UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter March 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 May 11, 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:82
Form 13F Information Table Value Total:$ 1,295,996
(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 ITLE OF CLASS CUSIP UE IN 000'sS/PRN AMOUNT R MANAGOTING AUTHORITY
/PR/CALT DISCRETN SOLE HAREDNONE
>C>
3M COMPANY COM 88579Y101 12,110 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 14,864 350,000 SH SOLE 350,000
ADVANCED MEDICAL OPTI COM 00763M108 13,992 300,000 SH SOLE 300,000
AIR PRODUCTS & CHEMIC COM 009158106 16,797 250,000 SH SOLE 250,000
ALLTEL CORP. COM 020039103 19,425 300,000 SH SOLE 300,000
AMBAC FINANCIAL GROUP COM 023139108 23,482 295,000 SH SOLE 295,000
AMERICAN INT'L GROUP COM 026874107 33,045 500,000 SH SOLE 500,000
AQUA AMERICA, INC. COM 03836W103 22,256 800,000 SH SOLE 800,000
AT&T CORP COM 00206R102 16,089 595,000 SH SOLE 595,000
AUTOMATIC DATA PROCES COM 053015103 13,704 300,000 SH SOLE 300,000
AVAYA INC. COM 053499109 6,780 600,000 SH SOLE 600,000
AVON PRODUCTS COM 054303102 13,091 420,000 SH SOLE 420,000
BANK OF AMERICA COM 060505104 25,047 550,000 SH SOLE 550,000
BANKATLANTIC BANCORP CL A 065908501 10,792 750,000 SH SOLE 750,000
BEA SYSTEMS INC. COM 073325102 10,504 800,000 SH SOLE 800,000
BJ WHOLESALE CLUB COM 05548J106 15,755 500,000 SH SOLE 500,000
BLACK HILLS CORP COM 092113109 8,330 245,000 SH SOLE 245,000
BP P.L.C. SPONSORED ADR055622104 18,614 270,000 SH SOLE 270,000
BRISTOL MYERS SQUIBB COM 110122108 8,490 345,000 SH SOLE 345,000
BUNGE LTD. COM G16962105 13,092 235,000 SH SOLE 235,000
CINTAS CORP. COM 172908105 12,786 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 26,004 1,200,000 SH SOLE 1,200,000
CLEAR CHANNEL COMMUNI COM 184502102 10,154 350,000 SH SOLE 350,000
COMCAST CORP. CL A 20030N101 9,548 365,000 SH SOLE 365,000
COMPASS BANKSHARES IN COM 20449H109 15,183 300,000 SH SOLE 300,000
CONOCOPHILLIPS COM 20825C104 21,787 345,000 SH SOLE 345,000
CORNING INC COM 219350105 13,455 500,000 SH SOLE 500,000
CREE INC. COM 225447101 12,304 375,000 SH SOLE 375,000
CURTISS-WRIGHT CORP COM 231561101 15,226 230,000 SH SOLE 230,000
DEAN FOODS COM 242370104 17,473 450,000 SH SOLE 450,000
DEL MONTE FOODS COM 24522P103 13,224 1,115,000 SH SOLE 1,115,000
DELL INC. COM 24702R101 11,904 400,000 SH SOLE 400,000
DONNELLEY R R & SONS COM 257867101 8,507 260,000 SH SOLE 260,000
DUKE ENERGY CORP. COM 264399106 17,827 611,560 SH SOLE 611,560
DUPONT EI DE NEMOURS COM 263534109 15,196 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 16,726 200,000 SH SOLE 200,000
EXXON MOBIL CORP. COM 30231G102 7,912 130,000 SH SOLE 130,000
FIFTH THIRD BANC COM 316773100 11,021 280,000 SH SOLE 280,000
FLORIDA ROCK INDUSTRI COM 341140101 8,433 150,000 SH SOLE 150,000
GANNETT INC. COM 364730101 6,741 112,500 SH SOLE 112,500
GENENTECH, INC COM 368710406 18,592 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 51,742 1,487,700 SH SOLE 1,487,700
HCA INC. COM 404119109 11,447 250,000 SH SOLE 250,000
ILLINOIS TOOL WORKS COM 452308109 12,039 125,000 SH SOLE 125,000
INTEL CORP COM 458140100 5,999 310,000 SH SOLE 310,000
INVESTORS FINANCIAL S COM 461915100 17,928 382,500 SH SOLE 382,500
JOHNSON & JOHNSON COM 478160104 15,101 255,000 SH SOLE 255,000
LAB CORP. OF AMERICA COM 50540R409 13,158 225,000 SH SOLE 225,000
LUCENT TECHNOLOGIES COM 549463107 8,845 2,900,000 SH SOLE 2,900,000
MARATHON OIL CO. COM 565849106 8,379 110,000 SH SOLE 110,000
MARTIN MARIETTA MATER COM 573284106 8,883 83,000 SH SOLE 83,000
MASCO CORP COM 574599106 14,621 450,000 SH SOLE 450,000
MDU RESOURCES GROUP, COM 552690109 12,544 375,000 SH SOLE 375,000
MEDIMMUNE INC. COM 584699102 8,230 225,000 SH SOLE 225,000
MEDTRONIC INC. COM 585055106 15,732 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 32,108 1,180,000 SH SOLE 1,180,000
MORGAN STANLEY CO. COM 617446448 10,993 175,000 SH SOLE 175,000
MURPHY OIL CORP. COM 626717102 4,484 90,000 SH SOLE 90,000
NEWELL RUBBERMAID INC COM 651229106 12,973 515,000 SH SOLE 515,000
NORTHFORK BANKCORP COM 659424105 15,136 525,000 SH SOLE 525,000
ORACLE CORP COM 68389X105 18,564 1,356,001 SH SOLE 1,356,001
OUTBACK STEAKHOUSE IN COM 689899102 13,860 315,000 SH SOLE 315,000
PEPSI CO. INC. COM 713448108 25,428 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES COM 716549100 65,935 1,985,996 SH SOLE 1,985,996
PFIZER INC COM 717081103 27,910 1,120,000 SH SOLE 1,120,000
PROCTER & GAMBLE COMP COM 742718109 19,591 340,000 SH SOLE 340,000
ROHM & HAAS CO. COM 775371107 19,548 400,000 SH SOLE 400,000
SAFEWAY, INC COM 786514208 10,626 423,000 SH SOLE 423,000
SAPIENT CORP COM 803062108 8,775 1,150,000 SH SOLE 1,150,000
SCHLUMBERGER LTD COM 806857108 24,048 190,000 SH SOLE 190,000
SMURFIT-STONE CONTAIN COM 832727101 8,821 650,000 SH SOLE 650,000
SOLECTRON CORP COM 834182107 7,400 1,850,000 SH SOLE 1,850,000
TARGET CORP. COM 87612E106 21,324 410,000 SH SOLE 410,000
THE COCA-COLA CO. COM 191216100 8,374 200,000 SH SOLE 200,000
UNILEVER PLC ADR SPON ADR NEW 904767704 14,169 345,000 SH SOLE 345,000
UNITED PARCEL SERVICE COM CL B 911312106 12,304 155,000 SH SOLE 155,000
UNITED TECHNOLOGIES COM 913017109 17,391 300,000 SH SOLE 300,000
WACHOVIA CORP. COM 929903102 22,140 395,000 SH SOLE 395,000
WELLS FARGO COMPANY COM 949746101 20,758 325,000 SH SOLE 325,000
WILMINGTON TRUST CORP COM 971807102 18,207 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 15,769 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 8,450 125,000 SH SOLE 125,000
1,295,996