Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year ended December 31, 2017
OR
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c | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number 001-13619
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A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
BROWN & BROWN, INC.
EMPLOYEE SAVINGS PLAN AND TRUST
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B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
BROWN & BROWN, INC.
220 SOUTH RIDGEWOOD AVENUE
DAYTONA BEACH, FLORIDA 32114
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
TABLE OF CONTENTS
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REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM | |
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FINANCIAL STATEMENTS: | |
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Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016 | |
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Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2017 | |
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Notes to Financial Statements | |
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SUPPLEMENTAL SCHEDULES: | |
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Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2017 | |
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SIGNATURE | |
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EXHIBIT INDEX | |
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
To the Investment Committee of the Brown & Brown, Inc., Plan Administrator
and Participants
Brown & Brown, Inc. Employee Savings Plan and Trust
Daytona Beach, Florida
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Brown & Brown, Inc. Employee Savings Plan and Trust (the Plan) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying supplemental schedule of assets (held at end of year) as of December 31, 2017 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements, but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
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/s/ Hancock Askew & Co., LLP |
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We have served as the Plan’s auditor since 2007. |
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Norcross, Georgia |
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June 25, 2018 |
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2017 AND 2016
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| 2017 | | 2016 |
ASSETS | | | |
CASH | $ | 16 |
| | $ | 1,532 |
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INVESTMENTS: | | | |
Participant directed—at fair value: | | | |
Registered investment companies (mutual funds) | 545,212,704 |
| | 413,511,719 |
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Pooled separate account | 51,804,442 |
| | 53,672,164 |
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Employer common stock fund | 35,672,514 |
| | 32,099,084 |
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Personal choice retirement account | 15,104,736 |
| | 12,313,018 |
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Total investments, at fair value | 647,794,396 |
| | 511,595,985 |
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RECEIVABLES: | | | |
Notes receivable from participants | 12,581,685 |
| | 10,829,432 |
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Employer contributions | 0 |
| | 940,549 |
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Participant contributions | 0 |
| | 621 |
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Total receivables | 12,581,685 |
| | 11,770,602 |
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NET ASSETS AVAILABLE FOR BENEFITS | $ | 660,376,097 |
| | $ | 523,368,119 |
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See notes to financial statements.
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2017
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ADDITIONS: | |
Investment income: | |
Dividend income | $ | 23,672,504 |
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Interest income | 561,288 |
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Other income | 2,128,294 |
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Net appreciation in fair value of investments | 61,457,413 |
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Total investment gain | 87,819,499 |
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Interest on note receivable from participants | 470,328 |
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Contributions: | |
Participants | 37,619,935 |
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Employer | 19,227,085 |
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Rollovers from other qualified plans | 14,028,825 |
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Total contributions | 70,875,845 |
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Total additions | 159,165,672 |
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DEDUCTIONS: | |
Benefits paid to participants | 42,131,651 |
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Administrative expenses | 776,638 |
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Total deductions | 42,908,289 |
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NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS | 116,257,383 |
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ASSETS TRANSFERRED IN AS A RESULT OF PLAN MERGER | 20,750,595 |
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NET ASSETS AVAILABLE FOR BENEFITS—Beginning of year | 523,368,119 |
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NET ASSETS AVAILABLE FOR BENEFITS —End of year | 660,376,097 |
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See notes to financial statements.
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2017 AND 2016, AND FOR THE YEAR ENDED DECEMBER 31, 2017
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1. | DESCRIPTION OF THE PLAN |
The following brief description of the Brown & Brown, Inc. Employee Savings Plan and Trust (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General -The Plan is a defined contribution plan. Substantially all employees who are at least 18 years of age and who are expected to complete a year of service (1,000 hours) are eligible to participate in the Plan effective the first full payroll period after one month of service. The Plan is intended to assist Brown & Brown, Inc. and its subsidiaries (the “Employer”) in its efforts to attract and retain employees by enabling eligible employees who are U.S. citizens with the opportunity to invest a portion of their annual compensation in the Plan, augmented by employer contributions, to supplement the employees’ retirement income. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Benefit Payments -Benefits under the Plan are payable upon normal (after age 65) or early (after age 59-1/2) retirement, death, disability, severe financial hardship or termination of service and are based on the vested balance in the participant’s account. Distributions of vested account balances will be made in the form of a single lump-sum payment or in some other optional form of payment, as defined in the Plan. If the participant’s vested account is $5,000 or less, the participant will be prompted to distribute his or her funds to another qualified plan in a timely fashion or be subject to an immediate lump-sum distribution.
Administration -The Plan is administered by a designated Plan Administrator (the “Administrator”), which has been appointed by the Board of Directors (the “Board”) of the Employer. Information about the Plan document, such as provisions for allocations to participants’ accounts, vesting, benefits and withdrawals, is contained in the Summary Plan Description. Copies of this document are available on the employee benefits Web site accessible to employees of the Employer or from the Administrator. Schwab Retirement Plan Services, Inc. (“Schwab”) serves as the recordkeeper of the Plan and Charles Schwab Trust Company, a division of Charles Schwab Bank (the “Trustee”) serves as the trustee of the Plan.
Administrative Expenses - All investment-related expenses are charged against Plan earnings or are paid by the Plan. Administrative expenses for recordkeeping, accounting and legal are paid by the Plan. All other expenses are paid by the Employer.
Contributions - Participants may elect to contribute, subject to certain limitations, any percentage of annual compensation as contributions to the Plan, up to the allowable limits specified in the Internal Revenue Code of 1986, as amended (“IRC”). The Employer makes a fully vested safe harbor matching contribution for each participant equal to the sum of (1) 100% of the participant’s elective deferrals that do not exceed 3% of compensation for the allocation period, plus (2) 50% of the participant’s elective deferrals that exceed 3% of compensation for the allocation period but do not exceed 5% of compensation for the allocation period.
