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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 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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074 R030700 0
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SIGNATURE ANNA RODRIGUES
TITLE REPORTING ADMIN
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 and
financial highlights of Protective Investment Company for the year ended
December 31, 1997, we considered its internal control, including control
over safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of Protective Investment Company is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal controls.
Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements and financial highlights for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of the
internal control 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 internal controls would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of any specific internal control component does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements and financial highlights
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 internal controls, including controls
over safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Boston, Massachusetts
February 13, 1998
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<NAME> PROTECTIVE CORE U.S. EQUITY
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<NAME> PROTECTIVE SMALL CAP EQUITY
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</TABLE>
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<NAME> PROTECTIVE INTERNATIONAL EQUITY
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<NAME> PROTECTIVE GROWTH & INCOME
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<NAME> PROTECTIVE GLOBAL INCOME FUND
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<NAME> PROTECTIVE MONEY MARKET
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<NAME> PROTECTIVE CAPITAL GROWTH
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