12/31/04
Shares Company Cost Market
---------- ------- -------- --------
(dollars in millions)
151,610,700 American Express Company .............. 1,470 $8,546
200,000,000 The Coca Cola Company.................. 1,299 8,328
96,000,000 The Gillette Company .................. 600 4,299
15,999,200 H&R Block.............................. 223 703
6,708,760 M&T Bank. ............................. 103 723
24,000,000 Moody's corp .......................... 499 2,084
2,338,961,000 Petro China........................... 488 1,249
56,446,380 Wells Fargo & Company ................. 463 3,508
1,727,765 The Washington post co................. 11 1,698
1,724,200 White Mountain insurance............... 369 1,114
Others ................................ 3,531 5,465
----------- ---------
Total Common Stocks .................. $9,056 $37,717
=========== =========