<PAGE> PAGE 1
000 A000000 04/30/98
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 A
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 8
007 C010100 1
007 C020100 PROV. INVEST. COUNSEL PINNACLE BALANCD FUND
007 C030100 N
007 C010200 2
007 C020200 PROV. INVEST. COUNSEL GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 PROV. INVEST. COUNSEL PINNACLE GROWTH FUND
007 C030300 N
007 C010400 4
007 C020400 PROV. INVEST. COUNSEL SMALL CAP GROWTH
007 C030400 N
007 C010500 5
007 C020500 PROV. INVEST. COUNSEL SMALL CO. GROWTH FUND
007 C030500 N
007 C010600 6
007 C020600 PROV. INVEST. COUNSEL PIN SMAL CO. GRWTH FUND
007 C030600 N
007 C010700 7
007 C020700 PROV. INVEST. COUNSEL MID CAP FUND
007 C030700 N
007 C010800 8
007 C020800 PROV. INVEST. COUNSEL TAX MANAGED GROWTH FUND
007 C030800 N
007 C010900 9
007 C011000 10
008 A00AA01 PROVIDENT INVESTMENT COUNSEL
008 B00AA01 A
<PAGE> PAGE 2
008 C00AA01 801-11303
008 D01AA01 PASADENA
008 D02AA01 CA
008 D03AA01 91101
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
013 A00AA01 MCGLADREY & PULLEN
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
013 B04AA01 2416
018 00AA00 N
019 A00AA00 Y
019 B00AA00 12
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
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
<PAGE> PAGE 3
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 Y
026 C000000 N
026 D000000 Y
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
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
<PAGE> PAGE 4
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
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
<PAGE> PAGE 5
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
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 N
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 8
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
<PAGE> PAGE 6
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
012 A000101 PFPC
012 B000101 85-1196
012 C010101 WILMINGTON
012 C020101 DE
012 C030101 19809
015 A000101 PROVIDENT NATIONAL BANK
015 B000101 C
015 C010101 WILMINGTON
015 C020101 DE
015 C030101 19809
015 E010101 X
028 A010100 213
028 A020100 0
028 A030100 0
028 A040100 225
028 B010100 292
028 B020100 2403
028 B030100 0
028 B040100 230
028 C010100 149
028 C020100 0
028 C030100 0
028 C040100 521
028 D010100 501
028 D020100 0
028 D030100 0
028 D040100 338
028 E010100 411
028 E020100 0
028 E030100 0
028 E040100 308
<PAGE> PAGE 7
028 F010100 218
028 F020100 73
028 F030100 0
028 F040100 180
028 G010100 1784
028 G020100 2476
028 G030100 0
028 G040100 1802
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 14
044 000100 0
045 000100 Y
046 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
058 A000100 N
059 000100 Y
<PAGE> PAGE 8
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
071 D000100 0
072 A000100 6
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 229
072 F000100 0
072 G000100 45
072 H000100 0
072 I000100 11
072 J000100 3
072 K000100 0
072 L000100 3
072 M000100 4
072 N000100 10
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 1
072 T000100 39
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 123
072 Y000100 77
072 Z000100 183
072AA000100 1508
072BB000100 0
072CC010100 3264
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
<PAGE> PAGE 9
073 A010100 0.0800
073 A020100 0.0000
073 B000100 1.0100
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 394
074 D000100 9696
074 E000100 0
074 F000100 30222
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 8
074 K000100 0
074 L000100 0
074 M000100 12
074 N000100 40332
074 O000100 0
074 P000100 14
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 40
074 S000100 0
074 T000100 40278
074 U010100 2444
074 U020100 0
074 V010100 16.48
074 V020100 0.00
074 W000100 0.0000
074 X000100 75
074 Y000100 0
075 A000100 0
075 B000100 37391
076 000100 0.00
012 A000201 PFPC
012 B000201 85-1196
012 C010201 WILMINGTON
012 C020201 DE
012 C030201 19809
015 A000201 PROVIDENT NATIONAL BANK
015 B000201 C
015 C010201 WILMINGTON
015 C020201 DE
015 C030201 19809
015 E010201 X
028 A010200 399
028 A020200 0
028 A030200 0
<PAGE> PAGE 10
028 A040200 849
028 B010200 39722
028 B020200 13891
028 B030200 0
028 B040200 2282
028 C010200 4853
028 C020200 0
028 C030200 0
