<PAGE>
KENT FUNDS
LYON STREET INSTITUTIONAL MONEY MARKET FUND
Supplement dated June 10, 1999
To the
Statement of Additional Information
For the
Lyon Street Institutional Money Market Fund
Dated June 1, 1999
During the regular quarterly meeting of the Board of Trustees on June 3,
1999, the Trustees elected E. Philip Farley to the Board. Accordingly, the
section entitled "TRUSTEES AND OFFICERS" is amended by adding the following
provisions.
The following shall be added to the list of Trustees and officers on page
16:
. E. Philip Farley, Trustee, 59; retired; formerly Executive Vice
President of Old Kent Financial Corporation - Manager of Community Banks
from 1998 to retirement; prior to that Executive Vice President of the
Investment Management and Trust Department of Old Kent Bank.
The table on page 16 is hereby deleted and replaced with the following:
<TABLE>
<CAPTION>
Total Compensation
from the Trust and
Name of Person Aggregate Compensation Fund Complex Paid
and Position from the Trust to Trustees
- -------------------------------- ---------------------- -----------------
<S> <C> <C>
Joseph F. Damore, Trustee $15,000* $15,000
E. Philip Farley, Trustee $ 0 $ 0
Walter B. Grimm, Trustee $ 0 $ 0
James F. Rainey, Trustee $15,000* $15,000
Ronald F. VanSteeland, Trustee $15,000 $15,000
- -------------------
</TABLE>
* During the fiscal year ended December 31, 1998, Mr. Damore deferred $15,000
of his compensation and Mr. Rainey deferred $7,500 of his compensation
pursuant to the Deferred Compensation Plan.
