<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000914757
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PROTECTIVE INVESTMENT COMPANY
001 B000000 811-8674
001 C000000 8008663555
002 A000000 2801 HIGHWAY 280 SOUTH
002 B000000 BIRMINGHAM
002 C000000 AL
002 D010000 35202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 GLOBAL INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300 3
007 C020300 GROWTH AND INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 CORE US EQUITY FUND
007 C030400 N
007 C010500 5
007 C020500 SMALL CAP VALUE FUND
007 C030500 N
007 C010600 6
007 C020600 CAPITAL GROWTH FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PROTECTIVE INVESTMENT ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-45890
008 D01AA01 BIRMINGHAM
008 D02AA01 AL
008 D03AA01 35202
008 A00AA02 GOLDMAN SACHS ASSET MANAGEMENT
<PAGE> PAGE 2
008 B00AA02 S
008 C00AA02 801-16048
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10005
008 A00AA03 GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
008 B00AA03 S
008 C00AA03 801-38157
008 D01AA03 LONDON
008 D05AA03 ENGLAND
008 D06AA03 EC4A2BJ
010 A00AA01 PROTECTIVE INVESTMENT ADVISORS, INC.
010 B00AA01 801-45890
010 C01AA01 BIRMINGHAM
010 C02AA01 AL
010 C03AA01 35202
011 A00AA01 INVESTMENT DISTRIBUTORS,INC.
011 B00AA01 8-46802000
011 C01AA01 BIRMINGHAM
011 C02AA01 AL
011 C03AA01 35202
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 GOLDMAN SACHS AND CO.
014 B00AA01 8-0116048
014 A00AA02 GOLDMAN SACHS INTERNATIONAL
014 B00AA02 8-0138157
014 A00AA03 PROEQUITIES
014 B00AA03 8-23590
014 A00AA04 INVESTMENT DISTRIBUTORS, INC.
014 B00AA04 8-46802
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
<PAGE> PAGE 3
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 ERSTE BANK DER OESTRREICHISCHEN SPARKASSEN
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 CITIBANK N.A.
015 B00AA05 S
015 C01AA05 LA PAZ
015 D01AA05 BOLIVIA
015 E04AA05 X
015 A00AA06 GENERALE DE BANQUE
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA07 S
015 C01AA07 HO CHI MINH CITY
015 D01AA07 VIETNAM
015 E04AA07 X
015 A00AA08 STATE STREET TRUST COMPANY CANADA
015 B00AA08 S
015 C01AA08 TORONTO
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 STANDARD BANK OF SWAZILAND LTD.
015 B00AA09 S
015 C01AA09 MBABANE
015 D01AA09 SWAZILAND
015 E04AA09 X
015 A00AA10 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA10 S
015 C01AA10 SHANGHAI
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA11 S
015 C01AA11 PRAGUE
015 D01AA11 CZECH REPUBLIC
015 E04AA11 X
015 A00AA12 CITIBANK, N.A.
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 DEN DANSKE BANK
015 B00AA13 S
015 C01AA13 COPENHAGEN
<PAGE> PAGE 4
015 D01AA13 DENMARK
015 E04AA13 X
015 A00AA14 MERITA BANK PLC
015 B00AA14 S
015 C01AA14 HELSINKI
015 D01AA14 FINLAND
015 E04AA14 X
015 A00AA15 PARIBAS, S.A.
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 DRESDNER BANK AG
015 B00AA16 S
015 C01AA16 FRANKFURT
015 D01AA16 GERMANY
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF GREECE, S.A.