028 C040200 748
028 D010200 1114
028 D020200 0
028 D030200 0
028 D040200 238
028 E010200 3227
028 E020200 0
028 E030200 0
028 E040200 6286
028 F010200 619
028 F020200 0
028 F030200 0
028 F040200 5056
028 G010200 49935
028 G020200 13891
028 G030200 0
028 G040200 15459
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
048 000200 0.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
<PAGE> PAGE 11
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
058 A000200 N
059 000200 Y
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 6
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 -118
072 F000200 0
072 G000200 125
072 H000200 0
072 I000200 21
072 J000200 3
072 K000200 0
072 L000200 5
072 M000200 4
072 N000200 8
072 O000200 0
072 P000200 0
<PAGE> PAGE 12
072 Q000200 0
072 R000200 5
072 S000200 4
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 4
072 X000200 179
072 Y000200 33
072 Z000200 -264
072AA000200 8176
072BB000200 0
072CC010200 14760
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 3.3700
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 136443
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 53
074 N000200 136495
074 O000200 18
074 P000200 13
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 30
074 S000200 0
074 T000200 136434
074 U010200 7747
074 U020200 0
074 V010200 17.61
074 V020200 0.00
074 W000200 0.0000
074 X000200 315
074 Y000200 0
<PAGE> PAGE 13
075 A000200 0
075 B000200 118234
076 000200 0.00
012 A000301 PFPC
012 B000301 85-1196
012 C010301 WILMINGTON
012 C020301 DE
012 C030301 19809
015 A000301 PROVIDENT NATIONAL BANK
015 B000301 C
015 C010301 WILMINGTON
015 C020301 DE
015 C030301 19809
015 E010301 X
028 A010300 100
028 A020300 0
028 A030300 0
028 A040300 2
028 B010300 21
028 B020300 0
028 B030300 0
028 B040300 2
028 C010300 35
028 C020300 0
028 C030300 0
028 C040300 5
028 D010300 515
028 D020300 0
028 D030300 0
028 D040300 12
028 E010300 87
028 E020300 0
028 E030300 0
028 E040300 3
028 F010300 168
028 F020300 0
028 F030300 0
028 F040300 6
028 G010300 926
028 G020300 0
028 G030300 0
028 G040300 32
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
<PAGE> PAGE 14
042 D000300 100
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 1
044 000300 0
045 000300 Y
046 000300 N
048 000300 0.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
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
<PAGE> PAGE 15
071 D000300 0
072 A000300 6
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 -3
072 F000300 0
072 G000300 9
072 H000300 0
072 I000300 15
072 J000300 3
072 K000300 0
072 L000300 3
072 M000300 4
072 N000300 8
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 1
072 T000300 4
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 54
072 Y000300 49
072 Z000300 -8
072AA000300 42
072BB000300 0
072CC010300 429
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 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 3515
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 7
074 K000300 0
074 L000300 0
074 M000300 31
<PAGE> PAGE 16
074 N000300 3553
074 O000300 0
074 P000300 5
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 40
074 S000300 0
074 T000300 3508
074 U010300 259
074 U020300 0
074 V010300 13.57
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
074 Y000300 0
075 A000300 0
075 B000300 2692
076 000300 0.00
012 A000401 PFPC
012 B000401 85-1196
012 C010401 WILMINGTON
012 C020401 DE
012 C030401 19809
015 A000401 PROVIDENT NATIONAL BANK
015 B000401 C
015 C010401 WILMINGTON
015 C020401 DE
015 C030401 19809
015 E010401 X
028 A010400 29394
028 A020400 0
028 A030400 0
028 A040400 930
028 B010400 14654
028 B020400 11841
028 B030400 0
028 B040400 3089
028 C010400 2791
028 C020400 0
028 C030400 0
028 C040400 6465
028 D010400 1810
028 D020400 0
028 D030400 0
028 D040400 2081
028 E010400 3224
028 E020400 0
028 E030400 0
028 E040400 2535
<PAGE> PAGE 17
028 F010400 3772
028 F020400 0
028 F030400 0
028 F040400 2563
028 G010400 55645
028 G020400 11841
028 G030400 0
028 G040400 17663
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
041 000400 N
045 000400 Y
046 000400 N
048 000400 0.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000000
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
<PAGE> PAGE 18
