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<PAGE> PAGE 2
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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 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
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<PAGE> PAGE 20
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070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
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070 K020300 N
070 L010300 Y
070 L020300 N
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070 M020300 N
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070 N020300 N
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070 O020300 N
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<PAGE> PAGE 21
070 R020300 N
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<PAGE> PAGE 22
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024 000400 Y
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025 B000401 13-5674085
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 M020400 N
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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 29
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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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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE MIKE RILEY
TITLE REPORTING ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PROTECTIVE CORE US EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 107,246,728
<INVESTMENTS-AT-VALUE> 142,381,202
<RECEIVABLES> 212,111
<ASSETS-OTHER> 168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,593,481
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 149,854
<TOTAL-LIABILITIES> 149,854
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,345,462
<SHARES-COMMON-STOCK> 7,739,907
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 705,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,266,394
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,126,072
<NET-ASSETS> 142,443,627
<DIVIDEND-INCOME> 1,087,982
<INTEREST-INCOME> 97,299
<OTHER-INCOME> (6,279)
<EXPENSES-NET> 473,303
<NET-INVESTMENT-INCOME> 705,699
<REALIZED-GAINS-CURRENT> 5,471,719
<APPREC-INCREASE-CURRENT> 15,229,224
<NET-CHANGE-FROM-OPS> 21,406,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,420,434
<NUMBER-OF-SHARES-REDEEMED> 263,641
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 40,820,047
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 473,303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,487
<AVERAGE-NET-ASSETS> 119,306,330
<PER-SHARE-NAV-BEGIN> 15.44
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 2.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 18.40
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> PROTECTIVE SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 77,398,531
<INVESTMENTS-AT-VALUE> 87,250,156
<RECEIVABLES> 525,455
<ASSETS-OTHER> 924
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87,776,535
<PAYABLE-FOR-SECURITIES> 730,457
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,220
<TOTAL-LIABILITIES> 822,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,361,336
<SHARES-COMMON-STOCK> 7,250,577
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 111,654
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,629,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,851,625
<NET-ASSETS> 86,953,858
<DIVIDEND-INCOME> 213,337
<INTEREST-INCOME> 187,353
<OTHER-INCOME> 0
<EXPENSES-NET> 289,304
<NET-INVESTMENT-INCOME> 111,386
<REALIZED-GAINS-CURRENT> 4,780,500
<APPREC-INCREASE-CURRENT> 8,864,035
<NET-CHANGE-FROM-OPS> 13,755,921
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,169,461
<NUMBER-OF-SHARES-REDEEMED> 348,188
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22,520,687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 289,304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 330,871
<AVERAGE-NET-ASSETS> 72,925,352
<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.99
<EXPENSE-RATIO> 0.80
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 102,196,748
<INVESTMENTS-AT-VALUE> 126,429,913
<RECEIVABLES> 1,187,888
<ASSETS-OTHER> 263,754
<OTHER-ITEMS-ASSETS> 1,327,891
<TOTAL-ASSETS> 129,209,446
<PAYABLE-FOR-SECURITIES> 799,929
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,219,576
<TOTAL-LIABILITIES> 3,019,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,244,502
<SHARES-COMMON-STOCK> 8,718,644
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 988,534
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,418,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,538,228
<NET-ASSETS> 126,189,941
<DIVIDEND-INCOME> 1,138,825
<INTEREST-INCOME> 127,754
<OTHER-INCOME> (157,920)
<EXPENSES-NET> 579,702
<NET-INVESTMENT-INCOME> 528,957
<REALIZED-GAINS-CURRENT> 6,056,238
<APPREC-INCREASE-CURRENT> 7,184,840
<NET-CHANGE-FROM-OPS> 13,770,035
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,494,816
<NUMBER-OF-SHARES-REDEEMED> 295,456
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29,454,324
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,702
