<PAGE> PAGE 1
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<PAGE> PAGE 2
015 C02AA01 MA
015 C03AA01 02171
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015 B00AA02 S
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
073 A020300 0.0000
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<PAGE> PAGE 20
028 D040400 31
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058 A000400 Y
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059 000400 Y
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062 A000400 N
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070 A010400 Y
070 A020400 Y
070 B010400 Y
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070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 N
<PAGE> PAGE 21
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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<PAGE> PAGE 22
072 Y000400 67
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074 B000400 558
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028 A010500 3146
028 A020500 0
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028 B010500 2519
<PAGE> PAGE 23
028 B020500 0
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058 A000500 Y
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062 R000500 0.0
070 A010500 Y
070 A020500 Y
070 B010500 Y
<PAGE> PAGE 24
070 B020500 N
070 C010500 Y
070 C020500 N
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070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
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070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 17871
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072 B000500 150
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<PAGE> PAGE 25
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<PAGE> PAGE 26
074 X000500 5105
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028 A010600 2128
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058 A000600 Y
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<PAGE> PAGE 27
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070 A010600 Y
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE JIM ROSS
TITLE REPORTING ADMIN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 1
<NAME> PROTECTIVE GLOBAL INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-14-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 17,158,158
<INVESTMENTS-AT-VALUE> 16,911,149
<RECEIVABLES> 27,221,412
<ASSETS-OTHER> 118
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,132,679
<PAYABLE-FOR-SECURITIES> 26,773,798
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,409
<TOTAL-LIABILITIES> 26,851,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,660,172
<SHARES-COMMON-STOCK> 1,808,152
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (19,500)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (171,358)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (187,842)
<NET-ASSETS> 17,281,472
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 556,517
<OTHER-INCOME> (16,268)
<EXPENSES-NET> 88,896
<NET-INVESTMENT-INCOME> 451,353
<REALIZED-GAINS-CURRENT> (190,858)
<APPREC-INCREASE-CURRENT> (187,842)
<NET-CHANGE-FROM-OPS> 72,653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 451,353
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,975,710
<NUMBER-OF-SHARES-REDEEMED> 215,426
<SHARES-REINVESTED> 46,868
<NET-CHANGE-IN-ASSETS> 17,271,472
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88,896
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,452
<AVERAGE-NET-ASSETS> 10,111,827
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.44)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.56
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 2
<NAME> PROTECTIVE INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-14-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 27,790,450
<INVESTMENTS-AT-VALUE> 28,032,704
<RECEIVABLES> 201,463
<ASSETS-OTHER> 12,891,751
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,125,918
<PAYABLE-FOR-SECURITIES> 740,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,000,502
<TOTAL-LIABILITIES> 13,740,857
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,764,376
<SHARES-COMMON-STOCK> 2,858,191
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (229,909)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (277,050)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127,644
<NET-ASSETS> 27,385,061
<DIVIDEND-INCOME> 145,093
<INTEREST-INCOME> 127,027
<OTHER-INCOME> (13,808)
<EXPENSES-NET> 121,187
<NET-INVESTMENT-INCOME> 137,125
<REALIZED-GAINS-CURRENT> (644,084)
<APPREC-INCREASE-CURRENT> 127,644
<NET-CHANGE-FROM-OPS> (379,315)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,926,579
<NUMBER-OF-SHARES-REDEEMED> 69,388
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27,375,061
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 121,187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,555
<AVERAGE-NET-ASSETS> 13,760,892
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.47)
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 3
<NAME> PROTECTIVE GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-14-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 43,598,510
<INVESTMENTS-AT-VALUE> 42,783,913
<RECEIVABLES> 511,854
<ASSETS-OTHER> 215
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,295,982
<PAYABLE-FOR-SECURITIES> 847,083
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 143,781
<TOTAL-LIABILITIES> 990,864
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,154,895
<SHARES-COMMON-STOCK> 4,378,864
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (35,180)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (814,597)
<NET-ASSETS> 42,305,118
<DIVIDEND-INCOME> 308,985
<INTEREST-INCOME> 143,144
<OTHER-INCOME> (671)
<EXPENSES-NET> 120,254
<NET-INVESTMENT-INCOME> 331,204
<REALIZED-GAINS-CURRENT> 134,697
<APPREC-INCREASE-CURRENT> (814,597)
<NET-CHANGE-FROM-OPS> (348,696)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (331,204)
<DISTRIBUTIONS-OF-GAINS> (134,697)
<DISTRIBUTIONS-OTHER> (35,180)
<NUMBER-OF-SHARES-SOLD> 4,404,799
<NUMBER-OF-SHARES-REDEEMED> 78,272
<SHARES-REINVESTED> 51,337
<NET-CHANGE-IN-ASSETS> 42,295,118
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120,254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 197,036
<AVERAGE-NET-ASSETS> 18,793,499
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (.30)
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 4
<NAME> PROTECTIVE SELECT EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-14-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 18,004,642
<INVESTMENTS-AT-VALUE> 17,669,050
<RECEIVABLES> 125,826
<ASSETS-OTHER> 687
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,795,563
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,114
<TOTAL-LIABILITIES> 78,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,056,117
<SHARES-COMMON-STOCK> 1,800,828
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,076)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (335,592)
<NET-ASSETS> 17,717,449
<DIVIDEND-INCOME> 168,561
<INTEREST-INCOME> 49,808
<OTHER-INCOME> (1,631)
<EXPENSES-NET> 53,567
<NET-INVESTMENT-INCOME> 163,171
<REALIZED-GAINS-CURRENT> 211,953
<APPREC-INCREASE-CURRENT> (335,592)
<NET-CHANGE-FROM-OPS> 39,532
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (163,171)
<DISTRIBUTIONS-OF-GAINS> (211,953)
<DISTRIBUTIONS-OTHER> (3,076)
<NUMBER-OF-SHARES-SOLD> 1,816,889
<NUMBER-OF-SHARES-REDEEMED> 38,441
<SHARES-REINVESTED> 55,502
<NET-CHANGE-IN-ASSETS> 17,707,449
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,567
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,030
<AVERAGE-NET-ASSETS> 8,373,185
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 5
<NAME> PROTECTIVE SMALL CAP EQUITY FUND
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> PROTECTIVE INVESTMENT COMPANY
<SERIES>
<NUMBER> 6
<NAME> PROTECTIVE MONEY MARKET FUND
<S> <C>
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</TABLE>