015 B00AA17 S
015 C01AA17 ATHENS
015 D01AA17 GREECE
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
015 C01AA18 HONG KONG
015 D01AA18 HONG KONG
015 E04AA18 X
015 A00AA19 CITIBANK BUDAPEST RT.
015 B00AA19 S
015 C01AA19 BUDAPEST
015 D01AA19 HUNGARY
015 E04AA19 X
015 A00AA20 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA20 S
015 C01AA20 SHENZHEN
015 D01AA20 CHINA
015 E04AA20 X
015 A00AA21 STANDARD CHARTERED BANK
015 B00AA21 S
015 C01AA21 JAKARTA
015 D01AA21 INDONESIA
015 E04AA21 X
015 A00AA22 BANK OF IRELAND
015 B00AA22 S
015 C01AA22 DUBLIN
015 D01AA22 IRELAND
015 E04AA22 X
015 A00AA23 BANK OF HAPOALIM B.M.
015 B00AA23 S
015 C01AA23 TEL AVIV
015 D01AA23 ISRAEL
<PAGE> PAGE 5
015 E04AA23 X
015 A00AA24 PARIBAS, S.A.
015 B00AA24 S
015 C01AA24 MILAN
015 D01AA24 ITALY
015 E04AA24 X
015 A00AA25 THE FUJI BANK, LTD.
015 B00AA25 S
015 C01AA25 TOKYO
015 D01AA25 JAPAN
015 E04AA25 X
015 A00AA26 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA26 S
015 C01AA26 SEOUL
015 D01AA26 S KOREA
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 KUALA LUMPUR
015 D01AA27 MALAYSIA
015 E04AA27 X
015 A00AA28 CITIBANK MEXICO, S.A.
015 B00AA28 S
015 C01AA28 MEXICO CITY
015 D01AA28 MEXICO
015 E04AA28 X
015 A00AA29 MEESPIERSON N.V.
015 B00AA29 S
015 C01AA29 AMSTERDAM
015 D01AA29 THE NETHERLANDS
015 E04AA29 X
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015 B00AA30 S
015 C01AA30 BOGOTA
015 D01AA30 COLOMBIA
015 E04AA30 X
015 A00AA31 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA31 S
015 C01AA31 OSLO
015 D01AA31 NORWAY
015 E04AA31 X
015 A00AA32 THE CYPRUS POPULAR BANK, LTD.
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015 E04AA32 X
015 A00AA33 CITIBANK, N.A.
015 B00AA33 S
015 C01AA33 LIMA
015 D01AA33 PERU
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<PAGE> PAGE 6
015 A00AA34 STANDARD CHARTERED BANK
015 B00AA34 S
015 C01AA34 MANILA
015 D01AA34 PHILIPPINES
015 E04AA34 X
015 A00AA35 BANCO COMERCIAL PORTUGUES
015 B00AA35 S
015 C01AA35 LISBON
015 D01AA35 PORTUGAL
015 E04AA35 X
015 A00AA36 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA36 S
015 C01AA36 SINGAPORE
015 D01AA36 SINGAPORE
015 E04AA36 X
015 A00AA37 BANCO SANTANDER, S.A.
015 B00AA37 S
015 C01AA37 MADRID
015 D01AA37 SPAIN
015 E04AA37 X
015 A00AA38 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA38 S
015 C01AA38 COLOMBO
015 D01AA38 SRI LANKA
015 E04AA38 X
015 A00AA39 SKANDINAVISKA ENSKILDA BANKEN
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015 C01AA39 STOCKHOLM
015 D01AA39 SWEDEN
015 E04AA39 X
015 A00AA40 UBS AG
015 B00AA40 S
015 C01AA40 ZURICH
015 D01AA40 SWITZERLAND
015 E04AA40 X
015 A00AA41 CENTRAL TRUST OF CHINA
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015 C01AA41 TAIPEI
015 D01AA41 TAIWAN
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK
015 B00AA42 S
015 C01AA42 BANGKOK
015 D01AA42 THAILAND
015 E04AA42 X
015 A00AA43 CITIBANK, N.A.
015 B00AA43 S
015 C01AA43 ISTANBUL
015 D01AA43 TURKEY
015 E04AA43 X
015 A00AA44 STATE STREET BANK & TRUST CO.
<PAGE> PAGE 7
015 B00AA44 S
015 C01AA44 LONDON
015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A.
