SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / /
Pre-Effective Amendment No. / /
------
Post-Effective Amendment No. 14 /X/
------
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT / /
OF 1940
Amendment No. 15 /X/
------
PC&J PERFORMANCE FUND - FILE NOS. 2-87490 and 811-3906
(Exact Name of Registrant as Specified in Charter)
300 OLD POST OFFICE, 120 WEST THIRD STREET, DAYTON, OHIO 45402
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: 513/223-0600
JAMES M. JOHNSON, 300 OLD POST OFFICE, 120 WEST THIRD STREET, DAYTON,
OHIO 45402
(Name and Address of Agent for Service)
Copy to: Donald S. Mendelsohn, Brown, Cummins & Brown Co., L.P.A., 3500 Carew
Tower, Cincinnati, Ohio 45202
Approximate Date of Proposed Public Offering: APRIL 1, 1996
It is proposed that this filing will become effective:
/ / immediately upon filing pursuant to paragraph (b)
/X/ on March 31, 1996 pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)
/ / on (date) pursuant to paragraph (a) of Rule 485
The Registrant has registered an indefinite number or amount of securities
under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment
Company Act of 1940. A Form 24F-2 with respect to the Registrant's fiscal
year ended December 31, 1995 was filed with the Securities and Exchange
Commission on February 23, 1996.
PC&J PERFORMANCE FUND
Cross Reference Sheet Required By
Rule 481(a) under the Securities Act of 1933
PART A OF FORM N-1A ITEM NO. CAPTION(S) IN PROSPECTUS
1 ........................... Cover Page
2 ........................... Fee Table
3 ........................... Financial Highlights
4 ........................... Organization And Operation Of The Fund
5A........................... Organization and Operation of The Fund
5 ........................... Organization And Operation Of The Fund
6 ........................... Description Of Shares And Taxes
7 ........................... Determination Of Share Price, How To Invest
In The Fund, Distribution Expense Plan
8 ........................... How To Redeem Your Investment
9 ........................... None
CAPTION(S) IN STATEMENT
PART B OF FORM N-1A ITEM NO. OF ADDITIONAL INFORMATION
10 .......................... Cover Page
11 .......................... Table Of Contents
12 .......................... None
13 .......................... Investment Objective And Policies
14 .......................... Organization And Operation Of The Fund
15 .......................... Organization And Operation Of The Fund
16 .......................... Organization And Operation Of The Fund,
Distribution Expense Plan
17 .......................... Portfolio Transactions And Brokerage
Allocation
18 .......................... Description Of Shares And Taxes
19 .......................... How To Invest In The Fund, Determination Of
Share Price
20 .......................... Description Of Shares And Taxes
21 .......................... Not Applicable
22 .......................... None
23 .......................... Financial Statements
PROSPECTUS
April 1, 1996
PC&J PERFORMANCE FUND
A No-Load Fund
300 Old Post Office
120 West Third Street
Dayton, Ohio 45402
Investment Adviser: Parker Carlson & Johnson, Inc.
INVESTMENT OBJECTIVE
The investment objective of PC&J Performance Fund (the "Fund") is long-term
growth of capital through investment in common stocks. Current income is of
secondary importance.
IMPORTANT FEATURES
Investment for Capital Growth
No Sales Commissions or Withdrawal Charges
Professional Management
Diversification
This Prospectus sets forth concisely the information about the Fund that
you should know before investing. Please retain this Prospectus for
futurereference. A Statement of Additional Information dated April 1,
1996 hasbeen filed with the Securities and Exchange Commission and is
incorporatedby reference in its entirety into this Prospectus. A copy
of the Statementof Additional Information can be obtained at no charge
by calling the Fundat 513-223-0600.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
TABLE OF CONTENTS
FEE TABLE.....................................................
FINANCIAL HIGHLIGHTS..........................................
INVESTMENT OBJECTIVE AND POLICIES.............................
ORGANIZATION AND OPERATION OF THE FUND........................
DISTRIBUTION EXPENSE PLAN.....................................
DESCRIPTION OF SHARES AND TAXES...............................
HOW TO INVEST IN THE FUND.....................................
HOW TO REDEEM YOUR INVESTMENT.................................
DETERMINATION OF SHARE PRICE..................................
AUDITORS......................................................
NEW ACCOUNT APPLICATION.......................................
FEE TABLE
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases
(as a percentage of offering price) 0%
Maximum Sales Load Imposed on Reinvested
Dividends (as a percentage of offering
price) 0%
Deferred Sales Load (as a percentage
of original purchase price or redemption
proceeds, as applicable) 0%
Redemption Fees (as a percentage of
amount redeemed, if applicable) 0%
Exchange Fee 0%
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees 1.00%
12b-1 Fees 0%
Other Expenses 0.50%
------
Total Fund Operating Expenses 1.50%
------
<TABLE>
<CAPTION>
Example 1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C> <C>
You would pay the
following expenses on
a $1,000 investment,
assuming (1) 5% annual
return and (2) redemption
at the end of each time
period: $15 $47 $81 $178
</TABLE>
The purpose of the above table is to assist a potential purchaser of
the Fund's shares in understanding the various costs and expenses
that an investor in the Fund will bear directly or indirectly. See
"ORGANIZATION AND OPERATION OF THE FUND" and "DISTRIBUTION EXPENSE
PLAN" for a more complete discussion of the annual operating expenses
of the Fund. The foregoing example should not be considered a
representation of past or future expenses. Actual expenses may be
greater or less than those shown. Under normal circumstances, such
expenses will not exceed 1.5% of the Fund's average net assets.
FINANCIAL HIGHLIGHTS
The information contained in the table below is for the years ended
December 31, 1995, 1994, 1993, 1992, 1991, 1990, 1989 and 1988, the nine
months ended December 31, 1987, and the year ended March 31, 1987. Such
information has been derived from data contained in financial statements
audited by Deloitte & Touche, LLP, independent certified public
accountants. Such information should be read in conjunction with the
financial statements appearing in the Fund's Statement of Additional
Information. The Fund's Annual Report contains additional performance
information and will be made available upon request and without charge.
PC&J PERFORMANCE FUND
FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, 1993, 1992, 1991, 1990, AND 1988,
THE NINE MONTHS ENDED DECEMBER 31, 1987 AND
THE YEAR ENDED MARCH 31, 1987
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Selected Data for Each Share December December December December December
of Capital Stock Outstanding 1995 1994 1993 1992 1991
Throughout the Year
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF YEAR $17.68 $18.13 $17.90 $17.42 $14.22
Income from investment operations:
Net investment income 0.03 0.06 0.08 0.10 0.15
Net realized and unrealized
gain(loss) on securities 3.99 0.08 2.47 1.30 4.18
---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT OPERATIONS 4.02 0.14 2.55 1.40 4.33
Less distributions:
Dividends from net investment
income (0.03) (0.06) (0.08) (0.10) (0.15)
Distributions from net
realized capital gains (2.49) (0.53) (2.24) (0.82) (0.98)
---------- ---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS (2.52) (0.59) (2.32) (0.92) (1.13)
NET ASSET VALUE - END OF YEAR $19.18 $17.68 $18.13 $17.90 $17.42
Total return 22.74% 0.77% 14.25% 8.04% 30.45%
RATIOS TO AVERAGE NET ASSETS
Expenses 1.50% 1.50% 1.52% 1.52% 1.52%
Net Investment income 0.13% 0.35% 0.45% 0.61% 0.97%
Net assets at end of year (000's) $23,949 $19,753 $19,670 $16,045 $14,040
Portfolio turnover rate 76.71% 68.56% 63.28% 48.26% 41.40%
<CAPTION>
Selected Data for Each Share December December December December March
of Capital Stock Outstanding 1990 1989 1988 1987 1987
Throughout the Year
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF YEAR $15.30 $12.35 $11.20 $14.65 $13.97
Income from investment operations:
Net investment income 0.18 0.17 0.27 0.10 0.13
Net realized and unrealized
gain(loss) on securities (1.08) 3.95 1.15 (3.41) 2.29
---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT OPERATIONS (0.90) 4.12 1.42 (3.31) 2.42
Less distributions:
Dividends from net investment
income (0.18) (0.17) (0.27) (0.10) (0.13)
Distributions from net
realized capital gains 0.00 (1.00) 0.00 (0.04) (1.61)
---------- ---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS (0.18) (1.17) (0.27) (0.14) (1.74)
NET ASSET VALUE - END OF YEAR $14.22 $15.30 $12.35 $11.20 $14.65
Total return -5.88% 33.36% 12.68% -22.59% 17.32%
RATIOS TO AVERAGE NET ASSETS
Expenses 1.50% 1.52% 1.60% 1.51%<F1> 1.50%
Net Investment income 1.19% 1.20% 2.15% 0.93%<F1> 0.90%
Net assets at end of year (000's) $ 8,354 $ 8,489 $ 6,740 $ 6,999 $ 8,988
Portfolio turnover rate 73.89% 89.85% 62.54% 45.53%<F1> 50.73%
<FN>
<F1> Annualized
</FN>
</TABLE>
- ------------------------------------------------------------------------------
See notes to financial statements appearing in the Fund's
Statement of Additional Information
INVESTMENT OBJECTIVE AND POLICIES
The investment objective of the Fund is long-term growth of capital through
investment in common stocks. Current income is of secondary importance.
This investment objective may be changed without the affirmative vote of a
majority of the outstanding voting securities of the Fund. The Fund seeks
to achieve this objective by investing primarily in common stock that the
Fund's Investment Adviser believes to offer growth potential without regard
to current dividend yield.
