13F-HR 1 a13f123104.txt DECEMBER 2004 Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 194162103 Equity COLGATE PALMOLIVE CO 50,580.00 2,587,672.80 46625H100 Equity J P MORGAN CHASE & CO 53,081.00 2,070,689.81 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,631,520.00 855030102 Equity STAPLES INC 35,000.00 1,179,850.00 747525103 Equity QUALCOMM INC 26,000.00 1,102,400.00 268648102 Equity E M C CORP MASS 72,000.00 1,070,640.00 029066107 Equity AMERICAN PWR CONVERSION 50,000.00 1,070,000.00 24702R101 Equity DELL COMPUTER CORP 25,200.00 1,061,928.00 911312106 Equity UNITED PARCEL SVC INC B 12,000.00 1,025,520.00 806605101 Equity SCHERING PLOUGH CORP 48,000.00 1,002,240.00 369604103 Equity GENERAL ELECTRIC 27,265.00 995,172.50 703395103 Equity PATTERSON COMPANIES 22,800.00 989,292.00 369604103 Equity GENERAL ELECTRIC 27,000.00 985,500.00 939640108 Equity WASHINGTON POST 1,000.00 983,020.00 060505104 Equity BANK OF AMERICA CORP 20,200.00 949,198.00 38141G104 Equity GOLDMAN SACHS 9,000.00 936,360.00 941848103 Equity WATERS CORP 20,000.00 935,800.00 194162103 Equity COLGATE PALMOLIVE CO 18,000.00 920,880.00 871829107 Equity SYSCO CORP 24,000.00 916,080.00 172967101 Equity CITIGROUP INC 18,600.00 896,148.00 428236103 Equity HEWLETT-PACKARD 42,000.00 880,740.00 319963104 Equity FIRST DATA CORP. 20,700.00 880,578.00 257651109 Equity DONALDSON INC. 27,000.00 879,660.00 316071109 Equity FIDELITY CONTRAFUND 14,825.3730 841,191.66 923436109 Equity VERITAS SOFTWARE CORP 28,900.00 825,095.00 026874107 Equity AMER INTL GROUP INC 12,500.00 820,875.00 950590109 Equity WENDYS INTL INC 20,100.00 789,126.00 313400301 Equity FREDDIE MAC 10,200.00 751,740.00 654902204 Equity NOKIA CORP ADR 46,400.00 727,088.00 92857W100 Equity VODAFONE GROUP PLC NEW A 25,400.00 695,452.00 194162103 Equity COLGATE PALMOLIVE CO 13,500.00 690,660.00 30231G102 Equity EXXON MOBIL CORP 13,464.00 690,164.64 437076102 Equity HOME DEPOT INC 16,000.00 683,840.00 17275R102 Equity CISCO SYS INC 35,000.00 675,500.00 879369106 Equity TELEFLEX, INC. 13,000.00 675,220.00 628530107 Equity MYLAN LABORATORIES INC. 37,000.00 654,160.00 500255104 Equity KOHLS CORPORATION 12,900.00 634,293.00 717081103 Equity PFIZER INC 22,600.00 607,714.00 871565909 Equity SYNALLOY CORP. 58,928.00 583,387.20 811183102 Equity SCUDDER NEW ASIA FUND 39,200.00 581,336.00 713448108 Equity PEPSICO INC 10,700.00 558,540.00 56501r106 Equity MANULIFE FINANCIAL CORP. 11,657.00 539,107.11 478160104 Equity JOHNSON & JOHNSON 8,400.00 532,728.00 742718109 Equity PROCTER & GAMBLE CO 9,600.00 528,768.00 097873103 Equity BOND FUND OF AMERICA - A 37,161.6740 507,256.85 31428X106 Equity FEDEX CORP. 5,000.00 492,450.00 792860108 Equity ST. PAUL TRAVELERS 12,698.00 470,714.86 026874107 Equity AMER INTL GROUP INC 6,915.00 454,108.05 32020R109 Equity FIRST FINANCIAL BANKSHAR 10,070.00 451,236.70 471023846 Equity JANUS OVERSEAS FUND 18,575.1120 450,632.22 585055106 Equity MEDTRONIC INC 9,000.00 447,030.00 458140100 Equity