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SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
ANNUAL
REPORT
Pursuant
to Section 15(d) of the
Securities
Exchange Act of 1934
COMCAST
CORPORATION
(Mark
One):
|
X
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934.
For
the fiscal year ended December 31, 2004.
|
|
|
|
|
OR
|
|
|
___
|
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934.
For
the transition period from _________ to ________
|
|
|
Commission
file number 000-50093
A.
Full title of the plan and the address of the plan, if different from that
of
the issuer named below:
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
B.
Name of issuer of the securities held pursuant to the plan and the address
of
its principal executive office:
Comcast
Corporation
1500
Market Street
Philadelphia,
PA 19102-2148
COMCAST
CORPORATION RETIREMENT-
INVESTMENT
PLAN
Financial
Statements as of
December
31, 2004 and 2003 and for
the
Year Ended December 31, 2004;
Supplemental
Schedule as of December 31, 2004;
and
Reports of Independent Registered Public
Accounting
Firms
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
TABLE
OF
CONTENTS
|
Page
|
|
|
REPORTS
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS:
|
|
|
FINANCIAL
STATEMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
SCHEDULE:
|
|
|
|
|
|
|
|
|
CONSENTS
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS:
|
|
Plan
Administrator
Comcast
Corporation Retirement-Investment Plan
Philadelphia,
Pennsylvania
We
have audited the accompanying statement of net assets available for benefits
of
the Comcast Corporation Retirement-Investment Plan (the “Plan”) as of December
31, 2004, and the related statement of changes in net assets available for
benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express
an
opinion on these financial statements based on our audit.
We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in
all
material respects, the net assets available for benefits of the Plan as of
December 31, 2004, and the related changes in net assets available for benefits
of the Plan for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
Our
audit was conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets (held at
end of
year) as of December 31, 2004 (Schedule H - Line 4i) is presented for the
purpose of additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in our audit of the basic 2004
financial statements and, in our opinion, is fairly stated in all material
respects, in relation to the basic financial statements taken as a
whole.
/s/
MITCHELL & TITUS, LLP
Philadelphia,
Pennsylvania
June
24, 2005
-1-
Plan
Administrator
Comcast
Corporation Retirement-Investment Plan
Philadelphia,
Pennsylvania
We
have audited the accompanying statement of net assets available for benefits
of
the Comcast Corporation Retirement-Investment Plan (the “Plan”) as of December
31, 2003. This financial statement is the responsibility of the Plan's
management. Our responsibility is to express an opinion on this financial
statement based on our audit.
We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan
and perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement. An audit includes examining,
on a
test basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used
and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In
our opinion, such financial statement presents fairly, in all material respects,
the net assets available for benefits of the Plan as of December 31, 2003
in
conformity with accounting principles generally accepted in the United States
of
America.
/s/
Deloitte & Touche LLP
Philadelphia,
Pennsylvania
June
23, 2004
-2-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENTS
OF NET ASSETS AVAILABLE FOR
BENEFITS
DECEMBER
31, 2004 AND 2003
(Thousands
of Dollars)
|
December
31,
|
|||||||
|
2004
|
2003
|
||||||
|
ASSETS:
|
|||||||
|
Cash
|
$
|
1,642
|
$
|
903
|
|||
|
Contributions
receivable
|
8,716
|
8,260
|
|||||
|
Investments,
at fair or contract value
|
1,628,745
|
1,447,430
|
|||||
|
Loans
receivable from participants
|
47,952
|
50,518
|
|||||
|
NET
ASSETS AVAILABLE FOR BENEFITS
|
$
|
1,687,055
|
$
|
1,507,111
|
|||
See
notes to financial statements.
