UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 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: Maureen A. Jones
Title: Vice President and CFO
Phone: (410) 752-5900
Signature, Place, and Date of Signing:
Maureen A. Jones Baltimore, MD October 22, 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: 79
Form 13F Information Table Value Total: $ 1,000,805
(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 13,814 200,000 SH SOLE 200,000
ABBOTT LABS COM 002824100 14,892 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 4,408 210,000 SH SOLE 210,000
ALBEMARLE CORP. COM 012653101 6,187 225,400 SH SOLE 225,400
ALLTEL CORP. COM 020039103 16,219 350,000 SH SOLE 350,000
AMBAC FINANCIAL GROUP COM 023139108 25,600 400,000 SH SOLE 400,000
AMERICAN INT'L GROUP I COM 026874107 42,622 738,675 SH SOLE 738,675
BANK OF AMERICA COM 060505104 13,657 175,000 SH SOLE 175,000
BANKNORTH GROUP, INC. COM 06646R107 13,376 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 8,917 740,000 SH SOLE 740,000
BELLSOUTH CORP COM 079860102 9,827 415,000 SH SOLE 415,000
BJ WHOLESALE CLUB COM 05548J106 9,685 500,000 SH SOLE 500,000
BLACK AND DECKER CORP COM 091797100 12,165 300,000 SH SOLE 300,000
BLACK HILLS CORP COM 092113109 11,557 374,500 SH SOLE 374,500
BMC SOFTWARE COM 055921100 4,318 310,000 SH SOLE 310,000
BP P.L.C. SPONSORED ADR055622104 11,367 270,000 SH SOLE 270,000
BRINKER INTL INC COM 109641100 17,180 515,000 SH SOLE 515,000
BRISTOL MYERS SQUIBB COM 110122108 8,853 345,000 SH SOLE 345,000
CANADIAN NATIONAL RAIL COM 136375102 8,843 170,000 SH SOLE 170,000
CINERGY CORP COM 172474108 16,148 440,000 SH SOLE 440,000
CISCO SYSTEMS COM 17275R102 27,845 1,425,000 SH SOLE 1,425,000
COMPASS BANKSHARES INC COM 20449H109 9,682 280,000 SH SOLE 280,000
CONOCOPHILLIPS COM 20825C104 10,950 200,000 SH SOLE 200,000
CORNING INC COM 219350105 11,021 1,170,000 SH SOLE 1,170,000
DEAN FOODS COM 242370104 17,454 562,500 SH SOLE 562,500
DELL INC. COM 24702R101 2,671 80,000 SH SOLE 80,000
DIAMONDCLUSTER INTERNA COM 25278P106 3,368 497,500 SH SOLE 497,500
DONNELLEY R R & SONS C COM 257867101 12,435 500,000 SH SOLE 500,000
DUKE ENERGY 8.25% DUE PFD CV 264399585 5,224 400,000 SH SOLE 400,000
DUKE ENERGY CORP. COM 264399106 6,323 355,000 SH SOLE 355,000
ENZON PHARMACEUTICALS COM 293904108 1,164 100,000 SH SOLE 100,000
EXXON MOBIL CORP. COM 30231G102 4,758 130,000 SH SOLE 130,000
FIFTH THIRD BANC COM 316773100 8,598 155,000 SH SOLE 155,000
GANNETT INC. COM 364730101 6,787 87,500 SH SOLE 87,500
GENENTECH, INC COM 368710406 11,620 145,000 SH SOLE 145,000
GENERAL ELECTRIC CO. COM 369604103 33,170 1,112,700 SH SOLE 1,112,700
HCA INC. COM 404119109 16,587 450,000 SH SOLE 450,000
HERSHEY FOODS CORP. COM 427866108 5,088 70,000 SH SOLE 70,000
INGERSOLL-RAND CO. LTD CL A G4776G101 13,360 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 10,591 385,000 SH SOLE 385,000
INVESTORS FINANCIAL SE COM 461915100 16,328 520,000 SH SOLE 520,000
JOHNSON & JOHNSON COM 478160104 17,827 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 14,032 400,000 SH SOLE 400,000
LAB CORP. OF AMERICA COM 50540R409 12,054 420,000 SH SOLE 420,000
LILLY ELI & CO COM 532457108 1,782 30,000 SH SOLE 30,000
LUCENT TECHNOLOGIES COM 549463107 864 400,000 SH SOLE 400,000
MDU RESOURCES GROUP, I COM 552690109 15,201 450,000 SH SOLE 450,000
MEDTRONIC INC. COM 585055106 10,557 225,000 SH SOLE 225,000
MICROSOFT CORP COM 594918104 22,232 800,000 SH SOLE 800,000
NOKIA CORP SPONSORED ADR654902204 9,360 600,000 SH SOLE 600,000
ORACLE CORP COM 68389X105 9,874 880,000 SH SOLE 880,000
PARKER-HANNIFIN COM 701094104 12,293 275,000 SH SOLE 275,000
PEPSI CO. INC. COM 713448108 20,165 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES COM 716549100 42,302 1,985,996 SH SOLE 1,985,997
PFIZER INC COM 717081103 33,418 1,100,000 SH SOLE 1,100,000
PHILADELPHIA SUBURBAN COM PAR $0.50718009608 21,070 875,000 SH SOLE 875,000
PROCTER & GAMBLE COMPA COM 742718109 15,779 170,000 SH SOLE 170,000
PROVIDENT BANKSHARES C COM 743859100 9,464 335,021 SH SOLE 335,021
ROHM & HAAS CO. COM 775371107 13,380 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 9,704 423,000 SH SOLE 423,000
SAPIENT CORP COM 803062108 4,129 1,150,000 SH SOLE 1,150,000
SBC COMMUNICATIONS COM 78387G103 13,239 595,000 SH SOLE 595,000
SCHLUMBERGER LTD COM 806857108 9,196 190,000 SH SOLE 190,000
SIEBEL SYSTEMS INC. COM 826170102 7,484 770,000 SH SOLE 770,000
SOLECTRON CORP COM 834182107 11,700 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 1,705 515,000 SH SOLE 515,000
SYMANTEC 3%CONV.DEB.11 NOTE 3% 11/06871503AA6 948 500,000 PRN SOLE 500,000
SYMANTEC CORP. COM 871503108 11,029 175,000 SH SOLE 175,000
TARGET CORP. COM 87612E106 17,310 460,000 SH SOLE 460,000
TECO ENERGY, INC COM 872375100 8,983 650,000 SH SOLE 650,000
THE COCA-COLA CO. COM 191216100 8,592 200,000 SH SOLE 200,000
UNITED PARCEL SERVICES COM CL B 911312106 5,104 80,000 SH SOLE 80,000
UNITED TECHNOLOGIES COM 913017109 27,434 355,000 SH SOLE 355,000
VODAFONE GROUP PLC SPONSORED ADR92857W100 9,975 492,614 SH SOLE 492,614
WACHOVIA CORP. NEW COM 929903102 15,652 380,000 SH SOLE 380,000
WELLS FARGO COMPANY COM 949746101 20,600 400,000 SH SOLE 400,000
WILMINGTON TRUST CORP. COM 971807102 12,919 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 13,830 300,000 SH SOLE 300,000
ZIMMER HLDGS INC. COM 98956P102 4,959 90,000 SH SOLE 90,000
1,000,805