UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14C
INFORMATION STATEMENT PURSUANT TO SECTION 14(c)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)
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[X] Preliminary Information Statement
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14c-5(d)(2))
[ ] Definitive Information Statement
PIC INVESTMENT TRUST
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(Name of Registrant As Specified In Its Charter)
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<PAGE>
[FUND LETTERHEAD]
[Date of letter to shareholders]
Dear Fellow Shareholder:
I am writing to you about a technical matter concerning the PIC Technology
Portfolio (the "Portfolio"), in which your Fund invests all of its assets. The
Portfolio is also a registered open-end investment company (a mutual fund). All
mutual funds have to establish basic policies as to how they invest, such as the
investment objective, as well as restrictions on their investment activities.
Some of these policies and restrictions are "fundamental," meaning that they can
only be changed with the consent of shareholders, and others are operating
policies which are set by the mutual fund's board of trustees.
When the PIC Technology Portfolio was organized, a fundamental policy was
established that allows the Portfolio to sell securities short, but only to the
extent of 5% of its net assets. In the short period of time that the Portfolio
has been operating, the Investment Advisor, Provident Investment Counsel, has
determined that the volatile markets in the technology sector justify having
greater flexibility with respect to short sales.
Accordingly, the Board of Trustees of the Portfolio has decided to call a
Special Meeting of Shareholders of the Portfolio to approve a change of this
fundamental policy of the Portfolio. Specifically, it is proposed that the
Portfolio's fundamental policy on short selling be eliminated. The Board of
Trustees will then adopt an operating policy on short sales permitting the
Investment Advisor to sell short, but only to the extent of 15% of the
Portfolio's net assets. Because this is an operating policy, the Board could
change it at any time, provided that all of the shareholders were notified of
the change.
In order to approve this change in the fundamental policy of the Portfolio, a
Special Meeting of Shareholders (the "Meeting") of the PIC Technology Fund A
series (the "Fund") of PIC Investment Trust (the "Trust") will be held at a.m.
on day, 2000 or 2001, at the offices of Provident Investment Counsel, 13th
floor, 300 North Lake Avenue, Pasadena, CA 91101.
You are welcome to attend this meeting, but WE ARE NOT ASKING YOU FOR A PROXY
AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
In order for the fundamental policy of the Portfolio to be changed, the
favorable vote, at the Meeting, (A) of 67% or more of the shares of the Fund
present at the Meeting, if the holders of more than 50% of the shares of the
Fund are present, or (B) of more than 50% of the shares of the Fund, whichever
is the less, is required.
Sincerely yours,
Thomas M. Mitchell
President
<PAGE>
INFORMATION ABOUT THE FUND
As of December 8, 2000, the record date for determining shareholders entitled to
vote at the Meeting, there were 462,758.323 shares of the Fund outstanding, each
entitled to one vote.
On that date, the only Trustee or Officer of the Trust who owned shares of the
Fund was Thomas M. Mitchell, Trustee and President, who beneficially owned
54,024.851 shares, or % of the total shares outstanding.
Investment Advisor of the Portfolio Provident Investment Counsel
300 North Lake Avenue
Pasadena, CA 91101
Distributor of the Fund's Shares First Fund Distributors, Inc.
4455 E. Camelback Road
Phoenix, AZ 85018
Administrator Investment Company Administration, L.L.C.
4455 E. Camelback Road
Phoenix, AZ 85018
No reports to shareholders of the Fund have yet been printed; however, if you
request it, a copy of the Annual Report for the Period ended October 31, 2000
will be sent to you as soon as it is prepared.
