UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter June 30, 2006
Check here if Amendment [ ]; Amendment Num
This amendment (Check only one.) : [ ] is a restat
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 perso
Person Signing this Report on Behalf of Reporting Manager:
Name: Christine M. Sloan
Title Assistant Treasurer
Phone (410) 752-5900
Signature, Place, and Date of Signing:
Christine M. Sloan Baltimore, MD July 18, 2006
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this repor
[ ] 13F NOTICE. (Check here if no holdings repo
[ ] 13F COMBINATION REPORT. (Check here if a portion of the hold
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:81
Form 13F Information Table Value Total:$ 1,265,000
(in thousands)
List of Other Included Managers:
Provide a numbered list of the name (s) and Form 13F file numb
[If there are no entries in this list, state "NONE" and omit the
column headings and
list entries.]
No. rm 13-F File No. Name
28-
[Repeat as necessary.]
COLUMN 1 COLUMN 2 OLUMN 3 OLUMN 4 COLUMN 5 OLUMN 6OLUMN 7 COLUMN 8
NAME OF ISSUER ITLE OF CLASS CUSIP UE IN 000'sS/PRN AMOUNT R MANAGOTING AUTHORITY
/PR/CALT DISCRETN SOLE HAREDNONE
>C>
3M COMPANY COM 88579Y101 12,923 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 15,264 350,000 SH SOLE 350,000
ADVANCED MEDICAL OPTI COM 00763M108 15,210 300,000 SH SOLE 300,000
AIR PRODUCTS & CHEMIC COM 009158106 15,980 250,000 SH SOLE 250,000
ALLTEL CORP. COM 020039103 19,149 300,000 SH SOLE 300,000
AMBAC FINANCIAL GROUP COM 023139108 23,924 295,000 SH SOLE 295,000
AMERICAN INT'L GROUP COM 026874107 29,525 500,000 SH SOLE 500,000
AQUA AMERICA, INC. COM 03836W103 14,814 650,000 SH SOLE 650,000
AT&T CORP COM 00206R102 16,595 595,000 SH SOLE 595,000
AUTOMATIC DATA PROCES COM 053015103 13,605 300,000 SH SOLE 300,000
AVAYA INC. COM 053499109 6,852 600,000 SH SOLE 600,000
AVON PRODUCTS COM 054303102 13,020 420,000 SH SOLE 420,000
BANK OF AMERICA COM 060505104 29,341 610,000 SH SOLE 610,000
BANK OF NEW YORK INC. COM 064057102 12,075 375,000 SH SOLE 375,000
BANKATLANTIC BANCORP CL A 065908501 13,059 880,000 SH SOLE 880,000
BEA SYSTEMS INC. COM 073325102 10,472 800,000 SH SOLE 800,000
BJ WHOLESALE CLUB COM 05548J106 14,175 500,000 SH SOLE 500,000
BP P.L.C. SPONSORED ADR055622104 18,795 270,000 SH SOLE 270,000
BRISTOL MYERS SQUIBB COM 110122108 8,922 345,000 SH SOLE 345,000
BUNGE LTD. COM G16962105 11,809 235,000 SH SOLE 235,000
CAREMARK RX INC. COM 141705103 12,717 255,000 SH SOLE 255,000
CINTAS CORP. COM 172908105 11,928 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 23,436 1,200,000 SH SOLE 1,200,000
CLEAR CHANNEL COMMUNI COM 184502102 10,832 350,000 SH SOLE 350,000
COMCAST CORP. CL A 20030N101 11,950 365,000 SH SOLE 365,000
COMPASS BANKSHARES IN COM 20449H109 16,680 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 22,608 345,000 SH SOLE 345,000
CORNING INC COM 219350105 12,095 500,000 SH SOLE 500,000
CREE INC. COM 225447101 8,910 375,000 SH SOLE 375,000
CURTISS-WRIGHT CORP COM 231561101 14,205 460,000 SH SOLE 460,000
DEAN FOODS COM 242370104 16,735 450,000 SH SOLE 450,000
