13F-HR 1 a13f123105.txt Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 194162103 Equity COLGATE PALMOLIVE CO 252,682.00 13,859,607.70 026874107 Equity AMER INTL GROUP INC 193,698.00 13,216,014.54 369604103 Equity GENERAL ELECTRIC 351,024.15 12,303,396.60 713448108 Equity PEPSICO INC 201,470.00 11,902,847.60 585055106 Equity MEDTRONIC INC 196,080.00 11,288,325.60 855030102 Equity STAPLES INC 486,588.00 11,050,413.48 478160104 Equity JOHNSON & JOHNSON 177,176.05 10,648,280.86 437076102 Equity HOME DEPOT INC 253,746.02 10,271,639.01 060505104 Equity BANK OF AMERICA CORP 218,860.00 10,100,389.00 742718109 Equity PROCTER & GAMBLE 165,535.00 9,581,165.80 029066107 Equity AMERICAN PWR CONVERSION 420,860.00 9,258,920.00 319963104 Equity FIRST DATA CORP. 214,896.00 9,242,676.96 871829107 Equity SYSCO CORP 294,473.00 9,143,386.65 941848103 Equity WATERS CORP 238,590.00 9,018,702.00 28139t101 Equity EDUCATION MANAGEMENT 264,801.00 8,873,481.51 126650100 Equity CVS CORP 333,397.00 8,808,348.74 747525103 Equity QUALCOMM INC 199,674.00 8,601,955.92 500255104 Equity KOHLS CORPORATION 171,938.00 8,356,186.80 24702R101 Equity DELL COMPUTER CORP 274,721.00 8,238,882.79 703395103 Equity PATTERSON COMPANIES 242,765.00 8,108,351.00 863667101 Equity STRYKER CORP. 182,002.00 8,086,348.86 792860108 Equity ST. PAUL TRAVELERS 180,157.00 8,047,613.19 172967101 Equity CITIGROUP INC 164,565.00 7,986,339.45 879369106 Equity TELEFLEX, INC. 117,290.00 7,621,504.20 686091109 Equity O'REILLY AUTOMOTIVE 225,448.00 7,216,590.48 654902204 Equity NOKIA CORP ADR 379,262.00 6,940,494.60 594918104 Equity MICROSOFT CORP 259,215.00 6,778,472.25 949746101 Equity WELLS FARGO & CO 101,710.00 6,390,439.30 950590109 Equity WENDYS INTL INC 111,960.00 6,186,909.60 931142103 Equity WAL MART STORES 128,148.00 5,997,326.40 913017109 Equity UNITED TECHNOLOGIES CORP 104,834.00 5,861,268.94 68389X105 Equity ORACLE CORPORATION 478,687.00 5,844,768.27 92857W100 Equity VODAFONE GROUP PLC ADR 251,121.00 5,391,567.87 30231G102 Equity EXXON MOBIL CORP 94,267.00 5,294,977.39 911312106 Equity UNITED PARCEL SVC INC B 67,472.00 5,070,520.80 31428X106 Equity FEDEX CORP. 47,761.00 4,938,009.79 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,577.00 4,629,283.50 532457108 Equity LILLY ELI & CO 78,092.00 4,419,226.28 268648102 Equity E M C CORP MASS 322,348.00 4,390,379.76 717081103 Equity PFIZER INC 184,148.00 4,294,331.36 931422109 Equity WALGREEN COMPANY 87,102.00 3,855,134.52 127190304 Equity CACI INTL., INC. 53,875.00 3,091,347.50 170388102 Equity CHOICEPOINT INC. 69,100.00 3,075,641.00 09067D201 Equity BIOTECH HOLDRS TRUST 12,670.00 2,543,755.90 46625H100 Equity J P MORGAN CHASE & CO 55,652.00 2,208,827.88 257651109 Equity DONALDSON INC. 66,950.00 2,129,010.00 871503108 Equity SYMANTEC CORP 106,578.00 1,865,115.00 78464r105 Equity SRA INTERNATIONAL, INC. 56,825.00 1,735,435.50 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,648,000.00 458140100 Equity INTEL CORP 64,432.18 1,608,227.31 871565107 Equity SYNALLOY CORP. 147,214.00 1,540,447.30 459200101 Equity INTL BUSINESS MACH 14,180.00 1,165,596.00 939640108 Equity WASHINGTON POST 1,410.00 1,078,650.00 88579Y101 Equity MINNESOTA MNG & MFG CO 12,112.00 938,680.00 584699102 Equity MEDIMMUNE INC 26,750.00 936,785.00 316071109 Equity FIDELITY CONTRAFUND 13,600.3730 880,760.16 464287465 Equity ISHARES EAFE INDEX 14,649.00 870,590.07 151020104 Equity CELGENE CORP. 13,085.00 847,908.00 580135101 Equity MCDONALDS CORP 24,900.00 839,628.00 031162100 Equity AMGEN INC. 9,657.00 761,551.02 191216100 Equity COCA COLA CO 18,686.00 753,232.66 055622104 Equity BP AMOCO PLC SPONSORED A 10,695.00 686,832.90 56501r106 Equity MANULIFE FINANCIAL CORP. 11,663.00 