INTEL CORP 19,000.00 444,410.00 747525103 Equity QUALCOMM INC 10,200.00 432,480.00 151020104 Equity CELGENE CORP. 16,000.00 424,480.00 30231G102 Equity EXXON MOBIL CORP 8,000.00 410,080.00 747525103 Equity QUALCOMM INC 9,500.00 402,800.00 594918104 Equity MICROSOFT CORP 15,000.00 400,650.00 30231G102 Equity EXXON MOBIL CORP 7,768.00 398,187.68 478160104 Equity JOHNSON & JOHNSON 6,000.00 380,520.00 931142103 Equity WAL MART STORES 7,200.00 380,304.00 747525103 Equity QUALCOMM INC 8,800.00 373,120.00 949746101 Equity WELLS FARGO & CO 6,000.00 372,900.00 268648102 Equity E M C CORP MASS 25,000.00 371,750.00 025816109 Equity AMERICAN EXPRESS CO 6,500.00 366,405.00 369604103 Equity GENERAL ELECTRIC 10,000.00 365,000.00 055622104 Equity BP AMOCO PLC SPONSORED A 6,038.00 352,619.20 313400301 Equity FREDDIE MAC 4,750.00 350,075.00 585055106 Equity MEDTRONIC INC 7,000.00 347,690.00 871829107 Equity SYSCO CORP 9,000.00 343,530.00 747525103 Equity QUALCOMM INC 8,000.00 339,200.00 855030102 Equity STAPLES INC 10,000.00 337,100.00 372917104 Equity GENZYME CORPORATION 5,800.00 336,806.00 703395103 Equity PATTERSON COMPANIES 7,600.00 329,764.00 060505104 Equity BANK OF AMERICA CORP 7,000.00 328,930.00 369604103 Equity GENERAL ELECTRIC 9,000.00 328,500.00 268648102 Equity E M C CORP MASS 22,000.00 327,140.00 806605101 Equity SCHERING PLOUGH CORP 15,300.00 319,464.00 060505104 Equity BANK OF AMERICA CORP 6,788.00 318,968.12 871565909 Equity SYNALLOY CORP. 32,000.00 316,800.00 38141G104 Equity GOLDMAN SACHS 3,000.00 312,120.00 806605101 Equity SCHERING PLOUGH CORP 14,600.00 304,848.00 703395103 Equity PATTERSON COMPANIES 7,000.00 303,730.00 855030102 Equity STAPLES INC 8,800.00 296,648.00 454089103 Equity INDIA FUND, INC. 10,000.00 296,300.00 717081103 Equity PFIZER INC 11,000.00 295,790.00 026874107 Equity AMER INTL GROUP INC 4,500.00 295,515.00 939640108 Equity WASHINGTON POST 300.00 294,906.00 871565909 Equity SYNALLOY CORP. 29,788.00 294,901.20 313400301 Equity FREDDIE MAC 4,000.00 294,800.00 369604103 Equity GENERAL ELECTRIC 8,000.00 292,000.00 191216100 Equity COCA COLA CO 7,000.00 291,410.00 570535104 Equity MARKEL CORP 800.00 291,200.00 931142103 Equity WAL MART STORES 5,500.00 290,510.00 879369106 Equity TELEFLEX, INC. 5,500.00 285,670.00 500255104 Equity KOHLS CORPORATION 5,800.00 285,186.00 654902204 Equity NOKIA CORP ADR 18,000.00 282,060.00 110122108 Equity BRISTOL MYERS SQUIBB 11,000.00 281,820.00 319963104 Equity FIRST DATA CORP. 6,600.00 280,764.00 941848103 Equity WATERS CORP 6,000.00 280,740.00 941848103 Equity WATERS CORP 6,000.00 280,740.00 941848103 Equity WATERS CORP 6,000.00 280,740.00 478160104 Equity JOHNSON & JOHNSON 4,400.00 279,048.00 428236103 Equity HEWLETT-PACKARD 13,300.00 278,901.00 747525103 Equity QUALCOMM INC 6,500.00 275,600.00 742718109 Equity PROCTER & GAMBLE CO 5,000.00 275,400.00 257651109 Equity DONALDSON INC. 8,400.00 273,672.00 054937107 Equity BB&T CORP 6,497.00 273,198.85 368710406 Equity GENENTECH INC. 5,000.00 