<PAGE> 1
The Pilot Funds
Pilot Short-Term U.S. Treasury Fund
Pilot Short-Term Diversified Assets Fund
Pilot Short-Term Tax-Exempt Diversified Fund
Pilot Missouri Short-Term Tax-Exempt Fund
Supplement to Prospectus Dated December 29, 1995
Concord Financial Services, Inc., 100 First Avenue Suite 300, Pittsburgh, PA
15222, currently serves as Transfer Agent to the Fund. In this regard, all
written correspondence regarding a shareholder's fund account should be
directed to the above-mentioned Transfer Agent. For additional information,
please call toll-free (800) 871-2277.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
December 29, 1995
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The Pilot Funds
Pilot International Equity Fund
Supplement to Prospectus Dated December 29, 1995
Concord Financial Services, Inc., 100 First Avenue Suite 300, Pittsburgh, PA
15222, currently serves as Transfer Agent to the Fund. In this regard, all
written correspondence regarding a shareholder's fund account should be
directed to the above-mentioned Transfer Agent. For additional information,
please call toll-free (800) 871-2277.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
December 29, 1995
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The Pilot Funds
Pilot Growth and Income Fund
Pilot Equity Income Fund
Pilot U.S. Government Securities Fund
Pilot Intermediate U.S. Government Securities Fund
Pilot Municipal Bond Fund
Pilot Intermediate Municipal Bond Fund
Supplement to Prospectus Dated December 29, 1995
Primary Funds Service Corp., 100 Financial Park, Franklin, MA 02038,
currently serves as Transfer Agent to the Fund. In this regard, all written
correspondence regarding a shareholders's fund account should be directed to
the above-mentioned Transfer Agent. For additional information, please call
toll-free (800) 844-1235.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
December 29, 1995