681,764.15 471023846 Equity JANUS OVERSEAS FUND 18,575.1120 591,245.81 372917104 Equity GENZYME CORPORATION 8,165.00 577,918.70 375558103 Equity GILEAD SCIENCES, INC. 10,743.00 565,404.09 548661107 Equity LOWES COS INC 8,450.00 563,277.00 584688105 Equity THE MEDICINES COMPANY 31,775.00 554,473.75 110122108 Equity BRISTOL MYERS SQUIBB 23,849.00 548,050.02 17275R102 Equity CISCO SYS INC 31,528.00 539,759.36 73941U102 Equity POZEN INC. 56,075.00 537,759.25 464287200 Equity S&P 500 I-SHARES 4,142.00 516,383.14 780259107 Equity ROYAL DUTCH SHELL PLC AD 7,713.00 497,719.89 922031851 Equity VANGUARD SHORT TERM TREA 46,772.6840 483,161.83 263534109 Equity DU PONT E I DE NEMOURS 10,758.02 457,215.97 166764100 Equity CHEVRONTEXACO CORP 8,037.00 456,260.49 32020R109 Equity FIRST FINANCIAL BANKSHAR 12,893.00 452,028.58 002824100 Equity ABBOTT LABORATORIES 11,363.00 448,043.09 097873103 Equity BOND FUND OF AMERICA - A 33,453.8080 442,259.34 368710406 Equity GENENTECH INC. 4,579.00 423,557.50 576417208 Equity MASTERS SELECT INTERNATI 23,831.4990 416,574.60 01903q108 Equity ALLIED CAPITAL CORP. 13,625.60 400,183.81 454089103 Equity INDIA FUND, INC. 10,000.00 397,300.00 617446448 Equity MORGAN STANLEY DEAN WITT 5,848.00 331,815.52 035229103 Equity ANHEUSER BUSCH COMPANIES 7,718.00 331,565.28 054937107 Equity BB&T CORP 7,835.00 328,364.85 92343V104 Equity VERIZON COMMUNICATIONS 10,858.00 327,042.96 570535104 Equity MARKEL CORP 1,000.00 317,050.00 929903102 Equity WACHOVIA CORP. 5,840.00 308,702.40 601073109 Equity MILLIPORE CORP. 4,500.00 297,180.00 149123101 Equity CATERPILLAR INC 4,800.00 277,296.00 020002101 Equity ALLSTATE CORP 5,092.00 275,324.44 806857108 Equity SCHLUMBERGER LTD 2,800.00 272,020.00 648018109 Equity AMERICAN FUNDS NEW PERSP 9,355.3190 267,842.78 025816109 Equity AMERICAN EXPRESS CO 5,175.00 266,305.50 78486q101 Equity SVB FINANCIAL GROUP 5,300.00 248,252.00 354723702 Equity FRANKLIN HIGH YIELD A 22,692.6130 244,172.52 14149y108 Equity CARDINAL HEALTH 3,521.00 242,068.75 039583109 Equity ARCHSTONE-SMITH TRUST 5,700.00 238,773.00 090613100 Equity BIOMET INC. 6,475.00 236,790.75 101137107 Equity BOSTON SCIENTIFIC CORP 9,500.00 232,655.00 14040H105 Equity CAPITAL ONE FINANCIAL CO 2,600.00 224,640.00 416515104 Equity HARTFORD FINANCIAL SERVI 2,600.00 223,314.00 032511107 Equity ANADARKO PETROLEUM CORP 2,353.00 222,946.75 399874106 Equity GROWTH FUND OF AMERICA I 6,900.0000 212,934.00 125509109 Equity CIGNA CORP 1,900.00 212,230.00 78462F103 Equity SPDR TRUST SERIES I 1,691.00 210,546.41 71343p200 Equity PEPSIAMERICAS 9,000.00 209,340.00 780259206 Equity ROYAL DUTCH SHELL PLC AD 3,400.00 209,066.00 222372104 Equity COUNTRYWIDE FINCL. CORP. 6,000.00 205,140.00 912828EF3 Fixed Inco US TREASURY NOTE 5,085,000 5,051,235.60 4.000% Due 08-31-07 50075NAL8 Fixed Inco KRAFT FOODS, INC. 3,455,000 3,472,275.00 5.250% Due 10-01-13 61748AAE6 Fixed Inco MORGAN STANLEY 3,610,000 3,469,210.00 4.750% Due 04-01-14 026874AW7 Fixed Inco AMER INTL GROUP 3,445,000 3,393,325.00 5.050% Due 10-01-15 36962GS39 Fixed Inco GEN ELEC CAP CRP 3,380,000 3,371,550.00 5.500% Due 10-06-17 38143UAB7 Fixed Inco GOLDMAN SACHS 3,380,000 3,365,973.00 5.150% Due 01-15-14 319963am6 Fixed Inco FIRST DATA CORP. 3,390,000 3,175,921.50 4.950% Due 06-15-15 3136F7FA0 Fixed Inco FANNIE MAE 2,485,000 2,466,362.50 6.000% Due 08-10-20 3128X2V44 Fixed Inco FREDDIE MAC 1,700,000 1,649,000.00 5.000% Due 04-01-14 574192NQ9 Fixed Inco MARYLAND STATE & LOCAL F 1,025,000 1,070,151.25 4.500% Due 03-01-13 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,044,290.00 4.875% Due 04-01-18 166779AA6 Fixed Inco CHEVY CHASE BANK 1,000,000 1,041,750.00 6.875% Due 12-01-13 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,038,320.00 