Annual Report of Employee Stock Plans (11-k)

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, 2018

[ ] 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, 2018 and December 31, 2017

Table of Contents



		PAGE
Report of Independent Registered Public Accounting Firm		1
Financial Statements:
	Statements of Net Assets Available for Benefits	2
	Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements		4
Supplemental Schedules:
	Form 5500, Schedule H, line 4a - Schedule of Delinquent Participant Contributions	13
	Form 5500, Schedule H, line 4i - Schedule of Assets (Held at End of Year)	14
Signatures		15
Exhibit Index		16


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

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, 2018 and 2017, 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, 2018 and 2017, 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, 2018 and Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2018 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

June 20, 2019



AZZ Inc. Employee Benefit Plan and Trust

Statements of Net Assets Available for Benefits



		December 31, 2018		December 31, 2017
Assets
Investments, at fair value:
	Registered investment companies	$	109,619,613	$	116,268,102
	Pooled separate accounts	9,821,806		10,901,345
	AZZ Inc. common stock	521,593		715,713
Total investments at fair value		119,963,012		127,885,160

Fully benefit-responsive investment contract, at contract value		8,782,370		7,323,759

Receivables:
	Employer contributions	161,088		109,959
	Participant contributions	325,857		232,425
	Notes receivable from participants	5,523,800		5,480,297
Total receivables		6,010,745		5,822,681

Total assets		134,756,127		141,031,600

Net Assets Available for Benefits		$	134,756,127	$	141,031,600

See accompanying notes to financial statements.



AZZ Inc. Employee Benefit Plan and Trust

Statements of Changes in Net Assets Available for Benefits



		Year Ended			Year Ended
		December 31, 2018			December 31, 2017
Additions to Net Assets Attributed to:
Investment income:
	Interest and dividend income	$	1,829,684		$	1,555,304
	Net realized and unrealized (loss) gain	(9,467,855		)	19,490,616
Total investment (loss) income		(7,638,171		)	21,045,920

Contributions received or receivable:
	Employer	5,314,959			4,992,169
	Participants	11,114,283			9,920,973
	Others (including rollovers)	6,199,633			1,314,399
Total contributions		22,628,875			16,227,541

Interest income on notes receivable from participants		260,074			201,615

Total additions		15,250,778			37,475,076

Deductions from Net Assets Attributed to:
Benefits paid to participants		21,695,340			15,251,587
Other fees/expenses		537,357			498,867
Total Deductions		22,232,697			15,750,454

Net (decrease) increase before transfer		(6,981,919		)	21,724,622

Transfer from Power Electronics, Inc. Employer Benefits Plan		706,446			—

Net (decrease) increase after transfer		(6,275,473		)	21,724,622

Net assets available for benefits at beginning of year		141,031,600			119,306,978

Net assets available for benefits at end of year		$	134,756,127		$	141,031,600

See accompanying notes to financial statements.

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”).

On June 11, 2018 $706,446 of assets were transferred from the Power Electronics, Inc. Employee Benefits Plan into the Plan.

Effective May 24, 2018, the Company acquired certain assets from AZZ Enclosure Systems - Chattanooga LLC. The 97 employees of AZZ Enclosure Systems - Chattanooga LLC became eligible to participate in the Plan effective April 23, 2018. For the year ended December 31, 2018, the Plan had received approximately $2,345,704 in rollovers from a qualified retirement plan sponsored by AZZ Enclosure Systems - Chattanooga LLC.

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 nonelective 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 2017 or 2018.

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.

AZZ Inc. Employee Benefit Plan and Trust

Notes to Financial Statements

Forfeited Accounts

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

At December 31, 2017, net assets available for benefits included approximately $12,292 of unallocated forfeitures. Unallocated forfeiture amounts at December 31, 2017 were allocated during the 2018 Plan year.

In addition, $380,490 of current plan year forfeitures were allocated during 2018. At December 31, 2018, net assets available for benefits included approximately $30,387 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. Nonelective 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	0	%
1 year	20	%
2 years	40	%
3 years	60	%
4 years	80	%
5 years	100	%

Safe harbor matching contributions vest according to the following schedule:



Years of Service	Vesting Percentage

Less than 2 years	0	%
2 years	100	%

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

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 2018 ranged from 3.25% to 6.25%. 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 nonelective 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).

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.

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.

AZZ Inc. Employee Benefit Plan and Trust

Notes to Financial Statements

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 will pay 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, 2018 through June 20, 2019 the date these financial statements were available to be issued.

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, 2018 and December 31, 2017. 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.

AZZ Inc. Employee Benefit Plan and Trust

Notes to Financial Statements

- 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.



