PROTECTIVE INVESTMENT CO
NSAR-A, 1995-08-23
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<PAGE>      PAGE  1
000 A000000 06/30/95
000 C000000 0000914757
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PROTECTIVE INVESTMENT COMPANY
001 B000000 811-8674
001 C000000 8008663555
002 A000000 2801 HIGHWAY 280 SOUTH
002 B000000 BIRMINGHAM
002 C000000 AL
002 D010000 35223
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 GLOBAL INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300  3
007 C020300 GROWTH AND INCOME FUND
007 C030300 N
007 C010400  4
007 C020400 SELECT EQUITY FUND
007 C030400 N
007 C010500  5
007 C020500 SMALL CAP EQUITY FUND
007 C030500 N
007 C010600  6
007 C020600 MONEY MARKET FUND
007 C030600 N
007 C010700  7
007 C020700 CAPITAL GROWTH FUND
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 INVESTMENT DISTRIBUTORS ADVISORY SERVICES,INC
008 B00AA01 A
008 C00AA01 801-45890
008 D01AA01 BIRMINGHAM
008 D02AA01 AL
<PAGE>      PAGE  2
008 D03AA01 35223
008 A00AA02 GOLDMAN SACHS ASSET MANAGEMENT
008 B00AA02 S
008 C00AA02 801-16048
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10005
008 A00AA03 GOLDMAN SACHS  ASSET MANAGEMENT-INTERNATIONAL
008 B00AA03 S
008 C00AA03 801-38157
008 D01AA03 LONDON
008 D05AA03 ENGLAND
008 D06AA03 EC4A2BJ
010 A00AA01 INVESTMENT DISTRIBUTORS ADVISORY SERVICES
010 C01AA01 BIRMINGHAM
010 C02AA01 AL
010 C03AA01 35223
011 A00AA01 INVESTMENT DISTRIBUTORS,INC.
011 B00AA01 8-46802000
011 C01AA01 BIRMINGHAM
011 C02AA01 AL
011 C03AA01 35223
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 BIRMINGHAM
013 B02AA01 AL
013 B03AA01 02109
014 A00AA01 GOLDMAN, SACHS AND CO.
014 B00AA01 8-0000
014 A00AA02 GOLDMAN SACHS INTERNATIONAL
014 B00AA02 8-0001
014 A00AA03 J. ARON AND COMPANY
014 B00AA03 8-0002
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
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015 B00AA03 S
015 C01AA03 MELBOURNE
<PAGE>      PAGE  3
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKN
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015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
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015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 CITIBANK, N.A.
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADA TRUST COMPANY
015 B00AA08 S
015 C01AA08 TORONTO
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA10 S
015 C01AA10 SHANGHAI
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA11 S
015 C01AA11 BOGOTA
015 D01AA11 COLOMBIA
015 E04AA11 X
015 A00AA12 BARCLAYS BANK PLC
015 B00AA12 S
015 C01AA12 NICOSIA
015 D01AA12 CYPRUS
015 E04AA12 X
015 A00AA13 DEN DANSKE BANK
015 B00AA13 S
015 C01AA13 COPENHAGEN
015 D01AA13 DENMARK
<PAGE>      PAGE  4
015 E04AA13 X
015 A00AA14 KANSALLIS-OSAKE-PANKKI
015 B00AA14 S
015 C01AA14 HELSINKI
015 D01AA14 FINLAND
015 E04AA14 X
015 A00AA15 BANQUE PARIBUS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 BERLINER HANDELSUND FRANKFURTER BANK
015 B00AA16 S
015 C01AA16 FRANKFURT
015 D01AA16 GERMANY
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF GREECE, S.A.