The Plan permits the Board of Directors of the Employer to authorize discretionary profit-sharing contributions. No profit-sharing contributions were made in 2016 and 2017.
Vesting -Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Employer matching contributions for plan years beginning before January 1, 2014, and for discretionary profit-sharing contributions are based on years of credited service and are subject to the following vesting schedule:
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Years of
Credited Service | | Vested
Interest |
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Less than 1 | | 0 | % |
1 | | 20 |
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2 | | 40 |
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3 | | 60 |
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4 | | 80 |
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5 or more | | 100 |
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As a result of an Internal Revenue Service ruling policy, the Plan was amended effective January 1, 2015, to provide that the forfeited balances of terminated participants’ non-vested accounts would not be available to reduce the Employer’s safe harbor matching contributions unless the IRS specifically provides for such use of forfeitures in formal guidance of general applicability. On January 18, 2017, the IRS issued proposed regulations that permit such use of forfeitures, and provided that taxpayers may rely on the proposed regulations for periods preceding the issuance of final regulations. As of December 31, 2016 and 2017, forfeited employee amounts available to offset future Employer contributions and to offset future Plan expenses
totaled approximately $270,000 and $743,200, respectively. For the Plan years 2016 and 2017, forfeiture amounts of $132,882 and $743,162, respectively, were used to offset Employer contributions and Plan expenses.
Investment Income and Expenses -Each participant’s account shall be allocated the investment income and expenses of each fund based on the value of each participant’s account invested in each fund, in proportion to the total value of all accounts in each fund, taking into account any contributions to or distributions from the participant’s account in each fund. General expenses of the Plan not paid by the Employer and not attributable to any particular fund shall be allocated among participants’ accounts in proportion to the value of each account, taking into consideration each participant’s contributions and distributions.
The agreement between the Trustee and the Plan includes a revenue-sharing arrangement whereby the Trustee shares revenue generated by the Plan in excess of the Trustee’s fee. These deposits are included in the “Other Income” amount in the Statement of Changes to Net Assets Available for Benefits. These funds are used to pay other Plan expenses, with any remaining amounts being reallocated to participants. During 2017, revenue of $226,762 was deposited into the Plan related to this revenue-sharing arrangement. At December 31, 2017 and 2016, $ 48,984 and $53,025, respectively, was available to be reallocated or pay Plan expenses. For the Plan year ended December 31, 2017, Plan expenses of approximately $180,000 were paid by these funds.
Notes Receivable from Participants -A participant may borrow from his or her own account a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of the participant’s vested account balance. Participants may not have more than two loans outstanding at any time, with a limited exception for grandfathered outstanding loans transferred to the Plan as a result of mergers of plans maintained by acquired companies. Loans, which are repayable each pay period for periods ranging generally up to five years (and up to 15 years for the purchase of a principal residence), are collateralized by a security interest in the borrower’s vested account balance. The loans bear interest at the prime rate plus 1%, determined at the time the loan is approved. As of December 31, 2017, interest rates applicable to such loans ranged from 4.25% to 9.25%.
Plan Merger - On November 15, 2017, the Plan merged with the previously frozen Wright Risk Management Company LLC 401(k) Profit Sharing Plan (Wright Plan). As a result of the merger, the fair market value of assets totaling $20,750,595 were transferred into the Plan.
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2. | SIGNIFICANT ACCOUNTING POLICIES |
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 net assets available for benefits and changes therein. Actual results could differ from those estimates.
Basis of Accounting -The accompanying financial statements of the Plan are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expenses when they are incurred. No allowance for credit losses was recorded as of December 31, 2017 and 2016. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.
Payment of Benefits - Benefits are recorded when paid.
Notes Receivable - Participant loans are recorded as “Notes Receivable from Participants” and are measured at their unpaid principal balance plus any accrued but unpaid interest in the statements of Net Assets Available for Benefits as of December 31, 2017 and 2016. No allowance for credit losses was recorded as of December 31, 2017 and 2016. Defaulted participant loans are reclassified as distributions based upon the terms of the Plan documents.
Valuation of Investments -The Plan’s investments in money market funds, mutual funds and the personal choice retirement account, which includes investments in mutual funds and common stock, are stated at fair value based on quoted market prices at year-end. The fair value of the Brown & Brown stock fund is measured using the unit value calculated from the observable market price of the stock plus the cost of the short-term investment fund, which approximates fair value. This non-pooled separate investment account is deemed to be Level 1 investment. The fair value of the pooled separate accounts is based upon the net asset value (“NAV”) of the underlying assets as determined by the Trustee’s valuation. NAV is used as a practical expedient. The contract value of participation units owned in the pooled separate accounts is based on quoted redemption values, as determined by the Trustee, on the last business day of the Plan year.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as investments held during the year.
Participant Loans- Participant loans are valued at cost, which approximates fair value.
