Investment Statement
June 30, 2020
Ormond Beach General Employees Pension Plan Diversified Large Growth Equity
Gregory S. Gosch, Institutional Client Services (904) 493-5506
1579 The Greens Way, Suite 20 Jacksonville Beach, FL 32250 www.saw-grass.com Portfolio Review
Portfolio Market Values Portfolio Summary
Change in Portfolio Market Value Asset Class Total Cost Market Value Percent of Assets
Beginning Market Value on 03/31/2020 $5,458,697.98 Equity $4,414,419.90 $6,362,668.07 97.5%
Additions $0.00 Cash & Equivs. $166,387.88 $166,387.88 2.5%
Withdrawals -$155,443.24 TOTAL $4,580,807.78 $6,529,055.95 100%
Investment Gain/Loss $1,233,182.18
Ending Market Value on 06/30/2020 $6,529,055.95
Asset Allocation
Cash & Equivs. 3% Equity 97%
STABILITY | CONSISTENCY | COMMITMENT 2 Portfolio Performance
TOTAL RETURNS FOR SELECT PERIODS Ormond Beach General Employees Pension Plan 06/30/2020
Quarter Year Latest Latest Latest Latest Since To Date To Date One Year Three Year Five Year Ten Year Inception* Total Account 22.65 4.28 15.46 16.41 13.52 - 14.23 Russell 1000 Growth 27.84 9.81 23.28 18.99 15.89 - 15.80 Equities 23.28 4.92 16.41 17.23 14.15 - 14.86 Russell 1000 Growth 27.84 9.81 23.28 18.99 15.89 - 15.80 S&P 500 20.54 -3.08 7.51 10.73 10.73 - 12.62 Fixed Income ------Cash and Equiv. 0.04 0.37 1.64 2.03 1.27 - 0.83 Other ------
*Since Inception 04/25/12 Performance is Gross of Fees unless otherwise noted Returns for periods of one year or longer are annualized
STABILITY | CONSISTENCY | COMMITMENT 3 Portfolio Performance
TOTAL RETURNS GROSS FOR SELECT PERIODS Ormond Beach General Employees Pension Plan 06/30/2020
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0% QTD YTD 1 Year 3 Year 5 Year Since Inception
Portfolio Russell 1000 Growth
*Since Inception 04/25/12 Returns for periods of one year or longer are annualized
STABILITY | CONSISTENCY | COMMITMENT 4 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
Common Stock
Consumer Discretionary
AMAZON COM INC COM 129.00 2,060.14 265,758.51 2,758.82 355,887.78 5.5
COSTCO COMPANIES INC COM 730.00 256.60 187,318.10 303.21 221,343.30 3.4
HOME DEPOT INC COM 620.00 124.32 77,080.48 250.51 155,316.20 2.4
AUTOZONE INC COM 120.00 864.13 103,695.79 1,128.12 135,374.40 2.1
COMCAST CORP NEW CL A 2,490.00 28.11 69,995.40 38.98 97,060.20 1.5
TARGET CORP COM 650.00 120.08 78,053.30 119.93 77,954.50 1.2
TJX COS INC NEW COM 1,450.00 36.80 53,358.96 50.56 73,312.00 1.1
DUNKIN BRANDS GRP INC COM 980.00 64.87 63,570.78 65.23 63,925.40 1.0
DISNEY WALT CO COM 310.00 101.03 31,319.31 111.51 34,568.10 0.5
NIKE INC. CL B. 260.00 59.87 15,566.57 98.05 25,493.00 0.4
Consumer Staples
KEURIG DR PEPPER INC COM 3,190.00 32.18 102,648.43 28.40 90,596.00 1.4
MCCORMICK & CO INC COM NON VTG 760.00 141.71 107,697.50 179.41 136,351.60 2.1
CLOROX CO DEL COM 670.00 164.92 110,493.13 219.37 146,977.90 2.3
Financials
MARSH & MCLENNAN COS COM 1,280.00 58.97 75,485.73 107.37 137,433.60 2.1
Portfolio Holdings as of 06/30/2020
STABILITY | CONSISTENCY | COMMITMENT 5 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
MASTERCARD INC CL A 550.00 69.43 38,184.58 295.70 162,635.00 2.5
FISERV INC COM 930.00 66.63 61,963.83 97.62 90,786.60 1.4
BERKSHIRE HATHAWAY INC CL B 250.00 144.87 36,216.79 178.51 44,627.50 0.7
Health Care
ABBOTT LABS COM 750.00 49.62 37,214.99 91.43 68,572.50 1.1
COOPER COS INC COM NEW 320.00 216.12 69,158.08 283.64 90,764.80 1.4
ABBVIE INC. COM 990.00 65.38 64,725.28 98.18 97,198.20 1.5
JOHNSON & JOHNSON COM 540.00 119.57 64,568.09 140.63 75,940.20 1.2
UNITED HEALTHCARE CORP COM 430.00 126.76 54,506.57 294.95 126,828.50 1.9
CERNER CORP COM 1,850.00 73.12 135,276.43 68.55 126,817.50 1.9
DANAHER CORP COM 710.00 57.24 40,641.99 176.83 125,549.30 1.9
AMGEN INC COM 820.00 204.50 167,688.78 235.86 193,405.20 3.0
Industrials
