UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter September 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 October 27, 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:85
Form 13F Information Table Value Total:$ 1,286,145
(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 11,907 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 15,539 320,000 SH SOLE 320,000
ADVANCED MEDICAL OPTI COM 00763M108 12,260 310,000 SH SOLE 310,000
AIR PRODUCTS & CHEMIC COM 009158106 16,592 250,000 SH SOLE 250,000
ALLTEL CORP. COM 020039103 16,650 300,000 SH SOLE 300,000
AMBAC FINANCIAL GROUP COM 023139108 19,860 240,000 SH SOLE 240,000
AMERICAN INT'L GROUP COM 026874107 33,130 500,000 SH SOLE 500,000
AQUA AMERICA, INC. COM 03836W103 13,340 608,000 SH SOLE 608,000
AT&T CORP COM 00206R102 19,373 595,000 SH SOLE 595,000
AUTOMATIC DATA PROCES COM 053015103 14,202 300,000 SH SOLE 300,000
AVAYA INC. COM 053499109 6,864 600,000 SH SOLE 600,000
AVON PRODUCTS COM 054303102 13,184 430,000 SH SOLE 430,000
BANK OF AMERICA COM 060505104 32,678 610,000 SH SOLE 610,000
BANK OF NEW YORK INC. COM 064057102 13,223 375,000 SH SOLE 375,000
BANKATLANTIC BANCORP CL A 065908501 12,514 880,000 SH SOLE 880,000
BEA SYSTEMS INC. COM 073325102 12,160 800,000 SH SOLE 800,000
BJ WHOLESALE CLUB COM 05548J106 14,590 500,000 SH SOLE 500,000
BP P.L.C. PONSORED ADR055622104 6,230 95,000 SH SOLE 95,000
BRISTOL MYERS SQUIBB COM 110122108 8,597 345,000 SH SOLE 345,000
BUNGE LTD. COM G16962105 13,618 235,000 SH SOLE 235,000
CAREMARK RX INC. COM 141705103 13,884 245,000 SH SOLE 245,000
CINTAS CORP. COM 172908105 12,249 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 25,530 1,110,000 SH SOLE 1,110,000
CLEAR CHANNEL COMMUNI COM 184502102 10,098 350,000 SH SOLE 350,000
COMCAST CORP. CL A 20030N101 13,450 365,000 SH SOLE 365,000
COMPASS BANKSHARES IN COM 20449H109 17,094 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 20,538 345,000 SH SOLE 345,000
CORNING INC COM 219350105 12,205 500,000 SH SOLE 500,000
CREE INC. COM 225447101 7,541 375,000 SH SOLE 375,000
CURTISS-WRIGHT CORP COM 231561101 13,961 460,000 SH SOLE 460,000
DEAN FOODS COM 242370104 14,707 350,000 SH SOLE 350,000
DEL MONTE FOODS COM 24522P103 11,652 1,115,000 SH SOLE 1,115,000
DELL INC. COM 24702R101 12,905 565,000 SH SOLE 565,000
DONNELLEY R R & SONS COM 257867101 7,416 225,000 SH SOLE 225,000
DUKE ENERGY CORP. COM 26441C105 18,469 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 15,422 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 16,772 200,000 SH SOLE 200,000
ENSCO INTERNATIONAL, COM 26874Q100 5,880 134,150 SH SOLE 134,150
ESSEX CORP. COM 296744105 2,027 116,500 SH SOLE 116,500
EXXON MOBIL CORP. COM 30231G102 14,427 215,000 SH SOLE 215,000
FIFTH THIRD BANC COM 316773100 10,662 280,000 SH SOLE 280,000
FLORIDA ROCK INDUSTRI COM 341140101 7,742 200,000 SH SOLE 200,000
GANNETT INC. COM 364730101 6,393 112,500 SH SOLE 112,500
GENENTECH, INC COM 368710406 18,194 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 52,516 1,487,700 SH SOLE 1,487,700
HARLEY DAVIDSON COM 412822108 12,550 200,000 SH SOLE 200,000
ILLINOIS TOOL WORKS COM 452308109 11,225 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 11,314 550,000 SH SOLE 550,000
INVESTORS FINANCIAL S COM 461915100 16,478 382,500 SH SOLE 382,500
JOHNSON & JOHNSON COM 478160104 16,560 255,000 SH SOLE 255,000
LAB CORP. OF AMERICA COM 50540R409 9,180 140,000 SH SOLE 140,000
LUCENT TECHNOLOGIES COM 549463107 6,786 2,900,000 SH SOLE 2,900,000
MARATHON OIL CO. COM 565849106 9,228 120,000 SH SOLE 120,000
MARTIN MARIETTA MATER COM 573284106 7,023 83,000 SH SOLE 83,000
MASCO CORP COM 574599106 12,339 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, COM 552690109 12,566 562,500 SH SOLE 562,500
MEDIMMUNE INC. COM 584699102 6,572 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 14,396 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 32,249 1,180,000 SH SOLE 1,180,000
MORGAN STANLEY CO. COM 617446448 14,582 200,000 SH SOLE 200,000
MURPHY OIL CORP. COM 626717102 1,831 38,500 SH SOLE 38,500
NEWELL RUBBERMAID INC COM 651229106 11,328 400,000 SH SOLE 400,000
ORACLE CORP COM 68389X105 24,055 1,356,001 SH SOLE 1,356,001
OSI RESTAURANT PARTNE COM 67104A101 9,989 315,000 SH SOLE 315,000
PEPSI CO. INC. COM 713448108 26,104 400,000 SH SOLE 400,000
PETROLEUM & RESOURCES COM 716549100 64,902 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 31,763 1,120,000 SH SOLE 1,120,000
PROCTER & GAMBLE COMP COM 742718109 21,073 340,000 SH SOLE 340,000
ROHM & HAAS CO. COM 775371107 18,940 400,000 SH SOLE 400,000
RYLAND GROUP INC. COM 783764103 2,161 50,000 SH SOLE 50,000
SAFEWAY, INC COM 786514208 12,838 423,000 SH SOLE 423,000
SCHLUMBERGER LTD COM 806857108 23,571 380,000 SH SOLE 380,000
SOLECTRON CORP COM 834182107 6,031 1,850,000 SH SOLE 1,850,000
TARGET CORP. COM 87612E106 19,338 350,000 SH SOLE 350,000
TEVA PHARMACEUTICAL I ADR 881624209 682 20,000 SH SOLE 20,000
THE COCA-COLA CO. COM 191216100 8,936 200,000 SH SOLE 200,000
UNILEVER PLC ADR SPON ADR NEW 904767704 13,646 550,000 SH SOLE 550,000
UNITED PARCEL SERVICE COM CL B 911312106 11,151 155,000 SH SOLE 155,000
UNITED TECHNOLOGIES COM 913017109 19,005 300,000 SH SOLE 300,000
WACHOVIA CORP. COM 929903102 26,226 470,000 SH SOLE 470,000
WELLS FARGO COMPANY COM 949746101 23,517 650,000 SH SOLE 650,000
WILMINGTON TRUST CORP COM 971807102 18,711 420,000 SH SOLE 420,000
WINDSTREAM CORP COM 97381W104 4,091 310,178 SH SOLE 310,178
WYETH COMPANY COM 983024100 16,523 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 8,438 125,000 SH SOLE 125,000
1,286,143