UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended June 30, 2003
Check here if Amendment [ ]; Amendment Number:
This amendment (Check only one.) : [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: The Adams Express Company
Address: 7 St. Paul Street, Suite 1140
Baltimore, MD 21202
Form 13F File Number: 28-597
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete, and that it is understood that
all required items, statements, schedules, lists,and tables, are
considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Christine M. Sloan
Title: Assistant Treasurer
Phone: (410) 752-5900
Signature, Place, and Date of Signing:
Christine M. Sloan Baltimore, MD July 18, 2003
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported
are in this report, and all holdings are reported by other
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings
for this reporting manager are reported in this report and a portion are
reported by other reporting manager (s).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
28
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 78
Form 13F Information Table Value Total: $ 964,306
(in thousands)
List of Other Included Managers:
Provide a numbered list of the name (s) and Form 13F file number(s)
of all institutional investment managers with respect to which this
report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and
list entries.]
No. Form 13-F File No. Name
28-
[Repeat as necessary.]
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6COLUMN 7 COLUMN 8
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE IN SHARES/PRN SH/ PUT/ INVSTM OTHER VOTING AUTHORITY
000's AMOUNT PRN CALLDISCRETNMANAGERS
SOLE SHARED NONE
>C>
3M COMPANY COM 88579Y101 17,412 135,000 SH SOLE 135,000
ABBOTT LABS COM 002824100 15,316 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 4,139 210,000 SH SOLE 210,000
ALBEMARLE CORP. COM 012653101 6,304 225,400 SH SOLE 225,400
ALLTEL CORP. COM 020039103 16,877 350,000 SH SOLE 350,000
AMBAC FINANCIAL GROUP COM 023139108 26,500 400,000 SH SOLE 400,000
AMERICAN INT'L GROUP I COM 026874107 42,140 763,675 SH SOLE 763,675
BANKNORTH GROUP, INC. COM 06646R107 12,096 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 8,036 740,000 SH SOLE 740,000
BELLSOUTH CORP COM 079860102 11,051 415,000 SH SOLE 415,000
BJ WHOLESALE CLUB COM 05548J106 7,530 500,000 SH SOLE 500,000
BLACK AND DECKER CORP COM 091797100 13,035 300,000 SH SOLE 300,000
BLACK HILLS CORP COM 092113109 11,497 374,500 SH SOLE 374,500
BMC SOFTWARE COM 055921100 5,062 310,000 SH SOLE 310,000
BOEING CO. COM 097023105 10,296 300,000 SH SOLE 300,000
BP P.L.C. SPONSORED ADR055622104 11,345 270,000 SH SOLE 270,000
BRINKER INTL INC COM 109641100 18,550 515,000 SH SOLE 515,000
BRISTOL MYERS SQUIBB COM 110122108 9,367 345,000 SH SOLE 345,000
CANADIAN NATIONAL RAIL COM 136375102 8,204 170,000 SH SOLE 170,000
CINERGY CORP COM 172474108 16,188 440,000 SH SOLE 440,000
CISCO SYSTEMS COM 17275R102 29,115 1,755,000 SH SOLE 1,755,000
COMPASS BANKSHARES INC COM 20449H109 7,335 210,000 SH SOLE 210,000
CONOCOPHILLIPS COM 20825C104 10,960 200,000 SH SOLE 200,000
CORNING INC COM 219350105 8,646 1,170,000 SH SOLE 1,170,000
DEAN FOODS COM 242370104 17,719 562,500 SH SOLE 562,500
DIAMONDCLUSTER INTERNA COM 25278P106 1,846 497,500 SH SOLE 497,500
