<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000760692
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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
007 B000000 1
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
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 RAYMOND JAMES
022 B000001 59-1237041
022 C000001 5847
022 D000001 4308
022 A000002 JC BRADFORD
022 B000002 62-0136910
022 C000002 1434
022 D000002 1514
022 A000003 GLEN RAUSCH
022 B000003 13-3329380
022 C000003 2196
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 9477
023 D000000 5822
024 00AA00 N
<PAGE> PAGE 3
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 62
028 A02AA00 0
028 A03AA00 0
028 A04AA00 210
028 B01AA00 170
028 B02AA00 0
028 B03AA00 0
028 B04AA00 214
028 C01AA00 514
028 C02AA00 0
028 C03AA00 0
028 C04AA00 156
028 D01AA00 14
028 D02AA00 0
028 D03AA00 0
028 D04AA00 633
028 E01AA00 153
028 E02AA00 0
028 E03AA00 0
028 E04AA00 282
028 F01AA00 257
028 F02AA00 1186
028 F03AA00 0
028 F04AA00 194
028 G01AA00 1170
028 G02AA00 1186
028 G03AA00 0
028 G04AA00 1689
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
<PAGE> PAGE 4
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 N
<PAGE> PAGE 5
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 5.1
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 19.8
062 N00AA00 29.3
062 O00AA00 0.0
062 P00AA00 8.8
062 Q00AA00 34.2
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 7.9
064 A00AA00 N
064 B00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
<PAGE> PAGE 6
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 9477
071 B00AA00 6907
071 C00AA00 19053
071 D00AA00 36
072 A00AA00 12
072 B00AA00 1270
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 100
072 G00AA00 99
072 H00AA00 0
072 I00AA00 0
072 J00AA00 0
072 K00AA00 0
072 L00AA00 0
072 M00AA00 0
072 N00AA00 0
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 0
072 S00AA00 0
072 T00AA00 0
072 U00AA00 0
<PAGE> PAGE 7
072 V00AA00 0
072 W00AA00 0
072 X00AA00 199
072 Y00AA00 0
072 Z00AA00 1071
072AA00AA00 115
072BB00AA00 0
072CC01AA00 0
072CC02AA00 1457
072DD01AA00 1071
072DD02AA00 0
072EE00AA00 115
073 A01AA00 0.6758
073 A02AA00 0.0000
073 B00AA00 0.0658
073 C00AA00 0.0000
074 A00AA00 230
074 B00AA00 0
074 C00AA00 0
074 D00AA00 19139
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 332
074 M00AA00 0
074 N00AA00 19701
074 O00AA00 0
074 P00AA00 17
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 0
074 S00AA00 0
074 T00AA00 19684
074 U01AA00 1868
074 U02AA00 0
074 V01AA00 10.54
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 198
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 19943
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
<PAGE> PAGE 8
078 000000 N
080 A00AA00 FIDELITY DEPOSIT CO OF MARYLAND
080 C00AA00 500000
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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 TWELVE MONTHS ENDED
DECEMBER 31, 1999.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> PC&J PRESERVATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 20,190,647
<INVESTMENTS-AT-VALUE> 19,369,206
<RECEIVABLES> 331,826
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,701,032
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,758
<TOTAL-LIABILITIES> 16,758
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,505,715
<SHARES-COMMON-STOCK> 1,868,000
<SHARES-COMMON-PRIOR> 1,746,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (821,441)
<NET-ASSETS> 19,684,274
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,270,244
<OTHER-INCOME> 0
<EXPENSES-NET> 199,449
<NET-INVESTMENT-INCOME> 1,070,795
<REALIZED-GAINS-CURRENT> 115,476
<APPREC-INCREASE-CURRENT> (1,457,066)
<NET-CHANGE-FROM-OPS> (270,795)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,070,795
<DISTRIBUTIONS-OF-GAINS> 115,476
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,839
<NUMBER-OF-SHARES-REDEEMED> 284,688
<SHARES-REINVESTED> 112,574
<NET-CHANGE-IN-ASSETS> (167,605)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199,449
<AVERAGE-NET-ASSETS> 19,943,500
<PER-SHARE-NAV-BEGIN> 11.37
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.76)
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 1.00
</TABLE>
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
PC&J Preservation Fund:
In planning and performing our audit of the financial statements of PC&J
Preservation Fund (the "Fund") for the year ended December 31, 1999 (on which we
have issued our report dated January 21, 2000), we considered its internal
control, including control activities 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, and
not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions, or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in the internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/S/ Delloitte & Touche LLP
January 21, 2000
Dayton, Ohio
