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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 04A_02/18/2007No Text No Text VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Summary of Investment Guidelines Investment Objectives: Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of one or two years or less. Long Term Asset Mix Guidelines: Fixed Income Securities Equities (Including Convertible Issues & Foreign Securities) Cash Equivalents (under 1 yr maturity) Limitations and Restrictions: MAXIMUM MINIMUM 60% 35% 60% 0% 50% 0% Equities both foreign and domestic including convertible bonds should not exceed 60% of fund assets at cost No more than 10% in foreign securities No short selling, security lending, private placements, lettered stock or real estate No speculating infixed income or interest rate futures No bonds below top four grades -but only 25% permitted in BAA No more than 5% in capital stock of any one issuing company No more than 5% of aggregate investment of any one issuing company No repurchase agreements No investments prohibited under Florida Statutes 112.661 Benchmarks: Equities: S&P 500 Index (60%) Fixed Income: Lehman Brothers Intermediate Bond Index (40%) (Lehman Bros. Government/Credit Intermediate Bond Index) 1-1 No Text 3 VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND PORTFOLIO STATUS PORTFOLIO STATUS: AS OF December 31, 2004 Asset Mix Cash Equivalents Equities Bonds Income Estimated Annual Yield of Equity Characteristics Portfolio 8.3 58.0 33.7 2.2 S8~P 500 Index 2005 Price Earnings Multiple 26.9 X 17.3 X Projected 5-Year Earnings Growth 17.8 % 6.0 2004 Return on Equity 24.1 % 17.8 Current Yield 0.5 % 1.6 Diversification Summary Portfolio S&P 500 Index Consumer Discretion 27.5 % 12.1 Consumer Staples 3.2 10.6 Energy 4.2 7.0 Financials 19.7 20.6 Health Care 13.7 12.6 Industrials 10.6 11.7 Information Tech 21.1 16.0 Materials 0.0 3.1 Telecommunications 0.0 3.3 Utilities 0.0 3.0 100.0 % 100.0 Fixed Income Characteristics Leman Bros. Govt/Credit Portfolio Intermediate Index Duration 2.2 Yrs 3.7 Yrs Average Maturity 6.4 Yrs 4.5 Yrs Yield to Maturity 3.8 % 3.9 Average Quality Aa2 Aa2 2-1 VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PEN TR FD EQUITY Relative Sector Allocation (January 04, 2005) ILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PEN TR FD EQUITY S8~P 500 hdustrl uiRy Material Tvrh 10_fi% Trrh 3.0% 3.1% lndustrl Fnance 19.79E ConsDisc 27.5% Fnance 20.6% :lecomm 3% CansDksc 12.1% ire I6 Comments Sector Groups Materials Industrials Telecommunications Services Consumer Discretionary Health Care Consumer Staples Energy Financial Information Technology Utilities Mkt. wgl. S&P 500 avgs. Total portfolio avg. -share weighted Percent of Current Total i Portfolio OverNnder Retum (Current) Sector 9'0 4-Weeks % -3.08 10.61 -1.20 -0.26 -3.30 27.47 15.36 0.83 13.69 1.14 4.75 