-3-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS
YEAR
ENDED DECEMBER 31, 2004
(Thousands
of Dollars)
|
Year
Ended December 31,
|
||||
|
2004
|
||||
|
ADDITIONS
TO NET ASSETS ATTRIBUTED TO:
|
||||
|
Investments:
|
||||
|
Net
realized and unrealized appreciation
|
||||
|
in
fair value of investments
|
$
|
75,386
|
||
|
Interest
and dividends
|
42,160
|
|||
|
117,546
|
||||
|
Contributions:
|
||||
|
Employee
|
135,808
|
|||
|
Employer
|
97,080
|
|||
|
Rollovers
from
affiliated entity plan (Note 1)
|
1,109
|
|||
|
233,997
|
||||
|
351,543
|
||||
|
DEDUCTIONS
FROM NET ASSETS ATTRIBUTED TO:
|
||||
|
Benefits
paid to
participants or beneficiaries
|
(171,599
|
)
|
||
|
(171,599
|
)
|
|||
|
Net
increase
|
179,944
|
|||
|
NET
ASSETS AVAILABLE FOR BENEFITS:
|
||||
|
Beginning of year
|
1,507,111
|
|||
|
End of year
|
$
|
1,687,055
|
||
| See notes to financial statements. | ||||
-4-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003
1.
PLAN
DESCRIPTION
General
The
following description of the Comcast Corporation Retirement-Investment
Plan (the
“Plan”) provides only general information. Plan participants should refer to
the
Plan document and applicable amendments for a more complete description
of the
Plan's provisions. Copies of these documents are available from the Plan
Administrator, Comcast Corporation (“Comcast”, the “Company” or the “Plan
Administrator”). Generally, all costs associated with administering the Plan are
paid by the Plan Administrator.
The
Plan is a defined contribution plan qualified under Internal Revenue Code
(the
“Code”) Sections 401(k), 401(a) and 401(m). The original Plan has been amended
and restated to reflect mergers of other plans with and into the Plan and
to
make certain other technical, compliance and design changes. The Plan is
subject
to the provisions of the Employee Retirement Income Security Act of 1974
(“ERISA”).
Effective
January 1, 2003, the Plan was amended such that full-time employees become
eligible to participate in the Plan after completion of six months of service
and part-time employees become eligible to participate in the Plan after
one
year and completion of 1,000 hours of service. Also, effective January
1, 2003,
the Plan was amended to reduce the service requirement for full-time employees
to become eligible for Company matching contributions from one year to
six
months except for certain collectively bargained employees.
Effective
July 1, 2003, the Plan was amended to increase the maximum amount of eligible
compensation that may be deferred from 17% to 50%, subject to certain limits
imposed by the Code.
Effective
January 1, 2003, the Plan was amended to increase the employer matching
contribution rate so that the Company matches 100% of the participant’s
contribution up to 6% of the participant’s eligible compensation for such
payroll period except for certain collectively bargained employees.
Each
participant has at all times a 100% nonforfeitable interest in the participant’s
contributions and earnings attributable thereto. Company matching contributions
for Plan years beginning after December 31, 2000 are fully and immediately
vested. Company matching contributions for Plan years ended on or prior
to
December 31, 2000 vested according to years of service.
Each
participant has the right, in accordance with the provisions of the Plan,
to
direct the investment by the Trustee of the Plan of all amounts allocated
to the
separate accounts of the participant under the Plan among any one or more
of the
investment fund options. The Trustee pays benefits and expenses upon the
written
direction of the Plan Administrator.
Amounts
contributed by the Company which are forfeited by participants as a result
of
the participants' separation from service prior to becoming 100% vested
may be
used to reduce the Company's required contributions. Pending application
of the
forfeitures, the Company may direct the Trustee to hold the forfeitures
in cash
or under investment in a suspense account. If the Plan should terminate
with any
forfeitures not applied against Company contributions, they will be allocated
to
then current participants in the proportion that each participant's eligible
compensation for that Plan year bears to the eligible compensation for
all such
participants for the Plan year. Forfeitures for the years ended December
31,
2004 and 2003, amounted to $411,648 and $58,720, respectively.
Any
participant who has a separation from service for any reason except death,
disability or attainment of age 65 shall be entitled to receive his/her
vested
account balance. Upon death, disability or attainment of age 65, a participant's
account becomes fully vested in all Company contributions regardless of
the
participant's years of service. Generally, distribution will start no later
than
60 days after the close of the Plan year in which the participant's separation
from service occurs, subject to certain deferral rights under the Plan.
