<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 882129
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PIC INVESTMENT TRUST
001 B000000 811-6498
001 C000000 6264498500
002 A000000 300 NORTH LAKE AVENUE
002 B000000 PASADENA
002 C000000 CA
002 D010000 91101
002 D020000 4106
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 PIC PINNACLE BALANCED FUND
007 C030100 N
007 C010200 2
007 C020200 PIC GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 PIC PINNACLE GROWTH FUND
007 C030300 N
007 C010400 4
007 C020400 PIC SMALL CAP GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 PIC SMALL COMPANY GROWTH FUND
007 C030500 N
007 C010600 6
007 C020600 PIC PINNACLE SMALL COMPANY GROWTH FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PROVIDENT INVESTMENT COUNSEL
008 B00AA01 A
008 C00AA01 801-11303
008 D01AA01 PASADENA
008 D02AA01 CA
008 D03AA01 91101
<PAGE> PAGE 2
008 D04AA01 4022
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORP
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
012 B00AA01 85-1196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19890
013 A00AA01 MCGLADREY & PULLEN
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
013 B04AA01 2416
015 A00AA01 PROVIDENT NATIONAL BANK
015 B00AA01 C
015 C01AA01 WILMINGTON
015 C02AA01 DE
015 C03AA01 19809
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 PROVINVCSL
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
<PAGE> PAGE 3
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 100
<PAGE> PAGE 4
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 19
044 00AA00 0
045 00AA00 Y
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
<PAGE> PAGE 5
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
<PAGE> PAGE 6
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 1500
081 A00AA00 Y
081 B00AA00 6
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
<PAGE> PAGE 7
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 2
028 A020100 0
028 A030100 0
028 A040100 644
028 B010100 2
028 B020100 0
028 B030100 0
028 B040100 78
028 C010100 10923
028 C020100 77
028 C030100 0
028 C040100 103
028 D010100 28
028 D020100 0
028 D030100 0
028 D040100 111
028 E010100 209
028 E020100 0
028 E030100 0
028 E040100 974
028 F010100 157
028 F020100 90
028 F030100 0
028 F040100 56
028 G010100 11321
028 G020100 167
028 G030100 0
028 G040100 1966
028 H000100 0
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2000
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 0
071 B000100 0
071 C000100 0
<PAGE> PAGE 8
071 D000100 0
072 A000100 12
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 346
072 F000100 0
072 G000100 67
072 H000100 0
072 I000100 19
072 J000100 6
072 K000100 0
072 L000100 9
072 M000100 14
072 N000100 5
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 3
072 T000100 19
072 U000100 4
072 V000100 0
072 W000100 5
072 X000100 161
072 Y000100 97
072 Z000100 282
072AA000100 2295
072BB000100 0
072CC010100 2395
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0890
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 35383
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 28
074 K000100 0
074 L000100 0
074 M000100 11
<PAGE> PAGE 9
074 N000100 35422
074 O000100 40
074 P000100 11
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 28
074 S000100 0
074 T000100 35343
074 U010100 2279
074 U020100 0
074 V010100 15.51
074 V020100 0.00
074 W000100 0.0000
074 X000100 73
074 Y000100 0
075 A000100 0
075 B000100 25506
076 000100 0.00
028 A010200 1045
028 A020200 0
028 A030200 0
028 A040200 8298
028 B010200 1232
028 B020200 0
028 B030200 0
028 B040200 47230
028 C010200 1094
028 C020200 13
028 C030200 0
028 C040200 3606
028 D010200 603
028 D020200 0
028 D030200 0
028 D040200 464
028 E010200 290
028 E020200 0
028 E030200 0
028 E040200 1069
028 F010200 318
028 F020200 0
028 F030200 0
028 F040200 223
028 G010200 4582
028 G020200 13
028 G030200 0
028 G040200 60890
028 H000200 0
058 A000200 N
059 000200 Y
<PAGE> PAGE 10
060 A000200 Y
060 B000200 Y
061 000200 2000
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 -131
072 F000200 0
072 G000200 223
072 H000200 0
072 I000200 58
072 J000200 6
072 K000200 0
072 L000200 14
072 M000200 12
072 N000200 23
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 10
072 T000200 0
072 U000200 4
072 V000200 0
072 W000200 7
072 X000200 369
072 Y000200 110
072 Z000200 -391
072AA000200 32174
072BB000200 0
072CC010200 0
072CC020200 7724
072DD010200 0
072DD020200 0
072EE000200 0
<PAGE> PAGE 11
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0030
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 79991
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 70
074 K000200 0
074 L000200 0
074 M000200 34
074 N000200 80095
074 O000200 53
074 P000200 11
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 30
074 S000200 0
074 T000200 80001
074 U010200 4410
074 U020200 0
074 V010200 18.14
074 V020200 0.00
074 W000200 0.0000
074 X000200 318
