Oct. 21, 2002 — Redemption charges will be added to four Provident Investment Counsel mutual funds next month in an effort to discourage investors from rapidly buying and selling shares.

The 1% fees will be added to Provident Invmnt Counsel Balanced Fund/A (PIPBX), Provident Invmnt Counsel Twenty Fund/I (PICTX), and class A and I shares of the Small Company Growth Fund and the Growth Fund, starting Nov. 2.

The fees do not apply to shares acquired in the form of reinvested dividends or capital gains distributions. They also do not apply to shares held through 403(b) or 401(k) accounts.