The
distribution alternatives permitted are a lump sum payment, an annuity,
installments over a period of time, any combination
-5-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003 (Continued)
of
the foregoing or a rollover into another qualified plan. On October 28,
2002,
the Plan was amended to eliminate annuity forms of payment, effective February
28, 2003.
Although
it has not expressed any intent to do so, the Company has the right under
the
Plan to discontinue its contributions at any time and to terminate the
Plan
subject to the provisions of ERISA. In the event of Plan termination, each
affected participant's account balance will become fully vested.
Rollovers
of Assets from Affiliated Entity Plan
On
June 30 and July 1, 2004, certain participant accounts of the Comcast-Spectacor
401(k) Plan were transferred into the Plan. The transfer is included in
the
accompanying statement of changes in net assets available for benefits
in
"Rollovers from affiliated entity plan" and approximated $1.1
million.
Trustee
Fidelity
Management Trust Company is the appointed Trustee of the Plan.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
The
financial statements of the Plan are presented using the accrual basis
of
accounting. Contributions receivable represent amounts due to the Plan
relating
to December 24, 2004 participant and employer matching contributions not
remitted to the Plan until subsequent to year-end. Investments in mutual
funds,
the AT&T Stock Fund and the Comcast Corporation Stock Fund are carried at
fair value. Fair value is determined by the last sale or closing price
as of the
last trading day of the Plan year for investments in securities traded
on a
securities exchange or the Nasdaq National Market. Investment contracts,
which
are included in the Comcast Stable Value Fund, are fully benefit-responsive
and
are carried at contract value. Contract value represents contributions
made,
plus interest at the contract rate and transfers, less distributions. Loans
receivable from participants are valued at cost which approximates fair
value.
Net unrealized appreciation or depreciation in the financial statements
reflects
changes in fair value of investments held at year end, while net realized
gains
and losses associated with the disposition of investments are recorded
as of the
trade date and calculated based on fair value as of such date. Benefits
are
recorded when paid.
Investment
securities are exposed to various risks, such as interest rate, market
and
credit risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values
of
investment securities will occur in the near term and that such changes
could
materially affect the amounts reported in the statement of net assets available
for benefits.
The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management
to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
-6-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003 (Continued)
3. INVESTMENTS
The
Plan's investments are held by a trust fund and are presented in the following
table (dollars in thousands, units/shares rounded to nearest whole unit or
share).
|
December
31, 2004
|
|||||
|
Number
of
Units/Shares
|
Amount
|
||||
|
Mutual
Funds (at fair value)
|
|||||
|
Ariel
Fund
|
1,075,778
|
units
|
$
57,199
|
||
|
Dodge
and Cox Balanced Fund
|
1,166,954
|
units
|
92,598
|
*
|
|
|
Fidelity
Blue
Chip Growth Fund
|
4,080,098
|
units
|
170,181
|
*
|
|
|
Fidelity
Brokeragelink
|
3,031,352
|
units
|
3,031
|
||
|
Fidelity
Diversified International Fund
|
