13F-HR 1 a13f033103.txt Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 594918104 Equity MICROSOFT CORP 360,223.19 8,721,003.45 369604103 Equity GENERAL ELECTRIC CO 284,865.92 7,264,080.99 949746101 Equity WELLS FARGO & CO 160,530.32 7,222,259.19 589331107 Equity MERCK & CO INC 120,800.56 6,617,454.65 717081103 Equity PFIZER INC 212,202.14 6,612,218.81 713448108 Equity PEPSICO INC 164,193.55 6,567,741.92 478160104 Equity JOHNSON & JOHNSON 113,120.49 6,546,282.83 585055106 Equity MEDTRONIC INC 143,931.06 6,494,169.38 026874107 Equity AMER INTL GROUP INC 131,023.98 6,479,135.64 172967101 Equity CITIGROUP INC 166,728.68 5,743,802.92 437076102 Equity HOME DEPOT INC 229,136.38 5,581,762.25 494368103 Equity KIMBERLY CLARK CORP 121,155.48 5,507,727.98 747525103 Equity QUALCOMM INC 142,214.84 5,126,845.09 30231g102 Equity EXXON MOBIL CORP 146,516.00 5,120,734.20 31428X106 Equity FEDEX CORP. 92,228.37 5,079,016.56 247025109 Equity DELL COMPUTER CORP 183,769.00 5,022,406.77 029066107 Equity AMERICAN PWR CONVERSION 340,925.00 4,837,725.75 855030102 Equity STAPLES INC 253,518.00 4,646,984.94 742718109 Equity PROCTER & GAMBLE CO 51,861.00 4,618,222.05 871829107 Equity SYSCO CORP 172,464.75 4,387,503.24 703412106 Equity PATTERSON DENTAL CO 91,000.00 4,179,630.00 194162103 Equity COLGATE PALMOLIVE CO 73,455.00 3,998,890.20 268648102 Equity E M C CORP MASS 531,231.00 3,840,800.13 950590109 Equity WENDYS INTL INC 139,133.92 3,827,574.28 879369106 Equity TELEFLEX, INC. 98,491.41 3,516,143.30 931142103 Equity WAL MART STORES 65,213.00 3,393,032.39 458140100 Equity INTEL CORP 198,648.87 3,234,003.55 941848103 Equity WATERS CORP 149,925.00 3,172,413.00 313400301 Equity FREDDIE MAC 50,897.82 2,702,674.24 89420g109 Equity TRAVELERS PROPERTY CASUA 184,582.10 2,600,761.73 06423A103 Equity BANC ONE CORP 74,716.00 2,586,667.92 532457108 Equity LILLY ELI & CO 42,514.00 2,429,675.10 438516106 Equity HONEYWELL INTL INC 106,800.00 2,281,248.00 983024100 Equity WYETH HEALTHCARE 59,641.00 2,255,622.62 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,048.00 2,239,576.00 319963104 Equity FIRST DATA CORP. 58,800.00 2,176,188.00 911312106 Equity UNITED PARCEL SVC INC B 35,500.00 2,023,500.00 459200101 Equity INTL BUSINESS MACH 22,940.00 1,799,184.20 38141G104 Equity GOLDMAN SACHS 23,925.00 1,628,814.00 00184a105 Equity AOL TIME WARNER INC 148,720.00 1,615,099.20 17275r102 Equity CISCO SYS INC 124,193.00 1,610,783.21 811183102 Equity SCUDDER NEW ASIA FUND 216,000.00 1,607,040.00 320209109 Equity FIRST FINANCIAL BANKSHAR 100,000.00 1,586,000.00 002824100 Equity ABBOTT LABORATORIES 40,730.00 1,531,855.30 78387g103 Equity SBC COMMUNICATIONS 70,366.00 1,411,541.96 580135101 Equity MCDONALDS CORP 86,150.00 1,245,729.00 101137107 Equity BOSTON SCIENTIFIC CORP 29,950.00 1,220,762.00 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,091,800.00 09067D201 Equity BIOTECH HOLDRS TRUST 10,972.58 1,023,193.46 931422109 Equity WALGREEN COMPANY 33,845.00 997,750.60 871565107 Equity SYNALLOY CP 246,497.00 971,198.18 530718105 Equity LIBERTY MEDIA CORP. CLAS 98,338.00 956,828.74 031162100 Equity AMGEN INC. 16,520.00 951,221.60 92857w100 Equity VODAFONE GROUP PLC NEW A 51,280.00 934,321.60 191216100 Equity COCA COLA CO 21,707.79 878,731.50 923436109 Equity VERITAS SOFTWARE CORP 46,922.00 824,888.76 65332V400 Equity NEXTEL COMMUNICATIONS IN 755.220 800,533.20 060505104 Equity BANK OF AMERICA CORP 11,859.00 792,655.56 939640108 Equity WASHINGTON POST 1,159.00 789,696.24 428236103 Equity HEWLETT-PACKARD 47,377.00 736,712.35 025816109 Equity AMERICAN EXPRESS CO 19,600.00 651,308.00 92343v104 Equity VERIZON COMMUNICATIONS 18,265.00 645,667.75 604059105 Equity MINNESOTA MNG & MFG CO 4,930.00 641,047.90 584699102 