13F-HR 1 a13f063003.txt 063003 Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 369604103 Equity GENERAL ELECTRIC CO 316,883.35 9,088,214.51 026874107 Equity AMER INTL GROUP INC 164,474.54 9,075,705.37 594918104 Equity MICROSOFT CORP 341,003.19 8,733,091.72 949746101 Equity WELLS FARGO & CO 170,109.77 8,573,532.36 437076102 Equity HOME DEPOT INC 251,189.70 8,319,403.01 717081103 Equity PFIZER INC 233,847.29 7,985,885.06 713448108 Equity PEPSICO INC 173,448.68 7,718,466.39 589331107 Equity MERCK & CO INC 121,279.67 7,343,484.18 172967101 Equity CITIGROUP INC 170,304.51 7,289,032.94 494368103 Equity KIMBERLY CLARK CORP 138,282.71 7,210,060.76 585055106 Equity MEDTRONIC INC 149,932.24 7,192,249.36 24702r101 Equity DELL COMPUTER CORP 200,569.00 6,410,185.24 478160104 Equity JOHNSON & JOHNSON 115,079.66 5,949,618.28 268648102 Equity E M C CORP MASS 557,166.00 5,833,528.02 029066107 Equity AMERICAN PWR CONVERSION 365,425.00 5,707,938.50 747525103 Equity QUALCOMM INC 157,465.70 5,645,145.20 871829107 Equity SYSCO CORP 187,816.17 5,641,997.87 31428X106 Equity FEDEX CORP. 87,953.87 5,455,778.87 941848103 Equity WATERS CORP 177,425.00 5,168,390.25 855030102 Equity STAPLES INC 279,318.00 5,119,898.94 703412106 Equity PATTERSON DENTAL CO 111,900.00 5,082,498.00 742718109 Equity PROCTER & GAMBLE CO 55,885.92 4,983,906.52 879369106 Equity TELEFLEX, INC. 111,569.10 4,747,265.42 30231g102 Equity EXXON MOBIL CORP 131,312.00 4,715,413.92 950590109 Equity WENDYS INTL INC 153,111.37 4,435,636.39 194162103 Equity COLGATE PALMOLIVE CO 74,846.00 4,337,325.70 931142103 Equity WAL MART STORES 78,613.00 4,219,159.71 89420g109 Equity TRAVELERS PROPERTY CASUA 232,192.75 3,691,864.74 532457108 Equity LILLY ELI & CO 47,314.00 3,263,246.58 319963104 Equity FIRST DATA CORP. 76,600.36 3,174,319.08 458140100 Equity INTEL CORP 149,250.18 3,101,418.82 438516106 Equity HONEYWELL INTL INC 108,150.00 2,903,827.50 06423A103 Equity BANC ONE CORP 74,716.00 2,777,940.88 911312106 Equity UNITED PARCEL SVC INC B 43,150.00 2,748,655.00 811183102 Equity SCUDDER NEW ASIA FUND 284,450.00 2,645,385.00 313400301 Equity FREDDIE MAC 51,906.17 2,635,276.50 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,038.00 2,522,340.00 500255104 Equity KOHLS CORPORATION 45,200.00 2,322,376.00 983024100 Equity WYETH HEALTHCARE 49,735.00 2,265,429.25 17275r102 Equity CISCO SYS INC 134,521.00 2,259,952.80 38141G104 Equity GOLDMAN SACHS 23,925.00 2,003,718.75 00184a105 Equity AOL TIME WARNER INC 120,550.00 1,939,649.50 923436109 Equity VERITAS SOFTWARE CORP 66,322.00 1,907,420.72 002824100 Equity ABBOTT LABORATORIES 40,930.00 1,791,096.80 101137107 Equity BOSTON SCIENTIFIC CORP 28,950.00 1,768,845.00 931422109 Equity WALGREEN COMPANY 57,445.11 1,729,097.90 580135101 Equity MCDONALDS CORP 78,350.00 1,728,401.00 09067D201 Equity BIOTECH HOLDRS TRUST 13,272.58 1,635,845.98 320209109 Equity FIRST FINANCIAL BANKSHAR 100,000.00 1,599,000.00 78387g103 Equity SBC COMMUNICATIONS 55,272.64 1,412,215.88 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,326,640.00 871565107 Equity SYNALLOY CP 246,497.00 1,306,434.10 459200101 Equity INTL BUSINESS MACH 13,006.00 1,072,995.00 191216100 Equity COCA COLA CO 21,209.27 984,322.04 428236103 Equity HEWLETT-PACKARD 46,177.00 983,570.10 913017109 Equity UNITED TECHNOLOGIES CORP 12,400.00 878,292.00 939640108 Equity WASHINGTON POST 