<SEC-DOCUMENT>0001564590-20-030619.txt : 20200625
<SEC-HEADER>0001564590-20-030619.hdr.sgml : 20200625
<ACCEPTANCE-DATETIME>20200625170017
ACCESSION NUMBER:		0001564590-20-030619
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200625
DATE AS OF CHANGE:		20200625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROWN & BROWN, INC.
		CENTRAL INDEX KEY:			0000079282
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				590864469
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13619
		FILM NUMBER:		20989968

	BUSINESS ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114
		BUSINESS PHONE:		386-252-9601

	MAIL ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN, INC
		DATE OF NAME CHANGE:	20171108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN INC
		DATE OF NAME CHANGE:	19990623

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POE & BROWN INC
		DATE OF NAME CHANGE:	19930827
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>bro-11k_20191231.htm
<DESCRIPTION>11-K
<TEXT>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="text-align:center;margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C.&#160;20549</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 11-K</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:16pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:12pt;font-family:'Times New Roman'">&#9746;</font></p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">ANNUAL REPORT PURSUANT TO SECTION&#160;15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the Fiscal Year ended December&#160;31, 2019</p>
<p style="text-align:center;margin-bottom:16pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">OR</p>
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:'Webdings';font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:8pt;font-family:'Webdings'">c</font></p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TRANSITION REPORT PURSUANT TO SECTION&#160;15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p></td>
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<p style="margin-top:13pt;margin-bottom:0pt;margin-left:4.44%;text-indent:-4.63%;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the transition period from <font style="text-decoration:underline;color:#000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> to <font style="text-decoration:underline;color:#000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>.</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Commission file number 001-13619</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Full title of the plan and the address of the plan, if&#160;different from that of the issuer named below:</p></td>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">BROWN&#160;&amp; BROWN, INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">EMPLOYEE SAVINGS PLAN AND TRUST</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:540pt;;">
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<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B.</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</p></td>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">BROWN&#160;&amp; BROWN, INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">220 SOUTH RIDGEWOOD AVENUE</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">DAYTONA BEACH, FLORIDA&#160;32114</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="se1e853fe853b4ee4908f8607fd66093"></a></p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><a name="Table_of_Contents"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="Table_of_Contents"></a>BROWN&#160;&amp; BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST</font></p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">TABLE OF CONTENTS</font></p>
<p style="margin-bottom:7pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:7pt;padding-Right:3pt;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Page</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:1pt;margin-left:7pt;;text-indent:0pt;;font-size:4pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">3</font></p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<tr style="height:19pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FINANCIAL STATEMENTS:</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Statements of Net Assets Available for Benefits</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">5</font></p></td>
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<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Statement of Changes in Net Assets Available for Benefits</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">6</font></p></td>
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<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notes to Financial Statements</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">7</font></p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SUPPLEMENTAL SCHEDULE:</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:6pt;">
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">12</font></p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURE</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">13</font></p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT INDEX</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">14</font></p></td>
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<p style="margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-size:1pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="s37c28c9728984a04862b80b6ec91e74"></a>&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><a name="Report_of_Independent_Registered_Certifi"></a><font style="font-weight:bold;font-size:13pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="Report_of_Independent_Registered_Certifi"></a>Report of Independent Registered Certified Public Accounting Firm</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.01%;text-indent:-3.24%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To the Investment Committee, Plan Administrator and Participants</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Brown &amp; Brown, Inc. Employee Savings Plan and Trust</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Daytona Beach, Florida</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Opinion on the Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have audited the accompanying statements of net assets available for benefits of the Brown &amp; Brown, Inc. Employee Savings Plan and Trust (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, 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, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America<font style="font-size:10pt;">.</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Basis for Opinion</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;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.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a>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&#8217;s management, as well as evaluating the </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">overall presentation of the financial statements. We believe that</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> our audits provide a reasonable basis for our opinion.</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Supplemental Information</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The supplemental information in the accompanying supplemental schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;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 included supplemental information required by the Department of Labor&#8217;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&#8217;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&#8217;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.</p>
