Annual Report of Employee Stock Plans (11-k)

Date : 06/25/2018 @ 5:06PM
Source : Edgar (US Regulatory)
Stock : Brown & Brown, Inc. (BRO)
Quote : 29.01  -0.28 (-0.96%) @ 12:23PM

Annual Report of Employee Stock Plans (11-k)


 
 
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
    
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year ended December 31, 2017
OR
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
 

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
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
 
 
 
 
Page  
 
 
 
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
 
 
FINANCIAL STATEMENTS:
 
 
 
Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016
 
 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2017
 
 
Notes to Financial Statements
 
 
SUPPLEMENTAL SCHEDULES:
 
 
 
Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2017
 
 
SIGNATURE
 
 
EXHIBIT INDEX
 






2

    

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.

 
/s/ Hancock Askew & Co., LLP
 
We have served as the Plan’s auditor since 2007.
 
Norcross, Georgia
 
June 25, 2018
 


3

    

BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2017 AND 2016

 
 
 
2017
 
2016
ASSETS
 
 
 
CASH
$
16

 
$
1,532

INVESTMENTS:
 
 
 
Participant directed—at fair value:
 
 
 
Registered investment companies (mutual funds)
545,212,704

 
413,511,719

Pooled separate account
51,804,442

 
53,672,164

Employer common stock fund
35,672,514

 
32,099,084

Personal choice retirement account
15,104,736

 
12,313,018

Total investments, at fair value
647,794,396

 
511,595,985

RECEIVABLES:
 
 
 
Notes receivable from participants
12,581,685

 
10,829,432

Employer contributions
0

 
940,549

Participant contributions
0

 
621

Total receivables
12,581,685

 
11,770,602

NET ASSETS AVAILABLE FOR BENEFITS
$
660,376,097

 
$
523,368,119

See notes to financial statements.

4

    

BROWN & BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2017

 
 
 
 
ADDITIONS:
 
Investment income:
 
Dividend income
$
23,672,504

Interest income
561,288

Other income
2,128,294

Net appreciation in fair value of investments
61,457,413

Total investment gain
87,819,499

Interest on note receivable from participants
470,328

Contributions:
 
Participants
37,619,935

Employer
19,227,085

Rollovers from other qualified plans
14,028,825

Total contributions
70,875,845

Total additions
159,165,672

DEDUCTIONS:
 
Benefits paid to participants
42,131,651

Administrative expenses
776,638

Total deductions
42,908,289

NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS
116,257,383

ASSETS TRANSFERRED IN AS A RESULT OF PLAN MERGER
20,750,595

NET ASSETS AVAILABLE FOR BENEFITS—Beginning of year
523,368,119

NET ASSETS AVAILABLE FOR BENEFITS —End of year
660,376,097

See notes to financial statements.

5

    

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

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:
Years of
Credited Service
 
Vested  
Interest
 
 
 
Less than 1
 
0
%
1
 
20

2
 
40

3
 
60

4
 
80

5 or more
 
100

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

6

    

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.
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.

7

    

3.
INVESTMENTS
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.
 
 
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

Employer common stock fund
35,672,514

 

 

 
35,672,514

Personal choice accounts
12,513,857

 
2,590,879

 

 
15,104,736

Total investments at fair value
$
593,399,075

 
$
2,590,879

 
$

 
$
595,989,954

 
 
 
 
 
 
 
 
Pooled separate account, measured at net asset value*

 

 

 
51,804,442

Total investments at fair value
$

 
$

 
$

 
$
647,794,396

 
 
 
 
 
 
 
 
 
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

Employer common stock fund
32,099,084

 

 

 
32,099,084

Personal choice accounts
9,968,087

 
2,344,931

 

 
12,313,018

Total investments at fair value
$
455,578,890

 
$
2,344,931

 
$

 
$
457,923,821

 
 
 
 
 
 
 

Pooled separate account, measured at net asset value*

 

 

 
53,672,164

Total investments at fair value
$

 
$

 
$

 
$
511,595,985

*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.
 
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

8

    



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.
 4.
INVESTMENT PROGRAMS
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.
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.
6.
PLAN TERMINATION
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.
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.

9

    


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
Participant directed:
 
 
 
 
Mutual funds:
 
 
 
 
 
American Beacon Small Cap Value Fund
**
$
14,891,371

 
 
American Funds Europacific Growth Fund
**
21,793,249

 
 
Dodge & Cox Income Fund
**
45,285,055

 
 
Harbor Capital Appreciation Fund
**
54,701,688

 
 
Invesco Growth and Income Fund
**
56,663,046

 
 
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

 
 
Schroder International Multi Cap Value Fund
**
26,507,653

 
 
Vanguard Inflation-Protected Security Investors Fund
**
18,606,994

 
 
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

 
 
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

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

(Continued)

10

    

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:
 
 
 
 
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)


11

    

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)

 


12

    

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)


13

    

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)


14

    

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





15

    

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)


16

    

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)


17

    

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


18

    

(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)


19

    

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)



20

    

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.


21

    

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

22

    

EXHIBIT INDEX
 

23

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