UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549




FORM 11-K



[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 2004


OR


[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




Commission File Number 1-8841


FPL Group Employee Thrift Plan
(Full title of the plan)




FPL GROUP, INC.
(Name of issuer of the securities held pursuant to the plan)




700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive office)

 

 

 

 





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Participants and the Employee Benefit Plans Administrative Committee:


We have audited the accompanying statements of net assets available for benefits of the FPL Group Employee Thrift Plan (the "Plan") as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2004 and 2003, and the changes in net assets available for benefits for the year ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2004 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2004 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.





DELOITTE & TOUCHE LLP

Certified Public Accountants

Miami, Florida
June 27, 2005

 


FPL GROUP EMPLOYEE THRIFT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,

2004

2003


ASSETS

Accrued interest receivable - Leveraged ESOP Account

$

469

$

228

General investments

582,525,841

507,968,264

Investment in Master Trust

826,043,133

760,632,924

Employer securities - Leveraged ESOP Account

281,497,111

272,520,464

Total assets

1,690,066,554

1,541,121,880


LIABILITIES

Interest payable - Leveraged ESOP Account

527,794

571,762

Acquisition indebtedness - Leveraged ESOP Account

163,403,712

177,016,027

Total liabilities

163,931,506

177,587,789

NET ASSETS AVAILABLE FOR BENEFITS

$

1,526,135,048

$

1,363,534,091



































The accompanying Notes to Financial Statements are an integral part of these statements.

 


FPL GROUP EMPLOYEE THRIFT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended December 31, 2004


ADDITIONS

Contributions:

    Received from Participants

$

53,129,961

    Noncash contributions (from employer)

19,932,225

        Total contributions

$

73,062,186


Earnings on investments:

    Interest:

              

        Interest-bearing cash

    

165,929

        

        Other loans (Participant loans)

1,221,928

            Total interest

          

1,387,857

  
               

    Net appreciation in fair value of investments:

              

      Investment in Master Trust

    

87,711,238

        

      General investments

52,298,264

            Total net appreciation in fair value of investments

140,009,502

Total

214,459,545


DEDUCTIONS

              

Benefit payments to Participants or beneficiaries

          

75,898,575

  

Corrective distributions

          

11,830

  

Deemed distributions of Participant loans

          

57,770

  

Administrative expenses

220,020

Total

76,188,195

NET INCREASE

138,271,350


TRANSFERS

Transfers to the Plan - net

1,696,436

Effect of current year Leveraged ESOP Account activity

22,633,171

Total transfers to the Plan - net

24,329,607

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

1,363,534,091

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

1,526,135,048




















The accompanying Notes to Financial Statements are an integral part of these statements.


FPL GROUP EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
For the year ended December 31, 2004


1.  Description of the Plan and Significant Accounting Policies


The Plan


The following description of the FPL Group Employee Thrift Plan (Plan) provides only general information. Participating employees (Participants) should refer to the Summary Plan Description available in their employee handbook (as updated periodically through Summaries of Material Modifications) for a more complete description of the Plan. Fidelity Management Trust Company (Trustee) administers the trust (Trust) established under the Plan and the FPL Group Bargaining Unit Employee Thrift Plan (FPL Bargaining Plan). Effective January 1, 2004, FPL Bargaining Plan's name was changed from Employee Thrift and Retirement Savings Plan for Bargaining Unit Employees of Florida Power & Light Company.


The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The portion of the Plan investing in common stock (Common Stock) of FPL Group, Inc. (FPL Group or Company) has been designated as an employee stock ownership plan. Participation in the Plan is voluntary. Nonunion employees of FPL Group and its subsidiaries are eligible to participate in the Plan on the first day of the month coincident with the completion of one full month of service with FPL Group or certain of its subsidiaries or on the first day of any payroll period thereafter. The Plan includes a cash or deferred compensation arrangement (Pretax Option) permitted by Section 401(k) of the Internal Revenue Code of 1986, as amended (Code). The Pretax Option permits Participants to elect to defer federal income taxes on all or a portion of their contributions (Pretax Contributions) until they are distributed from the Plan. Under current tax law, the annual limitation on Pretax Contributions for the 2004 plan year was increased to $13,000 and will increase an additional $1,000 each year through 2006. In addition, individuals age 50 or older who contributed the maximum allowable under the Plan had the option of contributing up to an additional $3,000 in Pretax Contributions for 2004. This catch-up amount increases an additional $1,000 for each year through 2006.


The Plan also includes leveraged employee stock ownership plan (Leveraged ESOP) provisions. The Leveraged ESOP is a stock bonus plan within the meaning of Treasury Regulation Section 1.401-1(b)(1)(iii) that is qualified under Section 401(a) of the Code and is designed to invest primarily in Common Stock. Pursuant to the Leveraged ESOP, the Trust purchased Common Stock from FPL Group using the proceeds of a loan (Acquisition Indebtedness) from FPL Group Capital Inc (FPL Group Capital), a subsidiary of FPL Group (see Note 3). The Common Stock acquired by the Trust is initially held in a separate account (Leveraged ESOP Account). As the Acquisition Indebtedness (including interest) is repaid, each Participant's account is allocated its portion of Common Stock released from the Leveraged ESOP Account.


During 2004, the Plan had a Dividend Payout Program which enabled Participants to choose how their dividends on certain shares of Common Stock held in the Plan are to be paid. Dividends on Common Stock acquired through the Leveraged ESOP Account do not qualify under this program. The options available to Participants included reinvestment of dividends in Common Stock, distribution of dividends in cash, or a partial distribution with the balance reinvested in Common Stock.


Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, Participants will become 100 percent vested in their accounts.


