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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
070 N010400 Y
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<PAGE> PAGE 24
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015 A000501 BANKERS TRUST COMPANY
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000601 BANKERS TRUST COMPANY
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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015 A000701 BANKERS TRUST COMPANY
015 B000701 C
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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015 A000801 BANKERS TRUST COMPANY
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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070 G020800 N
070 H010800 N
070 H020800 N
<PAGE> PAGE 41
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
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070 R020800 N
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<PAGE> PAGE 42
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015 A000901 BANKERS TRUST COMPANY
015 B000901 C
015 C010901 NEW YORK
015 C020901 NY
015 C030901 10005
015 E010901 X
024 000900 Y
025 A000901 BEAR, STEARNS CO.
<PAGE> PAGE 43
025 C000901 D
025 D000901 5644
025 A000902 HSBC GROUP
025 C000902 D
025 D000902 8150
025 A000903 DELETE
025 D000903 0
025 A000904 DELETE
025 D000904 0
025 A000905 DELETE
025 D000905 0
025 D000906 0
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028 A010900 18108
028 A020900 2012
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039 000900 N
040 000900 Y
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<PAGE> PAGE 44
042 D000900 99
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<PAGE> PAGE 45
062 O000900 0.0
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064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
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070 B020900 N
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070 C020900 N
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070 D020900 N
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070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 N
070 M020900 N
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070 O010900 Y
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070 P020900 N
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070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 46
071 C000900 735994
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<PAGE> PAGE 47
074 M000900 0
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015 A001001 BANKERS TRUST COMPANY
015 B001001 C
015 C011001 NEW YORK
015 C021001 NY
015 C031001 10005
015 E011001 X
024 001000 N
025 A001001 DELETE
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<PAGE> PAGE 48
028 D031000 0
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<PAGE> PAGE 49
048 I021000 0.000
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066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 N
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070 C011000 Y
070 C021000 N
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070 E021000 N
070 F011000 N
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070 G011000 Y
070 G021000 N
070 H011000 N
<PAGE> PAGE 50
070 H021000 N
070 I011000 N
070 I021000 N
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070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
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070 O011000 Y
070 O021000 N
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070 Q011000 N
070 Q021000 N
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070 R021000 N
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<PAGE> PAGE 51
072AA001000 175
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015 A001101 BANKERS TRUST COMPANY
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10005
015 E011101 X
024 001100 N
<PAGE> PAGE 52
025 A001101 DELETE
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<PAGE> PAGE 53
043 001100 6
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<PAGE> PAGE 54
063 B001100 2.9
064 A001100 Y
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070 H021100 N
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070 K021100 Y
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071 A001100 16261
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<PAGE> PAGE 55
072 D001100 0
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<PAGE> PAGE 56
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015 A001201 BANKERS TRUST COMPANY
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10005
015 E011201 X
024 001200 Y
025 A001201 HSBC GROUP
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
070 I011200 N
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<PAGE> PAGE 60
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015 A001301 BANKERS TRUST COMPANY
015 B001301 C
015 C011301 NEW YORK
015 C021301 NY
015 C031301 10005
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024 001300 N
025 A001301 DELETE
<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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070 I011300 N
070 I021300 N
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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024 001400 Y
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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SIGNATURE DARLA BALL
TITLE SUPERVISOR
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 032
<NAME> KENT GROWTH AND INCOME FUND
<S> <C>
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<F1>Investor Class
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<TABLE> <S> <C>
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<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 041
<NAME> KENT INDEX EQUITY FUND
<S> <C>
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<FN>
<F1>Institutional Class
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 042
<NAME> KENT INDEX EQUITY FUND
<S> <C>
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<FN>
<F1>Investor Class
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<TABLE> <S> <C>
