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Annual Report 1997

PRINCIPAL CHANGES IN PORTFOLIO SECURITIES
During the Three Months Ended December 31, 1997

Shares or Principal Amount

Additions Reductions Held 12/31/97

Cisco Systems, Inc. 107,500(1) 322,500
Dover Corp. 120,000(1) 240,000
Interstate Bakeries Corp. 69,000(1) 138,000
Lilly (Eli) & Co. 150,000(1) 300,000
Norwest Corp. 330,000(1) 660,000
Tiffany & Co. 95,000 95,000
Cemex, S.A. de C.V. 4.25% Conv. Sub Debs. due 1997 $4,000,000
Crown Cork & Seal Co., Inc. 45,000
Sabre Group Holdings, Inc. 100,000 300,000
Union Pacific Corp. 130,000
(1) By stock split.

Common Stock
Listed on the New York Stock Exchange and the Pacific Exchange

Transfer Agent, Registrar & Custodian of Securities
The Bank of New York
101 Barclay Street
New York, NY 10286
The Bank's Shareholder Relations Department: (800) 432-8224
E-mail Address: Shareowner-svcs@bankofny.com

The Company Office Address: Seven St. Paul Street, Suite 1140, Baltimore, MD 21202

The Company Website Address: www.adams-express.com

The Company E-mail Address: contact@adams-express.com

The Company Office Telephone: (410) 752-5900 or (800) 638-2479

Counsel: Chadbourne & Parke L.L.P.

Independent Accountants: Coopers & Lybrand L.L.P.

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