UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

FORM 11-K
______________________

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the year ended December 31, 2019

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ______________


Commission File Number 1 - 12777


A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
AZZ Inc. Employee Benefit Plan and Trust

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AZZ Inc.
One Museum Place
3100 West 7th Street, Suite 500
Fort Worth, Texas 76107


        






AZZ Inc. Employee Benefit Plan and Trust

Financial Statements and Supplemental Schedules

Years Ended December 31, 2019 and December 31, 2018

Table of Contents
PAGE
Report of Independent Registered Public Accounting Firm
Financial Statements:
Statements of Net Assets Available for Benefits
Statements of Changes in Net Assets Available for Benefits
Notes to Financial Statements
Supplemental Schedules:
Form 5500, Schedule H, line 4a - Schedule of Delinquent Participant Contributions
Form 5500, Schedule H, line 4i - Schedule of Assets (Held at End of Year)
Signatures
Exhibit Index




NOTE: All other schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted since they are either not applicable or the information required therein has been included in the financial statements or notes thereto.





Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants of the
AZZ Inc. Employee Benefit Plan and Trust

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the AZZ Inc. Employee Benefit Plan and Trust (the Plan) as of December 31, 2019 and 2018, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of Plan management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As a part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplementary Information

The supplementary information in the accompanying schedules of Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2019 and Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2019 have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplementary information is the responsibility of Plan management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedules, we evaluated whether the supplementary information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ WEAVER AND TIDWELL, L.L.P.

We have served as the Plan’s auditor since 2010.

Dallas, Texas
August 13, 2020
1


AZZ Inc. Employee Benefit Plan and Trust
Statements of Net Assets Available for Benefits
December 31, 2019December 31, 2018
Assets
Investments, at fair value:
Registered investment companies$138,931,001  $109,619,613  
Pooled separate accounts10,640,242  9,821,806  
AZZ Inc. common stock534,764  521,593  
Total investments at fair value150,106,007  119,963,012  
Fully benefit-responsive investment contract, at contract value9,397,388  8,782,370  
Receivables:
Employer contributions193,386  161,088  
Participant contributions380,824  325,857  
Notes receivable from participants6,184,331  5,523,800  
Total receivables6,758,541  6,010,745  
Total assets166,261,936  134,756,127  
Net Assets Available for Benefits$166,261,936  $134,756,127  


See accompanying notes to financial statements.




2


AZZ Inc. Employee Benefit Plan and Trust
Statements of Changes in Net Assets Available for Benefits
Year EndedYear Ended
December 31, 2019December 31, 2018
Additions to Net Assets Attributed to:
Investment income:
Interest and dividend income$2,145,535  $1,829,684  
Net realized and unrealized gain (loss) 27,706,750  (9,467,855) 
Total investment income (loss) 29,852,285  (7,638,171) 
Contributions received or receivable:
Employer5,671,569  5,314,959  
Participants11,858,227  11,114,283  
Others (including rollovers)956,904  6,199,633  
Total contributions18,486,700  22,628,875  
Interest income on notes receivable from participants312,012  260,074  
Total additions48,650,997  15,250,778  
Deductions from Net Assets Attributed to:
Benefits paid to participants16,574,190  21,695,340  
Other fees/expenses570,998  537,357  
Total Deductions17,145,188  22,232,697  
Net increase (decrease) before transfer
31,505,809  (6,981,919) 
Transfer from Power Electronics, Inc. Employer Benefits Plan—  706,446  
Net increase (decrease) after transfer
31,505,809  (6,275,473) 
Net assets available for benefits at beginning of year134,756,127  141,031,600  
Net assets available for benefits at end of year$166,261,936  $134,756,127  


See accompanying notes to financial statements.

3

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
A.Description of the Plan

The following description of the AZZ Inc. Employee Benefit Plan and Trust (the “Plan”) provides only general information. The Plan is sponsored by AZZ Inc. (the “Company”). Participants should refer to the Plan document or Summary Plan Description for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering substantially all U.S. employees of the Company and its affiliates who have completed 30 days of service and attained 18 years of age.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

        
Contributions

Participants may elect to contribute up to 75% of their eligible compensation, subject to Internal Revenue Service (“IRS”) limitations.

Participants are automatically enrolled in the Plan at 3% the first of the month following 30 days of employment and the contribution will increase by 1% annually up to a maximum of 6%. Participants may decline participation in automatic enrollment and/or the contribution accelerator.

Participants who are eligible to make salary deferral contributions under the Plan and who have attained age 50 before the close of the Plan year may make catch-up contributions in accordance with, and subject to the limitations imposed by the Internal Revenue Code (the “Code”).

