March 27, 2001
ADAMS EXPRESS PROVIDES YEAR-TO-DATE SHAREHOLDER UPDATE AT ANNUAL MEETING IN BALTIMORE
BALTIMORE, MARYLAND, March 27, 2001 --- The Adams Express Company at its Annual Meeting in Baltimore today released this update to its shareholders. The information was updated through March 16, 2001:
PERFORMANCE
The Company announced that year-to-date through March 16, the total return on Adams Express' net asset value, after adjusting for income and capital gain distributions paid, was -17.1%.
TOP TEN HOLDINGS
The Company announced its ten largest portfolio holdings as of March 16 were
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PRINCIPAL CHANGES IN PORTFOLIO
During the first quarter through March 16, Adams Express added five new names to its investment list with purchases of Genentech Corp., Human Genome Sciences, ITT Industries, Keyspan Corp., and Mirant Corp. Eight holdings were eliminated from the investment list with the sales of AOL Time Warner, Cabot Corp., Chiron Corp., Delphi Automotive, Dover Corp., Hewlett-Packard, McDonald's Corp., and National City Corp. The Company added to its holdings in Canadian National Railway, Duke Energy Corp. 8.25% UNITS, Orion Power Holdings, Inc., Teco Energy, United Parcel Service, and United Technologies. The Company reduced its holdings in Calpine Corp., Duke Energy Corp., First Data Corp., and Investors Financial Services Corp.
SHARE REPURCHASE PROGRAM
The Company announced that since the initiation of it share repurchase program in November 1999, 1,776,400 shares have been repurchased for approximately $50 million.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is ADX.
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For further information please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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