SAWGRASS FUND LLC
N-30D, 2000-09-08
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                              SAWGRASS FUND, L.L.C.

                              FINANCIAL STATEMENTS

                           PERIOD FROM MARCH 15, 2000
                          (COMMENCEMENT OF OPERATIONS)
                                TO JUNE 30, 2000
                                   (UNAUDITED)

<PAGE>

                              SAWGRASS FUND, L.L.C.

                              FINANCIAL STATEMENTS


                           PERIOD FROM MARCH 15, 2000
                          (COMMENCEMENT OF OPERATIONS)
                                TO JUNE 30, 2000

                                   (UNAUDITED)






                                    CONTENTS


Statement of Assets, Liabilities and Members' Capital......................   1
Statement of Operations....................................................   2
Statement of Changes in Members' Capital - Net Assets......................   3
Notes to Financial Statements..............................................   4
Schedule of Portfolio Investments..........................................  11
Schedule of Securities Sold, Not Yet Purchased.............................  15
Schedule of Written Options................................................  17
<PAGE>

SAWGRASS FUND, L.L.C.

STATEMENT OF ASSETS, LIABILITIES AND MEMBERS' CAPITAL (IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                               JUNE 30, 2000
                                                                                (UNAUDITED)
<S>                                                                               <C>
Assets

Investments in securities, at market (identified cost - $98,502)                  $110,714
Due from broker                                                                      1,243
Dividends receivable                                                                     1
Interest receivable                                                                    100
                                                                                  --------

     TOTAL ASSETS                                                                  112,058
                                                                                  --------

LIABILITIES

Securities sold, not yet purchased, at market (proceeds of sales - $5,545)           6,228
Outstanding options written, at value (premiums received - $719)                       496
Syndication fees payable                                                                46
Management fee payable                                                                  83
Accrued expenses                                                                       277
                                                                                  --------

     TOTAL LIABILITIES                                                               7,130
                                                                                  --------

         NET ASSETS                                                               $104,928
                                                                                  ========

MEMBERS' CAPITAL - NET ASSETS

Represented by:
Capital contributions (net of syndication costs)                                  $107,725
Accumulated net investment gain                                                         96
Accumulated net realized loss on investments                                       (14,645)
Accumulated net unrealized appreciation on investments                              11,752
                                                                                  --------

         MEMBERS' CAPITAL - NET ASSETS                                            $104,928
                                                                                  ========
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                      -1-
<PAGE>

SAWGRASS FUND, L.L.C.

STATEMENT OF OPERATIONS (IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                          PERIOD FROM MAY 15, 2000
                                                                       (COMMENCEMENT OF OPERATIONS)
                                                                           TO JUNE 30, 2000
                                                                              (UNAUDITED)
<S>                                                                              <C>
INVESTMENT INCOME
     Interest                                                                    $    734
     Dividends                                                                         10
                                                                                 --------
                                                                                      744
                                                                                 --------
EXPENSES
     OPERATING EXPENSES:
         Management Fee                                                               274
         Organizational expense                                                       169
         Professional fees                                                             77
         Administration fee                                                            48
         Insurance expense                                                             35
         Custodian fees                                                                15
         Board of Managers' fees                                                        9
         Prime broker fee                                                               8
         Miscellaneous                                                                  8
                                                                                 --------
            TOTAL OPERATING EXPENSES                                                  643
         Dividends on securities sold, not yet purchased                                1
         Interest expense                                                               4
                                                                                 --------
            TOTAL EXPENSES                                                            648
                                                                                 --------

            NET INVESTMENT GAIN                                                        96
                                                                                 --------

REALIZED AND  UNREALIZED  GAIN  (LOSS) ON  INVESTMENTS
REALIZED  GAIN (LOSS) ON INVESTMENTS:
         Investment securities                                                    (16,601)
         Purchased options                                                             17
         Written options                                                              383
         Securities sold, not yet purchased                                         1,556
                                                                                 --------
            NET REALIZED LOSS ON INVESTMENTS                                      (14,645)
                                                                                 --------

     NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS                          11,752
                                                                                 --------

            NET REALIZED AND UNREALIZED LOSS                                       (2,893)
                                                                                 --------

            DECREASE IN MEMBERS' CAPITAL DERIVED FROM INVESTMENT ACTIVITIES      $ (2,797)
                                                                                 ========
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                      -2-
<PAGE>

SAWGRASS FUND, L.L.C.