<p style="text-align:justify;margin-bottom:7pt;margin-top:9pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Hancock Askew &amp; Co., LLP</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="middle"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have served as the Plan&#8217;s auditor since 2007.</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Savannah, Georgia</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June&#160;25, 2020</p></td>
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<p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="s4b428b6917b64341b1fb345a46b0b15"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU5"></a><a name="Statements_of_Net_Assets_Available"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Statements_of_Net_Assets_Available"></a>BROWN&#160;&amp; BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST</font></p>
<p style="margin-top:5pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">AS OF DECEMBER 31, 2019 AND 2018</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="margin-bottom:7pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:539pt;;">
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<td style="width:382pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:60.65pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:4pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:59.65pt;"></td>
<td style="width:3.85pt;"></td>
</tr>
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<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</p></td>
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<tr style="height:18pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:4pt;margin-top:4pt;margin-left:12pt;;text-indent:-12pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASSETS</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CASH</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
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<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">401</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:4pt;margin-top:4pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">INVESTMENTS:</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Participant directed&#8212;at fair value:</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-30pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registered investment companies (mutual funds)</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">689,420,577</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">526,669,967</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-30pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common collective trust</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,896,008</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54,027,781</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-30pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employer common stock fund</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,342,751</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,546,445</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-30pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Personal choice retirement account</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,875,293</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:solid 1pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,615,197</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:108pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investments, at fair value</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">818,534,629</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">632,859,390</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:4pt;margin-top:4pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">RECEIVABLES:</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notes receivable from participants</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,852,670</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,383,484</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NET ASSETS AVAILABLE FOR BENEFITS</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,387,299</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">646,243,275</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See notes to financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="sda2dcce7173a4c04a2753652ad1c14a"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><a name="Statement_of_Changes_in_Net_Assets_Avail"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Statement_of_Changes_in_Net_Assets_Avail"></a>BROWN&#160;&amp; BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST</font></p>
<p style="margin-top:5pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">FOR THE YEAR ENDED DECEMBER 31, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="margin-bottom:7pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:542pt;;">
<tr>
<td style="width:464pt;"></td>
<td style="width:5.5pt;"></td>
<td style="width:66.65pt;"></td>
<td style="width:5.85pt;"></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ADDITIONS TO NET ASSETS:</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investment income:</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dividend income</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,218,530</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest income</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,039,832</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,726,862</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net appreciation in fair value of investments</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,233,917</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investment income</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">151,219,141</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest on notes receivable from participants</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">704,834</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Contributions:</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Participants</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53,655,956</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employer</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,499,104</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:60pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rollovers from other qualified plans</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,140,502</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total contributions</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">97,295,562</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total additions</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">249,219,537</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> DEDUCTIONS FROM NET ASSETS:</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Benefits paid to participants</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61,643,794</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:36pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Administrative expenses</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">742,337</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:84pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total