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<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 051
<NAME> KENT INTERNATIONAL GROWTH FUND
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<FN>
<F1>Institutional Class
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<TABLE> <S> <C>
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<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 052
<NAME> KENT INTERNATIONAL GROWTH FUND
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<F1>Investor Class
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<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 061
<NAME> KENT SMALL COMPANY GROWTH FUND
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<FN>
<F1>Institutional Class
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<NAME> THE KENT FUNDS
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<FN>
<F1>Investor Class
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<CIK> 0000799700
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<NAME> KENT SHORT TERM BOND FUND
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<PER-SHARE-NII> 0.37<F1>
<PER-SHARE-GAIN-APPREC> 0.04<F1>
<PER-SHARE-DIVIDEND> 0.38<F1>
<PER-SHARE-DISTRIBUTIONS> 0.01<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21<F1>
<EXPENSE-RATIO> 0.77<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 112
<NAME> KENT LIMITED TERM TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 31361846
<INVESTMENTS-AT-VALUE> 32179271
<RECEIVABLES> 482217
<ASSETS-OTHER> 6832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32668320
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14761
<TOTAL-LIABILITIES> 14761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31832374
<SHARES-COMMON-STOCK> 40964<F1>
<SHARES-COMMON-PRIOR> 46374<F1>
<ACCUMULATED-NII-CURRENT> 1397
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2363
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 817425
<NET-ASSETS> 32653559
<DIVIDEND-INCOME> 29610
<INTEREST-INCOME> 1604101
<OTHER-INCOME> 0
<EXPENSES-NET> 279991
<NET-INVESTMENT-INCOME> 1353720
<REALIZED-GAINS-CURRENT> 20940
<APPREC-INCREASE-CURRENT> 84141
<NET-CHANGE-FROM-OPS> 1458801
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13266<F1>
<DISTRIBUTIONS-OF-GAINS> 224<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21641<F1>
<NUMBER-OF-SHARES-REDEEMED> 28369<F1>
<SHARES-REINVESTED> 1318<F1>
<NET-CHANGE-IN-ASSETS> (3844011)
<ACCUMULATED-NII-PRIOR> 3510
<ACCUMULATED-GAINS-PRIOR> 2141
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<GROSS-EXPENSE> 283991
<AVERAGE-NET-ASSETS> 373567<F1>
<PER-SHARE-NAV-BEGIN> 10.23<F1>
<PER-SHARE-NII> 0.37<F1>
<PER-SHARE-GAIN-APPREC> 0.03<F1>
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Investor Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 121
<NAME> KENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<SHARES-COMMON-PRIOR> 22313511<F1>
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<ACCUMULATED-NET-GAINS> 204907
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<DISTRIBUTIONS-OF-GAINS> 5347331<F1>
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<NUMBER-OF-SHARES-REDEEMED> 7372911<F1>
<SHARES-REINVESTED> 433651<F1>
<NET-CHANGE-IN-ASSETS> 6258041
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<PER-SHARE-NAV-BEGIN> 10.30<F1>
<PER-SHARE-NII> 0.65<F1>
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<PER-SHARE-DIVIDEND> 0.65<F1>
<PER-SHARE-DISTRIBUTIONS> 0.24<F1>
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 122
<NAME> KENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 71851<F1>
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<AVERAGE-NET-ASSETS> 8786597<F1>
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<PER-SHARE-DIVIDEND> 0.63<F1>
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<FN>
<F1>Investor Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 131
<NAME> KENT TAX-FREE INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<OVERDISTRIBUTION-GAINS> 0
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 132
<NAME> KENT TAX-FREE INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<FN>
<F1>Investor Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 141
<NAME> KENT GOVERNMENT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<OVERDISTRIBUTION-GAINS> 766
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<DIVIDEND-INCOME> 422930
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<REALIZED-GAINS-CURRENT> (766)
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<NUMBER-OF-SHARES-SOLD> 525385514<F1>
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799700
<NAME> THE KENT FUNDS
<SERIES>
<NUMBER> 142
<NAME> KENT GOVERNMENT MONEY MARKET FUND
<S> <C>
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<SHARES-COMMON-PRIOR> 2013<F1>
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124496<F1>
<NUMBER-OF-SHARES-REDEEMED> 34968<F1>
<SHARES-REINVESTED> 1547<F1>
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<PER-SHARE-DIVIDEND> 0.051<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
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<FN>
<F1>Investor Class
</FN>
</TABLE>
The Board of Trustees
of the Kent Funds:
In planning and performing our audit of the financial
statements of the Kent Funds for the year ended
December 31, 1998, we considered its internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Kent Funds is responsible for
establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to
the risk that it may become inadequate because of
changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of one or more internal control
components does not reduce to a relatively low
level the risk that misstatements caused by
error or fraud in amounts that would be material
in relation to the financial statements being
audited may occur and not be detected within
a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls
for safeguarding securities, that we consider
to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the
information and use of management, the Board
of Trustees of the Kent Funds, and the Securities
and Exchange Commission and is not intended to
be and should not be used by anyone other than
these specified parties.
