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002 B000000 BIRMINGHAM
002 C000000 AL
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014 A00AA01 GOLDMAN, SACHS AND CO.
014 B00AA01 8-0116048
014 A00AA02 GOLDMAN SACHS INTERNATIONAL
014 B00AA02 8-0138157
014 A00AA03 J. ARON AND COMPANY
014 B00AA03 8-0000
014 A00AA04 PROEQUITIES
014 B00AA04 8-23590
014 A00AA05 INVESTMENT DISTRIBUTORS, INC.
014 B00AA05 8-46802
077 A000000 Y
080 A00AA00 CHUBB CORP
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SIGNATURE MIKE RILEY
TITLE REPORTING ADMIN
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<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PROTECTIVE SELECT EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 81,626,408
<INVESTMENTS-AT-VALUE> 101,507,731
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,212
<TOTAL-LIABILITIES> 182,212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,932,057
<SHARES-COMMON-STOCK> 6,583,114
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 794,675
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,896,848
<NET-ASSETS> 101,623,580
<DIVIDEND-INCOME> 1,665,613
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<OTHER-INCOME> (15,935)
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<NET-INVESTMENT-INCOME> 1,137,758
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<NET-CHANGE-FROM-OPS> 15,903,688
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<DISTRIBUTIONS-OF-INCOME> 1,161,227
<DISTRIBUTIONS-OF-GAINS> 2,377,970
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<NUMBER-OF-SHARES-SOLD> 2,458,365
<NUMBER-OF-SHARES-REDEEMED> 427,469
<SHARES-REINVESTED> 225,190
<NET-CHANGE-IN-ASSETS> 44,900,111
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 5
<NAME> PROTECTIVE SMALL CAP
<S> <C>
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<PERIOD-END> DEC-31-1996
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<ACCUM-APPREC-OR-DEPREC> 987,590
<NET-ASSETS> 64,433,171
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<OTHER-INCOME> (1,783)
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<NET-INVESTMENT-INCOME> 170,478
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<SHARES-REINVESTED> 690,344
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<PER-SHARE-NII> 0.03
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<PER-SHARE-NAV-END> 10.02
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PROTECTIVE INTERNATIONAL EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 79,855,905
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<RECEIVABLES> 667,163
<ASSETS-OTHER> 31,742
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<PAYABLE-FOR-SECURITIES> 588
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<OTHER-ITEMS-LIABILITIES> 827,091
<TOTAL-LIABILITIES> 827,679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,560,213
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 459,577
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,353,388
<NET-ASSETS> 96,735,617
<DIVIDEND-INCOME> 1,267,875
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<OTHER-INCOME> (163,441)
<EXPENSES-NET> 871,940
<NET-INVESTMENT-INCOME> 418,287
<REALIZED-GAINS-CURRENT> 3,771,678
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<DISTRIBUTIONS-OF-GAINS> 1,983,461
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<NUMBER-OF-SHARES-SOLD> 2,476,463
<NUMBER-OF-SHARES-REDEEMED> 443,758
<SHARES-REINVESTED> 159,256
<NET-CHANGE-IN-ASSETS> 37,893,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 871,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,097,378
<AVERAGE-NET-ASSETS> 79,267,354
<PER-SHARE-NAV-BEGIN> 11.05
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.28)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> PROTECTIVE GROWTH & INCOME
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 174,511,933
<INVESTMENTS-AT-VALUE> 209,672,333
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 333,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,374,846
<SHARES-COMMON-STOCK> 14,847,879
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<NET-ASSETS> 210,586,814
<DIVIDEND-INCOME> 4,174,432
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<PER-SHARE-DIVIDEND> (1.27)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PROTECTIVE GLOBAL INCOME
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 36,190,025
<INVESTMENTS-AT-VALUE> 36,794,136
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<OTHER-ITEMS-LIABILITIES> 472,329
<TOTAL-LIABILITIES> 472,329
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<PAID-IN-CAPITAL-COMMON> 36,825,417
<SHARES-COMMON-STOCK> 3,701,969
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (57,056)
<ACCUMULATED-NET-GAINS> 81,574
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 824,782
<NET-ASSETS> 37,674,717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,383,442
<OTHER-INCOME> (25,788)
<EXPENSES-NET> 380,629
<NET-INVESTMENT-INCOME> 1,977,025
<REALIZED-GAINS-CURRENT> 1,435,228
<APPREC-INCREASE-CURRENT> (210,436)
<NET-CHANGE-FROM-OPS> 3,201,817
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,276,232
<DISTRIBUTIONS-OF-GAINS> 594,964
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<NUMBER-OF-SHARES-SOLD> 745,616
<NUMBER-OF-SHARES-REDEEMED> 412,374
<SHARES-REINVESTED> 283,177
<NET-CHANGE-IN-ASSETS> 6,589,401
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 380,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491,049
<AVERAGE-NET-ASSETS> 34,602,677
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.63
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<PER-SHARE-DIVIDEND> (0.83)
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<EXPENSE-RATIO> 1.10
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PROTECTIVE MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 6,048,340
<INVESTMENTS-AT-VALUE> 6,048,340
<RECEIVABLES> 8,551
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<PAID-IN-CAPITAL-COMMON> 6,120,660
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,120,660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 280,005
<OTHER-INCOME> 0
<EXPENSES-NET> 31,585
<NET-INVESTMENT-INCOME> 248,420
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 248,420
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 248,420
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,940,141
<NUMBER-OF-SHARES-REDEEMED> 10,138,310
<SHARES-REINVESTED> 249,104
<NET-CHANGE-IN-ASSETS> 1,050,935
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,585
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,947
<AVERAGE-NET-ASSETS> 5,264,283
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<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
<SERIES>
<NUMBER> 7
<NAME> PROTECTIVE CAPITAL GROWTH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 26,468,277
<INVESTMENTS-AT-VALUE> 30,357,345
<RECEIVABLES> 166,389
<ASSETS-OTHER> 691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,524,425
<PAYABLE-FOR-SECURITIES> 158,234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,734
<TOTAL-LIABILITIES> 224,968
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,477,821
<SHARES-COMMON-STOCK> 2,395,860
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (94,407)
<ACCUM-APPREC-OR-DEPREC> 3,916,043
<NET-ASSETS> 30,299,457
<DIVIDEND-INCOME> 334,176
<INTEREST-INCOME> 141,189
<OTHER-INCOME> (1,252)
<EXPENSES-NET> 161,938
<NET-INVESTMENT-INCOME> 312,175
<REALIZED-GAINS-CURRENT> 289,861
<APPREC-INCREASE-CURRENT> 3,752,910
<NET-CHANGE-FROM-OPS> 4,354,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,276,232
<DISTRIBUTIONS-OF-GAINS> 594,964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,471,196
<NUMBER-OF-SHARES-REDEEMED> 141,415
<SHARES-REINVESTED> 56,365
<NET-CHANGE-IN-ASSETS> 19,583,495
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161,938
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207,042
<AVERAGE-NET-ASSETS> 20,242,319
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.30)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.65
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Investors of
Protective Investment Company:
In planning and performing our audit of the financial statements of
Protective Investment Company for the year ended December 31, 1996, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Protective Investment Company is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weaknesses is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 10, 1997