2,787,517
|
units
|
79,835
|
*
|
|
|
Fidelity
Freedom 2010 Fund
|
1,443,587
|
units
|
19,662
|
||
|
Fidelity
Freedom 2020 Fund
|
3,428,061
|
units
|
47,856
|
||
|
Fidelity
Freedom 2030 Fund
|
2,840,574
|
units
|
39,995
|
||
|
Fidelity
Freedom 2040 Fund
|
1,416,316
|
units
|
11,713
|
||
|
Fidelity
Freedom Income Fund
|
235,316
|
units
|
2,652
|
||
|
Fidelity
Small
Cap Stock Fund
|
3,625,073
|
units
|
65,831
|
||
|
Fidelity
US
Bond Index Fund
|
1,734,600
|
units
|
19,323
|
||
|
Pimco
Total Return Institutional Fund
|
2,914,725
|
units
|
31,100
|
||
|
Spartan
International Index Fund
|
141,615
|
units
|
4,535
|
||
|
Spartan
US Equity Index Fund
|
3,357,883
|
units
|
143,919
|
*
|
|
|
Templeton
World
Fund, Class A
|
1,072,250
|
units
|
19,032
|
||
|
Vanguard
SM Cap
Index Fund
|
834,378
|
units
|
22,386
|
||
|
Vanguard
Total
Stock Market Index Fund
|
407,846
|
units
|
11,734
|
||
|
Vanguard
Windsor II Fund
|
1,265,769
|
units
|
69,048
|
||
|
|
911,630
|
||||
|
AT&T
Stock Fund (at fair value)
|
1,320,328
|
shares
|
25,165
|
||
|
Comcast
Corporation Stock Fund (at fair value)
|
|
||||
|
Class
A
Common Stock
|
5,208,900
|
shares
|
173,352
|
*
|
|
|
Class
A
Special Common Stock
|
2,455,409
|
shares
|
80,636
|
*
|
|
|
253,988
|
||||
|
Comcast
Stable Value Fund (at contract value)
|
||||
|
Fidelity
Stable
Value Fund
|
6,678,942
|
units
|
6,679
|
|
|
Other
Investment Contracts
|
431,283,490
|
units
|
431,283
|
*
|
|
437,962
|
||||
|
$1,628,745
|
||||
-7-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003 (Continued)
|
December
31, 2003
|
|||||
|
Number
of
Units/Shares
|
Amount
|
||||
|
Mutual
Funds (at fair value)
|
|||||
|
Ariel
Fund
|
744,852
|
units
|
$
33,608
|
||
|
Dodge
and Cox Balanced Fund
|
901,603
|
units
|
65,853
|
||
|
Fidelity
Blue Chip Growth Fund
|
3,905,384
|
units
|
154,770
|
*
|
|
|
Fidelity
Brokeragelink
|
3,662,169
|
units
|
3,662
|
||
|
Fidelity
Diversified International Fund
|
2,428,392
|
units
|
58,573
|
||
|
Fidelity
Freedom 2010 Fund
|
1,392,631
|
units
|
18,132
|
||
|
Fidelity
Freedom 2020 Fund
|
3,197,244
|
units
|
41,628
|
||
|
Fidelity
Freedom 2030 Fund
|
2,539,055
|
units
|
32,881
|
||
|
Fidelity
Freedom 2040 Fund
|
977,963
|
units
|
7,393
|
||
|
Fidelity
Freedom Income Fund
|
173,331
|
units
|
1,922
|
||
|
Fidelity
Small Cap Stock Fund
|
2,720,886
|
units
|
46,527
|
||
|
Fidelity
US Bond Index Fund
|
1,510,709
|
units
|
16,905
|
||
|
Pimco
Total Return Institutional Fund
|
2,456,841
|
units
|
26,313
|
||
|
Spartan
International Index Fund
|
63,740
|
units
|
1,738
|
||
|
Spartan
US Equity Index Fund
|
3,221,656
|
units
|
126,965
|
*
|
|
|
Templeton
World Fund, Class A
|
776,094
|
units
|
13,093
|
||
|
Vanguard
SM Cap Index Fund
|
716,036
|
units
|
16,182
|
||
|
Vanguard
Total Stock Market Index Fund
|
271,705
|
units
|
7,062
|
||
|
Vanguard
Windsor II Fund
|
1,098,879
|
units
|
51,669
|
||
|
|
724,876
|
||||
|
|
|||||
|
AT&T
Stock Fund (at fair value)
|
1,818,547
|
shares
|
36,917
|
||
|
|
|||||
|
Comcast
Corporation Stock Fund (at fair value)
|
|
||||
|
Class
A Common Stock
|
5,095,742
|
shares
|
167,089
|
*
|
|
|
Class
A Special Common Stock
|
2,781,533
|
shares
|
87,034
|
*
|
|
|
|
254,123
|
||||
|
|
|||||
|
Comcast
Stable Value Fund (at contract value)
|
|
||||
|
Fidelity
Stable Value Fund
|
10,453,878
|
units
|
10,454
|
||
|
Putnam
Stable Value Fund
|
47,072,624
|
units
|
47,073
|
||
|
Other
Investment Contracts
|
373,987,558
|
units
|
373,987
|
*
|
|
|
|
431,514
|
||||
|
$1,447,430
|
|||||
*
Represents greater than 5% of the Plan’s net assets.