015 B00AA17 S
015 C01AA17 ATHENS
015 D01AA17 GREECE
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
015 C01AA18 HONG KONG
015 D01AA18 HONG KONG
015 E04AA18 X
015 A00AA19 CITIBANK BUDAPEST RT.
015 B00AA19 S
015 C01AA19 BUDAPEST
015 D01AA19 HUNGARY
015 E04AA19 X
015 A00AA20 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 C01AA20 BOMBAY
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015 D01AA21 INDONESIA
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015 A00AA22 BANK OF IRELAND
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015 C01AA22 DUBLIN
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015 A00AA23 BANK HAPOALIM B.M.
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015 D01AA23 ISRAEL
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<PAGE>      PAGE  5
015 A00AA24 MORGAN GUARANTY TRUST COMPANY
015 B00AA24 S
015 C01AA24 MILANO
015 D01AA24 ITALY
015 E04AA24 X
015 A00AA25 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA25 S
015 C01AA25 TOKYO
015 D01AA25 JAPAN
015 E04AA25 X
015 A00AA26 BANK OF SEOUL
015 B00AA26 S
015 C01AA26 SEOUL
015 D01AA26 KOREA
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 LUMPER
015 D01AA27 MALAYSIA
015 E04AA27 X
015 A00AA28 CITIBANK, N.A.
015 B00AA28 S
015 C01AA28 MEXICO CITY
015 D01AA28 MEXICO
015 E04AA28 X
015 A00AA29 MEESPIERSON N.V.
015 B00AA29 S
015 C01AA29 AMSTERDAM
015 D01AA29 NETHERLANDS
015 E04AA29 X
015 A00AA30 ANZ BANKING GROUP (N.Z. LTD)
015 B00AA30 S
015 C01AA30 WELLINGTON
015 D01AA30 NEW ZEALAND
015 E04AA30 X
015 A00AA31 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA31 S
015 C01AA31 OSLO
015 D01AA31 NORWAY
015 E04AA31 X
015 A00AA32 DEUTSCHE BANK AG
015 B00AA32 S
015 C01AA32 KARACHI
015 D01AA32 PAKISTAN
015 E04AA32 X
015 A00AA33 CITIBANK, N.A.
015 B00AA33 S
015 C01AA33 LIMA
015 D01AA33 PERU
015 E04AA33 X
015 A00AA34 STANDARD CHARTERED BANK
<PAGE>      PAGE  6
015 B00AA34 S
015 C01AA34 MANILLA
015 D01AA34 PHILIPPINES
015 E04AA34 X
015 A00AA35 BANCO COMERCIAL PORTUGUES
015 B00AA35 S
015 C01AA35 LISBON
015 D01AA35 PORTUGAL
015 E04AA35 X
015 A00AA36 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA36 S
015 C01AA36 SINGAPORE
015 D01AA36 SINGAPORE
015 E04AA36 X
015 A00AA37 BANCO SANTANDER, S.A.
015 B00AA37 S
015 C01AA37 MADRID
015 D01AA37 SPAIN
015 E04AA37 X
015 A00AA38 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA38 S
015 C01AA38 COLOMBO
015 D01AA38 SRI LANKA
015 E04AA38 X
015 A00AA39 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA39 S
015 C01AA39 STOCKHOLM
015 D01AA39 SWEDEN
015 E04AA39 X
015 A00AA40 UNION BANK OF SWITZERLAND
015 B00AA40 S
015 C01AA40 ZURICH
015 D01AA40 SWITZERLAND
015 E04AA40 X
015 A00AA41 CENTRAL BANK OF CHINA
015 B00AA41 S
015 C01AA41 TAIPAN
015 D01AA41 TAIWAN
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK
015 B00AA42 S
015 C01AA42 BANGKOK
015 D01AA42 THAILAND
015 E04AA42 X
015 A00AA43 CITIBANK, N.A.
015 B00AA43 S
015 C01AA43 ISTANBULL
015 D01AA43 TURKEY
015 E04AA43 X
015 A00AA44 STATE STREET BANK & TRUST CO.
015 B00AA44 S
<PAGE>      PAGE  7
015 C01AA44 LONDON
015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A.