Contributions, Loans, Withdrawals and Transfers to (from) the Plan


The Plan allows for combined pretax and after-tax contributions by eligible employees in whole percentages from 1% to 50% of their "earnings," as defined in the Plan (Earnings), which is matched in part by the Company with shares of Common Stock. For pretax or after-tax contributions, the Company match is 100% on the first 3% of a Participant's Earnings, 50% on the next 3% and 25% on the next 1%, except for FPL Energy Seabrook, LLC (Seabrook) nonbargaining transition employees. Seabrook nonbargaining transition employees, those hired prior to November 1, 2002, receive Company matching contributions of 100% on the first 3% of a Participant's Earnings. Contributions are subject to certain limitations.


The value of a Participant's contributions (including all income, gains and losses) is at all times 100% vested. Seabrook nonbargaining transition employees are fully vested immediately in Company matching contributions. For employees of FPL Energy Maine Operating Services, LLC (FPL Energy Maine), Company matching contributions are fully vested upon attaining six months of service. For all others, Company matching contributions vest at a rate of 20% each year and are fully vested upon a Participant attaining five years of service. An employee may also receive vesting credit for prior years of service with the Company or any of its subsidiaries.


The Plan's investment options include fourteen core funds, as well as a "window" containing a wide variety of mutual funds. The core funds are comprised of eleven "mix your own" investment options and three "pre-mixed" investment strategies. The "mix your own" investment options include various mutual funds, a separately managed portfolio of short- and long-term investment contracts, a small-capitalization equity index fund and Common Stock. The "pre-mixed" investment strategy options are made up of different allocations of investment options providing various combinations of stocks and fixed income investments.


The Plan allows Participants, at any time, to change their contribution percentage, to change their investment option allocation for future contributions or to transfer all or a portion of their account balance attributable to Participant contributions from one investment option to another, subject to certain limitations. At December 31, 2004, the number of active Participants in the Plan was 8,518. Company matching contributions are made primarily from Common Stock shares released from the Leveraged ESOP Account. Forfeitures of non-vested Company matching contributions due to termination of Plan participation may be used to reduce the amount of future Company matching contributions to the Plan or may be applied to administrative expenses. A Participant who has attained at least the age of 50 and completed five years of service will be permitted to transfer all or any portion of Company matching contributions made to his or her account and any earnings thereon to one or more of the other investment options. Any future Company matching contributions will continue to be invested in Common Stock.


A Participant may borrow from his or her account a minimum of $1,000 up to a maximum of $50,000 or 50% of the vested value of the Participant's account, whichever is less. The vested portion of a Participant's account will be pledged as security for the loan. The annual rate of interest for loans is determined taking into account the prime rate at the time of origination. The interest rate for Participant loans is fixed and ranged from 4.00% to 9.50% for loans outstanding at December 31, 2004. The maturity dates for loans outstanding at December 31, 2004 ranged from 2005 to 2009.


Withdrawals by Participants from their accounts during their employment are permitted with certain penalties and restrictions. The penalties may limit a Participant's contributions to the Plan for varying periods following a withdrawal.


Transfers to (from) the Plan generally represent net transfers between the Plan and the FPL Bargaining Plan. The majority of transfers arise as a result of Participants transferring between bargaining unit and non-bargaining unit status while employed by Florida Power & Light Company (FPL), FPL Energy Maine or Seabrook.


Basis of Accounting


The financial statements of the Plan are prepared using the accrual basis of accounting. Investment income and interest income on loans to Participants is recognized when earned. Contributions by Participants and Company matching contributions are recorded on the basis of amounts withheld through payroll deductions. Distributions to Participants are recorded when paid.


On February 18, 2005, FPL Group's board of directors approved a two-for-one stock split of Common Stock effective March 15, 2005 (2005 stock split). The Common Stock share information included herein reflects the effect of the 2005 stock split.


Use of Estimates


The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.


Investment Valuation and Income Recognition


The Plan's investments are stated at fair value, except insurance and financial institution investment contracts which are stated at contract value (see Investment Contracts below). Included in general investments and investment in Master Trust are shares of registered investment companies valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. Common Stock is valued at its quoted market price. Loans to Participants are valued at cost, which approximates fair value. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility, which could result in changes in the value of such securities.


Purchases and sales of investment securities are recorded on the trade date. Gains or losses on sales of investment securities are determined using the carrying amount of the securities. The carrying amounts of securities held in Participant accounts are adjusted daily; securities held in the Leveraged ESOP Account (see Note 2) are adjusted annually. Unrealized appreciation or depreciation is recorded to recognize changes in market value.


Investment Contracts


The Plan has entered into investment contracts with various insurance companies and financial institutions. The contracts are fully benefit responsive and are included in the financial statements at contract value (which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses). There are no reserves against contract values for credit risk of the contract issuer or otherwise. At December 31, 2004, the contract value and fair value of investment contracts were $289,558,381 and $289,829,393, respectively. At December 31, 2003, the contract value and fair value of investment contracts were $274,834,293 and $279,657,213, respectively. The average yield for the portfolio of investment contracts was 3.59% and 4.38% for 2004 and 2003, respectively. The crediting interest rate at December 31, 2004 and 2003 was 3.54% and 3.80%, respectively. The crediting interest rate is based on an agreed-upon formula with the issuers, but cannot be less than zero. See Note 8.


2.  Employee Stock Ownership Plan Account Allocation


The assets, liabilities and net income of the Leveraged ESOP Account are not considered plan assets but are for the joint benefit of the Plan and the FPL Bargaining Plan. The Leveraged ESOP Account is allocated for financial reporting purposes based on each plan's relative end-of-year net assets. The Plan's allocation of Common Stock held in the Leveraged ESOP Account (employer securities), Acquisition Indebtedness and interest payable have been reflected in the statements of net assets available for benefits, but are not available for, or the obligation of, Plan Participants. The employer securities will be released from the Leveraged ESOP Account and allocated to accounts of Participants under the Plan in satisfaction of part or all of the Company's matching contribution obligation under the Plan as the Acquisition Indebtedness is repaid (see Note 3). ESOP shares allocated through year end are included in the investment in Master Trust amount on the statements of net assets available for benefits. The Acquisition Indebtedness will be repaid from dividends on the shares acquired by the Leveraged ESOP Account, as well as from cash contributions from FPL Group. The net effect of a change in the allocation percentage from year to year is reported as a reallocation of the Leveraged ESOP Account. The value of the shares allocated to accounts of participants under the plans is not affected by these allocations.