The Company currently makes a matching contribution equal to the first 1% of a participant’s compensation that is deferred to the plan, plus 50% of the next 5% of compensation deferred to the plan. The Company previously provided discretionary matching contributions equal to a percentage of participant contributions as determined annually by the Company’s Compensation Committee.

The plan also permits the Company to make a discretionary non-elective contribution for any year, for participants who have completed a year of service and who both completed 1,000 hours of service during the year and are employed on the last day of the year. No discretionary non-elective contributions were made in 2018 or 2019.

Participant Accounts

A separate account is maintained for each participant and is credited with participant contributions and Company contributions, and adjusted for actual earnings and losses.


Forfeited Accounts

Forfeited balances of terminated participants’ non-vested accounts are used to offset employer contributions and may be used to pay plan expenses.

4

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
At December 31, 2018, net assets available for benefits included approximately $30,387 of unallocated forfeitures. Unallocated forfeiture amounts at December 31, 2018 were allocated during the 2019 Plan year.

In addition, $277,354 of current plan year forfeitures were allocated during 2019. At December 31, 2019, net assets available for benefits included approximately $25,436 of unallocated forfeitures.

Investment Options

Participants may direct contributions to their account in a variety of investment options, which vary in degree of risk, with the exception of AZZ Inc. common stock for which participants may only hold or sell existing shares. Participants may change their investment options at any time. Investments are held by Prudential Bank & Trust, FSB and are allocated by Prudential Retirement Insurance and Annuity Company, record keeper.

Vesting

Participant contributions to the Plan plus actual earnings or losses thereon are fully vested at all times. Non-elective contributions and non-safe-harbor matching contributions held in the Plan vest in accordance with the following schedule:
Years of Service
Vesting
Percentage
Less than 1 year%
1 year20 %
2 years40 %
3 years60 %
4 years80 %
5 years100 %

Safe harbor matching contributions vest according to the following schedule:
Years of Service
Vesting
Percentage
Less than 2 years%
2 years100 %

Participants will vest 100% upon attainment of age 65, or in the event of death or disability while employed by the Company.

5

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
Notes Receivable from Participants

Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to fifteen (15) years. The loans are secured by a portion of the participant’s account and bear interest at prime plus 1% at the time of loan origination. Interest rates for loans at the end of 2019 ranged from 3.25% to 6.50%. Principal and interest are paid ratably through payroll deductions.

Participant Withdrawals

On termination of service, if a participant’s vested account is less than or equal to $5,000, the benefit is payable in a lump sum. If the vested account is greater than $5,000, the participant may elect to receive either a lump sum payment, partial withdrawals, or installments over a period not to exceed the life expectancy of the participant and the participant’s beneficiary.

Prior to termination of service, a participant who is age 59 ½ may elect to receive all or any portion of their vested benefit. Withdrawals are also available in the case of a participant’s hardship or during qualified military service. Non-safe-harbor match and certain non-elective contributions may also be withdrawn if the participant has completed 5 years of employment.

B. Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP).

New Accounting Pronouncements/Accounting Changes

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. The ASU modifies the disclosure requirements on fair value measurements in Accounting Standards Codification Topic 820. The ASU is effective for all reporting periods beginning after December 15, 2019, with early adoption permitted. An entity may elect to early adopt any removed or modified disclosures upon issuance of this Update and delay the adoption of the additional disclosures until the effective date. The Company does not expect the adoption of this ASU to have a material effect on the Plan’s financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results may differ from these estimates.

Investment Valuation and Income Recognition

The investments of the Plan are stated at fair value (except the Fully Benefit Responsive Investment Contracts which are stated at contract value) as of the end of the Plan period.

6

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
Purchases and sales of securities are recorded on the trade dates. Gains or losses on sales of securities are calculated using the average cost of the securities sold. Interest income is recorded on the accrual basis.

All investments and un-invested cash were held by Prudential under a trust agreement. The Plan’s investments are generally subject to market or credit risks customarily associated with debt and equity investments.

Notes Receivable from Participants

Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Notes receivable are reported net of an allowance for deemed loans. The balance of deemed loans at December 31, 2019 and 2018 was $279,255 and $155,796, respectively.

Contributions

Participant and employer contributions are accrued in the period in which they are deducted in accordance with salary deferral agreements and as they become obligations of the Company, as determined by the Plan’s administrator.

Payment of Benefits

Benefits are recorded when paid.

