HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 04A_08/10/2004Investment Review
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS'
PENSION TRUST FUND
August 10, 2004
Representing Northstar Capital Management, Inc.
Peter V. Van Beuren
Principal
NORTHSTAR CAPITAL MANAGEMENT, INC.
INVESTMENT COUNSEL
4400 PGA Boulevard, Suite 600
Palm Beach Gardens, Florida 33410
{561) 775-5880 (561) 775-5909 FAX
TABLE OF CONTENTS
Section 1: An Overview of Northstar Capital
Management, Inc.
Section 2: Investment Philosophy & Strategy
A. Quality Growth Equity Management
B. Fixed Income Management
Section 3: A.
B.
C.
D.
E.
Section 4: Fii
A.
B.
Summary of Investment Guidelines
Portfolio Status
Equity Characteristics
Performance Results
Cash Flow Figures
uncial Outlook
Financial Market Review
Economic Benchmarks
Section 5: June 30, 2004 Appraisal
Section 6: Purchase, Sale & Commission Report
Section 7: Proxies
Section 8: Corporate Biographies
NORTHSTAR CAPITAL MANAGEMENT
FIRM STRUCTURE & HISTORY
~ Structure
- Northstar Capital Management, Inc. is 100% employee owned.
The firm has four principal owners who also serve as the firm's
board of directors.
~ Board of Directors
- H. Kent Mergler, CFA, CIC -President
- Robert G. Jacobsen, CFA, CIC -Senior Vice President
- Peter V. Van Beuren -Senior Vice President
- Stephen K. Mergler, JD -Vice President
~ History
- Northstar has offered the same investment style and service
since our Team was established in 1992. Originally, our group
was an autonomous product team and profit center of a national
firm. As that firm restructured in preparation for sale to a foreign
entity, we elected to acquire our operation to maintain the
integrity of our product and our independence.
1-1
NORTHSTAR QUALITY GROWTH EQUITY .MANAGEMENT TEAM
Name Titlc and Responsibility Exp Education Degrcc Year
Brandon A. Dorsey Equity Trader 11 Boston College BS 1994
Robert G. Jacobsen, CFA., CIC Senior Vice President and Portfolio
Manager
Eileen McCarthy
H. Kent Mergler, CFA, CIC
Vice President and Portfolio Manager
President and Portfolio Manager
N
Stephen K. Mergler, JD
Jason J. McPharlin
Vice President and Portfolio Manager
Associate
Meg R. Shea
Vice President and Marketing Contact
33 Georgia State University MBA 1971
34 University of Illinois BA 1953
41 University of Cincinnati MBA 1964
8 University of Florida JD 1991
1 Thunderbird MBA 1997
14 St. Mary's College of Calif
BS 1987
Peter V. Van Beuren Senior Vice President and Portfolio 40 Colgate University BA 1961
Manager
Selected members of the Group comprise the Investment Management Team for the quality growth equity product. That Investment Management Team meets regularly to establish
parameters for, and to evaluate the composition of, quality growth accotmts. However, the portfolio managers for any particular account ultimately have the discretion to purchase and
sell securities for that account.
NORTHSTAR QUALITY GROWTH EQUITY MANAGEMENT
Investment Philosophy
lid We believe high quality, high earnings growth companies provide
superior investment returns over full market cycles
Investment Process
I~ Investment research screens help identify "wealth creators"
~ Fundamental, bottom-up analysis is performed to target companies
with growth characteristics
1® A portfolio of approximately 30 names representing the "best ideas"
of our portfolio management team is selected
lid Holdings are monitored to assure competitive advantage and growth
characteristics
II® Analysis of market characteristics is used to monitor current holdings
and to screen our universe for new buy ideas
2-1
NORTHSTAR QUALITY FIXED INCOME MANAGEMENT
Portfolio Construction -Fixed Income
~ Primary focus on investment grade debt securities.
I'~ Debt securities include:
Asset and Mortgage Backed Securities
Commercial Paper
Convertible Bonds
Corporate Bonds and Notes
Government Issues, including Agencies
Municipal Bonds
IIE Yield spreads vs. Treasury bonds are monitored and evaluated by
sector, industry and issue to identify relative value.
I® We avoid interest rate speculation but will seek to capitalize on secular
interest rate trends.
Fixed Income Portfolio Characteristics
We attempt to add value through:
IIC Yield Advantage (verses benchmark index)
~ Above Average Call Protection (consistent with interest rate and
economic outlook)
I'~ Appropriate Volatility (consistent with benchmark index)
III Prudent Duration (gradual adjustments with a bias towards
intermediate and long-term securities)
2-2
Fixed Income -
Building aClient Portfo .io
2-3
i
' 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.
Lonq Term Asset Mix Guidelines:
MAXIMUM MINIMUM
Fixed Income Securities 60% 35%
Equities (Including Convertible Issues &
Foreign Securities) 60% 0%
Cash Equivalents (under 1 yr
~ maturity) 50% 0%
Limitations and Restrictions:
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)
3-1
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
PORTFOLIO STATUS
PORTFOLIO STATUS: AS OF June 30, 2004
Asset Mix Cash Equivalents
Equities
Bonds
Income Estimated Annual Yield of
Eauitv Characteristics
5.5
59.0
35.5
2.3
Portfolio S&P 500 Index
2004 Price Earnings Multiple 26.6 X 17.2 X
Projected 5-Year Earnings Growth 17.8 % 5.0
2003 Return on Equity 21.6 % 16.1
Current Yield 0.5 % 1.5
Diversification Summary
Portfolio S&P 500 Index
Consumer Discretion 22.6 % 11.1
Consumer Staples 5.4 11.2
Energy 2.4 6.6
Financials 17.9 19.8
Health Care 24.5 13.4
Industrials 9.5 11.4
Information Tech 14.8 17.3
Materials 0.0 3.0
Telecommunications 2.9 3.4
Utilities 0.0 2.8
100.0 % 100.0
Fixed Income Characteristics
Leman Bros.
