☒
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
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☐
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
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1-2
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Audited Financial Statements
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3
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4
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5 – 14
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Supplemental Schedule
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15
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2019
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2018
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|||||||
Investments, at fair value
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$
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334,408,328
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$
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272,195,377
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||||
Notes receivable from participants
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4,373,700
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4,046,813
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||||||
Employer contributions receivable
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265,345
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253,093
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||||||
Net assets available for benefits
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$
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339,047,373
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$
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276,495,283
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2019
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2018
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|||||||
Contributions
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||||||||
Employer
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$
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8,231,629
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$
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7,890,307
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||||
Participant
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11,961,616
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11,211,081
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||||||
Rollovers
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1,129,690
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763,007
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||||||
Total contributions
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21,322,935
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19,864,395
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Net investment income (loss)
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||||||||
Net appreciation (depreciation) in fair value of investments
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52,098,868
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(25,408,860
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)
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|||||
Interest and dividends
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7,318,088
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9,012,354
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||||||
Net investment income (loss)
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59,416,956
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(16,396,506
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)
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Interest income from notes receivable from participants
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235,171
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212,374
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Deductions
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||||||||
Benefits paid to participants
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(18,256,165
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)
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(17,422,043
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)
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Fees
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(166,807
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)
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(159,019
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)
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Total deductions
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(18,422,972
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)
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(17,581,062
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)
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||||
Net increase (decrease) in net assets available for benefits
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62,552,090
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(13,900,799
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)
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|||||
Net assets available for benefits
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||||||||
Beginning of year
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276,495,283
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290,396,082
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||||||
End of year
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$
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339,047,373
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$
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276,495,283
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• |
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
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• |
Level 2 Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted
prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term,
the Level 2 input must be observable for substantially the full term of the asset or liability.
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• |
Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
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Assets at Fair Values as of December 31, 2019
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||||||||
Level 1
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Total
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|||||||
Mutual funds
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$
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148,390,278
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$
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148,390,278
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||||
Common stock of Trustmark Corporation
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29,370,353
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29,370,353
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Self-directed brokerage accounts
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7,083,102
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7,083,102
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Total investments at fair value
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184,843,733
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184,843,733
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Collective investment funds measured at NAV*
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-
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149,564,595
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Total investments
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$
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184,843,733
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$
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334,408,328
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Assets at Fair Values as of December 31, 2018
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Level 1
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Total
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Mutual funds
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$
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119,238,098
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$
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119,238,098
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Common stock of Trustmark Corporation
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26,257,306
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26,257,306
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Self-directed brokerage accounts
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5,362,919
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5,362,919
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Total investments at fair value
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150,858,323
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150,858,323
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Collective investment fund measured at NAV*
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-
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121,337,054
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Total investments
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$
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150,858,323
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$
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272,195,377
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Investment
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Fair Value at
December 31, 2019
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Unfunded
Commitments
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Redemption
Frequency
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Redemption
Notice Period
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|||||||
Collective investment funds
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$
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149,564,595
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N/A
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Daily
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Daily
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Investment
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Fair Value at
December 31, 2018
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Unfunded
Commitments
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Redemption
Frequency
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Redemption
Notice Period
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|||||||
Collective investment fund
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$
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121,337,054
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N/A
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Daily
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Daily
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2019
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2018
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Net assets available for benefits per the financial statements
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$
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339,047,373
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$
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276,495,283
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Adjustment from fair value to current value on collective investment funds
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824,790
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(313,305
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)
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Net assets available for plan benefits per the Form 5500
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$
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339,872,163
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$
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276,181,978
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2019
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2018
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Total investment income (loss) per the financial statements
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$
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59,416,956
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$
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(16,396,506
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)
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Adjustment from fair value to current value on collective investment funds
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1,138,095
