UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter December 31, 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 January 31, 2007
[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:82
Form 13F Information Table Value Total:$ 1,325,648
(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 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE IN 000'sS/PRN AMOUNT R MANAGOTING AUTHORITY
/PR/CALT DISCRETN SOLE HAREDNONE
>C>
3M COMPANY COM 88579Y101 12,469 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 15,587 320,000 SH SOLE 320,000
ADVANCED MEDICAL OPTI COM 00763M108 11,440 325,000 SH SOLE 325,000
AIR PRODUCTS & CHEMIC COM 009158106 17,570 250,000 SH SOLE 250,000
ALLTEL CORP. COM 020039103 18,144 300,000 SH SOLE 300,000
AMBAC FINANCIAL GROUP COM 023139108 17,814 200,000 SH SOLE 200,000
AMERICAN INT'L GROUP COM 026874107 35,830 500,000 SH SOLE 500,000
AQUA AMERICA, INC. COM 03836W103 13,850 608,000 SH SOLE 608,000
AT&T CORP COM 00206R102 14,300 400,000 SH SOLE 400,000
AUTOMATIC DATA PROCES COM 053015103 14,775 300,000 SH SOLE 300,000
AVAYA INC. COM 053499109 8,388 600,000 SH SOLE 600,000
AVON PRODUCTS COM 054303102 14,207 430,000 SH SOLE 430,000
BANK OF AMERICA COM 060505104 32,568 610,000 SH SOLE 610,000
BANK OF NEW YORK INC. COM 064057102 14,764 375,000 SH SOLE 375,000
BANKATLANTIC BANCORP CL A 065908501 12,153 880,000 SH SOLE 880,000
BEA SYSTEMS INC. COM 073325102 10,064 800,000 SH SOLE 800,000
BJ WHOLESALE CLUB COM 05548J106 15,555 500,000 SH SOLE 500,000
BRISTOL MYERS SQUIBB COM 110122108 9,080 345,000 SH SOLE 345,000
BUNGE LTD. COM G16962105 14,502 200,000 SH SOLE 200,000
CAREMARK RX INC. COM 141705103 13,992 245,000 SH SOLE 245,000
CINTAS CORP. COM 172908105 11,913 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 23,231 850,000 SH SOLE 850,000
CLEAR CHANNEL COMMUNI COM 184502102 12,439 350,000 SH SOLE 350,000
COMCAST CORP. CL A 20030N101 15,450 365,000 SH SOLE 365,000
COMPASS BANKSHARES IN COM 20449H109 17,895 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 24,823 345,000 SH SOLE 345,000
CORNING INC COM 219350105 9,355 500,000 SH SOLE 500,000
CREE INC. COM 225447101 6,495 375,000 SH SOLE 375,000
CURTISS-WRIGHT CORP COM 231561101 17,057 460,000 SH SOLE 460,000
DEAN FOODS COM 242370104 14,375 340,000 SH SOLE 340,000
DEL MONTE FOODS COM 24522P103 12,298 1,115,000 SH SOLE 1,115,000
DELL INC. COM 24702R101 14,678 585,000 SH SOLE 585,000
DONNELLEY R R & SONS COM 257867101 3,554 100,000 SH SOLE 100,000
DUKE ENERGY CORP. COM 26441C105 20,310 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 17,536 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 17,628 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, COM 26874Q100 10,470 209,150 SH SOLE 209,150
ESSEX CORP. COM 296744105 4,179 174,800 SH SOLE 174,800
EXXON MOBIL CORP. COM 30231G102 16,475 215,000 SH SOLE 215,000
FIFTH THIRD BANC COM 316773100 11,460 280,000 SH SOLE 280,000
FLORIDA ROCK INDUSTRI COM 341140101 8,610 200,000 SH SOLE 200,000
GANNETT INC. COM 364730101 6,802 112,500 SH SOLE 112,500
GENENTECH, INC COM 368710406 17,849 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 55,357 1,487,700 SH SOLE 1,487,700
HARLEY DAVIDSON COM 412822108 11,628 165,000 SH SOLE 165,000
ILLINOIS TOOL WORKS COM 452308109 11,548 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 16,200 800,000 SH SOLE 800,000
INVESTORS FINANCIAL S COM 461915100 16,321 382,500 SH SOLE 382,500
JOHNSON & JOHNSON COM 478160104 16,835 255,000 SH SOLE 255,000
MARATHON OIL CO. COM 565849106 11,100 120,000 SH SOLE 120,000
MARTIN MARIETTA MATER COM 573284106 8,625 83,000 SH SOLE 83,000
MASCO CORP COM 574599106 13,442 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, COM 552690109 14,423 562,500 SH SOLE 562,500
MEDIMMUNE INC. COM 584699102 7,283 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 16,588 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 35,235 1,180,000 SH SOLE 1,180,000
MORGAN STANLEY CO. COM 617446448 16,286 200,000 SH SOLE 200,000
MURPHY OIL CORP. COM 626717102 1,958 38,500 SH SOLE 38,500
NEWELL RUBBERMAID INC COM 651229106 11,580 400,000 SH SOLE 400,000
ORACLE CORP COM 68389X105 18,854 1,100,000 SH SOLE 1,100,000
OSI RESTAURANT PARTNE COM 67104A101 12,348 315,000 SH SOLE 315,000
PEPSI CO. INC. COM 713448108 25,020 400,000 SH SOLE 400,000
PETROLEUM & RESOURCES COM 716549100 73,169 2,186,774 SH SOLE 2,186,774
PFIZER INC COM 717081103 29,008 1,120,000 SH SOLE 1,120,000
PROCTER & GAMBLE COMP COM 742718109 21,852 340,000 SH SOLE 340,000
PROSPERITY BANCSHARES COM 743606105 6,902 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 20,448 400,000 SH SOLE 400,000
RYLAND GROUP INC. COM 783764103 2,731 50,000 SH SOLE 50,000
SAFEWAY, INC COM 786514208 14,619 423,000 SH SOLE 423,000
SCHLUMBERGER LTD COM 806857108 24,001 380,000 SH SOLE 380,000
TARGET CORP. COM 87612E106 17,115 300,000 SH SOLE 300,000
TEVA PHARMACEUTICAL I ADR 881624209 11,966 385,000 SH SOLE 385,000
THE COCA-COLA CO. COM 191216100 9,650 200,000 SH SOLE 200,000
UNILEVER PLC ADR SPON ADR NEW 904767704 15,301 550,000 SH SOLE 550,000
UNITED PARCEL SERVICE CL B 911312106 11,622 155,000 SH SOLE 155,000
UNITED TECHNOLOGIES COM 913017109 18,756 300,000 SH SOLE 300,000
WACHOVIA CORP. COM 929903102 26,767 470,000 SH SOLE 470,000
WELLS FARGO COMPANY COM 949746101 23,114 650,000 SH SOLE 650,000
WILMINGTON TRUST CORP COM 971807102 15,307 363,000 SH SOLE 363,000
WINDSTREAM CORP COM 97381W104 4,410 310,178 SH SOLE 310,178
WYETH COMPANY COM 983024100 16,548 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 9,797 125,000 SH SOLE 125,000
1,325,648