Condensed financial statements of the Leveraged ESOP Account are presented below, indicating the allocations made to each plan. The effect of 2004 Leveraged ESOP activity on net assets is included in transfers in the financial statements of each plan. Allocation of shares to the plans is presented as noncash contributions in the financial statements of each plan.

Total
Leveraged ESOP
Account



Plan

FPL
Bargaining
Plan

Allocation percentage

100.0%

71.0%

29.0%

Accrued interest

$

661

$

469

$

192

Employer securities

396,340,272

281,497,111

114,843,161

    Total assets

396,340,933

281,497,580

114,843,353

Interest payable

743,119

527,794

215,325

Acquisition indebtedness

230,067,980

163,403,712

66,664,268

    Total liabilities

230,811,099

163,931,506

66,879,593

Net assets at December 31, 2004

$

165,529,834

$

117,566,074

$

47,963,760

Contributions received from employer

$

18,087,092

Interest income

1,819

Dividends

14,502,077

Net appreciation in fair value of investments

50,385,511

    Total

82,976,499

Interest expense

23,643,970

Net income

59,332,529

$

42,140,395

$

17,192,134

Allocation of shares to plans

(27,117,075

)

(19,932,225

)

(7,184,850

)

Reallocation of Leveraged ESOP

-

425,001

(425,001

)

Effect of current year Leveraged ESOP

    activity on net assets

32,215,454

22,633,171

9,582,283

Net assets at December 31, 2003

133,314,380

94,932,903

38,381,477

Net assets at December 31, 2004

$

165,529,834

$

117,566,074

$

47,963,760


3.  Acquisition Indebtedness


In December 1990, the Trust, which holds plan assets for the Plan and the FPL Bargaining Plan, borrowed $360 million from FPL Group Capital to purchase approximately 24.8 million shares of Common Stock. The Acquisition Indebtedness is currently scheduled to mature in 2018, bears interest at a fixed rate of 9.69% per year and is to be repaid using dividends received on both Common Stock held by the Leveraged ESOP Account and ESOP shares allocated to accounts of participants under the plans, together with cash contributions from FPL Group. For those dividends on shares allocated to accounts of participants under the plans used to repay the loan, additional shares, equal in value to those dividends, will be allocated to accounts of participants under the plans. In 2004, dividends received from both shares held by the Leveraged ESOP Account and shares allocated to accounts of participants under the plans totaled $14,502,077 and $9,628,950, respectively. Cash contributed in 2004 by FPL Group for the debt service shortfall totaled $18,087,092.


The unallocated shares of Common Stock acquired with the proceeds of the Acquisition Indebtedness are collateral for the Acquisition Indebtedness. As principal payments are made, a percentage of Common Stock is released as collateral and becomes available to satisfy Company matching contributions, as well as to repay dividends on ESOP shares allocated to accounts of participants under the plans used to repay the Acquisition Indebtedness. During 2004, 1,095,388 shares of Common Stock were released as collateral for the Acquisition Indebtedness. The scheduled principal repayments of the Acquisition Indebtedness for the next five years and thereafter are as follows: 2005 - $6,200,000; 2006 - $8,408,000; 2007 - $9,645,600; 2008 - $11,130,500; 2009 - $12,725,500 and thereafter - $181,958,380.


See Note 2 for information on the Plan's allocation percentage of the Acquisition Indebtedness.


4.  Parties-In-Interest Transactions


Company matching contributions are made primarily in Common Stock released from the Leveraged ESOP Account or in cash which is used by the Trustee to purchase Common Stock. Such amounts are reported as noncash contributions (from employer) and contributions received from employer, respectively. During 2004, all Company matching contributions were made in Common Stock released from the Leveraged ESOP Account.


Dividend income earned by the Plan results from dividends on Common Stock. Dividends on shares held in the Leveraged ESOP Account were used to repay the Acquisition Indebtedness (see Note 3). Certain dividends on shares held in Participants' accounts are reinvested in Common Stock for the benefit of its Participants pursuant to FPL Group's Dividend Reinvestment and Common Share Purchase Plan in which the Trustee participates.

Certain Plan investments are managed by an affiliate of the Trustee and, therefore, these transactions qualify as party-in-interest transactions.


5.  Investments


Investments that represent five percent or more of the Plan's net assets available for benefits are as follows:

December 31,

2004

2003

FPL Managed Income Fund

$

266,567,202

  

$

255,243,389

  

Spartan U.S. Equity Index Fund

  

91,926,385

    

86,478,291

  

Fidelity Magellan Fund

  

82,548,821

    

82,239,664

  

FPL Group Stock Fund (1)

  

203,173,936

    

196,604,467

  

FPL Group Stock LESOP Fund (2)

  

207,482,477

    

173,175,354

  

_____________________

(1)

Includes short-term investments of $865,921 and $8,388 at December 31, 2004 and 2003, respectively, to provide liquidity.

(2)

Represents Company matching contributions in Common Stock which are nonparticipant-directed investments of the Plan. Includes short-term investments of $1,557,195 and $1,255,052 at December 31, 2004 and 2003, respectively, to provide liquidity.