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 733,626
<AVERAGE-NET-ASSETS> 106,273,898
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.47
<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 & INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 238,506,966
<INVESTMENTS-AT-VALUE> 292,116,619
<RECEIVABLES> 1,426,297
<ASSETS-OTHER> 724
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293,543,640
<PAYABLE-FOR-SECURITIES> 3,105,952
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 272,406
<TOTAL-LIABILITIES> 3,378,358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,976,686
<SHARES-COMMON-STOCK> 17,078,046
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,424,128
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,154,815
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,609,653
<NET-ASSETS> 290,165,282
<DIVIDEND-INCOME> 2,193,099
<INTEREST-INCOME> 208,902
<OTHER-INCOME> (3,787)
<EXPENSES-NET> 974,086
<NET-INVESTMENT-INCOME> 1,424,128
<REALIZED-GAINS-CURRENT> 25,103,247
<APPREC-INCREASE-CURRENT> 18,449,253
<NET-CHANGE-FROM-OPS> 44,976,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,774,630
<NUMBER-OF-SHARES-REDEEMED> 544,464
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79,578,468
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 974,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,040,341
<AVERAGE-NET-ASSETS> 245,539,832
<PER-SHARE-NAV-BEGIN> 14.18
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 2.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.99
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PROTECTIVE GLOBAL INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,656,010
<INVESTMENTS-AT-VALUE> 40,955,866
<RECEIVABLES> 5,784,582
<ASSETS-OTHER> 41,381
<OTHER-ITEMS-ASSETS> 433,104
<TOTAL-ASSETS> 47,214,933
<PAYABLE-FOR-SECURITIES> 1,115,902
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,300,472
<TOTAL-LIABILITIES> 4,416,374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,613,709
<SHARES-COMMON-STOCK> 4,068,499
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 972,341
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,279,569
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (67,060)
<NET-ASSETS> 42,798,559
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,254,847
<OTHER-INCOME> (8,490)
<EXPENSES-NET> 216,960
<NET-INVESTMENT-INCOME> 1,029,397
<REALIZED-GAINS-CURRENT> 1,197,995
<APPREC-INCREASE-CURRENT> (891,842)
<NET-CHANGE-FROM-OPS> 1,335,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 617,169
<NUMBER-OF-SHARES-REDEEMED> 250,639
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,123,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275,509
<AVERAGE-NET-ASSETS> 39,774,242
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 1.10
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3,597,972
<INVESTMENTS-AT-VALUE> 3,597,972
<RECEIVABLES> 3,349
<ASSETS-OTHER> 180,317
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,781,638
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,879
<TOTAL-LIABILITIES> 52,879
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,728,759
<SHARES-COMMON-STOCK> 3,728,759
<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> 3,728,759
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 135,450
<OTHER-INCOME> 0
<EXPENSES-NET> 15,080
<NET-INVESTMENT-INCOME> 120,370
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 120,370
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 120,370
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,752,932
<NUMBER-OF-SHARES-REDEEMED> 6,265,202
<SHARES-REINVESTED> 120,369
<NET-CHANGE-IN-ASSETS> (2,391,901)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,080
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,625
<AVERAGE-NET-ASSETS> 5,068,224
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<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 FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 43,135,392
<INVESTMENTS-AT-VALUE> 51,745,275
<RECEIVABLES> 109,426
<ASSETS-OTHER> 263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,854,964
<PAYABLE-FOR-SECURITIES> 1,259,955
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,591
<TOTAL-LIABILITIES> 1,302,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,025,840
<SHARES-COMMON-STOCK> 3,298,661
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 191,314
<ACCUMULATED-NET-GAINS> 2,725,381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,609,883
<NET-ASSETS> 50,552,418
<DIVIDEND-INCOME> 253,210
<INTEREST-INCOME> 94,269
<OTHER-INCOME> (1,704)
<EXPENSES-NET> 154,461
<NET-INVESTMENT-INCOME> 191,314
<REALIZED-GAINS-CURRENT> 2,819,788
<APPREC-INCREASE-CURRENT> 4,693,840
<NET-CHANGE-FROM-OPS> 7,704,942
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,007,640
<NUMBER-OF-SHARES-REDEEMED> 104,839
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20,252,961
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154,461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187,478
<AVERAGE-NET-ASSETS> 38,935,312
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.33
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