Fair Value Measurements-The Plan adopted a fair value measurement method that establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;
Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The fair values estimated and derived from each fair value calculation may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with those utilized by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables set forth by level within the fair value hierarchy the Plan investment assets and investment liabilities as of December 31, 2017 and 2016. As required by Accounting Standards Codification Topic 820-Fair Value Measurement and Disclosures, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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| Investment Assets at Fair
Value as of December 31, 2017 | | |
| Level 1 | | Level 2 | | Level 3 | | Total |
Registered investment companies (mutual funds); | $ | 545,212,704 |
| | $ | — |
| | $ | — |
| | $ | 545,212,704 |
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Employer common stock fund | 35,672,514 |
| | — |
| | — |
| | 35,672,514 |
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Personal choice accounts | 12,513,857 |
| | 2,590,879 |
| | — |
| | 15,104,736 |
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Total investments at fair value | $ | 593,399,075 |
| | $ | 2,590,879 |
| | $ | — |
| | $ | 595,989,954 |
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| | | | | | | |
Pooled separate account, measured at net asset value* | — |
| | — |
| | — |
| | 51,804,442 |
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Total investments at fair value | $ | — |
| | $ | — |
| | $ | — |
| | $ | 647,794,396 |
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| Investment Assets at Fair
Value as of December 31, 2016 | | |
| Level 1 | | Level 2 | | Level 3 | | Total |
Registered investment companies (mutual funds); | $ | 413,511,719 |
| | $ | — |
| | $ | — |
| | $ | 413,511,719 |
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Employer common stock fund | 32,099,084 |
| | — |
| | — |
| | 32,099,084 |
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Personal choice accounts | 9,968,087 |
| | 2,344,931 |
| | — |
| | 12,313,018 |
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Total investments at fair value | $ | 455,578,890 |
| | $ | 2,344,931 |
| | $ | — |
| | $ | 457,923,821 |
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| | | | | | |
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Pooled separate account, measured at net asset value* | — |
| | — |
| | — |
| | 53,672,164 |
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Total investments at fair value | $ | — |
| | $ | — |
| | $ | — |
| | $ | 511,595,985 |
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*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Net Assets Available for Benefits. The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2017 and 2016, respectively.
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| Fair Value 12/31/17 | | Fair Value 12/31/16 | | Unfunded Commitments | | Redemption Frequency (if currently eligible) | | Redemption Notice Period |
Pooled separate accounts | $ | 51,804,442 |
| | $ | 53,672,164 |
| | N/A | | Daily | | 12 months |
Risks and Uncertainties and Concentrations-Investments -The Plan invests in various investment securities. The Vanguard Institutional Index Fund represents approximately 15% of the Plan’s total investments at December 31, 2017. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
As of December 31, 2017, contributions to the Plan were invested in one or more of various investment fund options, including money market funds, mutual funds and an Employer stock fund, at the direction of each participant. The Plan also allows participants to invest in the Charles Schwab & Co. Personal Choice Retirement Account, which enables each participant to self-direct his or her money into a full range of investment options, including individual stocks and bonds, as well as allowing access to over 800 additional mutual funds. The Charles Schwab & Co. Personal Choice Retirement Account is presented as “self-directed investments” in the accompanying statements of net assets available for benefits.
One investment in the Plan is a guaranteed pooled separate account managed by Wells Fargo Bank called the Stable Return Fund G (the “Stable Return Fund”), which invests in a variety of investment contracts such as guaranteed investment contracts (“GICs”) issued by insurance companies and other financial institutions and other investment products (such as separate account contracts and synthetic GICs) with similar characteristics. The Stable Return Fund investment in each contract is presented at fair value. The fair value of a GIC is based on the present value of future cash flows using the current discount rate. The fair value of a security-backed contract includes the value of the underlying securities and the value of the wrapper contract. The fair value of a wrapper contract, which is provided by a security-backed contract issuer, is the present value of the difference between the current wrapper fee and the contracted wrapper fee.
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5. | PARTY-IN-INTEREST TRANSACTIONS |
The Plan’s investments include the Brown & Brown, Inc. common stock fund, which represents party-in-interest transactions that qualify as exempt prohibited transactions. Additionally, through the personal choice retirement account, certain investments are managed by affiliates of the Trustee of the Plan.
The Plan issues notes to participants, which are secured by the balances in the participants’ accounts. These transactions qualify as party-in-interest transactions.
Although it has not expressed any intent to do so, the Employer may terminate the Plan at any time, either wholly or partially, by notice in writing to the participants and the Trustee. Upon termination, the rights of participants in their accounts will become 100% vested. The Employer may temporarily discontinue contributions to the Plan, either wholly or partially, without terminating the Plan.
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7. | FEDERAL INCOME TAX STATUS |
The Plan has received a favorable determination letter from the Internal Revenue Service dated November 16, 2015, relating to the qualification of the Plan under Section 401(a) of the IRC. The Plan’s management believes that the Plan is designed and is currently being operated in compliance with applicable requirements of the IRC and regulations issued thereunder and, therefore, believes the Plan, as amended and restated, is qualified and the related trust is tax exempt
Accounting principles generally accepted in the U.S. require Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2017, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions. There are currently no audits for any tax periods in progress.