6.  Income Taxes


In August 2001, FPL received from the Internal Revenue Service (IRS) a favorable determination that the Plan, as amended and restated effective December 1, 2000, met the requirements of Section 401 of the Code. The Plan has been amended and restated since receiving the determination letter and a new determination letter request will be filed upon the opening of the IRS review process for qualified plans pursuant to the remedial amendment period relating to law changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001. The Company and the plan administrator believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Internal Revenue Code and the Plan and related trust continue to be tax-exempt. The Trust established under the Plan will generally be exempt from federal income taxes under Section 501(a) of the Code; Company contributions paid to the Trust under the Plan will be allowable federal income tax deductions of the Company subject to the conditions and limitations of Section 404 of the Code; and the Plan will meet the requirements of Section 401(k) of the Code allowing Pretax Contributions to be exempt from federal income tax at the time such contributions are made, provided that in operation the Plan and Trust meet the applicable provisions of the Code. In addition, FPL Group will be able to claim an income tax deduction for dividends used to repay the Acquisition Indebtedness and for dividends on Common Stock distributed directly to Participants. Participants are given the option to receive dividend distributions in cash in compliance with 2002 tax law changes; all dividends earned by Participants are deductible by FPL Group.


Company matching contributions to the Plan on a Participant's behalf, the Participant's Pretax Contributions, and the earnings thereon generally are not taxable to the Participant until such Company matching contributions, Pretax Contributions, and earnings from investments are distributed or withdrawn. A loan from a Participant's account generally will not represent a taxable distribution if the loan is repaid in a timely manner and does not exceed certain limitations.


7.  Expenses


Certain fees, such as investment management fees, are paid by Plan Participants. Trustee's fees and expenses are paid primarily with amounts contained in the forfeiture accounts of the Trust and are reflected in the financial statements as administrative expenses. Any fees and expenses exceeding the amount paid from the forfeiture accounts are paid by FPL Group and, therefore, are not reflected in the Plan financial statements.


8.  Master Trust


A portion of the Plan's investments are in a master trust (Master Trust) which was established for the investment of assets of the Plan and the FPL Bargaining Plan. Each participating plan has an undivided interest in the Master Trust. The assets of the Master Trust are held by the Trustee. The assets, income and expenses are allocated among the participating plans in proportion to the fair value of the net assets invested in each plan.


A summary of participating interest in and financial statements for the Master Trust follows.

Percent of
Interest in Master Trust

December 31,

2004

2003


FPL MANAGED INCOME PORTFOLIO
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  



75.4%

  



74.7%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003



24.6%



25.3%


CONSERVATIVE INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  




80.8%

  




80.8%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003

  




19.2%

  




19.2%

  


MODERATE GROWTH INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  




74.6%

  



76.8%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003

  



25.4%

  




23.2%

  


LONG-TERM GROWTH INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  



75.4%

  



74.4%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003

  




24.6%

  



25.6%

  


FPL Group Stock Fund
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  



66.1%

  



66.6%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003

  



33.9%

  




33.4%

  


FPL Group Stock LESOP Fund
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002

  



72.5%

  




72.4%

  


FPL Group Bargaining Unit Employee Thrift Plan
EIN 59-0247775
PN 003

  



27.5%

  



27.6%

  

 


FPL MANAGED INCOME PORTFOLIO

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003


ASSETS

General investments:

    Value of unallocated insurance and financial institution contracts

$

353,611,934

$

341,611,464

Total

353,611,934

341,611,464

LIABILITIES

-

-

NET ASSETS AVAILABLE FOR BENEFITS

$

353,611,934

$

341,611,464



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004


ADDITIONS

Contributions received from Participants

$

9,309,332

Earnings on investments:

    Interest

11,894,860

Total

21,204,192


DEDUCTIONS

Benefit payments to Participants or beneficiaries

30,216,500

Account maintenance fees

5,435

Total

30,221,935

NET DECREASE

(9,017,743

)


TRANSFERS

Transfers into fund

275,596,428

Transfers out of fund

(254,578,215

)

Net transfers

21,018,213

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

341,611,464

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

353,611,934









 


CONSERVATIVE INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003

ASSETS

Receivables:

    Income

$

42,081

$

54,565

    Other

-

26,143

        Total receivables

42,081

80,708

General investments:

    Value of unallocated insurance and financial institution contracts

9,526,938

9,658,896

    Mutual funds

9,918,727

9,811,633

        Total general investments

19,445,665

19,470,529

Total

19,487,746

19,551,237

LIABILITIES

-

52,316

NET ASSETS AVAILABLE FOR BENEFITS

$

19,487,746

$

19,498,921



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004

ADDITIONS

Contributions received from Participants

$

741,218

Earnings on investments:

    Interest

323,591

    Dividends

292,585

    Net appreciation in fair value of investments

490,940

Total

1,848,334

DEDUCTIONS

Benefit payments to Participants or beneficiaries

1,518,348

Account maintenance fees

543

Total

1,518,891

NET INCREASE

329,443

TRANSFERS

Transfers into fund

5,215,977

Transfers out of fund

(5,556,595

)

Net transfers

(340,618)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

19,498,921

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

19,487,746

                 

 


MODERATE GROWTH INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003

ASSETS

Receivables:

    Income

$

120,692

$

132,824

    Other

385

144,781

      Total receivables

121,077

277,605


General investments:

                

    Value of unallocated insurance and financial institution contracts

20,037,638

17,692,382

    Mutual funds

63,805,798

56,186,759

        Total general investments

83,843,436

73,879,141

Total

83,964,513

74,156,746

LIABILITIES

    

279

    

8,329

    

NET ASSETS AVAILABLE FOR BENEFITS

  

$

83,964,234

  

$

74,148,417

    



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004

ADDITIONS

Contributions received from Participants

$

4,258,447


Earnings on investments:

    Interest

661,061

    Dividends

1,509,764

    Net appreciation in fair value of investments

          

4,048,027

    

Total

10,477,299


DEDUCTIONS

Benefit payments to Participants or beneficiaries

4,039,315

Account maintenance fees

2,893

Total

4,042,208

NET INCREASE

6,435,091


TRANSFERS

Transfers into fund

11,868,039

Transfers out of fund

(8,487,313

)

Net transfers

3,380,726

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

74,148,417

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

83,964,234

 


LONG-TERM GROWTH INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003


ASSETS

Receivables:

