ASSET MANAGEMENT FUND INC
497, 1996-09-17
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<PAGE>   1
                         ASSET MANAGEMENT FUND, INC.
                         SUPPLEMENT TO THE PROSPECTUS
                             DATED MARCH 1, 1996





                                  PORTFOLIO
                                  ---------


                   Adjustable Rate Mortgage (ARM) Portfolio





             The text on page 1 is supplemented by the following:


                      THESE SECURITIES ARE NOT DEPOSITS
                      OR OBLIGATIONS OF, OR GUARANTEED OR 
                      ENDORSED BY, ANY BANK AND ARE NOT 
                      INSURED BY THE FEDERAL DEPOSIT 
                      INSURANCE CORPORATION, THE FEDERAL 
                      RESERVE BOARD OR ANY OTHER AGENCY.




              The date of this Supplement is September 13, 1996.


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