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, 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 August 4, 2004
[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: 85
Form 13F Information Table Value Total: $ 1,219,771
(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 14,852 165,000 SH SOLE 165,000
ABBOTT LABS COM 002824100 14,266 350,000 SH SOLE 350,000
AIR PRODUCTS & CHEMICA COM 009158106 13,112 250,000 SH SOLE 250,000
ALBEMARLE CORP. COM 012653101 1,673 52,850 SH SOLE 52,850
ALLTEL CORP. COM 020039103 17,717 350,000 SH SOLE 350,000
AMBAC FINANCIAL GROUP COM 023139108 29,376 400,000 SH SOLE 400,000
AMERICAN INT'L GROUP I COM 026874107 52,653 738,675 SH SOLE 738,675
AQUA AMERICA, INC. COM 03836W103 18,596 927,500 SH SOLE 927,500
AVAYA INC. COM 053499109 9,079 575,000 SH SOLE 575,000
BANK OF AMERICA COM 060505104 18,616 220,000 SH SOLE 220,000
BANKNORTH GROUP, INC. COM 06646R107 12,992 400,000 SH SOLE 400,000
BEA SYSTEMS INC. COM 073325102 6,576 800,000 SH SOLE 800,000
BELLSOUTH CORP COM 079860102 10,881 415,000 SH SOLE 415,000
BJ WHOLESALE CLUB COM 05548J106 12,500 500,000 SH SOLE 500,000
BLACK AND DECKER CORP COM 091797100 15,533 250,000 SH SOLE 250,000
BLACK HILLS CORP COM 092113109 8,032 255,000 SH SOLE 255,000
BMC SOFTWARE COM 055921100 5,735 310,000 SH SOLE 310,000
BP P.L.C. SPONSORED ADR055622104 14,464 270,000 SH SOLE 270,000
BRINKER INTL INC COM 109641100 13,648 400,000 SH SOLE 400,000
BRISTOL MYERS SQUIBB COM 110122108 8,453 345,000 SH SOLE 345,000
CANADIAN NATIONAL RAIL COM 136375102 11,115 255,000 SH SOLE 255,000
CINERGY CORP COM 172474108 11,400 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 28,440 1,200,000 SH SOLE 1,200,000
COMPASS BANKSHARES INC COM 20449H109 12,900 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 15,258 200,000 SH SOLE 200,000
CORNING INC COM 219350105 15,280 1,170,000 SH SOLE 1,170,000
CREE INC. COM 225447101 11,640 500,000 SH SOLE 500,000
DEAN FOODS COM 242370104 20,987 562,500 SH SOLE 562,500
DELL INC. COM 24702R101 14,328 400,000 SH SOLE 400,000
DIAMONDCLUSTER INTERNA COM 25278P106 4,323 497,500 SH SOLE 497,500
DONNELLEY R R & SONS C COM 257867101 12,383 375,000 SH SOLE 375,000
DUKE ENERGY CORP. COM 264399106 12,409 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 17,768 400,000 SH SOLE 400,000
EMERSON ELECTRIC COM 291011104 12,710 200,000 SH SOLE 200,000
ENZON PHARMACEUTICALS COM 293904108 1,276 100,000 SH SOLE 100,000
EXXON MOBIL CORP. COM 30231G102 5,773 130,000 SH SOLE 130,000
FIFTH THIRD BANC COM 316773100 10,756 200,000 SH SOLE 200,000
GANNETT INC. COM 364730101 7,424 87,500 SH SOLE 87,500
GENENTECH, INC COM 368710406 14,050 250,000 SH SOLE 250,000
GENERAL ELECTRIC CO. COM 369604103 48,201 1,487,700 SH SOLE 1,487,700
HCA INC. COM 404119109 18,716 450,000 SH SOLE 450,000
HERSHEY FOODS CORP. COM 427866108 6,478 140,000 SH SOLE 140,000
HOSPIRA INC. COM 441060100 966 35,000 SH SOLE 35,000
ILLINOIS TOOL WORKS COM 452308109 12,945 135,000 SH SOLE 135,000
INGERSOLL-RAND CO. LTD CL A G4776G101 13,389 196,000 SH SOLE 196,000
INTEL CORP COM 458140100 8,556 310,000 SH SOLE 310,000
INVESTORS FINANCIAL SE COM 461915100 18,957 435,000 SH SOLE 435,000
JOHNSON & JOHNSON COM 478160104 18,660 335,000 SH SOLE 335,000
KEYSPAN CORP. COM 49337W100 14,680 400,000 SH SOLE 400,000
LAB CORP. OF AMERICA COM 50540R409 14,292 360,000 SH SOLE 360,000
LUCENT TECHNOLOGIES COM 549463107 9,601 2,540,000 SH SOLE 2,540,000
MATTEL INC COM 577081102 10,494 575,000 SH SOLE 575,000
MDU RESOURCES GROUP, I COM 552690109 16,220 675,000 SH SOLE 675,000
MEDIMMUNE INC. COM 584699102 5,265 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 15,103 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 22,848 800,000 SH SOLE 800,000
NEWELL RUBBERMAID INC. COM 651229106 12,103 515,000 SH SOLE 515,000
ORACLE CORP COM 68389X105 10,498 880,000 SH SOLE 880,000
PARKER-HANNIFIN COM 701094104 13,379 225,000 SH SOLE 225,000
PEPSI CO. INC. COM 713448108 23,707 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES COM 716549100 47,287 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 37,708 1,100,000 SH SOLE 1,100,000
PROCTER & GAMBLE COMPA COM 742718109 18,510 340,000 SH SOLE 340,000
PROVIDENT BANKSHARES C COM 743859100 9,662 335,021 SH SOLE 335,021
ROHM & HAAS CO. COM 775371107 16,632 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 10,719 423,000 SH SOLE 423,000
SAPIENT CORP COM 803062108 6,911 1,150,000 SH SOLE 1,150,000
SBC COMMUNICATIONS COM 78387G103 14,429 595,000 SH SOLE 595,000
SCHLUMBERGER LTD COM 806857108 12,067 190,000 SH SOLE 190,000
SIEBEL SYSTEMS INC. COM 826170102 8,544 800,000 SH SOLE 800,000
SMURFIT-STONE CONTAINE COM 832727101 11,997 601,350 SH SOLE 601,350
SOLECTRON CORP COM 834182107 11,969 1,850,000 SH SOLE 1,850,000
SUN MICROSYSTEMS INC. COM 866810104 2,235 515,000 SH SOLE 515,000
SYMANTEC 3%CONV.DEB.11 NOTE 3% 11/06871503AA6 1,287 500,000 PRN SOLE 500,000
SYMANTEC CORP. COM 871503108 9,413 215,000 SH SOLE 215,000
TARGET CORP. COM 87612E106 19,536 460,000 SH SOLE 460,000
THE COCA-COLA CO. COM 191216100 10,096 200,000 SH SOLE 200,000
UNITED PARCEL SERVICES COM CL B 911312106 6,014 80,000 SH SOLE 80,000
UNITED TECHNOLOGIES COM 913017109 25,157 275,000 SH SOLE 275,000
VODAFONE GROUP PLC SPONSORED ADR92857W100 10,887 492,613 SH SOLE 492,613
WACHOVIA CORP. NEW COM 929903102 16,465 370,000 SH SOLE 370,000
WELLS FARGO COMPANY COM 949746101 22,892 400,000 SH SOLE 400,000
WILMINGTON TRUST CORP. COM 971807102 15,632 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 11,752 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 7,938 90,000 SH SOLE 90,000
1,219,775