    Income

$

63,803

$

76,151

    Other

10,000

250,216

      Total receivables

73,803

326,367


General investments:

    Value of unallocated insurance and financial institution contracts

8,388,176

8,100,835

    Mutual funds

84,974,523

76,090,215

        Total general investments

93,362,699

84,191,050

Total

93,436,502

84,517,417

LIABILITIES

283

-

NET ASSETS AVAILABLE FOR BENEFITS

$

93,436,219

$

84,517,417



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004


ADDITIONS

Contributions received from Participants

$

5,222,634


Earnings on investments:

    Interest

283,963

    Dividends

1,688,181

    Net appreciation in fair value of investments

7,502,232

                 

Total

14,697,010


DEDUCTIONS

Benefit payments to Participants or beneficiaries

2,773,815

Account maintenance fees

3,995

Total

2,777,810

NET INCREASE

11,919,200


TRANSFERS

Transfers into fund

11,621,486

Transfers out of fund

(14,621,884

)

Net transfers

(3,000,398

)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

84,517,417

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

93,436,219


FPL GROUP STOCK FUND

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003


ASSETS

Receivables:

    Income

$

506

$

69

    Other

2,188,513

2,533,625

      Total receivables

2,189,019

2,533,694


General investments:

    Money market

1,310,285

12,590

Employer securities

304,238,822

295,610,784

Total

307,738,126

298,157,068

LIABILITIES

256,809

3,100,168

                 

NET ASSETS AVAILABLE FOR BENEFITS

$

307,481,317

$

295,056,900



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004


ADDITIONS

Contributions received from Participants

$

5,666,128


Earnings on investments:

    Interest

7,648

    Dividends

11,545,497

    Net appreciation in fair value of investments

40,463,786

Total

57,683,059


DEDUCTIONS

Benefit payments to Participants or beneficiaries

15,020,223

Account maintenance fees

16,440

Total

15,036,663

NET INCREASE

42,646,396


TRANSFERS

Transfers into fund

111,338,299

Transfers out of fund

(141,560,278

)

Net transfers

(30,221,979

)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

295,056,900

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

307,481,317


FPL GROUP STOCK LESOP FUND
(nonparticipant-directed)

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,

2004

2003


ASSETS

Receivables:

    Income

$

3,438

$

1,641

    Other

606,030

1,574,455

      Total receivables

609,468

1,576,096


General investments:

    Money market

2,147,949

1,692,161

Employer securities

283,488,478

236,137,546

Total

286,245,895

239,405,803

LIABILITIES

16,557

220,791

NET ASSETS AVAILABLE FOR BENEFITS

$

286,229,338

$

239,185,012



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2004


ADDITIONS

Contributions received from Participants

$

27,117,075


Earnings on investments:

    Interest

28,629

    Dividends

9,628,950

    Net appreciation in fair value of investments

56,702,468

Total

93,477,122


DEDUCTIONS

Benefit payments to Participants or beneficiaries

10,372,168

Account maintenance fees

23,918

Total

10,396,086

NET INCREASE

83,081,036


TRANSFERS

Transfers into fund

10,387,889

Transfers out of fund

(46,424,599

)

Net transfers

(36,036,710

)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2003

239,185,012

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2004

$

286,229,338




FORM 5500:  Schedule H, 4i
PLAN YEAR 2004
PLAN #002




FPL GROUP, INC. - EIN 59-2449419
FPL GROUP EMPLOYEE THRIFT PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)


FUND NAME

  

UNITS/SHARES
12/31/04

  

PRICE
12/31/04

  

HISTORICAL
COST

  