deductions</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62,386,131</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">186,833,406</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASSETS TRANSFERRED IN AS A RESULT OF PLAN MERGER</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,310,618&nbsp;&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NET ASSETS AVAILABLE FOR BENEFITS&#8212;Beginning of year</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">646,243,275</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:19pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NET ASSETS AVAILABLE FOR BENEFITS &#8212;End of year</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:9pt;;text-indent:-9pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,387,299</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See notes to financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="s0ec86fa60314451a934661faaace633"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><a name="Notes_to_Financial_Statements"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Notes_to_Financial_Statements"></a>BROWN&#160;&amp; BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST</font></p>
<p style="margin-top:5pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTES TO FINANCIAL STATEMENTS</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">AS OF DECEMBER&#160;31, 2019 AND 2018, AND FOR THE YEAR ENDED DECEMBER&#160;31, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">DESCRIPTION OF THE PLAN</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following brief description of the Brown&#160;&amp; Brown, Inc. Employee Savings Plan and Trust (the&#160;&#8220;Plan&#8221;) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan&#8217;s provisions.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">General <font style="font-weight:normal;font-style:normal;">- 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&#160;&amp; Brown, Inc. and its subsidiaries (the&#160;&#8220;Employer&#8221;) 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&#8217; retirement income. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;).</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Administration <font style="font-weight:normal;font-style:normal;">- The Plan is administered by a designated Plan Administrator (the&#160;&#8220;Administrator&#8221;), which has been appointed by the Board of Directors (the&#160;&#8220;Board&#8221;) of the Employer. Information about the Plan document, such as provisions for allocations to participants&#8217; accounts, vesting, benefits and withdrawals, is contained in the Summary Plan Description. Copies of this document are available on the employee benefits website accessible to employees of the Employer or from the Administrator. Schwab Retirement Plan Services, Inc. (&#8220;Schwab&#8221;) serves as the recordkeeper of the Plan and, effective January 1, 2020, Charles Schwab Trust Bank (the &#8220;Trustee&#8221;) serves as the trustee of the Plan. Prior to January 1, 2020, Charles Schwab Bank served as the trustee of the Plan.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Administrative Expenses<font style="font-weight:normal;font-style:normal;"> - All investment-related expenses are charged against the Plan&#8217;s 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.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Contributions <font style="font-weight:normal;font-style:normal;">- The Plan permits participants to contribute up to 70% of their eligible compensation to the Plan, subject to statutory limitations. The Employer makes a fully vested safe harbor matching contribution for each participant equal to the sum of (1) 100% of the participant&#8217;s elective deferrals up to 3% of compensation for the allocation period, plus (2) 50% of the participant&#8217;s elective deferrals that exceed 3% of compensation for the allocation period, but do not exceed 5% of compensation for the allocation period.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan permits the Board to authorize discretionary additional matching contributions and/or discretionary profit-sharing contributions. No additional matching contributions and/or profit-sharing contributions were made for the 2019 plan year.</p>
<p style="margin-bottom:7pt;margin-top:4pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Vesting<font style="font-weight:normal;font-style:normal;"> - Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participants are immediately vested in the Employer matching contributions made pursuant to the formula described above. Vesting in any discretionary additional Employer matching contributions and discretionary profit-sharing contributions are based on years of credited service and are subject to the following vesting schedule:</font></p>
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<td style="width:79pt;"></td>
<td style="width:243pt;"></td>
<td style="width:53.15pt;"></td>
<td style="width:15.85pt;"></td>
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<tr style="height:22pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Years of<br />Credited&#160;Service</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Vested<font style="font-size:10pt;font-weight:normal;">&nbsp;&nbsp;<br /></font>Interest</p></td>
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<tr style="height:6pt;">
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less&#160;than&#160;1</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5&#160;or&#160;more</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-top:7pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:7pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:7pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217; non-vested accounts would not be available to reduce the Employer&#8217;s safe harbor mat</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ching contributions unless the IRS specifically provides for such use of forfeitures in formal guidance of general applicability. On July 20, 2018, the IRS issued final regulations that </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">permit such use of forfeitures</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> As of December 31, </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, for</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">feited employee amounts available to offset future Employer contributions and to offset future Plan expenses totaled approximately $</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">420</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,761</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, respectively. For the </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Plan year, forfeitures of $</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">690</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> were used to offset Employer contributions and Plan expenses.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Benefit Payments<font style="font-weight:normal;font-style:normal;"> - 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&#8217;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&#8217;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.