Die Umschichtungen von Berkshire

Berkshire's investments in M&T Bank, SunTrust Banks Inc. and Bank of America Corp. remained unchanged at the end of the March.

Berkshire officials do not typically comment on the company's investments beyond what the government requires it to disclose, and a spokeswoman said no one was immediately available to comment Friday afternoon.

Berkshire bought 3.9 million shares of Johnson & Johnson during the quarter, giving it 32.5 million shares. That will replace some of the 33.1 million shares of the New Brunswick, N.J.-based drug and medical products maker Buffett sold last year to free up cash for other investments.

Buffett told shareholders at his annual meeting that he would have rather held onto Berkshire's stake in Johnson & Johnson, but last fall he decided Berkshire needed more cash on hand so it could invest $8 billion in Goldman Sachs Group Inc. and General Electric Co.

The filing does not differentiate between investments Berkshire makes, investments any of its more than 60 subsidiaries make, or investments Buffett himself makes.

Berkshire's 3.4 million shares of Iron Mountain Inc. were omitted, suggesting that Berkshire may have sold its stake in the Boston-based data- and document-storage company. A year ago, Berkshire sold 1.3 million shares of Iron Mountain.

But Berkshire regularly asks the Securities and Exchange Commission for the ability not to immediately disclose its holdings when it is making significant changes in an investment. Berkshire says the information could hurt its trading strategy because the market likes to follow what the "Oracle of Omaha's" company does.

Between Dec. 31 and March 31, Berkshire also made several other moves, including:

-- Buying 260,900 shares of Nalco Holding Co., giving Berkshire 9 million shares of the water treatment and processing equipment and services company headquartered in Naperville, Ill.

-- Selling 1.8 million shares of health insurer United Health Corp.

-- Buying 652,000 shares of the nation's largest railroad company, giving Berkshire nearly 9.6 million shares of Omaha-based Union Pacific Corp.

-- Selling 5.6 million shares of used car dealer Carmax Inc., leaving Berkshire with 12 million shares.

Several other changes that were included in this latest filing had already been reported in Berkshire's first quarter earnings report and other SEC filings. That includes reductions in Berkshire's ConocoPhillips and Constellation Energy Group Inc. investments and an increase in Berkshire's stake in Burlington Northern Santa Fe Corp.

In addition to its investments, Berkshire owns more than 60 operating companies, including furniture, insurance, jewelry and candy firms, restaurants, natural gas and corporate jet firms.

Berkshire Hathaway Inc.: www.berkshirehathaway.com