MARKET VALUE
12/31/04

ABF BALANCED PA

10,591.234

$13.76

$140,473.89

$145,735.38

ABF LARGE CAP VAL PA

33,625.274

$19.09

$546,053.64

$641,906.48

ABF SH TERM BOND PA

447.697

$9.01

$4,188.30

$4,033.75

AIM BALANCED A

637.314

$25.30

$15,304.16

$16,124.04

AIM BLUE CHIP A

13,576.204

$11.68

$160,792.67

$158,570.06

AIM CONSTELLATION A

14,679.522

$22.84

$279,393.77

$335,280.28

AIM CORE STOCK INV

8,996.969

$10.76

$101,483.80

$96,807.39

AIM DYNAMICS INV

71,592.768

$16.50

$1,459,857.03

$1,181,280.67

AIM PREM EQUITY A

5,889.293

$9.88

$54,402.38

$58,186.21

AIM SM CO GRTH INV

23,166.490

$12.57

$297,338.61

$291,202.78

AIM TOTAL RETURN INV

2,721.278

$24.50

$64,986.93

$66,671.31

AIM WEINGARTEN A

8,202.034

$13.04

$100,618.96

$106,954.52

ALGER CAP APPREC I

401,355.874

$12.24

$6,375,106.31

$4,912,595.90

ALGER MIDCAP GRTH I

309,549.927

$16.87

$4,663,768.44

$5,222,107.27

ALGER SMALL CAP I

24,888.437

$18.11

$567,917.23

$450,729.59

ARIEL APPRECIATION

95,619.250

$47.67

$3,816,636.78

$4,558,169.65

ARIEL FUND

106,103.899

$53.17

$5,010,788.99

$5,641,544.31

ARIEL PREM BOND INV

2,084.735

$10.29

$21,779.72

$21,451.92

BARON ASSET FUND

19,038.499

$52.52

$886,415.35

$999,901.97

BARON GROWTH

135,539.191

$44.87

$4,961,824.36

$6,081,643.50

BGI RUSSELL 2000 K

340,965.034

$11.75

$3,411,516.85

$4,006,339.15

BRANDYWINE FUND

721,505.825

$27.18

$20,693,279.94

$19,610,528.32

CALVERT CAP ACC A

1,121.19

$23.88

$24,133.92

$26,773.90

CALVERT INTL EQTY A

308.157

$19.00

$4,489.00

$5,854.98

CALVERT NEWVIS SM CP

16,993.842

$20.12

$298,770.57

$341,916.10

CALVERT SIF BALNCD A

21.188

$27.51

$557.26

$582.88

CS CAP APPREC COM

13,361.286

$16.80

$310,679.61

$224,469.60

CS GLOBAL FX INC COM

13,687.503

$10.30

$144,755.11

$140,981.28

CS MID CAP GRTH COM

4,122.278

$31.12

$136,295.13

$128,285.29

CS SMALL CAP VAL COM

52,346.57

$22.80

$1,104,269.80

$1,193,501.70

DOMINI SOCIAL EQUITY

6,833.070

$29.54

$217,589.37

$201,848.89

DREY FNDRS BALNCED F

1,568.984

$8.46

$12,245.67

$13,273.60

DREY FNDRS DISCVRY F

34,051.902

$28.77

$1,145,806.84

$979,673.22

DREY FNDRS EQ GRTH F

31,925.071

$4.96

$153,941.43

$158,348.35

DREY FNDRS GROWTH F

15,248.942

$10.58

$233,514.63

$161,333.81

DREY FNDRS MC GRTH F

10,479.032

$4.23

$38,769.35

$44,326.31

DREY FNDRS PASSPRT F

10,106.003

$16.76

$282,240.35

$169,376.61

FID AGGRESSIVE INT'L *

16,616.842

$16.72

$246,788.38

$277,833.60

FID ASSET MANAGER *

38,084.378

$16.21

$576,118.99

$617,347.77

FID ASSET MGR AGGRES *

16,575.636

$11.31

$168,061.98

$187,470.44

FID ASSET MGR GROWTH *

29,245.376

$14.82

$464,763.84

$433,416.47

FID ASSET MGR INCOME *

28,764.614

$12.67

$331,756.45

$364,447.66

FID BALANCED*

187,501.208

$17.82

$3,109,644.51

$3,341,271.53

FID BLUE CHIP GROWTH*

91,257.029

$41.71

$3,881,767.31

$3,806,330.68

FID CANADA*

94,357.369

$33.86

$2,814,007.98

$3,194,940.51

FID CAP APPRECIATION*

199,925.019

$26.03

$4,862,053.59

$5,204,048.24

FID CAPITAL & INCOME*

212,189.78

$8.47

$1,722,640.79

$1,797,247.45

FID CONVERTIBLE SEC*

60,873.564

$21.60

$1,269,276.17

$1,314,868.98

FID DISCIPLINED EQTY*

11,948.282

$25.29

$299,525.17

$302,172.05

FID DISCOVERY*

60,793.325

$11.30

$671,595.84

$686,964.57

FID DIVERSIFIED INTL*

200,325.126

$28.64

$4,698,210.15

$5,737,311.61

FID DIVIDEND GROWTH*

194,670.957

$28.49

$5,230,415.44

$5,546,175.56

FID EQUITY INCOME*

69,883.993

$52.78

$3,452,324.06

$3,688,477.15

FID EQUITY INCOME II*

67,345.714

$24.01

$1,523,431.48

$1,616,970.59

FID EUROPE*

26,629.076

$34.15

$784,968.27

$909,382.95

FID EUROPE CAP APP*

15,909.442

$21.53

$304,126.46

$342,530.29

FID EXP & MULTINATL*

118,487.869

$19.64

$2,124,074.24

$2,327,101.75

FID FIDELITY*

55,330.78

$29.88

$1,603,888.06

$1,653,283.62

FID FIFTY*

116,513.827

$20.63

$2,159,720.82

$2,403,680.25

FID FOCUSED STOCK *

4,969.722

$10.10

$55,809.15

$50,194.19

FID FOUR IN ONE IDX *

6,614.329

$25.17

$144,797.03

$166,482.66

FID FREEDOM 2000 *

72,294.242

$12.08

$854,365.06

$873,314.44

FID FREEDOM 2010 *

149,316.372

$13.62

$1,978,811.83

$2,033,688.99

FID FREEDOM 2020 *

123,457.479

$13.96

$1,611,261.47

$1,723,466.41

FID FREEDOM 2030 *

30,916.613

$14.08

$407,628.31

$435,305.91

FID FREEDOM 2040 *

13,520.921

$8.27

$96,544.35

$111,818.02

FID FREEDOM INCOME *

3,708.694

$11.27

$40,435.35

$41,796.98

FID GINNIE MAE*

211,562.750

$11.08

