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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 21
070 Q020800 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 M020900 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
048 I021000 0.000
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<PAGE> PAGE 29
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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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<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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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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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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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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SIGNATURE DANE CRIGER
TITLE VICE PRESIDENT
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<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> The Woodward Funds
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<NAME> Growth Value Fund
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
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<NAME> Woodward Opportunity Fund
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Intrinsic Value
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
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<NAME> Intermediate Bond Fund
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
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<NAME> Woodward Bond Fund
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Michigan Tax-Exempt Money Market
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<S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
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<NAME> Equity Index
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
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<NAME> Treasury Money Market Fund
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Woodward Municipal Bond Fund
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<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 75,751
<INVESTMENTS-AT-VALUE> 78,253
<RECEIVABLES> 1,277
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 43
<TOTAL-ASSETS> 79,573
<PAYABLE-FOR-SECURITIES> 2,372
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237
<TOTAL-LIABILITIES> 2,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,887
<SHARES-COMMON-STOCK> 7,205
<SHARES-COMMON-PRIOR> 6,384
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (430)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,502
<NET-ASSETS> 76,964
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,692
<OTHER-INCOME> 0
<EXPENSES-NET> 542
<NET-INVESTMENT-INCOME> 3,150
<REALIZED-GAINS-CURRENT> (132)
<APPREC-INCREASE-CURRENT> 7,347
<NET-CHANGE-FROM-OPS> 10,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,149
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,503
<NUMBER-OF-SHARES-REDEEMED> 1,775
<SHARES-REINVESTED> 93
<NET-CHANGE-IN-ASSETS> 8,491
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> (298)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 542
<AVERAGE-NET-ASSETS> 68,057
<PER-SHARE-NAV-BEGIN> 9.59
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0.47
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 10.68
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Woodward Michigan Bond Fund
<NUMBER> 17
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 51,219
<INVESTMENTS-AT-VALUE> 52,779
<RECEIVABLES> 717
<ASSETS-OTHER> 118
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,614
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160
<TOTAL-LIABILITIES> 160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,924
<SHARES-COMMON-STOCK> 5,042
<SHARES-COMMON-PRIOR> 4,746
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,560
<NET-ASSETS> 53,453
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,757
<OTHER-INCOME> 0
<EXPENSES-NET> 399
<NET-INVESTMENT-INCOME> 2,358
<REALIZED-GAINS-CURRENT> 95
<APPREC-INCREASE-CURRENT> 5,120
<NET-CHANGE-FROM-OPS> 7,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,359
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,290
<NUMBER-OF-SHARES-REDEEMED> 1,086
<SHARES-REINVESTED> 91
<NET-CHANGE-IN-ASSETS> 2,976
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (128)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,552
<AVERAGE-NET-ASSETS> 50,092
<PER-SHARE-NAV-BEGIN> 9.54
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.60
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Woodward Balanced Fund
<NUMBER> 18
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 83,617
<INVESTMENTS-AT-VALUE> 93,093
<RECEIVABLES> 624
<ASSETS-OTHER> 144
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,861
<PAYABLE-FOR-SECURITIES> 116
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121
<TOTAL-LIABILITIES> 237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,855
<SHARES-COMMON-STOCK> 8,329
<SHARES-COMMON-PRIOR> 5,687
<ACCUMULATED-NII-CURRENT> 29
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 265
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,475
<NET-ASSETS> 93,624
<DIVIDEND-INCOME> 807