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Investment Income and Expenses<font style="font-weight:normal;font-style:normal;"> - Each participant&#8217;s account shall be allocated the investment income and expenses of each fund based on the value of each participant&#8217;s account invested in each fund, in proportion to the total value of all accounts in each fund, taking into consideration any contributions to or distributions from the participant&#8217;s account in each fund. General expenses of the Plan that are not paid by the Employer and are not attributable to any particular fund shall be allocated among participants&#8217; accounts in proportion to the value of each account, taking into consideration each participant&#8217;s contributions and distributions.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s fee. These deposits are included in the &#8220;Other Income&#8221; 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 2019, revenue of $208,854 was deposited into the Plan related to this revenue-sharing arrangement.&nbsp;&nbsp; At December&#160;31, 2019 and 2018, $54,184 and $132,950, respectively, was available to be reallocated or pay Plan expenses.&nbsp;&nbsp;For the Plan year ended December 31, 2019, Plan expenses of approximately $158,801 were paid by these funds.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Notes Receivable from Participants<font style="font-weight:normal;font-style:normal;"> - A participant may borrow from his or her own account a minimum of $1,000, up to a maximum equal to the lesser of: (a) $50,000 or (b) 50% of the participant&#8217;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&#8217;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&#160;31, 2019, interest rates applicable to such loans ranged from 3.25% to 9.25%.</font></p>
<div align="left">
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<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">SIGNIFICANT ACCOUNTING POLICIES</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;font-style:normal;"> - The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) 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.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Basis of Accounting<font style="font-weight:normal;font-style:normal;"> - The accompanying financial statements of the Plan are presented on the accrual basis of accounting in accordance with U.S. GAAP.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Notes Receivable from Participants <font style="font-weight:normal;font-style:normal;">- Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest.&nbsp;&nbsp;Interest income is recorded on the accrual basis.&nbsp;&nbsp;Related fees are recorded as administrative expenses and are expensed when they are incurred.&nbsp;&nbsp;No allowance for credit losses was recorded as of December 31, 2019 or 2018.&nbsp;&nbsp;Defaulted participant loans are reclassified as distributions based upon the terms of the Plan document.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.17%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Benefit Payments <font style="font-weight:normal;font-style:normal;">- Benefit payments are recorded when paid.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.17%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU9"></a>Valuation of Investments<font style="font-weight:normal;font-style:normal;"> - The Plan's investments are stated at fair value. Fair value of financial instruments is what would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. The Plan&#8217;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 &amp; 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 </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-style:normal;">value.&nbsp;&nbsp;The fair value of the </font><font style="font-weight:normal;font-style:normal;">common collective trust account is based upon the net asset value (&#8220;NAV&#8221;) of the fund's underlying assets less its liabilities. The&#160;NAV, as provided by the trustee, is used as a practical expedient to estimate fair value.</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.17%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Purchases and sales of securities are recorded on a trade-date basis.&nbsp;&nbsp;Interest income is recorded on an accrual basis.&nbsp;&nbsp;Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan&#8217;s gains and losses on investments bought and sold, as well as investments held during the year.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3.</font></p></td>
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<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><a name="_Hlk40023213"></a>INVESTMENTS</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Fair Value Measurements <font style="font-weight:normal;font-style:normal;">- The Plan adopted a fair value measurement method that establishes a fair value hierarchy which 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:</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following tables set forth, by level, the fair value hierarchy of the Plan investment assets and investment liabilities as of December&#160;31, 2019 and 2018. 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.</p>
<p style="margin-bottom:7pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:468.25pt;;">
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<td style="width:189pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:49.65pt;"></td>
<td style="width:13.1pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:10.25pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:50.4pt;"></td>
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<td style="width:1.6pt;"></td>
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<td style="width:1.75pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:10.25pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:25.4pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:1.6pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:10.25pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:53.4pt;"></td>
<td style="width:2.25pt;"></td>
<td style="width:8.6pt;"></td>
<td style="width:2.25pt;"></td>
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<tr style="height:24pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style="padding-left:7pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Investment Assets at Fair<font style="font-size:10pt;font-weight:normal;">&nbsp;&nbsp;<br /></font>Value as of December&#160;31, 2019</p></td>
<td colspan="2" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level&#160;3</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:25pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:18pt;;text-indent:-18pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registered investment companies (mutual funds);</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">689,420,577</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">689,420,577</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:13.5pt;;text-indent:-13.5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employer common stock fund</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,342,751</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,342,751</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:13.5pt;;text-indent:-13.5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Personal choice accounts</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,922,098</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,953,195</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,875,293</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15pt;">