015 B00AA45 S
015 C01AA45 MONTEVIDEO
015 D01AA45 URUGUAY
015 E04AA45 X
015 A00AA46 CITIBANK, N.A.
015 B00AA46 S
015 C01AA46 CARACUS
015 D01AA46 VENEZUELA
015 E04AA46 X
015 A00AA47 NATIONAL BANK OF EGYPT
015 B00AA47 S
015 C01AA47 CAIRO
015 D01AA47 EGYPT
015 E04AA47 X
015 A00AA48 CZECH REPUBLIC
015 B00AA48 S
015 C01AA48 PRAGUE
015 D01AA48 CZECHOSLAVAKIA
015 E04AA48 X
015 A00AA49 BANQUE COMMERCIALE DU MAROC
015 B00AA49 S
015 C01AA49 CASABLANCA
015 D01AA49 MOROCCO
015 E04AA49 X
015 A00AA50 BANK POLSKA KASA OPEIKI
015 B00AA50 S
015 C01AA50 WARSAW
015 D01AA50 POLAND
015 E04AA50 X
015 A00AA51 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA51 S
015 C01AA51 GABORONE
015 D01AA51 BOTSWANA
015 E04AA51 X
015 A00AA52 BARCLAYS BANK OF GHANA LTD.
015 B00AA52 S
015 C01AA52 ACCRA
015 D01AA52 GHANA
015 E04AA52 X
015 A00AA53 BRITISH BANK OF THE MIDDLE EAST, AMMAN
015 B00AA53 S
015 C01AA53 AMMAN
015 D01AA53 JORDAN
015 E04AA53 X
015 A00AA54 BARCLAYS BANK OF KENYA LTD.
015 B00AA54 S
015 C01AA54 NAIROBI
<PAGE>      PAGE  8
015 D01AA54 KENYA
015 E04AA54 X
015 A00AA55 BARCLAYS BANK OF ZAMBIA, LTD.
015 B00AA55 S
015 C01AA55 LUSAKA
015 D01AA55 ZAMBIA
015 E04AA55 X
015 A00AA56 BARCLAYS BANK OF ZIMBABWE, LTD.
015 B00AA56 S
015 C01AA56 HARARE
015 D01AA56 ZIMBABWE
015 E04AA56 X
015 A00AA57 BARCLAYS BANK OF SWAZILAND LTD MBABANE
015 B00AA57 S
015 C01AA57 MBABANE
015 D01AA57 SWAZILAND
015 E04AA57 X
015 A00AA58 HONGKONG AND SHANGHAI BANKING CORP LTD PORT
015 B00AA58 S
015 C01AA58 PORT LOUIS
015 D01AA58 MAURITIUS
015 E04AA58 X
015 A00AA59 CESKOSLOVENSKA OBCHODNA BANKA A.S. BRATISLAVA
015 B00AA59 S
015 C01AA59 BRATISLAVA
015 D01AA59 SLOVAK REPUBLIC
015 E04AA59 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 MERRILL LYNCH PIERCE FENNER AND SMITH INC.
020 B000001 13-5674085
020 C000001     37
020 A000002 GOLDMAN, SACHS AND CO.
020 B000002 13-5108880
020 C000002     22
020 A000003 SANFORD BERNSTEIN & CO.
020 B000003 13-2625874
020 C000003     22
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004     21
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005     17
020 A000006 TROSTER SINGER CORP.
020 C000006     16
020 A000007 SMITH BARNEY SHEARSON INC.
020 B000007 13-1912900
020 C000007     13
020 A000008 INVESTMENT TECH GROUP
<PAGE>      PAGE  9
020 C000008     12
020 A000009 WARBURG, S.G., & CO., INC.
020 B000009 13-3340045
020 C000009     10
020 A000010 CS FIRST BOSTON CORPORATION
020 B000010 13-5659485
020 C000010      9
021  000000      333
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001   2972534
022 D000001      1132
022 A000002 MORGAN GUARANTY TRUST CO.
022 C000002     13425
022 D000002       449
022 A000003 SHEARSON LEHMAN BROTHERS INC.
022 B000003 13-2581846
022 C000003      2827
022 D000003         0
022 A000004 TORONTO DOMINION BANK, TORONTO
022 C000004      2553
022 D000004      2435
022 A000005 WESTPAC BANKING CORP.
022 C000005       719
022 D000005       694
022 A000006 CS FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006       697
022 D000006         0
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007       515
022 D000007         0
022 A000008 SMITH BARNEY SHEARSON INC
022 B000008 13-1912900
022 C000008       349
022 D000008         0
022 A000009 MORGAN J.P., SECURITIES INC.
022 B000009 13-3224016
022 C000009       149
022 D000009         0
022 A000010 MORGAN STANLEY AND CO., INC.
022 B000010 13-2655998
022 C000010        99
022 D000010       150
023 C000000    2993891
023 D000000       4859
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
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<PAGE>      PAGE  10
025 D00AA04       0
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026 A000000 N
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<PAGE>      PAGE  11
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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077 A000000 N
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<PAGE>      PAGE  12
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045  000100 Y
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<PAGE>      PAGE  13
061  000100     2000
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067  000100 N
068 A000100 N
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069  000100 N
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070 A020100 N
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070 D020100 N
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070 I020100 N
070 J010100 Y
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<PAGE>      PAGE  14
070 L020100 Y
070 M010100 Y
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<PAGE>      PAGE  15
073 A020100   0.0000
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<PAGE>      PAGE  16
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045  000200 Y
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  23