272,200.00 717081103 Equity PFIZER INC 10,100.00 271,589.00 806605101 Equity SCHERING PLOUGH CORP 13,000.00 271,440.00 923436109 Equity VERITAS SOFTWARE CORP 9,500.00 271,225.00 855030102 Equity STAPLES INC 8,000.00 269,680.00 871565909 Equity SYNALLOY CORP. 27,000.00 267,300.00 594918104 Equity MICROSOFT CORP 10,000.00 267,100.00 532457108 Equity LILLY ELI & CO 4,700.00 266,725.00 084670207 Equity BERKSHIRE HATHAWAY CL. B 90.00 264,240.00 931142103 Equity WAL MART STORES 5,000.00 264,100.00 931142103 Equity WAL MART STORES 5,000.00 264,100.00 020002101 Equity ALLSTATE CORP 5,092.00 263,358.24 822703609 Equity SHELL TRANSPORT & TRADIN 5,100.00 262,140.00 713448108 Equity PEPSICO INC 5,000.00 261,000.00 703395103 Equity PATTERSON COMPANIES 6,000.00 260,340.00 92857W100 Equity VODAFONE GROUP PLC NEW A 9,500.00 260,110.00 478160104 Equity JOHNSON & JOHNSON 4,100.00 260,022.00 879369106 Equity TELEFLEX, INC. 5,000.00 259,700.00 792860108 Equity ST. PAUL TRAVELERS 7,000.00 259,490.00 806605101 Equity SCHERING PLOUGH CORP 12,400.00 258,912.00 24702R101 Equity DELL COMPUTER CORP 6,100.00 257,054.00 911312106 Equity UNITED PARCEL SVC INC B 3,000.00 256,380.00 747525103 Equity QUALCOMM INC 6,000.00 254,400.00 747525103 Equity QUALCOMM INC 6,000.00 254,400.00 478160104 Equity JOHNSON & JOHNSON 4,000.00 253,680.00 742718109 Equity PROCTER & GAMBLE CO 4,600.00 253,368.00 315916783 Equity FIDELITY FLOATING RATE H 25,307.7870 252,571.71 437076102 Equity HOME DEPOT INC 5,900.00 252,166.00 585055106 Equity MEDTRONIC INC 5,000.00 248,350.00 585055106 Equity MEDTRONIC INC 5,000.00 248,350.00 172967101 Equity CITIGROUP INC 5,100.00 245,718.00 713448108 Equity PEPSICO INC 4,700.00 245,340.00 922031851 Equity VANGUARD SHORT TERM TREA 23,386.3420 244,855.00 922031851 Equity VANGUARD SHORT TERM TREA 23,386.3420 244,855.00 742718109 Equity PROCTER & GAMBLE CO 4,400.00 242,352.00 172967101 Equity CITIGROUP INC 5,000.00 240,900.00 617446448 Equity MORGAN STANLEY DEAN WITT 4,288.00 238,069.76 747525103 Equity QUALCOMM INC 5,600.00 237,440.00 031162100 Equity AMGEN INC. 3,700.00 237,355.00 369604103 Equity GENERAL ELECTRIC 6,500.00 237,250.00 369604103 Equity GENERAL ELECTRIC 6,500.00 237,250.00 717081103 Equity PFIZER INC 8,800.00 236,632.00 78387G103 Equity SBC COMMUNICATIONS 9,177.00 236,491.29 855030102 Equity STAPLES INC 7,000.00 235,970.00 437076102 Equity HOME DEPOT INC 5,500.00 235,070.00 060505104 Equity BANK OF AMERICA CORP 5,000.00 234,950.00 713448108 Equity PEPSICO INC 4,500.00 234,900.00 792860108 Equity ST. PAUL TRAVELERS 6,300.00 233,541.06 035229103 Equity ANHEUSER BUSCH COMPANIES 4,600.00 233,358.00 584688105 Equity THE MEDICINES COMPANY 8,100.00 233,280.00 931422109 Equity WALGREEN COMPANY 6,000.00 230,220.00 806605101 Equity SCHERING PLOUGH CORP 11,000.00 229,680.00 871829107 Equity SYSCO CORP 6,000.00 229,020.00 871829107 Equity SYSCO CORP 6,000.00 229,020.00 257651109 Equity DONALDSON INC. 7,000.00 228,060.00 437076102 Equity HOME DEPOT