BALTIMORE, MARYLAND -- MARCH 30, 2004 - The Adams Express Company held its Annual Meeting in Baltimore today and provided this update to its shareholders. The information was updated through March 19, 2004:
REALIZED CAPITAL GAINS
The net realized capital gains for the Company as of March 19, 2004 were $0.12 per share.
TOP TEN HOLDINGS
The ten largest portfolio holdings were:
Company |
% of Net Assets |
| American International Group, Inc. |
4.4 |
| Petroleum & Resources Corp.* |
3.9 |
| General Electric Co. |
3.7 |
| Pfizer Inc. |
3.1 |
| AMBAC Financial Group, Inc. |
2.5 |
| Cisco Systems, Inc. |
2.2 |
| United Technologies Corp. |
1.9 |
| Wells Fargo & Co. |
1.9 |
| PepsiCo Inc. |
1.8 |
| Aqua America, Inc. |
1.7 |
27.1% |
|
| * Non-controlled affiliate | |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were as follows:
| Consumer | 13.4% |
| Energy | 7.6% |
| Financial | 18.1% |
| Health Care | 14.3% |
| Industrials | 14.4% |
| Materials | 3.1% |
| Technology | 14.0% |
| Telecom | 4.6% |
| Utilities | 8.4% |
| Cash & Equivalent | 2.1% |
SECURITIES TRANSACTIONS
Since December 31, 2003, the Company added three new names to the portfolio with purchases of Cree Inc., Emerson Electric Co., and Smurfit-Stone Container Corp. The Company added to its existing holdings in Air Products and Chemicals, Inc., Dell Inc., General Electric Co., and Illinois Tool Works Inc., and reduced its holdings in Affymetrix Inc., Aqua America, Inc., Black Hills Corp., Brinker International Inc., Genentech, Inc., Ingersoll-Rand Co. Ltd., Intel Corp., Investors Financial Services Corp., Solectron Corp., Symantec Corp., 3M Co., and United Technologies Corp.
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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