<PAGE>
KENT FUNDS
Supplement dated December 3, 1999
to the
Prospectus Dated May 1, 1999
Kent Growth and Income Fund Kent Short Term Bond Fund
Kent Index Equity Fund Kent Tax-Free Income Fund
Kent Large Company Growth Fund Kent Intermediate Tax-Free Fund
Kent Small Company Growth Fund Kent Michigan Municipal Bond Fund
Kent International Growth Fund Kent Money Market Fund
Kent Income Fund Kent Government Money Market Fund
Kent Intermediate Bond Fund Kent Michigan Municipal Money Market Fund
Change in Service Providers
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Effective December 1, 1999, Old Kent Securities Corporation became the
Administrator, Fund Accountant and Transfer Agent to the Funds. The last two
paragraphs on page 32 are hereby deleted in their entirety and replaced with the
following:
Old Kent Securities Corporation ("OKSC") provides management and
administrative services to the Funds, including providing office space,
equipment and clerical personnel to the Funds and supervising custodial,
auditing, valuation, bookkeeping and legal services. OKSC also acts as the
fund accountant, transfer agent and dividend-paying agent of the Funds.
OKSC is located at 111 Lyon Street, NW Grand Rapids, Michigan 49503.
BISYS Fund Services Ohio, Inc. ("BISYS") provides certain administrative,
fund accounting, transfer agent and dividend-paying agent services to the
Funds pursuant to agreements between BISYS and OKSC. As compensation for
its services, BISYS receives fees from OKSC. The fees paid to BISYS by OKSC
for such services come out of OKSC's fees and are not an additional charge
to the Funds.
Shareholders should continue to direct telephone calls and mail to the phone
numbers and address(es) referenced in the Funds' Prospectus.
Fund Management - Additional Portfolio Manager
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The following should be added to the portfolio manager information on page
32: JOHN L. CASSADY III, Portfolio Manager, is co-portfolio manager of the Short
Term Bond, Intermediate Bond and Income Funds effective November 1999. Mr.
Cassady has 12 years of investment experience, including seven years of fixed
income portfolio management. Prior to joining Lyon Street Asset Management, he
was a portfolio manager at Atlantic Portfolio Analytics & Management from 1996
to 1999 and a Senior Financial Analyst at Lockheed Martin from 1994 to 1996.
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Amended Fund Expenses for the Kent Large Company Growth Fund
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Fund expense information reflected on page 11 of the Fund's prospectus
dated May 1, 1999 for the Kent Large Company Growth Fund has been amended. The
restated Fund expenses are as follows:
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
Investment Shares Institutional Shares
<S> <C> <C>
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases None None
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets)
Management Fees 0.70% 0.70%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.45% 0.45%
Total Annual Fund Operating Expenses 1.40%/3/ 1.15%3
Fee Waiver ---- ----
Net Annual Fund Operating Expenses 1.40% 1.15%
</TABLE>
Footnote 3 in the middle of page 11 should read: "The Fund's Administrator has
contractually agreed to waive a portion of the administration fee at least until
December 31, 1999. As a result, Other Expenses are expected to be 0.44% for both
classes, and the total expenses are expected to be 1.39% for Investment shares
and 1.14% for the Institutional shares. You will be notified if the waiver is
discontinued after that date. Expenses for the Large Company Growth Fund are
estimated based on expenses expected to be incurred in the current fiscal year."
The Example for the Large Company Growth Fund at the bottom of page 11 of
the prospectus is amended to read as follows:
Investment Shares Institutional Shares
One Year After Purchase $ 143 $ 117
Three Years After Purchase $ 443 $ 365
Five years After Purchase $ 766 $ 633
Ten Years After Purchase $ 1,680 $ 1,398
<PAGE>
Supplement dated July 1, 1999
to the
Prospectus dated May 1, 1999
Effective July 1, 1999, Kent Funds Distributors, Inc. ("Distributor"),
having its principal place of business at 3435 Stelzer Road, Columbus, Ohio
43219, assumes the duties as Distributor for the Funds from BISYS Fund Services.
Shareholders should continue to direct telephone calls and mail to the
numbers and address(es) referenced in the Funds' Prospectus.
The first sentence in the third paragraph on page 33 is hereby deleted in
its entirety and replaced with the following: "Your order for purchase, sale or
exchange of shares is priced at the next NAV calculated after your order is
received in good order by the Fund on any day that the New York Stock Exchange
is open for business."
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