$2,347,835.44

$2,344,115.27

FID GLOBAL BALANCED*

7,206.459

$20.99

$123,737.15

$151,263.57

FID GROWTH & INC II*

95,528.300

$9.68

$840,751.62

$924,713.94

FID GROWTH COMPANY*

105,699.622

$56.07

$6,240,223.57

$5,926,577.81

FID HIGH INCOME*

92,926.682

$9.09

$862,125.11

$844,703.54

FID INDEPENDENCE*

24,075.652

$17.83

$510,824.99

$429,268.88

FID INST SH INT GOVT *

11,875.099

$9.66

$114,835.10

$114,713.46

FID INTERMED BOND*

86,472.044

$10.52

$906,618.69

$909,685.90

FID INTL DISCOVERY*

26,309.080

$28.20

$618,725.82

$741,916.06

FID INTM GOVT INCOME*

20,303.364

$10.24

$207,989.13

$207,906.45

FID JAPAN*

116,221.229

$12.80

$1,516,456.18

$1,487,631.73

FID LARGE CAP STOCK*

46,192.438

$14.62

$680,257.90

$675,333.44

FID LATIN AMERICA*

87,203.064

$21.15

$1,580,789.97

$1,844,344.80

FID MID CAP STOCK*

147,869.931

$23.45

$3,299,465.49

$3,467,549.88

FID NEW MARKETS INC*

213,722.981

$14.33

$2,864,739.93

$3,062,650.32

FID OTC PORTFOLIO*

1,588,544.273

$34.69

$60,809,263.78

$55,106,600.83

FID OVERSEAS*

660,477.523

$35.38

$20,943,344.39

$23,367,694.76

FID PACIFIC BASIN*

41,598.756

$19.77

$745,106.94

$822,407.41

FID PURITAN*

76,693.096

$18.95

$1,386,372.66

$1,453,334.17

FID REAL ESTATE INVS*

310,782.273

$29.54

$7,590,625.90

$9,180,508.34

FID SHORT TERM BOND*

130,234.102

$8.98

$1,161,937.85

$1,169,502.24

FID SM CAP INDEPEND*

16,616.365

$19.72

$286,589.22

$327,674.72

FID SMALL CAP STOCK*

160,362.664

$18.16

$2,511,566.47

$2,912,185.98

FID SOUTHEAST ASIA*

27,988.629

$16.42

$383,410.90

$459,573.29

FID STOCK SELECTOR*

3,619.718

$22.81

$92,033.67

$82,565.77

FID STRATEGIC INCOME*

72,266.579

$10.77

$754,012.03

$778,311.06

FID TREND*

489.865

$53.66

$23,224.70

$26,286.16

FID VALUE*

139,611.875

$71.29

$8,525,351.64

9,952,930.57

FID WORLDWIDE*

27,006.496

$18.25

$451,329.94

$492,868.55

FIDELITY AGGR GROWTH*

342,931.789

$16.60

$10,604,468.29

$5,692,667.70

FIDELITY EMERG MRKTS*

33,700.633

$12.93

$342,203.35

$435,749.18

FIDELITY GOVT INCOME*

149,193.456

$10.24

$1,545,599.00

$1,527,740.99

FIDELITY INVST GR BD *

125,035.323

$7.53

$921,286.02

$941,515.98

FIDELITY LOW PR STK *

565,334.628

$40.25

$18,412,935.20

$22,754,718.78

FIDELITY MAGELLAN *

795,344.648

$103.79

$76,641,347.85

$82,548,821.02

FIDELITY RET GOVT MM *

16,766,224.460

$1.00

$16,766,224.46

$16,766,224.46

FIDELITY US BD INDEX *

1,658,963.991

$11.14

$18,006,785.24

$18,480,858.86

FIDELITY UTILITIES *

82,273.876

$13.59

$1,123,613.31

$1,118,101.97

FKLN SMMIDCAP GRTH A

17,867.307

$34.16

$680,998.79

$610,347.21

FMA SMALL COMPANY IS

12,368.181

$21.94

$249,196.59

$271,357.89

FPA CRESCENT

168,391.972

$23.55

$3,596,431.87

$3,965,630.94

FPL CONS INV STRGY *

727,189.793

$21.64

$10,564,159.62

$15,736,387.12

FPL GROUP STK LESOP *

10,246,048.271

$20.25

$145,937,095.71

$207,482,477.49

FPL GROUP STOCK *

10,118,223.921

$20.08

$112,981,051.62

$203,173,936.33

FPL MANAGED INCOME *

266,567,201.660

$1.00

$266,567,201.66

$266,567,201.66

JANUS ADV BALANCED I

6,427.220

$25.17

$148,986.12

$161,773.13

JANUS ADV FLEX BND I

12,613.098

$12.29

$158,628.72

$155,014.97

JANUS ADV FORTY I

11,954.137

$25.07

$257,361.71

$299,690.21

JANUS ADV INTL GRTH

8,960.742

$28.91

$215,683.07

$259,055.05

JANUS ADV LC GRTH I

8,466.513

$20.69

$166,678.17

$175,172.15

JANUS ADV MC GRTH I

6,939.805

$25.07

$150,088.12

$173,980.91

JANUS ADV WRLDWIDE I

1,969.011

$27.54

$52,470.18

$54,226.56

JANUS FLEXIBLE BOND

68,069.851

$9.70

$648,959.26

$660,277.55

LONG-TERM STRGY *

2,391,049.818

$29.47

$44,080,615.63

$70,464,238.14

MANAGERS BOND FUND

78,043.679

$24.59

$1,886,651.97

$1,919,094.07

MANAGERS CAP APPREC

1,166.890

$26.77

$29,093.99

$31,237.65

MANAGERS SPECIAL EQ

6,754.293

$90.41

$508,703.57

$610,655.63

MANAGERS VALUE

8,027.544

$29.73

$208,487.65

$238,658.88

MODERATE GRWTH STRGY *

2,265,517.080

$27.64

$37,121,450.23

$62,618,892.09

MSI ACTIVE INTL B

1,389.634

$11.13

$16,649.19

$15,466.63

MSI EMERGING MKTS B

17,699.706

$18.91

$281,280.81

$334,701.44

MSI EQUITY GROWTH B

3,025.786

$16.67

$60,326.87

$50,439.85

MSI GLOBAL VAL EQ B

9,810.324

$17.64

$179,091.70

$173,054.12

MSI INTL MAGNUM B

2,960.575

$11.80

$29,057.59

$34,934.79

MSI SM CO GROWTH B

54,606.451

$12.02

$619,511.98

$656,369.54

MSI VALUE EQUITY B

27,685.674

$10.51

$258,333.95

$290,976.43

MSIFT BALANCED ADV

63.981

$11.46

$707.00