INC 5,300.00 226,522.00 126650100 Equity CVS CORP 5,000.00 225,350.00 601073109 Equity MILLIPORE CORP. 4,500.00 224,145.00 375558103 Equity GILEAD SCIENCES, INC. 6,400.00 223,936.00 026874107 Equity AMER INTL GROUP INC 3,400.00 223,278.00 478160104 Equity JOHNSON & JOHNSON 3,500.00 221,970.00 871829107 Equity SYSCO CORP 5,800.00 221,386.00 500255104 Equity KOHLS CORPORATION 4,500.00 221,265.00 319963104 Equity FIRST DATA CORP. 5,200.00 221,208.00 742718109 Equity PROCTER & GAMBLE CO 4,000.00 220,320.00 923436109 Equity VERITAS SOFTWARE CORP 7,700.00 219,835.00 92857W100 Equity VODAFONE GROUP PLC NEW A 8,000.00 219,040.00 369604103 Equity GENERAL ELECTRIC 6,000.00 219,000.00 369604103 Equity GENERAL ELECTRIC 6,000.00 219,000.00 46625H100 Equity J P MORGAN CHASE & CO 5,595.00 218,260.95 428236103 Equity HEWLETT-PACKARD 10,400.00 218,088.00 703395103 Equity PATTERSON COMPANIES 5,000.00 216,950.00 172967101 Equity CITIGROUP INC 4,500.00 216,810.00 532457108 Equity LILLY ELI & CO 3,800.00 215,650.00 257651109 Equity DONALDSON INC. 6,600.00 215,028.00 369604103 Equity GENERAL ELECTRIC 5,883.00 214,729.50 17275R102 Equity CISCO SYS INC 11,100.00 214,230.00 09067D201 Equity BIOTECH HOLDRS TRUST 1,400.00 214,088.00 029066107 Equity AMERICAN PWR CONVERSION 10,000.00 214,000.00 029066107 Equity AMERICAN PWR CONVERSION 10,000.00 214,000.00 029066107 Equity AMERICAN PWR CONVERSION 10,000.00 214,000.00 887317105 Equity TIME WARNER 11,000.00 213,840.00 437076102 Equity HOME DEPOT INC 5,000.00 213,700.00 437076102 Equity HOME DEPOT INC 5,000.00 213,700.00 911312106 Equity UNITED PARCEL SVC INC B 2,500.00 213,650.00 911312106 Equity UNITED PARCEL SVC INC B 2,500.00 213,650.00 319963104 Equity FIRST DATA CORP. 5,000.00 212,700.00 319963104 Equity FIRST DATA CORP. 5,000.00 212,700.00 628530107 Equity MYLAN LABORATORIES INC. 12,000.00 212,160.00 747525103 Equity QUALCOMM INC 5,000.00 212,000.00 931142103 Equity WAL MART STORES 4,000.00 211,280.00 24702R101 Equity DELL COMPUTER CORP 5,000.00 210,700.00 026874107 Equity AMER INTL GROUP INC 3,200.00 210,144.00 194162103 Equity COLGATE PALMOLIVE CO 4,100.00 209,756.00 464287739 Equity ISHARES DJ US REAL ESTAT 1,700.00 209,440.00 478160104 Equity JOHNSON & JOHNSON 3,300.00 209,286.00 713448108 Equity PEPSICO INC 4,000.00 208,800.00 713448108 Equity PEPSICO INC 4,000.00 208,800.00 713448108 Equity PEPSICO INC 4,000.00 208,800.00 703395103 Equity PATTERSON COMPANIES 4,800.00 208,272.00 879369106 Equity TELEFLEX, INC. 4,000.00 207,760.00 913017109 Equity UNITED TECHNOLOGIES CORP 2,000.00 206,700.00 871829107 Equity SYSCO CORP 5,400.00 206,118.00 257651109 Equity DONALDSON INC. 6,300.00 205,254.00 30231G102 Equity EXXON MOBIL CORP 4,000.00 205,040.00 30231G102 Equity EXXON MOBIL CORP 4,000.00 205,040.00 194162103 Equity COLGATE PALMOLIVE CO 4,000.00 204,640.00 654902204 Equity NOKIA CORP ADR 13,000.00 203,710.00 026874107 Equity AMER INTL GROUP INC 3,100.00 203,577.00 747525103 Equity QUALCOMM INC 4,800.00 203,520.00 