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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE KATHLEEN CARLSON
TITLE TREASURER
<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, 1996.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> PC&J PERFORMANCE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 20,879,250
<INVESTMENTS-AT-VALUE> 28,195,790
<RECEIVABLES> 478,691
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,674,481
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,489
<TOTAL-LIABILITIES> 36,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,321,452
<SHARES-COMMON-STOCK> 1,356,577
<SHARES-COMMON-PRIOR> 1,248,376
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,316,540
<NET-ASSETS> 28,637,992
<DIVIDEND-INCOME> 320,945
<INTEREST-INCOME> 146,045
<OTHER-INCOME> 0
<EXPENSES-NET> 389,157
<NET-INVESTMENT-INCOME> 77,833
<REALIZED-GAINS-CURRENT> 2,249,448
<APPREC-INCREASE-CURRENT> 2,452,080
<NET-CHANGE-FROM-OPS> 4,779,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 77,833
<DISTRIBUTIONS-OF-GAINS> 2,249,448
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 128,018
<NUMBER-OF-SHARES-REDEEMED> 130,060
<SHARES-REINVESTED> 110,243
<NET-CHANGE-IN-ASSETS> 4,689,295
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 389,157
<AVERAGE-NET-ASSETS> 25,945,985
<PER-SHARE-NAV-BEGIN> 19.18
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 3.73
<PER-SHARE-DIVIDEND> .06
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</TABLE>
The Board of Trustees
PC&J Performance Fund
In planning and performing our audit of the financial statements of
PC&J Performance Fund for the year ended December 31, 1996 (on which
we have issued our report dated January 31, 1997), we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on the internal control structure.
The management of the PC&J Performance Fund is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use of the
Board of Trustees, management and the Securities and Exchange
Commission.
DELOITTE & TOUCHE LLP
January 31, 1997
Dayton, Ohio
