[X]
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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For the fiscal year ended December 31, 2019
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Or
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
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For the transition period from _____________ to _____________
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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Kentucky
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61-0979818
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(State or other jurisdiction of incorporation or organization)
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IRS Employer Identification No.
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346 North Mayo Trail
Pikeville, Kentucky
(address of principal executive offices)
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41501
(Zip Code)
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Report of Independent Registered Public Accounting Firm
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Financial Statements:
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Statements of Net Assets Available for Benefits
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Statements of Changes in Net Assets Available for Benefits
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Notes to Financial Statements
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Supplemental Schedules:
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Schedule H, Part IV. Line 4i - Schedule of Assets (Held at Year-End)
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Schedule H, Part IV. Line 4j - Schedule of Reportable Transactions
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Exhibit 23.1
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Assets
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2019
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2018
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||||||
Cash
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$
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0
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$
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139
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||||
Investments at fair value:
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||||||||
Community Trust Bancorp, Inc. common stock
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34,430,208
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28,769,812
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||||||
Mutual funds
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975,262
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833,053
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||||||
Money market funds
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53,917
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145,536
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||||||
Total investments
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35,459,387
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29,748,401
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||||||
Receivables:
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||||||||
Accrued interest and dividends
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278,432
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261,924
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||||||
Net assets available for benefits
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$
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35,737,819
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$
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30,010,464
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Additions:
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2019
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2018
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||||||
Contributions
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$
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1,657,451
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$
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1,622,129
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||||
Investment income (loss):
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||||||||
Net appreciation (depreciation) in fair value of investments
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5,320,540
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(5,560,163
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)
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|||||
Interest and dividends
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1,128,975
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1,053,266
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||||||
Total investment income (loss)
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6,449,515
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(4,506,897
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)
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|||||
Deductions:
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||||||||
Benefits paid to participants
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(2,379,611
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)
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(3,220,466
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)
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Increase (decrease) in net assets available for benefits
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5,727,355
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(6,105,234
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)
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|||||
Net assets available for benefits:
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||||||||
Beginning of year
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30,010,464
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36,115,698
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||||||
End of year
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$
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35,737,819
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$
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30,010,464
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2019
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||||||||||||
Participant Directed Funds
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Non-Participant Directed Employer Fund
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Total
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||||||||||
Additions:
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||||||||||||
Investment income:
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||||||||||||
Net appreciation in fair value of investments
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$
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152,259
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$
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5,168,281
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$
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5,320,540
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||||||
Interest and Dividends
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38,732
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1,090,243
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1,128,975
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|||||||||
Net investment income
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190,991
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6,258,524
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6,449,515
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|||||||||
Contributions
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-
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1,657,451
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1,657,451
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|||||||||
Transfers from non-participant directed funds to participant directed funds
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72,566
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-
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72,566
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|||||||||
Total additions
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263,557
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7,915,975
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8,179,532
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Deductions:
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Benefits paid to participants
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(212,967
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)
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(2,166,644
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)
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(2,379,611
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)
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Transfers from non-participant directed funds to participant directed funds
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-
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(72,566
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)
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(72,566
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)
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Total deductions
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(212,967
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)
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(2,239,210
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)
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(2,452,177
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)
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Net increase
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50,590
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5,676,765
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5,727,355
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Net assets available for benefits, beginning of year
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978,589
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29,031,875
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30,010,464
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|||||||||
Net assets available for benefits, end of year
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$
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1,029,179
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$
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34,708,640
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$
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35,737,819
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2018
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||||||||||||
Participant Directed Funds
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Non-Participant Directed Employer Fund
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Total
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||||||||||
Additions:
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||||||||||||
Investment income (loss):
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||||||||||||
Net depreciation in fair value of investments
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$
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(82,652
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)
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$
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(5,477,511
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)
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$
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(5,560,163
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)
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Interest and Dividends
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40,506
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1,012,760
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1,053,266
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Net investment loss
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(42,146
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)
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(4,464,751
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)
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(4,506,897
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)
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Contributions
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-
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1,622,129
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1,622,129
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|||||||||
Transfers from non-participant directed funds to participant directed funds
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114,930
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-
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114,930
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|||||||||
Total additions (reductions)
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72,784
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(2,842,622
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)
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(2,769,838
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)