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
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(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Participant directed: | | | |
| Mutual funds: | | | |
| | American Beacon Small Cap Value Fund | ** | $ | 14,891,371 |
|
| | American Funds Europacific Growth Fund | ** | 21,793,249 |
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| | Dodge & Cox Income Fund | ** | 45,285,055 |
|
| | Harbor Capital Appreciation Fund | ** | 54,701,688 |
|
| | Invesco Growth and Income Fund | ** | 56,663,046 |
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| | JP Morgan Mid Cap Value Fund | ** | 16,635,715 |
|
| | Loomis Sayles Small Cap Growth Fund | ** | 11,725,709 |
|
| | Principal Diversified Real Fund | ** | 7,632,198 |
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| | Schroder International Multi Cap Value Fund | ** | 26,507,653 |
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| | Vanguard Inflation-Protected Security Investors Fund | ** | 18,606,994 |
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| | Vanguard Institutional Index Fund | ** | 100,291,191 |
|
| | Vanguard Mid Cap Growth Fund | ** | 10,584,638 |
|
| | Vanguard Mid Cap Index Fund | ** | 20,668,408 |
|
| | Vanguard Small Cap Index Fund | ** | 14,438,187 |
|
| | Vanguard Target Retirement 2015 Fund | ** | 4,119,213 |
|
| | Vanguard Target Retirement 2020 Fund | ** | 10,172,313 |
|
| | Vanguard Target Retirement 2025 Fund | ** | 11,693,030 |
|
| | Vanguard Target Retirement 2030 Fund | ** | 12,684,904 |
|
| | Vanguard Target Retirement 2035 Fund | ** | 8,548,834 |
|
| | Vanguard Target Retirement 2040 Fund | ** | 5,721,757 |
|
| | Vanguard Target Retirement 2045 Fund | ** | 6,459,110 |
|
| | Vanguard Target Retirement 2050 Fund | ** | 5,367,974 |
|
| | Vanguard Target Retirement 2055 Fund | ** | 69,351 |
|
| | Vanguard Target Retirement 2060 Fund | ** | 73,765 |
|
| | Vanguard Target Retirement Income Fund | ** | 2,136,444 |
|
| | Vanguard Total Bond Market Index Fund | ** | 24,820,179 |
|
| | Vanguard Total International Stock Index Fund | ** | 32,920,728 |
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| | Total mutual funds | | $ | 545,212,704 |
|
| Pooled separate account—at fair value— Wells Fargo Stable Return Fund G | | $ | 51,804,442 |
|
* | Employer common stock fund—at fair value | | $ | 35,672,514 |
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Self-directed: | | | |
| Personal choice retirement account: | | |
* | | Money market fund—at fair value— Charles Schwab Money Market Funds | ** | $ | 1,293,260 |
|
| | Non-interest-bearing cash | ** | $ | 1,642,430 |
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(Continued)
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
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(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Corporate common stocks—at fair value: | | |
| | AT&T Inc | ** | $ | 3,888 |
|
| | Abattis Bioceuticals | ** | 853 |
|
| | Abbvie, Inc | ** | 20 |
|
| | Activision Blizzard, Inc | ** | 35,016 |
|
| | Advanced Micro Devices, Inc | ** | 946 |
|
| | Advaxis Inc New. | ** | 852 |
|
| | AK Steel Holding Corp. | ** | 115,124 |
|
| | Alamos Gold Inc New | ** | 3,088 |
|
| | Alaska Air Group, Inc | ** | 5,513 |
|
| | Alibaba Group Hldg A | ** | 140,013 |
|
| | Almaden Materials Ltd | ** | 10,300 |
|
| | Alphabet Inc CL A | ** | 163,277 |
|
| | Alphabet Inc CL C | ** | 36,624 |
|
| | Amazon Com Inc | ** | 730,918 |
|
| | American Airlines Group | ** | 32,727 |
|
| | American Elec Pwr Inc | ** | 7,357 |
|
| | American Outdoor Co | ** | 13,675 |
|
| | Amtrust Financial Services | ** | 40,755 |
|
| | Anavex Life Sciences | ** | 1,166 |
|
| | Aphria, Inc. | ** | 1,947 |
|
| | Apple Inc | ** | 361,488 |
|
| | Arch Cap Group Ltd New F | ** | 36,308 |
|
| | Armstrong World Inds | ** | 12,110 |
|
| | Aurora Cannabis Inc | ** | 3,815 |
|
| | Axon Enterprises Inc | ** | 15,900 |
|
| | Baidu Com Inc. ADR | ** | 23,421 |
|
| | Bancolumbia S.A. ADR | ** | 119 |
|
| | Bank of America Corp | ** | 355,056 |
|
| | Berkshire Hathaway B New | ** | 418,244 |
|
| | BP PLC ADR | ** | 159,714 |
|
| | Broadcom LTD | ** | 19,268 |
|
| | C V R Medical Corp | ** | 135 |
|
| | Calamp Corp | ** | 11,787 |
|
| | Canadian Solar Inc | ** | 674 |
|
| | Cannabis Wheaton Inc | ** | 2,603 |
|
| | Canopy Growth Corp | ** | 1,893 |
|
| | Celgene Corp | ** | 1,461 |
|
| | Celcius Holdings Inc New | ** | 525 |
