Only one of the U.S. Supreme Court justices significantly pared his stock holdings during last year's financial market turbulence, according to annual financial disclosures released Friday, as the other justices hung onto their portfolios.

Chief Justice John J. Roberts, Jr. and Justices Samuel Alito and Stephen Breyer hold the most public stock on the court, prompting occasional recusals due to financial conflicts. Breyer unloaded 15 stock investments in 2008, allowing him to participate in some cases that he would have otherwise sat out.

Last fall Breyer confirmed the sale of stock in BP PLC (BP), Exelon Corp. (EXC) and United Technologies Corp. (UTX). But he also sold investments in several financial services and consumer products companies, including stakes worth more than $50,000 each in PepsiCo Inc. (PEP) and Colgate-Palmolive Co. (CL) and smaller holdings in Bank of America Corp. (BAC), National City Corp. (NCC), Wells-Fargo & Co. (WFC), Heinz Co. (HNZ) and Proctor & Gamble Co.

Breyer's portfolio continues to hold a number of stakes in companies that could have business before the court. Stakes he hadn't sold as of the end of 2008 include Wal-Mart Stores Inc. (WMT), Lowe's Cos. Inc. (LOW), International Business Machines Corp. (IBM), Cisco Systems Inc. (CSCO), Teva Pharmaceutical Industries Ltd. (TEVA) and EMC Corp. (EMC).

Supreme Court justices must file annual disclosure reports detailing their financial activities, public speeches and outside income over the past calendar year. A majority of the justices are millionaires, but most don't invest in individual stocks.

Justices can take advantage of a special tax break to spread out the cost of selling their investments. Chief Justice Roberts has in the past pared his stock holdings.

But neither Roberts nor Alito made any significant changes to their portfolios over the 2008 calendar year, though Roberts rebalanced a part of mutual fund portfolio into more conservative investments. Alito continues to own between $50,000 and $100,000 worth of stock in Exxon Mobil Corp. (XOM), despite the fact that the company regularly appears before the court.

The most sweeping changes occurred in retiring Justice David Souter's portfolio. Souter, who steps down from the high court in June, cashed out his stock in the Chittenden Corp. in January 2008, when the bank was acquired by a unit of People's United Financial, Inc. (PBCT). The justice transferred his funds, between $10 million and $25 million, first into Treasury bills and later into certificates of deposit in a savings account.

The court also may no longer hold country club memberships, after Congress passed new ethics laws last year that the judicial branch interpreted as restricting them. Roberts, Alito and Justices Antonin Scalia, Ruth Bader Ginsburg and Anthony Kennedy resigned their honorary memberships at Washington golf, tennis and social clubs, and Alito noted that he never used the club's facilities.

Ginsburg retained her membership in New York's Lotos Club, but as a regular dues-paying member. Justice John Paul Stevens listed memberships in four clubs, but his form didn't disclose whether he resigned.

Several of the justices also padded their incomes as authors. Clarence Thomas earned the most, making $333,334 in royalties off his autobiography, "My Grandfather's Son."

Scalia declared earning $98,716 in an advance and royalties from his book, "Making Your Case: The Art of Persuading Judges," while Breyer earned $54,822 in royalties for "Active Liberty: Interpreting Our Democratic Constitution."

President Barack Obama's nominee to replace the retiring Souter on the Supreme Court, Sonia Sotomayor, also disclosed her finances, noting she won $8,283 in "jackpot game winning" on Nov. 23, 2008.

-By Kristina Peterson, Dow Jones Newswires; 202-862-6619; kristina.peterson@dowjones.com; and Mark H. Anderson, Dow Jones Newswires; 202-862-9254; mark.anderson@dowjones.com