<td valign="top"  style="padding-left:21pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investments in hierarchy</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">705,342,675</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,295,946</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">761,638,621</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15pt;">
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt; border-top:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:24pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common collective trust, measured at net asset value*</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,896,008</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:21pt;padding-Right:2pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investments at fair value</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">818,534,629</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:22pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style="padding-left:7pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Investment Assets at Fair<font style="font-size:10pt;font-weight:normal;">&nbsp;&nbsp;<br /></font>Value as of December&#160;31, 2018</p></td>
<td colspan="2" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:15pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-top:solid 1pt #000000; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level&#160;3</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:25pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:18pt;;text-indent:-18pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registered investment companies (mutual funds);</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">526,669,967</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;526,669,967</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:13.5pt;;text-indent:-13.5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employer common stock fund</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,546,445</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,546,445</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:13.5pt;;text-indent:-13.5pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Personal choice accounts</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,265,109</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,350,088</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:solid 1pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,615,197</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15pt;">
<td valign="top"  style="padding-left:21pt;padding-Right:2pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investments in hierarchy</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">538,935,076</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,896,533</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">578,831,609</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:25pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common collective trust, measured at net asset value*</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54,027,781</p></td>
<td colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:21pt;padding-Right:2pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total investments at fair value</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">632,859,390</p></td>
<td colspan="2" valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:7pt;margin-top:3pt;margin-left:2.59%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*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 </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fair value hierarchy. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 investmen</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ts measured at fair value based on NAV p</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">er share as of December 31, </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2019</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, respectively.</font></p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:441pt;;">
<tr>
<td style="width:121pt;"></td>
<td style="width:5.5pt;"></td>
<td style="width:49.65pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:4pt;"></td>
<td style="width:5.5pt;"></td>
<td style="width:49.65pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:4pt;"></td>
<td style="width:63pt;"></td>
<td style="width:4pt;"></td>
<td style="width:60pt;"></td>
<td style="width:4pt;"></td>
<td style="width:63pt;"></td>
</tr>
<tr style="height:51.75pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fair Value 12/31/19</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fair Value 12/31/18</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unfunded Commitments</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Redemption Frequency</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(if currently eligible)</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Redemption Notice Period</p></td>
</tr>
<tr style="height:15pt;">
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common collective trust</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,896,008</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54,027,781</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">None</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Daily</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt; border-top:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12 months</p></td>
</tr>
</table></div>
<p style="line-height:2pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Risks and Uncertainties and Concentrations-Investments<font style="font-weight:normal;font-style:normal;"> - The Plan invests in various investment securities. The Vanguard Institutional Index Instl Pl Fund represents approximately 15.7% and 15.5% of the Plan&#8217;s total investments at December 31, 2019 and December 31, 2018 respectively. 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&#8217; account balances and the amounts reported in the statements of net assets available for benefits.</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> &#160;4.</font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">INVESTMENT PROGRAMS</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December&#160;31, 2019, contributions to the Plan were invested in one or more of various investment fund options, including money market funds, mutual funds, a common collective trust fund, and an Employer stock fund, at the direction of each participant.&#160;The Plan also allows participants to invest in the Charles Schwab&#160;&amp; Co. Personal Choice Retirement Account, which enables participants to self-direct their money into a full range of investment options, including individual stocks and bonds, as well as allowing access to over 800 additional mutual funds.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">One investment in the Plan is a common collective trust account managed by Wells Fargo Bank called the Stable Return Fund G (the &#8220;Stable Return Fund&#8221;), which invests in a variety of investment contracts such as guaranteed investment contracts (&#8220;GICs&#8221;) issued by insurance companies and other financial institutions and other investment products (such as separate account contracts and synthetic GICs) with similar characteristics.&#160;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.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5.</font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">PARTY-IN-INTEREST TRANSACTIONS</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan&#8217;s investments include the Brown&#160;&amp; 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.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan issues notes to participants, which are secured by the balances in the participants&#8217; accounts.  These transactions qualify as party-in-interest transactions.</p>
