(MSBFX) Shay's MSB Fund Ranked #1 Large Cap Core Fund by Lipper for Fourth Consecutive Month.

The fund generated a positive 1-year return of 2.04 percent, compared to an average of negative (-) 15.23 percent for the 832 funds in the category.
   
For the three-year, five-year, and ten-year periods ended 5/31/02, the fund's average annual total returns were 2.64 percent, 10.68 percent, and 13.07 percent respectively. The fund was ranked 7/621, 6/387, and 9/117 in Lipper's Large-cap Core funds category for the three-year, five-year and ten-year periods ended 5/31/02.
   
Launched in 1964, the M.S.B. Fund was initially conceived to provide a conservative equity investment vehicle designed for purchase by the employees of New York-domiciled mutual savings banks. In 1995, Shay acquired the Fund's investment advisory responsibilities from it's former advisor, while simultaneously hiring it's two-man investment team, John McCabe and Mark Trautman, who have managed the Fund since 1991.

Following the acquisition, Shay registered the MSB Fund in all 50 states and made it available to brokers, registered investment advisors, and other financial intermediaries through a series of mutual fund distribution agreements.

Managed from Shay's New York City office, the McCabe/Trautman investment process shuns the employment of Wall Street "sell side" research. Instead, the two conduct their fundamental research in-house, relying largely on EDGAR filings and third party reports to assess corporate cash flows, future earnings potential & return on invested capital (ROIC).

The minimum initial purchase of $250 has made the fund a popular investment of choice for investor IRA accounts and 401(k) Plans. The Fund also boasts a modest historical portfolio turnover rate (approximately 20% per year), which has helped attract tax-conscious investors seeking to reduce the consequences of short-term capital gains distributions.

With over $3 billion in mutual fund assets under management, Chicago-based Shay Assets Management is best known for it's management of the Asset Management Fund (AMF) family of no-load bond funds.

Shay's 1995 acquisition of the M.S.B. Fund reflects the investment advisor's ongoing commitment to broaden the firm's shareholder base by offering an increasingly diversified selection of high quality funds designed for conservative, risk-averse long-term investors.








SEC Standardized Performance Data:
As of March 31, 2002, the annualized total returns for the M.S.B. Fund were 12.72%, 13.15%, 13.44% and 11.70% on a 1 Year, 5 Year, 10 Year and since inception basis.

Lipper rankings are based on total return. Lipper averages represent the average of all mutual funds that fall into the category indicated. The stated performance data represents past performance and is not an indication of future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

For more complete information about any Shay Fund, please read each Fund's prospectus carefully before investing or forwarding funds. The prospectus includes more complete information about each Fund, including fees and expenses. Shay Financial Services, Inc., the Fund's distributor, is an NASD and SIPC member. To receive a prospectus, please visit Shay's website at: www.shayassets.com or contact an investment representative at (800) 527-3713.




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