DONNELLEY R R & SONS C COM 257867101 13,070 500,000 SH SOLE 500,000
DUKE ENERGY 8.25% DUE PFD CV 264399585 6,344 400,000 SH SOLE 400,000
DUKE ENERGY CORP. COM 264399106 7,082 355,000 SH SOLE 355,000
ENZON PHARMACEUTICALS COM 293904108 1,252 100,000 SH SOLE 100,000
EXXON MOBIL CORP. COM 30231G102 4,668 130,000 SH SOLE 130,000
FEDERAL HOME LOAN MTG COM 313400301 8,123 160,000 SH SOLE 160,000
FIFTH THIRD BANC COM 316773100 5,734 100,000 SH SOLE 100,000
GANNETT INC. COM 364730101 6,721 87,500 SH SOLE 87,500
GENENTECH, INC COM 368710406 16,227 225,000 SH SOLE 225,000
GENERAL ELECTRIC CO. COM 369604103 33,771 1,177,500 SH SOLE 1,177,500
GLAXOSMITHKLINE PLC SP SPONSORED ADR37733W105 7,095 175,000 SH SOLE 175,000
HCA INC. COM 404119109 14,418 450,000 SH SOLE 450,000
HERSHEY FOODS CORP. COM 427866108 4,876 70,000 SH SOLE 70,000
INGERSOLL-RAND CO. LTD CL A G4776G101 11,830 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 10,600 510,000 SH SOLE 510,000
INVESTORS FINANCIAL SE COM 461915100 15,085 520,000 SH SOLE 520,000
JOHNSON & JOHNSON COM 478160104 18,612 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 14,180 400,000 SH SOLE 400,000
LAB CORP. OF AMERICA COM 50540R409 10,100 335,000 SH SOLE 335,000
LILLY ELI & CO COM 532457108 4,138 60,000 SH SOLE 60,000
LUCENT TECHNOLOGIES COM 549463107 812 400,000 SH SOLE 400,000
MDU RESOURCES GROUP, I COM 552690109 15,071 450,000 SH SOLE 450,000
MICROSOFT CORP COM 594918104 20,104 785,000 SH SOLE 785,000
NOKIA CORP SPONSORED ADR654902204 10,515 640,000 SH SOLE 640,000
NORTHWESTERN CORP COM 668074107 84 41,800 SH SOLE 41,800
ORACLE CORP COM 68389X105 10,578 880,000 SH SOLE 880,000
PEPSI CO. INC. COM 713448108 19,580 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES COM 716549100 40,912 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 34,183 1,000,960 SH SOLE 1,000,960
PHILADELPHIA SUBURBAN COM PAR $0.50718009608 21,333 875,000 SH SOLE 875,000
PROCTER & GAMBLE COMPA COM 742718109 15,161 170,000 SH SOLE 170,000
PROVIDENT BANKSHARES C COM 743859100 8,513 335,021 SH SOLE 335,021
ROHM & HAAS CO. COM 775371107 12,412 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 8,655 423,000 SH SOLE 423,000
SAPIENT CORP COM 803062108 3,186 1,150,000 SH SOLE 1,150,000
SBC COMMUNICATIONS COM 78387G103 15,202 595,000 SH SOLE 595,000
SCHLUMBERGER LTD COM 806857108 3,330 70,000 SH SOLE 70,000
SIEBEL SYSTEMS INC. COM 826170102 7,346 770,000 SH SOLE 770,000
SOLECTRON CORP COM 834182107 7,480 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 2,369 515,000 SH SOLE 515,000
SYMANTEC 3%CONV.DEB.11 NOTE 3% 11/06871503AA6 706 500,000 PRN SOLE 500,000
SYMANTEC CORP. COM 871503108 8,772 200,000 SH SOLE 200,000
TARGET CORP. COM 87612E106 17,406 460,000 SH SOLE 460,000
TECO ENERGY, INC COM 872375100 7,794 650,000 SH SOLE 650,000
THE COCA-COLA CO. COM 191216100 9,282 200,000 SH SOLE 200,000
UNITED PARCEL SERVICES COM CL B 911312106 5,096 80,000 SH SOLE 80,000
UNITED TECHNOLOGIES COM 913017109 26,915 380,000 SH SOLE 380,000
VODAFONE GROUP PLC SPONSORED ADR92857W100 9,680 492,614 SH SOLE 492,614
WACHOVIA CORP. NEW COM 929903102 15,185 380,000 SH SOLE 380,000
WELLS FARGO COMPANY COM 949746101 20,160 400,000 SH SOLE 400,000
WILMINGTON TRUST CORP. COM 971807102 12,327 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 13,665 300,000 SH SOLE 300,000
964,306