STATEMENT OF CHANGES IN MEMBERS' CAPITAL - NET ASSETS (IN THOUSANDS)
--------------------------------------------------------------------------------

                                                      PERIOD FROM MAY 15, 2000
                                                    (COMMENCEMENT OF OPERATIONS)
                                                           TO JUNE 30, 2000
                                                              (UNAUDITED)
FROM INVESTMENT ACTIVITIES

     Net investment gain                                     $     96
     Net realized loss on investments                         (14,645)
     Net change in unrealized depreciation on investments      11,752
                                                             --------

         DECREASE IN MEMBERS' CAPITAL
            DERIVED FROM INVESTMENT ACTIVITIES                 (2,797)

MEMBERS' CAPITAL TRANSACTIONS

     Capital contributions                                    107,810
     Syndication costs                                            (85)
                                                             --------

         INCREASE IN MEMBERS' CAPITAL DERIVED
            FROM CAPITAL TRANSACTIONS                         107,725

         MEMBERS' CAPITAL AT BEGINNING OF PERIOD                    0
                                                             --------

         MEMBERS' CAPITAL AT END OF PERIOD                   $104,928
                                                             ========

   The accompanying notes are an integral part of these financial statements.

                                      -3-

<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

     1.  ORGANIZATION

         Sawgrass  Fund,  L.L.C.  (the  "Company")  was  organized  as a limited
         liability  company  under the laws of  Delaware  in January  2000.  The
         Company is  registered  under the  Investment  Company act of 1940 (the
         "Act") as a closed-end,  non-diversified management investment company.
         CIBC Oppenheimer Advisors,  L.L.C. (the "Adviser"),  a Delaware limited
         liability company,  serves as the investment adviser to the Company and
         is responsible for the Company's  investment  activities pursuant to an
         investment   advisory   agreement.   Responsibility   for  the  overall
         management  and  supervision of the operations of the Company is vested
         in the  individuals  who serve as the Board of  Managers of the Company
         (the "Board of Managers").

         The  Company's  investment  objective  is to  seek  superior  long-term
         capital  appreciation.  It pursues  this  objective  by  investing in a
         portfolio  consisting primarily of equity securities of small to medium
         size emerging growth companies.  The Company's  portfolio of securities
         in the  emerging  growth  areas is expected  to include  long and short
         positions in equity securities of U.S. and non-U.S.  companies.  Equity
         securities  include  common and  preferred  stock and other  securities
         having equity  characteristics,  including convertible debt securities,
         stock options, warrants and rights.

         There are four  members of the "Board of  Managers"  and an  "Adviser."
         CIBC Oppenheimer  Advisers,  L.L.C. serves as the investment adviser of
         the Company and is  responsible  for managing the Company's  investment
         activities  pursuant to an Investment  Advisory  Agreement.  CIBC World
         Markets Corp.  ("CIBC WM")  (formerly  CIBC  Oppenheimer  Corp.) is the
         managing  member  and  controlling  person  of  the  Adviser,  and  CWH
         Associate  Inc.  ("CWH")  is a  non-managing  member  of  the  Adviser.
         Investment  professionals  employed  by CWH will  manage the  Company's
         investment  portfolio on behalf of the Adviser under the supervision of
         CIBC WM.

         The  acceptance of initial and additional  contributions  is subject to
         approval  by the Board of  Managers.  The Company may from time to time
         offer to repurchase  interests  pursuant to written tenders by Members.
         Such repurchases will be made at such times and on such terms as may be
         determined  by the Board of Managers,  in their  complete and exclusive
         discretion.  The Adviser expects that it will recommend to the Board of
         Managers that the Company offer to repurchase interests from Members at
         the end of 2000. Thereafter, the Adviser expects that generally it will
         recommend to the Board of Managers that the Company offer to repurchase
         interests  from  Members  twice each year,  effective at the end of the
         second fiscal quarter and again at the end of the year.