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(447,657
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)
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Total investment income (loss) per Form 5500
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$
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60,555,051
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$
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(16,844,163
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)
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(a)
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(b) Identity of Issue,
Borrower, Lessor |
(c) Description of Investment, including
Maturity Date, Rate of Interest, |
Shares/Units
Held |
(d) Cost
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(e) Current
Value |
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Collective investment funds
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|||||||||||||||
***
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Putnam
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Stable Value Fund
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36,394,207
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** |
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$
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37,218,997
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T. Rowe Price
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Retirement 2010 Trust Fund
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117,075
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** |
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2,037,102
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T. Rowe Price
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Retirement 2015 Trust Fund
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170,408
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** |
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3,181,526
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T. Rowe Price
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Retirement 2020 Trust Fund
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975,989
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** |
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19,510,027
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T. Rowe Price
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Retirement 2025 Trust Fund
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1,131,022
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** |
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24,000,295
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T. Rowe Price
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Retirement 2030 Trust Fund
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913,453
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** |
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20,406,531
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T. Rowe Price
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Retirement 2035 Trust Fund
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783,626
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** |
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18,172,296
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T. Rowe Price
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Retirement 2040 Trust Fund
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394,798
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** |
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9,392,235
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T. Rowe Price
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Retirement 2045 Trust Fund
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360,801
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** |
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8,637,565
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T. Rowe Price
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Retirement 2050 Trust Fund
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188,275
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** |
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4,505,417
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T. Rowe Price
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Retirement 2055 Trust Fund
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98,012
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** |
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2,344,457
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T. Rowe Price
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Retirement 2060 Trust Fund
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35,532
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** |
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544,000
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T. Rowe Price
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Retirement Balanced Trust Fund
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27,229
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** |
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438,937
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Total collective investment funds
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150,389,385
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Common stock fund
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*
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Trustmark Corporation
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Common Stock
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851,068
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** |
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29,370,353
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Mutual funds
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American Funds
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Euro Pacific Growth Fund
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91,814
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** |
5,100,259
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Baird
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Core Plus Bond Institutional Fund
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935,738
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** |
10,817,128
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Harbor
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Capital Appreciation Institutional Fund
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319,722
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** |
24,218,931
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John Hancock
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Alternative Asset Allocation Fund
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58,375
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** |
843,513
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Legg Mason
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BW Global Opportunities Bond Fund
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70,106
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** |
745,931
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|||||||||||
Oppenheimer
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International Small Mid Co Fund
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269,368
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** |
12,865,037
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|||||||||||
Vanguard
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500 Index Admiral Fund
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49,144
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** |
14,651,759
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|||||||||||
Vanguard
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Equity-Income Admiral Fund
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399,659
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** |
31,796,840
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|||||||||||
Vanguard
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Inflation-Protected Securities Admiral Fund
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33,345
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** |
862,971
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|||||||||||
Vanguard
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Mid Cap Index Institutional Fund
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405,899
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** |
19,783,511
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|||||||||||
Vanguard
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Small Cap Index Institutional Fund
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226,029
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** |
17,939,913
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|||||||||||
Vanguard
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Total Bond Market Index Admiral Fund
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271,275
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** |
2,997,593
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|||||||||||
Vanguard
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Total International Stock Index Admiral Fund
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134,579
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** |
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4,019,884
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Wells Fargo
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Advantage Common Stock R6 Fund
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83,191
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** |
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1,747,008
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||||||||||
Total mutual funds
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148,390,278
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||||||||||||||
Self-directed brokerage accounts
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|||||||||||||||
TD Ameritrade
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Cash
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** |
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613,179
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|||||||||||
TD Ameritrade
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Various Mutual Funds
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** |
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2,551,454
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|||||||||||
TD Ameritrade
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Various Corporate Stocks
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** |
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3,918,469
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|||||||||||
Total self-directed brokerage accounts
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7,083,102
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||||||||||||||
*
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Notes receivable from participants
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Interest rates from 4.50% to 6.50% with various maturity dates
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-
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4,373,700
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|||||||||||
Total assets (held at end of year)
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$
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339,606,818
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*
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Denotes party-in-interest.
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**
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(d) Cost information is omitted due to transactions being participant or beneficiary directed under an individual account plan.
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***
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Fair value totals $36,394,207.
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BY:
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/s/ Louis E. Greer | ||
Louis E. Greer
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|||
Treasurer, Principal Financial Officer and Principal Accounting Officer
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|||
DATE:
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June 2, 2020
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Exhibit
Number
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Description of Exhibits
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Consent of Independent Registered Public Accounting Firm
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