ACCENTURE PLC-CL A 540.00 170.92 92,298.73 214.72 115,948.80 1.8
LOCKHEED MARTIN CORP COM 290.00 300.40 87,115.51 364.92 105,826.80 1.6
VERISK ANALYTICS INC 590.00 108.10 63,777.56 170.20 100,418.00 1.5
Portfolio Holdings as of 06/30/2020
STABILITY | CONSISTENCY | COMMITMENT 6 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
ILLINOIS TOOL WORKS 540.00 133.07 71,860.29 174.85 94,419.00 1.4
HONEYWELL INTL INC COM 290.00 88.21 25,580.78 144.59 41,931.10 0.6
UNION PAC CORP COM 390.00 112.98 44,062.85 169.07 65,937.30 1.0
EXPEDITORS INTL WASH COM 710.00 61.52 43,677.13 76.04 53,988.40 0.8
REPUBLIC SVCS INC COM 380.00 81.08 30,810.99 82.05 31,179.00 0.5
Information Technology
VMWARE INC CL A COM 270.00 113.00 30,509.32 154.86 41,812.20 0.6
CDW CORP COM 490.00 138.35 67,789.39 116.18 56,928.20 0.9
F5 NETWORKS INC COM 590.00 135.29 79,819.21 139.48 82,293.20 1.3
BROADCOM INC COM 300.00 275.43 82,628.76 315.61 94,683.00 1.5
INTEL CORP COM 1,710.00 52.34 89,502.31 59.83 102,309.30 1.6
ORACLE CORPORATION 3,294.00 50.79 167,312.92 55.27 182,059.38 2.8
CITRIX SYS INC COM 1,100.00 95.37 104,905.40 147.91 162,701.00 2.5
AKAMAI TECHNOLOGIES COM 1,450.00 96.38 139,752.98 107.09 155,280.50 2.4
CISCO SYS INC COM 4,450.00 44.62 198,579.38 46.64 207,548.00 3.2
Portfolio Holdings as of 06/30/2020
STABILITY | CONSISTENCY | COMMITMENT 7 Portfolio Holdings
Security Quantity Unit Cost Total Cost Price Market Value Pct of Assets
ALPHABET INC CL A 230.00 701.73 161,397.76 1,418.05 326,151.50 5.0
FACEBOOK INC CL A 1,050.00 181.59 190,667.73 227.07 238,423.50 3.7
APPLE INC 1,305.00 139.02 181,418.33 364.80 476,064.00 7.3
MICROSOFT CORP COM 2,201.00 74.81 164,666.85 203.51 447,925.51 6.9
Materials
ECOLAB INC COM 334.00 113.12 37,782.74 198.95 66,449.30 1.0
Utilities
VERIZON COMMUNICATIONS COM 2,860.00 51.16 146,315.58 55.13 157,671.80 2.4
Cash and Equivalents
Regions Trust Cash Sweep Institutional 164,383.87 164,383.87 2.5
Dividend Accrual 1,999.58 1,999.58 0.0
Delayed Interest 4.43 4.43 0.0
Accrued Income 0.00 0.0
TOTAL PORTFOLIO $4,580,807.78 $6,529,055.95
Portfolio Holdings as of 06/30/2020
STABILITY | CONSISTENCY | COMMITMENT 8 Income and Expenses
Ex-Date Pay-Date Security Amount
04-02-20 04-17-20 CERNER CORP COM 160.20
04-02-20 04-22-20 CISCO SYS INC COM 1,256.40
04-02-20 04-17-20 KEURIG DR PEPPER INC COM 490.50
04-07-20 05-15-20 MARSH & MCLENNAN COS COM 596.05
04-08-20 05-08-20 MASTERCARD INC CL A 264.00
04-08-20 04-23-20 ORACLE CORPORATION 375.36
04-09-20 04-27-20 MCCORMICK & CO INC COM NON VTG 186.00
04-09-20 05-01-20 VERIZON COMMUNICATIONS COM 1,033.20
04-13-20 04-13-20 Custody Fee -443.24
04-14-20 05-15-20 ABBVIE INC. COM 1,191.80
04-14-20 05-15-20 ABBOTT LABS COM 277.20
04-15-20 05-15-20 ACCENTURE PLC-CL A 272.00
04-21-20 05-08-20 CLOROX CO DEL COM 434.60
04-30-20 05-15-20 COSTCO COMPANIES INC COM 196.00
04-30-20 04-30-20 Regions Trust Cash Sweep Institutional 18.05
04-30-20 04-30-20 Regions Trust Cash Sweep Institutional 0.02
05-06-20 06-01-20 INTEL CORP COM 577.50
05-08-20 05-14-20 APPLE INC 1,406.30
05-14-20 06-05-20 HONEYWELL INTL INC COM 909.00
05-15-20 06-08-20 AMGEN INC COM 800.00
05-18-20 05-18-20 ACCENTURE PLC-CL A -2.72
05-20-20 06-11-20 MICROSOFT CORP COM 1,540.71
05-21-20 06-10-20 CDW CORP COM 190.00
05-22-20 06-09-20 JOHNSON & JOHNSON COM 555.50
STABILITY | CONSISTENCY | COMMITMENT 9 Income and Expenses
Ex-Date Pay-Date Security Amount
05-28-20 06-30-20 UNION PAC CORP COM 388.00
05-29-20 06-15-20 EXPEDITORS INTL WASH COM 379.60
05-29-20 06-26-20 LOCKHEED MARTIN CORP COM 720.00
05-29-20 07-01-20 NIKE INC. CL B. 66.15
05-31-20 05-31-20 Regions Trust Cash Sweep Institutional 5.51
05-31-20 05-31-20 Regions Trust Cash Sweep Institutional 0.01
06-03-20 06-18-20 HOME DEPOT INC COM 960.00
06-04-20 07-17-20 CERNER CORP COM 232.20
06-04-20 06-19-20 CITRIX SYS INC COM 301.00
