PROTECTIVE INVESTMENT CO
NSAR-B, 1996-02-28
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<PAGE>      PAGE  1
000 A000000 12/31/95
000 C000000 0000914757
000 D000000 N
000 E000000 NC
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
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 MELBOURNE
<PAGE>      PAGE  3
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKN
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
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.
015 B00AA20 S
015 C01AA20 BOMBAY
015 D01AA20 INDIA
015 E04AA20 X
015 A00AA21 STANDARD CHARTERED BANK
015 B00AA21 S
015 C01AA21 JAKARTA
015 D01AA21 INDONESIA
015 E04AA21 X
015 A00AA22 BANK OF IRELAND
015 B00AA22 S
015 C01AA22 DUBLIN
015 D01AA22 IRELAND
015 E04AA22 X
015 A00AA23 BANK HAPOALIM B.M.
015 B00AA23 S
015 C01AA23 TEL AVIV
015 D01AA23 ISRAEL
015 E04AA23 X
<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 GOLDMAN SACHS & COMPANY
020 B000001 13-5108880
020 C000001     44
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002     40
020 A000003 MORGAN STANLEY & CO., INC.
020 B000003 13-2655998
020 C000003     39
020 A000004 BERNSTEIN SANFORD C
020 B000004 13-2625874
020 C000004     34
020 A000005 INVESTMENT TECH GROUP
020 C000005     24
020 A000006 COWEN + CO.
020 C000006     22
020 A000007 SMITH BARNEY SHEARSON INC.
020 B000007 13-1912900
020 C000007     22
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000008 13-5674085
<PAGE>      PAGE  9
020 C000008     18
020 A000009 WARBURG, S.G., & CO., INC.
020 B000009 13-3340045
020 C000009     17
020 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 C000010     17
021  000000      333
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001   6417835
022 D000001         0
022 A000002 MORGAN GUARANTY TRUST CO.
022 C000002     22460
022 D000002         0
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003      8518
022 D000003     10004
022 A000004 LEHMAN BROS INC
022 C000004     10643
022 D000004        82
022 A000005 SHEARSON LEHMAN BROTHERS INC.
022 B000005 13-2581846
022 C000005      6481
022 D000005         0
022 A000006 BANK OF AMERICA
022 C000006      5013
022 D000006         0
022 A000007 FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007      4741
022 D000007       237
022 A000008 SMITH BARNEY SHEARSON INC
022 B000008 13-1912900
022 C000008      2398
022 D000008       326
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 C000009      1655
022 D000009       908
022 A000010 NOMURA SECURITIES
022 C000010      2000
022 D000010         0
023 C000000    6486639
023 D000000      15614
024  00AA00 Y
025 A00AA01 DEAN WITTER DISCOVER & CO.
025 C00AA01 E
025 D00AA01     559
025 A00AA02 MORGAN STANTELY GROUP INC.
025 C00AA02 E
025 D00AA02     355
<PAGE>      PAGE  10
025 A00AA03 SALOMAN INC.
025 C00AA03 E
025 D00AA03     249
025 A00AA04 LEHMAN BROS. HOLDING INC.
025 C00AA04 E
025 D00AA04    1391
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
041  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
<PAGE>      PAGE  11
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 CHUBB CORP
080 C00AA00     4000
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
<PAGE>      PAGE  12
085 A00AA00 N
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
028 A010100      1399
028 A020100       116
028 A030100         0
028 A040100       159
028 B010100      1297
028 B020100       116
028 B030100         0
028 B040100       131
028 C010100      1010
028 C020100       126
028 C030100         0
028 C040100       211
028 D010100      1397
028 D020100       134
028 D030100         0
028 D040100       173
028 E010100       818
028 E020100       137
028 E030100         0
028 E040100       567
028 F010100       961
028 F020100      1511
028 F030100         0
028 F040100       227
028 G010100      6882
028 G020100      2140
028 G030100         0
028 G040100      1468
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  1.100
<PAGE>      PAGE  13
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
058 A000100 Y
058 B000100 Y
059  000100 Y
060 A000100 N
060 B000100 N
061  000100     2000
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   5.9
062 K000100   0.0
062 L000100   0.0
062 M000100  25.6
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100  65.0
062 R000100   0.0
063 A000100   0
063 B000100  6.4
064 A000100 N
064 B000100 N
066 A000100 N
<PAGE>      PAGE  14
067  000100 N
068 A000100 N
068 B000100 Y
069  000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 Y
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100     70404
071 B000100     58261
071 C000100     19762
071 D000100  295
072 A000100 12
072 B000100     1682
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100      263
072 G000100        0
<PAGE>      PAGE  15
072 H000100        0
072 I000100        2
072 J000100       61
072 K000100        0
072 L000100        4
072 M000100        2
072 N000100        0
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100       19
072 S000100        6
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100        0
072 X000100      357
072 Y000100       95
072 Z000100     1420
072AA000100  1039846
072BB000100        0
072CC010100     1223
072CC020100        0
072DD010100     2248
072DD020100        0
072EE000100      537
073 A010100   0.8760
073 A020100   0.0000
073 B000100   0.1830
073 C000100   0.0000
074 A000100      148
074 B000100        0
074 C000100        0
074 D000100    29990
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100       29
074 L000100      830
074 M000100      525
074 N000100    31522
074 O000100        0
074 P000100       29
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      408
<PAGE>      PAGE  16
074 S000100        0
074 T000100    31085
074 U010100     3086
074 U020100        0
074 V010100    10.07
074 V020100     0.00
074 W000100   0.0000
074 X000100    10100
074 Y000100        0
075 A000100        0
075 B000100    23885
076  000100     0.00