Govt/Credit
Portfolio Intermediate Index
Duration 2.2 Yrs 3.75 Yrs
Average Maturity 5.3 Yrs 4.42 Yrs
Yield to Maturity 3.2 % 3.86
Average Quality AA+ Aa2
3-2
FUNDAMENTAL CHARACTERISTICS OF THE CURRENT
HOLDINGS IN THE VILLAGE OF TEQUESTA PUBLIC SAFETY PORTFOLIO
6/30/2004
Company Name
Symbol
AMBAC FINANCIAL GROUP INC ABK
ALCON INCORPORATED ACL
AMGENINCORPORATED AMGN
APOLLO GROUP INCORPORATED APOL
AMERICAN EXPRESS COMPANY AXP
BED BATH & BEYOND INCORPORATED BBBY
CAPITAL ONE FINANCIAL CORPORATION COF
COACH INCORPORATED COH
CISCO SYSTEMS INCORPORATED CSCO
DELL INCORPORATED DELL
GENENTECHINCORPORATED DNA
EBAYINCORPORATED EBAY
GENERAL ELECTRIC COMPANY GE
HARMAN INTL INDUSTRIES INC HAR
`;' INTERNATIONAL GAME TECHNOLOGY IGT
`~ L-3 COMMUNICATIONS HOLDINGS INC LLL
LOWES COMPANIES INCORPORATED LOW
MOODYS CORPORATION MCO
MEDTRONIC INCORPORATED IMDT
MARVELL TECHNOLOGY GROUP LTD IMRVL
MICROSOFT CORPORATION IMSFT
NEXTEL COMMUNICATIONS CL A INXTL
PFIZER INCORPORATED IPFE
PROCTER & GAMBLE COMPANY IPG
STARBUCKS CORPORATION ISBUX
SMITH INTERNATIONAL INCORPORATED ISII
STRYKER CORPORATION ISYK
SYMANTEC CORPORATION ISYMC
TEVA PHARMACEUTICAL ADR ITEVA
VARIAN MEDICAL SYSTEMS INC IVAR
WACHOVIA CORPORATION IWB
WAL-MART STORES INCORPORATED IWMT
I
Portfolio Average I
I
S&P 500 INDEX WITH REPORTED EPS ~spx
Portfolio Data / S&P Data
5 Yr EPS
Historical
Growth (%)
18.23
12.73
17.18
40.76
8.31
31.37
31.16
50.84
15.21
13.02
23.77
125.19
9.96
24.31
25.91
27.16
26.89
26.38 I
17.24 1
42.27 I
11.11
NMN I
17.33 I
10.28 I
26.18 I
14.56 I
27.36 I
26.18 I
40.22 I
25.79 I
-2.26 I
15.74 I
I
I
25.82 I
-0.761
I
(33.97)1
1 Yr EPS
Historical
Growth (%)
26.13
26.06
26.00
44.54
17.31
33.65
21.57
63.89
32.00
24.42
26.14
83.16
6.16
50.00
13.83
22.31
21.54
31.63
16.31 ~
NMN ~
8.81 ~
229.41 ~
-17.83 I
13.57 I
31.15 I
72.41 1
27.96 I
37.42
29.17 I
31.65 I
22.41 I
17.58
I
I
35.17 I
21.84
I
1.61 I
IBES
5Yr Fut
Growth (%)
15.00
17.00
21.00
25.00
13.00
20.00
15.00
20.00
15.00
16.00
26.00
38.00
10.00
25.00
15.00
15.00
18.00
15.00
16.00
30.00
12.00
15.00
13.00
11.00
20.00
13.00
20.00
15.00
23.00
18.00
10.00
14.00
17.78
7.00
2.54
Forward Estimated
4 Qtrs P/E to Current Current
P/E~x) Growth ROE (%) Yield (%)
11.0 ~ 0.70 15.19 0.60
32.00 1.90 44.25 0.71
20.90 1.00 12.11 0.00
39.40 1.60 26.29 0.00
18.00 1.40 21.02 0.78
22.90 1.10 22.62 0.00
11.00 0.70 21.68 0.16
27.60 1.40 41.41 0.00
27.90 1.90 17.21 0.00
26.70 1.70 47.06 0.00
61.10 2.30 9.20 0.00
66.60 I 1.80 12.05 0.00
19.40 I 1.90 20.18 2.47
33.60 I 1.30 19.52 0.05
26.30 1 1.80 I 21.60 1 0.26
18.50 1 1.20 1 12.26 1 0.60
17.80 I 1.00 I 19.11 I 0.30
22.80 I 1.50 I NMN I 0.46
25.00 I 1.60 I 23.47 1 0.60
32.60 I 1.10 I 2.32 I 0.00
21.30 I 1.90 I 17.07 I 0.56
12.50 I 0.80 I 36.55 I 0.00
15.30 I 1.20 I 14.48 I 1.98
21.30 I 1.90 I 35.20 1 1.84
42.20 I 2.10 I 15.03 I 0.00
27.50 I 2.10 I 12.47 1 0.00
35.70 I 1.80 I 23.63 I 0.13
28.40 I 1.90 I 1$.29 1 0.00
22.90 I 1, 00 I 24.77 1 0.41
31.00 I 1.70 I 25.70 1 0.00
11.00 I 1.10 1 14.57 1 3.60
20.90 I
I 1.50 I
I 21.80 1
I 0.99
I
26.60 I I
1.50 I I
21.55 I
0.52
17.20 I
I 2.46 I 16.05 I 1.52
1.55 I I
0.61 I I
1.34 1
0.34
i I VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PEN TR FD EQUITY
Relative Sector Allocation (June 30, 2004)
'ILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PEN TR FD EQUITY
Other hdustrl
Tech 1.1% 9.5% Toe,;omm Tech
17.3%
Finance ConsDisc ,
' 17.9% 22.69'0
France '
19.8%
' Energy
2~~
FtihCare
' 24.5%
' C~. _nts
Sector Groups
Percent of Current Total
Portfolio Over/Under Return
' (Current) Sector % 4-Weeks %
Materials -2.98
Industrials 9.47 -1.95 -0.18
Telecommunications Services 2.87 -0.53 14.77
Consumer Discretionary 22.63 11.50 2.32
' HeaRh Care 24.54 ~1.09> -1.76
Consumer Staples 5.38 -5.86 -2.24
Energy 2.14 -4.45 12.85
' Financial 17.93 -1.88 -0.55
Information Technology 13.98 -3.35 4.24
Utilities -2.67
' Other 1.07 1.07 4.72
Mkt. wgt. S8P 5l)D avgs. 1.56
' Total portfolio avg. -share weighted 1.2
' 3-4
S8~P 500
Utility Material
2.7% 3.0% Industrl
11.4%
Telecorrm
~', ConsCxsc
~>
11.1%
HthCare
13.4%
Energy '' ;