06-12-20 06-30-20 VERISK ANALYTICS INC 108.00
06-15-20 07-15-20 ECOLAB INC COM 236.88
06-19-20 06-30-20 BROADCOM INC COM 1,007.50
06-19-20 06-30-20 UNITED HEALTHCARE CORP COM 550.00
06-25-20 07-31-20 DANAHER CORP COM 131.40
06-29-20 07-15-20 ILLINOIS TOOL WORKS 588.50
06-30-20 07-22-20 COMCAST CORP NEW CL A 586.50
06-30-20 07-15-20 REPUBLIC SVCS INC COM 157.95
06-30-20 06-30-20 Regions Trust Cash Sweep Institutional 4.43
06-30-20 06-30-20 Management Fees -8,711.65
NET INCOME 9,996.41
STABILITY | CONSISTENCY | COMMITMENT 10 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Purchases
04-06-20 04-08-20 40.00 AMAZON COM INC COM 1,971.30 78,852.10
04-06-20 04-08-20 1,070.00 CISCO SYS INC COM 40.86 43,717.74
04-06-20 04-08-20 240.00 INTEL CORP COM 57.43 13,783.25
04-06-20 04-08-20 170.00 VMWARE INC CL A COM 122.24 20,780.72
04-17-20 04-21-20 210.00 ACCENTURE PLC-CL A 174.09 36,559.22
04-17-20 04-21-20 400.00 CERNER CORP COM 69.85 27,938.96
04-23-20 04-27-20 49.00 AMAZON COM INC COM 2,402.07 117,701.30
05-19-20 05-21-20 220.00 AMGEN INC COM 229.19 50,421.45
05-19-20 05-21-20 840.00 VERIZON COMMUNICATIONS COM 55.20 46,369.01
05-20-20 05-22-20 170.00 COSTCO COMPANIES INC COM 304.71 51,801.06
05-26-20 05-28-20 120.00 AMGEN INC COM 225.06 27,006.80
05-26-20 05-28-20 150.00 COSTCO COMPANIES INC COM 305.55 45,833.16
06-01-20 06-03-20 510.00 AKAMAI TECHNOLOGIES COM 106.09 54,104.47
06-17-20 06-19-20 260.00 AKAMAI TECHNOLOGIES COM 101.15 26,297.99
06-17-20 06-19-20 610.00 CERNER CORP COM 69.87 42,620.76
06-17-20 06-19-20 140.00 CLOROX CO DEL COM 210.40 29,455.65
06-17-20 06-19-20 80.00 COSTCO COMPANIES INC COM 300.76 24,060.70
06-17-20 06-19-20 160.00 MCCORMICK & CO INC COM NON VTG 174.28 27,884.13
06-17-20 06-19-20 1,810.00 ORACLE CORPORATION 53.30 96,478.79
06-24-20 06-26-20 270.00 CITRIX SYS INC COM 142.56 38,492.04
STABILITY | CONSISTENCY | COMMITMENT 11 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Purchases
06-24-20 06-26-20 140.00 CLOROX CO DEL COM 213.02 29,822.53
06-24-20 06-26-20 600.00 F5 NETWORKS INC COM 135.29 81,172.08
06-24-20 06-26-20 320.00 MCCORMICK & CO INC COM NON VTG 173.38 55,481.98
06-24-20 06-26-20 670.00 TARGET CORP COM 120.08 80,454.94
06-26-20 06-30-20 20.00 AUTOZONE INC COM 1,103.69 22,073.89
06-26-20 06-30-20 70.00 COSTCO COMPANIES INC COM 297.56 20,829.40
06-26-20 06-30-20 200.00 VERISK ANALYTICS INC 164.15 32,830.16
06-26-20 06-30-20 410.00 VERIZON COMMUNICATIONS COM 53.00 21,729.92
Total Purchases 1,244,554.20
Sales
04-06-20 04-08-20 1,790.00 ORACLE CORPORATION 50.88 91,068.35
04-06-20 04-08-20 730.00 PAYCHEX INC COM 64.19 46,857.88
04-06-20 04-08-20 1,290.00 TJX COS INC NEW COM 46.19 59,589.20
04-06-20 04-08-20 400.00 VARIAN MEDICAL SYSTEMS INC 104.15 41,660.35
04-17-20 04-21-20 520.00 DUNKIN BRANDS GRP INC COM 60.33 31,372.04
04-17-20 04-21-20 660.00 PAYCHEX INC COM 66.21 43,701.46
04-17-20 04-21-20 260.00 UNION PAC CORP COM 148.66 38,650.77
05-19-20 05-21-20 210.00 BROADCOM INC COM 273.33 57,398.43
05-19-20 05-21-20 420.00 FISERV INC COM 104.95 44,079.87
05-19-20 05-21-20 340.00 HOME DEPOT INC COM 240.45 81,752.45
05-19-20 05-21-20 460.00 HONEYWELL INTL INC COM 133.96 61,623.08
05-26-20 05-28-20 900.00 ALLSTATE CORP COM 94.96 85,460.22
STABILITY | CONSISTENCY | COMMITMENT 12 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Sales
05-26-20 05-28-20 90.00 FACEBOOK INC CL A 234.47 21,102.44
05-26-20 05-28-20 100.00 MASTERCARD INC CL A 303.82 30,381.62
05-26-20 05-28-20 340.00 REPUBLIC SVCS INC COM 83.06 28,241.47
05-26-20 05-28-20 150.00 VMWARE INC CL A COM 138.26 20,738.63
06-16-20 06-18-20 140.00 BROADCOM INC COM 309.39 43,314.17
06-16-20 06-18-20 230.00 DISNEY WALT CO COM 117.58 27,043.03
06-16-20 06-18-20 160.00 ECOLAB INC COM 206.46 33,034.32
06-16-20 06-18-20 250.00 HONEYWELL INTL INC COM 148.46 37,115.30