|
| | Chesapeake Energy Corporation | ** | 4,356 |
|
| | Chimerix Inc | ** | 2,778 |
|
| | China Lodging Group | ** | 24,553 |
|
| | Cincinnati Financial CP | ** | 18,420 |
|
| | Cinedigm Corp | ** | 6 |
|
| | Cisco System Inc | ** | 47,375 |
|
| | Citigroup Inc | ** | 765 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Corporate common stocks—at fair value: | | |
| | Citrix Systems Inc | ** | $ | 35,200 |
|
| | Clean Diesel Tech | ** | 1,570 |
|
| | Clearsign Combustion | ** | 12,600 |
|
| | Coca Cola Company | ** | 22,940 |
|
| | Cogint Inc | ** | 11,062 |
|
| | Comcast Corp A | ** | 29,194 |
|
| | ConocoPhillips | ** | 61,751 |
|
| | Cooper Tire & Rubber Co | ** | 11,496 |
|
| | Corning Inc | ** | 26,931 |
|
| | Costco Whsl Corp New | ** | 3,343 |
|
| | Cray Inc | ** | 266 |
|
| | Crispr Therapeutics | ** | 1,291 |
|
| | Cytokinetics Inc New | ** | 16,300 |
|
| | D R Horton Inc | ** | 6 |
|
| | Darden Restaurants Inc | ** | 4,801 |
|
| | Deere & Co | ** | 15,651 |
|
| | Detour Gold Corp | ** | 8,712 |
|
| | Ecare Solutions Inc | ** | 25,416 |
|
| | Editas Medicine Inc | ** | 768 |
|
| | El Capitan Precious Metal | ** | 3 |
|
| | Electronic Cigs Intl New | ** | 1 |
|
| | Embraer SA ADR | ** | 1,197 |
|
| | Enbridge Energy Partners LP | ** | 2,762 |
|
| | Energous Corp | ** | 33,065 |
|
| | Energy Fuels Inc. New | ** | 3,580 |
|
| | Enterprise Prd Prtners LP | ** | 7,953 |
|
| | ETSY Inc | ** | 10,225 |
|
| | Exxon Mobil Corporation | ** | 4,352 |
|
| | Facebook Inc Class A | ** | 232,221 |
|
| | Fireeye Inc | ** | 2,840 |
|
| | First Majestic Silver Corp | ** | 8,176 |
|
| | FitBit Inc | ** | 15,462 |
|
| | FMC Corporation | ** | 4,733 |
|
| | Ford Motor Company New | ** | 81,110 |
|
| | Freeport McMoran Inc. | ** | 7,584 |
|
| | GAP Inc | ** | 19,993 |
|
| | General Electric Company | ** | 32,304 |
|
| | General Mills Inc | ** | 21,759 |
|
| | Glaukos Inc | ** | 5,130 |
|
| | Global Payments Inc | ** | 3,609 |
|
| | Globalstar Inc | ** | 2,260 |
|
| | Gold Fields Ltd New ADR | ** | 6,979 |
|
| | GoPro Inc | ** | 3,785 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Corporate common stocks—at fair value: | | |
| | Groupon Inc Cl A | ** | $ | 765 |
|
| | Hecla Mining Company | ** | 4,478 |
|
| | Home Depot Inc | ** | 94,765 |
|
| | Honeywell International | ** | 7,668 |
|
| | Hormel Foods Corp | ** | 962 |
|
| | HP Inc | ** | 2,772 |
|
| | IBM Corp | ** | 15,342 |
|
| | Icahn Enterprises LP | ** | 4,914 |
|
| | Igambit Inc | ** | 220 |
|
| | Ineedmd Hldgs Inc | ** | 7 |
|
| | Innocap Inc | ** | 3,785 |
|
| | Integrated Device Tech | ** | 4,460 |
|
| | Intel Corp | ** | 938 |
|
| | Intrexon | ** | 3,456 |
|
| | Ionis Pharmaceutical | ** | 4,527 |
|
| | IRobot | ** | 5,369 |
|
| | Izea Inc | ** | 7,232 |
|
| | JP Morgan Chase & Co | ** | 25,294 |
|
| | Jamba Inc New | ** | 13,654 |
|
| | Johnson & Johnson | ** | 13,972 |
|
| | Kemet Corporation | ** | 1,130 |
|
| | Kinder Morgan Holdco LLC | ** | 6,017 |
|
| | Kite Realty group TR New | ** | 19,600 |
|
| | Kroger Co | ** | 38,622 |
|
| | Las Vegas Sands Corp | ** | 83,264 |
|
| | Lighting Science Group New | ** | 58 |
|
| | Limelight Networks Inc | ** | 203 |
|
| | Logmein Inc | ** | 8,280 |
|
| | Louisiana Pacific Company | ** | 2,547 |
|
| | Mankind Corp | ** | 5,554 |
|
| | Marsh & McLennan Cos Inc | ** | 11 |
|
| | Mastercard Inc | ** | 75,680 |
|
| | Mediadata Solutions Inc | ** | 19,011 |
|
| | Medical Marijuana Inc | ** | 3,847 |
|
| | Medicines Company | ** | 13,670 |
|
| | Medtronic Plc | ** | 3,230 |
|
| | Memex Inc | ** | 964 |
|
| | Merck & Co | ** | 11,254 |
|
| | Microchip Technology | ** | 19,246 |
|
| | Micron Technology Inc | ** | 14,392 |
|
| | Microsoft Corp | ** | 66,668 |
|
| | Montana Exploration | ** | 3 |
|
| | Morgan Stanley | ** | 1,064 |
|
| | Mosaic Co | ** | 5,132 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Corporate common stocks—at fair value: | | |
| | Naspers Ltd | ** | $ | 22,640 |
|
| | Neah Power Systems N | ** | 1 |
|
| | Netflix Inc | ** | 163,550 |
|
| | New Gold Inc | ** | 1,477 |
|
| | Next Generation Mgmt | ** | 10 |
|
| | Nike Inc | ** | 5,016 |
|
| | Noble Corp Plc | ** | 8,498 |
|
| | Nordic American Tanker Shipping | ** | 2,460 |
|
| | Nordic American Offshore | ** | 58 |
|
| | North European Oil Realty TR | ** | 20,880 |
|
| | NRG Energy Inc New | ** | 187 |
|
| | Nuance Communications Inc | ** | 9,810 |
|
| | Nvidia Corp | ** | 58,050 |
|
