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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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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 Shareholders
of PIC Investment Trust
In planning and performing our audit of the financial
statements of PIC Investment Trust, a series investment
company consisting of Provident Investment Counsel
Growth Fund A, Provident Investment Counsel Growth
Fund B, Provident Investment Counsel Growth Fund 1,
Provident Investment Counsel Balanced Fund A,
Provident Investment Counsel Balanced Fund B,
Provident Investment Counsel Small Company Growth
Fund A, Provident Investment Counsel Small Company
Growth Fund B, Provident Investment Counsel Small
Company Growth Fund 1, Provident Investment Counsel
Small Cap Growth Fund 1, Provident Investment
Counsel Mid Cap Fund A and Provident Investment
Counsel Mid Cap Fund B, each 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 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 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
Investment Trust. 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