06-16-20 06-18-20 380.00 REPUBLIC SVCS INC COM 82.80 31,463.64
06-16-20 06-18-20 180.00 VMWARE INC CL A COM 139.28 25,069.82
06-23-20 06-25-20 30.00 AMAZON COM INC COM 2,759.58 82,787.29
06-23-20 06-25-20 380.00 APPLE INC 365.46 138,873.67
06-23-20 06-25-20 770.00 MICROSOFT CORP COM 202.28 155,757.62
06-30-20 07-02-20 20.00 ABBOTT LABS COM 89.89 1,797.86
06-30-20 07-02-20 20.00 ABBVIE INC. COM 96.78 1,935.61
06-30-20 07-02-20 10.00 ACCENTURE PLC-CL A 214.31 2,143.15
06-30-20 07-02-20 40.00 AKAMAI TECHNOLOGIES COM 105.86 4,234.52
06-30-20 07-02-20 10.00 ALPHABET INC CL A 1,402.06 14,020.63
06-30-20 07-02-20 20.00 AMGEN INC COM 232.91 4,658.20
06-30-20 07-02-20 30.00 APPLE INC 365.45 10,963.49
06-30-20 07-02-20 10.00 BERKSHIRE HATHAWAY INC CL B 177.49 1,774.86
STABILITY | CONSISTENCY | COMMITMENT 13 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Sales
06-30-20 07-02-20 10.00 BROADCOM INC COM 315.99 3,159.93
06-30-20 07-02-20 10.00 CDW CORP COM 115.32 1,153.17
06-30-20 07-02-20 50.00 CERNER CORP COM 67.94 3,396.92
06-30-20 07-02-20 110.00 CISCO SYS INC COM 46.48 5,112.54
06-30-20 07-02-20 30.00 CITRIX SYS INC COM 147.59 4,427.74
06-30-20 07-02-20 20.00 CLOROX CO DEL COM 216.51 4,330.30
06-30-20 07-02-20 60.00 COMCAST CORP NEW CL A 38.65 2,319.24
06-30-20 07-02-20 10.00 COOPER COS INC COM NEW 278.37 2,783.73
06-30-20 07-02-20 20.00 COSTCO COMPANIES INC COM 300.48 6,009.67
06-30-20 07-02-20 20.00 DANAHER CORP COM 174.47 3,489.42
06-30-20 07-02-20 10.00 DISNEY WALT CO COM 111.32 1,113.17
06-30-20 07-02-20 20.00 DUNKIN BRANDS GRP INC COM 65.11 1,302.17
06-30-20 07-02-20 10.00 ECOLAB INC COM 196.25 1,962.55
06-30-20 07-02-20 20.00 EXPEDITORS INTL WASH COM 75.22 1,504.36
06-30-20 07-02-20 10.00 F5 NETWORKS INC COM 139.34 1,393.36
06-30-20 07-02-20 30.00 FACEBOOK INC CL A 222.62 6,678.60
06-30-20 07-02-20 20.00 FISERV INC COM 96.82 1,936.45
06-30-20 07-02-20 20.00 HOME DEPOT INC COM 248.39 4,967.79
06-30-20 07-02-20 10.00 HONEYWELL INTL INC COM 143.74 1,437.36
06-30-20 07-02-20 10.00 ILLINOIS TOOL WORKS 173.47 1,734.68
06-30-20 07-02-20 40.00 INTEL CORP COM 59.36 2,374.54
STABILITY | CONSISTENCY | COMMITMENT 14 Purchase and Sale
Trade Date Settle Date Quantity Security Unit Price Amount
Sales
06-30-20 07-02-20 10.00 JOHNSON & JOHNSON COM 138.92 1,389.16
06-30-20 07-02-20 80.00 KEURIG DR PEPPER INC COM 28.24 2,259.55
06-30-20 07-02-20 10.00 LOCKHEED MARTIN CORP COM 366.05 3,660.47
06-30-20 07-02-20 30.00 MARSH & MCLENNAN COS COM 106.23 3,186.81
06-30-20 07-02-20 10.00 MASTERCARD INC CL A 292.80 2,927.98
06-30-20 07-02-20 20.00 MCCORMICK & CO INC COM NON VTG 179.19 3,583.78
06-30-20 07-02-20 50.00 MICROSOFT CORP COM 201.15 10,057.27
06-30-20 07-02-20 10.00 NIKE INC. CL B. 96.80 968.02
06-30-20 07-02-20 80.00 ORACLE CORPORATION 54.77 4,381.90
06-30-20 07-02-20 10.00 REPUBLIC SVCS INC COM 81.17 811.73
06-30-20 07-02-20 20.00 TARGET CORP COM 119.16 2,383.24
06-30-20 07-02-20 40.00 TJX COS INC NEW COM 50.34 2,013.55
06-30-20 07-02-20 10.00 UNION PAC CORP COM 167.05 1,670.48
06-30-20 07-02-20 10.00 UNITED HEALTHCARE CORP COM 290.22 2,902.21
06-30-20 07-02-20 10.00 VERISK ANALYTICS INC 168.27 1,682.71
06-30-20 07-02-20 70.00 VERIZON COMMUNICATIONS COM 54.70 3,829.26
06-30-20 07-02-20 10.00 VMWARE INC CL A COM 155.99 1,559.86
Total Sales 1,511,521.11