The Fund may invest all or a portion of its assets for temporary defensive
purposes, in U.S. Treasury bills or other short-term interest bearing
securities and in bank interest bearing checking accounts, including
interest bearing checking accounts of the Custodian. Under normal
circumstances, such short-term investments are expected to represent only
a nominal portion of the Fund's total assets.
As a diversified company, at least 75% of the Fund's total assets must be
invested in (a) securities limited in respect of any one issuer to an
amount not greater than 5% of the value of the total assets of the Fund and
not greater than 10% of the outstanding voting securities of such issuer,
(b) cash and cash items, (c) government securities, and (d) securities of
other investment companies.
Although the Fund intends to diversify its investments, investment in the
Fund generally will be subject to market risks associated with the
ownership of common stock since the net asset value of shares of the Fund
will reflect the underlying value of the common stock owned by the Fund.
ORGANIZATION AND OPERATION OF THE FUND
The Fund is a diversified, open-end management investment company organized
as an Ohio business trust on October 26, 1983. The responsibility for
management of the Fund is vested in its Board of Trustees which, among
other things, is empowered by the Fund's Declaration of Trust to elect
officers of the Fund and contract with and provide for the compensation of
agents, consultants and other professionals to assist and advise in such
management.
The Fund has entered into an Investment Advisory Agreement ("Investment
Advisory Agreement") with Parker Carlson & Johnson, Inc., 300 Old Post
Office, 120 West Third Street, Dayton, Ohio (the "Adviser") in which the
Adviser has agreed to provide the Fund with continuous investment advice,
including management of the Fund's portfolio securities. The Adviser was
organized in 1982 and has been the only investment adviser of the Fund.
James M. Johnson is primarily responsible for the day to day management of
the Fund's portfolio and has been since the Fund's inception (December 23,
1983). Mr. Johnson has been the Secretary of the Adviser since September,
1982 and Secretary and a Trustee of the Fund since its inception.
The Adviser is also the investment adviser to PC&J Preservation Fund and
to various individual, business and pension fund clients and is registered
under the Investment Advisers Act of 1940. All officers of the Adviser are
members of the Financial Analysts Federation, and Mr. Johnson and Mrs.
Carlson are Chartered Financial Analysts.
As compensation for the investment advice, the Fund will pay the Adviser a
monthly fee, accrued daily, based on an annual rate of 1% of the daily net
mutual funds.
The Fund has entered into a Management and Transfer Agent Agreement
("Management Agreement") with PC&J Service Corp., 300 Old Post Office, 120
West Third Street, Dayton, Ohio ("Service Corp."), in which Service Corp.
has agreed to manage the Fund's business affairs, exclusive of investment
advice provided by Adviser, and to serve as its transfer and dividend
disbursing agent. Service Corp. pays all expenses of the Fund (excluding
interest, taxes, brokerage and extraordinary expenses and fees payable
under the Investment Advisory Agreement and Management Agreement, all of
which are payable by the Fund).
These expenses include, but are not limited to, costs of furnishing
documents to shareholders and regulatory agencies, registration and filing
fees, legal, auditing, and custodian fees. Service Corp. pays the expenses
of shareholders' and Trustees' meetings and any fees paid to Trustees who
are not interested persons of the Adviser. Service Corp. was organized in
October 1983, and its officers and directors are identical to those of
Adviser.
As compensation for the overall management, transfer and dividend
disbursing agent services and payment of the foregoing expenses, the Fund
will pay Service Corp. a monthly fee, accrued daily, based on an annual
rate of .5% of the daily net asset value of the Fund.
The Fund has appointed Star Bank, N.A., Cincinnati ("Custodian"), 425
Walnut Street, Cincinnati, Ohio 45202, as the Fund's custodian. In such
capacity the Custodian will receive all new account applications in
connection with initial purchases of the Fund's shares, will receive and
credit to the account of the Fund all checks payable to the Fund and all
wire transfers to the Fund. The Custodian wil hold all portfolio
securities and other assets owned by the Fund. Compensation for such
services will be paid by Service Corp.
Performance information for the Fund is contained in the Fund's annual
report which will be made available upon request and without charge.
DISTRIBUTION EXPENSE PLAN
Certain of the foregoing expenses of the Fund payable by Adviser and
Service Corp. are for activities associated with the sale of Fund shares.
For example, Adviser and Service Corp. are responsible for the compensation
of all employees and officers common to such organizations and the Fund.
Also, Service Corp. is responsible for the costs of preparation and
printing the Fund's registration statements and prospectuses and its
registration and filing fees.
While the Fund does not believe that payments made to Adviser under the
Investment Advisory Agreement and to Service Corp. under the Management
Agreement indirectly are for activity primarily intended to result in the
sale of Fund shares, the Fund and its shareholders have adopted a
Distribution Expense Plan authorizing payments under the Investment
Advisory Agreement and Management Agreement which might be deemed to be
primarily intended to result in the sale of Fund shares.
DESCRIPTION OF SHARES AND TAXES
Ownership records of shares are maintained by the Fund's transfer agent,
Service Corp., which confirms purchase and sale of shares and dividend and
capital gain distributions. Certificates representing shares will not be
issued.
Shareholders have equal voting rights on all matters submitted for
shareholder vote. The Declaration of Trust limits the matters requiring a
shareholder vote to the election or removal of Trustees, approval of
certain contracts of the Fund such as the Investment Advisory Agreement
with Adviser, approval of the termination or reorganization of the Fund and
certain other matters described in such Declaration.
Dividends and distributions on shares shall be made with such frequency and
in such amounts as the Trustees from time to time shall determine.
Long-term capital gains normally will be distributed only once annually.
Distributions will be made only in additional shares and not in cash. The
tax consequences described in this section apply to dividends and
distributions even though paid in additional shares and not in cash.
It is expected that the Trustees will distribute annually to shareholders
all or substantially all of the Fund's net income and net realized capital
gains. Distributed net income and distributed net realized short-term
capital gains are taxable to investors for federal income tax purposes as
ordinary income. Distributed net realized long-term capital gains are
taxable to investors as long-term capital gains, even though paid in
additional shares and not in cash. Shareholders not subject to federal
income tax on their income will not, of course, be required to pay federal
income tax on any amounts distributed to them.
The Fund will inform shareholders of the amount and nature of such income
and capital gains. Dividend and capital gain distributions may be subject
to state and local taxes. Shareholders are urged to consult their own tax
advisers regarding specific questions as to federal, state or local taxes
and about the tax effect of distributions and withdrawals from the Fund.
Holders of shares should direct all inquiries concerning the purchase or
redemption of shares to the Fund. All other questions should be directed
to Service Corp.
HOW TO INVEST IN THE FUND
You may purchase shares of the Fund on any business day the New York Stock
Exchange is open. The minimum initial investment is $1,000 ($2,000 for tax
deferred retirement plans). There is no required minimum subsequent
investment. The purchase price for shares will be the net asset value per
share next determined after the order is received. (See "Determination of
Share Price".) There is no sales charge or commission.
The Fund reserves the right to refuse to sell to any person. If a
purchaser's check is returned to the Custodian as uncollectible, the
purchase order is subject to cancellation and the purchaser will be
responsible for any loss incurred by the Fund.
INITIAL INVESTMENT BY MAIL
You may purchase shares of the Fund by mail, in at least the minimum
amount, by submitting a check payable to the order of "PC&J Performance
Fund" and a completed and signed new account application, which accompanies
this Prospectus (page 13), to the Custodian at the following address:
PC&J - Lockbox Account
Location 0614
Cincinnati, Ohio 45264-0614
The Fund confirms with the Custodian, by telephone and on a daily basis as
required, the receipt by the Custodian of the foregoing information,
payment and properly completed new account application.
INITIAL INVESTMENTS BY WIRE
You may purchase shares of the Fund by wire, in at least the minimum
amount, by (a) first completing and signing the new account application,
(b) telephoning (513-223-0600) the information contained in the new account
application to the Fund, (c) mailing the completed and signed new account
application to the Custodian at the address set forth in the preceding
paragraph, and (d) instructing your bank to wire Federal Funds to the
Custodian. Your bank may charge you a fee for sending such wire.
SUBSEQUENT INVESTMENTS
You may purchase additional shares of the Fund by (a) first providing the
Fund, by mail or by telephone, the necessary information concerning the
name of your account and its number and (b) thereafter providing the
Custodian the necessary payment, which may be by check or by wire transfer,
as described above.
EFFECTIVE DATE OF PURCHASE
The Fund confirms with the Custodian, by telephone and on a daily basis as
required, the receipt by the Fund or the Custodian of the foregoing
information, payment and properly completed new account application. The
Fund will deem a purchase to be effective only after confirmation of the
receipt of such information, payment and the proper completion of the new
account application. The Fund's transfer agent, Service Corp., mails you
confirmations of all investments and redemptions.
HOW TO REDEEM YOUR INVESTMENT
The Fund will redeem all or part of your shares without charge at the net
asset value next determined after receipt by the Fund of your properly
completed written request for redemption. Payment for shares of the Fund
tendered for redemption is made within 7 days after tender in proper form.
However, payment in redemptions of shares purchased by check will be
effected only after the check has been collected, which normally occurs
within fifteen days. The Fund further reserves the right to delay payment
for the redemption of shares until such time as the Fund has received the
properly completed new account application with respect to such shares.