028 A010200      2686
028 A020200         0
028 A030200         0
028 A040200       241
028 B010200      2328
028 B020200         0
028 B030200         0
028 B040200       200
028 C010200      2032
028 C020200         0
028 C030200         0
028 C040200       171
028 D010200      2781
028 D020200         0
028 D030200         0
028 D040200       159
028 E010200      2533
028 E020200         0
028 E030200         0
028 E040200       543
028 F010200      2432
028 F020200      2157
028 F030200         0
028 F040200       509
028 G010200     14792
028 G020200      2157
028 G030200         0
028 G040200      1823
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  1.100
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
<PAGE>      PAGE  17
048 D010200        0
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<PAGE>      PAGE  18
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<PAGE>      PAGE  23
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<PAGE>      PAGE  24
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<PAGE>      PAGE  26
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<PAGE>      PAGE  27
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<PAGE>      PAGE  28
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<PAGE>      PAGE  30
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<PAGE>      PAGE  31
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<PAGE>      PAGE  32
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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<PAGE>      PAGE  35
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028 A030700         0
028 A040700        92
028 B010700      1834
028 B020700         0
028 B030700         0
028 B040700        17
028 C010700      1174
028 C020700         0
<PAGE>      PAGE  36
028 C030700         0
028 C040700         9
028 D010700      1282
028 D020700         0
028 D030700         0
028 D040700        22
028 E010700      1739
028 E020700         0
028 E030700         0
028 E040700        25
028 F010700      1405
028 F020700        80
028 F030700         0
028 F040700        25
028 G010700      9647
028 G020700        80
028 G030700         0
028 G040700       190
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
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
<PAGE>      PAGE  37
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
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 Y
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
<PAGE>      PAGE  38
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      8088
071 B000700       219
071 C000700      4407
071 D000700    5
072 A000700 12
072 B000700       59
072 C000700       46
072 D000700        0
072 E000700        0
072 F000700       25
072 G000700        0
072 H000700        0
072 I000700        1
072 J000700       10
072 K000700        0
072 L000700        1
072 M000700        1
072 N000700        0
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700       11
072 S000700        1
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        0
072 X000700       50
072 Y000700       25
072 Z000700       80
072AA000700    16899
072BB000700        0
072CC010700      174
072CC020700        0
072DD010700       80
072DD020700        0
072EE000700        0
<PAGE>      PAGE  39
073 A010700   0.0800
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700        5
074 B000700     2897
074 C000700     2957
074 D000700        0
074 E000700        0
074 F000700     5070
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700       17
074 L000700       58
074 M000700        0
074 N000700    11004
074 O000700      267
074 P000700        7
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700       14
074 S000700        0
074 T000700    10716
074 U010700     1010
074 U020700        0
074 V010700    10.61
074 V020700     0.00
074 W000700   0.0000
074 X000700    10100
074 Y000700        0
075 A000700        0
075 B000700     5716
076  000700     0.00
SIGNATURE   JANINE MACALEESE                             
TITLE       REPORTING ADMIN     
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> PROTECTIVE GLOBAL INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         29108741
<INVESTMENTS-AT-VALUE>                        29990334
<RECEIVABLES>                                   858287
<ASSETS-OTHER>                                  148101
<OTHER-ITEMS-ASSETS>                            525085
<TOTAL-ASSETS>                                31521807
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       436491
<TOTAL-LIABILITIES>                             436491
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      30566637
<SHARES-COMMON-STOCK>                          3085550
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (591214)
<ACCUMULATED-NET-GAINS>                          74675
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1035218
<NET-ASSETS>                                  31085316
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              1682358
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  262733
<NET-INVESTMENT-INCOME>                        1419625
<REALIZED-GAINS-CURRENT>                       1039846
<APPREC-INCREASE-CURRENT>                      1223060
<NET-CHANGE-FROM-OPS>                          3682531
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      2247841
<DISTRIBUTIONS-OF-GAINS>                        537311
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1255603
<NUMBER-OF-SHARES-REDEEMED>                     254564
<SHARES-REINVESTED>                             276359
<NET-CHANGE-IN-ASSETS>                        13803844
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           262733
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 357407
<AVERAGE-NET-ASSETS>                          23884813
<PER-SHARE-NAV-BEGIN>                             9.56
<PER-SHARE-NII>                                    .61