STABILITY | CONSISTENCY | COMMITMENT 15 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 04/01/2020 04/01/2020 $486.00 wd Dividend Accrual 04/01/2020 04/01/2020 $66.15 wd Dividend Accrual 04/01/2020 04/01/2020 $815.90 wd Delayed Interest 04/01/2020 04/01/2020 $25.69 wd Delayed Interest 04/01/2020 04/01/2020 $0.03 dv CERNER CORP COM 04/02/2020 04/17/2020 $160.20 dv KEURIG DR PEPPER INC COM 04/02/2020 04/17/2020 $490.50 dv CISCO SYS INC COM 04/02/2020 04/22/2020 $1,256.40 by INTEL CORP COM 04/06/2020 04/08/2020 240.00 $13,783.25 by AMAZON COM INC COM 04/06/2020 04/08/2020 40.00 $78,852.10 by CISCO SYS INC COM 04/06/2020 04/08/2020 1,070.00 $43,717.74 by VMWARE INC CL A COM 04/06/2020 04/08/2020 170.00 $20,780.72 sl PAYCHEX INC COM 04/06/2020 04/08/2020 730.00 $46,857.88 sl ORACLE CORPORATION 04/06/2020 04/08/2020 1,790.00 $91,068.35 sl TJX COS INC NEW COM 04/06/2020 04/08/2020 1,290.00 $59,589.20 sl VARIAN MEDICAL SYSTEMS INC 04/06/2020 04/08/2020 400.00 $41,660.35 dv MARSH & MCLENNAN COS COM 04/07/2020 05/15/2020 $596.05 dv ORACLE CORPORATION 04/08/2020 04/23/2020 $375.36 dv MASTERCARD INC CL A 04/08/2020 05/08/2020 $264.00 dv MCCORMICK & CO INC COM NON VTG 04/09/2020 04/27/2020 $186.00 dv VERIZON COMMUNICATIONS COM 04/09/2020 05/01/2020 $1,033.20 dp Custody Fee 04/13/2020 04/13/2020 $443.24 dv ABBVIE INC. COM 04/14/2020 05/15/2020 $1,191.80 dv ABBOTT LABS COM 04/14/2020 05/15/2020 $277.20 wd Dividend Accrual 04/15/2020 04/15/2020 $236.88 wd Dividend Accrual 04/15/2020 04/15/2020 $588.50 wd Dividend Accrual 04/15/2020 04/15/2020 $449.55 dv ACCENTURE PLC-CL A 04/15/2020 05/15/2020 $272.00
STABILITY | CONSISTENCY | COMMITMENT 16 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 04/17/2020 04/17/2020 $160.20 wd Dividend Accrual 04/17/2020 04/17/2020 $490.50 by ACCENTURE PLC-CL A 04/17/2020 04/21/2020 210.00 $36,559.22 by CERNER CORP COM 04/17/2020 04/21/2020 400.00 $27,938.96 sl PAYCHEX INC COM 04/17/2020 04/21/2020 660.00 $43,701.46 sl UNION PAC CORP COM 04/17/2020 04/21/2020 260.00 $38,650.77 sl DUNKIN BRANDS GRP INC COM 04/17/2020 04/21/2020 520.00 $31,372.04 dv CLOROX CO DEL COM 04/21/2020 05/08/2020 $434.60 wd Dividend Accrual 04/22/2020 04/22/2020 $586.50 wd Dividend Accrual 04/22/2020 04/22/2020 $1,256.40 wd Dividend Accrual 04/23/2020 04/23/2020 $375.36 by AMAZON COM INC COM 04/23/2020 04/27/2020 49.00 $117,701.30 wd Dividend Accrual 04/24/2020 04/24/2020 $131.40 wd Dividend Accrual 04/27/2020 04/27/2020 $186.00 wd Regions Trust Cash Sweep Institutional 04/27/2020 04/27/2020 $7,380.97 in Regions Trust Cash Sweep Institutional 04/30/2020 04/30/2020 $18.05 in Regions Trust Cash Sweep Institutional 04/30/2020 04/30/2020 $0.02 dv COSTCO COMPANIES INC COM 04/30/2020 05/15/2020 $196.00 wd Dividend Accrual 05/01/2020 05/01/2020 $1,033.20 wd Delayed Interest 05/01/2020 05/01/2020 $18.05 wd Delayed Interest 05/01/2020 05/01/2020 $0.02 dv INTEL CORP COM 05/06/2020 06/01/2020 $577.50 wd Dividend Accrual 05/08/2020 05/08/2020 $264.00 wd Dividend Accrual 05/08/2020 05/08/2020 $434.60 dv APPLE INC 05/08/2020 05/14/2020 $1,406.30 wd Dividend Accrual 05/14/2020 05/14/2020 $1,406.30 dv HONEYWELL INTL INC COM 05/14/2020 06/05/2020 $909.00 wd Dividend Accrual 05/15/2020 05/15/2020 $596.05
STABILITY | CONSISTENCY | COMMITMENT 17 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 05/15/2020 05/15/2020 $1,191.80 wd Dividend Accrual 05/15/2020 05/15/2020 $277.20 wd Dividend Accrual 05/15/2020 05/15/2020 $196.00 wd Dividend Accrual 05/15/2020 05/15/2020 $272.00 dv AMGEN INC COM 05/15/2020 06/08/2020 $800.00 dv ACCENTURE PLC-CL A 05/18/2020 05/18/2020 -$2.72 by VERIZON COMMUNICATIONS COM 05/19/2020 05/21/2020 840.00 $46,369.01 by AMGEN INC COM 05/19/2020 05/21/2020 220.00 $50,421.45 sl HOME DEPOT INC COM 05/19/2020 05/21/2020 340.00 $81,752.45 sl BROADCOM INC COM 05/19/2020 05/21/2020 210.00 $57,398.43 sl FISERV INC COM 05/19/2020 05/21/2020 420.00 $44,079.87 sl HONEYWELL INTL INC COM 05/19/2020 05/21/2020 460.00 $61,623.08 by COSTCO COMPANIES INC COM 05/20/2020 05/22/2020 170.00 $51,801.06 dv MICROSOFT CORP COM 05/20/2020 06/11/2020 $1,540.71 dv CDW CORP COM 05/21/2020 06/10/2020 $190.00 dv JOHNSON & JOHNSON COM 05/22/2020 06/09/2020 $555.50 by AMGEN INC COM 05/26/2020 05/28/2020 120.00 $27,006.80 by COSTCO COMPANIES INC COM 05/26/2020 05/28/2020 150.00 $45,833.16 sl FACEBOOK INC CL A 05/26/2020 05/28/2020 90.00 $21,102.44 sl MASTERCARD INC CL A 05/26/2020 05/28/2020 100.00 $30,381.62 sl REPUBLIC SVCS INC COM 05/26/2020 05/28/2020 340.00 $28,241.47 sl VMWARE INC CL A COM 05/26/2020 05/28/2020 150.00 $20,738.63 sl ALLSTATE CORP COM 05/26/2020 05/28/2020 900.00 $85,460.22 dv UNION PAC CORP COM 05/28/2020 06/30/2020 $388.00 dv EXPEDITORS INTL WASH COM 05/29/2020 06/15/2020 $379.60 dv LOCKHEED MARTIN CORP COM 05/29/2020 06/26/2020 $720.00 dv NIKE INC. CL B. 05/29/2020 07/01/2020 $66.15 in Regions Trust Cash Sweep Institutional 05/31/2020 05/31/2020 $5.51