6.6% Staples
112%
~. .. ~
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
TOTAL RETURNS
10/31 /97- 10/31 /97- 10/31 /97- 9/30/03- 12/31 /03-
9/30/00 9/30/02 6/30/04 6/30/04 6/30/04
3 Years 5 Years Since Inception* Fiscal Year Calendar Year
Equities + 96.4 + 29.2 + 56.9 + 14.1 + 7.7
S&P 500 Index + 63.2 - 4.8 + 37.4 + 16.1 + 3.6
W
~;,
Bonds + 13.5 + 37.0 + 39.5 - 0.1 + 0.2
Lehman Bros. Govt/Credit + 16.8 + 42.5 + 51.0 - 0.1 - 0.1
Intermediate Index
Total Portfolio + 54.5 + 29.6 + 48.7 + 8.3 + 4.7
60% S&P 500/
40% Int. Govt./Credit Index + 44.6 + 14.1 + 42.8 + 9.6 + 2.2
* Inception 10/31/97
October 16
17
23
23
24
29
November 04
10
20
20
21
December 04
19
22
23
31
January 20
20
30
February 12
13
17
17
17
25
26
26
March O 1
03
10
19
19
22
22
29
April 02
OS
12
23
[LLAGE OF TEQUESTA PUBLIC SAFETY
CONTRIBUTIONS/WITHDRAWALS
OCTOBER 1, 2003 TO JUNE 30, 2004
6021.38
3128.92
2,212.01
172.00
6,322.95
6,153.52
6,491.38
7,259.23
6,929.27
7,441.61
7,507.23
6,794.04
443.82
6,378.47
6,888.60
300.00
6,170.00
6,443.26
6,236.23
6,326.37
3-6
894.01
3,576.06
39.51
95.97
102.87
411.47
45.42
3,082.10
27.42
4,422.00
1,908.00
200.00
350.00
4,612.00
203.72
21.53
14.19
22.97
42.34
26 6,860.58
26 1,526.03
26 4,734.85
27 18.10
27 1,715.15
27 43.06
27 1,183.71
May
June
06 6,272.69
12 112.90
13 2,142.49
13 4,560.00
24 6,265.84
07 6,247.66
25 6,938.14
30 67.50
30 67.50
30 28.78
$135,868.03 $38,858.08
3-7
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Financial Market Review
Close Close Close
12/31 /02 12/31 /03 6/30104
S&P's 500 Stock Index 879.82 1,111.92 1,140.84
Prime Rate 4.25% 4.00% 4.25%
Federal Funds Rate 1.25% 1.00% 1.25%
90 Day U.S. Treasury Bills 1.19% 0.92% 1.26%
5 Year U. S. Govt Notes 2.73% 3.25% 3.77%
10 Year U.S. Govt Notes 3.81 % 4.25% 4.58%
30 Year U.S. Govt Bonds 4.76% 5.07% 5.29%
Total Returns
12 Mos. 12 Mos. 9 Mos.
12/31 /02 12/31 /03 6/30/04
S&P 500 Stock Index - 22.1 % + 28.6% + 16.03%
Lehman Bros. lnt. Govt/Credit + 9.8% + 4.3% - 0.05%
Index
4-1
ECONOMIC BENCHMARKS AS OF 06/30/04
2000 2001 2002 2003A 2004E
1. Real G.D.P. % 3.50 0.50 2.40 3.10 4.30
2. C.P.I. % 2.60 1.56 2.43 1.90 1.70
3. Industrial Production % 4.20 -5.74 1.48 2.30 2.70
4. Light Vehicle Sales 16.20 16.70 16.80 16.70 16.80
5. Housing Starts (millions of units) 1.60 1.60 1.70 1.85 2.00
6. S&P Reported E.P.S. 50.00 24.90 28.00 49.24 54.00
Change 4 -50 12 76 10
7. S&P Dividends Per Share 16.27 15.74 16.08 17.38 18.76
Change -3 -3 2 8 8
8. Price-Earnings Ratios Range 22 - 31 X 22 - 46 X 22 - 46 X 27 - 38 X 13 - 26 X
(One Year-End S&P 500 Index)
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
Indicator
p 2000
^ 2001
oduction ^ 2002
^ 2003E
^ 2004E
_~
The informaton presented m this report has been developed internally and/or obtained from sources which Northstar Capital Management, Inc. believes to be reliable; however,
Northstaz does not guarantee the accuracy, adequacy or ...,...el:.:.:..~ss of such information nor does it guarantee the appropriateness of arty strategy referred [o in tlris report for any
particulaz client. Tttis report is provided for informational proposes only and is not to be corrstrncted as advice or a recormnerdation for the purchase or sale of a security. Economic
forecasts reflect subjective judgments and assumptions, and rm,.,y,,,..:,.,I events may occur. Therefore, there can be rx assurance that developments will transpire as forecasted in this
report. Tttis report reflects the opinion of Northstaz on the date made and is subject to change a[ any time with notice.
4-2
Northstar Capital Management, Inc.
SUMMARY OF INVESTMENT POSITION
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
Jurre 30, 2004
Total % Est. Annual Curr
Classification Market Value Total Fund Income Yield
CASH INSTRUMENTS
MONEY MARKET FUNDS 121,469 S.S 753 0.6
TOTAL ASSET CLASS 121,469 5.5 753 0.6
FIXED INCOME
BONDS 212,232 9.6 12,807 6.0
U.S. GOVERNMENTS 576,706 26.0 29,245 5.1
TOTAL ASSET CLASS 788,938 35.6 42,052 5.3
COMMON STOCK
COMMUNICATION SERVICES 37,324 1.7 0 0.0
CONSUMER DISCRETIONARY 294,169 13.3 227 0.1
CONSUMER STAPLES 69,932 3.2 1,646 2.4
ENERGY 27,880 1.3 0 0.0
FINANCIALS 233,072 10.5 2,551 1.1
HEALTHCARE 319,011 14.4 1,879 0.6
INDUSTRIALS 123,105 5.6 1,200 1.0
TECHNOLOGY 203,082 9.2 224 0.1
TOTAL ASSET CLASS 1,307,575 59.0 7,727 0.6
TOTAL PORTFOLIO 2,217,982 100.0 50,532 2.3
Northstar Capital Management, Inc.
PORTFOLIO DETAIL
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
June 30, 2004
Security Call Call Unit Total Market Annual Curr
Quantity Description Date Price Cost Cost Price Value Income Yield
('ASH INSTRUMENTS
MONIiY MARKET FUNDS
S}IORTTERM PAPEK
U.S. GOV"T' 121,469 121,469 753 0.6
MONEY MARKET FUNDS TOTAL 121,469 121,469 753 0.6
CASH INSTRUMENTS TOTAL 121,469 121,469 753 0.6
FCKF,D INCOME
U.S. GOVERNMENTS
AGENCII?S
25,000 FEDERAL IIOME LOAN BANKS 98.69 24,672 106.97 26,742 1,560 5.8
G.240`%~ Due 12-1 1-06
50,000 FEDERAL HOME LOAN MTG CORP. 101.5(, 50,779 99.72 49,859 1,750 3.5
3.500'% Due 09-15-07
25,000 FEDERAL HOME: LOAN BANK BOND 99.20 24,8.0 104.44 26,109 1,312 5.0
5.250% Due 02-13-09
50,000 FEDERAL HOME LN MTG CORP. 100.00 50,000 98.63 49,315 2,125 4.3
4.250'% Due OS-OS-10
25,000 FED[:RAL HOME LOAN BANK 07-23-04 100.00 100.19 25,047 100.28 25,070 1,500 6.0
6.000'% Due 07-23-08
25,000 FEDERAL 110ME LOAN BANK 08-09-04 100.00 100.00 25,000 100.41 25,102 1,575 6.3
6.300% Due 08-09-11
50,000 f~ED HOME LOAN BANK 09-30-04 100.00 100.09 50,047 100.12 50,062 2,810 5.6
5.620'% Due 09-30-13
50,000 FEDERAL HOME LOAN BANK 10-18-04 100.00 99.98 49,992 100.75 50,375 2,775 5.5
5.550% Duc 10-18-11
50,000 FEDERAL HOME LOAN BANK 04-15-OS 100.00 100.00 50,000 97.41 48,703 2,500 5.1
5.000% Due 04-15-14
50,000 FEDERAL FARM CREDIT 08-25-OS 100.00 100.00 50,000 100.47 50,234 2,500 5.0
5.000'% Due 08-25-10
50,000 FED HOME LOAN BANK 09-30-OS 100.00 100.00 50,000 99.62 49,812 2,050 4.1
4.100`% Due 03-30-09
50,000 FEDERAL HOME LOAN BANK 10-17-OS 100.00 100.00 50,000 99.37 49,687 2,625 5.3
5.250% Due 10-17-13
50,000 FEDERAL HOME LOAN BANK 01-23-06 100.00 100.00 50,000 98.87 49,437 2,600 5.3
5.200% Due 01-23-14
25,000 FEDERAL HOME LOAN MORTGAGE 03-OS-07 100.00 100.50 25,125 104.78 26,195 1,562 6.0
CORP.
6.250% Duc 03-OS-12
575,462 576,706 29,245 5.1
U.S. GOVERNMENTS TOTAL 575,462 576,706 29,245 5.1
Northstar Capital Management, Inc.
