UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: MARCH 31, 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: __(401) 752-5900________
Signature, Place, and Date of Signing:
__(signed)_Christine M. Sloan Baltimore, Md. April 24, 2002
[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 reporting
manager(s).)
[ ] 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:
[If there are no entries in this list, omit this section.]
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: ___77_____
Form 13F Information Table Value Total: $_ 836_____
(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 13F File Number Name
____ 28- NONE____________ ________________________
[Repeat as necessary.]
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN COLUMN 5 COL. 6 COLUMN 7 COLUMN 8
------------------------------- -------- -------- 4 ------------------ ------ -------- ---------------------
TITLE OF ------- - OTHER -
NAME OF ISSUER CLASS CUSIP - INVSTM MANAGERS
VALUE T
(x$1000 DSCRET
) N
SHARES/ SH PUT VOTING AUTHORITY
PRIN.AMT /P /CA
RN LL
>
SOLE SHARE NONE
D
ABBOTT LABS COM 002824100 13,164 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 5,460 210,000 SH SOLE 210,000
ALBEMARLE CORP COM 012653101 5,488 225,400 SH SOLE 225,400
ALLTEL CORP COM 020039103 15,666 350,000 SH SOLE 350,000
AMBAC FINL GROUP, INC. COM 023139108 20,208 400,000 SH SOLE 400,000
AMERICAN INTL GROUP INC. COM 026874107 37,764 763,675 SH SOLE 763,675
BJS WHOLESALE CLUB INC COM 05548J106 5,650 500,000 SH SOLE 500,000
BMC SOFTWARE INC. COM 055921100 4,678 310,000 SH SOLE 310,000
BP PLC SPONSORED ADR 055622104 10,419 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 10,338 474,000 SH SOLE 474,000
BEA SYS INC. COM 073325102 4,433 435,000 SH SOLE 435,000
BELLSOUTH CORP. COM 079860102 8,993 415,000 SH SOLE 415,000
BLACK & DECKER CORP. COM 091797100 10,458 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 10,295 374,500 SH SOLE 374,500
BOEING CO. COM 097023105 7,518 300,000 SH SOLE 300,000
BRINKER INTL INC. COM 109641100 15,708 515,000 SH SOLE 515,000
BRISTOL MYERS SQUIBB CO COM 110122108 7,290 345,000 SH SOLE 345,000
CANADIAN NATL RY CO COM 136375102 7,276 170,000 SH SOLE 170,000
CINERGY CORP. COM 172474108 14,806 440,000 SH SOLE 440,000
CISCO SYS, INC. COM 17275R102 22,640 1,755,000 SH SOLE 1,755,000
THE COCA-COLA CO. COM 191216100 8,096 200,000 SH SOLE 200,000
COMPASS BANCSHARES INC. COM 20449H109 5,472 175,000 SH SOLE 175,000
CORNING, INC. COM 219350105 6,833 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. NEW COM 242370104 20,485 477,400 SH SOLE 477,400
DIAMONDCLUSTER INTL. INC. COM 25278P106 696 497,500 SH SOLE 497,500
DONNELLEY RR & SONS CO. COM 257867101 9,160 500,000 SH SOLE 500,000
DUKE ENERGY CORP COM 264399106 5,162 355,000 SH SOLE 355,000
DUKE ENERGY CORP PFD 264399585 5,040 400,000 SH SOLE 400,000
ENZON PHARMACEUTICALS, INC. COM 293904108 1,135 100,000 SH SOLE 100,000
EXXON MOBIL CORP. COM 30231G102 4,544 130,000 SH SOLE 130,000
FEDERAL HOME LN MTG CORP. COM 313400301 8,496 160,000 SH SOLE 160,000
GANNETT INC. COM 364730101 6,163 87,500 SH SOLE 87,500
GENENTECH, INC. COM 368710406 10,503 300,000 SH SOLE 300,000
GENERAL ELEC CO. COM 369604103 30,154 1,182,500 SH SOLE 1,182,500
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 8,810 250,360 SH SOLE 250,360
HCA INC. COM 404119109 18,612 450,000 SH SOLE 450,000
HERSHEY FOODS CORP COM 427866108 4,386 70,000 SH SOLE 70,000
INGERSOLL-RAND CO. LTD COM G4776G101 9,648 250,000 SH SOLE 250,000
INTEL CORP. COM 458140100 8,303 510,000 SH SOLE 510,000
INVESTORS FINL SERVICES CORP. COM 461915100 12,053 495,000 SH SOLE 495,000
JOHNSON & JOHNSON COM 478160104 20,833 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 12,900 400,000 SH SOLE 400,000
LABORATORY CORP OF AMERICA HOLDINGS COM NEW 50540R409 9,636 325,000 SH SOLE 325,000
LILLY ELI & CO. COM 532457108 10,859 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 588 400,000 SH SOLE 400,000
MDU RES GROUP, INC. COM 552690109 12,564 450,000 SH SOLE 450,000
MICROSOFT CORP COM 594918104 7,626 315,000 SH SOLE 315,000
3M CO COM 88579Y101 18,854 145,000 SH SOLE 145,000
NOKIA CORP. SPONSORED ADR 654902204 14,711 1,050,000 SH SOLE 1,050,000
NORTHWESTERN CORP. COM 668074107 1,050 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 9,547 880,000 SH SOLE 880,000
PEPSICO, INC. COM 713448108 17,600 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES CORP. COM 716549100 38,111 1,985,996 SH SOLE 1,985,996
PFIZER,INC. COM 717081103 15,097 484,500 SH SOLE 484,500
PHARMACIA CORP. COM 71713U102 15,973 368,900 SH SOLE 368,900
PHILADELPHIA SUBN CORP COM PAR $O.50 718009608 19,206 875,000 SH SOLE 875,000
PROCTER & GAMBLE CO. COM 742718109 15,138 170,000 SH SOLE 170,000
PROVIDENT BANKSHARES CORP. COM 743859100 7,732 335,021 SH SOLE 335,021
ROHM & HAAS CO. COM 775371107 11,912 400,000 SH SOLE 400,000
SBC COMMUNICATIONS INC. COM 78387G103 11,936 595,000 SH SOLE 595,000
SAFEWAY, INC. COM 786514208 7,856 415,000 SH SOLE 415,000
SAPIENT CORP COM 803062108 1,759 1,150,000 SH SOLE 1,150,000
SIEBEL SYS INC. COM 826170102 6,168 770,000 SH SOLE 770,000
SOLECTRON CORP. COM 834182107 6,040 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 1,679 515,000 SH SOLE 515,000
SYMANTEC CORP NOTE 3% 11/06 871503AA6 681 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 7,836 200,000 SH SOLE 200,000
TECO ENERGY, INC COM 872375100 6,909 650,000 SH SOLE 650,000
TARGET CORP COM 87612E106 13,460 460,000 SH SOLE 460,000
UNITED PARCEL SERVICES, INC. COM CL B 911312106 4,560 80,000 SH SOLE 80,000
UNITED TECHNOLOGIES CORP. COM 913017109 21,956 380,000 SH SOLE 380,000
VERTEX PHARMACEUTICALS INC. COM 92532F993 778 70,000 SH SOLE 70,000
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 8,975 492,614 SH SOLE 492,614
WACHOVIA CORP. 2ND NEW COM 929903102 12,947 380,000 SH SOLE 380,000
WELLS FARGO & CO. NEW COM 949746101 17,996 400,000 SH SOLE 400,000
WILMINGTON TRUST CORP. COM 971807102 11,676 420,000 SH SOLE 420,000
WYETH COM 983024100 11,346 300,000 SH SOLE 300,000
836,498