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SIGNATURE ERIC BANHAZL
TITLE ASSISTANT TREASURER
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<NAME> PIC SMALL CAP PORTFOLIO
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<PERIOD-END> OCT-31-1999
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</TABLE>
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 Holders of Beneficial
Interests
of 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, 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 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 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
Small Cap Portfolio.. 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