PORTFOLIO DETAIL
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
June 30, 2004
Securih' Call Call Unit Total Market Annual Curr
Quantity Description Date Price Cost Cost Price Value Income Yield
BONDS
CORPORATES
25,000 AMERI"fECH CAP FUNDING CORP
6.300% Due 10-15-04
25,000 PENNSYLVANIA PWR & LT CO
6.500% Due 04-O1-OS
25,000 PUBLIC SVC ELEC & GAS CO
6.250°/~ Due Ol -Ol -07
25,000 BANK[?RS TR NY CORP SUB MTN BE
6.700%, Duc 10-O1-07
25,000 CSX TRANS INC EQUIP TR 93-A
6.480% Due 03-15-08
25,000 FIRST UNION CORP
6.000°/~ Due ] 0-30-08
25,000 VER[LON NEW ENGLAND INC
6.500°/, Due 09-15-11
25,000 CREDIT SUISSE 1'B USA
6.500%~ Due 01-15-12
BONDS TO~fAL
FIXED INCOME: TOTAL
COMMON STOCK
COMMUNICATION SERVICES
CELLULAR/WIRELESS TELECOM
1,400 NEXTEL COMMUNICATIONS CL A
COMMUNICATION SERVICES TOTAL
CONSUMER DISCRETIONARY
AUDIO/V[DEO PRODUCTS
300 HARMAN INTERNATIONAL
CASINO & GAMING
1,400 INTERNATIONAL GAME TECH
RETAIL-SPECIALTY
1,100 BED BATH AND BEYOND
1,000 COACH, INC.
600 LOWE'S COMPANIES
99.12 24,781 101.18 25,296 1,575 6.2
98.22 24,556 102.94 25,735 1,625 6.3
100.00 25,000 106.30 26,575 1,562 5.9
99.57 24,892 109.26 27,315 1,675 6.1
101.42 25,356 108.55 27,137 1,620 6.0
99.09 24,773 106.68 26,670 1,500 5.6
100.87 25,219 106.55 26,638 1,625 6.1
101.13 25,282 107.46 26,865 1,625 6.0
199,858 212,232 12,807 6.0
199,858 212,232 12,807 6.0
775,320 788,938 42,052 5.3
27.12 37,962 26.66 37,324 0 0.0
37,962 37,324 0 0.0
82.28 24,685 91.00 27,300
20.10 28,137 38.60 54,040
30.62 33,685 38.45 42,295
39.20 39,198 45.19 45,190
43.14 25,884 52.55 31,530
98,767 119,015
15 0.1
140 0.3
0 0.0
0 0.0
72 0.2
72 0.1
RES"I'AURANTS
1,100 STARBUCKS CORP COM 25.48 28,026 43.49 47,839 0 0.0
Northstar Capital Management, Inc.
PORTFOLIO DETAIL
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
June 30, 2004
Security Call Call Unit Total Market Annual Curr
Quantity Description Date Price Cost Cost Price Value Income Yield
[:-COMMERCE/SERVICES
500 EBAY INC. 65.19 32,595 91.95 45,975 0 0.0
CONSUMER DISCRETIONARY TOTAL 212,210 294,169 227 0.1
CONSUMER STAPLES
RI:"PAIL -GENERAL MERCHANDISE
500 WAL MART STORES INC 45.68 22,841 52.76 26,380 190 0.7
1IOUSI7lOl_D PRODUCTS - PERSONAL CARIi
800 PROCTER & GAMBLE CO 44.78 35,825 54.44 43,552 1,456 3.3
CONSUMER STAPLES TOTAL 58,665 69,932 1,646 2.4
ENERGY
OIL & GAS -DRILLING & EQUIPMEiJT
500 SMITH INTERNATIONAL INC 54.50 27,250 55.76 27,880 0 0.0
ENERGY TOTAL 27,250 27,880 0 0.0
FINANCIALS
BANKS & THRIFTS
1,000 WACIIOVIA CORP. 37.82 37,819 44.50 44,500 1,600 3.6
PINANCIAI. -CONSUMER/DIVERSIFIED
600 AMBAC FINANCIAL GROUP INC. 70.78 42,466 73.44 44,064 264 0.6
1,000 AMERICAN EXPRESS CO 37.32 37,325 51.38 51,380 400 0.8
700 CAPITAL ONE FINANCIAL CORP. 47.53 33,269 68.38 47,866 77 0.2
700 MOODY'S CORP. 48.70 34,088 64.66 45,262 _210 0.5
147,149 188,572 951 0.5
FINANCIALS TOTAL 184,968 233,072 2,551 1.1
HEALTHCARE
HEALTHCARE-BIOTECHNOLOGY
700 AMGEN INC 45.93 32,154 54.57 38,199 0 0.0
800 GENENTECE{ INC NEW 44.37 35,493 56.20 44,960 0 0.0
67,647 83,159 0 0.0
HEALTHCARE -DRUGS
1,100 PFILER INC 33.90 37,287 34.28 37,708 748 2.0
1,400 TEVA PHARMACEUTICAL 28.53 39,944 33.59 47,026 322 0.7
77,231 84,734 1,070 1.3
HEALTHCARE -MEDICAL PROD/SUPPLY
300 ALCON INC 77.07 23,122 78.65 23,595 436 1.8
Northstar Capital Management, Inc. ~~
PORTFOLIO DETAIL
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
Jtr~te 30, 1004
Securih~ Call Call l~nit Total Market Annual Curr
Quantity Description Date Price Cost Cost Price Value Income Yield
900 MEDTRONIC INC 32.37 29,136 48.72 43,848 261 O.G
800 STRYKER CORPORATION 32.94 26,350 55.00 44,000 1 12 0.3
500 VARIAN MEDICAL 85.01 42,504 79.35 39,675 0 0.0
121,112 151,118 809 0.5
HEALTHCARE TOTAL 265,990 319,011 1,879 0.6
INDUSTRIALS
AEROSPACE/DEFENSE
600 L3 COMMUNICATIONS HLDGS. 63.50 38,099 66.80 40,080 240 0.6
ELECTRICAL EQUIPMENT
1,200 GENERAL ELEC CO 27.59 33,109 32.40 38,880 960 2.5
SCHOOLS
500 APOLLO GROUP, INC. 25.49 12,743 88.29 44,145 0 0.0
INDUSTRIALS TOTAL 83,951 123,105 1,200 1.0
"TECHNOLOGY
COMPUTERS -HARDWARE
1,200 CISCO SYS [NC 14.42 17,298 23.70 28,440 0 0.0
1,100 DELL INC. 28.92 31,811 35.82 39,402 0 0.0
49,109 67,842 0 0.0
COMPUTERS -SOFTWARE/SERVIC'ES
1,400 MICROSOFTCORP 34.35 48,091 28.56 39,984 224 0.6
1,200 SYMANTEC CORPORATION 2LG3 25,958 43.78 52,536 0 0.0
74,049 92,520 224 0.2
SEMICONDUCTORS
1,600 MARVELL TECHNOLOGY GROUP 22.45 35,916 26.70 42,720 0 0.0
TECHNOLOGY TOTAL 159,074 203,082 224 0.1
COMMON STOCK TOTAL 1,030,071 1,307,575 7,727 0.6
TOTAL POKTFOLIO 1,926,860 2,217,982 50,532 2.3
June 30, 2004
Wachovia Securities
Attn: Fred Kenney
3399 PGA Blvd Ste 400
North Palm Beach, Florida 33408-2713
CUSTODY NO. O1K-963853
Please use this letter as your notification that we executed the following trade(s):
Account: VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
4806P3
Trade Settle Other Exchange
Date Date Activity Quantity Symbol Security Price Principal Commis. Fee Fee Net Amount Broker
04-06-04 04-12-04 BUY 100 dna GENENTECH INC 110.3800 11,038.00 55.00 0.00 0.00 11,093.00 WACHOVIA
NEW SECURITIES
04-06-04 04-12-04 BUY 300 har HARMAN 82.1000 24,630.00 55.00 0.00 0.00 24,685.00 WACHOVIA
INTERNATIONAL SECURITIES
04-06-04 04-12-04 BUY 400 mrvl MARVELL 46.7500 18,700.00 60.00 0.00 0.00 18,760.00 WACHOVIA
TECHNOLOGY' SECURITIES
GROUP
04-06-04 04-12-04 BUY 200 ebay EBAY INC. 74.0900 14,818.00 55.00 0.00 0.00 14,873.00 WACHOVIA
SECURITIES
04-06-04 04-12-04 BUY 200 bbby BED BATH AND 39.7000 7,940.00 55.00 0.00 0.00 7,995.00 WACHOVIA
BEYOND SECURITIES
04-06-04 04-12-04 SELL 700 wfc WELLS FARGO & CO 56.7900 39,753.00 105.00 0.00 0.94 39.647.06 WACHOVIA
NEW SECURITIES
04-27-04 04-30-04 SELL 200 apol APOLLO GROUP, INC. 93.2300 18,646.00 55.00 0.00 0.44 18,590.56 WACHOVIA
SECURITIES
04-27-04 04-30-04 SELL 400 acs AFFILIATED 48.0800 19,232.00 60.00 0.00 0.46 19,171.54 WACHOVIA
COMPtiTER SECURITIES
SERVICES, INC.