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 -488
072 F000400 0
072 G000400 143
072 H000400 0
072 I000400 5
072 J000400 3
072 K000400 0
072 L000400 5
072 M000400 4
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 5
072 S000400 1
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 4
072 X000400 171
072 Y000400 171
072 Z000400 -488
072AA000400 0
072BB000400 3643
072CC010400 19689
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 1.9300
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 158712
<PAGE> PAGE 19
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 5
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 158717
074 O000400 0
074 P000400 13
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 3
074 S000400 0
074 T000400 158701
074 U010400 6521
074 U020400 0
074 V010400 24.34
074 V020400 0.00
074 W000400 0.0000
074 X000400 97
074 Y000400 0
075 A000400 0
075 B000400 139595
076 000400 0.00
012 A000501 PFPC
012 B000501 85-1196
012 C010501 WILMINGTON
012 C020501 DE
012 C030501 19809
015 A000501 PROVIDENT NATIONAL BANK
015 B000501 C
015 C010501 WILMINGTON
015 C020501 DE
015 C030501 19809
015 E010501 X
028 A010500 824
028 A020500 0
028 A030500 0
028 A040500 680
028 B010500 1248
028 B020500 0
028 B030500 0
028 B040500 688
028 C010500 6068
028 C020500 0
028 C030500 0
028 C040500 987
028 D010500 2603
<PAGE> PAGE 20
028 D020500 0
028 D030500 0
028 D040500 1716
028 E010500 3412
028 E020500 0
028 E030500 0
028 E040500 3610
028 F010500 2137
028 F020500 0
028 F030500 0
028 F040500 1902
028 G010500 16291
028 G020500 0
028 G030500 0
028 G040500 9582
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
048 000500 0.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 2000
<PAGE> PAGE 21
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 6
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 -119
072 F000500 0
072 G000500 42
072 H000500 0
072 I000500 13
072 J000500 3
072 K000500 0
072 L000500 5
072 M000500 4
072 N000500 12
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 5
072 S000500 1
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 2
072 X000500 87
072 Y000500 10
072 Z000500 -197
072AA000500 2095
072BB000500 0
072CC010500 2372
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
<PAGE> PAGE 22
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 42005
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 13
074 N000500 42018
074 O000500 4
074 P000500 9
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 12
074 S000500 0
074 T000500 41993
074 U010500 3849
074 U020500 0
074 V010500 10.91
074 V020500 0.00
074 W000500 0.0000
074 X000500 131
074 Y000500 0
075 A000500 0
075 B000500 34727
076 000500 0.00
012 A000601 PFPC
012 B000601 85-1196
012 C010601 WILMINGTON
012 C020601 DE
012 C030601 19809
015 A000601 PROVIDENT NATIONAL BANK
015 B000601 C
015 C010601 WILMINGTON
015 C020601 DE
015 C030601 19809
015 E010601 X
028 A010600 165
028 A020600 0
028 A030600 0
028 A040600 6
028 B010600 368
028 B020600 0
<PAGE> PAGE 23
028 B030600 0
028 B040600 178
028 C010600 81
028 C020600 0
028 C030600 0
028 C040600 128
028 D010600 129
028 D020600 0
028 D030600 0
028 D040600 642
028 E010600 375
028 E020600 0
028 E030600 0
028 E040600 168
028 F010600 127
028 F020600 0
028 F030600 0
028 F040600 110
028 G010600 1245
028 G020600 0
028 G030600 0
028 G040600 1232
028 H000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 Y
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 100
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 2
044 000600 0
045 000600 Y
046 000600 N
048 000600 0.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
<PAGE> PAGE 24
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
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 6
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 -11
072 F000600 0
072 G000600 11
072 H000600 0
072 I000600 15
072 J000600 3
072 K000600 0
072 L000600 3
072 M000600 4
072 N000600 8
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 5
072 S000600 1
<PAGE> PAGE 25
072 T000600 4
072 U000600 0
072 V000600 0
072 W000600 2
072 X000600 56
072 Y000600 47
072 Z000600 -20
072AA000600 0
072BB000600 138
072CC010600 458
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 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 3407
