Thomas Francis Hogan

Lehman Bros. CD — Buy

Pepsico — Int/Div

3M — Int/Div

BROKERAGE ACCOUNT #1

Citibank Deposit Program

Cisco Systems — Int/Div

Allied Capital Corp. — Int/Div

Analex (X) — None — Sell

AT&T — Int/Div — Sell/partial

Cigna — Int/Div

Choice Hotels — Int/Div — Split

Comcast Corp Class A — None

Lucent — None

Manor Care — Int/Div

Tyco Int] — Int/Div

Mayor & City Council Balt. — Interest

BROKERAGE ACCOUNT #2

FNMA — Sell

Citibank Deposit Program — Interest

Anhauser-Busch — Int/Div

Bank of America — Int/Div — Buy 1992

Choice Hotels — Int/Div — Unconsolidated from #8

Sangamon, 10/01/2010 — Buy

Chicago coupon, 12/01/2011 — Buy

PG Co. Bond REDG Lt. Cons. due 07/01/08 — None

Md. State DOT Cons due 12/15/05 — Interest — Redeem

Balt Co Cons Pub IMP due 08/01/17 — Interest

Riggs Nat. Bk. Ch. Accts — Interest

Sovereign Bancorp — Int/Div

OBA escrow — Interest

Gas Tank Jt. Ven. — Distribution

Atlas Gas Well — Royalty

Sussex Co., DE 1/2 int. — Rent

Adams Co., PA - country property — None

Country Prop. 1/3 sh. Adams Co., PA — None

Traford Lane Ptnrship. Fairfax Co., VA. — Rent

Ga. hsg. ptnrsh., c/o Winthrop Boston — Distribution

Ch. Ch. S&L — Interest

Ch. Ch, S&L — Interest

IRA #1

Glenborough Rity Tr — Int/Div

Kinder Morgan, Inc — Int/Div

FICO Strips Gen. due 5/30/05 — Redeem

FICO Strip C due 5/30/06 — None

FICO Strips due 05/30/07 — None

FICO Strips due 08/08/08 — None

FNMA Cpn. due 09/25/20 — None

Cisco — None

CATS SR S, 02/15/09 — None

CATS SR Q, 05/15/09 — None

Govt Trust Cpn, 11/15/10 — None

FHLN MTG, 07/15/10 — None

Resolution FG. 04/15/09 — None

TVA CPN, 04/15/10 — None

TVA CPN, 10/15/10 — None

TVA CPN, 11/01/11 — None

TVA FED BK, 11/01/12 — Buy

FHLN Mtg. Corp., 07/15/11 — None

Coca-Cola — Sell

Comcast Class A — None

Constellation — Sell

Dell Computer — Sell

Scotts Co — Int/Div

Comcast Cl. A SPL — None

E-Funds 01/03/01, spin off from Deluxe Corp. — None

Johnson & Johnson — Int/Div

Kinder Morgan Energy — Int/Div

Soverign Banking — Int/Div

Yum Brands — Int/Div

Vishay Intertech — Sell

Wal-Mart — Int/Div

AIM Income Fund — Int/Div

Mort. Sec. Tr. CMO Ser 15 Int. — Int/Div

Mutual Funds:

Europacific Growth — Int/Div — Buy (add'l)

Ivy Global — None

Templeton Emer. MKTS — Int/Div

IRA #2 — Interest

Glenborough Realty Corp. — Int/Div

Carramerica Realty Corp. — Int/Div

U.S. Treas. strips due 8/15/05 — Redeem

U.S. Treas. strips due 5/15/06 — None

Capital One Bank CD — Buy

SB)CitiBank dep.program — Interest — Smith Bamey

Ivy Global Mutual Fund — None

FNMA Note, due 2/14/13 — None

Cert. Accru. Ser. E coupon due 5/15/06 — None

Cert Accru Ser U, 8/15/10 — None

Callable TR, due 5/15/05 — Called

Cert Accru Ser Z, 5/15/05 — None — Redeemption

Gvt. Tr. Ctfs, 5/15/05 — Redemption

Gvt. Tr. Ctfs, 11/15/08 — None

Gvt. Tr. Cifs, 11/15/2008 — None — Buy

GNMA Pass Thru, cpn 7/15/05 — Interest

FICO strips SR 10 5/30/06 — None

FICO Strips SR 12, 6/6/06 — None

FICO Strips SR 8, 8/03/06 — None

FICO Strips SR 6, 8/03/06 — None

FICO Strips, 10/06/07 — None

FICO Strips, 11/02/07 — None

FICO Strips SR19 due 6/06/08 — None

TVA CPN, 10/15/2008 — Buy

FICO Strips SR 11, 2/08/09 — None

FICO Strips Ser E, 11/02/08 — None

FICO Strips, SR 13, 12/27/09 — None

FICO Strip SR 11, 2/08/11 — None

FICO Strips SR 19, 12/06/12 — None

FHLN Mtg, 1/15/10 — None

FNMA Strips, 2/01/10 — None

FNG 92 59D seq. cpn. 10/25/22 — Interest

Maryland Balto. Medical Ctr due 070/125 — Interest

TVA Bonds, 12/15/09 — None

TVA CPN, 10/15/11 — None

TVA Bonds, 12/15/12 — None

Eurobank, 06/08/2010 — Buy

Capital One Bank, 10/26/2010 — Buy

Wells Fargo — Int/Div

Bellsouth Corp. — Int/Div

Centerpoint Props. — Int/Div

Chevron Texaco — Int/Div

Cisco Systems — None

Costco — Int/Div

Dell Computer Corp. — Sell

Delhaize Computer Corp. — Int/Div

Exelon — Int/Div

Exxon — Int/Div

Fannie Mae — Int/Div

Fed. Realty Inv. Tr. — Int/Div

Eli Lilly & Co. — Int/Div

Federal Express — Int/Div

En Bridge Energy Partners GE — Int/Div

IBM — Int/Div

J.P. Morgan Chase — Int/Div

Kinder Morgan Energy — Int/Div

Medco — Int/Div

Merck & Co. — Int/Div

Microsoft — Int/Div

Pfizer, Inc — Int/Div

Proctor & Gamble — Int/Div

Teppco Partners — Int/Div

Dreyfus Premier — None

Smith Barney Conv., Class B — 05/07/03 Omitted

VKAAC Emerg. Growth Class A — Sell

VKAAC Emerg. Grwth.Class C — Sell

VKAAC Equity Class A — None — Buy

VKAAC Equity Class C — None — Buy

Mutual Fund

Cook Co. HSD 205, 06/01/2013 — Buy

Louisiana 6% 5-1-04 Gen. Oblig Book Entry — Interest

Midland TX 5.9% 3-1-2016 Ctf. of Oblig. Book Entry — Interest

Western Oaks TX 6.5% 1-22-02 Mun. Utils, Dist. — Interest

Centennial MM Tr. Money Market — Interest

Mutual Fund

Franklin Tax Free Trust High Yield Taxfree Income Fnd. — Int/Div

Oil & Gas well Shares:

Total Fina Elf — Royalty

5., Ww - po oO [5 Th re I

Liability — Alliance Mortgage (Formerly Known As Chase Home Mortgage) — Mortgage On Country Property

Reimbursement — NationsBank — Ist Trust - Prof, Office Bldg.

Irrevocable Trust -- based on a 1994 Ethics Committee opinion, assets held in irrevocable trust for which my spouse serves as sole trustee and over which I have no

authority whatsoever, are not required to be listed. Transactions involving assets of the trust are managed by a brokerage firm; my spouse is consulted only for a

"yes" or "no" regarding prospective purchases or sales.