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Deductions:
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Benefits paid to participants
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(250,552
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)
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(2,969,914
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)
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(3,220,466
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)
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||||||
Transfers from non-participant directed funds to participant directed funds
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-
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(114,930
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)
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(114,930
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)
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Total deductions
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(250,552
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)
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(3,084,844
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)
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(3,335,396
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)
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||||||
Net decrease
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(177,768
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)
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(5,927,466
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)
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(6,105,234
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)
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Net assets available for benefits, beginning of year
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1,156,357
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34,959,341
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36,115,698
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Net assets available for benefits, end of year
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$
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978,589
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$
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29,031,875
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$
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30,010,464
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2019
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2018
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|||||||
CTBI common stock (in dollars)
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$
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34,430,208
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$
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28,769,812
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Shares outstanding |
738,212 |
726,327 |
Fair Value Measurements at December 31, 2019 Using
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||||||||||||||||
Fair Value
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Quoted Prices in Active Markets for Identical Assets
(Level 1)
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Significant Other Observable Inputs
(Level 2)
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Significant Unobservable Inputs
(Level 3)
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CTBI common stock
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$
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34,430,208
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$
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34,430,208
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$
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0
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$
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0
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Mutual funds
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975,262
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975,262
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0
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0
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Money market funds
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53,917
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53,917
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0
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0
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$
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35,459,387
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$
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35,459,387
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$
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0
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$
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0
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Fair Value Measurements at December 31, 2018 Using
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Fair Value
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Quoted Prices in Active Markets for Identical Assets
(Level 1)
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Significant Other Observable Inputs
(Level 2)
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Significant Unobservable Inputs
(Level 3)
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CTBI common stock
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$
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28,769,812
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$
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28,769,812
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$
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0
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$
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0
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||||||||
Mutual funds
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833,053
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833,053
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0
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0
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||||||||||||
Money market funds
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145,536
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145,536
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0
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0
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||||||||||||
$
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29,748,401
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$
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29,748,401
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$
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0
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$
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0
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Identity of Issuer (a) (b)
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Description of Investment (c)
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Cost (d)
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Current Value (e)
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||||||
Mutual Funds
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|||||||||
Federated MDT Small Cap Core Instl
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Equity Fund, 574 units
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** |
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$
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11,526
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||||
Vanguard Growth Index Adm
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Equity Fund, 1,056 units
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** |
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99,081
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|||||
Vanguard Small Cap Growth Index Adm
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Equity Fund, 481 units
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** |
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33,618
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|||||
MFS Mid Cap Value I
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Equity Fund, 1,727 units
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** |
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43,869
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|||||
TIAA-CREF International Eq Idx Instl
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Equity Fund, 2,184 units
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** |
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43,664
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|||||
Vanguard TG Retirement 2020 Inv
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Equity Bond Fund, 5,701 units
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** |
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185,462
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|||||
Vanguard TG Retirement 2025 Inv
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Equity Bond Fund, 1,463 units
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** |
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29,032
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|||||
Vanguard TG Retirement 2030 Inv
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Equity Bond Fund, 1,521 units
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** |
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55,436
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|||||
Vanguard Target Retirement Income Inv
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Equity Bond Fund, 306 units
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** |
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4,294
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|||||
Dodge & Cox Stock
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Equity Fund, 761 units
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** |
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147,498
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|||||
Vanguard 500 Index Admiral
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Equity Fund, 491 units
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** |
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146,392
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|||||
William Blair Small-Mid Cap Gr I
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Equity Fund, 1,743 units
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** |
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47,053
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|||||
Metropolitan West Total Return Bond I
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Fixed Bond Fund, 6,483 units
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** |
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70,861
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|||||
Goldman Sachs Short-Duration Inc Instl
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Fixed Bond Fund, 5,748 units
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** |
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57,476
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|||||
975,262
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|||||||||
Money Market Funds
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|||||||||
Goldman Sachs FS Government FST
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Money Market Fund, 53,917 shares
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** |
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53,917
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|||||
Common Stock
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|||||||||
Community Trust Bancorp, Inc. *
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Common Stock, 738,212 shares
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19,992,500
|
34,430,208
|
||||||
Total Investments
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$
|
19,992,500
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$
|
35,459,387
|
|||||
* Indicates a party-in-interest to the Plan.
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||||||||
** Cost information is not required for participant-directed investments and, therefore, is not included.
|
Identity of Party Involved
and Description of Asset
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Purchase Price
|
Selling Price
|
Number of Transactions
|
Cost of Asset
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Realized
Gain
|
||||||||||||
Series of transactions in excess of 5%
|
|||||||||||||||||
Community Trust Bancorp, Inc. common stock
|
$
|
1,919,030
|
68
|
$
|
1,813,861
|
$
|
105,169
|
||||||||||
Community Trust Bancorp, Inc. common stock
|
$2,667,723
|
58
|
$
|
2,667,723
|
COMMUNITY TRUST BANCORP, INC. |
|||
Date: June 26, 2020
|
By:
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/s/ Jean R. Hale |
|
Jean R. Hale |
|||
Chairman, President and Chief Executive Officer |
|
|
/s/ Kevin J. Stumbo |
|
Kevin J. Stumbo |
|||
Executive Vice President, Chief Financial Officer and Treasurer |
|||
|
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/s/ Howard W. Blackburn, Jr. |
|
Howard W. Blackburn, Jr. |
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Senior Vice President/Director of Human Resources |
|||