OS-04-04 05-07-04 SELL 400 ntap NETWORK 19.1800 7,672.00 40.00 0.00 0.18 7,631.82 WACHOVIA
APPLIANCE SECURITIES
OS-04-04 OS-07-04 SELL 100 ntap NETWORK 19.1700 1,917.00 10.00 0.00 0.05 1,906.95 WACHOVIA
APPLIANCE SECURITIES
OS-04-04 OS-07-04 SELL 1,100 ntap NETWORK 19.1600 21,076.00 110.00 0.00 0.50 20,965.50 WACHOVIA
APPLIANCE SECURITIES
OS-19-04 OS-24-04 BUY 300 111 L3 61.0500 18,315.00 55.(10 0.00 0.00 18,370.00 WACHOVIA
COMMUNICATIONS SECURITIES
HLDGS.
06-07-04 06-10-04 BUY 300 111 L3 65.5800 19,674.00 55.00 0.00 0.00 19,729.00 WACHOVIA
COMMUNICATIONS SECURITIES
HLDGS.
06-07-04 06-10-04 BUY' 300 acl ALCON INC. 76.8900 23,067.00 55.00 0.00 0.00 23,122.00 WACHOVIA
SECURITIES
06-17-04 06-22-04 SELL 400 sbu~ STARBUCKS CORP 42.9700 17,188.(10 60.00 0.00 0.41 17,127.59 WACHOVIA
COM SECURITIES
06-17-04 06-22-04 SELL 200 syk STRYKER 53.8500 10,770.00 55.00 0.00 0.26 10,714.74 WACHOVIA
CORPORATION SECURITIES
06-17-04 06-22-04 BUY 500 sii SMITH 54.3500 27,175.00 75.00 0.00 0.00 27,250.00 WACHOVIA
INTERNATIONAL INC SECURITIES
THANK YOU
Northstar Capital Management, Inc.
t ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 04/01/2004 to 04/30/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
' STRYKER CORPORATION
SYK
Issuer: 863667 City:
ISIN: Country: UNITED STATES
SEDOL:
' Vote Group: GLOBAL
Agenda: 932104730 -MANAGEMENT
Proposal Vote
Report Date: 05/06/2004
Page 1 of 14
Annual Meeting Date: 04/2012004
Holdings Reconciliation Date: 02/27/2004
Vote Deadline Date: 04!20/2004
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For APPROVE AUTHORIZED COMMON STOCK INCREASE
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4806P3 101 500 500 03/12/2004 04/16/2004 04/16/2004
1
1
1
1
1
1
1
1
1
ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 04/01/2004 to 04/30/2004 Report Date: 05/06/2004
Selected Groups - Tequesta Vote Page 3 of 14
Account - TEQUESTA PUBLIC SAFETY
WACHOVIA CORPORATION
VV6 Annual Meeting Date: 04/2012004
Issuer: 929903 City: Holdings Reconciliation Date: 0 211 812 0 0 4
ISIN: Country: UNITED STATES Vote Deadline Date: 04/20/Z004
SEDOL:
Vote Group: GLOBAL
Agenda: 932106431 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
03 Against Agatnst S/H PROPOSAL -CORPORATE GOVERNANCE
04 Against Against SM PROPOSAL - POLITICAUGOVERNMENT
05 Against Against S/H PROPOSAL -BOARD OF DIRECTORS
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K 963853A 4806P3 102 1,000 1,000 03/16/2004 04/16/2004 04!16/2004
ProxyEdge -Vote Summa b Account with Ballot Detaii and Ballot Comments
rY Y
' Meeting Date Range: 04/01!2004 to 04/30/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
' AMERICAN EXPRESS COMPANY
AXP
Issuer: 025816 City:
' ISIN: Country: UNITED STATES
SEDOL:
Vote Group: GLOBAL
Agenda: 932103473 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
' 02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
03 Against Against S/H PROPOSAL -BOARD OF DIRECTORS
04 Against Against S/H PROPOSAL - POLITICAUGOVERNMENT
Report Date: 05/06/2004
Page 5 of 14
Annual Meeting Date: 04/26/2004
Holdings Reconciliation Date: 02/27/2004
Vote Deadline Date: 04/26/2004
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853 A 4806P3 109 1,000 1,000 03/16/2004 04/26/2004
1
1
1
1
1
1
1
1
1
ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 04/01/2004 to 04/30/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
' MOODY'S CORPORATION
MCO
Issuer: 615369 City:
ISIN: Country: UNITED STATES
SEDOL:
' Vote Group: GLOBAL
Agenda: 932116064 -MANAGEMENT
Proposal Vote
Report Date: 05/06/2004
Page 7 of 14
Annual Meeting Date: 04/27/2004
Holdings Reconciliation Date: 0310112004
Vote Deadline Date: 04/27/2004
Number Cast MRV Proposal
I For For ELECTION OF DIRECTORS
II For For AMEND INCENTIVE STOCK OPTION PLAN
III For For ADOPT INCENTIVE STOCK OPTION PLAN
IV For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
V Against Against S/H PROPOSAL -CORPORATE GOVERNANCE
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853A 4806P3 105 700 700 03/26/2004 04/26/2004
ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 04/01/2004 to 04/30/2004 Report Date: 05/06/2004
Selected Groups - Tequesta Vote Page 9 of 14
Account - TEQUESTA PUBLIC SAFETY
WELLS FARGO 8 COMPANY Annual Meeting Date: 04/27/2004
WFC
Issuer: 949748 City; Holdings Reconciliation Date: 03/0912004
ISIN: Country: UNITED STATES Vote Deadline Date: 04/27/2004
SEDOL:
Vote Group: GLOBAL
Agenda: 932109538 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For ADOPT OMNIBUS STOCK OPTION PLAN
03 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
04 Against Against S/H PROPOSAL -FORM SHAREHOLDER ADVISORY COMMITTEE
05 Against Against S/H PROPOSAL -CORPORATE GOVERNANCE
06 Against Against S/H PROPOSAL -CORPORATE GOVERNANCE
07 Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4806P 3 101 700 700 03/22/2004 04/26/2004
'
ProxyEdge -Vote Summa b
rY Y Account with Ballot Detail and Ballot Comments
Meeting Date Range: 04/01/2004 to 04/30/2004 Report Date: 05/06/2004
' Selected Groups - Tequesta Vote Page 11 of 14