1,156.00 847,232.40 025816109 Equity AMERICAN EXPRESS CO 19,900.00 832,019.00 92857w100 Equity VODAFONE GROUP PLC NEW A 41,930.00 823,924.50 110122108 Equity BRISTOL MYERS SQUIBB 24,958.00 677,609.70 604059105 Equity MINNESOTA MNG & MFG CO 4,783.00 616,911.34 313586109 Equity FEDERAL NATIONAL MORTGAG 8,841.00 596,237.04 035229103 Equity ANHEUSER BUSCH COMPANIES 10,600.00 541,130.00 055622104 Equity BP AMOCO PLC SPONSORED A 12,829.00 539,074.58 92343v104 Equity VERIZON COMMUNICATIONS 13,626.00 537,545.70 060505104 Equity BANK OF AMERICA CORP 5,201.00 411,035.03 780257804 Equity ROYAL DUTCH PETROLEUM CO 8,800.00 410,256.00 291011104 Equity EMERSON ELECTRIC 7,600.00 388,360.00 031162100 Equity AMGEN INC. 5,725.00 383,460.50 822703609 Equity SHELL TRANSPORT & TRADIN 9,150.00 364,627.50 079860102 Equity BELL SOUTH CORP 13,559.06 361,077.74 32020R109 Equity FIRST FINANCIAL BANKSHAR 10,770.00 360,256.50 461308108 Equity INVESTMENT CO OF AMERICA 14,020.3660 356,257.50 166764100 Equity CHEVRONTEXACO CORP 4,850.00 350,170.00 601073109 Equity MILLIPORE CORP. 7,709.00 342,048.33 548661107 Equity LOWES COS INC 7,850.00 337,157.50 929903102 Equity WACHOVIA CORP. 8,371.00 334,505.16 41014S106 Equity JOHN HANCOCK FINANCIAL S 10,155.00 312,063.15 33832P109 Equity FLAG INVS EQUITY PARTN C 14,400.0000 302,832.00 053015103 Equity AUTOMATIC DATA PROCESSIN 8,708.00 294,852.88 570535104 Equity MARKEL CORP 1,100.00 281,600.00 89151D200 Equity ISI TOTAL RETURN US TREA 27,000.7490 280,267.77 37733W105 Equity GLAXO SMITHKLINE PLC ADR 6,520.00 264,320.80 054937107 Equity BB&T CORP 7,571.45 259,700.80 263534109 Equity DU PONT E I DE NEMOURS 6,103.02 254,129.87 364730101 Equity GANNETT CO., INC. 3,300.00 253,473.00 626129761 Equity MUNDER INDEX 500- CL. A 12,395.1640 251,993.68 277919205 Equity EATON VANCE SER TRUST CA 524.4845 231,601.87 617446448 Equity MORGAN STANLEY DEAN WITT 5,364.00 229,311.00 665859104 Equity NORTHERN TRUST COMPANY 5,044.00 210,486.12 68389X105 Equity ORACLE CORPORATION 17,300.00 207,946.00 338331101 Equity FLAG INVESTORS COMMUNICA 15,904.7470 205,330.28 3129255A4 Fixed Inco FREDDIE MAC 12,555,000 12,664,856.25 6.000% Due 10-03-17 3128X1GF8 Fixed Inco FREDDIE MAC 10,000,000 9,950,000.00 2.250% Due 12-04-06 3133MX3J6 Fixed Inco FEDERAL HOME LOAN BANK 5,410,000 5,410,000.00 5.500% Due 04-03-18 3128X1FF9 Fixed Inco FREDDIE MAC 1,700,000 1,649,000.00 5.000% Due 06-11-21 574192NQ9 Fixed Inco MARYLAND ST & LCL FACS 1,015,000 1,091,673.10 4.500% Due 03-01-13 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,090,570.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,070,990.00 4.875% Due 04-01-18 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 1,050,000 1,053,937.50 6.000% Due 10-17-21 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 859,904.00 4.300% Due 06-01-13 3136F3VP8 Fixed Inco FANNIE MAE 700,000 693,000.00 5.000% Due 06-04-18 312925B82 Fixed Inco FREDDIE MAC 605,000 606,512.50 6.250% Due 08-08-17 3136F17B0 Fixed Inco FANNIE MAE 605,000 606,512.50 6.375% Due 08-01-17 638585BF5 Fixed Inco NATIONSBANK CORP 475,000 558,034.75 6.800% Due 03-15-28 718507BH8 Fixed Inco PHILLIPS PETROLEUM CO 480,000 550,800.00 6.650% Due 07-15-18 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 537,725.00 5.000% Due 06-01-21 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 530,400.00 5.000% Due 03-01-23 