PC&J PERFORMANCE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
PERCENT NUMBER
OF NET OF MARKET
SECURITY (Note A) ASSETS SHARES VALUE
COMMON STOCKS:
Capital goods and transportation: 9.5%
General Electric Co. 55,800 $ 2,957,400
Tyco International Ltd. 46,000 2,179,250
United Technologies Corp. 16,600 977,325
----------------
6,113,975
----------------
Consumer cyclicals: 5.9
Comcast Corp. Class A 15,000 608,438
Walt Disney Co. 35,000 1,358,437
Home Depot Corp. 10,200 509,363
Wall Mart Stores Inc. 22,000 1,267,750
----------------
3,743,988
----------------
Consumer staples: 10.4
American Home Products Corp. 32,000 1,880,000
Clorox Co. 29,000 1,299,563
Gillette Co. 20,600 719,712
Lilly (Eli) & Co. 12,500 1,248,438
Merck & Co., Inc. 20,000 1,532,500
----------------
6,680,213
----------------
Energy: 5.3
Chevron Corp. 10,200 865,088
Cooper Cameron Corp.¹ 18,000 1,188,000
Enron Corp. 5,000 322,500
Exxon Mobil Corp. 12,673 994,830
----------------
3,370,418
----------------
Financial services: 23.7
American Express Co. 24,600 1,282,275
American International Group Inc. 11,023 1,295,202
Bank of New York Inc. 12,000 558,000
Citigroup Inc. 36,750 2,214,187
Franklin Resources Inc. 24,000 729,000
Goldman Sachs Group 6,000 569,250
Nasdaq 100 Trust Series I¹ 15,000 1,397,813
Northern Trust Corp. 25,800 1,677,000
S&P 500 SPDR 22,050 3,203,452
Schwab (Charles) Corp. 45,075 1,515,647
Wells Fargo & Co. 20,000 775,000
----------------
$ 15,216,826
----------------
¹ Non-income producing security.
See notes to financial statements.
PC&J PERFORMANCE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2000
(UNAUDITED)
PERCENT NUMBER
OF NET OF MARKET
SECURITY (Note A) ASSETS SHARES VALUE
Industrial commodities: 4.4%
Alcoa Inc. 52,800 $ 1,531,200
Sealed Air Corp.¹ 25,000 1,309,375
----------------
2,840,575
----------------
Technology: 22.6
B2B Internet Holders Trust 6,000 247,125
Cisco Systems Co., Inc.¹ 42,500 2,701,406
EMC Corp.(1) 24,800 1,908,050
Intel Corp. 15,000 2,004,375
International Business Machines Inc. 15,400 1,687,263
Internet Infrastructure Holders Trust 6,000 374,625
Kana Communications¹ 99 6,126
LSI Logic Corp.¹ 30,000 1,623,750
Microsoft Corp.¹ 22,000 1,758,625
Oracle Corp.¹ 13,000 1,092,000
Peregrine systems Inc.¹ 135 4,699
Sun Microsystems Inc.¹ 6,000 545,625
Texas Instruments Inc. 8,000 549,500
----------------
14,503,169
----------------
Telecommunications: 11.6
America Online Inc.¹ 34,200 1,804,050
Global Crossing Ltd.¹ 16,100 423,631
Lucent Technologies Inc. 18,768 1,112,004
Motorola Inc. 18,000 523,125
Nextel Communications Class A¹ 10,060 615,546
Qualcomm Inc.¹ 4,000 239,750
Qwest Communications Inc.¹ 20,000 993,750
SBC Communications Inc. 18,000 778,500
Worldcom Inc.¹ 19,800 908,325
----------------
7,398,681
------- ----------------
TOTAL COMMON STOCKS
(Cost $33,831,957) 93.4% $ 59,867,845
----------------
¹ Non-income producing security.
See notes to financial statements.
PC&J PERFORMANCE FUND
SCHEDULE OF INVESTMENTS (Concluded)
JUNE 30, 2000
(UNAUDITED)
PERCENT NUMBER
OF NET OF MARKET
SECURITY (Note A) ASSETS SHARES VALUE
SHORT-TERM OBLIGATIONS 6.2%
Firstar Treasury Fund $ 996,305
Firstar Federal Prime
Obligations Fund 3,000,000
----------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $3,996,305) 3,996,305
------- ----------------
TOTAL INVESTMENTS
(Cost $37,828,262)² 99.6% $ 63,864,150
======= =================
¹ Non-income producing security.
² Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation (See Note D)
See notes to financial statements.