STABILITY | CONSISTENCY | COMMITMENT 18 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount in Regions Trust Cash Sweep Institutional 05/31/2020 05/31/2020 $0.01 wd Dividend Accrual 06/01/2020 06/01/2020 $577.50 wd Delayed Interest 06/01/2020 06/01/2020 $5.51 wd Delayed Interest 06/01/2020 06/01/2020 $0.01 by AKAMAI TECHNOLOGIES COM 06/01/2020 06/03/2020 510.00 $54,104.47 dv HOME DEPOT INC COM 06/03/2020 06/18/2020 $960.00 dv CITRIX SYS INC COM 06/04/2020 06/19/2020 $301.00 dv CERNER CORP COM 06/04/2020 07/17/2020 $232.20 wd Dividend Accrual 06/05/2020 06/05/2020 $909.00 wd Dividend Accrual 06/08/2020 06/08/2020 $800.00 wd Dividend Accrual 06/09/2020 06/09/2020 $555.50 wd Dividend Accrual 06/10/2020 06/10/2020 $190.00 wd Dividend Accrual 06/11/2020 06/11/2020 $1,540.71 dv VERISK ANALYTICS INC 06/12/2020 06/30/2020 $108.00 wd Dividend Accrual 06/15/2020 06/15/2020 $379.60 dv ECOLAB INC COM 06/15/2020 07/15/2020 $236.88 sl REPUBLIC SVCS INC COM 06/16/2020 06/18/2020 380.00 $31,463.64 sl DISNEY WALT CO COM 06/16/2020 06/18/2020 230.00 $27,043.03 sl HONEYWELL INTL INC COM 06/16/2020 06/18/2020 250.00 $37,115.30 sl BROADCOM INC COM 06/16/2020 06/18/2020 140.00 $43,314.17 sl ECOLAB INC COM 06/16/2020 06/18/2020 160.00 $33,034.32 sl VMWARE INC CL A COM 06/16/2020 06/18/2020 180.00 $25,069.82 by ORACLE CORPORATION 06/17/2020 06/19/2020 1,810.00 $96,478.79 by CERNER CORP COM 06/17/2020 06/19/2020 610.00 $42,620.76 by AKAMAI TECHNOLOGIES COM 06/17/2020 06/19/2020 260.00 $26,297.99 by CLOROX CO DEL COM 06/17/2020 06/19/2020 140.00 $29,455.65 by COSTCO COMPANIES INC COM 06/17/2020 06/19/2020 80.00 $24,060.70 by MCCORMICK & CO INC COM NON VTG 06/17/2020 06/19/2020 160.00 $27,884.13
STABILITY | CONSISTENCY | COMMITMENT 19 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount wd Dividend Accrual 06/18/2020 06/18/2020 $960.00 wd Dividend Accrual 06/19/2020 06/19/2020 $301.00 dv BROADCOM INC COM 06/19/2020 06/30/2020 $1,007.50 dv UNITED HEALTHCARE CORP COM 06/19/2020 06/30/2020 $550.00 sl APPLE INC 06/23/2020 06/25/2020 380.00 $138,873.67 sl MICROSOFT CORP COM 06/23/2020 06/25/2020 770.00 $155,757.62 sl AMAZON COM INC COM 06/23/2020 06/25/2020 30.00 $82,787.29 by F5 NETWORKS INC COM 06/24/2020 06/26/2020 600.00 $81,172.08 by TARGET CORP COM 06/24/2020 06/26/2020 670.00 $80,454.94 by CLOROX CO DEL COM 06/24/2020 06/26/2020 140.00 $29,822.53 by MCCORMICK & CO INC COM NON VTG 06/24/2020 06/26/2020 320.00 $55,481.98 by CITRIX SYS INC COM 06/24/2020 06/26/2020 270.00 $38,492.04 dv DANAHER CORP COM 06/25/2020 07/31/2020 $131.40 wd Dividend Accrual 06/26/2020 06/26/2020 $720.00 by VERISK ANALYTICS INC 06/26/2020 06/30/2020 200.00 $32,830.16 by COSTCO COMPANIES INC COM 06/26/2020 06/30/2020 70.00 $20,829.40 by VERIZON COMMUNICATIONS COM 06/26/2020 06/30/2020 410.00 $21,729.92 by AUTOZONE INC COM 06/26/2020 06/30/2020 20.00 $22,073.89 dv ILLINOIS TOOL WORKS 06/29/2020 07/15/2020 $588.50 lo Regions Trust Cash Sweep Institutional 06/30/2020 $155,000.00 wd Dividend Accrual 06/30/2020 06/30/2020 $388.00 wd Dividend Accrual 06/30/2020 06/30/2020 $108.00 wd Dividend Accrual 06/30/2020 06/30/2020 $1,007.50 wd Dividend Accrual 06/30/2020 06/30/2020 $550.00 in Regions Trust Cash Sweep Institutional 06/30/2020 06/30/2020 $4.43 dp Management Fees 06/30/2020 06/30/2020 $8,711.65 sl APPLE INC 06/30/2020 07/02/2020 30.00 $10,963.49 sl ABBOTT LABS COM 06/30/2020 07/02/2020 20.00 $1,797.86