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<PAGE>      PAGE  33
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028 H000700         0
045  000700 Y
046  000700 N
047  000700 Y
048  000700  0.800
048 A010700        0
048 A020700 0.000
048 B010700        0
048 B020700 0.000
<PAGE>      PAGE  36
048 C010700        0
048 C020700 0.000
048 D010700        0
048 D020700 0.000
048 E010700        0
048 E020700 0.000
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700        0
048 K020700 0.000
058 A000700 Y
058 B000700 Y
059  000700 Y
060 A000700 Y
060 B000700 Y
061  000700     2000
062 A000700 N
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067  000700 N
068 A000700 N
<PAGE>      PAGE  37
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700       808
071 B000700         0
071 C000700         0
071 D000700    0
072 A000700  1
072 B000700        2
072 C000700        0
072 D000700        0
072 E000700        0
072 F000700        1
072 G000700        0
072 H000700        0
072 I000700        0
<PAGE>      PAGE  38
072 J000700        0
072 K000700        0
072 L000700        0
072 M000700        0
072 N000700        0
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700        0
072 S000700        0
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        0
072 X000700        1
072 Y000700        1
072 Z000700        2
072AA000700        0
072BB000700        0
072CC010700       22
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0000
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700        1
074 B000700      193
074 C000700        0
074 D000700        0
074 E000700        0
074 F000700      830
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700        1
074 L000700        0
074 M000700        0
074 N000700     1025
074 O000700        0
074 P000700        0
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        1
074 S000700        0
074 T000700     1024
<PAGE>      PAGE  39
074 U010700      100
074 U020700        0
074 V010700    10.24
074 V020700     0.00
074 W000700   0.0000
074 X000700     7500
074 Y000700        0
075 A000700        0
075 B000700      947
076  000700     0.00
SIGNATURE   JANINE MACALEESE                             
TITLE       REPORTING ADMIN     
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 1
   <NAME> PROTECTIVE GLOBAL INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                       23,371,632
<INVESTMENTS-AT-VALUE>                      24,015,012
<RECEIVABLES>                                1,201,748
<ASSETS-OTHER>                                  24,605
<OTHER-ITEMS-ASSETS>                        65,492,204
<TOTAL-ASSETS>                              90,733,569
<PAYABLE-FOR-SECURITIES>                     1,379,344
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   65,658,441
<TOTAL-LIABILITIES>                         67,037,785
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    23,011,644
<SHARES-COMMON-STOCK>                        2,346,511
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                     (19,522)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        219,760
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       483,902
<NET-ASSETS>                                23,695,784
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              754,221
<OTHER-INCOME>                                   (235)
<EXPENSES-NET>                                 110,200
<NET-INVESTMENT-INCOME>                        643,786
<REALIZED-GAINS-CURRENT>                       391,118
<APPREC-INCREASE-CURRENT>                      671,745
<NET-CHANGE-FROM-OPS>                        1,706,648
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      643,808
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        585,771
<NUMBER-OF-SHARES-REDEEMED>                    112,340
<SHARES-REINVESTED>                             64,928
<NET-CHANGE-IN-ASSETS>                       6,414,312
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          110,200
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                156,920
<AVERAGE-NET-ASSETS>                        20,202,434
<PER-SHARE-NAV-BEGIN>                             9.56
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                           0.54
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.31)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.10
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 2
   <NAME> PROTECTIVE INTERNATIONAL EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                       39,218,448
<INVESTMENTS-AT-VALUE>                      41,980,600
<RECEIVABLES>                                  205,615
<ASSETS-OTHER>                                  34,919
<OTHER-ITEMS-ASSETS>                        33,054,160
<TOTAL-ASSETS>                              75,275,354
