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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE ROBERT H. WADSWORTH
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913133
<NAME> PIC SMALL CAP PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 129,180,456
<INVESTMENTS-AT-VALUE> 139,291,703
<RECEIVABLES> 1,740,651
<ASSETS-OTHER> 26,605
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,058,959
<PAYABLE-FOR-SECURITIES> 1,349,296
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 1,403,162
<SENIOR-EQUITY> 1396,291,703
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Holders of Beneficial Interests
PIC Small Cap. Portfolio
In planning and performing our audit of the financial statements of PIC Small
Cap. Portfolio for the year ended October 31, 1997, we considered its
internal control, including controls over 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 Small Cap. Portfolio 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
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection
of any evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in conditions
or that the effectiveness of the 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 any specific internal control component does not reduce
to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur October 31, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
New York, New York
December 5, 1997
