UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: DECEMBER 31, 2002
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. January 28, 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: ___105_____
Form 13F Information Table Value Total: $_ 910_____
(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 4 COLUMN 5 COL. COLUMN 7 COLUMN 8
------------------------------- -------- -------- -------- ------------------ 6 -------- ---------------------
TITLE OF VALUE ----- OTHER -
NAME OF ISSUER CLASS CUSIP (x$1000) -- MANAGERS
INVST
MT
DSCRE
TN
SHARES/ SH/P PUT/ VOTING AUTHORITY
PRIN.AMT RN CALL
SOLE SHARE NONE
D
ABBOTT LABORATORIES COM 002824100 14,000 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 4,807 210,000 SH SOLE 210,000
AFFYMETRIX INC. CALL 00826T908 572 25,000 CALL
ALBEMARLE CORP COM 012653101 6,401 225,000 SH SOLE 225,000
ALLTEL CORP COM 020039103 14,025 275,000 SH SOLE 275,000
ALLTEL CORP PUT 020039953 765 15,000 PUT
AMBAC FINANCIAL GROUP, INC. COM 023139108 22,496 400,000 SH SOLE 400,000
AMERICAN INTL. GROUP INC. COM 026874107 44,178 763,675 SH SOLE 763,675
AMERICAN INTL. GROUP INC. CALL 026874907 2,892 50,000 CALL
BJ WHOLESALE CLUB COM 05548J106 8,693 475,000 SH SOLE 475,000
BMC SOFTWARE INC. COM 055921100 5,304 310,000 SH SOLE 310,000
BP PLC ADRS 055622104 10,976 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 10,712 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 4,588 400,000 SH SOLE 400,000
BELLSOUTH CORP. COM 079860102 10,736 415,000 SH SOLE 415,000
BLACK & DECKER CORP. COM 091797100 12,867 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 9,932 374,500 SH SOLE 374,500
BOEING CO. COM 097023105 9,897 300,000 SH SOLE 300,000
BOEING CO. PUT 097023955 825 25,000 PUT
BRINKER INTL INC. COM 109641100 16,609 515,000 SH SOLE 515,000
BRISTOL MYERS SQUIBB COM 110122108 7,987 345,000 SH SOLE 345,000
CANADIAN NATIONAL RAILWAY COM 136375102 4,459 107,300 SH SOLE 107,300
CANADIAN NATIONAL RAILWAY PUT 136375952 3,117 75,000 PUT
CINERGY CORP. COM 172474108 14,837 440,000 SH SOLE 440,000
CISCO SYSTEMS, INC. COM 17275R102 22,991 1,755,000 SH SOLE 1,755,000
CISCO SYSTEMS, INC. CALL 17275R902 2,620 200,000 CALL
THE COCA-COLA CO. COM 191216100 8,764 200,000 SH SOLE 200,000
THE COCA-COLA CO. PUT 191216954 1,535 35,000 PUT
CORNING, INC. COM 219350105 3,873 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. COM 242370104 17,712 477,400 SH SOLE 477,400
DIAMONDCLUSTER INTER. COM 25278P106 1,562 497,500 SH SOLE 497,500
DONNELLEY R R & SONS CO. COM 257867101 10,885 500,000 SH SOLE 500,000
DUKE ENERGY CORP COM 264399106 6,937 355,000 SH SOLE 355,000
DUKE ENERGY CORP 8.25% PFD 264399585 6,364 400,000 SH SOLE 400,000
ENZON PHARMACEUTICALS, INC. COM 293904108 1,672 100,000 SH SOLE 100,000
ERICSSON (L.M.) TELEPHONE CO. COM 294821400 1,348 200,000 SH SOLE 200,000
EXXON MOBIL CORP. COM 30231G102 4,542 130,000 SH SOLE 130,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 9,448 160,000 SH SOLE 160,000
FEDERAL HOME LOAN MORTGAGE CORP. CALL 313400901 590 10,000 CALL
FEDERAL HOME LOAN MORTGAGE CORP. PUT 313400951 1,476 25,000 PUT
GENENTECH, INC. COM 368710406 9,948 300,000 SH SOLE 300,000
GENERAL ELECTRIC CO. COM 369604103 28,794 1,182,500 SH SOLE 1,182,500
GENERAL ELECTRIC CO. PUT 369604953 365 15,000 PUT
GLAXOSMITHKLINE PLC COM 37733W105 9,378 250,360 SH SOLE 250,360
HCA INC. COM 404119109 18,675 450,000 SH SOLE 450,000
HCA INC CALL 404119909 622 15,000 CALL
HCA INC. PUT 404119959 2,075 50,000 PUT