     2.  SIGNIFICANT ACCOUNTING POLICIES

         The  preparation of financial  statements in conformity  with generally
         accepted  accounting  principles requires the Adviser to make estimates
         and  assumptions  that  affect the amounts  reported  in the  financial
         statements  and  accompanying  notes.  The  Adviser  believes  that the
         estimates utilized in preparing the Company's financial  statements are
         reasonable and prudent; however, actual results could differ from these
         estimates.

                                      -4-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

    2.   SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         a.   PORTFOLIO VALUATION

         Securities  transactions,  including related revenue and expenses,  are
         recorded  on a  trade-date  basis  and  dividends  are  recorded  on an
         ex-dividend  date  basis.  Interest  income is  recorded on the accrual
         basis.

         Domestic  exchange  traded or NASDAQ listed equity  securities  will be
         valued at their last composite sale prices as reported on the exchanges
         where such  securities are traded.  If no sales of such  securities are
         reported on a particular  day, the securities will be valued based upon
         their composite bid prices for securities held long, or their composite
         asked prices for securities  held short, as reported by such exchanges.
         Securities  traded on a foreign  securities  exchange will be valued at
         their  last sale  prices on the  exchange  where  such  securities  are
         primarily  traded, or in the absence of a reported sale on a particular
         day, at their bid prices (in the case of securities held long) or asked
         prices  (in the case of  securities  sold  short) as  reported  by such
         exchange.  Listed  options will be valued at their bid prices (or asked
         prices in the case of listed  options  sold  short) as  reported by the
         exchange with the highest  volume on the last day a trade was reported.
         Other securities for which market quotations are readily available will
         be  valued  at  their  bid  prices  (or  asked  prices  in the  case of
         securities  sold short) as  obtained  from one or more  dealers  making
         markets  for those  securities.  If market  quotations  are not readily
         available,  securities and other assets will be valued at fair value as
         determined in good faith by, or under the  supervision of, the Board of
         Managers.

         Debt securities (other than convertible debt securities) will be valued
         in accordance with the procedures  described above,  which with respect
         to such  securities  may include the use of  valuations  furnished by a
         pricing  service  which  employs a matrix to  determine  valuation  for
         normal  institutional  size trading  units.  The Board of Managers will
         periodically  monitor the reasonableness of valuations  provided by any
         such pricing service.  Debt securities with remaining  maturities of 60
         days or less will, absent unusual circumstances, be valued at amortized
         cost, so long as such  valuation is determined by the Board of Managers
         to represent fair value.

         All assets and liabilities  initially  expressed in foreign  currencies
         will be  converted  into U.S.  dollars  using  foreign  exchange  rates
         provided by a pricing  service  compiled as of 4:00 p.m.  London  time.
         Trading in foreign securities generally is completed, and the values of
         such  securities  are  determined,  prior to the  close  of  securities
         markets in the U.S. Foreign exchange rates are also determined prior to
         such close.  On occasion,  the values of such  securities  and exchange
         rates may be affected by events occurring  between the time such values
         or exchange  rates are determined and the time that the net asset value
         of the Company is determined.  When such events  materially  affect the
         values of  securities  held by the  Company  or its  liabilities,  such
         securities and  liabilities  will be valued at fair value as determined
         in good faith by, or under the supervision of, the Board of Managers.

                                      -5-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

    2.   SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         b.   INCOME TAXES

         No provision for the payment of Federal, state or local income taxes on
         the  profits  of  the  Partnership   will  be  made.  The  Members  are
         individually  liable  for  the  income  taxes  on  their  share  of the
         Company's income.

     3.  ADMINISTRATION FEE, RELATED PARTY TRANSACTIONS AND OTHER

         CIBC  WM  provides  certain  administrative  services  to  the  Company
         including, among other things, providing office space and other support
         services to the  Company.  In exchange for such  services,  the Company
         pays  CIBC  WM a  monthly  administration  fee  of  .08333%  (1%  on an
         annualized  basis) of the  Company's  net assets  determined  as of the
         beginning of the month.

