The percentage of Fannie Mae and Freddie Mac stock held by their respective top 10 institutional investors edged up slightly during the second half of 2004, as major shareholders continued to control more than one-third of the outstanding shares in both GSEs. According to recently released second quarter figures, the top GSE institutional investors held 37.4 percent of the total outstanding shares for both GSEs. That represented a 1.7 percent rise from the first quarter, when