<PAGE> 1
PILOT GROWTH FUND
PILOT DIVERSIFIED BOND INCOME FUND
CLASS A AND CLASS B SHARES
PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
TO THE PROSPECTUS DATED MAY 10, 1996, AS SUPPLEMENTED AUGUST 5,1996
Boatmen's Trust Company ("Boatmen's"), a wholly owned subsidiary of
Boatmen's Bancshares, Inc. ("Bancshares"), currently provides investment
advisory services to Pilot Growth Fund and Pilot Diversified Bond Income Fund
(the "Funds"). On August 30, 1996, Bancshares and NationsBank Corporation
("NationsBank") announced that they have entered into an agreement pursuant to
which Bancshares will merge into NationsBank. The proposed merger is subject to
a number of conditions, including approval by the appropriate regulatory
authorities and by the shareholders of both Bancshares and NationsBank. If the
proposed merger is consummated, Boatmen's will become a wholly owned subsidiary
of NationsBank.
If NationsBank and Bancshares consummate the proposed merger, Boatmen's
will be permitted to continue serving as a Fund's investment adviser only if
shareholders of that Fund approve a new advisory agreement with Boatmen's. On
October 22, 1996, the Board of Trustees approved a new advisory agreement with
Boatmen's for each Fund with substantially the same terms and conditions as
the Fund's existing agreement. A special meeting of shareholders will be held
on December 18, 1996 to consider proposals to approve the new agreements.
<PAGE> 2
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
CLASS A AND CLASS B SHARES
PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
TO THE PROSPECTUS DATED DECEMBER 29, 1995
Boatmen's Trust Company ("Boatmen's"), a wholly owned subsidiary of
Boatmen's Bancshares, Inc. ("Bancshares"), currently provides investment
advisory services to 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, and Pilot Intermediate Municipal
Bond Fund (the "Funds"). On August 30, 1996, Bancshares and NationsBank
Corporation ("NationsBank") announced that they have entered into an agreement
pursuant to which Bancshares will merge into NationsBank. The proposed merger
is subject to a number of conditions, including approval by the appropriate
regulatory authorities and by the shareholders of both Bancshares and
NationsBank. If the proposed merger is consummated, Boatmen's will become a
wholly owned subsidiary of NationsBank.
If NationsBank and Bancshares consummate the proposed merger, Boatmen's
will be permitted to continue serving as a Fund's investment adviser only if
shareholders of that Fund approve a new advisory agreement with Boatmen's. On
October 22, 1996, the Board of Trustees approved a new advisory agreement with
Boatmen's for each Fund with substantially the same terms and conditions as the
Fund's existing agreement. A special meeting of shareholders will be held on
December 18, 1996 to consider proposals to approve the new agreements.
<PAGE> 3
PILOT SMALL CAPITALIZATION EQUITY FUND
CLASS A AND CLASS B SHARES
PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
TO THE PROSPECTUS DATED JULY 15, 1996
Boatmen's Trust Company ("Boatmen's"), a wholly owned subsidiary of
Boatmen's Bancshares Inc. ("Bancshares"), currently provides investment
advisory services to Pilot Small Capitalization Equity Fund (the "Fund"). On
August 30, 1996, Bancshares and NationsBank Corporation ("NationsBank")
announced that they have entered into an agreement pursuant to which Bancshares
will merge into NationsBank. The proposed merger is subject to a number of
conditions, including approval by the appropriate regulatory authorities and by
the shareholders of both Bancshares and NationsBank. If the proposed merger is
consummated, Boatmen's will become a wholly owned subsidiary of NationsBank.
If NationsBank and Bancshares consummate the proposed merger, Boatmen's
will be permitted to continue serving as the Fund's investment adviser only if
shareholders of the Fund approve a new advisory agreement with Boatmen's. On
October 22, 1996, the Board of Trustees approved a new advisory agreement with
Boatmen's with substantially the same terms and conditions as the existing
agreement. A special meeting of shareholders will be held on December 18, 1996
to consider a proposal to approve the new agreement.
<PAGE> 4
PILOT INTERNATIONAL EQUITY FUND
CLASS A AND CLASS B SHARES
PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
TO THE PROSPECTUS DATED APRIL 5, 1996, AS SUPPLEMENTED JULY 1, 1996
Boatmen's Trust Company ("Boatmen's"), a wholly owned subsidiary of
Boatmen's Bancshares Inc. ("Bancshares"), currently provides investment
advisory services to Pilot International Equity Fund, Class A and Class B
Shares (the "Fund"). On August 30, 1996, Bancshares and NationsBank Corporation
("NationsBank") announced that they have entered into an agreement pursuant to
which Bancshares will merge into NationsBank. The proposed merger is subject to
a number of conditions, including approval by the appropriate regulatory
authorities and by the shareholders of both Bancshares and NationsBank. If the
proposed merger is consummated, Boatmen's will become a wholly owned subsidiary
of NationsBank.
If NationsBank and Bancshares consummate the proposed merger, Boatmen's
will be permitted to continue serving as the Fund's investment adviser only if
shareholders of the Fund approve a new advisory agreement with Boatmen's. Should
the merger take place, shareholders must also approve a new investment
management agreement among the Fund, Boatmen's and Kleinwort Benson Investment
Management Americas Inc. ("Kleinwort Benson") to permit Kleinwort Benson to
continue serving as the Fund's investment manager. On October 22, 1996, the
Board of Trustees approved new advisory and investment management agreements
for the Fund with substantially the same terms and conditions as the existing
agreements. A special meeting of shareholders will be held on December 18, 1996
to consider proposals to approve the new advisory and investment management
agreements.
