<PAGE> PAGE 1
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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 13
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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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045 000300 Y
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<PAGE> PAGE 19
048 A010300 0
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066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
<PAGE> PAGE 20
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
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
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 168683
071 B000300 138508
071 C000300 383593
071 D000300 36
072 A000300 6
072 B000300 483
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<PAGE> PAGE 21
072 L000300 9
072 M000300 6
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072 R000300 25
072 S000300 4
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072 Y000300 91
072 Z000300 2181
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074 C000300 0
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074 O000300 15
074 P000300 273
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<PAGE> PAGE 22
074 V010300 17.00
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024 000400 Y
025 A000401 MERRILL LYNCH & CO., INC.
025 B000401 13-5674085
025 C000401 E
025 D000401 3515
025 A000402 MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
025 B000402 13-2655998
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<PAGE> PAGE 23
028 H000400 0
045 000400 Y
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062 F000400 0.0
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062 H000400 0.0
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062 O000400 0.0
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066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
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<PAGE> PAGE 24
066 G000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 Y
070 G010400 N
070 G020400 N
070 H010400 N
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 N
070 R020400 N
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071 B000400 37957
071 C000400 202192
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<PAGE> PAGE 25
072 G000400 0
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<PAGE> PAGE 26
074 R040400 86
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024 000500 N
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<PAGE> PAGE 27
045 000500 Y
046 000500 N
047 000500 Y
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066 A000500 Y
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<PAGE> PAGE 28
067 000500 N
068 A000500 N
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070 A010500 Y
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070 E020500 N
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070 J020500 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
074 S000500 0
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024 000600 N
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<PAGE> PAGE 31
046 000600 N
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<PAGE> PAGE 32
069 000600 N
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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
068 A000700 N
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE DENNIS WONG
TITLE SR.FUND ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PROTECTIVE CORE US EQUITY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 163291316
<INVESTMENTS-AT-VALUE> 232618421
<RECEIVABLES> 580402
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 233198823
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233737
<TOTAL-LIABILITIES> 233737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157891948
<SHARES-COMMON-STOCK> 10704012
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 836428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4815338
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69421372
<NET-ASSETS> 232965086
<DIVIDEND-INCOME> 1477933
<INTEREST-INCOME> 133858
<OTHER-INCOME> (7319)
<EXPENSES-NET> 819835
<NET-INVESTMENT-INCOME> 784637
<REALIZED-GAINS-CURRENT> 4859244
<APPREC-INCREASE-CURRENT> 28112498
<NET-CHANGE-FROM-OPS> 33756379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1464455
<NUMBER-OF-SHARES-REDEEMED> 386965
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 55755027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 819835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 864444
<AVERAGE-NET-ASSETS> 206657154
<PER-SHARE-NAV-BEGIN> 18.41
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 3.28
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.76
<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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 120796376
<INVESTMENTS-AT-VALUE> 124319975
<RECEIVABLES> 1876898
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126196896
<PAYABLE-FOR-SECURITIES> 616890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159893
<TOTAL-LIABILITIES> 776783
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102811913
