BALTIMORE, MARYLAND -- February 13, 2003 - The Adams Express Company updates its list of top ten holdings, sector weightings, and portfolio changes for fourth quarter ending December 31, 2002 as follows:
TOP TEN HOLDINGS
Company |
% of Net Assets |
| American International Group, Inc. |
4.3% |
| Petroleum & Resources Corp.* |
3.7% |
| General Electric Co. |
2.8% |
| United Technologies Corp. |
2.3% |
| Wells Fargo & Co. |
2.3% |
| Cisco Systems, Inc. |
2.2% |
| AMBAC Financial Group, Inc. |
2.2% |
| Johnson & Johnson |
2.0% |
| HCA Inc. |
1.8% |
| PepsiCo, Inc. |
1.8% |
| *Non-controlled affiliate |
25.4% |
SECTOR WEIGHTINGS
The portfolio weightings for the sectors the Fund invests in were as follows:
| Consumer | 11.0% |
| Energy | 5.2% |
| Financial | 16.6% |
| Health Care | 14.0% |
| Industrials | 12.1% |
| Information Technology | 9.3% |
| Materials | 1.9% |
| Telecom Services | 4.9% |
| Utilities | 9.2% |
| Cash & Equivalent | 15.2% |
PRINCIPAL CHANGES IN PORTFOLIO
During the fourth quarter of 2002, Adams Express added five new names to its investment list with purchases of Boeing Co., Canadian National Railway Co., Ingersoll-Rand Co. Ltd., MDU Resources Group, Inc., and R. R. Donnelley & Sons Co. Two holdings were eliminated from the investment list with the sales of Applera Corp.-Applied Biosystems Group and Murphy Oil Corp.
The Company added to its holdings in Albemarle Corp., Alltel Corp., BJ's Wholesale Club, Inc., Federal Home Loan Mortgage Corp., HCA Inc., Petroleum & Resources Corp., Philadelphia Suburban Corp., Rohm & Haas Co., and Siebel Systems Inc. The Company reduced its holdings in BellSouth Corp., Black Hills Corp., Intel Corp., Investors Financial Services Corp., Nokia Corp. ADR, SBC Communications Inc., Symantec Corp., 3M Co., United Parcel Service, Inc., United Technologies Corp., and Wells Fargo & Co.
The 2002 Annual Report for the Company will be mailed to shareholders on or about February 21, 2003.
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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