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 8
074 K000600 0
074 L000600 0
074 M000600 20
074 N000600 3435
074 O000600 0
074 P000600 5
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 36
074 S000600 0
074 T000600 3394
074 U010600 296
074 U020600 0
074 V010600 11.46
074 V020600 0.00
074 W000600 0.0000
074 X000600 37
074 Y000600 0
075 A000600 0
075 B000600 3179
076 000600 0.00
<PAGE> PAGE 26
012 A000701 PFPC
012 B000701 85-1196
012 C010701 WILMINGTON
012 C020701 DE
012 C030701 19809
015 A000701 PROVIDENT NATIONAL BANK
015 B000701 C
015 C010701 WILMINGTON
015 C020701 DE
015 C030701 19809
015 E010701 X
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 3517
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 98
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 1015
028 E020700 0
028 E030700 0
028 E040700 753
028 F010700 50
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 4681
028 G020700 0
028 G030700 0
028 G040700 753
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 N
041 000700 N
045 000700 Y
046 000700 N
048 000700 0.000
048 A010700 0
048 A020700 0.000
048 B010700 0
<PAGE> PAGE 27
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 2000
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 4
072 B000700 0
072 C000700 0
072 D000700 0
072 E000700 -4
072 F000700 0
072 G000700 8
072 H000700 0
072 I000700 9
072 J000700 2
072 K000700 0
072 L000700 3
<PAGE> PAGE 28
072 M000700 2
072 N000700 7
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 4
072 S000700 1
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 37
072 Y000700 36
072 Z000700 -5
072AA000700 139
072BB000700 579
072CC010700 0
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 4662
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 8
074 K000700 0
074 L000700 0
074 M000700 0
074 N000700 4670
074 O000700 0
074 P000700 1
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 28
074 S000700 0
074 T000700 4641
074 U010700 388
074 U020700 0
074 V010700 11.95
<PAGE> PAGE 29
074 V020700 0.00
074 W000700 0.0000
074 X000700 44
074 Y000700 0
075 A000700 0
075 B000700 3956
076 000700 0.00
012 A000801 AMERICAN DATA SERVICES
012 B000801 85-1196
012 C010801 HAUPPHANGE
012 C020801 NY
012 C030801 11788
012 C040801 0132
015 A000801 NATIONSBANC MONTGOMERY SECURITIES, INC.
015 B000801 C
015 C010801 NEW YORK
015 C020801 NY
015 C030801 10022
015 E010801 X
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 0
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 100
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 280
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 75
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 455
028 G020800 0
028 G030800 0
028 G040800 0
028 H000800 0
037 000800 N
038 000800 0
039 000800 N
<PAGE> PAGE 30
040 000800 N
041 000800 N
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
048 000800 0.000
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 500000
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 Y
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
<PAGE> PAGE 31
068 B000800 N
069 000800 N
071 A000800 917829
071 B000800 68987
071 C000800 474461
071 D000800 15
072 A000800 4
072 B000800 1
072 C000800 2
072 D000800 0
072 E000800 0
072 F000800 1
072 G000800 4
072 H000800 0
072 I000800 3
072 J000800 0
072 K000800 0
072 L000800 1
072 M000800 2
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 3
072 S000800 1
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 2
072 X000800 15
072 Y000800 14
072 Z000800 1
072AA000800 8
072BB000800 0
072CC010800 77
072CC020800 0
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 36
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 895
074 G000800 0
074 H000800 0
<PAGE> PAGE 32
074 I000800 0