4.400% Due 04-01-12 055411AE2 Fixed Inco B.F. SAUL REAL ESTATE IN 1,000,000 1,022,150.00 7.500% Due 03-01-14 912795XG1 Fixed Inco US TREASURY BILL 950,000 932,149.50 0.000% Due 06-15-06 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 825,280.00 4.300% Due 06-01-13 912828BP4 Fixed Inco U.S. TREASURY NOTE 700,000 689,255.00 2.625% Due 11-15-06 912828CQ1 Fixed Inco US TREASURY 585,000 579,495.15 2.750% Due 07-31-06 912828CW8 Fixed Inco US TREASURY 555,000 547,174.50 2.500% Due 09-30-06 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 532,375.00 5.000% Due 06-01-21 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 528,630.00 5.000% Due 03-01-23 613340PK8 Fixed Inco MONTGOMERY COUNTY MD 500,000 511,180.00 5.100% Due 04-01-07 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 498,025.00 2.750% Due 11-01-06 3136F3VP8 Fixed Inco FANNIE MAE 500,000 475,000.00 5.000% Due 06-04-18 912828CD0 Fixed Inco US TREASURY NOTE 430,000 427,295.30 1.500% Due 03-31-06 912828BF6 Fixed Inco U.S. TREASURY NOTE 400,000 395,080.00 2.375% Due 08-15-06 3136F2AQ1 Fixed Inco FANNIE MAE 400,000 393,000.00 6.000% Due 08-01-22 912828CM0 Fixed Inco US TREASURY NOTES 375,000 372,086.25 2.750% Due 06-30-06 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 365,550.50 4.750% Due 07-01-19 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 362,649.00 4.625% Due 05-01-17 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 309,333.00 4.700% Due 10-01-16 9128276X5 Fixed Inco US TREASURY NOTE 300,000 300,306.00 4.625% Due 05-15-06 912795WW7 Fixed Inco US TREASURY BILL 300,000 296,904.00 0.000% Due 04-06-06 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 295,824.00 4.000% Due 12-01-18 912828AN0 Fixed Inco US TREASURY NOTE 300,000 292,524.00 3.000% Due 11-15-07 613340UW6 Fixed Inco MONTGOMERY COUNTY, MD 250,000 268,935.00 5.200% Due 01-01-11 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 260,767.50 5.000% Due 05-15-25 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 254,950.00 5.250% Due 02-15-10 1008524V1 Fixed Inco BOSTON, MA 250,000 254,192.50 4.375% Due 02-01-18 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 253,967.50 4.750% Due 02-01-26 034285A48 Fixed Inco ANDOVER, MA 250,000 253,342.50 4.200% Due 11-01-17 100852W65 Fixed Inco BOSTON, MA 250,000 252,905.00 4.250% Due 11-01-18 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 251,472.50 3.700% Due 01-01-11 912828EL0 Fixed Inco US TREASURY NOTE 250,000 250,040.00 4.375% Due 11-15-08 3133XBHP3 Fixed Inco FEDERAL HOME LOAN BANK 250,000 246,720.00 6.000% Due 04-20-20 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 240,000 246,652.80 4.550% Due 07-01-08 613340XY9 Fixed Inco MONTGOMERY COUNTY, MD 250,000 246,562.50 2.500% Due 05-01-07 912828DT4 Fixed Inco US TREASURY NOTE 250,000 246,445.00 3.750% Due 05-15-08 434830LX1 Fixed Inco HOLDEN, MA 250,000 246,337.50 3.650% Due 10-15-15 981202JG0 Fixed Inco WORCESTER COUNTY MARYLAN 250,000 244,390.00 2.500% Due 03-01-08 912828BY5 Fixed Inco US TREASURY NOTES 250,000 244,032.50 2.250% Due 02-15-07 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 242,920.80 4.000% Due 01-01-14 38141GEA8 Fixed Inco GOLDMAN SACHS 230,000 227,398.70 5.125% Due 01-15-15 059195JZ1 Fixed Inco BALTIMORE MD REF BRD ED 200,000 213,968.00 5.250% Due 04-01-10 741701JW7 Fixed Inco PRINCE GEORGES CNTY MD C 200,000 212,078.00 5.125% Due 10-01-09 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 208,214.00 4.750% Due 05-01-09 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 206,652.00 4.650% Due 09-01-12 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 204,318.00 4.500% Due 12-01-07 ------------ GRAND TOTAL 425,942,112.20 ============