         During the  period  ended June 30,  2000,  CIBC WM earned no  brokerage
         commissions  from  portfolio  transactions  executed  on  behalf of the
         Company.

         The Adviser of the Company will serve as the Special Advisory Member of
         the Company. In such capacity,  the Adviser will be entitled to receive
         an incentive  allocation (the "Incentive  Allocation"),  charged to the
         capital  account of each  Member as of the last day of each  allocation
         period,  of 20% of the amount by which net profits,  if any, exceed the
         positive balance in the Member's "loss recovery account." The Incentive
         Allocation  will be  credited to the  Special  Advisory  Account of the
         Adviser.

         Each Member of the Board Managers ("Manager") who is not an "interested
         person"  of the  company,  as defined  by the act,  receives  an annual
         retainer of $5,000 plus a fee for each meeting attended. Currently, one
         Manager,  Howard M. Singer, is an "interested person" as defined by the
         act.  All  Managers are  reimbursed  by the Company for all  reasonable
         out-of-pocket expenses incurred by them in performing their duties. For
         the period  ended June 30,  2000,  fees  (including  meeting fees and a
         pro-rata  annual  retainer) and expenses  paid to the Managers  totaled
         $22,527.

         PFPC Trust Company serves as Custodian of the Company's assets.

         PFPC Inc.  serves as  Investor  Services  and  Accounting  Agent to the
         Company,   and  in   that   capacity   provides   certain   accounting,
         recordkeeping, tax and investor related services.

                                      -6-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

     4.  SECURITIES TRANSACTIONS

         Aggregate  purchases  and  sales of  investment  securities,  excluding
         short-term securities, for the period from March 15, 2000 (commencement
         of  operations)  to  June  30,  2000,   amounted  to  $148,978,305  and
         $32,977,603, respectively.

         At June 30,  2000,  the cost of  investments  for  Federal  income  tax
         purposes was substantially the same as the cost for financial reporting
         purposes. At June 30, 2000, accumulated net unrealized  appreciation on
         investments was $11,751,530, consisting of $17,092,191 gross unrealized
         appreciation and $5,340,661 gross unrealized depreciation.

         Due from broker  represents  receivables  and payables  from  unsettled
         security trades and proceeds from securities sold, not yet purchased.

     5.  SHORT-TERM BORROWINGS

         The Company has the ability to trade on margin and, in that connection,
         borrows funds from brokers and banks for investment  purposes.  Trading
         in equity  securities  on margin  involves an initial cash  requirement
         representing  at least  50% of the  underlying  security's  value  with
         respect to transactions in U.S.  markets and varying  percentages  with
         respect  to  transactions  in foreign  markets.  The Act  requires  the
         Company  to  satisfy  an  asset  coverage  requirement  of  300% of its
         indebtedness,  including  amounts  borrowed,  measured  at the time the
         Company  incurs  the   indebtedness.   The  Company  pays  interest  on
         outstanding  margin  borrowings  at an  annualized  rate of LIBOR  plus
         .875%.  The Company  pledges  securities as  collateral  for the margin
         borrowings,  which are  maintained in a segregated  account held by the
         Custodian.  As of June 30,  2000,  the Company had  outstanding  margin
         borrowings of $385,979.  For the period from March 15, 2000 to June 30,
         2000, the average daily amount of such borrowings was $10,006.

     6.  FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK OR
         CONCENTRATIONS OF CREDIT RISK

         In the  normal  course of  business,  the  Company  may  trade  various
         financial instruments and enter into various investment activities with
         off-balance  sheet risk.  These financial  instruments  include forward
         contracts,  options and securities sold, not yet purchased.  Generally,
         these financial instruments represent future commitments to purchase or
         sell other financial  instruments at specific terms at specified future
         dates. Each of these financial  instruments contains varying degrees of
         off-balance  sheet risk  whereby  changes  in the  market  value of the
         securities underlying the financial instruments may be in excess of the
         amounts recognized in the statement of assets, liabilities and members'
         capital.