<SHARES-COMMON-STOCK> 9790131
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 295470
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18789131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3523599
<NET-ASSETS> 125420113
<DIVIDEND-INCOME> 430027
<INTEREST-INCOME> 333352
<OTHER-INCOME> 0
<EXPENSES-NET> 481769
<NET-INVESTMENT-INCOME> 281610
<REALIZED-GAINS-CURRENT> 13696846
<APPREC-INCREASE-CURRENT> (4012095)
<NET-CHANGE-FROM-OPS> 9966361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1082825
<NUMBER-OF-SHARES-REDEEMED> 501875
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17436566
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 481769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 516932
<AVERAGE-NET-ASSETS> 121440468
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.81
<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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 132885335
<INVESTMENTS-AT-VALUE> 165901594
<RECEIVABLES> 2710607
<ASSETS-OTHER> 1083054
<OTHER-ITEMS-ASSETS> 653595
<TOTAL-ASSETS> 170348850
<PAYABLE-FOR-SECURITIES> 2515059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 500239
<TOTAL-LIABILITIES> 3015298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129384307
<SHARES-COMMON-STOCK> 11221373
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 956644
<ACCUMULATED-NET-GAINS> 3503212
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33489389
<NET-ASSETS> 167333552
<DIVIDEND-INCOME> 1661599
<INTEREST-INCOME> 181682
<OTHER-INCOME> (219322)
<EXPENSES-NET> 834516
<NET-INVESTMENT-INCOME> 789443
<REALIZED-GAINS-CURRENT> 4790524
<APPREC-INCREASE-CURRENT> 20856419
<NET-CHANGE-FROM-OPS> 26436386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1198450
<NUMBER-OF-SHARES-REDEEMED> 568815
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 35446629
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 834516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994506
<AVERAGE-NET-ASSETS> 152987647
<PER-SHARE-NAV-BEGIN> 12.45
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.39
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.91
<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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 392481883
<INVESTMENTS-AT-VALUE> 418906645
<RECEIVABLES> 2634481
<ASSETS-OTHER> 745
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 421541871
<PAYABLE-FOR-SECURITIES> 14693
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 458972
<TOTAL-LIABILITIES> 473665
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 334346492
<SHARES-COMMON-STOCK> 24762978
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2193864
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 58103088
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26424762
<NET-ASSETS> 421068206
<DIVIDEND-INCOME> 3312268
<INTEREST-INCOME> 482603
<OTHER-INCOME> (9594)
<EXPENSES-NET> 1603831
<NET-INVESTMENT-INCOME> 2181446
<REALIZED-GAINS-CURRENT> 47540240
<APPREC-INCREASE-CURRENT> (21591686)
<NET-CHANGE-FROM-OPS> 28130000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3113172
<NUMBER-OF-SHARES-REDEEMED> 968531
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 64565516
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1603831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1695466
<AVERAGE-NET-ASSETS> 404280591
<PER-SHARE-NAV-BEGIN> 15.76
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.00
<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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 54057495
<INVESTMENTS-AT-VALUE> 54056448
<RECEIVABLES> 1001643
<ASSETS-OTHER> 33539
<OTHER-ITEMS-ASSETS> 918746
<TOTAL-ASSETS> 56010376
<PAYABLE-FOR-SECURITIES> 377429
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 507088
<TOTAL-LIABILITIES> 884517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52520383
<SHARES-COMMON-STOCK> 5211364
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 498003
<ACCUMULATED-NET-GAINS> 1638581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 468892
<NET-ASSETS> 55125859
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1489632
<OTHER-INCOME> (5702)
<EXPENSES-NET> 283052
<NET-INVESTMENT-INCOME> 1200878
<REALIZED-GAINS-CURRENT> 1429475
<APPREC-INCREASE-CURRENT> (421318)
<NET-CHANGE-FROM-OPS> 2209035
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 662829
<NUMBER-OF-SHARES-REDEEMED> 270442
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6292758
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 283052
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 309377
<AVERAGE-NET-ASSETS> 51890475
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.21
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.58
<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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 5573400
<INVESTMENTS-AT-VALUE> 5573400
<RECEIVABLES> 2246
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5575646
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 351713
<TOTAL-LIABILITIES> 351713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5223934
<SHARES-COMMON-STOCK> 5223934
<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> 5223933