| | NW Biotherapeutics New | ** | 70 |
|
| | Ollies Bargain Outlet | ** | 5,325 |
|
| | Omega Healthcare Invs Inc | ** | 24,648 |
|
| | Overstock Com Inc | ** | 25,560 |
|
| | Palo Alto Networks | ** | 580 |
|
| | Pan American Silver CP F | ** | 5,685 |
|
| | Pareteum Corporation | ** | 4 |
|
| | Patriot National Inc | ** | 37 |
|
| | Payment Data Systems Inc | ** | 3,263 |
|
| | PayPal Hldgs Inc | ** | 45,644 |
|
| | Penny J C Co Inc | ** | 1,580 |
|
| | Pfizer Incorporated | ** | 14,488 |
|
| | Philip Morris Intl Inc | ** | 61,070 |
|
| | Phillips 66 | ** | 7,586 |
|
| | Platinum Grp Metals | ** | 912 |
|
| | Potash Corp of Saskatchewan Inc | ** | 41,300 |
|
| | Potlatch Corporation New | ** | 2,545 |
|
| | Precious Investments | ** | 106 |
|
| | Pretium Resources F | ** | 4,564 |
|
| | Proctor & Gamble | ** | 3,395 |
|
| | Progenics Pharmaceuticals | ** | 167 |
|
| | Prospect Energy Corp | ** | 7,499 |
|
| | Ralph Lauren Corp CL A | ** | 15,554 |
|
| | Rayonier Inc | ** | 2,359 |
|
| | Redhat Inc | ** | 10,208 |
|
| | Revolution Lighting | ** | 28,788 |
|
| | Riot Blockchain Inc | ** | 2,840 |
|
| | Rite Aid Corporation | ** | 1,970 |
|
| | Roku Inc CL A | ** | 7,871 |
|
| | Schlumberger LTD | ** | 13,478 |
|
| | SeaWorld Entertainment | ** | 1,601 |
|
| | Shopify Inc | ** | 707 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Corporate common stocks—at fair value: | | |
| | Sina Corporation | ** | $ | 10,031 |
|
| | Sirius XM Holdings Inc | ** | 114 |
|
| | Skechers U S A Inc | ** | 26,488 |
|
| | Snap Inc CL A | ** | 24,910 |
|
| | Southwest Airlines Co | ** | 19,635 |
|
| | Spectrum Pharms Inc | ** | 1,895 |
|
| | Spirit Airlines | ** | 2,243 |
|
| | Sprint Corporation | ** | 77 |
|
| | Square Inc | ** | 12,551 |
|
| | Starwood PPTY Trust | ** | 10,227 |
|
| | Stratasys Ltd | ** | 2,994 |
|
| | Stryker Corp | ** | 6,194 |
|
| | Superconductor Techs | ** | 1,733 |
|
| | Supreme Pharma New | ** | 456 |
|
| | Synchrony Financial | ** | 7,722 |
|
| | Tableau Software Inc | ** | 19,722 |
|
| | Tellurian Investment | ** | 2,240 |
|
| | Tencent Holdings New Ord F | ** | 5,197 |
|
| | Terra Tech Corp | ** | 387 |
|
| | Tesaro Inc | ** | 22,789 |
|
| | Tesla Motors Inc | ** | 61,959 |
|
| | Titan International Inc | ** | 88,762 |
|
| | Transenterix Inc New | ** | 4,053 |
|
| | Turtle Beach Corp | ** | 1,078 |
|
| | Twilio Inc | ** | 11,800 |
|
| | Twitter Inc | ** | 182,404 |
|
| | Under Armor Inc CL A | ** | 26,640 |
|
| | Unitedhealth Group Inc | ** | 17,637 |
|
| | USG Corp New | ** | 38,560 |
|
| | Valeant Pharma Intl | ** | 83,536 |
|
| | Valero Energy Corp New | ** | 910 |
|
| | Verizon Communications | ** | 39,861 |
|
| | Vipshop Holdings Ltd ADR | ** | 11,720 |
|
| | Visa Inc Cl A | ** | 79,814 |
|
| | Vista Outdoor Inc. | ** | 729 |
|
| | Weibo Corp ADR | ** | 1,035 |
|
| | Wheaton Precious Metals | ** | 9,029 |
|
| | Wynn Resorts | ** | 16,859 |
|
| | Yelp Inc Class A | ** | 12,588 |
|
| | Zynga Inc | ** | 3,000 |
|
| | 58.Com Inc ADR | ** | 11,455 |
|
| | | | |
| | Total corporate common stocks | | $ | 5,796,316 |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Mutual funds: | | |
| | AB Large Cap Growth A | ** | $ | 14,256 |
|
| | Aberdeen Asia Pac Income | ** | 12,007 |
|
| | American Funds Washington Mutual F-1 | ** | 21,373 |
|
| | American Century One Choice 2025 Inv | ** | 67,153 |
|
| | American FD New World Fund Class F3 | ** | 5,490 |
|
| | American FD New World Fund Class F | ** | 10,828 |
|
| | AMG MGRS Doubleline Core Plus BD I | ** | 29,807 |
|
| | AMG MGRS Doubleline Core Plus BD N | ** | 11,565 |
|
| | AMG Yacktman Fund Service Class. | ** | 10,358 |
|
| | AMG Yacktman Focused Fund Service Class | ** | 20,884 |
|
| | AQR Managed Futures Strategy I | ** | 16,168 |
|
| | AQR Managed Futures Strategy Fund CL N | ** | 8,891 |
|
| | AQR Multi Strategy AFD CL I | ** | 15,207 |
|
| | AQR Multi Strategy Alternatives Fund | ** | 7,963 |
|
| | Artisan Global Eqty Fd Inv | ** | 27,309 |
|
| | ASA Bermuda Ltd | ** | 8,037 |
|
| | Blackrock Low Duration Bond I | ** | 15,859 |
|
| | Brown Advisory Growth Equity Investor | ** | 20,951 |
|
| | Brown Advisory Small Cap | ** | 5,202 |
|
| | Buffalo Discovery Fund | ** | 10,525 |
|
| | Carillon Reams Uncond BD FD CL I | ** | 31,452 |
|
| | Carillon Scout Mid Cap | ** | 5,047 |
|
| | Causeway Intl Value Fund CL Inv | ** | 12,809 |
|
| | Champlain Small Company Fund Adv CL | ** | 24,687 |
|
| | Chatham Lodging Trus REIT | ** | 14,587 |
|
