PC&J Preservation Fund – Underwriting Agreements Watch

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 1, 2012 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2012 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities. It Is Therefore Resolved, the Amount, Type, Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $750 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 11, 2011 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2011 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities. It Is Therefore Resolved, the Amount, Type, Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $575 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 11, 2010 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2010 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities. It Is Therefore Resolved, the Amount, Type, Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $575 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 14, 2009 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2009 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities. It Is Therefore Resolved, the Amount, Type, Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $550 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 6, 2008 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2008 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities. It Is Therefore Resolved, the Amount, Type, Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $550 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 20, 2007 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2007 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities; It Is Therefore Resolved, the Amount, Type Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Continuance of the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond of $550 Is Hereby Approved; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions

from 40-17G 1 page PC&J Preservation Fund Resolutions Adopted at the Board of Trustees Meeting Held on August 21, 2006 Whereas, the Trustees of the Trust, Including a Majority of the Disinterested Trustees, Have Reviewed the Amount, Type Form and Coverage of the Chubb Group of Insurance Companies Bond, Bond No. 81907984, Effective as of October 4, 2006 (The "Fidelity Bond"); and Whereas, the Amount of the Coverage Under Such Fidelity Bond Is in Excess of the Amount Required by Rule 17g-1 Promulgated Under the Investment Company Act of 1940; and Whereas, the Custody and Safekeeping of the Trust's Securities Are Exclusively the Obligation of US Bank, Na as Custodian for the Trust; and Whereas, No Employee of the Trust or Employee of the Adviser Has Access to the Trust's Portfolio Securities; It Is Therefore Resolved, the Amount, Type Form and Coverage of the Fidelity Bond as Described Above Are Reasonable and the Fidelity Bond Is Approved; and Further Resolved, That the Secretary of the Trust Is Designated as the Person Who Shall Make the Filings and Give the Notices Required by Paragraph (H) of Rule 17g-1; and Further Resolved, That the One-Year Premium on the Fidelity Bond Be $454; and Further Resolved, That the Officers of the Trust Be, and They Hereby Are, Authorized to Take Any and All Other Actions Required to Effectuate These Resolutions