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 134685
<OTHER-INCOME> 0
<EXPENSES-NET> 14790
<NET-INVESTMENT-INCOME> 119895
<REALIZED-GAINS-CURRENT> 23
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 119918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 119895
<DISTRIBUTIONS-OF-GAINS> 24
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7561208
<NUMBER-OF-SHARES-REDEEMED> 6079136
<SHARES-REINVESTED> 119921
<NET-CHANGE-IN-ASSETS> 1601992
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28119
<AVERAGE-NET-ASSETS> 4972858
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<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
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 85055601
<INVESTMENTS-AT-VALUE> 113717146
<RECEIVABLES> 174884
<ASSETS-OTHER> 535
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113892565
<PAYABLE-FOR-SECURITIES> 563077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157359
<TOTAL-LIABILITIES> 720436
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82496393
<SHARES-COMMON-STOCK> 5881194
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 252870
<ACCUMULATED-NET-GAINS> 1761321
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28661545
<NET-ASSETS> 113172129
<DIVIDEND-INCOME> 503320
<INTEREST-INCOME> 117435
<OTHER-INCOME> 0
<EXPENSES-NET> 370639
<NET-INVESTMENT-INCOME> 250116
<REALIZED-GAINS-CURRENT> 1930985
<APPREC-INCREASE-CURRENT> 15660453
<NET-CHANGE-FROM-OPS> 17841554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1322690
<NUMBER-OF-SHARES-REDEEMED> 185101
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 38129653
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 370639
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421108
<AVERAGE-NET-ASSETS> 93427766
<PER-SHARE-NAV-BEGIN> 15.82
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.38
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.24
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Morgan Stanley Dean Witter, Merrill Lynch, Goldman Sachs, DLJ
Subject to Rule 10f-3 Under the Investment Company Act of 1940
PROTECTIVE CAPITAL GROWTH FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD APRIL 1, 1998 THROUGH JUNE 30, 1998
<CAPTION>
Total
Date Shares % of FundPrice pePurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 06/30/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ziff Davis I04/28/98 17,800 0.07% $15.50 17,800 25,800 0.00% Morgan Stanley Dean Wit35,900
</TABLE>
1-Purchase may not exceed 3% of Fund's Total Assets.
2-Purchases by all Protective Funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal amount,
but in no event may exeed 10% of the principal amount of the offering.
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Goldman Sachs & Co.
Subject to Rule 10f-3 Under the Investment Company Act of 1940
Protective Growth & Income Fund
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JANUARY 1, 1998 THROUGH MARCH 31, 1998
<CAPTION>
Total
Shares Shares% of Issue Shares
Date Shares % of FunPrice pPurchased bIssuedPurchased Held
Security PurchasePurchaseAssets Share Fund Group (000) By Group Broker(s) 02/29/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Waddell & Reed Financ03/04/9819,100 0.11% $23.00 19,100 21,7000.09% Morgan Stanley, Gol60,000
</TABLE>
1-Purchase may not exceed 3% of Fund's Total Assets.
2-Purchases by all Protective Funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal amount,
but in no event may exeed 10% of the principal amount of the offering.
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Morgan Stanley, Goldman Sachs & Co., Solomon Smith Barney
BT Alex Brown, SBC Warburg Dillon Brown
Subject to Rule 10f-3 Under the Investment Company Act of 1940
PROTECTIVE SMALL CAP EQUITY FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JANUARY 1, 1998 THROUGH MARCH 31, 1998
<CAPTION>
Total
Shares Shares% of Issue Shares
Date Shares % of FunPrice pPurchased IssuedPurchased Held
Security PurchasedPurchaseAssets Share Fund Group(000) By Group Broker(s) 03/31/9
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Reltec Corporation03/12/98 2,900 0.07% $29.00 2,900 5,500 0.00% Deutsche Morgan Grenfell, JP Morgan, Lehman Br0
Morgan Stanley Dean Witter, Salomon Smith Barney
Columbia Sportswea03/26/98 3,800 0.05% $18.00 3,800 5,600 0.00% Edward D. Jones, Paine Webber Inc., Jefferies & Co.
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD APRIL 1, 1998 THROUGH JUNE 30, 1998
<CAPTION>
Total
Date Shares % of FunPrice pPurchased IssuedPurchased Held
Security PurchasedPurchaseAssets Share Fund Group(000) By Group Broker(s) 06/30/9
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Young & Rubicam In05/12/98 14,000 0.08% $25.00 14,000 16,6000.00% Advest, Bear Stearns, Donaldson Lufkin & Jenre0
Edward D. Jones, Ryan Beck, Smith Barney Solomon,
Furman Seltz
Tristar Aerospace 04/30/98 42,000 0.32% $16.00 42,000 13,2770.00% BT Alex Brown, Merrill Lynch, SBC Warburg Dill61,300
</TABLE>
1-Purchase may not exceed 3% of Fund's Total Assets.
2-Purchases by all Protective Funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal amount,
but in no event may exeed 10% of the principal amount of the offering.
