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Comcast Corporation 11K

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 Logo


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:
 
   
   
   
   


 
 
 

 
 
 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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-

 
 
 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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



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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

 
 

 
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SIGNATURE





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

 
 
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