<INTEREST-INCOME> 2,380
<OTHER-INCOME> 0
<EXPENSES-NET> 671
<NET-INVESTMENT-INCOME> 2,516
<REALIZED-GAINS-CURRENT> 1,548
<APPREC-INCREASE-CURRENT> 11,071
<NET-CHANGE-FROM-OPS> 15,135
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,524
<DISTRIBUTIONS-OF-GAINS> 988
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,496
<NUMBER-OF-SHARES-REDEEMED> 2,161
<SHARES-REINVESTED> 307
<NET-CHANGE-IN-ASSETS> 27,834
<ACCUMULATED-NII-PRIOR> 38
<ACCUMULATED-GAINS-PRIOR> (296)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 571
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671
<AVERAGE-NET-ASSETS> 74,071
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 1.83
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Capital Growth Fund
<NUMBER> 19
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 164,014
<INVESTMENTS-AT-VALUE> 196,462
<RECEIVABLES> 202
<ASSETS-OTHER> 73
<OTHER-ITEMS-ASSETS> 9
<TOTAL-ASSETS> 196,737
<PAYABLE-FOR-SECURITIES> 459
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 416
<TOTAL-LIABILITIES> 875
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,849
<SHARES-COMMON-STOCK> 14,766
<SHARES-COMMON-PRIOR> 7,782
<ACCUMULATED-NII-CURRENT> 11
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,448
<NET-ASSETS> 195,861
<DIVIDEND-INCOME> 1,677
<INTEREST-INCOME> 436
<OTHER-INCOME> 0
<EXPENSES-NET> 1,207
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,343
<APPREC-INCREASE-CURRENT> 30,093
<NET-CHANGE-FROM-OPS> 33,342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 934
<DISTRIBUTIONS-OF-GAINS> 1,616
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,733
<NUMBER-OF-SHARES-REDEEMED> 2,928
<SHARES-REINVESTED> 178
<NET-CHANGE-IN-ASSETS> 83,799
<ACCUMULATED-NII-PRIOR> 38
<ACCUMULATED-GAINS-PRIOR> (174)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 139,776
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 2.93
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.26
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Woodward Short Bond
<NUMBER> 20
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 159,200
<INVESTMENTS-AT-VALUE> 161,484
<RECEIVABLES> 2,337
<ASSETS-OTHER> 104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,925
<PAYABLE-FOR-SECURITIES> 32
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 556
<TOTAL-LIABILITIES> 588
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,947
<SHARES-COMMON-STOCK> 15,963
<SHARES-COMMON-PRIOR> 6,527
<ACCUMULATED-NII-CURRENT> 65
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,285
<NET-ASSETS> 163,337
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,499
<OTHER-INCOME> 0
<EXPENSES-NET> 748
<NET-INVESTMENT-INCOME> 5,751
<REALIZED-GAINS-CURRENT> 97
<APPREC-INCREASE-CURRENT> 3,291
<NET-CHANGE-FROM-OPS> 9,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,697
<DISTRIBUTIONS-OF-GAINS> 26
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,285
<NUMBER-OF-SHARES-REDEEMED> 2,237
<SHARES-REINVESTED> 389
<NET-CHANGE-IN-ASSETS> 95,682
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> (32)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748
<AVERAGE-NET-ASSETS> 441,208
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 2.39
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814067
<NAME> Woodward Funds
<SERIES>
<NAME> Woodward International Equity
<NUMBER> 21
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 100,165
<INVESTMENTS-AT-VALUE> 107,691
<RECEIVABLES> 328
<ASSETS-OTHER> 441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,460
<PAYABLE-FOR-SECURITIES> 770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401
<TOTAL-LIABILITIES> 1,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,909
<SHARES-COMMON-STOCK> 9,713
<SHARES-COMMON-PRIOR> 3,653
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (154)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,532
<NET-ASSETS> 107,288
<DIVIDEND-INCOME> 1,279
<INTEREST-INCOME> 538
<OTHER-INCOME> 0
<EXPENSES-NET> 816
<NET-INVESTMENT-INCOME> 1,002
<REALIZED-GAINS-CURRENT> (148)
<APPREC-INCREASE-CURRENT> 7,529
<NET-CHANGE-FROM-OPS> 8,383
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,033
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 3
<NUMBER-OF-SHARES-SOLD> 7,103
<NUMBER-OF-SHARES-REDEEMED> 1,108
<SHARES-REINVESTED> 65
<NET-CHANGE-IN-ASSETS> 63,396
<ACCUMULATED-NII-PRIOR> 32
<ACCUMULATED-GAINS-PRIOR> (3)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 529
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 816
<AVERAGE-NET-ASSETS> 68,696
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
THE WOODWARD FUNDS
The Woodward Money Market Fund
The Woodward Government Fund
The Woodward Treasury Money market Fund
The Woodward Tax-Exempt Money Market Fund
Special Meeting of Shareholders
August 8, 1995
---------
CERTIFICATE OF INSPECTOR OF ELECTION
The undersigned, as Inspector of Election, does hereby certify as
follows:
1. That I was duly appointed and qualified to act as Inspector of
Election at the Special Meeting of Shareholders of the Woodward Money Market
Fund, Woodward Government Fund, Woodward Treasury Money Market Fund and
Woodward Tax-Exempt Money Market Fund of The Woodward Funds (the "Trust"),
held on August 8, 1995 at 9:00 a.m. Eastern Time, at the NBD Bank, Staff Floor,
Conference Room D, 611 Woodward Avenue, Detroit, Michigan.