<PER-SHARE-GAIN-APPREC>                            .97
<PER-SHARE-DIVIDEND>                             (.19)
<PER-SHARE-DISTRIBUTIONS>                        (.88)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.07
<EXPENSE-RATIO>                                    1.1
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> PROTECTIVE INTERNATIONAL EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         52122274
<INVESTMENTS-AT-VALUE>                        59206373
<RECEIVABLES>                                    92085
<ASSETS-OTHER>                                   12175
<OTHER-ITEMS-ASSETS>                            335663
<TOTAL-ASSETS>                                59646296
<PAYABLE-FOR-SECURITIES>                        383583
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       421015
<TOTAL-LIABILITIES>                             804598
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      53059252
<SHARES-COMMON-STOCK>                          5327322
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (398006)
<ACCUMULATED-NET-GAINS>                       (947926)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       7128378
<NET-ASSETS>                                  58841698
<DIVIDEND-INCOME>                               655136
<INTEREST-INCOME>                               266874
<OTHER-INCOME>                                 (83444)
<EXPENSES-NET>                                  448460
<NET-INVESTMENT-INCOME>                         390106
<REALIZED-GAINS-CURRENT>                        674163
<APPREC-INCREASE-CURRENT>                      7000734
<NET-CHANGE-FROM-OPS>                          8065003
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      2156956
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2601322
<NUMBER-OF-SHARES-REDEEMED>                     327344
<SHARES-REINVESTED>                             195153
<NET-CHANGE-IN-ASSETS>                        31456637
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           448460
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 630566
<AVERAGE-NET-ASSETS>                          40769113
<PER-SHARE-NAV-BEGIN>                             9.58
<PER-SHARE-NII>                                    .07
<PER-SHARE-GAIN-APPREC>                           1.82
<PER-SHARE-DIVIDEND>                             (.42)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.05
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> PROTECTIVE GROWTH AND INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        113651513
<INVESTMENTS-AT-VALUE>                       127025055
<RECEIVABLES>                                  2140141
<ASSETS-OTHER>                                    4232
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               129169428
<PAYABLE-FOR-SECURITIES>                        959831
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       133613
<TOTAL-LIABILITIES>                            1093444
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     113490939
<SHARES-COMMON-STOCK>                         10500900
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        1211503
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      13373542
<NET-ASSETS>                                 128075984
<DIVIDEND-INCOME>                              2042968
<INTEREST-INCOME>                               570157
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  661953
<NET-INVESTMENT-INCOME>                        1951172
<REALIZED-GAINS-CURRENT>                       4484478
<APPREC-INCREASE-CURRENT>                     14188139
<NET-CHANGE-FROM-OPS>                         20623789
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1951172
<DISTRIBUTIONS-OF-GAINS>                       3237795
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        6106217
<NUMBER-OF-SHARES-REDEEMED>                     415846
<SHARES-REINVESTED>                             431665
<NET-CHANGE-IN-ASSETS>                        85770866
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           661953
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 770223
<AVERAGE-NET-ASSETS>                          82744088
<PER-SHARE-NAV-BEGIN>                             9.66
<PER-SHARE-NII>                                    .25
<PER-SHARE-GAIN-APPREC>                           2.85
<PER-SHARE-DIVIDEND>                             (.25)
<PER-SHARE-DISTRIBUTIONS>                        (.31)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.20
<EXPENSE-RATIO>                                     80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> PROTECTIVE SELECT EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         51741425
<INVESTMENTS-AT-VALUE>                        59775031
<RECEIVABLES>                                  2674240
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                62449271
<PAYABLE-FOR-SECURITIES>                       5651236
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        74566
<TOTAL-LIABILITIES>                            5725802
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      48396437
<SHARES-COMMON-STOCK>                          4327028
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         293426
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       8033606
<NET-ASSETS>                                  56723469
<DIVIDEND-INCOME>                               764532
<INTEREST-INCOME>                               116960
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  282954
<NET-INVESTMENT-INCOME>                         598538
<REALIZED-GAINS-CURRENT>                       1136257
<APPREC-INCREASE-CURRENT>                      8369198
<NET-CHANGE-FROM-OPS>                         10103993
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       598538