3.18 -7.44 0.03 4.23 -2.78 -8.39 19.75 -0.82 1.78 21.07 5.08 -0.84 -2.95 1.07 0.7 2-~ °1O1a aples Flht~re 4.2 3 ~ 13.7% u ~a al' StaplBs 7.0% 10.6% FUNDAMENTAL CHARACTERISTICS OF THE CURRENT HOLDINGS IN THE VILLAGE OF TEQUESTA PUBLIC SAFETY OF PORTFOLIO 1 /3/2005 Company Name 5 Yr EPS 1 Yr EPS IBES Forward Estimated Symbol Historical Historical 5Yr Fut 4 Qtrs P/E to Current Current Growth /%1 Growth (%1 Growth (%1 P/E /-rl C;rnwfh any ioi - v:vi.~ ioi - AMBAC FINANCIAL GROUP INC ABK 17.31 18.29 14.50 11.90 0.80 15.22 0.61 ALCON INCORPORATED ACL 14.92 33.70 16.00 27.20 1.70 44.00 0.71 AUTODESK INCORPORATED ADSK 30.87 238.30 15.00 35.60 2.40 29.95 0.16 AMGEN INCORPORATED AMGN 17.88 36.31 20.00 22.60 1.10 14.53 0.00 AMERICAN EXPRESS COMPANY AXP 8.48 17.94 13.00 18.00 1.40 21.90 0.86 BJ SERVICES COMPANY BJS 104.71 53.85 15.00 18.20 1.20 16.32 0.71 CHICAGO MERCANTILE HLDGS INC CME 115.61 55.56 15.00 30.30 2.00 29.45 0.48 CAPITAL ONE FINANCIAL CORPORATION COF 33.11 37.65 15.00 12.00 0.80 23.40 0.13 COACH INCORPORATED COH 63.09 67.42 20.00 27.80 1.40 40.75 0.00 COSTCO WHOLESALE CORPORATION COST 9.22 20.75 12.00 21.70 1.80 12.34 0.84 DELL INCORPORATED DELL 11.88 26.04 20.00 27.00 1.30 51.08 0.00 GENENTECH INCORPORATED DNA 24.93 37.00 28.30 47.70 1.70 10.75 0.00 EBAY INCORPORATED EBAY 111.11 64.06 35.00 71.30 2.00 12.85 0.00 FEDEX CORPORATION FDX 13.68 49.83 15.00 18.90 1.30 16.09 0.29 GENERAL ELECTRIC COMPANY GE 8.09 10.07 11.00 20.30 1.80 17.15 2.41 HARMAN INTL INDUSTRIES INC HAR 26.98 47.49 25.00 36.00 1.40 20.60 0.04 INTERNATIONAL GAME TECHNOLOGY IGT 31.94 27.10 15.00 21.30 1.40 25.58 1.42 INFOSYS TECHNOLOGIES LIMITED INFY 56.33 41.28 27,00 38.00 1.40 37.00 0.25 L-3 COMMUNICATIONS HOLDINGS INC LLL 26.18 27.76 15.00 18.10 1.20 12.35 0.56 LOWES COMPANIES INCORPORATED LOW 25.68 16.96 18.00 17.60 1.00 19.78 0.28 MOODYS CORPORATION MCO 26.57 28.25 15.00 27.30 1.80 99.90 0.35 MEDTRONIC INCORPORATED MDT 17.84 15.89 15.00 23.80 1.60 23.02 0.68 MARVELL TECHNOLOGY GROUP LTD MRVL 32.56 473.33 27.50 35.10 1.30 5.56 0.00 MICROSOFT CORPORATION MSFT 7.85 35.00 11.30 20.10 1.80 16.16 1.20 STARBUCKS CORPORATION SBUX 28.41 41.79 22.00 49.70 2.30 16.39 0.00 SMITH INTERNATIONAL INCORPORATED SII 57.27 74.29 15.50 20.90 1.30 14.39 0.00 STRYKER CORPORATION SYK 29.86 30.14 20.00 28.20 1.40 23.69 0.19 SYMANTEC CORPORATION SYMC 26.19 51.21 18.00 27.60 1.50 19.88 0.00 TARGET CORPORATION TGT 12.56 16.76 15.00 20.30 1.40 16.70 0.62 WACHOVIA CORPORATION WB 0.37 20.69 10.00 12.40 1.20 15.51 3.53 Portfolio Avera e 33.05 57.16 17.80 26.90 1.49 24.08 0.54 S&P 500 INDEX WITH OPERATING EPS SPX 1.85 24.02 6.00 17.30 2.88 17.82 1.59 Portfolio Data / SB~P Data 17.86 2.38 2.97 1.55 0.52 1.35 0.34 N i w VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND TOTAL RETURNS 9/30/03- 9/30/04- 12/31 /03- 10/31 /97- 9/30/04 12/31 /04 12/31 /04 12/31 /04 Fiscal Year Fiscal 3 Mos. Calendar