2. That I was not a candidate for the Board of Trustees or any other
office of the Trust.
3. That I determined the number of shares of the Woodward Money Market
Fund, Woodward Government Fund, Woodward Treasury Money Market Fund and
Woodward Tax-Exempt Money Market Fund outstanding on the Trust's records as of
the close of business on June 6, 1995, the number of such shares represented
at the Meeting, and the authenticity, validity and effectiveness of proxies;
that I counted and tabulated all proxies; that I determined the existence of a
quorum and the result of each vote held at said Meeting and did such acts as
were proper to conduct the votes with fairness to all shareholders; and that I
performed my duties impartially and in good faith.
4. That the result of the voting of the Woodward Money Market Fund with
respect to the resolution approving the proposal to eliminate its fundamental
investment limitation prohibiting investment in securities issued by other
investment companies was as follows:
For the resolution: 748,328,785.00 votes
Against the resolution: 30,039,719.00 votes
Abstaining: 19,416,438.00 votes
and that said resolution was duly adopted with respect to the Woodward Money
Market Fund.
5. That the result of the voting of the Woodward Government Fund with
respect to the resolution approving the proposal to eliminate its fundamental
investment limitation prohibiting investment in securities issued by other
investment companies was as follows:
For the resolution: 254,432,992.00 votes
Against the resolution: 10,277,773.00 votes
Abstaining: 3,352,144.00 votes
and that said resolution was duly adopted with respect to the Woodward
Government Fund.
6. That the result of the voting of the Woodward Treasury Money Market
Fund with respect to the resolution approving the proposal to eliminate its
fundamental investment limitation prohibiting investment in securities issued
by other investment companies was as follows:
For the resolution: 244,837,856.00 votes
Against the resolution: 26,858,831.00 votes
Abstaining: 64,313,063.00 votes
and that said resolution was duly adopted with respect to the Woodward
Treasury Money Market Fund.
7. That the result of the voting of the Woodward Tax-Exempt Money Market
Fund with respect to the resolution approving the proposal to eliminate its
fundamental investment limitation prohibiting investment in securities issued
by other investment companies was as follows:
For the resolution: 361,610,892.00 votes
Against the resolution: 2,956,401.00 votes
Abstaining: 1,353,441.00 votes
and that said resolution was duly adopted with respect to the Woodward
Tax-Exempt Money Market Fund.
Dated: Aug. 8, 1995
------------
/s/ Susan Young
---------------------
Inspector of Election
Sworn to and Subscribed
Before me this 8th day
of August, 1995.
/s/ Diana M. Jordan
- ----------------------
Notary Public
My Commission Expires: 1/26/98
DIANA M. JORDAN
NOTARY PUBLIC-OAKLAND COUNTY, MI
ACTING IN WAYNE COUNTY, MI
MY COMMISSION EXPIRES 01/26/98
<PAGE>
THE WOODWARD FUNDS
(the "Trust")
Special Meeting of Shareholders
November 28, 1995
---------
CERTIFICATE OF INSPECTOR OF ELECTION
------------------------------------
The undersigned, as Inspector of Election, does hereby certify as
follows:
1. That I was duly appointed and qualified to act as Inspector of
Election at the Special Meeting of Shareholders of the Trust, held on November
28, 1995 at 10:00 a.m. Eastern Time, at NBD Bank, Staff Floor, Conference Room
D, 611 Woodward Avenue, Detroit, Michigan.
