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THE PILOT FUNDS
Pilot Small Capitalization Equity Fund
Pilot Shares
Supplement to Prospectus Dated November 15, 1995
On page 9 of the prospectus, the second sentence in the first paragraph under
the heading "DIVIDENDS AND DISTRIBUTIONS -- What are your dividends and
distributions options?" is replaced with the following:
Dividends and distributions will be paid in cash unless you specifically elect
to receive payment in additional shares of the same share class of a Fund for
which the dividend or distribution was declared.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
March 1, 1996