STABILITY | CONSISTENCY | COMMITMENT 20 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount sl ABBVIE INC. COM 06/30/2020 07/02/2020 20.00 $1,935.61 sl ACCENTURE PLC-CL A 06/30/2020 07/02/2020 10.00 $2,143.15 sl AKAMAI TECHNOLOGIES COM 06/30/2020 07/02/2020 40.00 $4,234.52 sl ALPHABET INC CL A 06/30/2020 07/02/2020 10.00 $14,020.63 sl AMGEN INC COM 06/30/2020 07/02/2020 20.00 $4,658.20 sl BERKSHIRE HATHAWAY INC CL B 06/30/2020 07/02/2020 10.00 $1,774.86 sl BROADCOM INC COM 06/30/2020 07/02/2020 10.00 $3,159.93 sl CDW CORP COM 06/30/2020 07/02/2020 10.00 $1,153.17 sl CERNER CORP COM 06/30/2020 07/02/2020 50.00 $3,396.92 sl CISCO SYS INC COM 06/30/2020 07/02/2020 110.00 $5,112.54 sl CITRIX SYS INC COM 06/30/2020 07/02/2020 30.00 $4,427.74 sl CLOROX CO DEL COM 06/30/2020 07/02/2020 20.00 $4,330.30 sl COMCAST CORP NEW CL A 06/30/2020 07/02/2020 60.00 $2,319.24 sl COOPER COS INC COM NEW 06/30/2020 07/02/2020 10.00 $2,783.73 sl COSTCO COMPANIES INC COM 06/30/2020 07/02/2020 20.00 $6,009.67 sl DANAHER CORP COM 06/30/2020 07/02/2020 20.00 $3,489.42 sl DISNEY WALT CO COM 06/30/2020 07/02/2020 10.00 $1,113.17 sl DUNKIN BRANDS GRP INC COM 06/30/2020 07/02/2020 20.00 $1,302.17 sl ECOLAB INC COM 06/30/2020 07/02/2020 10.00 $1,962.55 sl EXPEDITORS INTL WASH COM 06/30/2020 07/02/2020 20.00 $1,504.36 sl F5 NETWORKS INC COM 06/30/2020 07/02/2020 10.00 $1,393.36 sl FACEBOOK INC CL A 06/30/2020 07/02/2020 30.00 $6,678.60 sl FISERV INC COM 06/30/2020 07/02/2020 20.00 $1,936.45 sl HOME DEPOT INC COM 06/30/2020 07/02/2020 20.00 $4,967.79 sl HONEYWELL INTL INC COM 06/30/2020 07/02/2020 10.00 $1,437.36 sl ILLINOIS TOOL WORKS 06/30/2020 07/02/2020 10.00 $1,734.68 sl INTEL CORP COM 06/30/2020 07/02/2020 40.00 $2,374.54 sl JOHNSON & JOHNSON COM 06/30/2020 07/02/2020 10.00 $1,389.16
STABILITY | CONSISTENCY | COMMITMENT 21 Transaction Summary
Trans Code Security Trade Date Settle Date Quantity Amount sl LOCKHEED MARTIN CORP COM 06/30/2020 07/02/2020 10.00 $3,660.47 sl MARSH & MCLENNAN COS COM 06/30/2020 07/02/2020 30.00 $3,186.81 sl MASTERCARD INC CL A 06/30/2020 07/02/2020 10.00 $2,927.98 sl MCCORMICK & CO INC COM NON VTG 06/30/2020 07/02/2020 20.00 $3,583.78 sl MICROSOFT CORP COM 06/30/2020 07/02/2020 50.00 $10,057.27 sl NIKE INC. CL B. 06/30/2020 07/02/2020 10.00 $968.02 sl ORACLE CORPORATION 06/30/2020 07/02/2020 80.00 $4,381.90 sl REPUBLIC SVCS INC COM 06/30/2020 07/02/2020 10.00 $811.73 sl TARGET CORP COM 06/30/2020 07/02/2020 20.00 $2,383.24 sl TJX COS INC NEW COM 06/30/2020 07/02/2020 40.00 $2,013.55 sl UNION PAC CORP COM 06/30/2020 07/02/2020 10.00 $1,670.48 sl UNITED HEALTHCARE CORP COM 06/30/2020 07/02/2020 10.00 $2,902.21 sl VERISK ANALYTICS INC 06/30/2020 07/02/2020 10.00 $1,682.71 sl VERIZON COMMUNICATIONS COM 06/30/2020 07/02/2020 70.00 $3,829.26 sl VMWARE INC CL A COM 06/30/2020 07/02/2020 10.00 $1,559.86 sl KEURIG DR PEPPER INC COM 06/30/2020 07/02/2020 80.00 $2,259.55 dv REPUBLIC SVCS INC COM 06/30/2020 07/15/2020 $157.95 dv COMCAST CORP NEW CL A 06/30/2020 07/22/2020 $586.50
STABILITY | CONSISTENCY | COMMITMENT 22 Important Information
• This statement includes information and data obtained from third party sources, which we believe to be reliable. However, we cannot guarantee the accuracy or completeness of such information.
• We strongly encourage you to compare this statement with that received directly from your custodian. Please refer to your custodian for official cost basis and tax reporting.
• Documents can be used only for non-commercial purposes. Documents may not be associated with any illegal, unethical, or immoral activity. Documents may be used only for informational purposes.