KPMG LLP
Columbus, Ohio
February 18, 1999
A Special Meeting of the shareholders
of each of the Kent Funds (individually listed
above, and referred to as "Fund" and
collectively, the "Funds") was called to
order at 9:00 a.m. (Eastern Time) on
September 21, 1998 at the offices of BISYS
Fund Services, 3435 Stelzer Road, Columbus,
Ohio 43219, pursuant to notice given to all
shareholders of record on July 2, 1998.
The following resolutions were approved:
Proposal 1
RESOLVED, that the election of Messrs.
Joseph F. Damore, Walter B. Grimm, James F.
Rainey and Ronald F. VanSteeland and
Ms. Michelle Van Dyke to the Board of Trustees
of the Kent Funds, be and the same hereby is
, approved.
Proposal 2
RESOLVED, that the change in the investment
objective of each Fund from a fundamental
policy to a non-fundamental policy, be and
the same hereby is, approved.
Proposal 3(a)
RESOLVED, that the reclassification
of the fundamental investment restriction
regarding purchases of securities on margin
of the each Fund to a non-fundamental
restriction, be and the same hereby is,
approved.
Proposal 3(b)
RESOLVED, that the reclassification of
the fundamental investment restriction
regarding investments in illiquid securities
of each Fund to a non-fundamental restriction,
be and the same hereby is, approved.
Proposal 3(c)
RESOLVED, that the amendment to and
reclassification to a non-fundamental restriction
of the fundamental investment restriction
regarding investments in securities of
companies with less than a three year
operating history of each Fund, be and the same
hereby is, approved.
Proposal 3(d)
RESOLVED, that the reclassification of the
fundamental investment restriction regarding
short sales of securities of the Kent
Intermediate Bond Fund to a non-fundamental
restriction, be and the same hereby is, approved.
Proposal 3(e)
RESOLVED, that the amendment to and
reclassification to a non-fundamental
restriction of the fundamental investment
restriction regarding investments in other
investment companies of each Fund, be and
the same hereby is, approved.
Proposal 4
RESOLVED, that the selection of KPMG Peat
Marwick LLP as the independent accountants of
the Kent Funds for the fiscal year ending
December 31, 1998, be and the same hereby
is, ratified.
The results of the votes on each proposal were
as follows:
PROPOSAL 1: Election of Trustees
The shareholders of all Funds of the Kent Funds
voted as follows:
Candidate
Shares
Voted For
Shares
Withheld Authority
Joseph F. Damore
1,232,156,794.00
5,538.00
Walter B. Grimm
1,232,156,794.00
5,538.00
James F. Rainey
1,232,156,794.00
5,538.00
Ronald F. VanSteeland
1,232,156,794.00
5,538.00
Michelle Van Dyke
1,232,156,794.00
5,538.00
PROPOSAL 2: Approval of a Change in the Investment
Objective of each Fund from a Fundamental Policy
to a Non-Fundamental Policy
The shareholders of each Fund voted separately on
a Fund-by-Fund basis and all classes of shares
of the same Fund voted together, as defined in
the Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,883,876.00
963.00
1,506.00
Index Equity Fund
27,339,162.00
1,001.00
2,378.00
Small Company Growth Fund
38,629,189.00
0.00
3,038.00
International Growth Fund
29,673,539.00
0.00
1,395.00
Income Fund
21,713,196.00
3,253.00
2,384.00
Intermediate Bond Fund
72,556,955.00
21,504.00
2,127.00
Short Term Bond Fund
12,516,560.00
3,214.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 3a: Approval of a Reclassification
of the Fundamental Investment Restriction of each
Fund regarding Purchases of Securities on Margin
to a Non-Fundamental Restriction
The shareholders of each Fund voted separately on
a Fund-by-Fund basis and all classes of shares of
the same Fund voted together, as defined in the
Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,881,942.00
963.00
3,441.00
Index Equity Fund
27,339,550.00
750.00
2,241.00
Small Company Growth Fund
38,631,513.00
0.00
713.00
International Growth Fund
29,672,769.00
0.00
2,166.00
Income Fund