Year Since Inception* W Equities (Plus Cash) + 12.8 % + 10.1 % + 17.2 % + 70.9 Equities (Only) + 14.4 % + 10.6 % + 18.8 % + 72.1 S&P 500 Index + 13.9 % + 9.2 % + 10.9 % + 47.2 Bonds (Plus Cash) + 3.1 % + 0.4 % + 3.9 % + 44.6 Bonds (Only) + 3.1 % + 0.5 % + 4.0 % + 49.1 Lehman Bros. Govt/Credit + 2 .7 % + 0.4 % + 3.0 % + 55.8 Intermediate Index Total Portfolio + g.0 % + 6.2 % + 11.9 % + 59.0 60% S&P 500/ + 9.4 % + 5.7 % + 7.7 % + 50.6 40% Int. Govt./Credit Index "Inception 10/31/97 Risk /Return Historical Performance w N Returns Universe: Mobius Broad Large Cap Growth 25 20 15 • 10 L___I • 5 • L-I 0 • •~ -5 -10 • -15 -20 YTD 2Yr 4Yr 6Yr 8Yr 10Yr 1Yr 3Yr 5Yr 7Yr 9Yr Fsding 09/30/2004 Standard Deviation Universe: Mobius Broad Large Cap Growth 12 14 16 18 • 20 '~ ~` ~~ `~* • • 22 • • 24 26 28 30 32 34 Qtr 2Yr 4Yr 6Yr 8Yr 10Yr 1Yr 3Yr 5Yr 7Yr 9Yr Ending 09/302004 Over the past 1 ~ years, Nuj~•thstaj~• ha.s~ achieved yetzcrn,s in excess of'both the S'~f' ~(~(~ and oi~~r peer ~roisp at lower levels of'yisk (as measured by standard deviation) s S&P 500 s S&P 500/Barra Growth ® Northstar Capital - Quality Growth Equity * All data provided by Mobius M-Search. Returns aze gross of fees. NIIR'f'ff.S7:•iK (Af'fTi{/. A/ 1N,~iC;/-el/ItN1' /N~ '. Risk /Return Performance Relative to S&P 500 w w 10 Years Trailing ending 09/30/2004 14 ~ 13 12 H C ~ 11 -- -- o: 10 9 8 17.0 17.2 17.4 17.6 17.8 18.0 18.2 18.4 Standard Deviation Index: SB~P 500 10 Years Trailing ending 09/30/2004 4 3 2 ~ 1 t a o -1 -2 -3 -4 0.8 1.0 12 Beta The "Noj~th~~e~s~t ~uad~ant " j~e~~esents~ the ojnazn o ~bette,~ ~etu~n'S~ ~vlth rc,~S~~s~ Y'l~S'k s~ soa Northstar Capital Management, Inc. - Gkaality Grovrth Equty * All data provided by Mobius M-Search. Returns are gross of fees. ,'VUI2THS7:4R / :-I f'1 %;1 /; A,1: t A!A(ili'All:}V'/'. INC. VILLAGE OF TEQUESTA PUBLIC SAFETY CONTRIBUTIONS/WITHDRAWALS OCTOBER 1, 2004 TO DECEMBER 31, 2004 ADDITIONS WITHDRAWALS October 18 $ 1,261.41 $ 18 10,469.23 25 12,596.05 November 1 6,547.85 8 6,724.30 11 212.40 11 613.45 15 383.90 15 1,479.39 17 2,000.00 22 3,315.48 23 6,279.00 29 7,147.38 December 9 8,930.39 21 7,612.97 $61,289.58 $14,283.62 3-4 4 VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Financial Market Review Close Close Close 12/31 /02 12/31 /03 12/31 /04 S&P 500 Stock Index 879.82 1,111.92 1,211.92 Prime Rate 4.25% 4.00% 5.25% Federal Funds Rate 1.25% 1.00% 2.25% 90 Day U.S. Treasury Bills 1.19% 0.92% 2.21 5 Year U.S. Govt Notes 2.73% 3.25% 3.61 10 Year U.S. Govt Notes 3.81 % 4.25% 4.22% 30 Year U.S. Govt Bonds 4.76% 5.07% 4.83% Total Returns 12 Mos. 12 Mos. 12 Mos. 12/31 /02 12/31 /03 12/31 /04 S&P 500 Stock Index - 22.1 % + 28.6% + 10.9% Lehman Bros. Int. Govt/Credit + 9.8% + 4.3% + 3.0% Index 4-1 ECONOMIC BENCHMARKS AS OF 2/1/05 2001 2002 2003 1. Real G.D.P. % 0.50 2.40 3.10 2. C.P.I. % 1.56 2.43 1.90 3. Industrial Production % -3.60 -0.30 0.00 4. Light Vehicle Sales 16.70 16.80 16.70 5. Housing Starts (millions of units) 1.60 1.70 1.85 6. S&P Reported E.P.S. Change 7. S8tP Dividends Per Share Change 8. Price-Earnings Ratios Range (One Year-End S8tP 500 Index) 2004 2005E 4.40A 3.60 3.30A 2.50 4.10A 3.50 16.90A 16.70 2.OOA 1.87 24.90 28.00 49.24 60.09E 64.20 -50 12 76 22 7 15.74 16.08 17.38 19.43E 20.10 -3 2 8 12 8 22-46X 22-46X 27-38X 18-28X 17-29X 'Ihe information presrnted m this report has been developed in[emally and/or obtained tiom sources which Northstar Capital Managemen4 Inc. believes to be reliable; however, Northtar does not guarantee the accuracy, adequacy or completrness oC such information mr does it guarantee the appropriateness of arty strategy referred to in this report for any particular client. 77ils report is provided for infornational purposes only and rs no[ to be construMed as advice or a recommendation Cor the purchase or sale oCa secvriry. Econrnme forecasts reflect subjective judgment; and assumptions, and tme~ec[ed events may occur. 'Therefore, there cart be m assurance that developments will trartspve as Corecasted ct this report. 7lris repot reflects the opinion of Northslar on the date made and is subject to change at arty tune with notice. 4-2 No Text Northstar Capital Management, Inc. SUMMARY OF INVESTMENT POSITION VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 4806P3 December 31, 2001 -- CASH INSTR - MONEY MARKET FUNDS 215,911 TOTAL ASSET CLASS 215,911 FIXED INCOME BONDS 340,056 U. S. GOVERNMENTS _ 531,488 TOTAL ASSET CLASS 871,544 COMMON STOCK CONSUMER DISCRETIONARY 396,662 CONSUMER STAPLES 48,410 ENERGY 66,011 FINANCIALS 300,860 HEALTHCARE 207,994 INDUSTRIALS 161,462 TECHNOLOGY 318,890 TOTAL ASSET CLASS 1,500,289 TOTAL PORTFOLIO 2,587,744 Total % Est. Annual Classification Market Value Total Fund Income 8.3 8.3 13.1 15.3 1.9 2.6 11.6 8.0 6.2 3,239 3,239 Curr Yield 1.5 1.5 18,570 5.5 26,085 4.9 44,655 5.1 1,172 400 192 3,011 732 1,680 808 0.3 0.8 0.3 1.U 0.4 1.0 0.3 58.0 7,995 100.0 55,889 0.5 2.2 Northstar Capital Management, Inc. PORTFOLIO DETAIL VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 4806P3 December 31, 200.1 Security Call Call Unit Total Quantity Description Date Price Cost Cost Price CASH INSTR MONEY MARKET FUNDS SHORT TERM PAPER U.S, GOVT MONEY MARKET FUNDS TOTAL CASH INSTR TOTAL FIXED INCOME U.S. GOVERNMENTS AGENCIES 25,000 FEDERAL HOME LOAN BANKS 6.240%Due 12-11-06 50,000 FEDERAL, HOME LOAN MTG CORP. 3.500% Due 09-15-07 25,000 FEDERAL HOME LOAN BANK BOND 5.250% Due 02-13-09 50,000 FEDERAL HOME LOAN BANK 4.700%Due 1D-04-t1 50,000 FEDERAL HOME LOAN BANK 5.000%Due 04-15-14 50,(100 FEDERAL HOME LOAN BANK S.SSD%Due 08-18-14 50,000 FEDERAL FARM CREDIT 5.000°!o Due 08-25-10 50,000 FED HOME LOAN BANK 4.100% Due 03-30-09 50,000 FEDERAL HOME LOAN BANK 5.250%Due ]0-17-13 50,000 FEDERAL HOME LOAN MTG