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SIGNATURE ERIC BANHAZL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882128
<NAME> PIC BALANCED PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
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<INVESTMENTS-AT-VALUE> 31585791
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<NET-CHANGE-IN-ASSETS> (9267051)
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</TABLE>
CHANGE IN INDEPENDENT
ACCOUNTANT
On August 27, 1999, McGladrey & Pullen, LLP
("McGladrey") resigned as independent auditors of the
Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire
McGladrey's investment company practice. The
McGladrey partners and professionals serving the Fund at
the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of
the Fund during the past two fiscal years contained no
adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or
accounting principles.
In connection with its audits for the two most recent fiscal
years and through August 27, 1999, there were no
disagreements with McGladrey on any matter of
accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the
subject matter of disagreement in connection with its
report.
On September 1, 1999, and October 25, 1999, the Fund,
with the approval of its Board of Trustees and its Audit
Committee, engaged PwC as its independent auditors.
Report of Independent Accountants
To the Board of Trustees and Holders of Beneficial
Interests
of PIC Balanced Portfolio
In planning and performing our audit of the financial
statements of PIC Balanced Portfolio for the year ended
October 31, 1999, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of PIC Balanced Portfolio is responsible
for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness
of their design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal course
of performing their assigned functions. However, we noted
no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use
of the Board of Trustees, management and the Securities
and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
December 3, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for PIC
Balanced Portfolio.. We have read their notification of
change in independent accountants made in Item 77K of
Form N-SAR. We agree with the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
January 12, 2000
Special Meeting of Shareholders
A special meeting of shareholders of the Trust were
held at the offices of Provident Investment Counsel
on October 7, 1999.
The Trust and the Portfolios are organized in a
"master/feeder" arrangement, pursuant to which the
assets of each of the Funds are invested in a
corresponding Portfolio. The overall supervision of
the Trust is the responsibility of a Board of Trustees,
and a separate Board of Trustees is responsible for
supervision of the Portfolios. The purpose of the
meeting is to combine the separate boards, so that the
same Trustees will all have responsibility for
supervision of the Trust and the Portfolios.
A brief description of each matter voted upon as well
as the voting results are outlined below.
1. It is proposed that shareholders of the Trust
consider the election of Trustees of the Trust.
2. It is proposed that shareholders of the Trust
consider the election of Trustees of the Portfolios.
Number of shares:
For 11,616,011.406
Against 15.398