DEL MONTE FOODS COM 24522P103 12,521 1,115,000 SH SOLE 1,115,000
DELL INC. COM 24702R101 13,303 545,000 SH SOLE 545,000
DONNELLEY R R & SONS COM 257867101 8,307 260,000 SH SOLE 260,000
DUKE ENERGY CORP. COM 26441C105 17,962 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 14,976 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 16,762 200,000 SH SOLE 200,000
EXXON MOBIL CORP. COM 30231G102 7,976 130,000 SH SOLE 130,000
FIFTH THIRD BANC COM 316773100 10,346 280,000 SH SOLE 280,000
FLORIDA ROCK INDUSTRI COM 341140101 7,451 150,000 SH SOLE 150,000
GANNETT INC. COM 364730101 6,292 112,500 SH SOLE 112,500
GENENTECH, INC COM 368710406 17,996 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 49,035 1,487,700 SH SOLE 1,487,700
HARLEY DAVIDSON COM 412822108 12,899 235,000 SH SOLE 235,000
HCA INC. COM 404119109 10,787 250,000 SH SOLE 250,000
ILLINOIS TOOL WORKS COM 452308109 11,875 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 5,874 310,000 SH SOLE 310,000
INVESTORS FINANCIAL S COM 461915100 17,174 382,500 SH SOLE 382,500
JOHNSON & JOHNSON COM 478160104 15,280 255,000 SH SOLE 255,000
LAB CORP. OF AMERICA COM 50540R409 12,446 200,000 SH SOLE 200,000
LUCENT TECHNOLOGIES COM 549463107 7,018 2,900,000 SH SOLE 2,900,000
MARATHON OIL CO. COM 565849106 9,996 120,000 SH SOLE 120,000
MARTIN MARIETTA MATER COM 573284106 7,565 83,000 SH SOLE 83,000
MASCO CORP COM 574599106 13,338 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, COM 552690109 13,729 375,000 SH SOLE 375,000
MEDIMMUNE INC. COM 584699102 6,098 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 14,545 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 27,494 1,180,000 SH SOLE 1,180,000
MORGAN STANLEY CO. COM 617446448 12,642 200,000 SH SOLE 200,000
MURPHY OIL CORP. COM 626717102 2,151 38,500 SH SOLE 38,500
NEWELL RUBBERMAID INC COM 651229106 13,302 515,000 SH SOLE 515,000
ORACLE CORP COM 68389X105 19,648 1,356,001 SH SOLE 1,356,001
OSI RESTAURANT PARTNE COM 67104A101 10,899 315,000 SH SOLE 315,000
PEPSI CO. INC. COM 713448108 24,016 400,000 SH SOLE 400,000
PETROLEUM & RESOURCES COM 716549100 67,504 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 26,286 1,120,000 SH SOLE 1,120,000
PROCTER & GAMBLE COMP COM 742718109 18,904 340,000 SH SOLE 340,000
ROHM & HAAS CO. COM 775371107 20,048 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 10,998 423,000 SH SOLE 423,000
SCHLUMBERGER LTD COM 806857108 24,742 380,000 SH SOLE 380,000
SOLECTRON CORP COM 834182107 6,327 1,850,000 SH SOLE 1,850,000
TARGET CORP. COM 87612E106 20,037 410,000 SH SOLE 410,000
THE COCA-COLA CO. COM 191216100 8,604 200,000 SH SOLE 200,000
UNILEVER PLC ADR SPON ADR NEW 904767704 13,997 621,000 SH SOLE 621,000
UNITED PARCEL SERVICE COM CL B 911312106 12,761 155,000 SH SOLE 155,000
UNITED TECHNOLOGIES COM 913017109 19,026 300,000 SH SOLE 300,000
WACHOVIA CORP. COM 929903102 25,418 470,000 SH SOLE 470,000
WELLS FARGO COMPANY COM 949746101 21,801 325,000 SH SOLE 325,000
WILMINGTON TRUST CORP COM 971807102 17,716 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 14,433 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 7,090 125,000 SH SOLE 125,000
1,265,005