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THE PILOT FUNDS
Pilot Intermediate U.S. Government Securities Fund
Pilot U.S. Government Securities Fund
Supplement to Prospectus Dated December 29, 1995
At the Regular Meeting of the Board of Trustees held on February 20, 1996, the
Trustees approved the following change in the investment objectives and
policies of each Fund to become effective on June 1, 1996:
Each Fund will seek total return and preservation of capital by
investing primarily in U.S. Government securities and repurchase
agreements secured by such securities. Each Fund will
emphasize the capital appreciation component of total return.
Each Fund's maturity policies remain unchanged. While the maturity of
individual securities will not be restricted, except during temporary defensive
periods or unusual market conditions, the average weighted maturity of the
Pilot Intermediate U.S. Government Securities Fund will be between three and
ten years, and the average weighted maturity of the Pilot U.S. Government
Securities Fund will be between five and thirty years.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
March 12, 1996
