<PAGE> 1
1933 Act Registration No. 2-78440
1940 Act Registration No. 811-3517
As filed with the Securities and Exchange Commission on May 20, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM N-1A
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933 /x/
Post-Effective Amendment No. 31 /x/
and
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940 /x/
Amendment No. 32 /x/
(Check appropriate box or boxes)
____________
THE PILOT FUNDS
(Exact name of Registrant as specified in charter)
3435 Stelzer Road
Columbus, Ohio 43219
(Address of principal executive offices)
Registrant's Telephone Number, including Area Code
800-717-4568
____________
Copy to:
George O. Martinez, Esq. Phil Newman, Esq.
BISYS Fund Services, Inc. Goodwin, Procter & Hoar
3435 Stelzer Road Exchange Place
Columbus, Ohio 43219 Boston, Massachusetts 02109
(Name and Address of Agent for Service of Process)
____________
It is proposed that this filing will become effective (check appropriate box)
/ / immediately upon filing pursuant to paragraph (b)
/ / on _____________________ pursuant to paragraph (b)
/x/ 60 days, after filing pursuant to paragraph (a)
/ / on _____________________ pursuant to paragraph (a), of Rule 485
/ / 75 days after filing pursuant to paragraph (a) (2).
REGISTRANT HAS REGISTERED AN INDEFINITE NUMBER OF SHARES UNDER THE SECURITIES
ACT OF 1933 PURSUANT TO RULE 24f-2. REGISTRANT FILED A RULE 24f-2 NOTICE FOR THE
FISCAL YEAR ENDED AUGUST 31, 1995 ON OCTOBER 30, 1995.
<PAGE> 2
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this
Post-Effective Amendment to its Registration Statement to be signed on its
behalf by the undersigned, thereto duly authorized, in the City of Columbus and
State of Ohio on the 20th day of May, 1996.
THE PILOT FUNDS
By: /s/ William J. Tomko
-------------------------------
William J. Tomko, President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the date indicated.
<TABLE>
<CAPTION>
Name Title Date
---- ----- ----
<S> <C> <C>
/s/ William J. Tomko President May 20, 1996
------------------------------------ (Principal Executive Officer)
William J. Tomko
/s/ Martin R. Dean Treasurer May 20, 1996
------------------------------------ (Principal Accounting Officer and
Martin R. Dean Principal Financial Officer)
J. HORD ARMSTRONG, III* Trustee May 20, 1996
------------------------------------
J. Hord Armstrong, III
LEE F. FETTER* Trustee May 20, 1996
------------------------------------
Lee F. Fetter
HENRY O. JOHNSTON* Trustee May 20, 1996
------------------------------------
Henry O. Johnston
L. WHITE MATTHEWS, III* Trustee May 20, 1996
------------------------------------
L. White Matthews, III
NICHOLAS G. PENNIMAN* Trustee May 20, 1996
------------------------------------
Nicholas G. Penniman
/s/ William J. Tomko
------------------------------------
William J. Tomko, Attorney-in-fact
</TABLE>
C-11
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704178
<NAME> THE PILOT FUNDS
<SERIES>
<NUMBER> 121
<NAME> PILOT SMALL CAPITALIZATION EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 28907042
<INVESTMENTS-AT-VALUE> 29278796
<RECEIVABLES> 235205
<ASSETS-OTHER> 39540
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29553541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117444
<TOTAL-LIABILITIES> 117444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28731973
<SHARES-COMMON-STOCK> 2817098<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 142636
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 561488
<NET-ASSETS> 29436097
<DIVIDEND-INCOME> 37155
<INTEREST-INCOME> 76010
<OTHER-INCOME> 0
<EXPENSES-NET> 40776
<NET-INVESTMENT-INCOME> 72389
<REALIZED-GAINS-CURRENT> 142636
<APPREC-INCREASE-CURRENT> 561488
<NET-CHANGE-FROM-OPS> 776513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 72029<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2832000<F1>
<NUMBER-OF-SHARES-REDEEMED> 19000<F1>
<SHARES-REINVESTED> 4000<F1>
<NET-CHANGE-IN-ASSETS> 29436097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85815
<AVERAGE-NET-ASSETS> 18789775<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .040<F1>
<PER-SHARE-GAIN-APPREC> .180<F1>
<PER-SHARE-DIVIDEND> .040<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 10.180<F1>
<EXPENSE-RATIO> .970<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Pilot Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704178
<NAME> THE PILOT FUNDS
<SERIES>
<NUMBER> 122
<NAME> PILOT SMALL CAPITALIZATION EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 28907042
<INVESTMENTS-AT-VALUE> 29278796
<RECEIVABLES> 235205
<ASSETS-OTHER> 39540
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29553541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117444
<TOTAL-LIABILITIES> 117444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28731973
<SHARES-COMMON-STOCK> 34332<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 142636
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 561488
<NET-ASSETS> 29436097
<DIVIDEND-INCOME> 37155
<INTEREST-INCOME> 76010
<OTHER-INCOME> 0
<EXPENSES-NET> 40776
<NET-INVESTMENT-INCOME> 72389
<REALIZED-GAINS-CURRENT> 142636
<APPREC-INCREASE-CURRENT> 561488
<NET-CHANGE-FROM-OPS> 776513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34000<F1>
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29436097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85815
<AVERAGE-NET-ASSETS> 124927<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> .180<F1>
<PER-SHARE-DIVIDEND> .010<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 10.180<F1>
<EXPENSE-RATIO> 1.230<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704178
<NAME> THE PILOT FUNDS
<SERIES>
<NUMBER> 123
<NAME> PILOT SMALL CAPITALIZATION EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 28907042
<INVESTMENTS-AT-VALUE> 29278796
<RECEIVABLES> 235205
<ASSETS-OTHER> 39540
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29553541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117444
<TOTAL-LIABILITIES> 117444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28731973
<SHARES-COMMON-STOCK> 39998<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 142636
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 561488
<NET-ASSETS> 29436097
<DIVIDEND-INCOME> 37155
<INTEREST-INCOME> 76010
<OTHER-INCOME> 0
<EXPENSES-NET> 40776
<NET-INVESTMENT-INCOME> 72389
<REALIZED-GAINS-CURRENT> 142636
<APPREC-INCREASE-CURRENT> 561488
<NET-CHANGE-FROM-OPS> 776513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40000<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 29436097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85815
<AVERAGE-NET-ASSETS> 125653<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> .200<F1>
<PER-SHARE-DIVIDEND> .010<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 10.200<F1>
<EXPENSE-RATIO> 2.010<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