PC&J PERFORMANCE FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
ASSETS:
Investments in securities, at market value $ 63,864,150
(Cost basis - $37,828,262) (Notes A & D)
Receivables:
Dividends and interest 37,642
Securities sold 308,374
----------------
Total assets 64,210,166
----------------
LIABILITIES - Accrued expenses (Note B) (78,489)
----------------
NET ASSETS $ 64,131,677
================
SHARES OUTSTANDING (Unlimited authorization - no par value):
Beginning of period 1,598,837
Net increase (Note C) 39,202
----------------
End of Period 1,638,039
================
NET ASSET VALUE, offering price and redemption price per share $ 39.15
================
NET ASSETS CONSIST OF:
Paid in capital $ 31,276,537
Net unrealized appreciation on investments 26,035,888
Net investment (loss) (144,331)
Accumulated net realized gain on investments 6,963,583
----------------
Net Assets $ 64,131,677
================
See notes to financial statements.
PC&J PERFORMANCE FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
INVESTMENT INCOME (Note A):
Dividends $ 209,524
Interest 115,042
-------------
Total investment income 324,566
-------------
EXPENSES (Note B):
Investment advisory fee 312,598
Management fee 156,299
-------------
Total expenses 468,897
-------------
NET INVESTMENT (LOSS) (144,331)
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (Note D):
Net realized gain on investments 6,936,865
Change in unrealized appreciation (depreciation) of investments (7,114,067)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS ) ON INVESTMENTS (177,202)
-------------
NET (DECREASE) IN NET ASSETS FROM OPERATIONS $ (321,533)
=============
See notes to financial statements.
PC&J PERFORMANCE FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months For the Year
Ended Ended
June 30, 2000 December 31, 1999
(Unaudited)
---------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment (loss) $ (144,331) $ (291,739)
Net realized gain on investments 6,936,865 1,046,382
Change in unrealized appreciation
(depreciation) of investments (7,114,067) 7,898,921
-------------- --------------
Net increase (decrease) in net assets
from operations (321,533) 8,653,564
-------------- --------------
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income 0 0
Dividends from net realized gain
on investments 0 (1,019,664)
-------------- --------------
Net (decrease) in assets from
dividends to shareholders 0 (1,019,664)
-------------- --------------
INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS (Note C) 6,537,042 1,450,694
-------------- --------------
Total increase in net assets 1,129,161 14,170,942
NET ASSETS:
Beginning of period 63,002,516 48,831,574
-------------- --------------
End of period $ 64,131,677 $ 63,002,516
============== ==============
See notes to financial statements.
PC&J PERFORMANCE FUND
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
| 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 of1940. The investment objective of the Fund is long-term
growth of capital through investment in common stocks. Current income is of
secondary importance. |
| |
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make stimates 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 sale price as of the close of New York trading
on the day the securities are being valued; securities traded on 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 NASDAQ
System as of the close of New York trading on the day the securities are being
valued; securities and other assets for which quotations are not readily
available are valued at fair value as determined in good faith under the
direction of the Board of Trustees of the Fund. |
| |
(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 net 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 specific ot method. Dividends to shareholders from net
investment income and net realized capital gains are declared and paid annually.
Dividend income is recorded on the ex-dividend date. Interest income is accrued
daily. Net investment losses, for tax purposes, are reclassified to paid in
capital. |
| 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 $312,598 for the
six months ended June 30, 2000. |
| |
The Fund has a management agreement with PC&J Service Corp., (the
“Service Corp.”), which is 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 $156,299 for the six
months ended June 30, 2000. |
PC&J PERFORMANCE FUND
NOTES TO FINANCIAL STATEMENTS - (Concluded)
FOR THE SIX MONTHS ENDED JUNE 30, 2000
| B. |
INVESTMENT ADVISORY AGREEMENT AND MANAGEMENT AGREEMENT(Continued) |
| |
The Fund's shareholders have adopted a Distribution Expense Plan (the "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 described above which might be deemed to be expenses primarily
intended to result in the sale of Fund shares. No other payments are authorized
under the Plan. |
| |
Certain officers and trustees of the Fund are officers and directors, or both,
of the Advisor and of Service Corp. |
| C. |
CAPITAL SHARE TRANSACTIONS |
For the Six Months Ended For the Year Ended
June 30, 2000 December 31, 1999
------------------------------------------------------
Shares sold 91,775 $ 3,545,820 242,347 $ 8,992,472
Shares issued in
reinvestment of
dividends 0 0 25,876 1,019,664
---------- ------------- ---------- -------------
91,775 3,545,820 268,223 10,012,136
Shares redeemed (52,573) (2,095,126) (95,889) (3,475,094)
---------- ------------- ---------- -------------
Net increase 39,202 $ 1,450,694 172,334 $ 6,537,042
========== ============= ========== =============
| D. |
INVESTMENT TRANSACTIONS |
| |
Securities purchased and sold (excluding short-term obligations and long-term
U.S. Government securities) for the year ended June 30, 2000, aggregated
$16,948,038 and $117,337,225, respectively. |
| |
At June 30, 2000 gross unrealized appreciation on investments was $28,452,791
and gross unrealized depreciation on investments was $2,416,903 for a net
unrealized appreciation of $26,035,888 for financial reporting and federal
income tax purposes. |