Shares of the Fund may be redeemed on each day that the Fund is open for
business by sending a written redemption request to the Fund. The written
request must be signed by each shareholder, including each joint owner,
exactly as the name appears on the Fund's account records. The redemption
request must state the number or dollar amount of shares to be redeemed and
your account number. For the protection of shareholders, additional
documentation may be required from individuals, corporations, partnerships,
executors, trustees and other fiduciaries.
Because the Fund incurs certain fixed costs in maintaining shareholder
accounts, the Fund reserves the right to redeem all shares of any account
on sixty days' written notice if the net asset value of the account, due
to redemption, is less than $5,000 ($1,000 for tax deferred retirement
plans), or such other minimum amount as the Fund may determine from time
to time. A shareholder may increase the value of his shares to the minimum
amount within the sixty day period. Each share of the Fund is subject to
redemption at any time if the Board of Trustees determines in its sole
discretion that failure to so redeem may have materially adverse
consequences to all or any of the shareholders of the Fund. It is
anticipated that the redemption provisions of the preceding sentence would
be used only to preserve the tax status of a Fund or to close a Fund.
The Fund may suspend the right of redemption or may delay payment (a)
during any period the New York Stock Exchange is closed other than for
customary weekend and holiday closings, (b) when trading on the New York
Stock Exchange is restricted, or an emergency exists (as determined by the
rules and regulations of the Securities and Exchange Commission) so that
disposal of the securities held in the Fund or determination of the net
asset value of the Fund is not reasonably practicable, or (c) for such
other periods as the Securities and Exchange Commission by order may
permit for the protection of the Fund's shareholders.
DETERMINATION OF SHARE PRICE
On each day that the Fund is open for business, the net asset value of the
shares is determined as of 4:15 P.M., Dayton, Ohio time. The Fundis open
for business on each day the New York Stock Exchange is open for business
and on any other day when there is sufficient trading in the Fund's
portfolio securities that the Fund's net asset value might be materially
affected. The net asset value per share is computed by dividing the sum of
the value of the securities held by the Fund plus any cash or other assets
(including interest and dividends accrued but not yet received) minus all
liabilities (including estimated accrued expenses) by the total number of
shares then outstanding.
All portfolio securities are valued on the following basis: (a) securities
which are traded on stock exchanges are valued at the last sale price as
of the close of business on the day the securities are being valued, (b)
securities traded in the over the-counter market are valued at either the
mean between the bid and ask prices or the last sale price as one or the
other may be quoted by the National Association of Securities Dealers
Automated Quotations System ("NASDAQ") as of the close of business on the
day the securities are being valued, (c) securities and other assets for
which market quotations are not readily available are valued at fair value
as determined in good faith by or under the direction of the Board of
Trustees of the Fund. The share price of the Fund will fluctuate with the
value of its portfolio securities.
AUDITORS
The Fund has selected the firm of Deloitte & Touche, LLP as the
independent certified public accountants for the Fund. Deloitte &
Touche, LLP will be paid for its services by Service Corp.
PC&J PERFORMANCE FUND
NEW ACCOUNT APPLICATION
INSTRUCTIONS: Complete Sections 1 through 4 where applicable. Please print or
type. This application should be completed, signed and mailed to PC&J
Lockbox Account, Cincinnati. If payment is by check or other negotiable
instrument such check or other negotiable instrument payable to PC&J
Performance Fund should accompany the New Account Application. Refer to the
Prospectus for more detailed information.
MAIL TO: PC&J Lockbox Account
Location 0614
Cincinnati, Ohio 45264-0614
- -------------------------------------------------------------------------------
1. REGISTRATION (Complete one section only)
___________________________________ _______________
INDIVIDUALS First Name Initial Last Name Social Security
AND Number
JOINT TENANTS
_______________________________________________________
Joint Owner (A Joint Tenancy with right of survivorship
will be presumed, unless otherwise indicated)
___________________________________ _______________
GIFTS Custodian's Name (only one) Minor's state
TO of residence
MINORS
___________________________________ _______________
Minor's Name (Only one) Minor's Social
Security Number
___________________________________ _______________
TRUSTS Trust or Plan Name Tax Identifi-
AND QUALIFIED cation Number
RETIREMENT PLANS
___________________________________
Name of Trustee(s)
___________________________________ _______________
ORGANIZATIONS Name of Organization Tax Identifi-
cation Number
Type: ___Corporation ___Partnership ___Association
11
2. MAILING ADDRESS
___________________________________ ________________
Street Telephone Number
___________________________________ ________________
City State Zip Code
___________________________________
Attention (if any)
- -------------------------------------------------------------------------------
3. INITIAL INVESTMENT (Complete one only)
A. I am mailing $___________ by check or other negotiable instrument
Amount
B. I have arranged $___________ for wire transfer
Amount
to PC&J Lockbox Account, Cincinnati at the address set forth above
for the purchase of shares of PC&J Performance Fund. The minimum initial
purchase is $1,000 ($2,000 for tax deferred retirement plans).
- -------------------------------------------------------------------------------
4. SIGNATURES
I have received and reviewed a copy of the Fund's Prospectus dated
April 1, 1996 and understand that (a) certificates with respect to
shares of the Fund will not be issued, and (b) dividends and capital
gain distributions will be made only in additional shares of the Fund
and not in cash.
_____________ __________________________________________________
Date Signature (Individual, Custodian, Trustee or Other)
_____________ __________________________________________________
Date Signature of Joint Owner (if any)
- -------------------------------------------------------------------------------
PROSECTUS
April 1, 1996
PC&J
PERFORMANCE
FUND
INVESTMENT ADVISER
Parker Carlson & Johnson, Inc.
300 Old Post Office
120 West Third Street
Dayton, Ohio 45402
MANAGER AND TRANSFER AGENT PC&J
PERFORMANCE
PC&J Service Corp. FUND
300 Old Post Office
120 West Third Street
Dayton, Ohio 45402
AUDITORS
Deloitte & Touche, LLP
1700 Courthouse Plaza Northeast
Dayton, Ohio 45402
CUSTODIAN
Star Bank, N.A., Cincinnati
425 Walnut Street
Cincinnati, Ohio 45202
STATEMENT OF ADDITIONAL INFORMATION
April 1, 1996
PC&J PERFORMANCE FUND
A No-Load Fund
300 Old Post Office
120 West Third Street
Dayton, Ohio 45402
Investment Adviser: Parker Carlson & Johnson, Inc.
(the "Adviser")
INVESTMENT OBJECTIVE
The investment objective of PC&J Performance Fund (the "Fund") is
long-term growth of capital through investment in common stocks. Current
income is of secondary importance.
IMPORTANT FEATURES
Investment for Capital Growth
No Sales Commissions or Withdrawal Charges
Professional Management
Diversification
This Statement of Additional Information is not a prospectus and should
be read in conjunction with the Prospectus of the Fund dated April 1,
1996 (the "Prospectus") which is available upon request and without
charge by calling the Fund at 513-223-0600. This Statement of Additional
Information is incorporated by reference in its entirety into the
Prospectus.
TABLE OF CONTENTS
INVESTMENT OBJECTIVE AND POLICIES.............................
Fundamental..............................................
Non-Fundamental..........................................
State Restrictions.......................................
ORGANIZATION AND OPERATION OF THE FUND........................
Principal Holders of Equity Securities...................
Investment Adviser.......................................
Manager and Transfer Agent...............................
Custodian................................................
Auditors.................................................
PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION...............
DISTRIBUTION EXPENSE PLAN.....................................
DESCRIPTION OF SHARES AND TAXES...............................
HOW TO INVEST IN THE FUND.....................................
Initial Investment By Mail...............................
Initial Investments By Wire..............................
Subsequent Investments...................................
Effective Date of Purchase...............................
HOW TO REDEEM YOUR INVESTMENT.................................
DETERMINATION OF SHARE PRICE..................................
FINANCIAL STATEMENTS..........................................
INVESTMENT OBJECTIVE AND POLICIES
FUNDAMENTAL
Information contained in the Prospectus under the heading "Investment
Objective and Policies" is incorporated herein by reference. The
investment limitations described below have been adopted by the Fund and
are fundamental ("Fundamental"), i.e., they may not be changed without
the affirmative vote of a majority of the outstanding shares of the
Fund. As used in the Prospectus and this Statement of Additional
Information, the term "majority" of the outstanding shares of the Fund
means the lesser of (1) 67% or more of the outstanding shares of the
Fund present at a meeting,if the holders of more than 50% of the
outstanding shares of the Fund are present or represented at such
meeting; or (2) more than 50% of the outstanding shares of the Fund.
Other investment practices which may be changed by the Board of Trustees
without the approval of shareholders to the extent permitted by
applicable law, regulation or regulatory policy are considered
non-fundamental ("Non-Fundamental").
1. BORROWING MONEY. The Fund will not borrow money, except (a)
from a bank, provided that immediately after such borrowing there is an
asset coverage of 300% for all borrowings of the Fund; or (b) from a
bank or other persons for temporary purposes only, provided that such
temporary borrowings are in an amount not exceeding 5% of the Fund's
total assets at the time when the borrowing is made. This limitation
does not preclude the Fund from entering into reverse repurchase
transactions, provided that the Fund has an asset coverage of 300% for
all borrowings and repurchase commitments of the Fund pursuant to
reverse repurchase transactions.
