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 I,
Provident Investment Counsel Balanced Fund A,
Provident Investment Counsel Small Company Growth
Fund A, Provident Investment Counsel Small Company
Growth Fund B, Provident Investment Counsel Small
Company Growth Fund C, Provident Investment Counsel
Small Cap Growth Fund I, Provident Investment Counsel
Mid Cap Fund A, Provident Investment Counsel Mid Cap
Fund B, Provident Investment Counsel Mid Cap Fund C,
and Provident Investment Counsel Technology Fund A,
each for the year ended October 31, 2000, 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, 2000.
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.
/s/ PricewaterhouseCoopers LLP
New York, New York
December 15, 2000