074 Y000200 0
075 A000200 0
075 B000200 103890
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 1768
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 159
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 280
028 D020300 0
<PAGE> PAGE 12
028 D030300 0
028 D040300 0
028 E010300 64
028 E020300 0
028 E030300 0
028 E040300 199
028 F010300 33
028 F020300 0
028 F030300 0
028 F040300 15
028 G010300 2304
028 G020300 0
028 G030300 0
028 G040300 214
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 2000
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 -2
072 F000300 0
072 G000300 12
072 H000300 0
072 I000300 8
072 J000300 4
072 K000300 0
072 L000300 7
072 M000300 6
072 N000300 15
072 O000300 0
072 P000300 0
<PAGE> PAGE 13
072 Q000300 0
072 R000300 10
072 S000300 1
072 T000300 2
072 U000300 0
072 V000300 0
072 W000300 4
072 X000300 69
072 Y000300 66
072 Z000300 0
072AA000300 0
072BB000300 12
072CC010300 76
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 37
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 2153
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 9
074 K000300 0
074 L000300 0
074 M000300 2
074 N000300 2201
074 O000300 28
074 P000300 3
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 19
074 S000300 0
074 T000300 2151
074 U010300 188
074 U020300 0
074 V010300 11.44
074 V020300 0.00
074 W000300 0.0000
074 X000300 2
074 Y000300 0
<PAGE> PAGE 14
075 A000300 0
075 B000300 764
076 000300 0.00
028 A010400 908
028 A020400 0
028 A030400 0
028 A040400 241
028 B010400 4835
028 B020400 0
028 B030400 0
028 B040400 385
028 C010400 4328
028 C020400 0
028 C030400 0
028 C040400 408
028 D010400 51572
028 D020400 0
028 D030400 0
028 D040400 4933
028 E010400 9806
028 E020400 0
028 E030400 0
028 E040400 2029
028 F010400 17137
028 F020400 0
028 F030400 0
028 F040400 1645
028 G010400 88586
028 G020400 0
028 G030400 0
028 G040400 9641
028 H000400 0
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 2000
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 0
071 B000400 0
071 C000400 0
<PAGE> PAGE 15
071 D000400 0
072 A000400 12
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 -808
072 F000400 0
072 G000400 345
072 H000400 0
072 I000400 19
072 J000400 6
072 K000400 0
072 L000400 10
072 M000400 11
072 N000400 5
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 10
072 S000400 11
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 11
072 X000400 428
072 Y000400 428
072 Z000400 -808
072AA000400 74102
072BB000400 0
072CC010400 0
072CC020400 68286
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0290
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 105538
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 73
074 K000400 0
074 L000400 0
074 M000400 0
<PAGE> PAGE 16
074 N000400 105611
074 O000400 60
074 P000400 11
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 21
074 S000400 0
074 T000400 105519
074 U010400 4383
074 U020400 0
074 V010400 24.08
074 V020400 0.00
074 W000400 0.0000
074 X000400 42
074 Y000400 0
075 A000400 0
075 B000400 167301
076 000400 0.00
028 A010500 4386
028 A020500 0
028 A030500 0
028 A040500 77
028 B010500 2073
028 B020500 0
028 B030500 0
028 B040500 107
028 C010500 1620
028 C020500 0
028 C030500 0
028 C040500 413
028 D010500 537
028 D020500 0
028 D030500 0
028 D040500 1790
028 E010500 599
028 E020500 0
028 E030500 0
028 E040500 140
028 F010500 543
028 F020500 0
028 F030500 0
028 F040500 3729
028 G010500 9758
028 G020500 0
028 G030500 0
028 G040500 6256
028 H000500 0
058 A000500 N
059 000500 Y
<PAGE> PAGE 17
060 A000500 Y
060 B000500 Y
061 000500 2000
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 -122
072 F000500 0
072 G000500 60
072 H000500 0
072 I000500 19
072 J000500 6
072 K000500 0
072 L000500 6
072 M000500 12
072 N000500 5
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 6
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 5
072 X000500 129
072 Y000500 36
072 Z000500 -216
072AA000500 0
072BB000500 1960
072CC010500 5592
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
<PAGE> PAGE 18
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 31033
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 9
074 K000500 0
074 L000500 0
074 M000500 10
074 N000500 31052
074 O000500 7
074 P000500 7
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 24
074 S000500 0
074 T000500 31014
074 U010500 3128
074 U020500 0
074 V010500 9.91
074 V020500 0.00
074 W000500 0.0000
074 X000500 127
074 Y000500 0
075 A000500 0
075 B000500 22622
076 000500 0.00
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 3
028 C010600 1586
028 C020600 0
028 C030600 0
028 C040600 5
028 D010600 268
028 D020600 0
<PAGE> PAGE 19
028 D030600 0
028 D040600 0
028 E010600 70
028 E020600 0
028 E030600 0
028 E040600 6
028 F010600 1136
028 F020600 0
028 F030600 0
028 F040600 226
028 G010600 3060
028 G020600 0
028 G030600 0
028 G040600 240
028 H000600 0
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 2000