2. That I was not a candidate for the Board of Trustees or any other
office of the Trust.
3. That I determined the number of shares of the Woodward Money Market,
Government, Treasury Money Market, Tax-Exempt Money Market, Michigan Tax-
Exempt Money Market, Bond, Intermediate Bond, Short Bond, Municipal Bond,
Michigan Municipal Bond, Growth/Value, Opportunity, Intrinsic Value, Capital
Growth, Balanced, Equity Index and International Equity Funds outstanding on
the Trust's records as of the close of business on October 9, 1995, the number
of such shares represented at the Meeting, and the authenticity, validity and
effectiveness of proxies; that I counted and tabulated all proxies; that I
determined the existence of a quorum and the result of each vote held at said
Meeting and did such acts as were proper to conduct the votes with fairness to
all shareholders; and that I performed my duties impartially and in good
faith.
4. That the result of the voting of the Woodward Money Market Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 1,048,264,042.79 votes
Against the resolution 1,836,879.58 votes
Abstaining: 9,776,327.18 votes
and that said resolution ws duly adopted with respect to the Woodward Money
Market Fund.
5. That the result of the voting of the Woodward Government Fund with
respect to the resolution appproving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 240,103,333.85 votes
Against the resolution: 588,573.00 votes
Abstaining: 5,266,233.14 votes
and that said resolution was duly adopted with respect to the Woodward
Government Fund.
6. That the result of the voting of the Woodward Treasury Money Market
Fund with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 338,018,577.18 votes
Against the resolution: 1,319,459.33 votes
Abstaining: 987,809.84 votes
and that said resolution was duly adopted with respect to the Woodward
Treasury Money Market Fund.
7. That the result of the voting of the Woodward Tax-Exempt Money
Market Fund with respect to the resolution approving the proposal to
approve a New Investment Advisory Agreement between the Trust and NBD
Bank was as follows:
For the resolution: 349,525,879.97 votes
Against the resolution: 246,559.37 votes
Abstaining: 1,117,840.75 votes
and that said resolution was duly adopted with respect to the Woodward Tax-
Exempt Money Market Fund.
8. That the result of the voting of the Woodward Michigan Tax-Exempt
Money Market Fund with respect to the resolution approving the proposal to
approve a New Investment Advisory Agreement between the Trust and NBD Bank was
as follows:
For the resolution: 54,346,031.75 votes
Against the resolution: 334,269.47 votes
Abstaining: 3,514,897.53 votes
and that said resolution was duly adopted with respect to the Woodward Michigan
Tax-Exempt Money Market Fund.
9. That the result of the voting of the Woodward Bond Fund with respect
to the resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 31,665,760.204 votes
Against the resolution: 25,686.013 votes
Abstaining: 85,202.296 votes
and that said resolution was duly adopted with respect to the Woodward Bond
Fund.
10. That the result of the voting of the Woodward Intermediate Bond
Fund with respect to the resolution approving the proposal to approve a
New Investment Advisory Agreement between the Trust and NBD Bank was as
follows:
For the resolution: 26,375,975.097 votes
Against the resolution: 38,061.534 votes
Abstaining: 11,059.706 votes
and that said resolution was duly adopted with respect to the Woodward
Intermediate Bond Fund.
11. That the result of the voting of the Woodward Short Bond Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agrement between the Trust and NBD Bank was as follows:
For the resolution: 7,055,830.781 votes
Against the resolution: -0- votes
Abstaining: -0- votes
and that said resolution was duly adopted with respect to the Woodward Short
Bond Fund.
