Morton, Clarke, Fu & Metcalf - Bond Inventory

	KEY TO HEADINGS	1/5/09 2:41 PM			MORTON CLARKE FU & METCALF, INC		(206) 676-6206			HOME
	CUSIP	RATING	AMT	ST	DESCRIPTION	CPN	MAT	YIELD		PRICE
	798789AS2	NR	10M	TX	SAN MARCOS HSG REV ETM	7.200%	12/15/09	2.50%		104.307
	899673BS5	AA3/AMBAC	10M	OK	TULSA PUB FAC REV	5.000%	6/1/12	3.00%		106.406
	250336CM4	A3	100M	OR	DESCHUTES CO HOSP REV (CASCADE HLTH)	5.500%	1/1/13	4.25%		104.529
	38122NAP7	AAA/AAA	10M	CA	GOLDEN ST TOBACCO REV PR 6/1/13 @ 100	6.250%	6/1/33	3.50%		108.494
					SINK 6/1/08; PX TO AVG LIFE 4/27/12; 4.11% YLD TO PR
	052476GU6	AA3/AMBAC	10M	TX	AUSTIN WTR REV	5.000%	11/15/13	3.00%		108.961
	744176BP2	BAA1/AMBAC	90M	UT	PROVO ELEC REV ETM	10.375%	9/15/15	3.50%		125.861
					SINK 9/15/09; PX TO AVG LIFE 2/4/13; 5.66% YTM
	664843NV7	BAA1/A	5M	CA	N CAL PUB PWR REV PR 7/1/21 @ 100	7.500%	7/1/23	4.50%		126.157
					SINK 7/1/17; PX TO AVG LIFE 3/21/20; 4.70% YLD TO PR
	93978EQL9	BAA1/AMBAC	15M	WA	WA ST HLTH REV (CENTRAL WA HLTH)	5.150%	10/1/22	7.00%		83.838
					CA/10/1/11 @ 100
	250336CT9	A3	100M	OR	DESCHUTES CO HOSP REV (CASCADE HLTH)	7.375%	1/1/23	6.85%		103.748
					PX TO CA/1/1/19 @ 100; 6.95% YTM
	079369CV4	BAA1/MBIA	110M	WA	BELLEVUE CNVNT CTR REV	0.000%	2/1/23	5.40%		47.273
	566761MZ2		20M	AZ	MARICOPA CO HOSP REV PR 4/1/24 @ 100	5.000%	4/1/35	4.60%		104.338
	919252CE4	AA3/FSA	100M	CA	VALLEJO USD UT GO ETM IRR	5.400%	8/1/24			102.450
					CA/30 DAYS @ 100; 5.16% YTM
	876385EA9	AAA	20M	TX	TARRANT CO HLTH REV ETM	6.000%	9/1/24	4.50%		113.454
					SINK 9/1/15; PX TO AVG LIFE 8/23/20; 4.76% YTM
	07201NAS0	AAA	15M	CA	BAY AREA IMPT BD ETM	6.150%	9/2/29	5.00%		112.879
					SINK 9/2/20; PX TO AVG LIFE 8/28/25; 5.12% YTM