Plan Expenses

The Plan pays some or all Plan related expenses except for a limited category of expenses, known as "settlor expenses," which the law requires the employer to pay. Generally, settlor expenses relate to the design, establishment or termination of the Plan. The expenses charged to the Plan may be charged pro rata to each Participant in relation to the size of each Participant's account balance or may be charged equally to each participant. In addition, some types of expenses may be charged only to some participants based upon their use of a Plan feature or receipt of a plan distribution. Finally, the Plan may charge expenses in a different manner as to Participants who have terminated employment with the Employer versus those Participants who remain employed with the Employer.

Subsequent Events

The Plan evaluated all events or transactions that occurred after December 31, 2019 through June 20, 2020 the date these financial statements were available to be issued.

In February 2020, the Company completed the sale of its Nuclear Logistics (NLI) business reported within its Energy segment. As of February 24, 2020, the Plan included approximately 101 accounts representing Plan assets worth approximately $7,113,646.

On March 11, 2020, the World Health Organization declared Coronavirus (COVID-19) a pandemic. The extent of the operational and financial impact the COVID-19 pandemic may have on the Plan Sponsor has yet to be determined and is dependent on its duration and spread, any related operational restrictions and the overall economy. The Plan Sponsor is unable to accurately predict how COVID-19 will affect the results of its operations or the Plan because the virus’s
7

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
severity and the duration of the pandemic are uncertain. Potential impacts include, but are not limited to, additional costs for responding to COVID-19, potential shortages of personnel, delays, loss of, or reduction to revenue and overall market decline. Management believes the Plan Sponsor is taking appropriate actions to respond to the pandemic; however, the full impact is unknown and cannot be reasonably estimated at the date the financial statements were available for issuance.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted into law. The CARES Act includes provisions that provide for changes to retirement plans. Plan management is in the process of reviewing the CARES Act and any resulting changes to the Plan.


C. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy has been established that is used to identify assets and liabilities measured at fair value. The hierarchy focuses on the inputs used to measure fair value and requires that the lowest level input be used. The three levels are defined as follows:

- Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the reporting date.

- Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

- Level 3: Unobservable inputs that are not corroborated by market data.

A description of the methodologies used to measure the fair value of assets and liabilities follows. These methodologies were consistently applied to all assets carried as of December 31, 2019 and December 31, 2018. The methodology used to measure each major category of assets and liabilities is as follows:

- Mutual funds: Valued based on quoted market prices of the underlying assets provided by the trustee and are classified within Level 1 of the valuation hierarchy.

- Common stock: Valued at the closing price reported on the active market on which the individual securities are traded and classified within Level 1 of the valuation hierarchy.
        
- Pooled separate accounts: Pooled separate accounts are valued at the net asset value (“NAV”) or equivalent based on units of the pooled separate accounts. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is generally based on the fair value of the underlying investments held by the pooled separate account less its liabilities. This practical expedient is not used when it is determined to be probable that the pooled separate account will sell the investment for an amount different than the reported NAV.
8

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
Fair Value Measurements at December 31, 2019 Using
Total Carrying Value as of December 31, 2019
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Mutual Funds
$138,931,001  $138,931,001  
AZZ Stock
534,764534,764
Total asset in the fair value hierarchy
139,465,765139,465,765
Investments Measured at Net Asset Value
Pool Separate Accounts
10,640,242
Total Investments at Fair Value
$150,106,007  $139,465,765  
           



Fair Value Measurements at December 31, 2018 Using
Total Carrying Value as of December 31, 2018
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Mutual Funds
$109,619,613  $109,619,613  
AZZ Stock
521,593521,593
Total asset in the fair value hierarchy
110,141,206110,141,206
Investments Measured at Net Asset Value
Pool Separate Accounts
9,821,806
Total Investments at Fair Value
$119,963,012  $110,141,206  
           




Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the statement of changes in net assets available for benefits.

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2019 and 2018, respectively.
9

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
Fair Value of Investments in Entities that Use NAV
20192018
Pooled Separate Account
Fair value$10,640,242$9,821,806
Unfunded commitmentNoneNone
Redemption frequencyDailyDaily
Other redemption restrictionsNoneNone
Redemption notice periodNoneNone

D. Fully Benefit- Responsive Investment Contracts

The Mass Mutual Retirement Services (“MMRS”) SAGIC is a market value separate account investment option with a general investment account guarantee that provides a stated rate of return and insulates participants’ accounts from daily fluctuations in the market. Under the terms of the SAGIC group annuity contract participants may direct permitted withdrawal and/or transfer transactions of all or a portion of their balance in the SAGIC investment option at Contract Value. Contract value is the relevant measure attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract Value represents contributions plus credited interest less participant withdrawals and fees.