                                      -7-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

6.       FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK OR
         CONCENTRATIONS OF CREDIT RISK (CONTINUED)

         The Company maintains cash in bank deposit accounts, which at times may
         exceed  federally  insured limits.  The Company has not experienced any
         losses in such  accounts  and does not  believe  it is  exposed  to any
         significant credit risk on cash.

         Securities sold, not yet purchased represent obligations of the Company
         to deliver  specified  securities  and thereby  creates a liability  to
         purchase  such   securities   in  the  market  at  prevailing   prices.
         Accordingly, these transactions result in off-balance sheet risk as the
         Company's  ultimate  obligation to satisfy the sale of securities sold,
         not yet purchased  may exceed the amount  indicated in the statement of
         assets, liabilities and members' capital.

         The risk  associated with purchasing an option is that the Company pays
         a premium  whether or not the option is  exercised.  Additionally,  the
         Fund  bears the risk of loss of  premium  and  change  in market  value
         should the  counterparty  not perform under the contract.  Put and call
         options  purchased  are  accounted for in the same manner as investment
         securities.

         Transactions in purchased options were as follows:

                                                   CALL OPTIONS
                                              -----------------------
                                                NUMBER
                                              OF CONTRACTS   COST
                                              ------------   ----
              Beginning balance                       0    $       0
              Options purchased                   1,336      340,287
              Options closed                     (1,336)    (340,287)
                                                 ------    ---------
              Options outstanding at
              June 30, 2000                           0    $       0
                                                 ======    =========

         Transactions in written options were as follows:
<TABLE>
<CAPTION>

                                             CALL OPTIONS                PUT OPTIONS
                                             ------------                -----------
                                          NUMBER     AMOUNT OF        NUMBER     AMOUNT OF
                                       OF CONTRACTS   PREMIUM      OF CONTRACTS   PREMIUM
                                       ------------  ----------    ------------  ---------
              <S>                         <C>        <C>               <C>       <C>
              Beginning balance               0      $        0           0      $      0
              Options written             2,530       1,048,745         530        92,002
              Options closed               (150)        (38,774)          0             0
              Options expired              (287)       (291,292)       (530)      (92,002)
              Options outstanding at      -----      ----------        ----      --------
              June 30, 2000               2,093      $  718,679           0      $      0
                                          =====      ==========        ====      ========
</TABLE>

                                      -8-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

7.   FINANCIAL INSTRUMENTS HELD OR ISSUED FOR TRADING PURPOSES

     The Company maintains positions in a variety of financial instruments.  The
     following  table  summarizes  the components of net realized and unrealized
     gains from investment transactions:

                                                      NET GAINS
                                                 FOR THE PERIOD ENDED
                                                    JUNE 30, 2000
                                                    -------------

       Equity securities                             $(4,390,029)
       Equity short sales                                873,426
       Equity options                                     17,209
       Written options                                   605,742
                                                     -----------
           Total                                     $(2,893,652)
                                                     ===========

     The following  table  presents the market  values of  derivative  financial
     instruments and the average market values of those instruments:

                                                            AVERAGE MARKET VALUE
                                         MARKET VALUE AT    FOR THE PERIOD ENDED
                                          JUNE 30, 2000         JUNE 30, 2000
                                          -------------         -------------
        ASSETS:
             Equity options                 $       0            $184, 473

         LIABILITIES:
            Written options                 $(496,230)           $(323,250)

     Average  market  values  presented  above are based upon  month-end  market
values during the period ended June 30, 2000.

                                      -9-
<PAGE>

SAWGRASS FUND, L.L.C.

NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------

     8.  SELECTED FINANCIAL RATIOS AND OTHER SUPPLEMENTAL INFORMATION

         The  following  represents  the ratios to average  net assets and other
         supplemental information for the period indicated:

                                                               MARCH 15, 2000
                                                              (COMMENCEMENT OF
                                                               OPERATIONS) TO
                                                                JUNE 30, 2000
                                                                -------------



           Ratio of net investment gian to average net assets       0.36% *
           Ratio of operating expenses to average net assets        2.37% *
           Ratio of interest expense to average net assets          0.01% *
           Ratio of dividends on securities sold, not yet            N/A
           purchased to average net assets
           Portfolio turnover rate                                 54.15%
           Total return                                            (4.81)%**

           *      Annualized.
           **     Total return  assumes a purchase of an interest in the Company
                  on the first day and a sale of the interest on the last day of
                  the period noted,  before incentive  allocation to the Special
                  Advisory  Member,  if any.  Total returns for a period of less
                  than a full year are not annualized.