015 B00AA45 S
015 C01AA45 QUITO
015 D01AA45 EQUADOR
015 E04AA45 X
015 A00AA46 EGYPTIAN BRITISH BANK
015 B00AA46 S
015 C01AA46 CAIRO
015 D01AA46 EGYPT
015 E04AA46 X
015 A00AA47 BARCLAYS BANK OF GHANA LTD.
015 B00AA47 S
015 C01AA47 ACCRA
015 D01AA47 GHANA
015 E04AA47 X
015 A00AA48 DEUTSCHE BANK AG
015 B00AA48 S
015 C01AA48 BOMBAY
015 D01AA48 INDIA
015 E04AA48 X
015 A00AA49 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
015 B00AA49 S
015 C01AA49 ABIDJAN
015 D01AA49 IVORY COAST
015 E04AA49 X
015 A00AA50 HSBC BANK MIDDLE EAST
015 B00AA50 S
015 C01AA50 RAMALLAH
015 D01AA50 PALESTINE
015 E04AA50 X
015 A00AA51 SCOTIABANK JAMAICA TRUST AND MERCHANT BANK
015 B00AA51 S
015 C01AA51 KINGSTON
015 D01AA51 JAMAICA
015 E04AA51 X
015 A00AA52 HSBC BANK MIDDLE EAST
015 B00AA52 S
015 C01AA52 AMMAN
015 D01AA52 JORDAN
015 E04AA52 X
015 A00AA53 BARCLAYS BANK OF KENYA LTD.
015 B00AA53 S
015 C01AA53 NAIROBI
015 D01AA53 KENYA
015 E04AA53 X
015 A00AA54 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA54 S
<PAGE> PAGE 8
015 C01AA54 PORT LOUIS
015 D01AA54 MAAURITIUS
015 E04AA54 X
015 A00AA55 BARCLAYS BANK OF ZAMBIA LTD.
015 B00AA55 S
015 C01AA55 LUSAKA
015 D01AA55 ZAMBIA
015 E04AA55 X
015 A00AA56 STANDARD CORPORATE & MERCHANT BANK
015 B00AA56 S
015 C01AA56 JOHANNESBURG
015 D01AA56 SOUTH AFRICA
015 E04AA56 X
015 A00AA57 BANQUE COMMERCIALE DO MAROC
015 B00AA57 S
015 C01AA57 CASABLANCA
015 D01AA57 MOROCCO
015 E04AA57 X
015 A00AA58 ANZ BANKING GROUP
015 B00AA58 S
015 C01AA58 WELLINGTON
015 D01AA58 NEW ZEALAND
015 E04AA58 X
015 A00AA59 CESKOSLOVENSKA OBCHODNI BANKA A.S. BRATISLAVA
015 B00AA59 S
015 C01AA59 BRATISLAVA
015 D01AA59 SLOVAK REPUBLIC
015 E04AA59 X
015 A00AA60 DEUTSCHE BANK AG
015 B00AA60 S
015 C01AA60 KARACHI
015 D01AA60 PAKISTAN
015 E04AA60 X
015 A00AA61 CITIBANK (POLAND) S.A.
015 B00AA61 S
015 C01AA61 WARSAW
015 D01AA61 POLAND
015 E04AA61 X
015 A00AA62 CREDIT SUISSE FORST BOSTON
015 B00AA62 S
015 C01AA62 MOSCOW
015 D01AA62 RUSSIA
015 E04AA62 X
015 A00AA63 REPUBLIC BANK LIMITED
015 B00AA63 S
015 C01AA63 PORT OF SPAIN
015 D01AA63 TRINIDAD & TOBAGO
015 E04AA63 X
015 A00AA64 BANQUE INTERNATIONALE ARABE DE TUNISIE
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015 C01AA64 TUNIS
<PAGE> PAGE 9
015 D01AA64 TUNISIA
015 E04AA64 X
015 A00AA65 BANKBOSTON N.A.
015 B00AA65 S
015 C01AA65 MONTEVIDEO
015 D01AA65 URUGUAY
015 E04AA65 X
015 A00AA66 CITIBANK, N.A.
015 B00AA66 S
015 C01AA66 CARACAS
015 D01AA66 VENEZUELA
015 E04AA66 X
015 A00AA67 THE SUMITOMO BANK, LTD.
015 B00AA67 S
015 C01AA67 TOKYO
015 D01AA67 JAPAN
015 E04AA67 X
015 A00AA68 HSBC BANK MIDDLE EAST
015 B00AA68 S
015 C01AA68 MANAMA
015 D01AA68 BAHRAIN
015 E04AA68 X
015 A00AA69 STANDARD CHARTERED BANK
015 B00AA69 S
015 C01AA69 DHAKA
015 D01AA69 BANGLADESH
015 E04AA69 X
015 A00AA70 THE BANK OF BERMUDA LIMITED
015 B00AA70 S
015 C01AA70 HAMILTON
015 D01AA70 BERMUDA
015 E04AA70 X
015 A00AA71 BARCLAYS BANK OF BOTSWANA LTD.
015 B00AA71 S
015 C01AA71 GABORONE
015 D01AA71 BOTSWANA
015 E04AA71 X
015 A00AA72 ING BANK, N.V.
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015 A00AA73 PRIVREDNA BANKA ZAGREB