The MMRS considers the SAGIC to be fully benefit responsive notwithstanding the market value events under SAGIC contract that limit the ability of the Plan to transact at Contract Value.

The average yield earned is calculated by dividing the annual interest credited to the plan during the Plan year by the average annual fair value (applicable for those plans that have been in-force with MMRS for more than one year). The average interest rate credited to participants is calculated by dividing the annual interest credited to the participants during the plan year by the average annual fair value (applicable for those plans that have been in-force with MMRS for more than one year). The average yield earned by the Plan and the average interest rate credited to the participants is the same, therefore, no adjustment is needed.

Certain events may limit the ability of the Plan to transact at Contract Value. Such events include, but may not be limited to, the following: (1) the complete or partial termination of the Plan; and (2) the establishment or activation of, or material change in any Plan investment fund, or an amendment to the Plan or a change in the administration or operation of the Plan, including the removal of a group of employees from Plan coverage as a result of the sale or liquidation of a subsidiary or a division or as a result of group layoffs or early retirement programs.

E. Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
10

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
F. Income Tax Status

The Plan uses a prototype plan sponsored by Prudential, and obtained its latest opinion letter on April 29, 2014, in which the Internal Revenue Service stated that the prototype Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the plan administrator and the plan’s tax counsel believe that the plan is designed to be in compliance with the applicable requirements of the Internal Revenue Code.

GAAP requires the Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019 and December 31, 2018, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) and believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust continues to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

G. Plan Amendments

Effective February 1, 2018, the Plan was amended to (i) make AZZ Galvanizing - Rockford, LLC a participating employer in the Plan, (ii) allow the AZZ Galvanizing - Rockford, LLC employees to become eligible for the Plan earlier than they would have under the Plan’s eligibility rules, and (iii) make the accounts of the AZZ Galvanizing - Rockford, LLC employees immediately 100% vested.

Effective March 23, 2018, the Plan was amended to (i) make AZZ Enclosure Systems - Chattanooga LLC a participating employer in the Plan, (ii) allow the AZZ Enclosure Systems - Chattanooga LLC employees to become eligible for the Plan earlier than they would have under the Plan’s eligibility rules, and (iii) make the accounts of the AZZ Enclosure Systems - Chattanooga LLC employees immediately 100% vested.

Effective January 1, 2019, the Plan was restated to account for merging the Power Electronics, Inc. 401(K) Plan (PEI Plan) into the Plan. The PEI Plan’s original effective date was January 1, 1999. The PEI Plan’s restated effective date is June 11, 2018. On June 11, 2018, $706,446 of assets were transferred from the PEI Plan into the Plan.

Effective December 1, 2019, the Plan was amended to make the following entities participating employers in the Plan; i) AZZ Galvanizing – Chattanooga LLC, ii) AZZ Surface Technologies – Rowlett LLC, and iii) AZZ Surface Technologies – Terrell LLC.

H. Party-In-Interest Transactions

Certain investments of the Plan include shares of common stock of AZZ Inc., the Plan sponsor. Transactions in the stock qualify as party-in-interest transactions. At December 31, 2019 and 2018, the Plan held 11,638 shares and 12,924 shares, respectively, of AZZ Inc. common stock. For the years ended December 31, 2019 and December 31, 2018, the Plan recorded an investment gain on the AZZ Inc. stock of $64,854 and an investment loss of $142,255, respectively.

11

AZZ Inc. Employee Benefit Plan and Trust
Notes to Financial Statements
I. Delinquent Participant Contributions

The contributions for the year ended December 31, 2019, that were not segregated and remitted in a timely manner totaled $2,585,861. Of this amount, $2,288,595 was remitted during the year ended December 31, 2019, and $297,266 was remitted during the year ending December 31, 2020. During the year ending December 31, 2020, the Company will remit lost earnings to the Plan.

The contributions for the year ended December 31, 2018, that were not segregated and remitted in a timely manner totaled $715,871. Of this amount, $710,448 was remitted during the year ended December 31, 2018, and $5,423 was remitted during the year ending December 31, 2019. During the year ending December 31, 2019, the Company did not remit lost earnings to the Plan due to a net loss.