074 J000800 44
074 K000800 0
074 L000800 13
074 M000800 5
074 N000800 993
074 O000800 35
074 P000800 6
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 9
074 S000800 0
074 T000800 943
074 U010800 82
074 U020800 0
074 V010800 11.54
074 V020800 0.00
074 W000800 0.0000
074 X000800 7
074 Y000800 0
075 A000800 0
075 B000800 618
076 000800 0.00
SIGNATURE ROBERT H. WADSWORTH
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> PROVIDENT INVESTMENT COUNSEL PINNACLE BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 31,050,246
<INVESTMENTS-AT-VALUE> 40,312,121
<RECEIVABLES> 7,921
<ASSETS-OTHER> 12,187
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,332,229
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 9,695,714
<OTHER-ITEMS-LIABILITIES> 54,401
<TOTAL-LIABILITIES> 54,401
<SENIOR-EQUITY> 30,222,543
<PAID-IN-CAPITAL-COMMON> 30,587,408
<SHARES-COMMON-STOCK> 2,444,066
<SHARES-COMMON-PRIOR> 2,279,091
<ACCUMULATED-NII-CURRENT> 30,852
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,491,844
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,167,724
<NET-ASSETS> 40,277,828
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 229,041
<EXPENSES-NET> 46,354
<NET-INVESTMENT-INCOME> 182,687
<REALIZED-GAINS-CURRENT> 1,507,708
<APPREC-INCREASE-CURRENT> 3,263,877
<NET-CHANGE-FROM-OPS> 4,954,272
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 177,861
<DISTRIBUTIONS-OF-GAINS> 2,299,645
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 114,354
<NUMBER-OF-SHARES-REDEEMED> 117,077
<SHARES-REINVESTED> 167,698
<NET-CHANGE-IN-ASSETS> 2,458,004
<ACCUMULATED-NII-PRIOR> 26,026
<ACCUMULATED-GAINS-PRIOR> 2,283,781
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 123,327
<AVERAGE-NET-ASSETS> 37,390,607
<PER-SHARE-NAV-BEGIN> 15.51
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.98
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 1.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.48
<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> PROVIDENT INVESTMENT COUNSEL GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 101,159,957
<INVESTMENTS-AT-VALUE> 136,443,121
<RECEIVABLES> 0
<ASSETS-OTHER> 52,447
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,495,568
<PAYABLE-FOR-SECURITIES> 18,352
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,333
<TOTAL-LIABILITIES> 61,685
<SENIOR-EQUITY> 136,443,121
<PAID-IN-CAPITAL-COMMON> 93,894,717
<SHARES-COMMON-STOCK> 7,746,993
<SHARES-COMMON-PRIOR> 4,409,676
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 668,932
<ACCUMULATED-NET-GAINS> 8,098,944
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,109,154
<NET-ASSETS> 136,433,883
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (118,111)
<EXPENSES-NET> 146,578
<NET-INVESTMENT-INCOME> (264,689)
<REALIZED-GAINS-CURRENT> 8,175,608
<APPREC-INCREASE-CURRENT> 14,760,029
<NET-CHANGE-FROM-OPS> 22,670,948
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 14,604,225
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,318,924
<NUMBER-OF-SHARES-REDEEMED> 916,270
<SHARES-REINVESTED> 897,877
<NET-CHANGE-IN-ASSETS> 48,366,352
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,527,561
<OVERDISTRIB-NII-PRIOR> 404,243
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 179,153
<AVERAGE-NET-ASSETS> 118,234,038
<PER-SHARE-NAV-BEGIN> 18.14
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 3.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.61
<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> PROVIDENT INVESTMENT COUNSEL PINNACLE GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 101,159,957
<INVESTMENTS-AT-VALUE> 3,514,782
<RECEIVABLES> 6,896
<ASSETS-OTHER> 31,302
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,552,980
