PAUL, HASTINGS, JANOFSKY & WALKER LLP
555 South Flower Street
Los Angeles, California
September 25, 2000
PIC Investment Trust
300 North Lake Avenue
Pasadena, California 91101
Ladies and Gentlemen:
We have acted as counsel to PIC Investment Trust, a Delaware business trust
(the "Company"), in connection with the issuance of an indefinite number of
units of beneficial interest ("Shares") of the Provident Investment Counsel
Technology Growth Fund series of Shares of the Company (the "Fund") in a public
offering pursuant to a Registration Statement on Form N-1A (Registration No
33-44579), as amended, filed with the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the "Registration Statement").
In our capacity as counsel for the Company, we have examined the Agreement
and Declaration of Trust of the Company dated December 11, 1991, as amended, the
bylaws of the Company, and originals or copies of actions of the Board of
Trustees of the Company, as furnished to us by the Company, certificates of
public officials, statutes and such other documents, records and certificates as
we have deemed necessary for the purposes of this opinion.
Based upon our examination as aforesaid, we are of the opinion that the
Shares of the Fund are duly authorized and, when purchased and paid for as
described in the Registration Statement, will be validly issued, fully paid and
nonassessable.
We hereby consent to the filing of this opinion of counsel as an exhibit to
the Registration Statement.
Very truly yours,
/s/ PAUL, HASTINGS, JANOFSKY & WALKER LLP