Account - TEQUESTA PUBLIC SAFETY
GENERAL ELECTRIC COMPANY Annual Meeting Date: 04128/2004
GE
Issuer: 369604 City; Holdings Reconciliation Date: 03/01/2004
ISIN: Country: UNITED STATES Vote Deadline Date: 04/28/2004
SEDOL:
' Vote Grou p: GLOBAL
Agenda: 932103348 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
OA For For ELECTION OF DIRECTORS
' OB
OC For
For For
For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
ADOPT/AMEND EXECUTIVE INCENTIVE BONUS PLAN
01 Against Against SM PROPOSAL -ADOPT CUMULATIVE VOTING
02 Against Against S/H PROPOSAL -ANIMAL RIGHTS
03 Against Against S/H PROPOSAL -OPT OUT OFANTI-TAKEOVER STATUTE
04 Against Against S/H PROPOSAL -HEALTH ISSUES
05 Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
06 Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
' 07
08 Against
Against Against
Against S/H PROPOSAL -ELIMINATE CUMULATIVE VOTING
S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO RATIFY POISON PILL
09 Against Against S/H PROPOSAL -LIMIT COMPENSATION
10 Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
' 11 Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
12 Against Against S/H PROPOSAL -ENHANCE STOCK VALUE VIA MERGER/SALE
' 13 Against Against S/H PROPOSAL -OVERRIDE CSA VOTE RESTRICTIONS
14 Against Against S/H PROPOSAL -REQUIRE MAJORITY OF DIRECTORS TO BE INDEPENDENT
15 Against Against S/H PROPOSAL - POLITICAUGOVERNMENT
'
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
' OOOOOON01 K963853 A 4806P3 103 1,200 1,200 03/08/2004 04/26/2004 04/27/2004
Pro Edge -Vote Summa b Account with Ballot Detail and Ballot Comments
XY IY Y
' Meeting Date Range: 04/01/2004 to 04/30/2004
Selected Groups - Tequesta Vote
Account • TEQUESTA PUBLIC SAFETY
' CAPITAL ONE FINANCIAL CORPORATION
COF
Issuer: 14040H Clty:
ISIN: Country: UNITED STATES
SEDOL:
Vote Group: GLOBAL
Agenda: 932093824 -MANAGEMENT
Proposal Voie
' Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
03 For For ADOPT INCENTIVE STOCK OPTION PLAN
Report Date: 05/06/2004
Page 13 of 14
Annual Meeting Date: 04/29/2004
Holdings Reconciliation Date: 02/27/2004
Vote Deadline Date: 04/29/2004
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853 A 4806P3 105 700 700 03/25/2004 04/26/2004 04/27!2004
ProxyEdge -Vote Summary by Accoc,~ ~t with Ballot Detail and Ballot Comments
Meeting Date Range: 05/01/2004 to 05/31/2004 Report Date: 06/07/2004
Selected Groups - Tequesta Vote Page 1 of 12
Account - TEQUESTA PUBLIC SAFETY
AMBAC FINANCIAL GROUP, INC. ABK Annual Meeting Date: 05/04/2004
Issuer: 023139 City: Holdings Reconciliation Date: 03109/2004
ISIN: Country: UNITED STATES Vote Deadline Date: 05/04/2004
SEDOL:
Vote Group: GLOBAL
Agenda: 932 122118 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For APPROVE AUTHORIZED COMMON STOCK INCREASE
03 For For AMEND OMNIBUS STOCK OPTION PLAN
04 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4806P3 108 600 600 03/30/2004 05/03/2004 05/03/2004
ProxyEdge -Vote Summary by Acct, .c with Ballot Detail and Ballot Comments
Meeting Date Range: 05/01/2004 to 05/31/2004 Report Date: 06/07/2004
' Selected Groups - Tequesta Vote Page 3 of 12
Account - TEQUESTA PUBLIC SAFETY
AMGEN INC. Annual Meeting Date: 05/13/2004
AMGN
Issuer: 031162 City: Holdings Reconciliation Date: 03/19/2004
ISIN: Country: UNITED STATES Vote Deadline Date: 05/13/2004
SEDOL:
Vote Group: GLOBAL
Agenda: 932108637 -MANAGEMENT
Proposal Vote
' Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
' 3A Against Against MISCELLANEOUS SHAREHOLDER PROPOSAL
3B Against Against S/H PROPOSAL -FORM SHAREHOLDER ADVISORY COMMITTEE
' Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853 A 4806P3 100 700 700 04/12/2004 05/10/2004 05/10/2004
ProxyEdge -Vote Summary by Accc ,with Ballot Detail and Ballot Comments
Meeting Date Range: 05/01/2004 to 05/31/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
TEVA PHARMACEUTICAL INDUSTRIES LIMIT
TEVA
Issuer: 881624 City:
ISIN: Country: UNITED STATES
SEDOL:
Vote Group: GLOBAL
Agenda: 932153238 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For CHANGE STOCK EXCHANGE LISTING
02 For For CHANGE STOCK EXCHANGE LISTING
3A For For CHANGE STOCK EXCHANGE LISTING
38 For For CHANGE STOCK EXCHANGE LISTING
3C For For CHANGE STOCK EXCHANGE LISTING
3D For For CHANGE STOCK EXCHANGE LISTING
3E For For CHANGE STOCK EXCHANGE LISTING
04 For For CHANGE STOCK EXCHANGE LISTING
05 For For CHANGE STOCK EXCHANGE LISTING
Report Date: 06/07/2004
Page 5 of 12
Annual Meeting Date: 05/2012004
Holdings Reconciliation Date: 04/15/2004
Vote Deadline Date: 05N3/2004
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4806P3 209 700 700 04/23/2004 05/14/2004 05/14/2004
ProxyEdge -Vote Summary by Acct. ;with Ballot Detail and Ballot Comments
Meeting Date Range: 05/01/2004 to 05/31/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
NEXTEL COMMUNICATIONS, INC.
NXTL
issuer: 65332V City:
ISIN: Country: UNITED STATES
SEDOL:
Vote Group: GLOBAL
Agenda: 932136383 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposa!