$733.22

MSIFT CP FX INC ADV

7,841.312

$11.53

$91,133.98

$90,410.33

MSIFT HIGH YIELD ADV

34,123.18

$5.54

$188,211.60

$189,042.43

MSIFT MIDCAP GTH ADV

21,674.190

$20.53

$511,124.45

$444,971.12

MSIFT VALUE ADVISER

31,139.270

$17.89

$489,980.05

$557,081.54

MUTUAL DISCOVERY A

45,330.955

$24.08

$895,607.25

$1,091,569.40

MUTUAL SHARES CL A

34,473.180

$22.94

$698,955.11

$790,814.75

NB FOCUS TRUST

32,449.583

$27.70

$855,095.50

$898,853.45

NB GENESIS - TR CL

109,336.349

$42.67

$4,038,483.78

$4,665,382.01

NB GUARDIAN TRUST

6,728.410

$13.05

$77,064.39

$87,805.75

NB MANHATTAN TRUST

5,361.072

$10.71

$96,506.69

$57,417.08

NB PARTNERS TRUST

16,426.628

$19.32

$273,883.03

$317,362.45

NB SOCIALLY RESP TR

12,622.301

$15.15

$169,635.07

$191,227.86

PBHG EMERGING GROWTH

30,906.234

$13.23

$430,972.92

$408,889.48

PBHG GROWTH FUND

33,024.021

$19.18

$1,199,415.89

$633,400.72

PIM GLBBND AD UNHDGD

43,279.154

$10.48

$443,453.93

$453,565.53

PIMCO CCM CAP AP ADM

27,134.441

$17.76

$463,971.38

$481,907.67

PIMCO CCM MID CP ADM

4,748.468

$23.81

$92,578.25

$113,061.02

PIMCO HIGH YIELD ADM

184,933.198

$9.97

$1,775,682.27

$1,843,783.98

PIMCO LOW DUR ADM

54,176.803

$10.20

$553,056.56

$552,603.39

PIMCO LT US GOVT ADM

164,423.309

$10.87

$1,819,444.51

$1,787,281.37

PIMCO TOT RETURN ADM

361,350.296

$10.67

$3,880,772.71

$3,855,607.66

RHJ MICRO CAP

183,675.887

$20.75

$3,716,557.14

$3,811,274.66

RS EMERGING GROWTH

12,419.801

$32.36

$351,624.12

$401,904.76

RS SMALLER CO GROWTH

24,769.773

$22.57

$507,616.57

$559,053.78

SCUDDER GLOBAL DISC

5,033.710

$34.73

$144,237.82

$174,820.75

SCUDDER GRTH & INC S

5,220.381

$21.90

$96,102.98

$114,326.34

SCUDDER INTL FUND S

220.757

$44.25

$8,062.35

$9,768.50

SPARTAN 500 INDEX *

53,119.257

$83.36

$4,012,378.19

$4,428,021.26

SPARTAN INTL INDEX *

16,250.235

$32.02

$417,453.54

$520,332.52

SPARTAN US EQ INDEX *

2,144,806.001

$42.86

$66,372,885.91

$91,926,385.20

SPTN EXTND MKT INDEX *

18,018.736

$31.98

$468,406.79

$576,239.18

SPTN TOTAL MKT INDEX *

66,545,513

$33.05

$1,934,619.62

$2,199,329.20

STRONG ADV COM STK Z

11,057.133

$22.65

$238,214.76

$250,444.06

STRONG DISCOVERY

17,801.226

$21.53

$357,140.66

$383,260.40

STRONG GOVT SECURITY

54,203.373

$10.74

$593,714.86

$582,144.23

STRONG GROWTH FUND

74,859.591

$19.35

$1,896,983.84

$1,448,533.09

STRONG LG CAP GROWTH

12,732.265

$22.75

$331,341.12

$289,659.03

STRONG MULTI CAP VAL

1,158.397

$64.41

$58,723.34

$74,612.35

STRONG OPPORTUNITY

24,209.655

$46.40

$927,513.47

$1,123,327.99

STRONG SHORTTERM BND

34,744.994

$8.72

$307,633.26

$302,976.35

STRONG ULTRA SHORT

9,255.555

$9.20

$86,481.56

$85,151.11

TCW GAL AGGR GRTH N

14,429.289

$12.77

$178,526.65

$184,262.02

TCW GAL SM CAP GR N

6,744.014

$15.94

$98,853.18

$107,499.58

TCW GALILEO SEL EQ N

35,845.364

$19.21

$580,407.86

$688,589.44

TEMPLETON DEV MKTS A

104,480.311

$18.52

$1,712,590.16

$1,934,975.36

TEMPLETON FOREIGN A

504,775.862

$12.30

$5,181,349.76

$6,208,743.10

TEMPLETON GROWTH A

72,513.176

$22.89

$1,446,448.08

$1,659,826.60

TEMPLETON WORLD A

35,208.095

$17.75

$586,114.23

$624,943.69

TMPL FOREIGN SM CO A

39,868.307

$21.09

$735,235.02

$840,822.59

TMPL GLOBAL BOND A

105,094.856

$11.13

$1,050,066.10

$1,169,705.75

TRP EQUITY INCOME

551,908.876

$26.59

$13,402,179.19

$14,675,257.01

USAA CORNERSTONE

1,740.760

$26.69

$43,577.61

$46,460.88

USAA GNMA TRUST

18,274.482

$9.81

$182,773.69

$179,272.67

USAA GROWTH FUND

3,284.176

$13.88

$50,052.27

$45,584.36

USAA INCOME FUND

50,619.830

$12.42

$624,593.47

$628,698.29

USAA INCOME STOCK

13,115.439

$16.66

$208,200.90

$218,503.21

LEVERAGED ESOP EMPLOYER SECURITIES*

7,531,695.28

$37.375

$109,209,581.56

$281,497,111.09

PARTICIPANT LOAN BALANCES*(4.0% TO 9.50%;

MATURING 2005-2009)

$24,277,374.46

$24,277,374.46

TOTAL ASSETS (HELD AT END OF YEAR)

$1,267,070,406.33

$1,690,066,085.63


* PARTY-IN-INTEREST

 

 

 



SIGNATURES
 
 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefit Plans Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 

Date:  June 28, 2005

FPL Group Employee Thrift Plan

  

(Name of Plan)
 
 
 
 

By:

JANE W. LOHMEIER

  

Jane W. Lohmeier
Secretary of the Employee Benefit Plans Administrative Committee



















EXHIBIT INDEX
 


Exhibit
Number

  



Description

       
 

23

  

Consent of Independent Registered Public Accounting Firm