UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 2004
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: 86
Form 13F Information Table Value Total: $ 1,204,578
(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 13,509 165,000 SH SOLE 165,000
ABBOTT LABS COM 002824100 14,385 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 3,713 110,000 SH SOLE 110,000
AIR PRODUCTS & CHEMICA COM 009158106 12,530 250,000 SH SOLE 250,000
ALBEMARLE CORP. COM 012653101 6,537 225,400 SH SOLE 225,400
ALLTEL CORP. COM 020039103 17,462 350,000 SH SOLE 350,000
AMBAC FINANCIAL GROUP COM 023139108 29,512 400,000 SH SOLE 400,000
AMERICAN INT'L GROUP I COM 026874107 52,704 738,675 SH SOLE 738,675
AQUA AMERICA, INC. COM 03836W103 20,596 950,000 SH SOLE 950,000
BANK OF AMERICA COM 060505104 16,196 200,000 SH SOLE 200,000
BANKNORTH GROUP, INC. COM 06646R107 16,135 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 10,208 800,000 SH SOLE 800,000
BELLSOUTH CORP COM 079860102 11,491 415,000 SH SOLE 415,000
BJ WHOLESALE CLUB COM 05548J106 12,725 500,000 SH SOLE 500,000
BLACK AND DECKER CORP COM 091797100 17,082 300,000 SH SOLE 300,000
BLACK HILLS CORP COM 092113109 8,605 270,000 SH SOLE 270,000
BMC SOFTWARE COM 055921100 6,061 310,000 SH SOLE 310,000
BP P.L.C. SPONSORED ADR055622104 13,824 270,000 SH SOLE 270,000
BRINKER INTL INC COM 109641100 15,172 400,000 SH SOLE 400,000
BRISTOL MYERS SQUIBB COM 110122108 8,359 345,000 SH SOLE 345,000
CANADIAN NATIONAL RAIL COM 136375102 10,029 255,000 SH SOLE 255,000
CINERGY CORP COM 172474108 17,992 440,000 SH SOLE 440,000
CISCO SYSTEMS COM 17275R102 28,224 1,200,000 SH SOLE 1,200,000
COMPASS BANKSHARES INC COM 20449H109 12,441 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 13,962 200,000 SH SOLE 200,000
CORNING INC COM 219350105 13,081 1,170,000 SH SOLE 1,170,000
CREE INC. COM 225447101 5,439 243,900 SH SOLE 243,900
DEAN FOODS COM 242370104 18,788 562,500 SH SOLE 562,500
DELL INC. COM 24702R101 13,448 400,000 SH SOLE 400,000
DIAMONDCLUSTER INTERNA COM 25278P106 4,816 497,500 SH SOLE 497,500
DONNELLEY R R & SONS C COM 257867101 12,100 400,000 SH SOLE 400,000
DUKE ENERGY 8.25% DUE PFD CV 264399585 5,920 400,000 SH SOLE 400,000
DUKE ENERGY CORP. COM 264399106 8,023 355,000 SH SOLE 355,000
EMERSON ELECTRIC COM 291011104 11,984 200,000 SH SOLE 200,000
ENZON PHARMACEUTICALS COM 293904108 1,543 100,000 SH SOLE 100,000
EXXON MOBIL CORP. COM 30231G102 5,407 130,000 SH SOLE 130,000
FIFTH THIRD BANC COM 316773100 8,582 155,000 SH SOLE 155,000
GANNETT INC. COM 364730101 7,712 87,500 SH SOLE 87,500
GENENTECH, INC COM 368710406 14,286 135,000 SH SOLE 135,000
GENERAL ELECTRIC CO. COM 369604103 45,405 1,487,700 SH SOLE 1,487,700
HCA INC. COM 404119109 18,279 450,000 SH SOLE 450,000
HERSHEY FOODS CORP. COM 427866108 5,800 70,000 SH SOLE 70,000