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
03 For For AMEND STOCK PURCHASE PLAN
Report Date: 06/07/2004
Page 7 of 12
Annual Meeting Date: 05/27/2004
Holdings Reconciliation Date: 04/02!2004
Vote Deadline Date: 05/27/2004
Custodian Internal Stock Voted Ballot Received Last Date
Acxount Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853 A 4806P3 103 1,400 1,400 04/14/2004 05/24/2004 05/25/2004
ProxyEdge -Vote Summary by Acc~ .. ~t with Ballot Detail and Ballot Comments
Meeting Date Range: 05/01/2004 to 05/31/2004 Report Date: 06/07/2004
Selected Groups - Tequesta Vote Page 9 of 12
Account - TEQUESTA PUBLIC SAFETY
LOWE'S COMPANIES, INC. LOW Annual Meeting Date: 0512812004
Ho ldings Reconciliation Date: 04/01!2004
Issuer: 548661 City:
ISIN: Country: UNITED STATES Vote Deadline Date: 05/28/2004
' SEDOL:
Vote Group: GLOBAL
Agenda: 932151525 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
' 01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
' Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853 A 4806P3 107 600 600 04/21!2004 05/24/2004 05/25/2004
ProxyEdge -Vote Summary by Accc.....t with Ballot Detail and Ballot Cpmments
Meeting Date Range: 05/01/2004 to 05!31/2004
Selected Groups - Tequesta Vote
Account - TEQUESTA PUBLIC SAFETY
MARVELL TECHNOLOGY GROUP LTD.
Issuer: G5878H City:
ISIN: Country: UNITED STATES
SEDOL:
Vote Group: GLOBAL
Agenda: 932 159610 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
03 For For AMEND OMNIBUS STOCK OPTION PLAN
04 For For APPROVE STOCK SPLIT
Report Date: 06/07/2004
Page 11 of 12
Annual Meeting Date: 05/28/2004
Holdings Reconciliation Date: 04/14/2004
Vote Deadline Date: 05/2812004
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4808P3 105 800 800 04/28/2004 05/24/2004 05/25/2004
ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 06/01!2004 to 06/30/2004 Report Date: 06/30/2004
Selected Groups - Tequesta Vote Page 1 of 4
Account - TEQUESTA PUBLIC SAFETY
VARIAN MEDICAL SYSTEMS, INC.
VAR Special Meeting Date: 06/10/2004
Issuer: 92220P City: Holdings Reconciliation Date: 04112/2004
ISIN: Country: UNITED STATES Vote Deadline Date: 06/10/2004
SEDOL:
Vote Group: GLOBAL
Agenda: 932166754 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For APPROVE AUTHORIZED COMMON STOCK INCREASE
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01K963853A 4806P3 105 500 500 0 5/04/2004 06/09/2004 06/09/2004
ProxyEdge -Vote Summary by Account with Ballot Detail and Ballot Comments
Meeting Date Range: 06/01/2004 to 06/30/2004 Report Date: 06/30/2004
Selected Groups - Tequesta Vote Page 3 of 4
Account - TEQUESTA PUBLIC SAFETY
EBAY INC. Annual Meeting Date: 06/24/2004
EBAY
Issuer: 278642 City: Holdings Reconciliation Date: 04128/2004
ISIN: Country: UNITED STATES Vote Deadline Date: 06/2412004
SEDOL:
Vote Group: GLOBAL
Agenda: 932 168924 -MANAGEMENT
Proposal Vote
Number Cast MRV Proposal
01 For For ELECTION OF DIRECTORS
02 For For AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE SHARES
03 For For AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE SHARES
04 For For APPROVE AUTHORIZED COMMON STOCK INCREASE
05 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS
06 For Against S/H PROPOSAL -FORM SHAREHOLDER ADVISORY COMMITTEE
Custodian Internal Stock Voted Ballot Received Last Date
Account Account Class Shares Shares Date Vote Date Confirmed
OOOOOON01 K963853 A 4806P3 103 500 500 05/14/2004 06/24/2004
CORPORATE
BIOGRAPHIES
_.. ~
„~
I _ ,/
~~
8-1
CELLULAR/WIRELESS TH:LECOM
NEXTF,L COMMUNICATIONS
Nextel Communications, Inc. is a provider of wireless communications services in the United States. The
Company's service offerings include digital wireless service, Nextel Direct Connect, its long-range digital
walkie-talkie service; wireless data, including e-mail and text messaging and Nextel Online services, which
provide wireless access to the Internet, an organization's internal databases and other applications.
AtJD10/VIDEO PRODUC"TS
HARMAN INTERNATIONAL
Harman International Industries designs, manufactures and markets high-fidelity audio products and electronic
systems for the consumer and professional markets. The Consumer Systems Group has operating segments that
design, manufacture and market audio and electronic systems for vehicle, home audio, video and computer
applications. The Professional Group designs, manufactures and markets loudspeakers and electronics used by
audio professionals in concert halls, stadiums, airports and other buildings and recording, broadcast, cinema and
music reproduction applications.
CASINO & GAMING
INTERNATIONAL GAME TECHNOLOGY
The Company is engaged in the design, manufacture and marketing of computerized casino gaming products
and operates proprietary gaming systems.
~ -~_ ~ -=
s-2
~ ~
L _:-~l
RETAIL - SPECIALTY
BED BATH & BEYOND INC.
Bed Bath & Beyond Inc. operates a chain of superstores that sell a variety of domestics
merchandise and home furnishings. The Company's stores offer brand name merchandise
such as Laura Ashley, Cuisinart, Calphalon, J.A. Henckels, and Krups. Bed Bath & Beyond
operates throughout the United States.
COACH INC.
Coach, Inc. designs, produces, and markets primarily leather goods. The Company's products include
handbags, business cases, men's and women's accessories, luggage and travel accessories, leather outerwear,
and gloves. Coach, together with a licensing partner, offers watches, footwear, furniture, and eyewear.
LOWES COMPANIES
The Company is a home improvement, home decor and home construction retailer serving the do-it-yourself
market. Its stores combine the merchandise, sales and service of a home improvement center, abuilding-
contractor supply business and a consumer durables retailer.
RESTAURANTS
STARBLICKS CORPORATION
The Company is engaged in the purchasing and roasting of high-quality whole bean coffees. It also sells them,
along with a variety of coffee beverages and coffee-related accessories and equipment, primarily through
Company-operated retail stores.
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E-COMMERCE/SERVICES
F~BAY, INC.
EBay Inc. operates a marketplace in which anyone, anywhre, can buy or sell practically anything. The
Company has developed aWeb-based marketplace in which a community of buyers and sellers are brought
together to browse, buy and sell various items. The Company's marketplace exists as an on-line trading
platform that enables a global community of buyers and sellers to interact and trade with one another.
RETALL-GENERAL MERCHANDISE
WALMART STORES, INC.
Wa1Mart Stores, Inc. operates discount stores and Supercenters, as well as Sam's Clubs. The Company's
Wa1Mart discount stores and Supercenters offer merchandise such as apparel, housewares, small appliances,
electronics, and hardware. Wa1Mari operates in the United States, Canada, Argentina, Brazil, Germany,
Mexico, and Puerto Rico, as well as joint ventures in China and Korea.
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HOt1SEHOL,D PRODUCTS -PERSONAL CARE
PROCTER & GAMBLE CO
The Procter & Gamble Company manufactures and markets consumer products in countries throughout the
world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and
health care segments. Procter & Gamble's products include Pampers diapers, Tide laundry detergent, PUR
drinking water systems, Crest toothpaste, and Vicks cough/cold products.
0[L & GAS- DRILLING EQUIPMENT
SMITH INTERNATIONAL INC.
Smith International Inc. is a worldwide supplier of products and services to the oil and gas exploration and
production industry, the petrochemical industry and other industrial markets. The Company provides a line of
products and engineering services, including drilling and completion fluid systems, solids-control equipment,
waste-management services, production chemicals, three-cone and diamond drill bits, turbines, fishing services,
drilling tools, underreamers, casing exit and multilateral systems, packers and liner hangers.