2. SENIOR SECURITIES. The Fund will not issue senior securities.
This limitation is not applicable to activities that may be deemed to
involve the issuance or sale of a senior security by the Fund, provided
that the Fund's engagement in such activities is (a) consistent with or
permitted by the Investment Company Act of 1940, as amended, the rules
and regulations promulgated thereunder, or interpretations of the
Securities and Exchange Commission or its staff and (b) as described in
the Prospectus and this Statement of Additional Information.
3. UNDERWRITING. The Fund will not act as underwriter of
securities issued by other persons. This limitation is not applicable
to the extent that, in connection with the disposition of portfolio
securities (including restricted securities), the Fund may be deemed an
underwriter under certain federal securities laws.
4. REAL ESTATE. The Fund will not purchase or sell real estate.
This limitation is not applicable to investments in securities which are
secured by or represent interests in real estate. This limitation does
not preclude the Fund from investing in mortgage-related securities, or
investing in companies which are engaged in the real estate business or
have a significant portion of their assets in real estate (including
real estate investment trusts).
5. COMMODITIES. The Fund will not purchase or sell commodities
unless acquired as a result of ownership of securities or other
investments. This limitation does not preclude the Fund from purchasing
or selling options or futures contracts, from investing in securities
or other instruments backed by commodities or from investing in
companies which are engaged in a commodities business or have a
significant portion of their assets in commodities.
6. LOANS. The Fund will not make loans to other persons, except
(a) by loaning portfolio securities, (b) by engaging in repurchase
agreements, or (c) by purchasing nonpublicly offered debt securities.
For purposes of this limitation, the term "loans" shall not include the
purchase of a portion of an issue of publicly distributed bonds,
debentures or other securities.
7. CONCENTRATION. The Fund will not invest 25% or more of its
total assets in a particular industry. This limitation is not
applicable to investments in obligations issued or guaranteed by the
U.S. government, its agencies and instrumentalities or repurchase
agreements with respect thereto.
With respect to the percentages adopted by the Fund as maximum
limitations on its investment policies and limitations, an excess above
the fixed percentage will not be a violation of the policy or limitation
unless the excess results immediately and directly from the acquisition
of any security or the action taken. It is the current position of the
SEC staff that the provisions of this paragraph do not apply to a fund's
borrowing policy (paragraph 1 above). As long as the SEC staff
maintains that position, neither Fund will apply the provisions to its
borrowing policy.
Notwithstanding the concentration limitation in paragraph 7, any
investment company, whether organized as a trust, association or
corporation, or a personal holding company, may be merged or
consolidated with or acquired by the Fund, provided that if such
merger, consolidation or acquisition results in any concentration
prohibited by said paragraph 7, the Fund shall, within ninety days
after the consummation of such merger, consolidation or acquisition,
dispose of all of the securities of such issuer so acquired or such
portion thereof as shall bring the total investment therein within the
limitation imposed by said paragraph 7 above as of the date of
consummation.
NON-FUNDAMENTAL
The following limitations have been adopted by the Fund and are Non-
Fundamental.
1. PLEDGING. The Fund will not mortgage, pledge, hypothecate or
in any manner transfer, as security for indebtedness, any assets of the
Fund except as may be necessary in connection with borrowings described
in limitation (1) above. Margin deposits, security interests, liens and
collateral arrangements with respect to transactions involving options,
futures contracts, short sales and other permitted investments and
techniques are not deemed to be a mortgage, pledge or hypothecation of
assets for purposes of this limitation.
2. MARGIN PURCHASES. The Fund will not purchase securities or
evidences of interest thereon on "margin." This limitation is not
applicable to short term credit obtained by the Fund for the clearance
of purchases and sales or redemption of securities, or to arrangements
with respect to transactions involving options, futures contracts,
short sales and other permitted investments and techniques.
3. OPTIONS. The Fund will not purchase or sell puts, calls,
options or straddles except as described in the Prospectus and this
Statement of Additional Information.
4. SHORT SALES. The Fund will not effect short sales of
securities unless it owns or has the right to obtain securities
equivalent in kind and amount to the securities sold short.
5. ILLIQUID INVESTMENTS. The Fund will not invest more than 15%
of its net assets in securities for which there are legal or contractual
restrictions on resale and other illiquid securities.
STATE RESTRICTIONS
To comply with the current blue sky regulations of the State of Ohio,
the Fund presently intends to observe the following restrictions, which
may be changed by the Board of Trustees without shareholder approval.
The Fund will not purchase or retain securities of any issuer if the
Trustees and officers of the Fund or of the Adviser, who individually
own beneficially more than 0.5% of the outstanding securities of such
issuer, together own beneficially more than 5% of such securities. The
Fund will not purchase securities issued by other investment companies
except by purchase in the open market where no commission or profit to a
sponsor or dealer results from such purchase other than customary
broker's commission or except when such purchase is part of a plan of
merger, consolidation, reorganization or acquisition. The Fund will not
borrow (other than by entering into reverse repurchase agreements),
pledge, mortgage or hypothecate more than one-third of its total
assets. In addition, the Fund will engage in borrowing (other than
reverse repurchase agreements) only for emergency or extraordinary
purposes and not for leverage. The Fund will not invest more than 15%
of its total assets in securities of issuers which, together with any
predecessors, have a record of less than three years continuous
operation or securities of issuers which are restricted as to
disposition. The Fund will not purchase the securities of any issuer
if such purchase at the time thereof would cause more than 10% of the
voting securities of any issuer to be held by the Fund.
It is the Fund's policy to sell securities that the Fund's Investment
Adviser, Parker Carlson & Johnson, Inc. (the "Adviser") considers
overvalued, replacing them with undervalued securities and to do so as
often as the Adviser deems prudent and appropriate. For the Fund's
fiscal year ended December 31, 1995 the Fund's portfolio turnover rate
was 76.71%.
ORGANIZATION AND OPERATION OF THE FUND
Information contained in the Prospectus under the heading "Organization
and Operation of the Fund" is incorporated herein by reference. The
names of the executive officers and Trustees of the Fund are shown in
the table below. Each Trustee who is an "interested person" of the Fund,
as defined in the Investment Company Act of 1940, is indicated by an
asterisk.
<TABLE>
<CAPTION>
Position Held Principal Occupation(s)
Name, Address and Age With Fund During Past Five Years
<S> <C> <C>
*Leslie O. Parker III <F1> President Since September 1982,
300 Old Post Office and Trustee President of Adviser
120 West Third Street
Dayton, Ohio 45402
Age: 56
*Kathleen A. Carlson, CFA <F1> Treasurer Since September 1982,
300 Old Post Office and Trustee Treasurer of Adviser
120 West Third Street
Dayton, Ohio 45402
Age: 40
*James M. Johnson, CFA <F1> Secretary Since September 1982,
300 Old Post Office and Trustee Secretary of Adviser
120 West Third Street
Dayton, Ohio 45402
Age: 43
Donald N. Lorenz Trustee Since December 1980,
367 West Second Street Vice President-Finance
Dayton, Ohio 45402 and Treasurer, Price
Age: 61 Brothers Company
(concrete pipe products)
Thomas H. Rodgers Trustee Since July 1986, Vice
World Headquarters Blvd. President - General
Troy, Ohio 45373 Counsel and Secretary,
Age: 51 Premark International,
Inc. Food Equipment Group
<FN>
<F1> Each of these individuals serves as a director of the Adviser.
</FN>
</TABLE>
Each of the foregoing Trustees also is a Trustee of PC&J Preservation
Fund.
As of March 1, 1996, all Trustees and officers of the Fund as a group
owned 1.32% of the outstanding shares of the Fund.
The compensation paid to the Trustees of the Fund for the year ended
December 31, 1995 is set forth in the following table:
<TABLE>
<CAPTION>
Pension or Estimated Total
Retirement Annual Compensa-
Aggregate Accrued As Benefits tion From
Compensa- Part of Upon Fund
tion From Fund Retire- Complex
Name Fund Expenses ment
<S> <C> <C> <C> <C>
Leslie O. Parker,III $0 $0 $0 $0
Kathleen A. Carlson $0 $0 $0 $0
James M. Johnson $0 $0 $0 $0
Donald N. Lorenz $300 $0 $0 $600
Thomas H. Rodgers $300 $0 $0 $600
</TABLE>
The Fund and PC&J Preservation Fund are the two investment companies in
the PC&J Mutual Funds complex. They have identical Boards of Trustees,
and Board and committee meetings of both Funds are held at the same
time. Although the fees paid to Trustees are expenses of the Funds,
Service Corp. makes the actual payment pursuant to its management
agreements with the Funds, which obligate Service Corp. to pay all of
the operating expenses of the Funds (with limited exceptions).
PRINCIPAL HOLDERS OF EQUITY SECURITIES
The following table sets forth each person or group known to the Fund to
be the record or beneficial owner of five percent (5%) or more of the
Fund's shares as of March 1, 1996:
Riverside Pediatric Assoc. Inc. 5.9%
Profit Sharing Trust
2559 Tremont Road
Columbus, Ohio 43221
INVESTMENT ADVISER
Information contained in the Prospectus under the heading "Organization
and Operation of the Fund" is incorporated herein by reference.
The Fund's President, Treasurer and Secretary are the President,
Treasurer and Secretary, respectively, of Adviser and own in the
aggregate a controlling interest in Adviser.
For the Fund's fiscal years ended December 31, 1993, 1994 and 1995, the
Adviser was paid $176,419, $196,659 and $225,207 respectively, under the
Investment Advisory Agreement.