CO. 5.000%Due 10-28-14 50,000 FEDERAL HOME LOAN BANK 5.200% Due 01-23-14 25,000 FEDERAL HOME LOAN MORTGAGE CORP. 6.230% Due 03-OS-12 U.S. GOVERNMENTS TOTAL BONDS CORPORATES 25,000 PENNSYLVANIA PWR & LT CO 6.500%Due 04-O1-OS 25,000 PUBLIC SVC ELEC & GAS CO 6.250% Due O 1-01-07 Market Annual Curr Value Income Yield 215,91 l 215,91 I 3,234 1.5 215,911 215,911 3,239 1.5 215,911 215,911 3,239 1.5 98.69 24,672 105.56 26,391 1,560 5.9 101.56 50,779 100.28 50,141 1,750 3.5 99.20 24,800 105.37 26,344 1,312 5.0 04-04-OS 100.00 100.00 50,000 100.00 50,000 2,350 4.7 04-15-OS 100.00 100.00 50,000 99.91 49,953 2,500 5.0 08-I8-OS 100.00 100.00 50,000 101.22 50,609 2,775 5.5 08-25-05 100.00 100.00 50,000 101.12 50,562 2,500 4.9 09-30-OS 100.00 100.00 50,000 100.59 50,297 2,050 4.1 10-17-OS 100.00 100,00 50,000 101.09 50,547 2,625 5.2 10-28-OS 100.00 99.62 49,812 99.94 49,972 2,500 S.0 OI-23-06 100.00 100.00 50,000 101.06 50,531 2,600 S.1 03-OS-07 100.00 100.50 25,125 104.56 26,141 1,562 6.0 525,188 531,488 26,085 4.9 525,188 531,488 26,085 4.9 98.22 24,556 100.86 25,215 1,625 6.4 100.00 25,000 105.05 26,263 1,562 5.9 Northstar Capital Management, Inc. PORTFOLIO DETAIL VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 9806P3 December 31, 200! Security Cell Call i7nlt Total Market Annual Curr Quantity Descrlptlon Date Price Cost Cost Price Value Income Yield 25,000 BANKERS TR NY CORP SUB MTN BE 99.57 24,892 107.85 26,963 1.675 6.2 6.700%Due 10-01-07 25,000 CSX TRANS INC EQUIP TR 93-A 101.42 25,356 1(1832 27,080 1,620 6.0 6.480% Due 03-15-08 25,000 FIRST UNION CORP 99.09 24,773 107.05 26,762 1,500 5.6 6.000% Due 10-30-08 25,000 VERIZON NEW ENGLAND INC 100.87 25,219 110.00 27,501 1,625 5.9 6.500% Due 09-15-11 25,000 CREDIT StnSSE FB USA 101.13 25,282 111.30 27,825 1,625 5.8 6.500% Due 01-I 5-12 50,000 BANK OF AMERICA CORP 99.87 49,937 104.36 52,179 2,687 5.2 5.375% Due 06-15-14 50,000 MERRILLLYNCH ]01.60 50,800 101.57 50,784 2,650 5.2 5.300% Due U9-30-15 50,000 GENERAL ELECTRIC CAP CORP. OS-1 S-OS 100.00 100.00 50,000 98.97 49,485 2,000 4.0 4.000°,%Due OS-15-15 325,815 340,056 18,570 5.5 BONDS TOTAL 325,815 340,056 18,570 5.5 FIXED INCOME TOTAL 851,003 871,544 44,655 5.1 COMMON STOCI{ ENERGY OIL & GAS -DRILLING & EQUIPMENT 700 SMITH INTERNATIONAL INC 56.11 39,274 54.41 38,087 0 0.0 OIL WELL SERVICES 600 BJ SERVICES 48.69 29,215 46.54 27,924 192 0.7 ENERGY TOTAL. 68,489 66,011 192 0.3 INDUSTRIALS AEROSPACE/DEFENSE 700 L3 COMMUNICATIONS HLDGS. 