BANKS & THRIFTS
WACHOVIA CORPORATION
Wachovia Corporation is a bank holding company. Its branches are located in the Eastern and South Atlantic
states and provide a wide range of commercial and consumer banking trust services and other financial services.
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FINANCIAL -CONSUMER/UIVERSIFIID
AMBAC FINANCIAL GROUP
Ambac Financial Group, Inc. is a holding company whose subsidiaries provide financial guarantee products and
other financial services to clients in both the public and private sectors around the world. It provides financial
guarantees for public finance and structured finance obligations through its principal operating subsidiary,
Ambac Assurance Corporation. Through its fmancial services subsidiaries, Ambac Financial Group provides
financial and investment products, including investment agreements, interest rate and total return swaps funding
conduits, investment advisory and cash management services, principally to its clients which include
municipalities and their authorities, school districts, healthcare organizations and asset-backed issuers.
AMERICAN EXPRESS COMPANY
The Company is a global travel and financial services firm providing customers with products and services
including charge and credit cards, travelers cheques and other stored value products. It offers financial planning,
brokerage services, mutual funds, insurance and other investment products.
CAPITAL ONE FINANCIAL
Capital One Financial Corporation is a financial services company whose primary business is offering credit
card products. Its operations are conducted primarily through its subsidiary, Capital One Bank. The Company
also offers consumer lending and deposit products, along with automobile and other motor vehicle financing
products.
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~ ~ FINANCIAL-CONSUMER DIVERSIFIED CONTD..
MOODYS CORPORATION
The Company is engaged primarily in the credit rating of corporations, financial institutions and the public
sector. They also market products enabling clients to access this information. Geographic sales for 2002 were
70% in the US and 30% Other.
HEALTHCARE-B10T'ECHNOLOGY
AMGEN INC.
The Company is a biotechnology company engaged in the research and development of human therapeutics
based on advances in cellular and molecular biology, its two major products are Epogen, an anti-anemic drug,
and Neupogen, a white blood cell promoter.
GENENTECHINCORPORATED
Genentech, Inc. is a biotechnology company using human genetic information to discover, develop,
manufacture and commercialize biotherapeutics for significant unmet medical needs. The Company
manufactures and commercializes 10 biotechnology products directly in the United States. These include
Herceptin, Rituxan, TNKase, Activase, Cathflo Activase, Nutropin Depot, Nutropin AQ, Nutropin human
growth hormone, Protopin and Pulmozyme.
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HEALTHCARE - DR[1GS ~ ~
PFIZER INC.
Pfizer Inc. is aresearch-based, global pharmaceutical company that discovers, develops, manufactures,
and markets medicines for humans and animals. The Company's products include prescription
pharmaceuticals, non-prescription self-medications, and ammal health products such as anti-infective
medicines and vaccines.
TEVA PHARMACEUTICAL
Teva Pharmaceutical Industries Ltd. Is a global pharmaceutical company producing drugs in all major
treatment categories. Teva has utilized its production and research capabilities to establish a global
pharmaceutical business focused on the growing demand for genetic drugs and on the opportunities for
proprietary branded products for specific niche categories. Teva's active pharmaceutical ingredients
business provides both significant revenues and profits from sales to third-party generic manufacturers and
strategic benefits to the Company's own pharmaceutical production through its delivery of significant raw
materials.
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HEALTHCARE -MEDICAL PRODUCTS/SUPPLIES s~
ALCON INC.
``'~ Alcon Inc. develops, manufactures and markets pharmaceuticals, surgical equipment and devices and consumer
\ eye care products that treat eye diseases and disorders and promote the general health and function of the human
1 eye. It has local operations in over 70 countries and its products are sold in more than 180 countries around the
world.
MEDTRONIC INC.
Medtronic, Inc. provides device-based therapies that restore health, extend life, and alleviate pain. The
Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial
fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain,
and movement disorders. Medtronic's products are sold worldwide.
STRYKER CORPORATION
The Company develops, manufactures and markets specialty surgical and medical products, including
endoscopic systems, orthopaedic implants, powered surgical instruments, and patient handling equipment for the
global market.
VARIAN MEDICAL SYSTEMS. INC.
Varian Medical Systems, Inc. is principally engaged in the design and production of integrated systems of
equipment and software for treating cancer with radiation therapy, as well as x-ray tubes for original equipment
manufacturers (or OEMs), replacement x-ray tubes and imaging subsystems.
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AEROSPACE/DEFENSE
L-3 COMMUNICATIONS HOLDINGS INC.
L-3 Communications Holdings, Inc. is a merchant supplier of secure communications and intelligence,
surveillance and reconnaissance systems, training, simulation and support services, aviation products and aircraft
modernization, as well as specialized products. The Company's customers include the United States Department
of Defense and prime contractors thereof, certain United States Government intelligence agencies, major
aerospace and defense contractors, foreign governments, commercial customers and certain other United States
federal, state and local government agencies.
ELECTRICAL EQUIPMENT
GENERAL ELECTRIC
General Electric Company develops, manufactures, and markets products for the generation,
distribution, and utilization of electricity. The Company, through General Electric Capital
Services, Inc., offers a variety of financial services including mutual fund management,
financing, asset management, and insurance. General Electric also owns the National
Broadcasting Company.
SCHOOLS
APOLLO GRO[IP. INC.
Apollo Group, Inc. provides higher education programs for working adults. The Company's subsidiaries include
the University of Phoenix, the Institute for Professional Development, the College for Financial Planning, and
Western International University. Apollo offers accredited degree programs, certificate programs, and
customized training at campuses in the United States and Canada.
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COMPUTERS-HARDWARE ~
CISCO SYSTEMS
The Company is a supplier of multiprotocol and multimedia routers, bridges,
communication servers and network management products designed to meet customer
inter-networking application requirements. Its customers span such industries as financial
services, transportation, telecommunications, manufacturing, utilities, government,
publishing, computing, universities and research centers.
DELL COMPUTER CORP.
The Company is a direct marketer ofhigh-performance personal computer systems and
the Dell brand of personal computers including desktops, notebooks and servers.
Geographic sales for 2002 were 65% in the US and 35%
COMPUTERS-SOF'TWARElSERVICES
MICROSOFT CORP
Microsoft Corporation develops, manufactures, licenses, sells and supports computer software products.
The Company offers operating system software, server application software, business and consumer
applications software, software development tools, and Internet and Intranet software. Microsoft also
develops the MSN network of Internet products and services.
SYMANTEC CORPORATION
The Company develops, markets and supports a diversified line of application and system software products
designed to enhance individual and workgroup productivity as well as manage networked computing
environments. The Company also offers internet security software ~ _..,.~
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SEMICONDUCTORS
MARVELL'I'ECHNOLOGYGROUP
Marvell Technology Group Ltd. Is a global semiconductor provider of broadband communications and storage
solutions. The Company's product portfolio consists of switching, transceiver, wireless, PC (personal
computer) connectivity, gateways, communications controller and storage solutions that power the entire
communications infrastructure, including enterprise, metro, home and storage networking. Its core
technologies were initially focused on the storage market, where it provided products to disk drive
manufacturers such as Fujitsu, Hitachi, Samsung, Seagate and Tosluba.
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