The Advisor and Service Corp., as manager, jointly and severally have
agreed to reimburse the Fund (up to the amount of the respective fee
received by Adviser or Service Corp.) for the aggregate expenses of the
Fund during any fiscal year which exceed the limits prescribed by any
state in which the shares of the Fund are registered for sale.
Currently, no such state expense limitations apply to the Fund.
MANAGER AND TRANSFER AGENT
Information contained in the Prospectus under the heading "Organization and
Operation of the Fund" is incorporated herein by reference.
For the Fund's fiscal years ended December 31, 1993, 1994 and 1995,
Service Corp. was paid $88,210, $98,329 and $112,603 respectively, under
the Management Agreement.
Service Corp. has agreed to pay the Fund's organizational costs and to
provide and pay the compensation for the Fund's officers and employees,
to provide and pay for office space and facilities required for its
operation and generally to provide and pay for the general administration
and operation of the Fund, including its compliance obligations under
state and federal laws and regulations (but excluding interest, taxes,
brokerage and extraordinary expenses and fees payable under the
Investment Advisory Agreement and Management Agreement, all of which
are payable by the Fund).
CUSTODIAN
Information contained in the Prospectus under the heading "Organization
and Operation of the Fund" is incorporated herein by reference.
AUDITORS
Information contained in the Prospectus under the heading "Auditors" is
incorporated herein by reference.
The Auditors' principal business address is: 1700 Courthouse Plaza
Northeast, Dayton, Ohio 45402.
It is expected that such independent public accountants will audit the
annual financial statements of the Fund, assist in the preparation of
the Fund's federal and state tax returns and review certain of the
Fund's filings with the Securities and Exchange Commission.
PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION
Subject to the policies established by the Board of Trustees of the Fund,
the Adviser is responsible for the Fund's portfolio decisions and the
placing of the Fund's portfolio transactions. In executing such
transactions, the Adviser seeks to obtain the best net results for the
Fund taking into account such factors as price (including the applicable
brokerage commission or dealer spread), size of order, difficulties of
execution and operational facilities of the firm involved and the firm's
risk in positioning a block of securities. While the Adviser generally
seeks reasonably competitive commission rates, for the reasons stated in
the prior sentence the Fund will not necessarily be paying the lowest
commission or spread available.
The Adviser may consider (a) provision of research, statistical and other
information to the Fund or to the Adviser, and (b) the occasional sale by
a broker-dealer of Fund shares as factors in the selection of qualified
broker-dealers who effect portfolio transactions for the Fund so long as
the Adviser's ability to obtain the best net results for portfolio
transactions of the Fund is not diminished. Such research services include
supplemental research, securities and economic analyses, and statistical
services and information with respect to the availability of securities or
purchaser or seller of securities. Such research services may also be
useful to the Adviser in connection with its services to other clients.
Similarly, research services provided by brokers serving such other
clients may be useful to the Adviser in connection with its services to
the Fund. Although this information and the occasional sale by a
broker-dealer of Fund shares is useful to the Fund and the Adviser, it is
not possible to place a dollar value on it. It is the opinion of the
Board of Trustees and the Adviser that the review and study of this
information and the occasional sale by a broker-dealer of Fund shares
will not reduce the overall cost to the Adviser of performing its duties
to the Fund under the Investment Advisory Agreement. The Fund is not
authorized to pay brokerage commissions which are in excess of those
which another qualified broker would charge solely by reason of
brokerage, research or occasional sales services provided.
For the Fund's fiscal years ended December 31, 1993, 1994 and 1995, the
Fund paid $40,979, $48,611 and 58,714 respectively, in brokerage
commissions. Of this amount approximately 100% was paid to firms which
provided either research, statistical or other information to the Fund
or Adviser.
To the extent that the Fund and other clients of the Adviser seek to
acquire the same security at about the same time, the Fund may not be
able to acquire as large a position in such security as it desires or
it may have to pay a higher price for the security. Similarly, the Fund
may not be able to obtain as large an execution of an order to sell or
as high a price for any particular portfolio security if the other client
desires to sell the same portfolio security at the same time. On the other
hand, if the same securities are bought or sold at the same time by more
than one client, the resulting participation in volume transactions could
produce better executions for the Fund. In the event that more than one
client purchases or sells the same security on a given date, the
purchases and sales will be allocated by the Adviser in a manner that is
fair and equitable to all parties involved.
DISTRIBUTION EXPENSE PLAN
Information contained in the Prospectus under the heading "Distribution
Expense Plan" is incorporated herein by reference.
DESCRIPTION OF SHARES AND TAXES
Information contained in the Prospectus under the heading "Description of
Shares and Taxes" is incorporated herein by reference.
Shareholders have neither any preemptive rights to subscribe for
additional shares nor any cumulative voting rights. In the event of a
liquidation, shareholders of the Fund are entitled to receive the excess
of the assets of the Fund over the liabilities of the Fund in proportion
to the shares of the Fund held by them.
The Fund has qualified and intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
HOW TO INVEST IN THE FUND
Information contained in the Prospectus under the heading "How to Invest
in the Fund" is incorporated herein by reference.
INITIAL INVESTMENT BY MAIL
Information contained in the Prospectus under the heading "How to Invest
in the Fund - Initial Investments by Mail" is incorporated herein by
reference.
INITIAL INVESTMENTS BY WIRE
Information contained in the Prospectus under the heading "How to Invest
in the Fund - Initial Investments by Wire" is incorporated herein by
reference.
SUBSEQUENT INVESTMENTS
Information contained in the Prospectus under the heading "How to Invest
in the Fund - Subsequent Investments" is incorporated herein by reference.
EFFECTIVE DATE OF PURCHASE
Information contained in the Prospectus under the heading "How to Invest
in the Fund - Effective Date of Purchase" is incorporated herein by
reference.
HOW TO REDEEM YOUR INVESTMENT
Information contained in the Prospectus under the heading "How to Redeem
Your Investment" is incorporated herein by reference.
DETERMINATION OF SHARE PRICE
Information contained in the Prospectus under the heading "Determination
of Share Price" is incorporated herein by reference.
FINANCIAL STATEMENTS
[LOGO]
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
PC&J Performance Fund:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments of the
PC&J Performance Fund as of December 31, 1995, the related
statement of operations for the year then ended, and the
statements of changes in net assets and the financial
highlights for each of the years presented. These financial
statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the Fund's custodian and brokers. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position
of the PC&J Performance Fund at December 31, 1995, the results of
its operations, the changes in its net assets, and the financial
highlights for the respective stated years in conformity with
generally accepted accounting principles.
\S\ Deloitte & Touche, LLP
January 22, 1996
PC&J PERFORMANCE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PERCENT
OF NET NUMBER OF MARKET
SECURITY (Note A) ASSETS SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS:
Capital good and transportation: 8.1%
Airborne Freight Corp. 10,000 $ 266,250
Blount Inc. - Class A 11,650 305,813
Federal Signal Corp. 20,101 520,113
General Electric Co. 11,800 849,600
------------
1,941,776
Consumer cyclical: 7.2
Disney (Walt) Co. 4,000 235,500
Home Depot Inc. 10,300 491,825
Magna International Inc. - Class A 10,700 462,775
McDonalds Corp. 11,700 527,962
------------
1,718,062
Consumer staple: 12.1
Columbia/HCA Corp. 14,200 720,650
Living Centers of America Inc. <F1> 14,400 504,000
Medtronics Inc. 11,000 614,625
Merck & Co., Inc. 9,000 590,625
Sysco Corp. 14,500 471,250
------------
2,901,150
Energy: 10.2
Chevron Corp. 10,200 534,225
Mobil Corp. 6,800 759,900
Newpark Resources Inc. <F1> 25,620 570,045
Western Atlas Inc. <F1> 11,600 585,800
------------
2,449,970
Financial services: 13.9
Advanta Corp. - Class B 12,000 436,500
American Express Co. 13,000 537,875
Franklin Resources Inc. 8,000 403,000
Northern Trust Corp. 8,450 473,200
Schwab (Charles) Corp. 12,900 259,613
SunAmerica Inc. 8,400 399,000
Vesta Insurance Group Inc. 15,000 817,500
------------
3,326,688
------------
COMMON STOCKS 51.5% $12,337,646
<FN>
<F1> Nonincome producing security.
</FN>
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Page 2
PC&J PERFORMANCE FUND
SCHEDULE OF INVESTMENTS (Continued)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PERCENT
OF NET NUMBER OF MARKET
SECURITY (Note A) ASSETS SHARES VALUE
- --------------------------------------------------------------------------------
<C> <C> <C> <C>
COMMON STOCKS FORWARD: 51.5% $12,337,646
------------
Industrial commodities: 9.4
Aluminum Co. of America 7,200 380,700
Kimberly-Clark Corp. 4,800 397,200
Loctite Corp. 10,600 503,500
Phelps Dodge Corp. 7,400 460,650
Sealed Air Corp. <F1> 18,000 504,000
------------
2,246,050
Technology: 16.6
Anixter International Inc. <F1> 32,400 603,450
Cisco Systems Inc. <F1> 7,200 537,300
Computer Sciences Corp. <F1> 12,000 843,000
Eastman Kodak 6,800 455,600
Intel Corp. 6,300 357,525
Solectron Corp. <F1> 13,000 573,625
United Technologies Corp. 6,400 607,200
------------
3,977,700
Telecommunications: 10.9
AT&T Corp. 11,000 712,250
Cablevision Systems Corp. <F1> 10,800 585,900
Motorola Inc. 6,000 342,000
Viacom Inc. - Class B 12,100 573,237
Young Broadcasting - Class A <F1> 14,400 406,800
------------
2,620,187
TOTAL COMMON STOCKS
(Cost $16,317,123) 88.4 21,181,583
SHORT-TERM OBLIGATIONS
(Cost $2,602,845) 10.9 2,602,845
------------
TOTAL INVESTMENTS
(Cost $18,919,968) 99.3% $23,784,428
============
<FN>
<F1> Nonincome producing security.