<PAYABLE-FOR-SECURITIES>                     1,708,485
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   33,425,115
<TOTAL-LIABILITIES>                         35,133,600
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    38,186,144
<SHARES-COMMON-STOCK>                        3,929,743
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       39,574
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (475,793)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,391,829
<NET-ASSETS>                                40,141,754
<DIVIDEND-INCOME>                              378,107
<INTEREST-INCOME>                              114,138
<OTHER-INCOME>                                (46,367)
<EXPENSES-NET>                                 176,395
<NET-INVESTMENT-INCOME>                        269,483
<REALIZED-GAINS-CURRENT>                     (198,743)
<APPREC-INCREASE-CURRENT>                    2,264,185
<NET-CHANGE-FROM-OPS>                        2,334,925
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,231,210
<NUMBER-OF-SHARES-REDEEMED>                    159,658
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      12,756,693
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          176,395
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                304,309
<AVERAGE-NET-ASSETS>                        32,337,567
<PER-SHARE-NAV-BEGIN>                             9.58
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                           0.60
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.22
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 3
   <NAME> PROTECTIVE GROWTH AND INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                       77,477,730
<INVESTMENTS-AT-VALUE>                      83,998,642
<RECEIVABLES>                                  679,505
<ASSETS-OTHER>                                      64
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              84,678,211
<PAYABLE-FOR-SECURITIES>                     2,272,936
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       97,238
<TOTAL-LIABILITIES>                          2,370,174
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    73,893,877
<SHARES-COMMON-STOCK>                        7,218,939
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      1,893,248
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     6,520,912
<NET-ASSETS>                                82,308,037
<DIVIDEND-INCOME>                              703,075
<INTEREST-INCOME>                              274,539
<OTHER-INCOME>                                 (1,036)
<EXPENSES-NET>                                 234,655
<NET-INVESTMENT-INCOME>                        741,923
<REALIZED-GAINS-CURRENT>                     1,928,428
<APPREC-INCREASE-CURRENT>                    7,335,509
<NET-CHANGE-FROM-OPS>                       10,005,860
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      741,923
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,943,954
<NUMBER-OF-SHARES-REDEEMED>                    170,860
<SHARES-REINVESTED>                             66,981
<NET-CHANGE-IN-ASSETS>                      40,002,919
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          234,655
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                301,477
<AVERAGE-NET-ASSETS>                        59,149,946
<PER-SHARE-NAV-BEGIN>                             9.66
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                           1.74
<PER-SHARE-DIVIDEND>                            (0.12)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.40
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 4
   <NAME> PROTECTIVE SELECT EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                       34,023,088
<INVESTMENTS-AT-VALUE>                      37,788,375
<RECEIVABLES>                                1,348,559
<ASSETS-OTHER>                                      87
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              39,137,021
<PAYABLE-FOR-SECURITIES>                     4,146,728
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       51,292
<TOTAL-LIABILITIES>                          4,198,020
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    30,627,726
<SHARES-COMMON-STOCK>                        2,939,256
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      247,944
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        298,044
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,765,287
<NET-ASSETS>                                34,939,001
<DIVIDEND-INCOME>                              297,823
<INTEREST-INCOME>                               52,434
<OTHER-INCOME>                                 (5,204)
<EXPENSES-NET>                                  97,109
<NET-INVESTMENT-INCOME>                        247,944