                                      -10-
<PAGE>
SAWGRASS FUND, L.L.C.

SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
                                                              JUNE 30, 2000
SHARES                                                        MARKET VALUE
        COMMON STOCKS - 105.51%
           APPLICATIONS SOFTWARE - 7.75%
 48,300      Caminus Corp. *                                  $  1,183,350
 96,900      New Era of Networks, Inc. *                         4,118,250
 28,200      Peregrine Systems, Inc. *                             978,201
 19,900      Rational Software Corp. *                           1,849,466
                                                              ------------
                                                                 8,129,267
                                                              ------------

           CIRCUITS - 3.56%
 54,100      Integrated Device Technology, Inc. *                3,239,237
  7,800      Linear Technology Corp.                               498,716
                                                              ------------
                                                                 3,737,953
                                                              ------------

           COMMERCIAL SERVICES - 1.04%
  9,700      Plexus Corp. *                                      1,096,100
                                                              ------------

           COMPUTER GRAPHICS - 1.82    %
 30,000      NVIDIA Corp. *                                      1,906,890
                                                              ------------

           DRUG DELIVERY SYSTEMS - 0.44%
 48,500      NexMed, Inc. *                                        460,750
                                                              ------------

           EDUCATIONAL SOFTWARE - 1.82%
 39,700      SmartForce PLC, Sponsored ADR *               (a)   1,905,600
                                                              ------------

           ELECTRONIC COMPONENTS - MISC. - 1.20%
 22,500      DSP Group, Inc. *                                   1,260,000
                                                              ------------

           ELECTRONIC COMPONENTS - SEMICONDUCTORS - 2.75%
  3,200      Analog Devices, Inc. *                                243,200
 34,200      TranSwitch Corp. *                            (a)   2,639,830
                                                              ------------
                                                                 2,883,030
                                                              ------------

           ENTERPRISE SOFTWARE/SERVICES - 2.83%
 43,200      Mercator Software, Inc. *                           2,970,000
                                                              ------------

   The accompanying notes are an integral part of these financial statements.

                                      -11-
<PAGE>

SAWGRASS FUND, L.L.C.

SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)(CONTINUED)
--------------------------------------------------------------------------------

                                                              JUNE 30, 2000
 SHARES                                                       MARKET VALUE
        COMMON STOCKS - (CONTINUED)
           FIBER OPTICS - 1.55%
 62,100      Finisar Corp. *                                   $ 1,626,275
                                                              ------------

           HEALTH CARE COST CONTAINMENT - 5.33%
820,600      Caremark Rx, Inc. *                           (a)   5,590,748
                                                              ------------

           INTERNET CONTENT - 1.20%
 16,700      DigitalThink, Inc. *                                  599,113
 46,600      SkillSoft Corp. *                                     658,225
                                                              ------------
                                                                 1,257,338
                                                              ------------

           INTERNET SOFTWARE - 2.47%
 10,000      Covad Communications Group, Inc. *                    161,250
179,300      e-SIM, Ltd. *                                       1,748,175
 18,000      Rhythms NetConnections, Inc. *                        226,134
 21,500      Saba Software, Inc. *                                 451,500
                                                              ------------
                                                                 2,587,059
                                                              ------------

           LIFE/HEALTH INSURANCE - 0.13%
 13,500      Conseco, Inc.                                         131,625
                                                              ------------

           MEDICAL LASER SYSTEMS - 13.38%
 12,400      Laser Vision Centers, Inc. *                           76,730
739,900      Summit Technology, Inc. *                          13,965,613
                                                              ------------
                                                                14,042,343
                                                              ------------

           MEDICAL PRODUCTS - 3.22%
 28,700      MiniMed, Inc. *                                     3,386,600
                                                              ------------

           MEDICAL - DRUGS - 1.66%
 23,500      Priority Healthcare Corp., Class B *                1,746,356
                                                              ------------

           MEDICAL - HMO - 3.14%
 11,100      Lifemark Corp. *                                       66,600
 62,600      Trigon Healthcare, Inc. *                     (a)   3,227,844
                                                              ------------
                                                                 3,294,444
                                                              ------------

   The accompanying notes are an integral part of these financial statements.