035229103 Equity ANHEUSER BUSCH COMPANIES 4,000.00 202,920.00 879369106 Equity TELEFLEX, INC. 3,900.00 202,566.00 811183102 Equity SCUDDER NEW ASIA FUND 13,600.00 201,688.00 628530107 Equity MYLAN LABORATORIES INC. 11,400.00 201,552.00 912795SE2 Fixed Inco US TREASURY BILL 2,910,000 2,897,661.60 0.000% Due 03-17-05 912795SE2 Fixed Inco US TREASURY BILL 2,750,000 2,738,340.00 0.000% Due 03-17-05 912795SE2 Fixed Inco US TREASURY BILL 2,500,000 2,489,400.00 0.000% Due 03-17-05 3128X1GF8 Fixed Inco FREDDIE MAC 1,500,000 1,467,750.00 2.250% Due 12-04-06 3136F5MJ7 Fixed Inco FANNIE MAE 1,300,000 1,272,050.00 2.600% Due 03-30-07 912795SE2 Fixed Inco US TREASURY BILL 1,100,000 1,095,336.00 0.000% Due 03-17-05 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,062,100.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,056,310.00 4.875% Due 04-01-18 574192NQ9 Fixed Inco MARYLAND STATE & LOCAL F 1,000,000 1,052,940.00 4.500% Due 03-01-13 3136F5MJ7 Fixed Inco FANNIE MAE 1,050,000 1,027,425.00 2.600% Due 03-30-07 912828AW0 Fixed Inco US TREASURY NOTE 906,000 904,586.64 1.625% Due 03-31-05 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 840,168.00 4.300% Due 06-01-13 3128X1GF8 Fixed Inco FREDDIE MAC 850,000 831,725.00 2.250% Due 12-04-06 3128X1GF8 Fixed Inco FREDDIE MAC 800,000 782,800.00 2.250% Due 12-04-06 264399EM4 Fixed Inco DUKE ENERGY CORP. 665,000 682,649.10 5.300% Due 10-01-15 060505BM5 Fixed Inco BANK OF AMERICA CORP. 635,000 662,666.95 5.375% Due 06-15-14 3136F5MJ7 Fixed Inco FANNIE MAE 675,000 660,487.50 2.600% Due 03-30-07 912795SA0 Fixed Inco US TREASURY BILL 650,000 648,414.00 0.000% Due 02-17-05 38143UAB7 Fixed Inco GOLDMAN SACHS 635,000 643,515.35 5.150% Due 01-15-14 61748AAE6 Fixed Inco MORGAN STANLEY 635,000 619,918.75 4.750% Due 04-01-14 50075NAL8 Fixed Inco KRAFT FOODS, INC. 600,000 617,310.00 5.250% Due 10-01-13 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 610,000 616,862.50 5.050% Due 10-15-16 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 534,795.00 5.000% Due 06-01-21 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 527,010.00 5.000% Due 03-01-23 166779AA6 Fixed Inco CHEVY CHASE BANK 500,000 516,250.00 6.875% Due 12-01-13 166779AA6 Fixed Inco CHEVY CHASE BANK 500,000 516,250.00 6.875% Due 12-01-13 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 504,875.00 2.750% Due 11-01-06 912795SE2 Fixed Inco US TREASURY BILL 450,000 448,092.00 0.000% Due 03-17-05 3128X1GF8 Fixed Inco FREDDIE MAC 450,000 440,325.00 2.250% Due 12-04-06 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 425,000 425,267.75 6.000% Due 10-17-21 912795SA0 Fixed Inco US TREASURY BILL 400,000 399,024.00 0.000% Due 02-17-05 912795SE2 Fixed Inco US TREASURY BILL 400,000 398,304.00 0.000% Due 03-17-05 912828BF6 Fixed Inco U.S. TREASURY NOTE 400,000 396,204.00 2.375% Due 08-15-06 3128X1GF8 Fixed Inco FREDDIE MAC 400,000 391,400.00 2.250% Due 12-04-06 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 367,346.00 4.750% Due 