Equity MEDIMMUNE INC 18,850.00 619,599.50 151020104 Equity CELGENE CORP. 22,975.00 598,958.25 110122108 Equity BRISTOL MYERS SQUIBB 27,892.00 589,357.96 913017109 Equity UNITED TECHNOLOGIES CORP 10,100.00 583,578.00 313586109 Equity FEDERAL NATIONAL MORTGAG 8,775.00 573,446.25 65332v103 Equity NEXTEL COMMUNICATIONS IN 41,100.00 550,329.00 035229103 Equity ANHEUSER BUSCH COMPANIES 10,800.00 503,388.00 291011104 Equity EMERSON ELECTRIC 10,900.00 494,315.00 372917104 Equity GENZYME CORPORATION 13,350.00 486,607.50 055622104 Equity BP AMOCO PLC SPONSORED A 12,206.00 471,029.54 780257804 Equity ROYAL DUTCH PETROLEUM CO 10,600.00 431,950.00 299900308 Equity EVERGREEN RESOURCES, INC 8,750.00 396,462.50 87612e106 Equity TARGET CORP 13,400.00 392,084.00 69344M101 Equity PMI GROUP, INC. 14,850.00 379,417.50 166764100 Equity CHEVRONTEXACO CORP 5,790.00 374,323.50 822703609 Equity SHELL TRANSPORT & TRADIN 9,150.00 331,413.00 302941109 Equity FTI CONSULTING, INC. 7,150.00 330,473.00 079860102 Equity BELL SOUTH CORP 14,659.06 317,661.81 461308108 Equity INVESTMENT CO OF AMERICA 13,978.3810 311,857.68 G7496G103 Equity RENAISSANCERE HOLDINGS L 7,700.00 308,385.00 32020R109 Equity FIRST FINANCIAL BANKSHAR 8,616.00 305,868.00 37733W105 Equity GLAXO SMITHKLINE PLC ADR 8,661.00 304,780.59 33832P109 Equity FLAG INVS EQUITY PARTN C 17,072.9440 296,557.04 929903102 Equity WACHOVIA CORP. 8,115.00 276,478.05 097873103 Equity BOND FUND OF AMERICA - A 21,393.0000 275,969.70 89151D200 Equity ISI TOTAL RETURN US TREA 27,000.7490 275,407.64 41014S106 Equity JOHN HANCOCK FINANCIAL S 9,907.00 275,216.46 449934108 Equity IMS HEALTH INC 17,600.00 274,736.00 053015103 Equity AUTOMATIC DATA PROC 8,808.00 271,198.32 368710406 Equity GENENTECH INC. 7,700.00 269,577.00 552848103 Equity MGIC INVESTMENT CORP 6,750.00 265,072.50 548661107 Equity LOWES COS INC 6,300.00 257,166.00 601073109 Equity MILLIPORE CORP. 7,709.00 252,084.30 313747206 Equity FEDERAL REALTY INVST TR 8,160.00 247,819.20 024937104 Equity AMERICAN CAPITAL STRATEG 11,000.00 246,400.00 570535104 Equity MARKEL CORP 1,100.00 246,070.00 00846U101 Equity AGILENT TECHNOLOGIES 18,046.00 237,304.90 054937107 Equity BB&T CORP 7,527.26 236,581.78 338331101 Equity FLAG INVESTORS COMMUNICA 22,663.7470 232,756.68 263534109 Equity DU PONT E I DE NEMOURS 5,703.02 221,619.47 067901108 Equity BARRICK GOLD CORP. 14,080.00 219,084.80 571748102 Equity MARSH & MCLENNAN 5,050.00 215,281.50 617446448 Equity MORGAN STANLEY DEAN WITT 5,564.00 213,379.40 939322103 Equity WASHINGTON MUTUAL INC 6,000.00 211,620.00 277919205 Equity EATON VANCE SER TRUST CA 524.4845 204,569.93 599902103 Equity MILLENNIUM PHARMACEUTICA 25,900.00 203,574.00 3129255A4 Fixed Inco FREDDIE MAC 12,555,000 12,625,621.87 6.000% Due 10-03-17 3128X0WP0 Fixed Inco FREDDIE MAC 7,710,000 7,714,818.75 6.000% Due 01-30-18 3133MVPA5 Fixed Inco FEDERAL HOME LOAN BANK 2,030,000 2,012,871.87 6.000% Due 02-21-23 574192NQ9 Fixed Inco MARYLAND ST & LCL FACS 1,015,000 1,066,003.75 4.500% Due 03-01-13 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,043,330.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,036,650.00 4.875% Due 04-01-18 3128X0XW4 Fixed Inco FREDDIE MAC 840,000 840,525.00 6.000% Due 02-06-18 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 835,216.00 4.300% Due 06-01-13 600814AC1 Fixed Inco MILLICOM INTL CELLULAR 900,000 621,000.00 13.500% Due 06-01-06 312925B82 Fixed Inco FREDDIE MAC 605,000 613,185.65 6.250% Due 08-08-17 3136F17B0 Fixed Inco FANNIE MAE 605,000 613,131.20 6.375% Due 08-01-17 638585BF5 Fixed Inco NATIONSBANK CORP 475,000 537,918.50 6.800% Due 03-15-28 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 522,200.00 5.000% Due 06-01-21 