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<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6.</font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">PLAN TERMINATION</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7.&nbsp;&nbsp;</font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">FEDERAL INCOME TAX STATUS</font></p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, 2019, 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.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.63%;white-space:nowrap">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. </font></p></td>
<td valign="top">
<p style="margin-top:14pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><a name="s6dbc27e7ded84391b82a028dde42a68"></a>SUBSEQUENT EVENTS</p></td></tr></table></div>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance, June 25, 2020, and has determined that, except for the matters noted below, no significant events occurred after December 31, 2019, but prior to the issuance of these financial statements, that would have a material impact on its financial statements.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 02, 2020, the Plan merged with the previously frozen Hays Companies 401(k) Profit Sharing Plan (Hays Plan).&nbsp;&nbsp;As a result of the merger, $1.3 million of outstanding participant loan balances were transferred into the Plan on December 31, 2019 and remain payable in accordance with the existing terms of the promissory notes in effect immediately before the merger. The remaining fair market value of Hays Plan assets totaling approximately $161 million were transferred into the Plan on January 02, 2020.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The spread of a novel strain of coronavirus ("COVID-19") in the first quarter of 2020 has caused significant volatility in U.S. markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on economic activity globally, nationally and locally. The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak. The impact on the Plan's investments and the amounts reported in the 2019 Statement of Net Assets Available for Benefits is uncertain and cannot be determined at this time.</p>
<p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Coronavirus Aid Relief, and Economic Security Act (CARES Act) was enacted and signed into law on March 27, 2020 in response to the COVID-19 pandemic. On April 15, 2020, the Plan implemented certain provisions of the CARES Act. The CARES Act provisions allow for Coronavirus-Related Distributions up to $100,000 if the participant provides sufficient certification regarding eligibility. The implemented provisions also increased the amount that an eligible participant may borrow from his or her own account to a maximum equal to the lesser of: (a) $100,000 or (b) 100% of the participant&#8217;s vested account balance through September 23, 2020, permit eligible participants with outstanding loans to delay certain repayments that would otherwise be due during 2020, and provide a temporary waiver of required minimum distributions for 2020.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><a name="Schedule_H__4i"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Schedule_H__4i"></a>BROWN &amp; BROWN, INC. EMPLOYEE SAVINGS PLAN AND TRUST</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">SCHEDULE H, PART IV, Line 4i- SCHEDULE OF ASSETS</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(HELD AT END OF YEAR)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">EIN #59-0864469 &nbsp;&nbsp;&nbsp;&nbsp;PLAN #002</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">DECEMBER 31, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:center;margin-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="margin-bottom:7pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:540pt;;">
<tr>
<td style="width:40pt;"></td>
<td style="width:221pt;"></td>
<td style="width:181pt;"></td>
<td style="width:26pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:55.65pt;"></td>
<td style="width:3.85pt;"></td>
</tr>
<tr style="height:35pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(a)</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Type</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(b)</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Identity of Issuer</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(c)</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Description of Investment: Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(d)</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Cost</p></td>
<td colspan="3" valign="bottom"  style="padding-left:7pt;padding-Right:3pt; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(e)</p>
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Current<font style="font-size:10pt;font-weight:normal;"> </font>Value</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">American Beacon Small Cap Value Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,115,765</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">American Funds Europacific Growth Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,940,446</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dodge &amp; Cox Income Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,372,617</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Harbor Capital Appreciation Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,522,846</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington Mutual Growth and Income Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">68,412,601</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JP Morgan Mid Cap Value Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,457,613</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loomis Sayles Small Cap Growth Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,674,266</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Principal Diversified Real Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,735,080</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Schroder International Multi Cap Value Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,797,509</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MassMutual Select Mid Cap Growth I Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,922,226</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Institutional Index Instl Pl Fund</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,605,714</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Inflation-Protected Security Investors Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,475,316</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Mid Cap Index Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,737,100</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Small Cap Index Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,311,828</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2015 Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,756,727</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2020 Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,448,240</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2025 Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,497,702</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2030 Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,926,049</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2035 Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,695,050</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2040 Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,575,399</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2045 Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,481,178</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2050 Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,362,305</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2055 Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">684,643</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement 2060 Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">529,188</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Target Retirement Income Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,772,491</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Total Bond Market Index Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41,331,599</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="top"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vanguard Total International Stock Index Fund</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mutual Fund</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,279,079</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Brown &amp; Brown, Inc. Common Stock Fund</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:54pt;;text-indent:-54pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Company Stock</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,342,751</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Wells Fargo Stable Return Fund G</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common Collective Trust</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,896,008</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Personal Choice Retirement Account</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:3pt;">
<p style="text-align:center;margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Participant-Directed Brokerage Accounts</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="text-align:right;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,875,293</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*</p></td>
<td colspan="2" valign="top"  style="padding-left:3pt;padding-Right:2pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notes Receivables from participants - Various maturities, interest rates from 3.25% to 9.25%</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:solid 1pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-bottom:solid 1pt #000000;">
<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,852,670</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<tr style="height:4pt;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCEEFF" style="padding-left:3pt;padding-Right:0pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CCEEFF" style="padding-left:0pt;padding-Right:3pt;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="bottom"  style="padding-left:3pt;padding-Right:0pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:0pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:3pt;padding-Right:0pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:3pt; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0pt; border-top:solid 1pt #000000; border-bottom:double 2.5pt #000000;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
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<p style="text-align:right;margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">834,387,299</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
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</table></div>
<p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:2.22%;white-space:nowrap">
<p style="margin-top:9pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*</font></p></td>
<td valign="top">
<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">A party-in-interest transaction as defined by ERISA.</p></td></tr></table></div>
<p style="margin-top:9pt;margin-bottom:0pt;margin-left:2.22%;text-indent:-2.22%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">**Cost information is not required to be provided as these investments are participant-directed.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="s380aaa94e08f4aae9d5b8f11d6df5fa"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><a name="Signature"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="Signature"></a>SIGNATURE</font></p>
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BROWN &amp; BROWN, INC.</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EMPLOYEE SAVINGS PLAN AND TRUST</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date:&#160;June 25, 2020</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/S/ JAMES LANNI</p>
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">James Lanni</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:3pt;padding-Right:2pt;">
<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Member, Investment Committee of the Brown &amp; Brown, Inc. Employee Savings Plan and Trust </p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="s0de9e6fc8cbe4353b8162778b204f7b"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><a name="Exhibit_Index"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Exhibit_Index"></a>EXHIBIT INDEX</font></p>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit</p>
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<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;margin-left:7pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Document</p>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23.1</p></td>
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<p style="margin-bottom:2pt;margin-top:2pt;margin-left:5pt;;text-indent:0pt;;color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="bro-ex231_6.htm"><font style="text-decoration:underline;">Consent of Independent Registered Certified Public Accounting Firm</font></a></p></td>
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<p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="doc_1_2"></a><a name="s8663156f3a294106925e59da6a67263"></a>&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</a></p></body>
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<DOCUMENT>
<TYPE>EX-23.1
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<FILENAME>bro-ex231_6.htm
<DESCRIPTION>EX-23.1
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 23.1</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk11939454"></a>CONSENT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:7.69%;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We consent to the incorporation by reference in the Registration Statement No. 333-214720 on Form S-8 of our report dated <font style="color:#auto;">June 25, 2020</font>, appearing in this Annual Report on Form 11-K of the <font style="color:#auto;">Brown &amp; Brown, Inc. Employee Savings Plan and Trust </font>for the year ended <font style="color:#auto;">December 31, 2019</font>.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Hancock Askew &amp; Co., LLP</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Savannah, Georgia</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:normal;color:#auto;font-size:10pt;text-transform:none;font-family:Times New Roman;font-style:normal;font-variant: normal;">June 25, 2020</p>
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