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 -4
072 F000600 0
072 G000600 13
072 H000600 0
072 I000600 15
072 J000600 4
072 K000600 0
072 L000600 7
072 M000600 6
072 N000600 15
072 O000600 0
072 P000600 0
<PAGE> PAGE 20
072 Q000600 0
072 R000600 10
072 S000600 2
072 T000600 2
072 U000600 0
072 V000600 0
072 W000600 5
072 X000600 79
072 Y000600 75
072 Z000600 0
072AA000600 0
072BB000600 57
072CC010600 55
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 26
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 3084
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 3
074 K000600 0
074 L000600 0
074 M000600 3
074 N000600 3116
074 O000600 15
074 P000600 3
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 18
074 S000600 0
074 T000600 3080
074 U010600 296
074 U020600 0
074 V010600 8.22
074 V020600 10.42
074 W000600 0.0000
074 X000600 50
074 Y000600 0
<PAGE> PAGE 21
075 A000600 0
075 B000600 747
076 000600 0.00
SIGNATURE ROBERT H. WADSWORTH
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> PIC PINNACLE BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 35,383,337
<RECEIVABLES> 25,168
<ASSETS-OTHER> 10,570
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,422,075
<PAYABLE-FOR-SECURITIES> 51,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,583
<TOTAL-LIABILITIES> 79,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,129,404
<SHARES-COMMON-STOCK> 2,279,091
<SHARES-COMMON-PRIOR> 1,637,964
<ACCUMULATED-NII-CURRENT> 26,026
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,283,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,903,847
<NET-ASSETS> 35,343,058
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 345,592
<EXPENSES-NET> 63,921
<NET-INVESTMENT-INCOME> 281,671
<REALIZED-GAINS-CURRENT> 2294629
<APPREC-INCREASE-CURRENT> 2,395,328
<NET-CHANGE-FROM-OPS> 4,971,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 266,681
<DISTRIBUTIONS-OF-GAINS> 953,528
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,532,116
<NUMBER-OF-SHARES-REDEEMED> 269,095
<SHARES-REINVESTED> 91,290
<NET-CHANGE-IN-ASSETS> 22,474,854
<ACCUMULATED-NII-PRIOR> 31,791
<ACCUMULATED-GAINS-PRIOR> 729,850
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160,984
<AVERAGE-NET-ASSETS> 25,506,187
<PER-SHARE-NAV-BEGIN> 13.91
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (1.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.51
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 2
<NAME> PIC GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 79,991,390
<RECEIVABLES> 70,162
<ASSETS-OTHER> 34,162
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,095,714
<PAYABLE-FOR-SECURITIES> 53,374
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,532
<TOTAL-LIABILITIES> 94,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,528,365
<SHARES-COMMON-STOCK> 4,409,676
<SHARES-COMMON-PRIOR> 7,829,510
<ACCUMULATED-NII-CURRENT> (404,243)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,527,561
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,349,125
<NET-ASSETS> 80,000,808
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (131,399)
<EXPENSES-NET> 259,725
<NET-INVESTMENT-INCOME> (391,124)
<REALIZED-GAINS-CURRENT> 32,173,750
<APPREC-INCREASE-CURRENT> (7,723,822)
<NET-CHANGE-FROM-OPS> 24,058,704
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13,410,970
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 939,090
<NUMBER-OF-SHARES-REDEEMED> 4,585,554
<SHARES-REINVESTED> 912,467
<NET-CHANGE-IN-ASSETS> (36,084,072)
<ACCUMULATED-NII-PRIOR> (882,189)
<ACCUMULATED-GAINS-PRIOR> 8,713,709
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 369,869
<AVERAGE-NET-ASSETS> 103,889,729
<PER-SHARE-NAV-BEGIN> 16.25
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.14
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> PIC PINNACLE GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-01-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,153,087
<RECEIVABLES> 8,770
<ASSETS-OTHER> 38,923
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,200,780
<PAYABLE-FOR-SECURITIES> 30,995
<SENIOR-LONG-TERM-DEBT> 19,373
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 50,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,090,651
<SHARES-COMMON-STOCK> 187,980
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> (4,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,823)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,320
<NET-ASSETS> 2,150,412
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (2,062)
<EXPENSES-NET> 2,674
<NET-INVESTMENT-INCOME> (4,736)
<REALIZED-GAINS-CURRENT> (11,823)
<APPREC-INCREASE-CURRENT> 76,320
<NET-CHANGE-FROM-OPS> 59,761
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,342
<NUMBER-OF-SHARES-REDEEMED> 18,362
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,150,412
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> (103)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,544