21,714,532.00
3,253.00
1,049.00
Intermediate Bond Fund
72,555,046.00
24,259.00
1,281.00
Short Term Bond Fund
12,516,560.00
3,214.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 3b: Approval of a Reclassification
of the Fundamental Investment Restriction of each
Fund regarding Investments in Illiquid Securities
to a Non-Fundamental Restriction
The shareholders of each Fund voted separately on
a Fund-by-Fund basis and all classes of shares
of the same Fund voted together, as defined in the
Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,881,248.00
963.00
4,134.00
Index Equity Fund
27,339,413.00
750.00
2,378.00
Small Company Growth Fund
38,630,950.00
0.00
1,276.00
International Growth Fund
29,672,201.00
0.00
2,733.00
Income Fund
21,713,196.00
3,253.00
2,384.00
Intermediate Bond Fund
72,554,200.00
24,259.00
2,127.00
Short Term Bond Fund
12,516,56.00
3,214.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 3c: Approval of an Amendment to and
Reclassification of the Fundamental Investment
Restriction of each Fund regarding Investments
in Securities of Companies with Less than a Three
Year Operating History to a Non-Fundamental
Restriction
The shareholders of each Fund voted separately
on a Fund-by-Fund basis and all classes of
shares of the same Fund voted together, as
defined in the Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,881,942.00
0.00
4,404.00
Index Equity Fund
27,339,550.00
0.00
2,991.00
Small Company Growth Fund
38,631,513.00
0.00
713.00
International Growth Fund
29,672,769.00
0.00
2,166.00
Income Fund
21,716,105.00
0.00
2,729.00
Intermediate Bond Fund
72,555,046.00
24,259.00
1,281.00
Short Term Bond Fund
12,519,775.00
0.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 3d: Approval of a Reclassification
of the Fundamental Investment Restriction
of each Fund regarding Short Sales of Securities
to a Non-Fundamental Restriction
The shareholders of each Fund voted separately
on a Fund-by-Fund basis and all classes of shares
of the same Fund voted together, as defined in
the Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,882,905.00
0.00
3,441.00
Index Equity Fund
27,340,300.00
0.00
2,241.00
Small Company Growth Fund
38,631,513.00
0.00
713.00
International Growth Fund
29,672,769.00
0.00
2,166.00
Income Fund
21,717,785.00
0.00
1,049.00
Intermediate Bond Fund
72,560,198.00
19,107.00
1,281.00
Short Term Bond Fund
12,519,775.00
0.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 3e: Approval of an Amendment to
and Reclassification of the Fundamental
Investment Restriction of each Fund
regarding Investments in Other Investment
Companies to a Non-Fundamental Restriction
The shareholders of each Fund voted separately
on a Fund-by-Fund basis and all classes of shares
of the same Fund voted together, as defined in the
Proxy Statement, as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
Growth and Income Fund
40,872,571.00
9,640.00
4,134.00
Index Equity Fund
27,337,354.00
2,809.00
2,378.00
Small Company Growth Fund
38,628,959.00
1,990.00
1,276.00
International Growth Fund
29,669,877.00
2,324.00
2,733.00
Income Fund
21,694,480.00
21,969.00
2,384.00
Intermediate Bond Fund
72,555,046.00
24,259.00
1,281.00
Short Term Bond Fund
12,516,560.00
3,214.00
0.00
Tax-Free Income Fund
11,302,427.00
0.00
0.00
Intermediate Tax-Free Fund
25,664,743.00
0.00
0.00
Michigan Municipal Bond Fund
11,599,692.00
0.00
0.00
Limited Term Tax-Free Fund
3,584,070.00
0.00
0.00
Money Market Fund
516,943,745.00
0.00
0.00
Government Money Market Fund
104,941,552.00
0.00
0.00
Michigan Municipal Money Market Fd
314,770,855.00
0.00
0.00
PROPOSAL 4: Ratification of Independent Accountants
The shareholders of all Funds of the Kent Funds
voted together, as defined in the Proxy Statement,
as follows:
Fund Name:
(Investment and Institutional Shares)
Shares
Voted For
Shares
Voted Against
Shares
Abstaining
All Kent Funds
1,232,157,573.00
0.00
4,754.00
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