-8-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003 (Continued)
During
2004, the Plan’s investments (including gains and losses on investments bought
and sold, as well as held during the year) appreciated in value as
follows (in
thousands):
|
Mutual
Funds
|
$71,861
|
|
Common Stock
|
3,525
|
|
$75,386
|
The
fair value of assets included in the Comcast Stable Value Fund was
$438,147,000
and $437,345,000 as of December 31, 2004 and 2003, respectively.
The
average yield of investment contracts held as of December 31,
2004 and 2003
was 3.49% and 4.27%, respectively. The average yield on investment
contracts for
the year ended December 31, 2004 was 3.74%.
4.
PARTICIPANT
LOANS AND HARDSHIP WITHDRAWALS
A
participant may borrow from his/her Plan account subject to the approval
of the
Plan Administrator in accordance with applicable regulations issued
by the
Internal Revenue Service (“IRS”) and the Department of Labor. In general, a
participant may borrow a minimum of $500 up to a maximum of the lesser
of
$50,000 or 50% of the participant's nonforfeitable accrued benefit
on the
valuation date (as defined by the Plan) last preceding the date on
which the
loan request is processed by the Plan Administrator. The maximum term
of a loan
made pursuant to the Plan is five years (loans with terms of greater
than five
years exist under the Plan as a result of rollovers from merged plans).
Interest
accrues at the prime rate plus 1% of the month the loan application
is approved.
Principal and interest are paid through payroll deductions or participant
initiated payments. Interest rates ranged from 4.25% to 11.50% for
the years
ended December 31, 2004 and 2003, respectively. Maturities on active
outstanding
loans ranged from 2004 to 2024 for the years ended December 31, 2004
and 2003.
Loan transactions are treated as a transfer from (to) the investment
fund to
(from) the participant loan fund.
Effective
after a calendar quarter of non-repayment, a loan is considered to
be in
default. Defaulted loans are treated as distributions for tax purposes
and
become taxable income to the participant for the year in which the
default
occurs.
A
participant may withdraw all or a portion of his/her benefits derived
from
salary reduction, rollovers or the vested portion of pre-January 1,
2001
employer contributions, and earnings thereon, on account of hardship,
as defined
by the Plan and applicable IRS regulations. Under these rules, the
participant
must exhaust the possibilities of all other distributions, loans, etc.
available
under the Plan and meet certain other requirements. Upon receiving
a hardship
withdrawal, the participant's elective contributions are suspended
for six
calendar months.
5.
ADMINISTRATION
OF THE PLAN
The
Company, as Plan Administrator, has the authority to control and manage
the
operation and administration of the Plan and may delegate all or a
portion of
the responsibilities of controlling and managing the operation and
administration of the Plan to one or more persons.
-9-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2004 and 2003 (Concluded)
6. FEDERAL
TAX CONSIDERATIONS
a. Income
Tax Status of the Plan
-
The Plan received a determination letter dated December 19,
1995 in which the
IRS stated that the Plan, as amended and restated effective
January 1, 1993, is
qualified and that the trust established under the Plan is
tax-exempt. The Plan
has been amended since receiving the determination letter (see
Note 1). A
request for an updated determination letter, which considers
the 2002
amendments, was filed with the IRS on February 27, 2002.