</FN>
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Page 3
PC&J PERFORMANCE FUND
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at market value
(Cost basis - $18,919,968) (Notes A & D) $23,784,428
------------
Receivables:
Dividends and interest 42,419
Securities sold 152,319
------------
Total receivables 194,738
------------
Total assets 23,979,166
LIABILITIES - Accrued expenses (Note B) (30,469)
------------
NET ASSETS $23,948,697
============
SHARES OUTSTANDING
(Unlimited authorization - no par value) ( Note C) 1,248,376
NET ASSET VALUE PER SHARE $19.18
============
NET ASSETS CONSIST OF:
Paid in capital $19,084,237
Net unrealized appreciation 4,864,460
------------
Net Assets $23,948,697
============
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Page 4
PC&J PERFORMANCE FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME (Note A):
Dividends $ 207,400
Interest 159,424
-----------
Total investment income 366,824
-----------
EXPENSES (Note B):
Investment advisory fee 225,207
Management fee 112,603
-----------
Total expenses 337,810
-----------
NET INVESTMENT INCOME 29,014
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note D):
Net realized gain on investments 2,754,585
Change in unrealized appreciation of investments 1,791,320
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 4,545,905
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 4,574,919
============
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Page 5
PC&J PERFORMANCE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 29,014 $ 68,203
Net realized gain on investments 2,754,585 569,372
Change in unrealized appreciation
(depreciation) of investments 1,791,320 (484,220)
------------ ------------
Net increase in net assets from operations 4,574,919 153,355
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income (28,683) (68,534)
Dividends from net realized gain on investments (2,754,585) (569,372)
CAPITAL STOCK TRANSACTIONS - Increase in net assets
resulting from capital share transactions (Note C) 2,403,982 567,279
------------ ------------
Total increase in net assets 4,195,633 82,728
NET ASSETS:
Beginning of year 19,753,064 19,670,336
------------ ------------
End of year $23,948,697 $19,753,064
============ ============
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Page 6
PC&J PERFORMANCE FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PC&J Performance Fund (the 'Fund') commenced operations on December 23,
1983, as a `no-load, open-end, diversified' investment company. It is
organized as an Ohio business trust and is registered under the
Investment Company Act of 1940.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
or assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
(1) Security Valuations - Investments in securities traded on a national
securities exchange are valued at the last reported sales price on the
last business day of the month; securities traded on the over-the-
counter market are valued at the average of the closing bid and ask
prices.
(2) Federal Income Taxes - The Fund has elected to be treated as a
regulated investment company and intends to comply with the
requirements under Subchapter M of the Internal Revenue Code and to
distribute all of its net investment income and realized gains on
security transactions. Accordingly, no provision for federal income
taxes has been made in the accompanying financial statements.
(3) Other - Security transactions are accounted for on the date the
securities are purchased or sold (trade date). Realized gains and
losses on sales are determined using the first-in first-out method.
Dividends and distributions to shareholders are recorded on the
ex-dividend date. Dividend income is recorded on the ex-dividend date.
Interest income is accrued daily.
B. INVESTMENT ADVISORY AGREEMENT AND MANAGEMENT AGREEMENT
The Fund has an investment advisory agreement with Parker, Carlson &
Johnson, Inc. (the `Advisor'), wherein the Fund pays the Advisor a
monthly advisory fee, accrued daily, based on an annual rate of one
percent of the daily net assets of the Fund. Investment advisory fees
were $225,207 for the year ended December 31, 1995.
The Fund has a management agreement with PC&J Service Corp., (the
`Service Corp.'), wholly owned by the shareholders of the Advisor. The
Fund pays Service Corp. for the overall management of the Fund's business
affairs, exclusive of the services provided by the Advisor, and functions
as the Fund's transfer and dividend disbursing agent. Service Corp. pays
all expenses of the Fund (with certain exclusions) and is entitled to a
monthly fee, accrued daily, based on an annual rate of one-half of one
percent of the daily net assets of the Fund. Management fees were $112,603
for the year ended December 31, 1995.
Certain officers and trustees of the Fund are officers and trustees, or
both, of the Advisor and of Service Corp.
- --------------------------------------------------------------------------------
Page 7
PC&J PERFORMANCE FUND
NOTES TO FINANCIAL STATEMENTS - (Concluded)
- --------------------------------------------------------------------------------
C. CAPITAL STOCK TRANSACTIONS
<TABLE>
<CAPTION>
For the Year Ending For the Year Ending
December 31, 1995 December 31, 1994
----------------------- -----------------------
<S> <C> <C> <C> <C>
Shares sold 138,400 $ 2,657,095 99,206 $ 1,793,367
Shares issued in reinvestment of
dividends and capital gains
distributions 145,083 2,783,267 36,083 637,906
---------- ------------ ---------- ------------
283,483 5,440,362 135,289 2,431,273
Shares redeemed (152,432) (3,036,380) (102,776) (1,863,994)
---------- ------------ ---------- ------------
Net increase 131,051 2,403,982 32,513 567,279
Shares outstanding at beginning of
year 1,117,325 16,680,255 1,084,812 16,112,976
---------- ------------ ---------- ------------
Shares outstanding at end of year 1,248,376 $19,084,237 1,117,325 $16,680,255
========== ============ ========== ============
</TABLE>
D. INVESTMENT TRANSACTIONS
Securities purchased and sold (excluding short-term obligations) for the
year ended December 31, 1995, aggregated $15,426,045 and $14,962,137,
respectively. At December 31, 1995 gross unrealized appreciation on
investments was $5,068,045 and gross unrealized depreciation on investments
was $203,585 for a net unrealized appreciation of $4,864,460 for financial
reporting and federal income tax purposes.
E. DISTRIBUTION EXPENSE
The Fund's shareholders have adopted a Distribution Expense plan pursuant
to Rule 12b-1 of the Investment Company Act of 1940. This Plan authorizes
payments under the Investment Advisory Agreement and Management Agreement
(See Note B) which might be deemed to be expenses primarily intended to
result in the sale of Fund shares. No other payments are authorized under
the Distribution Expense Plan.
- --------------------------------------------------------------------------------
Page
PC&J PERFORMANCE FUND
FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, 1993, 1992, AND 1991
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Selected Data for Each Share of
Capital Stock Outstanding
Throughout the Year 1995 1994 1993 1992 1991
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE-BEGINNING OF YEAR $17.68 $18.13 $17.42 $17.90 $14.22
------- ------- ------- ------- -------
Income from investment operations:
Net investment income 0.03 0.06 0.08 0.15 0.10
Net realized and unrealized
gain on securities 3.99 0.08 2.47 1.30 4.18
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 4.02 0.14 2.55 4.33 1.40
------- ------- ------- ------- -------
Less dividends:
From net investment income (0.03) (0.06) (0.08) (0.15) (0.10)
From net realized gain
on investments (2.49) (0.53) (2.24) (0.98) 0.82)
------- ------- ------- ------- -------
TOTAL DIVIDENDS (2.52) (0.59) (2.32) (1.13) (0.92)
------- ------- ------- ------- -------
NET ASSET VALUE-END OF YEAR $19.18 $17.68 $18.13 $17.90 $17.42
======= ======= ======= ======= =======
TOTAL RETURN 22.74% 0.77% 14.25% 8.04% 30.45%
RATIOS TO AVERAGE NET ASSETS
Expenses 1.50% 1.50% 1.52% 1.52% 1.52%
Net investment income 0.13% 0.35% 0.45% 0.61% 0.97%
Portfolio turnover rate 76.71% 68.56% 48.26% 63.28% 41.40%
Net assets at end of year (000's) $23,949 $19,753 $19,670 $16,045 $14,040
</TABLE>
- --------------------------------------------------------------------------------
Page 9
PC&J PERFORMANCE FUND
PART C. OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
Included in Part A:
Financial Highlights for the period April 1, 1986 to
December 31,1995
Included in Part B:
Independent Auditors' Report
Schedule of Investments at December 31, 1995
Statement of Assets and Liabilities at December 31, 1995
Statement of Operations for the year ended December 31, 1995
Statement of Changes in Net Assets for the years ended December
31, 1995 and 1994
Notes to Financial Statements
Financial Highlights for years ended December 31, 1995, 1994,
1993, 1992 and 1991
(b) Exhibits
(1) (i) Copy of Registrant's Declaration of Trust, which was filed
as an Exhibit to Registrant's Registration Statement, is
hereby incorporated by reference.
(ii) Copy of Amendment No. 1 to Registrant's Declaration of
Trust, which was filed as an Exhibit to Registrant's Post-
Effective Amendment No. 12, is hereby incorporated by
reference.
(iii) Copy of Amendment No. 2 to Registrant's Declaration of
Trust, which was filed as an Exhibit to Registrant's Post-
Effective Amendment No. 13, is hereby incorporated by
reference.
(2) (i) Copy of Registrant's By-Laws, which was filed as an Exhibit
to Registrant's Pre-Effective Amendment No. 1, is hereby
incorporated by reference.