07-01-19 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 365,683.50 4.625% Due 05-01-17 912828BP4 Fixed Inco U.S. TREASURY NOTE 350,000 347,417.00 2.625% Due 11-15-06 060505BM5 Fixed Inco BANK OF AMERICA CORP. 325,000 339,160.25 5.375% Due 06-15-14 50075NAL8 Fixed Inco KRAFT FOODS, INC. 325,000 334,376.25 5.250% Due 10-01-13 264399EM4 Fixed Inco DUKE ENERGY CORP. 325,000 333,625.50 5.300% Due 10-01-15 38143UAB7 Fixed Inco GOLDMAN SACHS 325,000 329,358.25 5.150% Due 01-15-14 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 325,000 328,656.25 5.050% Due 10-15-16 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 317,517.00 4.700% Due 10-01-16 61748AAE6 Fixed Inco MORGAN STANLEY 325,000 317,281.25 4.750% Due 04-01-14 060505BM5 Fixed Inco BANK OF AMERICA CORP. 300,000 313,071.00 5.375% Due 06-15-14 50075NAL8 Fixed Inco KRAFT FOODS, INC. 300,000 308,655.00 5.250% Due 10-01-13 9128276N7 Fixed Inco US TREASURY NOTE 300,000 307,689.00 5.750% Due 11-15-05 9128276X5 Fixed Inco US TREASURY NOTE 300,000 306,915.00 4.625% Due 05-15-06 912827T85 Fixed Inco US TREASURY NOTE 300,000 304,383.00 6.500% Due 05-15-05 38143UAB7 Fixed Inco GOLDMAN SACHS 300,000 304,023.00 5.150% Due 01-15-14 912827S86 Fixed Inco US TREASURY NOTE 300,000 301,992.00 7.500% Due 02-15-05 3136F5QT1 Fixed Inco FANNIE MAE 300,000 299,250.00 6.000% Due 04-30-19 3136F5QT1 Fixed Inco FANNIE MAE 300,000 299,250.00 6.000% Due 04-30-19 912795SE2 Fixed Inco US TREASURY BILL 300,000 298,728.00 0.000% Due 03-17-05 912795SE2 Fixed Inco US TREASURY BILL 300,000 298,728.00 0.000% Due 03-17-05 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 298,092.00 4.000% Due 12-01-18 060505BM5 Fixed Inco BANK OF AMERICA CORP. 285,000 297,417.45 5.375% Due 06-15-14 3128X2V44 Fixed Inco FREDDIE MAC 300,000 294,000.00 5.000% Due 04-01-14 61748AAE6 Fixed Inco MORGAN STANLEY 300,000 292,875.00 4.750% Due 04-01-14 613340UW6 Fixed Inco MONTGOMERY COUNTY, MD 250,000 277,955.00 5.200% Due 01-01-11 3128X1GF8 Fixed Inco FREDDIE MAC 280,000 273,980.00 2.250% Due 12-04-06 060505BM5 Fixed Inco BANK OF AMERICA CORP. 260,000 271,328.20 5.375% Due 06-15-14 50075NAL8 Fixed Inco KRAFT FOODS, INC. 260,000 267,501.00 5.250% Due 10-01-13 50075NAL8 Fixed Inco KRAFT FOODS, INC. 260,000 267,501.00 5.250% Due 10-01-13 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 267,052.50 4.550% Due 07-01-08 264399EM4 Fixed Inco DUKE ENERGY CORP. 260,000 266,900.40 5.300% Due 10-01-15 613340PK8 Fixed Inco MONTGOMERY COUNTY MD 250,000 263,670.00 5.100% Due 04-01-07 613340PK8 Fixed Inco MONTGOMERY COUNTY MD 250,000 263,670.00 5.100% Due 04-01-07 38143UAB7 Fixed Inco GOLDMAN SACHS 260,000 263,486.60 5.150% Due 01-15-14 38143UAB7 Fixed Inco GOLDMAN SACHS 260,000 263,486.60 5.150% Due 01-15-14 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 260,000 262,925.00 5.050% Due 10-15-16 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 262,142.50 5.250% Due 02-15-10 060505BM5 Fixed Inco BANK OF AMERICA CORP. 250,000 