12

















SUPPLEMENTAL SCHEDULES

13


SUPPLEMENTARY INFORMATION
AZZ Inc.
Employee Benefit Plan and Trust
Plan 001, EIN 75-0948250

Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions
For the Year Ended December 31, 2019


Participant Contributions Transferred Late to PlanTotal that Constitute Nonexempt Prohibited TransactionsTotal Fully Corrected Under VFCP and PTE 2002-51
Check Here if Late Participant Loan Repayments are included: Contributions Not CorrectedContributions Corrected Outside VFCPContributions Pending Correction in VFCP
2018X$—  $715,871  $—  $—  
2019X$2,585,861  $—  $—  

14


SUPPLEMENTARY INFORMATION
AZZ Inc.
Employee Benefit Plan and Trust
Plan 001, EIN 75-0948250
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2019
(a)(b)
Identity of issue, borrower,
lessor or similar party
(c)
Description of investment including maturity date, rate of interest, collateral, par or maturity value
(d)
Cost
(e)
Current Value
American Funds Europacific Growth FundIntl/Global Large Growth**$7,342,361  
American Funds New World FundEmerging Market Equity Fund**473,403  
JP Morgan Growth Advantage FundLarge Cap Growth**14,744,116  
Lord Abbett High YieldMid Cap Growth**241,901  
*Metwest Core Plus Bond FundIntermediate Term Bond**10,640,242  
MFS Value FundLarge Cap Value**9,960,257  
T. Rowe PriceRetirement 2005 Fund**49,901  
T. Rowe PriceRetirement 2010 Fund**240,200  
T. Rowe PriceRetirement 2015 Fund**1,750,093  
T. Rowe PriceRetirement 2020 Fund**7,688,977  
T. Rowe PriceRetirement 2025 Fund**14,175,714  
T. Rowe PriceRetirement 2030 Fund**14,840,628  
T. Rowe PriceRetirement 2035 Fund**11,375,316  
T. Rowe PriceRetirement 2040 Fund**8,543,343  
T. Rowe PriceRetirement 2045 Fund**9,507,392  
T. Rowe PriceRetirement 2050 Fund**6,721,943  
T. Rowe PriceRetirement 2055 Fund**3,782,953  
T. Rowe PriceRetirement 2060 Fund**1,489,103  
T. Rowe PriceRetirement Balanced I**202,403  
Vanguard 500 Index FundLarge Cap Core**11,286,424  
Vanguard Mid Cap Index FundMid Cap Core**6,860,223  
Vanguard RE IDX AdmiralREITS**865,468  
Vanguard Small Cap Index FundSmall Cap Core**4,142,826  
Vanguard Total Bond Market IndexIntermediate Term Bond**1,951,030  
Vanguard FTSE All WD IndexInt/Global Large Core**695,026  
*SAGICGIC**9,397,388  
*AZZ Inc.AZZ Inc. common stock534,764  
*Participant Notes ReceivableInterest rates ranging from 3.25% to 6.50% -0-6,184,331  
$165,687,726  
*Represents a party-in-interest to the Plan.
**Cost omitted for participant directed investments.

15


SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
AZZ Inc. Employee Benefit Plan and Trust
DATE: August 13, 2020
By:/s/ Philip A. Schlom
Philip A. Schlom
Chief Accounting Officer and Interim
Chief Financial Officer

16


EXHIBIT INDEX
23.1

17
Document

EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statements (Form S-3 No. 333-66294) of AZZ and in the related Prospectus pertaining to RCG Capital Marketing Group as the selling shareholder, (Form S-8 No. 33-49164) pertaining to the 1991 Nonstatutory Stock Option Plan of AZZ Incorporated, (Form S-8 No. 33-49158) pertaining to the 1991 Incentive Stock Option Plan of AZZ Incorporated, (Form S-8 No. 333-92377) pertaining to the Employee Benefit Plan & Trust of AZZ Incorporated, (Form S-8 No. 333-31716) pertaining to the Independent Director Share Ownership Plan of AZZ Incorporated (Form S-8 No. 333-38470) pertaining to the 1998 Incentive Stock Option Plan, 1998 Nonstatutory Stock Option Plan and 1997 Nonstatutory Stock Option Grants of AZZ Incorporated, (Form S-8 No. 333-48886) pertaining to the 2000 Advisory Director Share Ownership Plan of AZZ Incorporated, and (Form S-8 No. 333-90968) pertaining the AZZ Incorporated 2001 Long-Term Incentive Plan and (Form S-8 No. 333-131068) pertaining to the AZZ Incorporated 2005 Long-Term Incentive Plan of our report dated August 13, 2020, appearing in this Annual Report on Form 11-K of AZZ Inc. Employee Benefit Plan and Trust for the fiscal year ended December 31, 2019.


/s/ Weaver and Tidwell, L.L.P.


WEAVER AND TIDWELL, L.L.P.

Dallas, Texas
August 13, 2020