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015 C01AA73 ZAGREB
015 D01AA73 CROATIA
015 E04AA73 X
015 A00AA74 HANSABANK
015 B00AA74 S
015 C01AA74 TALLINN
015 D01AA74 ESTONIA
<PAGE> PAGE 10
015 E04AA74 X
015 A00AA75 ICEBANK LTD.
015 B00AA75 S
015 C01AA75 REYKJAVIK
015 D01AA75 ICELAND
015 E04AA75 X
015 A00AA76 A/S HANSBANKA
015 B00AA76 S
015 C01AA76 RIGA
015 D01AA76 LATVIA
015 E04AA76 X
015 A00AA77 HSBC BANK MIDDLE EAST
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015 C01AA77 BEIRUT
015 D01AA77 LEBANON
015 E04AA77 X
015 A00AA78 VILNIAUS BANKAS AB
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015 C01AA78 VILNIUS
015 D01AA78 LITHUANIA
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015 A00AA79 HSBC BANK MIDDLE EAST
015 B00AA79 S
015 C01AA79 MUSCAT
015 D01AA79 OMAN
015 E04AA79 X
015 A00AA80 ING BANK N.V.
015 B00AA80 S
015 C01AA80 BUCHAREST
015 D01AA80 ROMANIA
015 E04AA80 X
015 A00AA81 BANK AUSTRIA CREDITANSTALT D.D.
015 B00AA81 S
015 C01AA81 LJUBLJANA
015 D01AA81 SLOVENIA
015 E04AA81 X
015 A00AA82 BARCLAYS BANK OF ZIMBABWE LTD
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015 C01AA82 HARARE
015 D01AA82 ZIMBABWE
015 E04AA82 X
015 A00AA83 CEDEL BANK S.A.
015 B00AA83 S
015 C01AA83 LUXEMBOURG
015 D01AA83 LUXEMBOURG
015 E04AA83 X
015 A00AA84 BANCO BCT S.A.
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<PAGE> PAGE 11
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015 B00AA85 S
015 C01AA85 KIEV
015 D01AA85 UKRAINE
015 E04AA85 X
015 A00AA86 CITIBANK, N.A.
015 B00AA86 S
015 C01AA86 SAO PAULO
015 D01AA86 BRAZIL
015 E04AA86 X
015 A00AA87 HONG KONG AND SHANGHAI BANKING CORP LTD.
015 B00AA87 S
015 C01AA87 MUMBAI
015 D01AA87 INDIA
015 E04AA87 X
015 A00AA88 EUROCLEAR
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015 C01AA88 BRUSSELS
015 D01AA88 BELGIUM
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015 A00AA89 CITIBANK, N.A.
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015 D01AA89 PUERTO RICO
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015 D01AA90 QATAR
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020 C000004 121
020 A000005 SALOMON SMITH BARNEY INC.
<PAGE> PAGE 12
020 B000005 11-2418191
020 C000005 121
020 A000006 WARBURG DILLON READ LLC.
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020 A000007 PRUDENTIAL SECURITIES INC.
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020 C000007 102
020 A000008 CS FIRST BOSTON CORP.
020 B000008 13-5659485
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020 A000010 WEEDEN & CO.
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<PAGE> PAGE 13
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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 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE JEFF BAESSLER
TITLE MGR OF FUND ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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<NUMBER> 5
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914757
<NAME> PROTECTIVE INVESTMENT COMPANY
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<NUMBER> 6
<NAME> PROTECTIVE CAPITAL GROWTH
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<ACCUMULATED-NII-CURRENT> 252
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75419
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<INTEREST-INCOME> 251
<OTHER-INCOME> 0
<EXPENSES-NET> (1655)
<NET-INVESTMENT-INCOME> 252
<REALIZED-GAINS-CURRENT> 19455
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<NET-CHANGE-FROM-OPS> 54606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> (2890)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (236)
<SHARES-REINVESTED> 131
<NET-CHANGE-IN-ASSETS> 113006
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> 2731
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1766
<AVERAGE-NET-ASSETS> 206885
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<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 5.70
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
N-SAR FILING 12/31/99
PROTECTIVE INVESTMENT COMPANY
770) Transactions effected pursuant to Rule 10f-3
NUMBER OF
FUND NAME DATE TRANSACTION SHARES COMPANY
Growth & Income Fund 2/4/99 Purchase 70,100 Delphi Automotive
Capital Growth Fund 3/30/99 Purchase 34,400 Pepsi Co. Bottling Group
Capital Growth Fund 3/31/99 Purchase 300 Pepsi Co. Bottling Group
Capital Growth Fund 3/31/99 Sell 34,700 Pepsi Co. Bottling Group
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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 (the "Company"), consisting of Global
Income Fund, International Equity Fund, Capital Growth Fund, Growth and
Income Fund, CORE U.S. Equity Fund and Small Cap Value Fund for the
year ended December 31, 1999, we considered its internal control, including
control activities 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 internal control.
The management of the 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 controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements 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 not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
February 11, 2000
2
2
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