(ii) Copy of Amendment No. 1 to Registrant's By-laws, which was
filed as an Exhibit to Registrant's Post-Effective
Amendment No. 12, is hereby incorporated by reference.
(3) Voting Trust Agreements - None.
(4) Specimen of Share Certificate - None.
(5) (a) (i) Copy of Registrant's Investment Advisory Agreement
with its Adviser, Parker Carlson & Johnson, Inc.,
which was filed as an Exhibit to Registrant's
Pre-Effective Amendment No. 1, is hereby incorporated
by reference.
(ii) Amendment No. 1 to Registrant's Management Agreement,
which was filed as an Exhibit to Registrant's Post-
Effective Amendment No. 1, is hereby incorporated by
reference.
(b) (i) Copy of Registrant's Management and Transfer Agent
Agreement with PC&J Service Corp., which was filed as
an Exhibit to Registrant's Pre-Effective Amendment No.
1, is hereby incorporated by reference.
(ii) Amendment No. 1 to Registrant's Management and
Transfer Agent Agreement, which was filed as an
Exhibit to Registrant's Post-Effective Amendment
No. 1, is hereby incorporated by reference.
(iii) Amendment No. 2 to Registrant's Management and
Transfer Agent Agreement, which was filed as an
Exhibit to Registrant's Post-Effective Amendment
No. 12, is hereby incorporated by reference.
(6) Underwriting or Distribution Contracts and Agreements with
Principal Underwriters and Dealers - None.
(7) Bonus, Profit Sharing, Pension or Similar Contracts for the
benefit of Directors or Officers - None.
(8) Copy of Registrant's Agreement with the Custodian, Star Bank,
N.A., Cincinnati which was filed as an Exhibit to Registrant's
Pre-Effective Amendment No. 1, is hereby incorporated by
reference.
(9) Other Material Contracts - None.
(10) (i) Opinion and Consent of Brown, Cummins & Brown Co., LPA,
which was filed with the Registrant's Form 24F-2 for the
fiscal year ended December 31, 1994, is hereby incorporated
by reference.
(ii) Opinion and Consent of Brown, Cummins & Brown Co., LPA, is
filed herewith.
(11) Consent of Deloitte & Touche, LLP is filed herewith.
(12) Financial Statements Omitted from Item 23 - None.
(13) Copy of Letter of Initial Stockholder, which was filed as an
Exhibit to Registrant's Pre-Effective Amendment No. 1, is hereby
incorporated by reference.
(14) Model Plan used in Establishment of any Retirement Plan - None.
(15) Copy of Registrant's 12b-1 Distribution Expense Plan, which was
filed as an Exhibit to Registrant's Post-Effective Amendment No.
1, is hereby incorporated by reference.
(16) Schedule for Computation of Each Performance Quotation - None.
(17) (i) Power of Attorney for Registrant and Certificate with
respect thereto are filed herewith.
(ii) Power of Attorney for Trustees and Officers of Registrant
are filed herewith.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT
None.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES (AS OF MARCH 1, 1996)
TITLE OF CLASS NUMBER OF RECORD HOLDERS
Shares of beneficial interest 188
ITEM 27. INDEMNIFICATION
(a) Article VI of the Registrant's Declaration of Trust provides for
indemnification of officers and Trustees as follows:
SECTION 6.4 INDEMNIFICATION OF TRUSTEES, OFFICERS ETC.
The Fund shall indemnify each of its Trustees and officers
(including persons who serve at the Fund's request as directors,
officers or trustees of another organization in which the Fund has
any interest as a shareholder, creditor or otherwise (hereinafter
referred to as a "Covered Person") against all liabilities,
including but not limited to amounts paid in satisfaction of
judgments, in compromise or as fines and penalties, and expenses,
including reasonable accountants' and counsel fees, incurred by any
Covered Person in connection with the defense or disposition of any
action, suit or other proceeding, whether civil or criminal, before
any court or administrative or legislative body, in which such
Covered Person may be or may have been involved as a party or
otherwise or with which such person may be or may have been
threatened, while in office or thereafter, by reason of being or
having been such a Trustee or officer, director or trustee, and
except that no Covered Person shall be indemnified against any
liability to the Fund or its Shareholders to which such Covered
Person would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of such Covered Person's office ("disabling
conduct"). Anything herein contained to the contrary
notwithstanding, no Covered Person shall be indemnified for any
liability to the Fund or its shareholders to which such Covered
Person would otherwise be subject body before whom the proceeding was
brought that the Covered Person to be indemnified is not liable by
reason of disabling conduct or, (2) in the absence of such a
decision, a reasonable determination is made, based upon a review of
the facts, that the Covered Person was not liable by reason of
disabling conduct, by (a) the vote of a majority of a quorum of
Trustees who are neither "interested persons" of the Fund as defined
in the Investment Company Act of 1940 nor parties to the proceeding
("disinterested, non-party Trustees"), or (b) an independent legal
counsel in a legal opinion.
SECTION 6.5 ADVANCES OF EXPENSES. The Fund shall advance attorneys'
fees or other expenses incurred by a Covered Person in defending a
proceeding, upon the undertaking by or on behalf of the Covered
Person to repay the advance unless it is ultimately determined that
such Covered Person is entitled to indemnification, so long as one
of the following conditions is met: (i) the Covered Person shall
provide security for his undertaking, (ii) the Fund shall be insured
against losses arising by reason of any lawful advances, or (iii) a
majority of a quorum of the disinterested non-party Trustees of the
Fund, or an independent legal counsel in a written opinion, shall
determine, based on a review of readily available facts (as opposed
to a full trial- type inquiry), that there is reason to believe that
the Covered Person ultimately will be found entitled to
indemnification.
SECTION 6.6 INDEMNIFICATION NOT EXCLUSIVE, ETC. The right of
indemnification provided by this Article VI shall not be exclusive of
or affect any other rights to which any such Covered Person may be
entitled. As used in this Article VI, "Covered Person" shall include
such person's heirs, executors and administrators, an "interested
Covered Person" is one against whom the action, suit or other
proceeding in question or another action, suit or other proceeding on
the same or similar grounds is then or has been pending or
threatened, and a "disinterested" person is a person against whom
none of such actions, suits or other proceedings or another action,
suit or other proceeding on the same or similar grounds is then or
has been pending or threatened. Nothing contained in this Article VI
shall affect any rights to indemnification to which personnel of the
Fund, other than Trustees and officers, and other persons may be
entitled by contract or otherwise under law, nor the power of the
Fund to purchase and maintain liability insurance on behalf of any
such person.
The Registrant may not pay for insurance which protects the Trustees
and officers against liabilities rising from action involving willful
misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of their offices.
(b) The Registrant may maintain a standard mutual fund and investment
advisory professional and directors and officers liability policy.
The policy, if maintained, would provide coverage to the Registrant,
its Trustees and officers, and its Adviser, among others. Coverage
under the policy would include losses by reason of any act, error,
omission, misstatement, misleading statement, neglect or breach of
duty.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to trustees, officers and
controlling persons of the Registrant pursuant to the provisions of
Ohio law and the Declaration of Trust of the Registrant or the
By-Laws indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a trustee, officer
or controlling person of the Fund in the successful defense of any
action, suit or proceeding) is asserted by such trustee, officer or
controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
None.
ITEM 29. PRINCIPAL UNDERWRITERS
None.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
Kathleen A. Carlson, 300 Old Post Office, 120 West Third Street,
Dayton, Ohio 45402, has been charged with the responsibility of
maintaining physical possession of each account, book or other
document required to be maintained by Section 31(a) to the Investment
Company Act of 1940 and the rules promulgated thereunder.
ITEM 31. MANAGEMENT SERVICES NOT DISCUSSED IN PARTS A OR B
None.
ITEM 32. UNDERTAKINGS
(a) Not Applicable.
(b) Not Applicable.
(c) The Registrant hereby undertakes to furnish each person to whom
a prospectus is delivered with a copy of the Registrant's latest
annual report to shareholders, upon request and without charge.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all the
requirements for effectiveness of this Post-Effective Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities Act
of 1933 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned thereunto duly authorized, in the City of
Cincinnati, and State of Ohio on this 29th day of March, 1996.
PC&J PERFORMANCE FUND
By: /S/
DONALD S. MENDELSOHN, Attorney-In-Fact
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to Registration Statement has been signed below by the following
persons in the capacities and on the date indicated:
Signature Capacity
Leslie O. Parker III President, Trustee )
and Principal )
Executive )
Officer )
)
Kathleen A. Carlson Treasurer, Trustee, )
Principal Financial )
and Accounting )
Officer )
) By:_____________________
) Donald S. Mendelsohn,
) Attorney-in-Fact
)
) March 29, 1996
James M. Johnson Secretary and )
Trustee )
)
Donald N. Lorenz Trustee )
)
Thonas H. Rodgers Trustee )
EXHIBIT INDEX
1. Opinion of Brown, Cummins & Brown Co., LPA ................. Ex-99.B10
2. Consent of Deloitte & Touche, LLP........................... Ex-99.B11
3. Power of Attorney for Registrant and Certificate............ Ex-99.B17i
4. Power of Attorney for Trustees and Officers of Registrant .. Ex-99.B17ii
March 29, 1996
PC&J Performance Fund
300 Old Post Office
120 West Third Street
Dayton, Ohio 45402
Gentlemen:
This letter is in response to your request for our opinion in connection
with the filing of the Post-Effective Amendment No. 14 to the Registration
Statement of PC&J Performance Fund.