• Detailed information about our Firm is contained in our ADV Part 2 (Disclosure Brochure) which may be obtained by phoning us at (904)493-5500.
• Sawgrass Asset Management has managed your portfolio in compliance with the criteria set forth in your investment guidelines.
STABILITY | CONSISTENCY | COMMITMENT 23 Financial Review & Outlook June 30, 2020 Volume 23; Issue 2
Equity Market: Quarter in Review 2nd Quarter Scorecard Table 1 • The second quarter came and went without a Coronavirus vaccine, but stimulus packages from the Index Quarter 1 Year Fed and Congress turned out to be the cure for an ailing stock market as the S&P soared over 20% to produce its strongest quarterly gain in 21 years. S&P 500 20.5 7.5 • Most of the gains occurred during the first two months of the quarter as April’s strong 13% returns elongated the bounce off the market lows in March and a further 5% rise in May solidified the V- Russell 1000 21.8 7.5 shape recovery in stocks. • The move higher this quarter was more textbook-like as small cap stocks vastly outperformed large Russell 2000 25.4 -6.6 caps (Russell 2000 +25%), and the best performing factor groups were high beta, growth, and momentum stocks while low-volatility stocks lagged most. Russell 3000 Growth 28.0 21.9 • Fed Chair Powell’s insistence that the Fed has both the intentions and capability to support the economic recovery gave investors confidence to rally the market despite little visibility on Russell 3000 Value 14.6 -9.4 corporate earnings growth, historically high unemployment, and still weak retail sales numbers. • Optimism around potential vaccines and the re-opening of most state economies also helped boost Barclays Capital US Aggregate 2.9 8.7 the market early on in the quarter while the FOMO (fear of missing out) trade likely propelled stocks throughout May and June even as COVID cases began to rise. 3 Month T-Bills 0.0 1.6 • Large cap tech stocks continued their dominance for the year as the Nasdaq rose 31% in 3 months led by persistently stellar price appreciation in index giants Apple, Microsoft, Amazon and Source: Bloomberg & Russell Investments Facebook. Equity Market: The Quarter Ahead • While a 20% rise in one quarter is an amazing feat, the market has yet to break even for the year and has significant room to go before it eclipses the mid-February peak. • As momentum from the rebound rally begins to fade, investors will be faced with unresolved non- COVID related issues that may bring uncertainty and its tangible byproduct, volatility, back to the forefront of the trading floor (or rather trading apps). • Simmering US-China tensions, the threat of post-election tax reform, Congressional spats over future stimulus packages, and potential state closures are just some of the many issues that investors could struggle with in determining whether the market continues to present attractive opportunities. • The bull case for the market from this point is that negative Coronavirus impacts are already priced in and investors will rally behind any exceeded expectations as evidenced by recent positive reactions to better than expected (but still weak) jobs data and retail sales numbers. • With the Fed’s pledged support and vast room for economic improvement, the path of least resistance for the market seems to be higher but the enduring COVID pandemic could produce enough detours to direct the market back on a downhill path. www.saw-grass.com | (904) 493-5500 Fixed Income Market Graph 1 • The second quarter proved to be a battle between the effects of COVID-19 Corporate Bond Spread and the steps that were taken to try and minimize the damage, in both monetary and fiscal policy terms. Towards the end of the first quarter, the actions to unfreeze the credit markets had a substantial effect in bringing some normalcy back to markets. This trend continued into April and beyond. From an economic standpoint, the quarter included an unprecedented job loss of 19.5 million in April, followed up by a surprising gain of 2.5 million in May. The wild swings in the labor market were emblematic of the overall muddled picture of an economy in flux. • Even with low yields brought on by a prior flight to quality in the first quarter, the Barclays Aggregate still returned 2.90% for the second quarter. Most of the performance can be attributed to the corporate bond space as the investment grade corporate bond index tightened by 145bps (Graph 1). Graph 2 Unemployment • Coming off the widest levels seen in late March, this drastic move in spreads was led by a combination of optimism and the Federal Reserve announcing they would be buying investment grade corporate bonds for the first time in history. A total of $750B has been allocated to create an index of bonds with maturities of five years and less and that meet other criteria of high grade issuers. This bond purchase program and the Fed’s mantra to “do whatever it takes” seems to have provided a floor for most risk assets. • Interest rates have remained somewhat stable amidst the uncertainty, partially due to the Federal Reserve stating that their target rate will be zero for the foreseeable future. Prior periods that reflected a mostly flat curve, and even an inversion in the 2 year/10 year Treasury curve last August, have made way for a steady steepening of the yield curve on the Source: Bloomberg hope that the economy has come off its low point. Interest Rate Summary Table 2 • As we head into the second half of the 2020, virus concerns endure, and Quarter 12-Month the unemployment rate remains historically high at 13.3% (Graph 2). The 6/30/2019 3/31/2020 6/30/2020 Change Change most optimistic outlook of a direct V-shaped recovery appears unlikely. 3 Month T-Bills 2.1 0.1 0.1 0.1 -2.0 While the Federal Reserve has shown a dedication to keeping the economy 5 Yr Treasury 1.8 0.4 0.3 -0.1 -1.5 afloat, future shutdowns could prove to be significant deterrents to 10 Yr Treasury 2.0 0.7 0.7 0.0 -1.3 growth. Amidst this uncertainty, we expect further volatility until there is a semblance of clarity on how the economy can handle COVID-19. 30 Yr Treasury 2.5 1.3 1.4 0.1 -1.1 5 Yr Corporate (A) 2.4 3.1 1.2 -1.9 -1.3 www.saw-grass.com | (904) 493-5500 10 Yr Corporate (A) 2.8 3.1 1.9 -1.2 -0.9 30 Yr Fixed Rate The opinions expressed herein are subject to change. Mortgage 3.8 3.9 3.3 -0.6 -0.5