diff --git a/bfd/ChangeLog b/bfd/ChangeLog
index 3bd90c7dab..5e783798e4 100644
--- a/bfd/ChangeLog
+++ b/bfd/ChangeLog
@@ -1,5 +1,8 @@
 Thu Apr 17 11:10:54 1997  Ian Lance Taylor  <ian@cygnus.com>
 
+	* elflink.h (elf_link_add_object_symbols): Only subtract the
+	section VMA from the symbol value if this is a fully linked file.
+
 	* elf32-i386.c (struct elf_i386_pcrel_relocs_copied): Define.
 	(struct elf_i386_link_hash_entry): Define.
 	(struct elf_i386_link_hash_table): Define.
diff --git a/bfd/elflink.h b/bfd/elflink.h
index c44163c3bd..8ab07e6871 100644
--- a/bfd/elflink.h
+++ b/bfd/elflink.h
@@ -732,10 +732,10 @@ elf_link_add_object_symbols (abfd, info)
       else if (sym.st_shndx > 0 && sym.st_shndx < SHN_LORESERVE)
 	{
 	  sec = section_from_elf_index (abfd, sym.st_shndx);
-	  if (sec != NULL)
-	    value -= sec->vma;
-	  else
+	  if (sec == NULL)
 	    sec = bfd_abs_section_ptr;
+	  else if ((abfd->flags & (EXEC_P | DYNAMIC)) != 0)
+	    value -= sec->vma;
 	}
       else if (sym.st_shndx == SHN_ABS)
 	sec = bfd_abs_section_ptr;