Protective Investment Company
Supplement dated September 29, 2000
to Prospectus dated May 1, 2000
Protective Small Cap Value Fund
The first and third paragraphs about the Protective Small Cap Value Fund under
the caption "Principal Investment Strategies" section of the Prospectus are
revised as follows:
"The Fund invests, under normal circumstances, at least 65% of its total assets
in equity securities of companies with public stock market capitalizations
(based upon shares available for trading on an unrestricted basis) within the
range of the market capitalization of companies constituting the Russell 2000
Value Index at the time of investment (currently between $20 million and $3
billion). Under normal circumstances, the Fund's investment horizon for
ownership of stocks will be two to three years. Dividend income, if any, is an
incidental consideration. If the market capitalization of a company held by the
Fund moves outside this range, the Fund may, consistent with its investment
objective, continue to hold the security."
"Other. The Fund may invest in the aggregate up to 35% of its total assets in
companies with public stock market capitalizations outside the range of the
market capitalization of companies constituting the Russell 2000 Value Index at
the time of investment and in fixed-income securities, such as government,
corporate and bank debt obligations."
Management of the Funds
The information with respect to the Quantitative Equity Team (CORE U.S. Equity
Fund) under the caption "Management of the Funds" is amended to delete
Kent A. Clark.
