<PAGE> 1
KENT FUNDS
SUPPLEMENT DATED JUNE 22, 2000, AS AMENDED NOVEMBER 17, 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 are 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> <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> <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> <C> <C>
SARAH M. QUIRK,
Tax-exempt Portfolio Manager
Ms. Quirk has been the - Ms. Quirk has over twenty
portfolio manager of the years of investment experience,
MICHIGAN MUNICIPAL BOND FUND including fifteen years in
since September 2000. Ms. Quirk the municipal bond industry.
has been co-portfolio manager
of the TAX-FREE INCOME FUND and
the INTERMEDIATE TAX-FREE FUND
since May 1998.
- Prior to joining Lyon Street,
she was a Retail Trader-Fixed
Income Securities at Tucker
Anthony, Inc.
-------------------------------------------------------------------------------------------------------
DANIEL SKUBIZ, Portfolio
Manager
Mr. Skubiz has been - Prior to joining Lyon Street,
co-portfolio manager of the Mr. Skubiz was a Vice President
GROWTH AND INCOME FUND and the with TradeStreet Investment
LARGE COMPANY GROWTH FUND since Associates, Inc., a
October 2000. wholly-owned subsidiary of
Bank of America.
</TABLE>
--------------------------------------------------------------------------------
Effective January 1, 2001, the Equity Funds will change the frequency at which
they declare and pay dividends. The first paragraph under the heading "DIVIDENDS
AND DISTRIBUTIONS" on page 50 of the prospectus is replaced with the following:
The Funds pay dividends to their shareholders from the Funds' respective net
investment income. The Funds distribute any net capital gains that have been
realized. Capital gains, if any, for all Funds are distributed at least
annually. Income dividends on each Fund are declared and paid as follows:
<TABLE>
<S> <C> <C>
FUND DECLARED PAID
Growth and Income Fund Quarterly Quarterly
Index Equity Fund Quarterly Quarterly
Large Company Growth Fund Quarterly Quarterly
Small Company Growth Fund Annually Annually
International Growth Fund Annually Annually
Income Fund Monthly Monthly
Intermediate Bond Fund Monthly Monthly
Short Term Bond Funds Monthly Monthly
Tax-Free Income Fund Monthly Monthly
Intermediate Tax-Free Fund Monthly Monthly
Michigan Municipal Bond Fund Monthly Monthly
Money Market Fund Daily Monthly
Government Money Market Fund Daily Monthly
Michigan Municipal Money Market Fund Daily Monthly
</TABLE>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 3
KENT FUNDS
SUPPLEMENT DATED JUNE 22, 2000, AS AMENDED
NOVEMBER 17, 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 entirety:
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 or other similar organizations, or indications
of approval given to a Fund by the National Association of
Insurance Commissioners ("NAIC") or other organizations. These
ratings and approvals are subject to change and do not remove
market risk. The Kent Government Money Market Fund has been approved by
the NAIC and has been rated "Aam" by S&P. The S&P rating is historical
and is based upon the Fund' credit quality, market price exposure and
management.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