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,545
<TOTAL-LIABILITIES> 45,545
<SENIOR-EQUITY> 3,514,782
<PAID-IN-CAPITAL-COMMON> 2,984,834
<SHARES-COMMON-STOCK> 258,517
<SHARES-COMMON-PRIOR> 187,980
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12,329
<ACCUMULATED-NET-GAINS> 30,036
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 504,894
<NET-ASSETS> 3,507,435
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (2,920)
<EXPENSES-NET> 4,673
<NET-INVESTMENT-INCOME> (7,593)
<REALIZED-GAINS-CURRENT> 41,859
<APPREC-INCREASE-CURRENT> 428,574
<NET-CHANGE-FROM-OPS> 462,840
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,118
<NUMBER-OF-SHARES-REDEEMED> 2,581
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 894,183
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,736
<OVERDISTRIB-NII-PRIOR> 11,823
<OVERDIST-NET-GAINS-PRIOR> 76,320
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54,008
<AVERAGE-NET-ASSETS> 2,692,431
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.57
<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> PROVIDENT INVESTMENT COUNSEL SMALL CAP GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 158,712,358
<RECEIVABLES> 4,573
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158,716,931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,772
<TOTAL-LIABILITIES> 15,772
<SENIOR-EQUITY> 158,712,358
<PAID-IN-CAPITAL-COMMON> 140,334,369
<SHARES-COMMON-STOCK> 6,520,933
<SHARES-COMMON-PRIOR> 4,382,561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,309,424
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,703,424
<ACCUM-APPREC-OR-DEPREC> 23,379,638
<NET-ASSETS> 158,701,159
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (488,283)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> (488,283)
<REALIZED-GAINS-CURRENT> 13,643,428
<APPREC-INCREASE-CURRENT> 19,332,236
<NET-CHANGE-FROM-OPS> 15,200,525
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 11,840,606
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,392,596
<NUMBER-OF-SHARES-REDEEMED> 814,328
<SHARES-REINVESTED> 560,104
<NET-CHANGE-IN-ASSETS> 49,822,041
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,780,616
<OVERDISTRIB-NII-PRIOR> 821,141
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,037
<AVERAGE-NET-ASSETS> 139,595,452
<PER-SHARE-NAV-BEGIN> 24.08
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.34
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> PROVIDENT INVESTMENT COUNSEL SMALL COMPANY GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 42,004,740
<RECEIVABLES> 0
<ASSETS-OTHER> 13,364
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,018,104
<PAYABLE-FOR-SECURITIES> 12,686
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,359
<TOTAL-LIABILITIES> 25,045
<SENIOR-EQUITY> 42,004,740
<PAID-IN-CAPITAL-COMMON> 34,391,672
<SHARES-COMMON-STOCK> 3,849,181
<SHARES-COMMON-PRIOR> 3,128,142
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 414,696
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 365,403
<ACCUM-APPREC-OR-DEPREC> 8,381,486
<NET-ASSETS> 41,993,059
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (119,310)
<EXPENSES-NET> 77,493
<NET-INVESTMENT-INCOME> (196,803)
<REALIZED-GAINS-CURRENT> 2,094,865
<APPREC-INCREASE-CURRENT> 2,372,441
<NET-CHANGE-FROM-OPS> 4,270,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,666,097
<NUMBER-OF-SHARES-REDEEMED> 945,058
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,708,809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 217,893
<OVERDIST-NET-GAINS-PRIOR> 2,460,268
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 87,281
<AVERAGE-NET-ASSETS> 34,727,306
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.95
<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> 5