63.55 44,482 73.24 51,268 280 0.5 ELECTRICAL EQUIPMENT 1,400 GENERAL EI.EC CO 28.52 39,922 36.50 51,100 1,232 2.4 FREIGHT TRANSPORTATION 600 FEDEX CORP. 84.22 50,534 98.49 59,094 168 0.3 INDUSTRIALS TOTAL 134,938 161,462 1,680 I.0 CONSUMER DISCRETIONARY AUDIONIDEO PRODUCTS 400 HARbIAN INTERNATIONAL 94.01 37,604 127.00 50,800 20 0.0 Northstar Capital Management, Inc. PORTFOLIO DETAIL VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 4806P3 December 31, 200a Security CaD Call Unit Total Market Quantity Description Date Price Cost Cost Price Value CASINO & GAMING 1,400 INTERNATIONALGAMETECH 20.10 2R,137 34.38 48,132 RETAIL -GENERAL MERCHANDISE 1,000 TARGET CORPORATION 50.92 50,917 51.93 51,930 RETAIL-SPECIALTY 1,200 COACH, INC. 39.47 47,369 56.4() 67,680 1,000 LOWE'S COMPANIES 47.80 47,804 57.59 57,590 RESTAURANTS 1,(100 STARBUCKS CORP COM E-COMMERCE/SERVICES 500 EBAY INC. CONSUMER DISCRETIONARY TOTAL CONSUMER STAPLES RETAIL -GENERAL MERCHANDISE 1,000 COSTCO WHSL CORP NEW CONSUMER STAPLES TOTAL HEALTHCARE HEALTHCARE-BIOTECHNOLOGY 700 AMGEN INC 400 GENENTECH INC NEW HEALTHCARE -MEDICAL PROD/SUPPLY 600 ALCON INC. 900 MEDTRONIC INC 1,000 STRYKER CORPORATION HEALTHCARE TOTAL FINANCIALS BANKS & THRIFTS 1,000 FINANCIAL- CONSI 600 1,000 700 WACHOVIA CORP. JMER/DIVERSIFIED AMBAC FINANCIAL GRUUP INC. AMERICAN EXPRESS CO CAPITAL ONE FINANCIAL CORP 95,173 125,270 29.25 29,255 62.36 62,360 65.19 32,595 116.34 58,170 273,681 396,662 4R.38 48,380 48,380 48.41 _ 48,410 48,410 45.93 32,154 40.67 16,267 48,421 78.11 46,865 32.37 29,136 35.79 35,789 1 11,790 160,211 64.15 44,9(15 54.44 21,776 66,681 80.60 48,360 49.67 44,703 48.25 4R,25(1 207,994 Annual Curr Income Yield 672 1.4 320 0.6 0 0.0 160 0.3 160 0.1 0 0.0 0 0.0 1,172 0.3 400 0.8 400 0.8 0 0.0 0 0.0 0 0.0 336 0.7 306 0.7 90 0.2 732 0.5 732 0.4 37.82 37,819 52.60 52,60(1 1,84(1 3.5 70.78 42,466 82.13 49,278 300 0.6 37.32 37,325 56.37 56,370 480 0.9 47.53 33,269 84.21 58,947 77 0.1 Northstar Capital Management, Inc. PORTFOLIO DETAIL VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 4806P3 December 31, ?DO~J Security Cull Call Unit Total Q~~ty Description Date Price Cost_ Cost Price 100 CHICAGO MERCANTILE EXCHANGE 197.36 19,736 228.70 700 MOODY'S CORP. 48.70 34,088 86.85 166,885 FINANCIALS TOTAL 204,704 TECHNOLOGY COMPUTERS -HARDWARE 1,100 DELL INC. COMPUTERS -SOFTWARE/SERVICES 1,600 AUTODESK, INC. 800 INFOSYS TECHI~'OLOGIES LTD. 1,800 MICROSOFT CORP 2,000 SYMANTEC CORPORATION SEMICONDUCTORS 1,600 MARVELL TECHNOLOGY GROUP TECHNOLOGY TOTAL COMMON STOCK TOTAL TOTAL PORTFOLIO Market Annual Curr Value Income Yield 22,870 104 0.5 60,795 210 0.3 248,260 1,171 0.5 300,860 3,011 1.0 28.92 31,811 42.14 46,354 0 0.0 29.58 47,336 37.95 G0,720 96 0.2 65.37 52,296 69.31 55,448 136 0.2 33.05 59,495 26.72 48,096 576 1.2 10.73 21,470 25.76 51,520 0 0.0 180,596 215,784 808 0.4 22.45 35,916 35.47 56,752 0 0.0 248,323 318,890 808 0.3 1,138,726 1,500,289 7,995 0.5 2,205,640 2,587,744 55,889 2.2 No Text December 31, 2004 Wachovia Securities Attn: Fred Kenney 3399 PGA Blvd Ste 400 North Palm Beach, Florida 33408-2713 CUSTODY NO. 8382-0313 Please use this letter as your notification that we executed the Following trade(s): Account: VILLAGE OF TEQUES'CA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND 4806P3 Trade Settle Date Date Activity Quantity Symbol CUSIP Security Prlce Principal Commis. 