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 519,895.00 2.750% Due 11-01-06 881685BE0 Fixed Inco TEXACO CAPITAL 475,000 487,744.25 6.875% Due 08-15-23 9128275M0 Fixed Inco US TREASURY NOTE 400,000 422,000.00 6.000% Due 08-15-04 912827S86 Fixed Inco US TREASURY NOTE 380,000 418,475.00 7.500% Due 02-15-05 9128277H9 Fixed Inco US TREASURY NOTE 400,000 404,500.00 3.250% Due 12-31-03 9128277D8 Fixed Inco US TREASURY NOTE 400,000 401,876.00 2.750% Due 09-30-03 613340PG7 Fixed Inco MONTGOMERY CNTY MD CONS 375,000 386,898.75 5.100% Due 04-01-04 9128276N7 Fixed Inco US TREASURY NOTE 350,000 385,220.50 5.750% Due 11-15-05 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 371,556.50 4.625% Due 05-01-17 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 371,420.00 4.750% Due 07-01-19 3133MQ5G5 Fixed Inco FEDERAL HOME LOAN BANK 350,000 351,312.50 6.300% Due 08-01-17 912827T85 Fixed Inco US TREASURY NOTE 300,000 329,064.00 6.500% Due 05-15-05 9128276X5 Fixed Inco US TREASURY NOTE 300,000 325,218.00 4.625% Due 05-15-06 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 323,577.00 4.700% Due 10-01-16 3133MQDG6 Fixed Inco FEDERAL HOME LOAN BANK 320,000 321,401.60 6.250% Due 08-07-17 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 300,678.00 4.000% Due 12-01-18 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 276,660.00 4.550% Due 07-01-08 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 273,370.00 5.250% Due 02-15-10 57582NJM8 Fixed Inco MASSACHUSETTS 260,000 269,799.40 3.500% Due 01-01-10 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 261,535.00 5.000% Due 05-15-25 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 260,682.50 3.700% Due 01-01-11 034285A48 Fixed Inco ANDOVER, MA 250,000 259,025.00 4.200% Due 11-01-17 1008524V1 Fixed Inco BOSTON, MA 250,000 258,460.00 4.375% Due 02-01-18 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 256,510.00 7.000% Due 10-01-23 100852W65 Fixed Inco BOSTON, MA 250,000 254,455.00 4.250% Due 11-01-18 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 254,060.00 4.750% Due 02-01-26 434830LX1 Fixed Inco HOLDEN, MA 250,000 253,112.50 3.650% Due 10-15-15 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 250,713.60 4.000% Due 01-01-14 3134A4HE7 Fixed Inco FREDDIE MAC 225,000 250,031.25 6.375% Due 08-01-11 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 222,638.00 4.750% Due 05-01-09 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 221,200.00 4.500% Due 12-01-07 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 214,542.00 5.000% Due 07-01-05 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 213,234.00 5.400% Due 04-01-11 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 211,990.00 4.100% Due 01-01-06 766570AC9 Fixed Inco RIGGS NATIONAL CORP SUB 200,000 209,000.00 9.650% Due 06-15-09 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 208,852.00 4.650% Due 09-01-12 3133mezp9 Fixed Inco FEDERAL HOME LN BK CONS 200,000 207,750.00 6.070% Due 05-24-11 912827N81 Fixed Inco US TREASURY NOTE 200,000 206,062.00 5.875% Due 02-15-04 983219WU6 Fixed Inco WYOMING COMMUNITY DEVELO 200,000 204,594.00 5.150% Due 06-01-04 392118DK8 Fixed Inco GREATER LAWRENCE MASS 200,000 202,704.00 4.000% Due 03-15-17 495170QQ8 Fixed Inco KING COUNTY WASHINGTON S 200,000 202,554.00 4.125% Due 12-01-03 ------------ GRAND TOTAL 297,561,481.61 ============