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 515,870.00 2.750% Due 11-01-06 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 509,450.00 5.000% Due 03-01-23 718507BH8 Fixed Inco PHILLIPS PETROLEUM CO 480,000 494,400.00 6.650% Due 07-15-18 881685BE0 Fixed Inco TEXACO CAPITAL 475,000 493,363.50 6.875% Due 08-15-23 9128275M0 Fixed Inco US TREASURY NOTE 400,000 425,752.00 6.000% Due 08-15-04 9128277H9 Fixed Inco US TREASURY NOTE 400,000 406,376.00 3.250% Due 12-31-03 9128277D8 Fixed Inco US TREASURY NOTE 400,000 403,252.00 2.750% Due 09-30-03 613340PG7 Fixed Inco MONTGOMERY CNTY MD CONS 375,000 389,988.75 5.100% Due 04-01-04 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 358,911.00 4.625% Due 05-01-17 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 358,690.50 4.750% Due 07-01-19 3133MQ5G5 Fixed Inco FEDERAL HOME LOAN BANK 350,000 354,483.50 6.300% Due 08-01-17 912827S86 Fixed Inco US TREASURY NOTE 300,000 333,468.00 7.500% Due 02-15-05 912827T85 Fixed Inco US TREASURY NOTE 300,000 330,843.00 6.500% Due 05-15-05 9128276N7 Fixed Inco US TREASURY NOTE 300,000 330,282.00 5.750% Due 11-15-05 9128276X5 Fixed Inco US TREASURY NOTE 300,000 323,343.00 4.625% Due 05-15-06 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 311,856.00 4.700% Due 10-01-16 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 289,428.00 4.000% Due 12-01-18 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 272,715.00 4.550% Due 07-01-08 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 269,070.00 5.250% Due 02-15-10 57582NJM8 Fixed Inco MASSACHUSETTS 260,000 260,286.00 3.500% Due 01-01-10 3133MQB94 Fixed Inco FEDERAL HOME LOAN BANK 250,000 252,657.50 5.250% Due 08-05-09 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 251,495.00 5.000% Due 05-15-25 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 251,425.00 7.000% Due 10-01-23 3136F2TJ7 Fixed Inco FANNIE MAE 250,000 251,015.00 4.100% Due 05-27-08 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 250,180.00 3.700% Due 01-01-11 100852W65 Fixed Inco BOSTON, MA 250,000 250,050.00 4.250% Due 11-01-18 1008524V1 Fixed Inco BOSTON, MA 250,000 249,267.50 4.375% Due 02-01-18 034285A48 Fixed Inco ANDOVER, MA 250,000 247,795.00 4.200% Due 11-01-17 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 247,265.00 4.750% Due 02-01-26 3134A4HE7 Fixed Inco FREDDIE MAC 225,000 245,601.00 6.375% Due 08-01-11 312925TX8 Fixed Inco FREDDIE MAC 240,000 242,493.60 6.000% Due 06-27-12 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 239,688.00 4.000% Due 01-01-14 434830LX1 Fixed Inco HOLDEN, MA 250,000 238,975.00 3.650% Due 10-15-15 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 218,870.00 4.500% Due 12-01-07 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 218,370.00 4.750% Due 05-01-09 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 215,686.00 5.400% Due 04-01-11 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 215,392.00 5.000% Due 07-01-05 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 211,884.00 4.100% Due 01-01-06 3133mezp9 Fixed Inco FEDERAL HOME LN BK CONS 200,000 209,188.00 6.070% Due 05-24-11 912827N81 Fixed Inco US TREASURY NOTE 200,000 208,188.00 5.875% Due 02-15-04 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 206,276.00 4.650% Due 09-01-12 983219WU6 Fixed Inco WYOMING COMMUNITY DEVELO 200,000 205,890.00 5.150% Due 06-01-04 766570AC9 Fixed Inco RIGGS NATIONAL CORP SUB 200,000 205,194.00 9.650% Due 06-15-09 495170QQ8 Fixed Inco KING COUNTY WASHINGTON S 200,000 204,002.00 4.125% Due 12-01-03 3133MTRC4 Fixed Inco FEDERAL HOME LOAN BANK 200,000 202,750.00 3.800% Due 11-20-07 0GBPPRAA9 Other GREAT BRITISH POUND STER 274,588.170 434,027.79 ------------ GRAND TOTAL 256,868,579.88 ============