                                      -12-
<PAGE>

SAWGRASS FUND, L.L.C.

SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)(CONTINUED)
--------------------------------------------------------------------------------

                                                              JUNE 30, 2000
SHARES                                                        MARKET VALUE
        COMMON STOCKS - (CONTINUED)
           MEDICAL - HOSPITALS - 0.23%
 18,300      Health Management Associates, Inc., Class A *       $ 239,053
                                                              ------------

           NETWORK SOFTWARE - 1.88%
 67,700      Packeteer, Inc. *                                   1,971,762
                                                              ------------

           OIL FIELD MACHINERY & EQUIPMENT - 2.13%
 89,400      Grant Prideco, Inc. *                               2,235,000
                                                              ------------

           OIL & GAS DRILLING - 13.65%
145,800      Global Marine, Inc. *                         (a)   4,109,810
752,700      Grey Wolf, Inc. *                             (a)   3,763,500
 84,600      Precision Drilling Corp.*                           3,267,675
135,200      R&B Falcon Corp. *                            (a)   3,185,718
                                                              ------------
                                                                14,326,703
                                                              ------------

           OIL - FIELD SERVICES - 4.92%
 47,200      BJ Services Co. *                             (a)   2,950,000
 61,400      Tidewater, Inc.                               (a)   2,210,400
                                                              ------------
                                                                 5,160,400
                                                              ------------

           PHARMACY SERVICES - 1.03%
 52,900      Advance Paradigm, Inc. *                            1,084,450
                                                              ------------

           PHYSICAL THERAPY/REHABILITATION CENTERS - 3.46%
133,200      RehabCare Group, Inc. *                             3,629,700
                                                              ------------

           SCHOOLS - 11.71%
 53,000      Apollo Group, Inc., Class A *                       1,484,000
137,400      DeVry, Inc. *                                 (a)   3,632,581
213,200      Edison Schools, Inc. *                        (a)   4,943,682
 36,400      Learning Tree International, Inc. *                 2,229,500
                                                              ------------
                                                                12,289,763
                                                              ------------

           SOFTWARE TOOLS - 2.92%
 31,700      Mercury Interactive Corp. *                         3,066,975
                                                              ------------

   The accompanying notes are an integral part of these financial statements.

                                      -13-
<PAGE>

SAWGRASS FUND, L.L.C.

SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)(CONTINUED)
--------------------------------------------------------------------------------

                                                              JUNE 30, 2000
SHARES                                                        MARKET VALUE
        COMMON STOCKS - (CONTINUED)
           STOCK INDEX - 4.71%
 53,000      Nasdaq - 100 Shares *                            $  4,938,964
                                                              ------------

           TELECOMMUNICATIONS EQUIPMENT - 3.58%
 20,800      Comverse Technology, Inc. *                   (a)   1,934,400
 28,400      Terayon Communication Systems, Inc. *               1,824,246
                                                              ------------
                                                                 3,758,646
                                                              ------------

             TOTAL COMMON STOCKS (COST $98,502,128)            110,713,794
                                                              ------------


             TOTAL INVESTMENTS (COST $98,502,128) - 105.51%    110,713,794
                                                              ------------

             OTHER ASSETS, LESS LIABILITIES - (5.51)%           (5,785,632)
                                                              ------------

             NET ASSETS - 100.00%                             $104,928,162
                                                              ============

(a)Partially or wholly held in a pledged  account by the Custodian as collateral
   for securities sold, not yet purchased.
*  Non-income producing security.

   The accompanying notes are an integral part of these financial statements.

                                      -14-
<PAGE>
SAWGRASS FUND, L.L.C.

