **Total Accumulated Earnings (Deficit)** |
| AAAMCO Ultrashort Financing Fund | $386252 | $— | $386252 | $(428472) | $(50057) | $— | $(92277) |
| Large Cap Equity Fund |  | 2937674 | 2937674 |  |  | 13077286 | 16014960 |

---

The tax character of current year distributions paid and the tax basis of the current components of distributable earnings/(accumulated deficit) and any net capital loss carryforwards will be determined at end of the current tax year. As of December 31, 2022, there were no differences in book and tax basis unrealized appreciation/(depreciation).

The Funds' ability to utilize capital loss carry-forwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

Capital losses incurred that will be carried forward under the provisions of the Act are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short Term <br> Capital Loss Carryforward** | **Long Term <br> Capital Loss Carryforward** |
| AAAMCO Ultrashort Financing Fund | $50057 | $— |

---

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. To the extent these differences are permanent, adjustments are made to the appropriate components of net assets in the period that these differences arise.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. Such amounts may differ from income and capital gains recorded in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications may relate to tax equalization, expiration of capital loss carry-forwards and changes in tax characterization. These reclassifications have no impact on the total net assets or the net asset values per share of the Funds. At June 30, 2022, the following reclassifications were recorded:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable Earnings/ (Accumulated Deficit)** | **Paid in Capital** |
| Large Cap Equity Fund | $(127914) | $127914 |

---

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**December 31, 2022 (Unaudited)**

<br> **H.** BENEFICIAL SHARE TRANSACTIONS

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, the following entities owned beneficially or of record 25% or greater of the Fund's outstanding shares. The shares may be held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the originating broker rather than designated separately).

---

| | | |
|:---|:---|:---|
| **Fund** | **Record Owner** | **% <br> Ownership** |
| AAAMCO Ultrashort Financing Fund | Mission Federal Credit Union | 79% |

---

**I.** CONCENTRATION OF OWNERSHIP

A significant portion of the AAAMCO Ultrashort Financing Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of the Funds' investment strategy.

**J.** TRUSTEE COMPENSATION

Each Independent Trustee receives an annual retainer plus meeting fees (which vary depending on meeting type). Collectively, the Independent Trustees were paid $60,000 in fees during the semi-annual period ended December 31, 2022, for the entire Trust, which include other funds not managed by AAAMCO. The funds managed by AAAMCO paid Trustee compensation in the amount of $30,000. In addition, the Funds' reimburse Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

**K.** SUBSEQUENT EVENTS

The Funds have evaluated events from December 31, 2022, through the date that these financial statements were issued. There are no subsequent events to report that would have a material impact on the Funds' financial statements.

**ADDITIONAL INFORMATION** 

**December 31, 2022 (Unaudited)**

<br> **A.** SECURITY ALLOCATION

AAAMCO ULTRASHORT FINANCING FUND

---

| | |
|:---|:---|
| **Security Allocation** | **Percentage of<br> Net Assets** |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 98.9% |
| &nbsp;&nbsp;&nbsp;Investment companies | 2.3 |
| Total | 101.2% |

---

LARGE CAP EQUITY FUND

---

| | |
|:---|:---|
| **Security Allocation** | **Percentage of<br> Net Assets** |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;Common stocks | 95.2% |
| &nbsp;&nbsp;&nbsp;Investment companies | 4.9 |
| Total | 100.1% |

---

**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 July 1, 2022 through December 31, 2022.

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<br> Account Value 7/1/22** | **Ending<br> Account Value 12/31/22** | **Expenses Paid During Period\*<sup>,</sup>\*\*\* 7/1/22 - 12/31/22** | **Expense Ratio During Period\*\*<br> 7/1/22 - 12/31/22** |
| AAAMCO Ultrashort Financing Fund - Class I | $1000.00 | $1015.70 | $1.68 | 0.33% |
| AAAMCO Ultrashort Financing Fund - Class Y | 1000.00 | 1015.90 | 1.37 | 0.27% |
| Large Cap Equity Fund - Class AMF | 1000.00 | 1063.50 | 8.48 | 1.63% |
| Large Cap Equity Fund - Class H | 1000.00 | 1065.30 | 7.18 | 1.38% |

---

\* Expenses are equal to the Funds' 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).

