PROTECTIVE INVESTMENT COMPANY
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Supplement dated October 1, 1999 to
Prospectus dated May 1, 1999
Under "Management of the Funds - Investment Advisers," subsection "Value Team
(Small Cap Value Fund and Growth and Income Fund)," the following portfolio
manager should be added:
<TABLE>
<CAPTION>
Years Primarily Five Year
Name and Title Fund Responsibility Responsible Employment History
<S> <C> <C>
Eileen Rominger Senior Portfolio Manager - Since Ms. Rominger joined the Investment Adviser as a
Managing Director Growth and Income 1999 senior portfolio manager in 1999. From 1981 to
Small Cap Value 1999, she worked at Oppenheimer Capital, most recently
as a senior portfolio manager.
</TABLE>
Under "Management of the Funds - Investment Advisers," subsection "Growth Equity
Investment Team (Capital Growth Fund)," the following portfolio manager should
be added:
<TABLE>
<CAPTION>
Years Primarily Five Year
Name and Title Fund Responsibility Responsible Employment History
<S> <C> <C> <C>
Scott Kolar Senior Portfolio Manager - Since Mr. Kolar joined the Investment Adviser as an
Associate Capital Growth 1999 equity analyst in 1997 and became a portfolio
manager in 1999. From 1994 to 1997, he was
an equity analyst and information systems
specialist at Liberty.
</TABLE>