<NAME> PROVIDENT INVESTMENT COUNSEL PINNACLE SMALL CO. GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> NOV-1-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 3,406,677
<RECEIVABLES> 8,349
<ASSETS-OTHER> 20,086
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,435,112
<PAYABLE-FOR-SECURITIES> 5,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,685
<TOTAL-LIABILITIES> 40,957
<SENIOR-EQUITY> 3,406,677
<PAID-IN-CAPITAL-COMMON> 3,104,316
<SHARES-COMMON-STOCK> 296,063
<SHARES-COMMON-PRIOR> 295,534
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 28,322
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 194,727
<ACCUM-APPREC-OR-DEPREC> 512,888
<NET-ASSETS> 3,394,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (11,107)
<EXPENSES-NET> 8,670
<NET-INVESTMENT-INCOME> (19,777)
<REALIZED-GAINS-CURRENT> (137,233)
<APPREC-INCREASE-CURRENT> 458,148
<NET-CHANGE-FROM-OPS> 301,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119,627
<NUMBER-OF-SHARES-REDEEMED> 119,098
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 8,545
<OVERDIST-NET-GAINS-PRIOR> 57,494
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,135
<AVERAGE-NET-ASSETS> 3,178,965
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.46
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 7
<NAME> PROVIDENT INVESTMENT COUNSEL MID CAP FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> DEC-31-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 4,661,552
<RECEIVABLES> 8,046
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,669,598
<PAYABLE-FOR-SECURITIES> 1,296
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,773
<TOTAL-LIABILITIES> 29,069
<SENIOR-EQUITY> 4,661,552
<PAID-IN-CAPITAL-COMMON> 3,927,533
<SHARES-COMMON-STOCK> 388,296
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4,882
<ACCUMULATED-NET-GAINS> 139,171
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 578,707
<NET-ASSETS> 4,640,529
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (3,721)
<EXPENSES-NET> 1,161
<NET-INVESTMENT-INCOME> (4,882)
<REALIZED-GAINS-CURRENT> 139,171
<APPREC-INCREASE-CURRENT> 578,707
<NET-CHANGE-FROM-OPS> 712,996
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 435,745
<NUMBER-OF-SHARES-REDEEMED> 65,449
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,927,533
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,166
<AVERAGE-NET-ASSETS> 3,956,178
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.95
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882129
<NAME> PIC INVESTMENT TRUST
<SERIES>
<NUMBER> 8
<NAME> PROVIDENT INVESTMENT COUNSEL TAX MANAGED GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> DEC-31-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 818,807
<INVESTMENTS-AT-VALUE> 895,359
<RECEIVABLES> 57,510
<ASSETS-OTHER> 4,671
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 993,521
<PAYABLE-FOR-SECURITIES> 41,675
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,470
<TOTAL-LIABILITIES> 50,145
<SENIOR-EQUITY> 895,359
<PAID-IN-CAPITAL-COMMON> 857,587
<SHARES-COMMON-STOCK> 81,738
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 759
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,478
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,552
<NET-ASSETS> 943,376
<DIVIDEND-INCOME> 1,701
<INTEREST-INCOME> 1,003
<OTHER-INCOME> 0
<EXPENSES-NET> 1,945
<NET-INVESTMENT-INCOME> 759
<REALIZED-GAINS-CURRENT> 8,478
<APPREC-INCREASE-CURRENT> 76,552
<NET-CHANGE-FROM-OPS> 85,789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,738
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 943,376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,540
<AVERAGE-NET-ASSETS> 617,595
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