We have examined a copy of (a) the Fund's Declaration of Trust and
amendments thereto, (b) the Fund's By-Laws and amendments thereto, and (c) all
such agreements, certificates of public officials, certificates of officers and
representatives of the Fund and others, and such other documents, papers,
statutes and authorities as we deem necessary to form the basis of the opinion
hereinafter expressed. We have assumed the genuineness of the signatures and
the conformity to original documents or the copies of such documents supplied
to us as original or photostat copies.
Based upon the foregoing, we are of the opinion that the shares of the
Fund, which are registered pursuant to the Amendment, if issued in accordance
with the Prospectus and Statement of Additional Information of the Fund, will
be legally issued, fully paid and non-assessable.
Post-Effective Amendment No. 14 does not contain any disclosure which
would render it ineligible to become effective pursuant to Rule 485(b).
We herewith give you our permission to file this opinion with the
Securities and Exchange Commission as an exhibit to the Post-Effective
Amendment No. 14.
Sincerely yours,
BROWN, CUMMINS & BROWN CO., L.P.A.
INDEPENDENT AUDITORS' CONSENT
We consent to the use in this Post-Effective Amendment No. 14 to Registration
Statement No. 2-87490 of PC&J Performance Fund of our report dated
January 22, 1996 appearing in the Statement of Additional Information, which
is a part of such Registration Statement, and to the reference to us under
the caption "Financial Highlights" appearing in the Prospectus, which is
also a part of such Registration Statement.
/s/ Deloitte & Touche, LLP
Dayton, Ohio
March 27, 1996
POWER OF ATTORNEY
KNOWN ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended,
Post-Effective Amendment No. 14 to its Registration Statement; and
NOW, THEREFORE, the Trust hereby constitutes and appoints JAMES R. CUMMINS
and DONALD S. MENDELSOHN, and each of them, its attorneys for it and in its
name, place and stead, to execute and file such Post-Effective Amendment
No. 14, hereby giving and granting to said attorneys full power and authority
to do and perform all and every act and thing whatsoever requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as it might or could do if personally present at the doing thereof,
hereby ratifying and confirming all that said attorneys may or shall lawfully
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the Trust has caused its name to be subscribed hereto
by the President this 2nd day of February, 1996.
ATTEST: PC&J PERFORMANCE FUND
/s/ By: /s/
- ---------------------------- --------------------------------
JAMES M. JOHNSON, Secretary LESLIE O. PARKER III, President
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared LESLIE O. PARKER, III, President and JAMES M. JOHNSON, Secretary, who
represented that they are duly authorized in the premises, and who are known to
me to be the persons described in and who executed the foregoing instrument,
and they duly acknowledged to me that they executed and delivered the same for
the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
-------------------------------
Notary Public
CERTIFICATE
The undersigned, Secretary of PC&J PERFORMANCE FUND, hereby certifies
that the following resolution was duly adopted by a majority of the Board of
Trustees at the meeting held on February 2, 1996, and is in full force and
effect:
"WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under
the laws of the State of Ohio (hereinafter referred to as the
"Trust"), proposes to file with the Securities and Exchange
Commission under the provisions of the Securities Act of 1933 and
the Investment Company Act of 1940, as amended, Post-Effective
Amendment No. 14 to its Registration Statement;
NOW, THEREFORE, the Trust hereby constitutes and appoints JAMES
R. CUMMINS and DONALD S. MENDELSOHN, and each of them, its
attorneys for it and in its name, place and stead, to execute and
file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and
perform all and every act and thing whatsoever requisite and
necessary to be done in and about the premises as fully to all
intents and purposes as it might or could do if personally
present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done
by virtue hereof."
Dated: February 2, 1996 /s/
----------------------------
JAMES M. JOHNSON, Secretary
PC&J Performance Fund
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended, Post-
Effective Amendment No. 14 to its Registration Statement; and
WHEREAS, the undersigned is a Trustee and the President and Chief Executive
Officer of the Trust;
NOW, THEREFORE, the undersigned hereby constitutes and appoints JAMES R.
CUMMINS and DONALD S. MENDELSOHN, and each of them, his attorneys for him and in
his name, place and stead, and in his office and capacity in the Trust, to
execute and file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be done in and about
the premises as fully to all intents and purposes as he might or could do if
personally present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done by virtue
hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 2nd day
of February, 1996.
/s/
----------------------------------------
LESLIE O. PARKER III, Trustee, President
and Chief Executive Officer
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared LESLIE O. PARKER III, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that he executed
and delivered the same for the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
------------------------
Notary Public
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended, Post-
Effective Amendment No. 14 to its Registration Statement; and
WHEREAS, the undersigned is a Trustee and the Treasurer and Principal
Financial and Accounting Officer of the Trust;
NOW, THEREFORE, the undersigned hereby constitutes and appoints JAMES R.
CUMMINS and DONALD S. MENDELSOHN, and each of them, her attorneys for her and in
her name, place and stead, and in her office and capacity in the Trust, to
execute and file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be done in and about
the premises as fully to all intents and purposes as she might or could do if
personally present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done by virtue
hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 2nd day
of February, 1996.
/s/
-----------------------------------------------
KATHLEEN A. CARLSON, Trustee, Treasurer and
Principal Financial and Accounting Officer
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared KATHLEEN A. CARLSON, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that she executed
and delivered the same for the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
------------------------
Notary Public
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended, Post-
Effective Amendment No. 14 to its Registration Statement; and
WHEREAS, the undersigned is a Trustee and the Secretary of the Trust;
NOW, THEREFORE, the undersigned hereby constitutes and appoints JAMES R.
CUMMINS and DONALD S. MENDELSOHN, and each of them, his attorneys for him and in
his name, place and stead, and in his office and capacity in the Trust, to
execute and file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be done in and about
the premises as fully to all intents and purposes as he might or could do if
personally present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done by virtue
hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 2nd day
of February, 1996.
/s/
------------------------------------------
JAMES M. JOHNSON, Trustee and Secretary
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared JAMES M. JOHNSON, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that he executed
and delivered the same for the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
------------------------
Notary Public
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended, Post-
Effective Amendment No. 14 to its Registration Statement; and
WHEREAS, the undersigned is a Trustee of the Trust;
NOW, THEREFORE, the undersigned hereby constitutes and appoints JAMES R.
CUMMINS and DONALD S. MENDELSOHN, and each of them, his attorneys for him and in
his name, place and stead, and in his office and capacity in the Trust, to
execute and file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be done in and about
the premises as fully to all intents and purposes as he might or could do if
personally present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done by virtue
hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 2nd day
of February, 1996.
/s/
---------------------------
DONALD N. LORENZ, Trustee
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared DONALD N. LORENZ, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that he executed
and delivered the same for the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
------------------------------
Notary Public
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, PC&J PERFORMANCE FUND, a business trust organized under the laws
of the State of Ohio (hereinafter referred to as the "Trust"), proposes to file
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933 and the Investment Company Act of 1940, as amended, Post-
Effective Amendment No. 14 to its Registration Statement; and
WHEREAS, the undersigned is a Trustee of the Trust;
NOW, THEREFORE, the undersigned hereby constitutes and appoints JAMES R.
CUMMINS and DONALD S. MENDELSOHN, and each of them, his attorneys for him and in
his name, place and stead, and in his office and capacity in the Trust, to
execute and file such Post-Effective Amendment No. 14, hereby giving and
granting to said attorneys full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be done in and about
the premises as fully to all intents and purposes as he might or could do if
personally present at the doing thereof, hereby ratifying and confirming all
that said attorneys may or shall lawfully do or cause to be done by virtue
hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 2nd day
of February, 1996.
/s/
------------------------------
THOMAS H. RODGERS, Trustee
STATE OF OHIO )
) ss:
COUNTY OF MONTGOMERY )
Before me, a Notary Public, in and for said county and state, personally
appeared THOMAS H. RODGERS, known to me to be the person described in and who
executed the foregoing instrument, and who acknowledged to me that he executed
and delivered the same for the purposes therein expressed.
WITNESS my hand and official seal this 2nd day of February, 1996.
/s/
--------------------------
Notary Public
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FUND'S FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR THE YEAR
ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> PC&J PERFORMANCE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18919968
<INVESTMENTS-AT-VALUE> 23784428
<RECEIVABLES> 194738
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23979166
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30469
<TOTAL-LIABILITIES> 30469
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19084237
<SHARES-COMMON-STOCK> 1248376
<SHARES-COMMON-PRIOR> 1117325
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4864460
<NET-ASSETS> 23948697
<DIVIDEND-INCOME> 207400
<INTEREST-INCOME> 159424
<OTHER-INCOME> 0
<EXPENSES-NET> 337810
<NET-INVESTMENT-INCOME> 29014
<REALIZED-GAINS-CURRENT> 2754585
<APPREC-INCREASE-CURRENT> 1791320
<NET-CHANGE-FROM-OPS> 4574919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28683
<DISTRIBUTIONS-OF-GAINS> 2754585
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138400
<NUMBER-OF-SHARES-REDEEMED> 152432
<SHARES-REINVESTED> 145083
<NET-CHANGE-IN-ASSETS> 4195633
<ACCUMULATED-NII-PRIOR> (331)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 331
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225207
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 337810
<AVERAGE-NET-ASSETS> 22514576
<PER-SHARE-NAV-BEGIN> 17.68
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 3.99
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 2.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.18
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
