<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000760692
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PC&J PRESERVATION FUND
001 B000000 811-4204
001 C000000 9372230600
002 A000000 120 WEST THIRD STREET SUITE 300
002 B000000 DAYTON
002 C000000 OH
002 D010000 45402
002 D020000 1819
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 PC&J PRESERVATION FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PARKER CARLSON & JOHNSON
008 B00AA01 A
008 C00AA01 801-17956
008 D01AA01 DAYTON
008 D02AA01 OH
008 D03AA01 45402
008 D04AA01 1819
012 A00AA01 PC&J SERVICE CORP
012 B00AA01 84-
012 C01AA01 DAYTON
012 C02AA01 OH
012 C03AA01 45402
012 C04AA01 1819
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 DAYTON
013 B02AA01 OH
<PAGE> PAGE 2
013 B03AA01 45402
013 B04AA01 1788
015 A00AA01 STAR BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
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020 C000002 0
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022 A000001 INTERSTATE/JOHNSON
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022 D000003 770
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<PAGE> PAGE 3
023 D000000 3376
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<PAGE> PAGE 4
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054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
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<PAGE> PAGE 5
054 I00AA00 Y
054 J00AA00 N
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054 L00AA00 Y
054 M00AA00 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 FIDELITY DEPOSIT CO OF MARYLAND
080 C00AA00 500000
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081 B00AA00 3
082 A00AA00 N
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083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
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085 A00AA00 N
085 B00AA00 N
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086 D010000 0
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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 PRESERVATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 15,744,184
<INVESTMENTS-AT-VALUE> 15,878,397
<RECEIVABLES> 286,462
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,164,859
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,809
<TOTAL-LIABILITIES> 13,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,016,837
<SHARES-COMMON-STOCK> 1,472,457
<SHARES-COMMON-PRIOR> 1,455,020
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 134,213
<NET-ASSETS> 16,151,050
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,021,424
<OTHER-INCOME> 0
<EXPENSES-NET> 160,094
<NET-INVESTMENT-INCOME> 861,330
<REALIZED-GAINS-CURRENT> 57,532
<APPREC-INCREASE-CURRENT> (495,171)
<NET-CHANGE-FROM-OPS> 423,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 861,330
<DISTRIBUTIONS-OF-GAINS> 57,532
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,451
<NUMBER-OF-SHARES-REDEEMED> 186,785
<SHARES-REINVESTED> 83,771
<NET-CHANGE-IN-ASSETS> (320,737)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80,047
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160,094
<AVERAGE-NET-ASSETS> 16,016,516
<PER-SHARE-NAV-BEGIN> 11.32
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> (0.31)
<PER-SHARE-DIVIDEND> 0.62
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
PC&J Preservation Fund
In planning and performing our audit of the financial statements of
PC&J Preservation 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 Preservation 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