| | Clearbridge Large Cap Growth FD CL I | ** | 135,463 |
|
| | DNP Select Income Fund | ** | 61,875 |
|
| | Dodge & Cox Intl Stock Fund | ** | 26,334 |
|
| | Doubleline Income Solutions | ** | 12,413 |
|
| | Doubleline Infrastruct Income FD N | ** | 5,996 |
|
| | Doubleline Total Return Bond Fund N | ** | 16,281 |
|
| | Fidelity Real Estate Income | ** | 16,365 |
|
| | FMI Large Cap Fund | ** | 29,822 |
|
| | FMI Large Cap Fund Inst | ** | 37,035 |
|
| | Free Market Intl Equity FD Inst CL | ** | 135,485 |
|
| | Free Market US Equity FD Inst CL | ** | 174,232 |
|
| | GAMCO Global Gold Natural | ** | 11,795 |
|
| | Glenmede Large Cap Growth Fund | ** | 4,897 |
|
| | Guggenheim Floating RT Strategies P | ** | 12,457 |
|
| | Harbor Capital Appreciation Fund Investor CL | ** | 18,385 |
|
| | Harbor Capital Appreciation Fund Instl | ** | 24,570 |
|
| | Janus Flexible Bond Fund Class T | ** | 31,808 |
|
| | Janus Henderson Global Value T | ** | 11,749 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Mutual funds: | | |
| | JHancock3 Intl Growth CL I | ** | $ | 43,631 |
|
| | Matthews Japan Fund | ** | 22,521 |
|
| | Metropolitan West Total Return BD M | ** | 9,988 |
|
| | Metropolitan West Total Return I | ** | 29,863 |
|
| | MFS Growth Fund CL I | ** | 45,052 |
|
| | MFS International Diversification CL I | ** | 79,352 |
|
| | MFS Value Fund CL I | ** | 110,483 |
|
| | Oakmark International Fund I | ** | 33,523 |
|
| | Oberwies Micro Cap Port | ** | 11,024 |
|
| | Parnassus Endeavor Fund | ** | 12,506 |
|
| | PIMCO All Asset All Authority Instl | ** | 43,178 |
|
| | PIMCO All Asset All Authority CL D | ** | 3,583 |
|
| | PIMCO Income D | ** | 42,918 |
|
| | Principal Real Estate I | ** | 602 |
|
| | Prudential Jennison Health Sciences A | ** | 11,240 |
|
| | RBB Free Market Fixed Income FD Inst | ** | 94,974 |
|
| | Risk Pro Aggressive 30 Plus Fund CL R | ** | 246,254 |
|
| | Risk Pro Dynamic 15 to 25 Fund CL R | ** | 115,651 |
|
| | Risk Pro Pfg Aggressive 30 Plus Fund CL R | ** | 260,701 |
|
| | Risk Pro Pfg Bal 20 to 30 Fund CL R | ** | 143,869 |
|
| | Risk Pro Pfg Equity 30 Plus Fund CL R | ** | 281,270 |
|
| | Risk Pro Pfg Global 30 Plus Fund CL R | ** | 275,048 |
|
| | Risk Pro Pfg 30 Plus Fund CL R | ** | 115,593 |
|
* | | Schwab Fundamental Intl Sm Co Index | ** | 138 |
|
* | | Schwab Fundamental US Small Co Index | ** | 27,194 |
|
* | | Schwab Fundamental Clbl Real Estate Index | ** | 104 |
|
* | | Schwab Health Care Fund | ** | 100 |
|
* | | Schwab International Core Equity Fund | ** | 31,311 |
|
* | | Schwab S & P 500 Index Fund - Select S | ** | 107,875 |
|
| | Seafarer Overseas Growth & Income FD Inv | ** | 8,486 |
|
| | Shelton Nasdaq 100 Index FD Direct S | ** | 17,843 |
|
| | Vanguard Global Equity Fund Investor | ** | 23,371 |
|
| | Vanguard Inflation Protected Sec Fund | ** | 12,063 |
|
| | Vanguard Total Stock Market Index FD I | ** | 14,250 |
|
| | Vanguard Wellesley Income Admiral SH | ** | 195,402 |
|
| | Vaughan Nelson Value Opportunity Y | ** | 80,329 |
|
| | Walthausen Small Cap Value Fund | ** | 35,184 |
|
| | | | |
| | Total mutual funds | | $ | 3,781,851 |
|
| | | | |
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Unit Trusts: | | |
| | Advisorshares Vice E | ** | $ | 3,932 |
|
| | Ark ETF TR | ** | 18,428 |
|
| | Barclays Bank PLC | ** | 11,414 |
|
| | Bitcoin Investment T | ** | 50,400 |
|
| | Claymore Exch Traded FD | ** | 5,736 |
|
| | Consumer Discret Select Sector SPDR ETF | ** | 15,297 |
|
| | Consumer Staples Select Sector SPDR ETF | ** | 20,936 |
|
| | Direxion All Cap Insider Sentmnt ETF | ** | 8,300 |
|
| | Direxion Shares ETF | ** | 8,638 |
|
| | Energy Select Sector SPDR ETF | ** | 38,257 |
|
| | ETF Managers Tr | ** | 6,328 |
|
| | ETF Managers Tr | ** | 3,489 |
|
| | ETFS Bloomberg All Commodity | ** | 21,469 |
|
| | ETFS Physical Silver Tr | ** | 826 |
|
| | First Tr Exchange Traded FD | ** | 5,844 |
|
| | First Tr Exchange Traded Alpha FD I | ** | 18,714 |
|
| | First Trust Nasdaq C | ** | 4,626 |
|
| | First Trust Value Line Dividend ETF | ** | 15,430 |
|
| | Global X ETF | ** | 27 |
|
| | Global X Lithium ETF | ** | 7,752 |
|
| | Global X Mlp & Energy Infra ETF | ** | 17,368 |
|
| | Global X MLP ETF | ** | 118 |
|
| | Global X Uranium ETF | ** | 3,010 |
|
| | Guggenheim S & P 500 Equal Weight ETF | ** | 25,258 |
|
| | Healthcare Select Sector Spdr ETF | ** | 21,828 |
|
| | Horizons Nasdaq 100 | ** | 24,531 |
|
