PC&J Funds

PC&J Preservation Fund: July 31, 2008

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+	BAA1
Alltel Corp	7.00% Due 3/15/2016	B-	CAA1
AOL Time Warner Inc	6.875% Due 05/01/2012	BBB+	BAA2
Bear Stearns Cos Inc	5.70% Due 11/15/2014	AA-	BAA1
Dow Chemical Co	7.375% Due 03/01/2023	A-	A3
General Electric Capital	4.875% Due 10/28/2021	AAA	AAA
Goldman Sachs Group Inc	5.625% Due 01/15/2017	A+	A1
HSBC Finance Corp	6.00% Due 08/15/2014	AA-	AA3
Lehman Bros Hldgs Inc	4.80% Due 03/13/2014	A+	A1
Merrill Lynch Co Inc	6.50% Due 07/15/2018	A+	A1
Morgan Stanley Curve Accrual	8.375% Due 04/25/2023	A+	AA3
OGE Energy Corp	5.00% Due 11/15/2014	BBB	BAA1
Oneok Inc	7.125% Due 04/15/2011	BBB	BAA2
Terex Corp	8.00% Due 11/15/2017	B+	BA3
Toyota Motor Credit Curve Accrual	8.00% Due 01/18/2022	AAA	AAA
Toyota Motor Credit Curve Accrual	8.00% Due 02/01/2022	AAA	AAA
Toyota Motor Credit Curve Accrual	8.00% Due 12/21/2021	AAA	AAA
Toyota Motor Credit Range Note	8.00% Due 09/21/2021	AAA	AAA

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 11/21/2023	A	A2
Viacom Inc	6.85% Due 12/15/2055	BBB	Baa3

Government Agency Bonds
Federal Home Ln Banks Range Note	7.25% Due 05/08/2023	AAA	AAA
Federal Home Ln Mtg Corp Step-Up	5.00% Due 04/10/2023	AAA	AAA
Federal Home Ln Mtg Corp Step-Up	5.25% Due 06/12/2023	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
PHS Indian Health Service Lease Assignment	7.01275% Due 05/01/2010	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
JPMorgan Chase Cap	6.35% Due 06/01/2035	A	Aa3
Lincoln National Cap	6.75% Due 09/11/2052	BBB	Baa1
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	AA	A2
Dekalb County GA Dev Auth Rev	6.875% Call. 03/01/2009	AA	A2
Frisco TX COP	6.375% Due 02/15/2033	AAA	AAA
Hazelwood Mo ID Authority Rev	5.64% Due 02/01/2018	A	NR
Hopkins MN	7.10% Due 02/01/2021	AA-	Aaa
Hudson County NJ Lease Rev	7.95% Call. 09/01/2009	NR	AA3
KFW Frankfurt Bank Range Notes	7.00% Due 05/07/2023	AAA	NR
Maryland Heights MO	7.00% Due 09/01/2018	BBB+	NR
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	AAA
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	AAA
West Haven CT	6.125% Due 02/01/2009	AA	A2

Taxable Ohio Municipal Bonds
Dayton OH	6.50% Continuous Call	A+	A1
Dayton OH	6.25% Continuous Call	A+	A1
Dayton OH Economic Dev Rev	6.38% Due 12/01/2009	AA	AA3

* 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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