12. That the result of the voting of the Woodward Municipal Bond Fund
with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 4,359,902.916 votes
Against the resolution: 1,179.856 votes
Abstaining: 1,326.408 votes
and that said resolution was duly adopted with respect to the Woodward
Municipal Bond Fund.
13. That the result of the voting of the Woodward Michigan Municipal Bond
Fund with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 4,326,738.972 votes
Against the resolution: 7,959.015 votes
Abstaining: 36,089.871 votes
and that said resolution was duly adopted with respect to the Woodward
Michigan Municipal Bond Fund.
14. That the result of the voting of the Woodward Growth/Value Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 38,321,679.323 votes
Against the resolution: 39,320.707 votes
Abstaining: 85,703.146 votes
and that said resolution was duly adopted with respect to the Woodward
Growth/Value Fund.
15. That the result of the voting of the Woodward Opportunity Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 30,872,543.778 votes
Against the resolution: 37,213.030 votes
Abstaining: 59,209.488 votes
and that said resolution was duly adopted with respect to the Woodward
Oppportunity Fund.
16. That the result of the voting of the Woodward Intrinsic Value Fund
with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 16,655,945.120 votes
Against the resolution: 7,021.741 votes
Abstaining: 25,786.848 votes
and that said resolution was duly adopted with respect to the Woodward
Intrinsic Value Fund.
17. That the result of the voting of the Woodward Capital Growth Fund
with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 11,788,740.147 votes
Against the resolution: 2,276,303 votes
Abstaining: 8,727.465 votes
and that said resolution was duly adopted with respect to the Woodward Capital
Growth Fund.
18. That the result of the voting of the Woodward Balanced Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 7,235,984.594 votes
Against the resolution: 5,735.608 votes
Abstaining: 2,693.707 votes
and that said resolution was duly adopted with respect to the Woodward
Balanced Fund.
19. That the result of the voting of the Woodward Equity Index Fund with
respect to the resolution approving the proposal to approve a New Investment
Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 27,219,892.835 votes
Against the resolution: 488.230 votes
Abstaining: 2,054.293 votes
and that said resolution was duly adopted with respect to the Woodward Equity
Index Fund.
20. That the result of the voting of the Woodward International Equity
Fund with respect to the resolution approving the proposal to approve a New
Investment Advisory Agreement between the Trust and NBD Bank was as follows:
For the resolution: 7,341,296.462 votes
Against the resolution: 4,256.025 votes
Abstaining: 5,781.723 votes
and that said resolution was duly adopted with respect to the Woodward
International Equity Fund.
21. That the result of the voting of each Fund of the Trust with respect
to the resolution approving the proposal to elect two trustees, Donald G.
Sutherland and Donald L. Tuttle, to the Board of Trustees was as follows:
The Woodward Money Market Fund:
Donald G. Sutherland
Votes For: 1,045,493,954.07 votes
Number of Votes Withheld: 14,383,295.48 votes
Donald L. Tuttle
Votes For: 1,045,602,235.73 votes
Number of Votes Withheld: 14,275,013.82 votes
The Woodward Government Fund:
Donald G. Sutherland
Votes For: 239,087,663.98 votes
Number of Votes Withheld: 6,870,476.01 votes
Donald L. Tuttle
Votes For: 239,087,663.98 votes
Number of Votes Withheld: 6,870,476.01 votes
The Woodward Treasury Money Market Fund:
