PROVIDENT INVESTMENT COUNSEL
TECHNOLOGY FUND A
SERIES OF PIC INVESTMENT TRUST
SUPPLEMENT DATED DECEMBER 29, 2000
TO PROSPECTUS DATED SEPTEMBER 29, 2000
The Board of Trustees of PIC Technology Portfolio has approved deletion of the
Portfolio's current fundamental investment restriction limiting short sales of
securities to 5% of the Portfolio's net assets, subject to approval of such
change by the shareholders of the Portfolio. The Board has approved an operating
restriction (which can be changed by the Board without shareholder approval)
limiting short sales of securities to 15% of the Portfolio's net assets,
effective when the proposed change in the fundamental policy is approved by the
shareholders. The Board of Trustees of the Trust has approved similar changes
with respect to the Fund, and has called a special shareholder meeting for
January 18, 2001 to approve the fundamental policy change.
Although PIC does not intend that short sales of securities will be a consistent
investment strategy, it believes that this greater short sale flexibility is
desirable in view of the volatile markets in the technology sector. In a short
sale, the Portfolio sells stocks which it does not own, making delivery with
securities borrowed from a broker. The Portfolio must replace the borrowed
security by purchasing it at the market price at the time of replacement (which
can range from one day to more than a year). Until the security is replaced, the
Portfolio pays the broker a negotiated portion of any dividends or interest
which accrue during the period of the loan, and segregates assets sufficient to
cover the repurchase price.
The Portfolio will incur a loss as a result of a short sale if the price of the
security increases between the date of the short sale and the date the borrowed
security is replaced. The Portfolio will realize a gain if the security declines
in price during the period. Any such gain will be decreased, and any such loss
will be increased, by the dividends or interest the Portfolio is required to pay
the broker in connection with the short sale. Under adverse market conditions,
the Portfolio might have difficulty purchasing securities to meet its short sale
delivery obligations, and might have to sell portfolio securities to raise the
necessary capital at a time when fundamental investment considerations would not
favor such sales.
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PROVIDENT INVESTMENT COUNSEL
TECHNOLOGY FUND A
SERIES OF PIC INVESTMENT TRUST
SUPPLEMENT DATED DECEMBER 29, 2000
TO STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 29, 2000
The Board of Trustees of PIC Technology Portfolio has approved deletion of the
Portfolio's current fundamental investment restriction limiting short sales of
securities to 5% of the Portfolio's net assets, subject to approval of such
change by the shareholders of the Portfolio. The Board has approved an operating
restriction (which can be changed by the Board without shareholder approval)
limiting short sales of securities to 15% of the Portfolio's net assets,
effective when the proposed change in the fundamental policy is approved by the
shareholders. The Board of Trustees of the Trust has approved similar changes
with respect to the Fund, and has called a special shareholder meeting for
January 18, 2001 to approve the fundamental policy change. Although PIC does not
intend that short sales of securities will be a consistent investment strategy,
it believes that this greater short sale flexibility is desirable in view of the
volatile markets in the technology sector.
