<PAGE> 1
KENT FUNDS
SUPPLEMENT DATED JUNE 22, 2000, AS AMENDED OCTOBER 13, 2000
TO THE PROSPECTUS FOR THE KENT FUNDS DATED MAY 1, 2000
Effective November 15, 2000, the Investment Shares of the Kent Money Market
Fund, the Kent Government Money Market Fund and the Kent Michigan Municipal
Money Market Fund will be subject to annual distribution and shareholder
servicing fees of up to 0.25% of the average daily net assets of each Fund's
Investment Shares.
The information under the heading "FEES AND EXPENSES" on page 34 of the
prospectus is replaced with the following:
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Money Market Funds.
<TABLE>
<CAPTION>
MONEY GOVERNMENT MONEY MICHIGAN MUNICIPAL
MARKET FUND MARKET FUND MONEY MARKET FUND
Investment Institutional Investment Institutional Investment Institutional
Shares Shares Shares Shares Shares Shares
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SHAREHOLDER FEES
(fees paid directly from your
investment)
Maximum Sales (Load) Charge Imposed
on Purchases None None None None None None
ANNUAL FUND OPERATING EXPENSES
(expenses that are deducted from
Fund assets)
Management Fees 0.40% 0.40% 0.40%(1) 0.40%(1) 0.40% 0.40%
Distribution (12b-1) Fees 0.25% None 0.25% None 0.25% None
Other Expenses 0.23%(1) 0.23%(1) 0.25%(1) 0.25%(1) 0.23%(1) 0.23%(1)
---------- ------------ ------------ ------------ ----------- ------------
TOTAL ANNUAL FUND OPERATING EXPENSES
0.88% 0.63% 0.90% 0.65% 0.88% 0.63%
FEE WAIVER 0.08% 0.08% 0.23% 0.23% 0.08% 0.08%
--------- ----------- ----------- ----------- ---------- ----------
NET ANNUAL FUND OPERATING EXPENSES
0.80%(1) 0.55%(1) 0.67%(1) 0.42%(1) 0.80%(1) 0.55%(1)
========== ============ ============ ============ =========== ============
</TABLE>
(1) The Investment Adviser has contractually agreed to waive a portion of
its management fees and/or the Fund's administrator and fund accountant
have contractually agreed to waive a portion of the administration and
fund accounting fees payable by the Fund at least until December 31,
2000.
EXAMPLE: This Example is intended to help you compare the cost of investing in
the Funds with the cost of investing in other mutual funds. The Example assumes:
. $10,000 investment
. 5% annual return
. redemption at the end of each period
. no changes in the Fund's operating expenses
Although your actual costs may be higher or lower, based upon these assumptions,
your costs would be:
<TABLE>
<CAPTION>
MONEY GOVERNMENT MONEY MICHIGAN MUNICIPAL
MARKET FUND MARKET FUND MONEY MARKET FUND
Investment Institutional Investment Institutional Investment Institutional
Shares Shares Shares Shares Shares Shares
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ONE YEAR AFTER PURCHASE $ 82 $ 56 $ 68 $ 43 $ 82 $ 56
THREE YEARS AFTER PURCHASE $ 273 $194 $ 264 $185 $ 273 $194
FIVE YEARS AFTER PURCHASE $ 480 $343 $ 476 $339 $ 480 $343
TEN YEARS AFTER PURCHASE $1,077 $779 $1,087 $789 $1,077 $779
</TABLE>
<PAGE> 2
The footnote to the table under the heading "Distribution and Service Fees" on
page 48 of the prospectus is deleted.
Effective September 2000, Sarah M. Quirk is the portfolio manager of the
Michigan Municipal Bond Fund. Michael J. Martin remains co-portfolio manager of
the Michigan Municipal Bond Fund. Effective October 2000, Daniel Skubiz is
co-portfolio manager of the Growth and Income Fund and the Large Company Growth
Fund. Under the heading "Portfolio Managers" on page 38 of the prospectus, the
information regarding Ms. Quirk is replaced with the following and the following
information regarding Mr. Skubiz is added:
<TABLE>
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SARAH M. QUIRK, Ms. Quirk has been the portfolio manager of the . Ms. Quirk has over twenty years of
Tax-exempt MICHIGAN MUNICIPAL BOND FUND since September investment experience, including fifteen
Portfolio Manager 2000. Ms. Quirk has been co-portfolio manager years in the municipal bond industry.
of the TAX-FREE INCOME FUND and the . Prior to joining Lyon Street, she was a
INTERMEDIATE TAX-FREE FUND since May 1998. Retail Trader-Fixed Income Securities at
Tucker Anthony, Inc.
--------------------------------------------------------------------------------------------------------------------------
DANIEL SKUBIZ, Mr. Skubiz has been co-portfolio manager of the . Prior to joining Lyon Street, Mr. Skubiz
Portfolio Manager GROWTH AND INCOME FUND and the LARGE COMPANY was a Vice President with TradeStreet
GROWTH FUND since October 2000. Investment Associates, Inc., a wholly-owned
subsidiary of Bank of America.
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 3
KENT FUNDS
SUPPLEMENT DATED JUNE 22, 2000, AS AMENDED
OCTOBER 13, 2000 TO THE STATEMENT OF ADDITIONAL
INFORMATION FOR THE KENT FUNDS DATED MAY 1, 2000
The following non-fundamental investment restriction, which appears on page 28
of the Statement of Additional Information, is deleted in its entirety:
(3) Invest more than 5% of its total assets in securities of any company
having a record, together with its predecessors, of less than three
years of continuous operation except that each of the Small Company
Growth Fund and the International Growth Fund may invest up to 10% of
its total assets in such companies.
The following sentence, which appears on page 41 of the Statement of Additional
Information, is deleted in its entirely:
The Trust does not currently intend to charge a fee under the Plan for
the Money Market Funds.
The following disclosure is added on page 52 of the Statement of Additional
Information, under the heading "Advertising Information:"
The Funds may include in Materials data, mutual fund rankings or
comparisons published and prepared by Lipper, Inc. ("Lipper"),
Morningstar Inc. ("Morningstar"), Micropal, Inc. ("Micropal"), CDA
Investment Technologies, Inc. ("CDA"), Wiesenberger Investment Company
Services ("Wiesenberger") and/or other companies that rank or compare
mutual funds by overall performance, investment objectives, assets,
expense levels, periods of existence and/or other factors. In this
regard, each Fund may be compared to its "peer group" as defined by
Lipper, Morningstar, Micropal, CDA, Wiesenberger and/or other firms, as
applicable or to specific funds or groups of funds within or without
such peer group. The Funds may also include in Materials ratings given
to a Fund by S&P, Moody's, Fitch IBCA, Duff & Phelps or other similar
organizations, or indications of approval given to a Fund by the
National Association of Insurance Commissioners ("NAIC") or other
organizations.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
