BALTIMORE, MARYLAND -- MARCH 25, 2003 - The Adams Express Company held its Annual Meeting in Chicago today and released this update to its shareholders. The information was updated through March 19, 2003:
TOP TEN HOLDINGS
The Company announced that its ten largest portfolio holdings as of March 19 were:
Company |
% of Net assets |
| American International Group, Inc. |
3.9% |
| Petroleum & Resources, Corp.* |
3.7% |
| General Electric Co. |
3.2% |
| Cisco Systems, Inc. |
2.5% |
| United Technologies Corp. |
2.4% |
| Johnson & Johnson |
2.1% |
| Dean Foods |
2.0% |
| AMBAC Financial Group, Inc. |
2.0% |
| 3M Co. |
1.9% |
| Wells Fargo & Co. |
1.9% |
25.6% |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were as follows:
| Consumer | 11.1% |
|
Energy |
5.2% |
| Financial | 14.6% |
| Health Care | 15.1% |
| Industrials | 13.1% |
| Materials | 1.8% |
| Technology | 11.1% |
| Telecom | 4.8% |
| Utilities | 8.9% |
| Cash & Equivalent | 14.3% |
SECURITIES TRANSACTIONS
Since December 31, 2002, the Company has added four new names to its investment list with the additions of Compass Bancshares, Inc., Gannett Inc., Laboratory Corp. of America, and Microsoft Corp. The Company added to its existing holdings in Alltel Corp., BEA Systems Inc., BJ's Wholesale Club, Inc., Canadian National Railway Co., and Ingersoll-Rand Co. Ltd.
Reductions were made in the holdings in Vertex Pharmaceuticals Inc. and Wells Fargo & Company. Two positions were eliminated from the portfolio with the sales of Ericsson (L.M.) Telephone Co. ADR and Mellon Financial Corp.
SHARE REPURCHASE PROGRAM
The Company announced that, year-to-date in 2003, it has repurchased 701,500 shares of its common stock pursuant to its share repurchase program for approximately $7.4 million.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is ADX.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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