<AVERAGE-NET-ASSETS> 764,115
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 4
<NAME> PIC SMALL CAP GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 105,538,102
<RECEIVABLES> 73,228
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,611,330
<PAYABLE-FOR-SECURITIES> 71,294
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,837
<TOTAL-LIABILITIES> 92,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,512,328
<SHARES-COMMON-STOCK> 4,382,561
<SHARES-COMMON-PRIOR> 9,428,356
<ACCUMULATED-NII-CURRENT> (821,141)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,780,610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,047,402
<NET-ASSETS> 105,519,199
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (808,092)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> (808,092)
<REALIZED-GAINS-CURRENT> 74,102,539
<APPREC-INCREASE-CURRENT> (68,286,326)
<NET-CHANGE-FROM-OPS> 5,088,121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,548,960)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,598,735
<NUMBER-OF-SHARES-REDEEMED> 9,783,763
<SHARES-REINVESTED> 110,728
<NET-CHANGE-IN-ASSETS> (90,569,653)
<ACCUMULATED-NII-PRIOR> (2,426,066)
<ACCUMULATED-GAINS-PRIOR> 6,347,930
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428,806
<AVERAGE-NET-ASSETS> 167,300,312
<PER-SHARE-NAV-BEGIN> 23.19
<PER-SHARE-NII> (0.40)
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.08
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> PIC SMALL COMPANY GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 31,033,620
<RECEIVABLES> 8,508
<ASSETS-OTHER> 10,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,052,156
<PAYABLE-FOR-SECURITIES> 7,317
<SENIOR-LONG-TERM-DEBT> 31,092
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 38,409
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,683,152
<SHARES-COMMON-STOCK> 3,128,142
<SHARES-COMMON-PRIOR> 2,679,789
<ACCUMULATED-NII-CURRENT> (217,893)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,460,268)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,008,756
<NET-ASSETS> 31,013,747
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (122,395)
<EXPENSES-NET> (93,954)
<NET-INVESTMENT-INCOME> (216,349)
<REALIZED-GAINS-CURRENT> (1,960,254)
<APPREC-INCREASE-CURRENT> 5,591,606
<NET-CHANGE-FROM-OPS> 3,415,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,218,198
<NUMBER-OF-SHARES-REDEEMED> 636,830
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,822,327
<ACCUMULATED-NII-PRIOR> (64,754)
<ACCUMULATED-GAINS-PRIOR> (3,647,273)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129,577
<AVERAGE-NET-ASSETS> 22,621,638
<PER-SHARE-NAV-BEGIN> 9.48
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 6
<NAME> PIC PINNACLE SMALL COMPANY GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 3,083,885
<RECEIVABLES> 2,969
<ASSETS-OTHER> 29,139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,115,993
<PAYABLE-FOR-SECURITIES> 18,194
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,765
<TOTAL-LIABILITIES> 35,959
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,091,333
<SHARES-COMMON-STOCK> 295,534
<SHARES-COMMON-PRIOR> 28,363
<ACCUMULATED-NII-CURRENT> (8,545)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (57,494)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,740
<NET-ASSETS> 3,080,034
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (4,437)
<EXPENSES-NET> 4,108
<NET-INVESTMENT-INCOME> (8,545)
<REALIZED-GAINS-CURRENT> (57,494)
<APPREC-INCREASE-CURRENT> 54,740
<NET-CHANGE-FROM-OPS> (11,299)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 317,026
<NUMBER-OF-SHARES-REDEEMED> 21,492
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,080,034
<ACCUMULATED-NII-PRIOR> (370)
<ACCUMULATED-GAINS-PRIOR> (42,896)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,781
<AVERAGE-NET-ASSETS> 746,918
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.42
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Shareholders
PIC Investment Trust
In planning and performing our audit of the financial statements of PIC
Investment Trust, a series investment company consisting of PIC Pinnacle
Balanced Fund, PIC Pinnacle Growth Fund, PIC Pinnacle Small Company
Growth Fund, PIC Small Cap. Growth Fund, PIC Growth Fund and PIC Small
Company Growth Fund, each for the year ended October 31, 1997, we
considered its internal control, including controls over 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 Investment Trust 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 safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the 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 any specific internal control component
does not reduce to a relatively low level the risk that errors or
irregularities 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, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
New York, New York
December 5, 1997