260,892.50 5.375% Due 06-15-14 055411AE2 Fixed Inco B.F. SAUL REAL ESTATE IN 250,000 260,000.00 7.500% Due 03-01-14 055411AE2 Fixed Inco B.F. SAUL REAL ESTATE IN 250,000 260,000.00 7.500% Due 03-01-14 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 259,332.50 5.000% Due 05-15-25 1008524V1 Fixed Inco BOSTON, MA 250,000 257,582.50 4.375% Due 02-01-18 50075NAL8 Fixed Inco KRAFT FOODS, INC. 250,000 257,212.50 5.250% Due 10-01-13 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 257,037.50 3.700% Due 01-01-11 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 256,565.00 7.000% Due 10-01-23 034285A48 Fixed Inco ANDOVER, MA 250,000 254,667.50 4.200% Due 11-01-17 100852W65 Fixed Inco BOSTON, MA 250,000 254,580.00 4.250% Due 11-01-18 61748AAE6 Fixed Inco MORGAN STANLEY 260,000 253,825.00 4.750% Due 04-01-14 61748AAE6 Fixed Inco MORGAN STANLEY 260,000 253,825.00 4.750% Due 04-01-14 38143UAB7 Fixed Inco GOLDMAN SACHS 250,000 253,352.50 5.150% Due 01-15-14 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 252,797.50 4.750% Due 02-01-26 912828AW0 Fixed Inco US TREASURY NOTE 250,000 249,610.00 1.625% Due 03-31-05 434830LX1 Fixed Inco HOLDEN, MA 250,000 248,465.00 3.650% Due 10-15-15 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 247,454.40 4.000% Due 01-01-14 912828BY5 Fixed Inco US TREASURY NOTES 250,000 245,762.50 2.250% Due 02-15-07 3128X2V44 Fixed Inco FREDDIE MAC 250,000 245,000.00 5.000% Due 04-01-14 61748AAE6 Fixed Inco MORGAN STANLEY 250,000 244,062.50 4.750% Due 04-01-14 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 222,000 222,139.86 6.000% Due 10-17-21 059195JZ1 Fixed Inco BALTIMORE MD REF BRD ED 200,000 221,772.00 5.250% Due 04-01-10 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 216,358.00 4.750% Due 05-01-09 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 211,648.00 4.500% Due 12-01-07 060505BM5 Fixed Inco BANK OF AMERICA CORP. 200,000 208,714.00 5.375% Due 06-15-14 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 207,110.00 4.650% Due 09-01-12 3133X72S2 Fixed Inco FEDERAL HOME LOAN BANK 200,000 206,812.00 5.375% Due 05-15-19 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 206,642.00 5.400% Due 04-01-11 50075NAL8 Fixed Inco KRAFT FOODS, INC. 200,000 205,770.00 5.250% Due 10-01-13 264399EM4 Fixed Inco DUKE ENERGY CORP. 200,000 205,308.00 5.300% Due 10-01-15 264399EM4 Fixed Inco DUKE ENERGY CORP. 200,000 205,308.00 5.300% Due 10-01-15 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 203,834.00 4.100% Due 01-01-06 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 202,978.00 5.000% Due 07-01-05 38143UAB7 Fixed Inco GOLDMAN SACHS 200,000 202,682.00 5.150% Due 01-15-14 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 200,000 202,250.00 5.050% Due 10-15-16 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 200,000 202,250.00 5.050% Due 10-15-16 912828AH3 Fixed Inco US TREASURY NOTE 200,000 200,296.00 3.250% Due 08-15-07 ------------ GRAND TOTAL 138,030,012.86 ============