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (UNAUDITED)
--------------------------------------------------------------------------------

                                                              JUNE 30, 2000
                                                              MARKET VALUE
SHARES
        SECURITIES SOLD, NOT YET PURCHASED - (5.93%)
           APPLICATIONS SOFTWARE - (1.72%)
 19,400      Rational Software Corp.                          $(1,802,997)
                                                              ------------

           COMMERCIAL SERVICES - (0.34%)
 10,600      MemberWorks, Inc.                                   (356,425)
                                                              ------------

           COMPUTER SERVICES -  (0.55%)
  5,400      Sapient Corp.                                       (577,465)
                                                              ------------

           E-COMMERCE - (0.32%)
  9,300      Amazon.com, Inc.                                    (337,711)
                                                              ------------

           ENTERPRISE SOFTWARE/SERVICES - (0.27%)
  6,000      SAP AG, Sponsored ADR                               (281,628)
                                                              ------------

           INTERNET SOFTWARE - (1.07%)
  5,700      Ariba, Inc.                                         (558,868)
 12,800      Scient Corp.                                        (564,800)
                                                              ------------
                                                               (1,123,668)
                                                              ------------

           MACHINERY - PRINT TRADE - (0.42%)
 26,800      Presstek, Inc.                                      (437,188)
                                                              ------------

           MEDICAL LASER SYSTEMS - (0.25%)
  9,500      VISX, Inc.                                          (266,599)
                                                              ------------

           NETWORK SOFTWARE - (0.24%)
  8,800      Packeteer, Inc.                                     (256,300)
                                                              ------------

           RETAIL APPAREL/SHOES - (0.20%)
 10,700      Claire's Stores, Inc.                               (205,975)
                                                              ------------

   The accompanying notes are an integral part of these financial statements.

                                      -15-
<PAGE>

SAWGRASS FUND, L.L.C.

SCHEDULE OF SECURITIES SOLD, NOT YET PURCHASED (UNAUDITED)
--------------------------------------------------------------------------------
                                                              JUNE 30, 2000
                                                              MARKET VALUE
SHARES
        SECURITIES SOLD, NOT YET PURCHASED - (CONTINUED)
           TELECOMMUNICATIONS EQUIPMENT - (0.55%)
  8,500      Tellabs, Inc.                                       (581,723)
                                                              ------------

             TOTAL SECURITIES SOLD, NOT YET PURCHASED
              (PROCEEDS $5,545,094)                           $(6,227,679)
                                                              ============









   The accompanying notes are an integral part of these financial statements.

                                      -16-
<PAGE>

 SAWGRASS FUND, L.L.C.

 SCHEDULE OF WRITTEN OPTIONS
--------------------------------------------------------------------------------
                                                              JUNE 30, 2000
NUMBER OF                                                     MARKET VALUE
CONTRACTS
        WRITTEN CALL OPTIONS - (0.47%)
           OIL & GAS DRILLING - (0.35%)
    360      Global Marine, Inc., 07/22/00, $25.00               $(135,000)
    365      Global Marine, Inc., 07/22/00, $27.50                 (84,424)
     35      Precision Drilling Corp., 07/22/00, $35.00            (15,313)
     35      Precision Drilling Corp., 07/22/00, $40.00             (4,375)
    588      R&B Falcon Corp., 07/22/00, $22.50                   (124,950)
                                                                 ----------
                                                                  (364,062)
                                                                 ----------

           OIL - FIELD SERVICES - (0.11%)
    145      BJ Services Co., 07/22/00, $65.00                     (38,062)
    245      BJ Services Co., 07/22/00, $70.00                     (29,106)
    220      Tidewater, Inc.,  07/22/00, $35.00                    (55,000)
                                                                 ----------
                                                                  (122,168)
                                                                 ----------

           SCHOOLS - (0.01%)
    100      Apollo Group, Inc.,  07/22/00, $30.00                 (10,000)
                                                                 ----------

             TOTAL OPTIONS WRITTEN (PREMIUM $718,679)            $(496,230)
                                                                 ==========

   The accompanying notes are an integral part of these financial statements.

                                      -17-



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