Donald G. Sutherland
Votes For: 339,541,801.73 votes
Number of Votes Withheld: 784,044.62 votes
Donald L. Tuttle
Votes For: 339,541,801.73 votes
Number of Votes Withheld: 784,044.62 votes
The Woodward Tax-Exempt Money Market Fund:
Donald G. Sutherland
Votes For: 350,101,183.79 votes
Number of Votes Withheld: 789,096.30 votes
Donald L. Tuttle
Votes For: 350,101,183.79 votes
Number of Votes Withheld: 789,096.30 votes
The Woodward Michigan Tax-Exempt Money Market Fund:
Donald G. Sutherland
Votes For: 54,355,022.40 votes
Number of Votes Withheld: 3,840,176.35 votes
Donald L. Tuttle
Votes For: 54,352,889.50 votes
Number of Votes Withheld: 3,842,309.25 votes
The Woodward Bond Fund:
Donald G. Sutherland
Votes For: 31,688,508.409 votes
Number of Votes Withheld: 88,140.104 votes
Donald L. Tuttle
Votes For: 31,695,583.660 votes
Number of Votes Withheld: 81,064.853 votes
The Woodward Intermediate Bond Fund:
Donald G. Sutherland
Votes For: 26,392,330.723 votes
Number of Votes Withheld: 32,765.614 votes
Donald L. Tuttle
Votes For: 26,392,330.723 votes
Number of Votes Withheld: 32,765.614 votes
The Woodward Short Bond Fund:
Donald G. Sutherland
Votes For: 7,055,830.781 votes
Number of Votes Withheld: 0 votes
Donald L. Tuttle
Votes For: 7,055,580.781 votes
Number of Votes Withheld: 0 votes
The Woodward Municipal Bond Fund:
Donald G. Sutherland
Votes For: 4,353,810.478 votes
Number of Votes Withheld: 8,598.702 votes
Donald L. Tuttle
Votes For: 4,357,149.392 votes
Number of Votes Withheld: 5,259.788 votes
The Woodward Michigan Municipal Bond Fund:
Donald G. Sutherland
Votes For: 4,341,959.447 votes
Number of Votes Withheld: 28,828.411 votes
Donald L. Tuttle
Votes For: 4,338,021.445 votes
Number of Votes Withheld: 32,766.413 votes
The Woodward Growth/Value Fund:
Donald G. Sutherland
Votes For: 38,340,186.904 votes
Number of Votes Withheld: 106,516.272 votes
Donald L. Tuttle
Votes For: 38,340,316.734 votes
Number of Votes Withheld: 106,386.442 votes
The Woodward Opportunity Fund:
Donald G. Sutherland
Votes For: 30,889,461.048 votes
Number of Votes Withheld: 79,505.248 votes
Donald L. Tuttle
Votes For: 30,891,365.272 votes
Number of Votes Withheld: 77,601.024 votes
The Woodward Intrinsic Value Fund:
Donald G. Sutherland
Votes For: 16,647,830.854 votes
Number of Votes Withheld: 40,922.855 votes
Donald L. Tuttle
Votes For: 16,652,945.12 votes
Number of Votes Withheld: 35,808.589 votes
The Woodward Capital Growth Fund:
Donald G. Sutherland
Votes For: 11,789,945.252 votes
Number of Votes Withheld: 9,798.663 votes
Donald L. Tuttle
Votes For: 11,789,102.265 votes
Number of Votes Withheld: 10,641.650 votes
The Woodward Balanced Fund:
Donald G. Sutherland
Votes For: 7,239,116.774 votes
Number of Votes Withheld: 5,297.135 votes
Donald L. Tuttle
Votes For: 7,239,116.774 votes
Number of Votes Withheld: 5,297.135 votes
The Woodward Equity Index Fund:
Donald G. Sutherland
Votes For: 23,961,880.438 votes
Number of Votes Withheld: 3,260,554.922 votes
Donald L. Tuttle
Votes For: 23,961,880.438 votes
Number of Votes Withheld: 3,260,554.922 votes
The Woodward International Equity Fund:
Donald G. Sutherland
Votes For: 7,347,674.734 votes
Number of Votes Withheld: 3,659.476 votes
Donald L. Tuttle
Votes For: 7,347,936.661 votes
Number of Votes Withheld: 3,397.549 votes
and that said resolution was duly adopted with respect to the Trust.
Dated: Nov. 30, 1995
-------------
/s/ Susan Young
---------------------
Inspector of Election
Sworn to and Subscribed
Before me this 30th Day of
November, 1995.
/s/ Mary J. Apap
- ----------------------
Notary Public
My Commission Expires:
MARY J. APAP
NOTARY PUBLIC - WAYNE COUNTY, MI
MY COMMISSION EXPIRES 09/12/98
