PC&J Funds

PC&J Preservation Fund: July 31, 2010

Security		S&P Rating	Moody Rating

Absolute Return
Duetsche Bank X-Alpha Call Warrants	Warrants based on performance of long/short global equity index	NR	NR

Corporate Bonds
Alcoa Inc	5.375% Due 01/15/2013	BBB-	BAA3
Alltel Corp	7.00% Due 3/15/2016	A	NR
Arcelormittal	5.375% Due 06/01/2013	BBB	BAA3
Arcelormittal Sa Luxembourg	5.375% Due 06/01/13	BBB	BAA3
Bear Stearns Cos Inc	5.70% Due 11/15/2014	A+	AA3
Boston Scientific Corp	6.400% Due 06/15/16	BBB-	BA1
Brinker Intl Inc	5.75% Due 06/01/14	BBB-	BA2
Chesapeake Energy Corp	9.500% Due 02/15/2015	BB	BA3
Conoco Philips	5.750% Due 02/01/2019	A	A1
Dow Chemical Co	7.375% Due 03/01/2023	BBB-	BAA3
Duke Energy	7.875% Due 8/16/2010	BBB	BAA2
Fiserv Inc	6.125% Due 11/20/2012	BBB-	BAA2
General Electric Capital	5.500% Due 10/28/2021	AA+	AA2
Goldman Sachs Group Inc	5.625% Due 01/15/2017	A-	A2
Hornbeck Offshore Services Inc	6.125% Due 12/01/14	B+	BA3
HSBC Finance Corp	6.00% Due 08/15/2014	A	A3
JP Morgan Floating Rate	3.5% Due 05/01/15	A	NR
L-3 Communications Corp	5.875% Due 01/15/15	BB+	BA1
Lehman Bros Hldgs Inc	0.00% Due 03/13/2014	D	WR
Leucadia National Corp	7.00% Due 08-15-13	BB+	B1
Massey Energy Co.	6.875% Due 12/15/13	BB-	B2
Merrill Lynch Co Inc	6.50% Due 07/15/2018	A	A2
Montpelier Re Holdings Ltd	6.125% Due 8/15/13	BBB	WR
Morgan Stanley Curve Accrual	8.375% Due 04/25/2023	A	A2
Nabisco Inc	7.550% Due 06/15/2015	BBB	BAA2
Nissan Motor Accep Corp	5.625% Due 03/14/2011	BBB	BAA2
OGE Energy Corp	5.00% Due 11/15/2014	BBB	BAA1
Oneok Inc	7.125% Due 04/15/2011	BBB	BAA2
Peabody Energy Corp	7.375% Due 11/01/2016	BB+	BA1
Rio Tinto Financial	5.875% Due 07/15/2013	BBB+	BAA1
Scholastic Corp	5.00% Due 04/15/13	BB-	B1
Teck Cominco Ltd	5.375% Due 10/01/2015	BBB	BAA3
Terex Corp	8.00% Due 11/15/2017	B	CAA1
Toyota Motor Credit Curve Accrual	8.00% Due 01/18/2022	AA	AA2
Toyota Motor Credit Curve Accrual	8.00% Due 02/01/2022	AA	AA2
Western Union	5.400% Due 11/17/2011	A-	A3
Williams Partners	7.500% Due 06/15/2011	BBB-	BAA3

Exchange Traded Debt
AT&T Inc Sr Nt	6.375% Due 02/15/2056	A	A2
Comcast Corp	6.375% Due 05/15/2056	BBB	Baa2
General Electric Cap Corp	6.10% Due 11/15/2032	AAA	Aaa
Metlife Inc Sr Nt	5.875% Due 11/21/2033	A	A2

Gov Nat Mtg Assn Mortgage Backed Sec
GNMA Remic 7/10-9/12	4.5% Due 7/19/12	AAA
GNMA Remic Series 2010-2007	4.5% Due 07/15/13	AAA	AAA

Government Agency Bonds
Federal Home Ln Bk Chicago	5.625% Due 06/13/2016	AA-	A2
Federal Natl Mtg Assn Step Up	2.000% Due 05-12-20	AAA	AAA

Mutual Funds
Highland Floating Rate	Floating rate bank notes	NR	NR
Oppenheimer Sr Floating Rate	Floating rate bank notes	NR	NR

Other
Ford Motor Co. ESA Lease Assignment	12.524% Due 06/01/2013	NR	NR

Preferred Stock
Annaly Capital Mgt Inc	7.875% Perpetual	NR	NR
FPL Group Capital Trust	5.875% Due 03/15/2044	BBB+	A3
Georgia Power Capital Trust	5.875% Due 01/15/2044	BBB+	A3
Metlife Inc	6.50% Perpetual	BBB	Baa1
Powershares ETF Trust Finl	Exchange traded fund	NR	NR

Taxable Non-Ohio Municipal Bonds
Alameda Corridor Trans Auth CA	6.60% Due 10/01/2029	A	A3
Dekalb County GA Dev Auth Rev	6.875% Due 03/01/2020	A	BAA1
Frisco TX COP	6.375% Due 02/15/2033	AAA	AA1
Hazelwood Mo ID Authority Rev	5.64% Due 02/01/2018	A	NR
Hudson County NJ Lease Rev	7.95% Due 09/01/2019	NR	NR
Maryland Heights MO	7.00% Due 09/01/2018	BBB-	NR
Michigan State	6.950% Due 11/01/2020	AA-	AA2
Minneapolis & St Paul Met GO Rev	6.85% Due 01/01/2022	AAA	AAA
Nebraska Pub Pwr Dist Rev	5.14% Due 01/01/2014	AAA	AA3
New York NY	6.491% Due 03/01/2021	AA	AA2
New York St Hsg Fin Agy	4.810% Due 09/15/2013	AAA	NR
Pennsylania Turnpike	7.470% Due 06/01/2025	A-	A3
Portland OR Weekly Auction Notes	Var. Rate, Due 06/01/2019	NR	AA1
Reeves County TX	6.55% Due 12/01/2016	BBB	NR
San Bernardino Cnty CA	6.02% Due 08/01/2023	AAA	AA3

Taxable Ohio Municipal Bonds
Dayton OH	6.50% Continuous Call	AA-	AA2
Ohio State Dev Assistance	5.670% Due 10/01/2023	AA	AA2

* This list shows the current bond holdings of the PC&J Preservation Fund, a mutual fund company managed by Parker Carlson & Johnson. It is not a current buy list. It is presented to give the reader a flavor for the types of bonds & diversity we employ in constructing fixed portfolios.

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