On March 14, 2003,
the Plan received a favorable determination letter with respect
to the Company’s
request indicating that the form of the Plan as amended and
restated, effective
January 1, 1997 satisfies the applicable requirements of the
Code and the form
of the related trust satisfies the applicable requirements
for exemption from
federal income tax under the Code. On September 10, 2003 a
request for an
updated determination letter, which considers the 2003 amendments,
was filed
with the IRS. On April 21, 2005, the Plan received a favorable
determination
letter with respect to the Company’s request indicating that the form of the
Plan as amended and restated, effective January 1, 2003 satisfies
the applicable
requirements for exemption from federal income tax under the
Code. The Company
believes that the Plan continues to comply in form and operation
with the
applicable requirements of the Code. Therefore, the Company
believes that the
Plan was qualified and the related trust was tax-exempt as
of December 31, 2004
and 2003. Therefore, no provision for income taxes has been
included in the
Plan’s financial statements.
b. Impact
on Plan Participants
-
Matching contributions and salary reduction contributions,
as well as earnings
on Plan assets, are generally not subject to federal income
tax until
distributed from a qualified plan that meets the requirements
of Sections
401(a), 401(k) and 401(m) of the Code.
-10-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
SCHEDULE
H - LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF
YEAR)
DECEMBER
31, 2004
|
FEIN
#27-0000798
|
||||||
|
PLAN
#001
|
||||||
|
Identity
of Issue, Borrower, Lessor,
or
Similar Party
|
Description
of Investment,
Including
Maturity Date,
Rate
of Interest, Collateral, Par, or
Maturity
Value
|
|||||
|
Current
Value
|
||||||
|
($
in thousands)
|
||||||
|
Mutual
Funds (at fair value)
|
||||||
|
Ariel
Fund
|
1,075,778
|
units
|
$
57,199
|
|||
|
Dodge
and Cox Balanced Fund
|
1,166,954
|
units
|
92,598
|
|||
|
Fidelity
Blue Chip Growth Fund
|
4,080,098
|
units
|
170,181
|
|||
|
Fidelity
Brokeragelink
|
3,031,352
|
units
|
3,031
|
|||
|
Fidelity
Diversified International Fund
|
2,787,517
|
units
|
79,835
|
|||
|
Fidelity
Freedom 2010 Fund
|
1,443,587
|
units
|
19,662
|
|||
|
Fidelity
Freedom 2020 Fund
|
3,428,061
|
units
|
47,856
|
|||
|
Fidelity
Freedom 2030 Fund
|
2,840,574
|
units
|
39,995
|
|||
|
Fidelity
Freedom 2040 Fund
|
1,416,316
|
units
|
11,713
|
|||
|
Fidelity
Freedom Income Fund
|
235,316
|
units
|
2,652
|
|||
|
Fidelity
Small Cap Stock Fund
|
3,625,073
|
units
|
65,831
|
|||
|
Fidelity
US Bond Index Fund
|
1,734,600
|
units
|
19,323
|
|||
|
Pimco
Total Return Institutional Fund
|
2,914,725
|
units
|
31,100
|
|||
|
Spartan
International Index Fund
|
141,615
|
units
|
4,535
|
|||
|
Spartan
US Equity Index Fund
|
3,357,883
|
units
|
143,919
|
|||
|
Templeton
World Fund, Class A
|
1,072,250
|
units
|
19,032
|
|||
|
Vanguard
SM Cap Index Fund
|
834,378
|
units
|
22,386
|
|||
|
Vanguard
Total Stock Market Index Fund
|
407,846
|
units
|
11,734
|
|||
|
Vanguard
Windsor II Fund
|
1,265,769
|
units
|
69,048
|
|||
|
|
911,630
|
|||||
|
|
||||||
|
AT&T
Stock Fund (at fair value)
|
1,320,328
|
shares
|
25,165
|
|||
|
|
||||||
|
Comcast
Corporation Stock Fund (at fair value)*
|
|
|||||
|
Class
A Common Stock
|
5,208,900
|
shares
|
173,352
|
|||
|
Class
A Special Common Stock
|
2,455,409
|
shares
|
80,636
|
|||
|
|
253,988
|
|||||
|
|
||||||
|
Comcast
Stable Value Fund (at contract value)