<REALIZED-GAINS-CURRENT>                       301,120
<APPREC-INCREASE-CURRENT>                    4,100,879
<NET-CHANGE-FROM-OPS>                        4,649,943
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,224,679
<NUMBER-OF-SHARES-REDEEMED>                     86,251
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      17,221,552
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           97,109
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                135,132
<AVERAGE-NET-ASSETS>                        14,494,883
<PER-SHARE-NAV-BEGIN>                             9.84
<PER-SHARE-NII>                                   0.08
<PER-SHARE-GAIN-APPREC>                           1.97
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.89
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 5
   <NAME> PROTECTIVE SMALL CAP EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                       35,593,325
<INVESTMENTS-AT-VALUE>                      34,191,162
<RECEIVABLES>                                  171,444
<ASSETS-OTHER>                                     647
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              34,363,253
<PAYABLE-FOR-SECURITIES>                       575,937
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       52,073
<TOTAL-LIABILITIES>                            628,010
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    34,924,992
<SHARES-COMMON-STOCK>                        3,701,040
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      186,237
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         26,177
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   (1,402,163)
<NET-ASSETS>                                33,735,243
<DIVIDEND-INCOME>                               48,967
<INTEREST-INCOME>                              244,507
<OTHER-INCOME>                                   (588)
<EXPENSES-NET>                                 106,649
<NET-INVESTMENT-INCOME>                        186,237
<REALIZED-GAINS-CURRENT>                        82,463
<APPREC-INCREASE-CURRENT>                      199,990
<NET-CHANGE-FROM-OPS>                          468,690
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,375,981
<NUMBER-OF-SHARES-REDEEMED>                    111,780
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      11,922,497
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          106,649
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                145,421
<AVERAGE-NET-ASSETS>                        26,891,114
<PER-SHARE-NAV-BEGIN>                             8.95
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           0.12
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.12
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 6
   <NAME> PROTECTIVE MONEY MARKET FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                        5,252,045
<INVESTMENTS-AT-VALUE>                       5,252,045
<RECEIVABLES>                                    1,884
<ASSETS-OTHER>                                  49,803
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               5,303,732
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       25,902
<TOTAL-LIABILITIES>                             25,902
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     5,277,830
<SHARES-COMMON-STOCK>                        5,277,830
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                 5,277,830
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              114,562
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  11,696
<NET-INVESTMENT-INCOME>                        102,866
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          102,866
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (102,866)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,578,439
<NUMBER-OF-SHARES-REDEEMED>                  3,021,961
<SHARES-REINVESTED>                            102,861
<NET-CHANGE-IN-ASSETS>                       1,659,339
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           11,696
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 23,288
<AVERAGE-NET-ASSETS>                         3,918,946
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                            (0.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
   <NUMBER> 7
   <NAME> PROTECTIVE CAPITAL GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JUN-13-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                        1,000,712
<INVESTMENTS-AT-VALUE>                       1,023,150
<RECEIVABLES>                                    1,189
<ASSETS-OTHER>                                     760
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,025,099
<PAYABLE-FOR-SECURITIES>                             0
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