\*\* Annualized.

\*\*\* Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

**ADDITIONAL INFORMATION (concluded)** 

**December 31, 2022 (Unaudited)**

<br> 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<br> Account Value 7/1/22** | **Ending<br> Account Value 12/31/22** | **Expenses Paid During Period\*<sup>,</sup>\*\*\* 7/1/22 - 12/31/22** | **Expense Ratio During Period\*\*<br> 7/1/22 - 12/31/22** |
| AAAMCO Ultrashort Financing Fund - Class I | $1000.00 | $1023.54 | $1.68 | 0.33% |
| AAAMCO Ultrashort Financing Fund - Class Y | 1000.00 | 1023.84 | 1.38 | 0.27% |
| Large Cap Equity Fund - Class AMF | 1000.00 | 1016.99 | 8.29 | 1.63% |
| Large Cap Equity Fund - Class H | 1000.00 | 1018.25 | 7.02 | 1.38% |

---

\* Expenses are equal to the Funds' 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).

\*\* Annualized.

\*\*\*Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

OTHER INFORMATION:

The Adviser or S2 is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Adviser or S2 uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available without charge by calling toll free 1-800-247-9780 or on the Securities and Exchange Commission's website at 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-PORT. The filings are available upon request by calling 1-800-247-9780. Furthermore, you may obtain a copy of these filings on the SEC's website at www.sec.gov.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1- 800-247-9780.

(This page intentionally left blank)

**<br>** 

<br> **DISTRIBUTOR** 

Austin Atlantic Capital Inc.<br> 1 Alhambra Plaza, Suite 100<br> Coral Gables, FL 33134

**ADVISER** 

Austin Atlantic Asset Management Company<br> 1 Alhambra Plaza, Suite 100<br> Coral Gables, FL 33134

**SUB-ADVISER FOR AAAMCO ULTRASHORT FINANCING FUND** 

FolioBeyond, LLC<br> 1050 Park Avenue, Suite 6A<br> New York, NY 10028

**SUB-ADVISER FOR LARGE CAP EQUITY FUND** 

System Two Advisors, L.P.<br> 47 Maple Street, Suite 303A<br> Summit, NJ 07901

**FINANCIAL ADMINISTRATION AND TRANSFER AND DIVIDEND AGENT** 

The Northern Trust Company<br> 50 South LaSalle Street<br> Chicago, IL 60601

**LEGAL COUNSEL** 

Vedder Price P.C.<br> 222 North LaSalle Street<br> Chicago, IL 60601

**CUSTODIAN** 

Northern Trust Company<br> 50 South LaSalle Street<br> Chicago, IL 60603

**BUSINESS MANAGER AND ADMINISTRATOR** 

Foreside Management Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Cohen & Company, Ltd.<br> 342 North Water Street, Suite 830<br> Milwaukee, WI 53202

AMF SEMI 1222

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual reporting period.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual reporting period.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual reporting period.

**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 this report 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)(1) Not applicable for semi-annual reporting period.

(a)(2) [Certifications required by Item 12(a) of Form N-CSR are filed herewith.](fp0081638-3_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) [Certification required by Item 12(b) of Form N-CSR is filed herewith.](fp0081638-3_ex99906cert.htm)

**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 Statczar

Trent Statczar

Treasurer

Date: March 8, 2023

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/ David Bunstine

David Bunstine

President

Date: March 8, 2023

By (Signature and Title)

/s/ Trent Statczar

Trent Statczar

Treasurer

Date: March 8, 2023

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, David Bunstine, certify that:

1. I have reviewed this report on Form N-CSR of Asset Management Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ David Bunstine |
|  | David Bunstine |
|  | President |

---

Exhibit 99.CERT

CERTIFICATIONS

I, Trent Statczar, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Asset Management Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Treasurer |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Asset Management Fund (the "Registrant").

David Bunstine, President, and Trent Statczar, Treasurer of Asset Management Fund (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President | Treasurer |
| Asset Management Fund | Asset Management Fund |
| /s/ David Bunstine | /s/ Trent Statczar |
| David Bunstine | Trent Statczar |
| Date: March 8, 2023 | Date: March 8, 2023 |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.