|
|
|||||
|
Fidelity
Stable Value Fund; 1.90%
|
6,678,942
|
units
|
6,679
|
|||
|
|
||||||
|
Traditional
Investment Contracts
|
||||||
|
Travelers
Life & Annuity; 03/01/07
Maturity; 4.22%
|
3,293,130
|
units
|
3,293
|
|||
|
Canada
Life Insurance; 06/01/07
Maturity; 4.84%
|
3,426,367
|
units
|
3,426
|
|||
|
John
Hancock Life Insurance Company; 03/01/06
Maturity;
5.64%
|
1,550,118
|
units
|
1,550
|
|||
|
John
Hancock Life Insurance Company; 04/01/05
Maturity;
5.54%
|
1,087,393
|
units
|
1,087
|
|||
-11-
COMCAST
CORPORATION RETIREMENT-INVESTMENT PLAN
SCHEDULE
H - LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER
31, 2004 (continued)
|
FEIN
#27-0000798
|
||||||
|
PLAN
#001
|
||||||
|
Identity
of Issue, Borrower, Lessor,
or
Similar Party
|
Description
of Investment,
Including
Maturity Date,
Rate
of Interest, Collateral, Par, or
Maturity
Value
|
|||||
|
Current
Value
|
||||||
|
($
in thousands)
|
||||||
|
Protective
Life Insurance Company; 05/02/05 Maturity;
5.58%
|
931,460
|
units
|
931
|
|||
|
Prudential
Financial; 08/01/07 Maturity; 4.48%
|
3,313,320
|
units
|
3,313
|
|||
|
13,600
|
||||||
|
|
||||||
|
Security-Backed
Investment Contracts
|
|
|||||
|
Bank
of America; 3.68%
|
104,423,000
|
units
|
104,423
|
|||
|
JPMorgan
Chase Bank; 3.68%
|
104,423,000
|
units
|
104,423
|
|||
|
Rabobank
Netherland; 3.68%
|
104,414,000
|
units
|
104,414
|
|||
|
State
Street Bank & Trust Company; 3.68%
|
104,423,000
|
units
|
104,423
|
|||
|
|
417,683
|
|||||
|
437,962
|
||||||
|
Participant
Loan Fund
|
||||||
|
(at
cost, which approximates fair value)
(interest
rates from 4.25% to 11.5%;
maturities
from 2004 to 2024)
|
47,952
|
|||||
|
$1,676,697
|
||||||
|
*
Represents a party-in-interest to the Plan.
|
||||||
-12-
CONSENT
OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We
consent to the incorporation by reference in the Registration Statement No.
333-101295 of Comcast Corporation on Form S-8 of our report dated June 24,
2005,
relating to the statement of net assets available for benefits as of December
31, 2004, the related statement of changes in net assets available for benefits
for the year then ended and the related supplemental information of Schedule
H -
Line 4i - schedule of assets (held at end of year) as of December 31, 2004,
which report appears in the December 31, 2004 Annual Report on Form 11-K
of the
Comcast Corporation Retirement-Investment Plan.
/s/
Mitchell & Titus, LLP
Philadelphia,
PA
June
24, 2005
-13-
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We
consent to the incorporation by reference in Registration Statement No.
333-101295 of Comcast Corporation on Form S-8 of our report dated June 23,
2004,
relating to the statement of net assets available for benefits of the Comcast
Corporation Retirement-Investment Plan as of December 31, 2003, appearing
in
this Annual Report on Form 11-K of the Comcast Corporation Retirement-Investment
Plan for the year ended December 31, 2004.
/s/
Deloitte & Touche LLP
Philadelphia,
Pennsylvania
June
27, 2005
-14-
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees
(or
other persons who administer the employee benefit plan) have duly caused
this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
COMCAST
CORPORATION
|
||
|
RETIREMENT-INVESTMENT
PLAN
|
||
|
By:
|
Comcast
Corporation
|
|
|
Plan
Administrator
|
||
|
June
29, 2005
|
By:
|
/s/
Lawrence J. Salva
|
|
Lawrence
J. Salva
|
||
|
Senior
Vice President, Chief
|
||
|
Accounting
Officer and
|
||
|
Controller
|
||
-15-