HERSHEY FOODS CORP COM 427866108 4,720 70,000 SH SOLE 70,000
HERSHEY FOODS CORP PUT 427866958 3,372 50,000 PUT
INGERSOLL-RAND CO. LTD COM G4776G101 6,984 162,200 SH SOLE 162,000
INGERSOLL-RAND CO. LTD PUT G4776G951 2,906 67,500 PUT
INTEL CORP. COM 458140100 7,941 510,000 SH SOLE 510,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 13,558 495,000 SH SOLE 495,000
INVESTORS FINANCIAL SERV. CORP. CALL 461951900 685 25,000 CALL
JOHNSON & JOHNSON COM 478160104 19,336 360,000 SH SOLE 360,000
JOHNSON & JOHNSON CALL 478161904 807 15,000 CALL
KEYSPAN CORP. COM 49337W100 14,096 400,000 SH SOLE 400,000
LILLY (ELI) & CO. COM 532457108 12,065 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 504 400,000 SH SOLE 400,000
MDU RESOURCES GROUP, INC. COM 552690109 11,614 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, INC. PUT 552690959 181 7,000 PUT
MELLON FINANCIAL CORP. COM 58551A108 10,966 420,000 SH SOLE 420,000
3M COMPANY COM 88579Y101 17,879 145,000 SH SOLE 145,000
3M COMPANY CALL 604059905 2,466 20,000 CALL
MURPHY OIL CORP PUT 626717952 5,142 120,000 PUT
NOKIA CORP. PFD ADRS 654902204 16,275 1,050,000 SH SOLE 1,050,000
NORTHWESTERN CORP. COM 668074107 2,540 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 9,504 880,000 SH SOLE 880,000
PEPSICO, INC. COM 713448108 18,577 440,000 SH SOLE 440,000
PEPSICO, INC. PUT 713409950 633 15,000 PUT
PETROLEUM & RESOURCES CORP. COM 716549100 38,091 1,985,996 SH SOLE 1,985,996
PFIZER,INC. COM 717081103 14,811 484,500 SH SOLE 484,500
PHARMACIA CORP. COM 71713U102 15,420 368,900 SH SOLE 368,900
PHILADELPHIA SUBURBAN CORP COM 718009608 18,025 875,000 SH SOLE 875,000
PROCTER & GAMBLE CO. COM 742718109 14,610 170,000 SH SOLE 170,000
PROCTER & GAMBLE CO. CALL 742718909 859 10,000 CALL
PROCTER & GAMBLE CO. PUT 742718959 2,578 30,000 PUT
PROVIDENT BANKSHARES CORP. COM 743859100 7,743 335,021 SH SOLE 335,021
ROHM & HAAS COM 775371107 12,992 400,000 SH SOLE 400,000
ROHM & HAAS PUT 775371957 650 20,000 PUT
SBC COMMUNICATIONS INC. COM 78387G103 16,130 595,000 SH SOLE 595,000
SAFEWAY, INC. COM 786514208 9,694 415,000 SH SOLE 415,000
SAPIENT CORP COM 803062108 2,357 1,150,000 SH SOLE 1,150,000
SIEBEL SYSTEMS INC. COM 826170102 5,760 770,000 SH SOLE 770,000
SOLECTRON CORP. COM 834182107 7,100 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 1,602 515,000 SH SOLE 515,000
SYMANTEC CORP 3.00% CONV SUB NOTES PFD 871503AA6 705 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 8,090 200,000 SH SOLE 200,000
SYMANTEC CORP. CALL 871503908 404 10,000 CALL
TECO ENERGY, INC COM 872375100 10,056 650,000 SH SOLE 650,000
TECO ENERGY, INC. CALL 872375900 2,625 169,700 CALL
TARGET CORP COM 87612E106 13,800 460,000 SH SOLE 460,000
TARGET CORP PUT 886547956 750 25,000 PUT
UNITED PARCEL SERVICE COM 911312106 5,046 80,000 SH SOLE 80,000
UNITED PARCEL SERVICE PUT 911312956 1,262 20,000 PUT
UNITED TECHNOLOGIES COM 913017109 23,537 380,000 SH SOLE 380,000
UNITED TECHNOLOGIES CALL 913017909 2,478 40,000 CALL
VERTEX PHARMACEUTICALS INC. COM 92532F993 3,931 248,016 SH SOLE 248,016
VODAFONE AIRTOUCH PLC ADRS 92857W100 8,926 492,614 SH SOLE 492,614
WACHOVIA CORP. COM 929903102 13,847 380,000 SH SOLE 380,000
WELLS FARGO & CO. COM 949746101 23,435 500,000 SH SOLE 500,000
WELLS FARGO & CO. CALL 949746901 703 15,000 CALL
WILMINGTON TRUST CORP. COM 971807102 13,306 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 11,220 300,000 SH SOLE 300,000
WYETH COMPANY PUT 983024950 935 25,000 PUT
910,080