UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter March 31, 2007
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 April 30, 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:83
Form 13F Information Table Value Total:$ 1,337,659
(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 12,229 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 17,856 320,000 SH SOLE 320,000
ADVANCED MEDICAL OPTI COM 00763M108 12,090 325,000 SH SOLE 325,000
AIR PRODUCTS & CHEMIC COM 009158106 18,472 250,000 SH SOLE 250,000
ALLTEL CORP. COM 020039103 18,600 300,000 SH SOLE 300,000
AMBAC FINANCIAL GROUP COM 023139108 17,278 200,000 SH SOLE 200,000
AMERICAN INT'L GROUP COM 026874107 33,610 500,000 SH SOLE 500,000
AQUA AMERICA, INC. COM 03836W103 13,650 608,000 SH SOLE 608,000
AT&T CORP COM 00206R102 15,772 400,000 SH SOLE 400,000
AUTOMATIC DATA PROCES COM 053015103 14,520 300,000 SH SOLE 300,000
AVAYA INC. COM 053499109 7,086 600,000 SH SOLE 600,000
AVON PRODUCTS COM 054303102 16,022 430,000 SH SOLE 430,000
BANK OF AMERICA COM 060505104 31,122 610,000 SH SOLE 610,000
BANK OF NEW YORK INC. COM 064057102 15,206 375,000 SH SOLE 375,000
BANKATLANTIC BANCORP CL A 065908501 9,645 880,000 SH SOLE 880,000
BEA SYSTEMS INC. COM 073325102 9,272 800,000 SH SOLE 800,000
BJ WHOLESALE CLUB COM 05548J106 16,915 500,000 SH SOLE 500,000
BRISTOL MYERS SQUIBB COM 110122108 9,577 345,000 SH SOLE 345,000
BUNGE LTD. COM G16962105 14,800 180,000 SH SOLE 180,000
CINTAS CORP. COM 172908105 10,830 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 21,700 850,000 SH SOLE 850,000
CLEAR CHANNEL COMMUNI COM 184502102 6,132 175,000 SH SOLE 175,000
COMCAST CORP. CL A 20030N101 13,624 525,000 SH SOLE 525,000
COMPASS BANKSHARES IN COM 20449H109 20,640 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 23,581 345,000 SH SOLE 345,000
CORNING INC COM 219350105 11,370 500,000 SH SOLE 500,000
CREE INC. COM 225447101 6,172 375,000 SH SOLE 375,000
CURTISS-WRIGHT CORP COM 231561101 17,728 460,000 SH SOLE 460,000
CVS/CAREMARK CORPORAT COM 126650100 7,127 208,750 SH SOLE 208,750
DEAN FOODS COM 242370104 15,892 340,000 SH SOLE 340,000
DEL MONTE FOODS COM 24522P103 12,800 1,115,000 SH SOLE 1,115,000
DELL INC. COM 24702R101 13,578 585,000 SH SOLE 585,000
DUKE ENERGY CORP. COM 26441C105 12,409 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 17,795 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 17,236 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, COM 26874Q100 11,378 209,150 SH SOLE 209,150
EXXON MOBIL CORP. COM 30231G102 16,222 215,000 SH SOLE 215,000
FIFTH THIRD BANC COM 316773100 10,833 280,000 SH SOLE 280,000
FLORIDA ROCK INDUSTRI COM 341140101 13,458 200,000 SH SOLE 200,000
GANNETT INC. COM 364730101 6,333 112,500 SH SOLE 112,500
GENENTECH, INC COM 368710406 18,066 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 52,605 1,487,700 SH SOLE 1,487,700
HARLEY DAVIDSON COM 412822108 7,050 120,000 SH SOLE 120,000
ILLINOIS TOOL WORKS COM 452308109 12,900 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 15,304 800,000 SH SOLE 800,000
INVESTORS FINANCIAL S COM 461915100 22,242 382,500 SH SOLE 382,500
JOHNSON & JOHNSON COM 478160104 15,366 255,000 SH SOLE 255,000
MARATHON OIL CO. COM 565849106 11,860 120,000 SH SOLE 120,000
MARTIN MARIETTA MATER COM 573284106 1,974 14,600 SH SOLE 14,600
MASCO CORP COM 574599106 12,330 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, COM 552690109 16,166 562,500 SH SOLE 562,500
MEDIMMUNE INC. COM 584699102 8,188 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 15,209 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 32,887 1,180,000 SH SOLE 1,180,000
MORGAN STANLEY CO. COM 617446448 13,389 170,000 SH SOLE 170,000
MURPHY OIL CORP. COM 626717102 2,056 38,500 SH SOLE 38,500
NEWELL RUBBERMAID INC COM 651229106 12,436 400,000 SH SOLE 400,000
ORACLE CORP COM 68389X105 19,943 1,100,000 SH SOLE 1,100,000
OSHKOSH TRUCK CORP. COM 688239201 14,310 270,000 SH SOLE 270,000
OSI RESTAURANT PARTNE COM 67104A101 12,442 315,000 SH SOLE 315,000
PEPSI CO. INC. COM 713448108 25,424 400,000 SH SOLE 400,000
PETROLEUM & RESOURCES COM 716549100 75,728 2,186,774 SH SOLE 2,186,774
PFIZER INC COM 717081103 28,291 1,120,000 SH SOLE 1,120,000
PNC FINANCIAL SERVICE COM 693475105 14,394 200,000 SH SOLE 200,000
PROCTER & GAMBLE COMP COM 742718109 21,474 340,000 SH SOLE 340,000
PROSPERITY BANCSHARES COM 743606105 6,948 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 20,688 400,000 SH SOLE 400,000
RYLAND GROUP INC. COM 783764103 5,696 135,000 SH SOLE 135,000
SAFEWAY, INC COM 786514208 14,290 390,000 SH SOLE 390,000
SCHLUMBERGER LTD COM 806857108 26,258 380,000 SH SOLE 380,000
SPECTRA ENERGY CORP. COM 847560109 8,033 305,780 SH SOLE 305,780
TARGET CORP. COM 87612E106 17,185 290,000 SH SOLE 290,000
TEVA PHARMACEUTICAL I COM 881624209 14,411 385,000 SH SOLE 385,000
THE COCA-COLA CO. COM 191216100 9,600 200,000 SH SOLE 200,000
UNILEVER PLC ADR SPON ADR NEW 904767704 16,538 550,000 SH SOLE 550,000
UNITED PARCEL SERVICE COM CL B 911312106 10,865 155,000 SH SOLE 155,000
UNITED TECHNOLOGIES COM 913017109 19,500 300,000 SH SOLE 300,000
WACHOVIA CORP. COM 929903102 25,873 470,000 SH SOLE 470,000
WELLS FARGO COMPANY COM 949746101 22,379 650,000 SH SOLE 650,000
WILMINGTON TRUST CORP COM 971807102 15,308 363,000 SH SOLE 363,000
WINDSTREAM CORP COM 97381W104 4,557 310,178 SH SOLE 310,178
WYETH COMPANY COM 983024100 16,260 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 10,676 125,000 SH SOLE 125,000
1,337,659