<DISTRIBUTIONS-OF-GAINS>                        839755
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2599094
<NUMBER-OF-SHARES-REDEEMED>                     182611
<SHARES-REINVESTED>                             109717
<NET-CHANGE-IN-ASSETS>                        39006020
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           282954
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 358524
<AVERAGE-NET-ASSETS>                          35376838
<PER-SHARE-NAV-BEGIN>                             9.84
<PER-SHARE-NII>                                    .14
<PER-SHARE-GAIN-APPREC>                           3.47
<PER-SHARE-DIVIDEND>                             (.14)
<PER-SHARE-DISTRIBUTIONS>                        (.20)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.11
<EXPENSE-RATIO>                                     80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> PROTECTIVE SMALL CAP EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         44338795
<INVESTMENTS-AT-VALUE>                        44220967
<RECEIVABLES>                                   106154
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                44327121
<PAYABLE-FOR-SECURITIES>                        434069
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        63359
<TOTAL-LIABILITIES>                             497428
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      44359024
<SHARES-COMMON-STOCK>                          4689953
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (411503)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (117828)
<NET-ASSETS>                                  43829693
<DIVIDEND-INCOME>                               132474
<INTEREST-INCOME>                               499300
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  268136
<NET-INVESTMENT-INCOME>                         363638
<REALIZED-GAINS-CURRENT>                        140108
<APPREC-INCREASE-CURRENT>                      1484325
<NET-CHANGE-FROM-OPS>                          1988071
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       363638
<DISTRIBUTIONS-OF-GAINS>                        140108
<DISTRIBUTIONS-OTHER>                           355217
<NUMBER-OF-SHARES-SOLD>                        2572788
<NUMBER-OF-SHARES-REDEEMED>                     411612
<SHARES-REINVESTED>                              91938
<NET-CHANGE-IN-ASSETS>                        22016947
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           268136
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 335824
<AVERAGE-NET-ASSETS>                          33520920
<PER-SHARE-NAV-BEGIN>                             8.95
<PER-SHARE-NII>                                   0.08
<PER-SHARE-GAIN-APPREC>                            .50
<PER-SHARE-DIVIDEND>                             (.08)
<PER-SHARE-DISTRIBUTIONS>                        (.10)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.35
<EXPENSE-RATIO>                                    80.
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> PROTECTIVE MONEY MARKET FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          5075333
<INVESTMENTS-AT-VALUE>                         5075333
<RECEIVABLES>                                    21108
<ASSETS-OTHER>                                    5448
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 5101889
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        32164
<TOTAL-LIABILITIES>                              32164
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       5069725
<SHARES-COMMON-STOCK>                          5069725
<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>                                   5069725
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               279244
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   28954
<NET-INVESTMENT-INCOME>                         250290
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                           250290
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (250293)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        8282138
<NUMBER-OF-SHARES-REDEEMED>                    7080495
<SHARES-REINVESTED>                             249594
<NET-CHANGE-IN-ASSETS>                         1451234
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            28954
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  56504
<AVERAGE-NET-ASSETS>                           4821801
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .05
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             (.05)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                     60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> PROTECTIVE CAPITAL GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                         10750482
<INVESTMENTS-AT-VALUE>                        10924039
<RECEIVABLES>                                    75484
<ASSETS-OTHER>                                    4948
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                11004471
<PAYABLE-FOR-SECURITIES>                        267269
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        21240
<TOTAL-LIABILITIES>                             288509
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10535930
<SHARES-COMMON-STOCK>                          1009714
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          16899
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        163133
<NET-ASSETS>                                  10715962
<DIVIDEND-INCOME>                                46342
<INTEREST-INCOME>                                58572
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   24876
<NET-INVESTMENT-INCOME>                          80038
<REALIZED-GAINS-CURRENT>                         16899
<APPREC-INCREASE-CURRENT>                       163133
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