| | Industrial Select Sector SPDR ETF | ** | 71,130 |
|
| | Innovator IBD 50 ETF | ** | 79,632 |
|
| | iShares China Large Cap | ** | 4,617 |
|
| | iShares Core MSCI Emerging Markets | ** | 11,369 |
|
| | iShares Home Construction Index Fund | ** | 27,063 |
|
| | iShares MCSI Bric ETF | ** | 4,449 |
|
| | iShares MCSI EAFE | ** | 49,462 |
|
| | iShares MSCI EAFE Minimum Volatility ETF | ** | 15,326 |
|
| | iShares MSCI Emerging Markets Minimum Volatility ETF | ** | 58 |
|
| | iShares MSCI EMU Index Fund | ** | 32,058 |
|
| | iShares Nasdaq Biotechnology | ** | 6,406 |
|
| | iShares Russell Mid Cap Value | ** | 23,536 |
|
| | iShares Russell 2000 Index Fund | ** | 20,277 |
|
| | iShares S & P North America Tech Software | ** | 15,457 |
|
| | iShares S & P 500 Growth | ** | 11,458 |
|
| | iShares Select Dividend Index Fund | ** | 49,280 |
|
| | iShares TR Goldman Sachs | ** | 13,585 |
|
| | iShares US Aerospace & Defense | ** | 65,839 |
|
| | iShares US Technology ETF | ** | 42,971 |
|
| | Kraneshares ETF | ** | 4,822 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Unit Trust: | | |
| | Pimco Enhanced Short Maturity Active ETF | ** | $ | 13,101 |
|
| | PowerShares Dynamic Building & Construction | ** | 8,670 |
|
| | PowerShares ETF FD T | ** | 3,080 |
|
| | PowerShares ETF TR II | ** | 5,600 |
|
| | PowerShares Exchange Traded FD TR | ** | 17,810 |
|
| | PowerShares KBW ETF | ** | 17,705 |
|
| | PowerShares Preferred ETF | ** | 596 |
|
| | PowerShares QQQ ETF | ** | 108,342 |
|
| | PowerShares Senior Loan ETF | ** | 6,525 |
|
| | PowerShares Variable RTE Preferred ETF | ** | 26 |
|
| | ProShares Ultra NASDAQ Fund | ** | 5,102 |
|
| | ProShares Ultra Vix | ** | 222,374 |
|
| | ProShares Ultra MSCI ETF | ** | 4,698 |
|
| | ProShares Ultrashort Euro | ** | 4,028 |
|
| | PWRSHR S & P HiDiv | ** | 42,430 |
|
| | Real Estate Select S | ** | 4,612 |
|
* | | Schwab International | ** | 3,710 |
|
* | | Schwab US Broad Market ETF | ** | 112,518 |
|
* | | Schwab US Dividend Equity ETF | ** | 40,936 |
|
* | | Schwab US Large-Cap Value ETF | ** | 112 |
|
* | | Schwab US Mid-Cap ETF | ** | 20,032 |
|
* | | Schwab US Small-Cap ETF | ** | 20,922 |
|
* | | Schwab US TIPS ETF | ** | 17,571 |
|
| | Select Sector Financial | ** | 91,137 |
|
| | SPDR S&P Biotech ETF | ** | 6,535 |
|
| | SPDR S&P 400 Mid Cap Growth ETF | ** | 6,219 |
|
| | SPDR S&P 400 Mid Cap Value ETF | ** | 6,376 |
|
| | SPDR S&P 500 ETF | ** | 102,370 |
|
| | SPDR Series Trust | ** | 6,509 |
|
| | United States Natural Gas | ** | 3,428 |
|
| | United States Oil Fund | ** | 13,463 |
|
| | Vanguard Dividend Appreciation ETF | ** | 4,183 |
|
| | Vanguard Financials ETF | ** | 14,008 |
|
| | Vanguard FTSE Developed Markets ETF | ** | 89,720 |
|
| | Vanguard FTSE Emerging Markets ETF | ** | 91,820 |
|
| | Vanguard Growth ETF | ** | 34,884 |
|
| | Vanguard Health Care ETF | ** | 15,414 |
|
| | | | (Continued) |
|
BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EIN #59-0864469 PLAN #002
DECEMBER 31, 2017
|
| | | | | | |
(a) Type | (b) Identity of Issuer | (c) Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost | (e) Current Value |
Personal choice retirement account (continued): | | |
| Unit Trust: | | |
| | Vanguard Industrials ETF | ** | $ | 96,100 |
|
| | Vanguard Information Technology ETF | ** | 16,473 |
|
| | Vanguard Mortgage-Backed Sector ETF | ** | 10,694 |
|
| | Vanguard REIT ETF | ** | 20,873 |
|
| | Vanguard Total Bond Market ETF | ** | 8,763 |
|
| | Vanguard Total Stock Market ETF | ** | 327,043 |
|
| | Vanguard Value ETF | ** | 29,960 |
|
| | Wilshire Micro-Cap ETF | ** | 1,846 |
|
| | Wisdomtree Japan Hedged Equity ETF | ** | 5,810 |
|
| | | | |
| | Total unit trust funds | | $ | 2,590,879 |
|
| | | | |
| | Total personal choice retirement account | | $ | 15,104,736 |
|
* Notes Receivables from participants - Various maturities, interest rates from 4.25% to 9.25% | | $ | 12,581,685 |
|
TOTAL ASSETS HELD FOR INVESTMENT | | $ | 660,376,097 |
|
| |
* | A party-in-interest (Note 5). |
**Cost information is not required to be provided as these investments are participant-directed.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustee (or other persons who administer the Plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | |
| | |
| BROWN & BROWN, INC. |
| EMPLOYEE SAVINGS PLAN AND TRUST |
| | |
| By: | BROWN & BROWN, INC. |
| | |
Date: June 25, 2018 | By: | /S/ JAMES LANNI |
| | James Lanni |
| | Director of Taxation |
EXHIBIT INDEX