[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, 2018
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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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2018
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2017
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||||||
Cash
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$
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139
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$
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202
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||||
Investments at fair value:
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||||||||
Community Trust Bancorp, Inc. common stock
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28,769,812
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34,716,421
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||||||
Mutual funds
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833,053
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974,796
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||||||
Money market funds
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145,536
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181,561
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||||||
Total investments
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29,748,401
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35,872,778
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||||||
Receivables:
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||||||||
Accrued interest and dividends
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261,924
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242,718
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||||||
Net assets available for benefits
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$
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30,010,464
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$
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36,115,698
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Additions:
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2018
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2017
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||||||
Contributions
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$
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1,622,129
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$
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1,586,880
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||||
Investment loss:
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||||||||
Net depreciation in fair value of investments
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(5,560,163
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)
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(1,938,665
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)
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||||
Interest and dividends
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1,053,266
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1,012,624
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||||||
Total investment loss
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(4,506,897
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)
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(926,041
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)
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||||
Deductions:
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||||||||
Benefits paid to participants
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(3,220,466
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)
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(5,024,383
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)
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||||
Decrease in net assets available for benefits
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(6,105,234
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)
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(4,363,544
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)
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||||
Net assets available for benefits:
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||||||||
Beginning of year
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36,115,698
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40,479,242
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||||||
End of year
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$
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30,010,464
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$
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36,115,698
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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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2017
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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 (depreciation) in fair value of investments
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$
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116,161
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$
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(2,054,826
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)
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$
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(1,938,665
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)
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Interest and Dividends
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36,343
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976,281
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1,012,624
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|||||||||
Net investment gain (loss)
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152,504
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(1,078,545
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)
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(926,041
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)
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|||||||
Contributions
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-
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1,586,880
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1,586,880
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|||||||||
Transfers from non-participant directed funds to participant directed funds
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265,806
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-
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265,806
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|||||||||
Total additions
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418,310
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508,335
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926,645
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|||||||||
Deductions:
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||||||||||||
Benefits paid to participants
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(276,699
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)
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(4,747,684
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)
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(5,024,383
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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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(265,806
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)
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(265,806
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)
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|||||||
Total deductions
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(276,699
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)
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(5,013,490
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)
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(5,290,189
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)
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Net increase (decrease)
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141,611
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(4,505,155
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)
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(4,363,544
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)
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|||||||
Net assets available for benefits, beginning of year
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1,014,746
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39,464,496
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40,479,242
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|||||||||
Net assets available for benefits, end of year
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$
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1,156,357
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$
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34,959,341
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$
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36,115,698
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2018
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2017
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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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34,716,421
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Shares outstanding
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726,327
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737,079
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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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Fair Value Measurements at December 31, 2017 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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34,716,421
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$
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34,716,421
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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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974,796
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974,796
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0
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0
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||||||||||||
Money market funds
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181,561
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181,561
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0
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0
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||||||||||||
$
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35,872,778
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$
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35,872,778
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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, 1,728 units
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**
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$
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29,498
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|||||
Federated Intl Leaders Inst
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Equity Fund, 963 units
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**
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27,695
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||||||
Vanguard Growth Index Adm
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Equity Fund, 917 units
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**
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63,327
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||||||
Vanguard Small Cap Growth Index Adm
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Equity Fund, 383 units
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**
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20,266
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||||||
Vanguard Selected Value Inv
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Equity Fund, 1,466 units
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**
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32,947
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||||||
Vanguard TG Retirement 2015 Inv
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Equity Bond Fund, 30 units
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**
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409
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||||||
Vanguard TG Retirement 2020 Inv
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Equity Bond Fund, 6,819 units
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**
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195,215
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||||||
Vanguard TG Retirement 2025 Inv
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Equity Bond Fund, 1,722 units
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**
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29,286
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||||||
Vanguard TG Retirement 2030 Inv
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Equity Bond Fund, 1,486 units
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**
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45,786
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||||||
Vanguard Target Retirement Income Inv
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Equity Bond Fund, 329 units
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**
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4,190
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||||||
Dodge & Cox Stock
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Equity Fund, 788 units
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**
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136,180
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||||||
Vanguard 500 Index Admiral
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Equity Fund, 522 units
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**
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120,826
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||||||
William Blair Small-Mid Cap Gr I
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Equity Fund, 1,719 units
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**
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38,027
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||||||
Vanguard Interm-Term Invest-Grde Adm
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Fixed Bond Fund, 4,651 units
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**
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44,455
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||||||
Goldman Sachs Short-Duration Inc Instl
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Fixed Bond Fund, 4,651 units
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**
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44,946
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||||||
833,053
|
|||||||||
Money Market Funds
|
|||||||||
Goldman Sachs FS Government FST
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Money Market Fund, 145,536 shares
|
**
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145,536
|
||||||
Common Stock
|
|||||||||
Community Trust Bancorp, Inc. *
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Common Stock, 726,327 shares
|
19,341,930
|
28,769,812
|
||||||
Total Investments
|
$
|
19,341,930
|
$
|
29,748,401
|
|||||
* Indicates a party-in-interest to the Plan. |
|
||||||||
** Cost information is not required for participant-directed investments and, therefore, is not included.
|
Identity of Party Involved
and Description of Asset
|
Purchase Price
|
Selling Price
|
Number of Transactions
|
Cost of Asset
|
Realized
Gain
|
||||||||||||
Series of transactions in excess of 5%
|
|||||||||||||||||
Community Trust Bancorp, Inc. common stock
|
$
|
2,205,914
|
60
|
$
|
2,176,661
|
$
|
29,253
|
||||||||||
Community Trust Bancorp, Inc. common stock
|
$2,606,770
|
52
|
$
|
2,606,770
|
COMMUNITY TRUST BANCORP, INC. |
|||
Date: June 28,2019
|
By:
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/s/ Jean R. Hale |
|
Jean R. Hale |
|||
Chairman, President and Chief Executive Officer |
|
By:
|
/s/ Kevin J. Stumbo |
|
Kevin J. Stumbo |
|||
Executive Vice President, Chief Financial Officer and Treasurer |
|
By:
|
/s/ Howard W. Blackburn, Jr. |
|
Howard W. Blackburn, Jr. |
|||
Senior Vice President/Director of Human Resources |
|||