ILLINOIS TOOL WORKS COM 452308109 10,696 135,000 SH SOLE 135,000
INGERSOLL-RAND CO. LTD CL A G4776G101 13,868 205,000 SH SOLE 205,000
INTEL CORP COM 458140100 8,432 310,000 SH SOLE 310,000
INVESTORS FINANCIAL SE COM 461915100 17,974 435,000 SH SOLE 435,000
JOHNSON & JOHNSON COM 478160104 18,259 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 15,288 400,000 SH SOLE 400,000
LAB CORP. OF AMERICA COM 50540R409 16,485 420,000 SH SOLE 420,000
LUCENT TECHNOLOGIES COM 549463107 8,631 2,100,000 SH SOLE 2,100,000
MATTEL INC COM 577081102 10,603 575,000 SH SOLE 575,000
MDU RESOURCES GROUP, I COM 552690109 15,856 675,000 SH SOLE 675,000
MEDIMMUNE INC. COM 584699102 5,193 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 14,803 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 19,976 800,000 SH SOLE 800,000
NEWELL RUBBERMAID INC. COM 651229106 11,948 515,000 SH SOLE 515,000
NOKIA CORP SPONSORED ADR654902204 8,112 400,000 SH SOLE 400,000
ORACLE CORP COM 68389X105 10,569 880,000 SH SOLE 880,000
PARKER-HANNIFIN COM 701094104 15,538 275,000 SH SOLE 275,000
PEPSI CO. INC. COM 713448108 23,694 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES COM 716549100 46,810 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 38,555 1,100,000 SH SOLE 1,100,000
PROCTER & GAMBLE COMPA COM 742718109 17,830 170,000 SH SOLE 170,000
PROVIDENT BANKSHARES C COM 743859100 10,513 335,021 SH SOLE 335,021
ROHM & HAAS CO. COM 775371107 15,936 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 8,705 423,000 SH SOLE 423,000
SAPIENT CORP COM 803062108 6,935 1,150,000 SH SOLE 1,150,000
SBC COMMUNICATIONS COM 78387G103 14,601 595,000 SH SOLE 595,000
SCHLUMBERGER LTD COM 806857108 12,132 190,000 SH SOLE 190,000
SIEBEL SYSTEMS INC. COM 826170102 9,208 800,000 SH SOLE 800,000
SMURFIT-STONE CONTAINE COM 832727101 7,713 438,500 SH SOLE 438,500
SOLECTRON CORP COM 834182107 10,231 1,850,000 SH SOLE 1,850,000
SUN MICROSYSTEMS INC. COM 866810104 2,142 515,000 SH SOLE 515,000
SYMANTEC 3%CONV.DEB.11 NOTE 3% 11/06871503AA6 1,355 500,000 PRN SOLE 500,000
SYMANTEC CORP. COM 871503108 10,881 235,000 SH SOLE 235,000
TARGET CORP. COM 87612E106 20,718 460,000 SH SOLE 460,000
TECO ENERGY, INC COM 872375100 9,510 650,000 SH SOLE 650,000
THE COCA-COLA CO. COM 191216100 10,060 200,000 SH SOLE 200,000
UNITED PARCEL SERVICES COM CL B 911312106 5,587 80,000 SH SOLE 80,000
UNITED TECHNOLOGIES COM 913017109 23,733 275,000 SH SOLE 275,000
VODAFONE GROUP PLC SPONSORED ADR92857W100 11,773 492,613 SH SOLE 492,613
WACHOVIA CORP. NEW COM 929903102 17,390 370,000 SH SOLE 370,000
WELLS FARGO COMPANY COM 949746101 22,668 400,000 SH SOLE 400,000
WILMINGTON TRUST CORP. COM 971807102 15,695 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 11,265 300,000 SH SOLE 300,000
ZIMMER HLDGS INC. COM 98956P102 6,640 90,000 SH SOLE 90,000
1,204,578