10-06-04 10-12-04 BUY 50,000 39018yrz6 3901RYRZ6 MERRILL Ll'NCH 101.6000 50,800.00 0.00 3.300°.% Due 09-30-13 10-06-04 10-12-04 ACCRUED INTEREST 39018yrz6 59018YRZ6 MERRILL LYNCH 5.300% Due 09-3U-13 10-18-04 10-18-04 SELL 50,000 3133mj2,y5 3133MJ2Y3 FEDERAL HOME 100.0000 50,000.00 LOAN BANK 5.530%Due 10-18-11 10-19-04 10-22-04 SELL 1,000 csco 172758102 CISCO SYS INC 19.0716 19,071.60 100.00 10-19-04 10-22-04 BUY 400 infy 456788108 INFOSYS 61.7400 24,696.00 60.00 TECHNOLOGIES LTD. 10-19-04 ]0-22-04 BUY ]00 III 502424104 L3 63.2800 6,328.00 SS.00 COMMUNICATIONS HLDGS. 10-19-04 ]0-22-04 BUY 200 ge 369604103 GENERAL ELEC CO 33.7900 6,758.00 SS.00 10-19-04 10-22-04 BUY 200 coh 189734104 COACH, INC. 40.3800 8,116.00 55.00 10-21-04 10-26-04 BUY 50,000 36962gb86 36962GB86 GENERAL ELECTRIC 100.0000 50,000.00 0.00 CAP CORP. 4A00% Due 05-1 S-1 S 10-21-04 10-26-04 ACCRUED INTERES'T' 36962gb86 36962GB86 GENERAL ELECTRIC CAP CORP. 4.000°io Due OS-15-13 10-22-04 10-28-04 BUl' 50.000 3128x3ze6 3128X3ZE6 FEDERAL HOME 99.6250 49,812.50 0.00 LOAM MTG CO. 5.000%Due 10-28-14 11-01-04 11-04-04 SELL 300 apol 037604103 APOLLO GROUP, INC. 64.2800 19,284.00 53.00 11-03-04 11-08-04 BUY 400 ir-fy 436788108 INFOSYS 68.7000 27,480.00 60.00 TECHNOLOGIES LTD. Other Exchange Fee Fee Net Amount Broker 0.00 0.00 50,800.00 SPEAR, LEEDS & KELLOGG 88.33 0.00 0.00 50,000.00 0.00 0.43 18,971.15 WACHOVIA SECURITIES 0.00 0.00 24,756.00 WACHOVIA SECURITIES 0.00 0.00 6,383.00 WACHOVIA SECURITIES 0.00 0.00 6,813.00 WACHOVIA SECURITIES 0.00 0.00 8,171.00 WACHOVIA SECURITIES 0.00 0.00 50,000.00 SALOMON SMITH BARNEY 894.44 0.00 0.00 49,812.30 DAIN RAUSCHER PIERCE 0.00 0.46 19,228.34 WACHOVIA SECURITIES 0.00 0.00 27,340.00 WACHOVIA SECURITIES I 1-03-(14 11-08-04 BUY 400 pfe 7 1708 1 103 PFIZER INC 29.3300 11-(13-04 11-08-04 BUY 400 msft 594918104 MICROSOFT CORP 28.3600 11.03-04 I 1-08-04 BUY 100 adsk 052769106 AUTODESK, INC. 55.1100 11-03-04 11-08-04 BUY 400 adsk 052769106 AL`TODESK, INC. 53.1200 11-30-04 12-03-04 SELL 1,500 pfe 7 1 708 1 103 PFIZER INC 27.7700 11-30-04 ]2-03-04 BUY 1,000 tgt 87612e106 TARGET 50.8168 CORPORATION 11-30-04 12-03-04 SELL 800 pg 742718109 PROCTER & GAMBLE 53.9500 CO 11-30-04 12-03-04 BL'Y 100 cme 1 67760 1 07 CHICAGO 196.8100 MERCANTILE EXCHANGE 11-30-04 12-(13-04 BUY 300 adsk 052769106 AUTODESK, INC. 65.4900 12-07-04 12-10-04 SELL 400 symc 871503108 SYMANTEC 32.1800 CORPORATION 12-07-04 12-10-04 SELL 1,000 bbby 075896100 BED BATH AND 39.4500 BEYOND 12-07-04 12-1(1-04 SELL 100 bbby 075896100 BED BATH AND 39.4700 BEYOND 12-07-04 12-10-04 BUY 400 nxtl 65332V103 NEXTEL 28.0700 COMM(PVICATIONS CL A 12-07-U4 12-10-04 8UY 1,000 cost 22160K105 COSTCO WHSLCORP 48.2800 NEW 12-IS-04 12-20-04 SELL 1,800 nxtl 65332V103 NEXTEL 29.4000 COMMUNICATIONS CL A 12-22-04 12-28-04 BUY 100 har 413086109 HARMAN 128.6400 INTERNATIONAI, 11,732.00 60.00 0.00 0.00 11,792.00 WACHOVIA SECURITIES 11,344.00 60.00 0.00 0.00 11,404.00 WACHOVIA SECURITIES 5,511.00 13.00 0.00 0,00 5,526.00 WACHOVIA SECURITIES 22,048.00 60.00 0.00 0.00 22,108.00 WACHOVIA SECURITIES 41,655.00 150.00 0.00 0.98 41,504.02 WACHOVIA SECURITIES 50,816.80 100.00 0.00 0.00 30,916.80 WACHOVIA SECURITIES 43,160.00 120.00 0.00 1.01 43,038.99 WACHOVIA SECURITIES 19,681.00 55.00 0.00 0.00 19,736.00 WACHOVIA SECURITIES 19,647.00 55.00 0.00 0.00 19,702.00 WACHOVIA SECURITIES 12,872.00 60.00 0.00 0.31 12,811.69 WACHOVIA SECURITIES 39,450.00 100.00 0.00 0.93 39,349.07 WACHOVIA SECURITIES 3,947.00 10.00 0.00 0.10 3,936.90 WACHOVIA SECURITIES 11,228.00 60.00 0.00 0.00 11,288.00 WACHOVIA SECURITIES 48,280.00 100.00 0.00 0.00 48,380.00 WACHOVIA SECURITIES 52,920.00 180.00 0.00 1.24 52,738.76 WACHOVIA SECURITIES 12,864.00 SS.00 0.00 0.00 12,919.00 WACHOVIA SECURITIES TH.AI`'K 1'OU NoRhstar Capital Management, Inc. 7 ProxyEdge - Vote'Summary by Account with Ballot Detail Meeting Date Range: 10/01/2004 to 10/31/2004 Selected Groups - Tequesta Vote Account - TEQUESTA PUBLIC SAFETY WACHOVIA CORPORATION Issuer: 929903 City: ISIN: Country: UNITED STATES SEDOL: YU8 Special Meeting Date: 1012812004 Holdings Reconciliation Date: 0812012004 Vote Deadline Date: 10/28!2004 Vote Group: GLOBAL Agenda: 932226889 -MANAGEMENT Proposal Vote Number Cast MRV Proposal 01 For For APPROVE MERGER AGREEMENT Custodian Internal Stock Voted Ballot Received Last Date Account Account Class Shares Shares Date Vote Date Confirmed OOOOOON01K963853 A 4806P3 102 1,000 1,000 09/29/2004 10/18/2004 10/18/2004 ProxyEdge -Vote Summary by Account with Ballot Detail Meeting Date Range: 10!01 /2004 to 10/31 /2004 Selected Groups - Tequesta Vote Account - TEQUESTA PUBLIC SAFETY THE PROCTER & GAMBLE COMPANY Issuer: 742718 City: ISIN: Country: UNITED STATES SEDOL: Vote Group: GLOBAL Agenda: 932215785 -MANAGEMENT Proposa( Vote Number Cast MRV 01 For For 02 For For 03 For For 04 Against Against 05 Against Against PG Annual Meeting Date: 10/12/2004 Holdings Reconciliation Date: 07!30/2004 Vote Deadline Date: 10/12/2004 Proposal ELECTION OF DIRECTORS RATIFY APPOINTMENT OF INDEPENDENT AUDITORS APPROVE AUTHORIZED COMMON STOCK INCREASE MISCELLANEOUS CORPORATE GOVERNANCE S/H PROPOSAL -ANIMAL RIGHTS Custodian Internal Stock Voted Ballot Received Last Date Account Account Class Shares Shares Date Vote Date Confirmed OOOOOONO1K963853 A 4806P3 109 800 800 08/24/2004 10/11/2004 ProxyEdge -Vote Summary by Account with Ballot Detail Meeting Date Range: 11/01/2004 to 11/30/2004 Selected Groups - Tequesta Vote ****** No information for the entered criteria ****** ProxyEdge -Vote Summary by Account with Ballot Detail Meeting Date Range: 12/01/2004 to 12/31/2004 Selected Groups - Tequesta Vote ****** No information for the entered criteria ******