	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	521,593		521,593
Total asset in the fair value hierarchy	110,141,206		110,141,206

Investments Measured at Net Asset Value
Pool Separate Accounts	9,821,806

Total Investments at Fair Value	$	119,963,012



	Fair Value Measurements at December 31, 2017 Using

	Total Carrying Value as of December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)

Mutual Funds	$	116,268,102	$	116,268,102
AZZ Stock	715,713		715,713
Total asset in the fair value hierarchy	116,983,815		116,983,815

Investments Measured at Net Asset Value
Pool Separate Accounts	10,901,345

Total Investments at Fair Value	$	127,885,160

AZZ Inc. Employee Benefit Plan and Trust

Notes to Financial Statements

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, 2018 and 2017, respectively.



Fair Value of Investments in Entities that Use NAV
	2018	2017
Pooled Separate Account
Fair value	$9,821,806	$10,901,345
Unfunded commitment	None	None
Redemption frequency	Daily	Daily
Other redemption restrictions	None	None
Redemption notice period	None	None

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 plant 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.

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, 2018 and December 31, 2017, 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 September 11, 2017, the Plan was amended to (i) make Powergrid Solutions, Inc. a participating employer in the Plan, (ii) allow the Powergrid Solutions, Inc. 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 Powergrid Solutions, Inc. employees immediately 100% vested.

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.

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, 2018 and 2017, the Plan held 12,924 shares and 14,006 shares, respectively, of AZZ Inc. common stock. For the years ended December 31, 2018 and December 31, 2017, the Plan recorded an investment loss on the AZZ Inc. stock of $142,255 and an investment loss of $177,653, respectively.

AZZ Inc. Employee Benefit Plan and Trust

Notes to Financial Statements

I. Delinquent Participant Contributions

The contributions for the year ended December 31, 2017, that were not segregated and remitted in a timely manner totaled $3,023,364. Of this amount, $2,573,661 was remitted during the year ended December 31, 2017, and $449,703 was remitted during the year ending December 31, 2018. During the year ending December 31, 2018, the Company remitted to the Plan lost earnings of approximately $14,550 related to the usage of funds.

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 will not remit lost earnings to the Plan due to a net loss.

SUPPLEMENTAL SCHEDULES

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, 2018



	Participant Contributions Transferred Late to Plan	Total that Constitute Nonexempt Prohibited Transactions						Total Fully Corrected Under VFCP and PTE 2002-51
	Check Here if Late Participant Loan Repayments are included:	Contributions Not Corrected		Contributions Corrected Outside VFCP		Contributions Pending Correction in VFCP		Total Fully Corrected Under VFCP and PTE 2002-51
2017	X	$	—	$	3,023,364	$	—	$	—
2018	X	$	—	$	715,871	$	—	$	—

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, 2018



(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 Fund	Intl/Global Large Growth	**	$	6,133,270
	American Funds New World Fund	Emerging Market Equity Fund	**	367,412
	JP Morgan Growth Advantage Fund	Large Cap Growth	**	11,376,001
	Lord Abbett High Yield	Mid Cap Growth	**	557,772
*	Metwest Core Plus Bond Fund	Intermediate Term Bond	**	9,821,806
	MFS Value Fund	Large Cap Value	**	8,145,834
	T. Rowe Price	Retirement 2005 Fund	**	59,790
	T. Rowe Price	Retirement 2010 Fund	**	220,762
	T. Rowe Price	Retirement 2015 Fund	**	2,032,468
	T. Rowe Price	Retirement 2020 Fund	**	7,068,620
	T. Rowe Price	Retirement 2025 Fund	**	10,986,632
	T. Rowe Price	Retirement 2030 Fund	**	12,010,183
	T. Rowe Price	Retirement 2035 Fund	**	8,185,493
	T. Rowe Price	Retirement 2040 Fund	**	6,649,636
	T. Rowe Price	Retirement 2045 Fund	**	6,910,566
	T. Rowe Price	Retirement 2050 Fund	**	4,972,941
	T. Rowe Price	Retirement 2055 Fund	**	2,575,650
	T. Rowe Price	Retirement 2060 Fund	**	760,526
	T. Rowe Price	Retirement Balanced I	**	174,569
	Vanguard 500 Index Fund	Large Cap Core	**	8,729,037
	Vanguard Mid Cap Index Fund	Mid Cap Core	**	5,694,447
	Vanguard RE IDX Admiral	REITS	**	610,653
	Vanguard Small Cap Index Fund	Small Cap Core	**	3,310,767
	Vanguard Total Bond Market Index	Intermediate Term Bond	**	1,535,421
	Vanguard FTSE All WD Index	Int/Global Large Core	**	551,163
*	SAGIC	GIC	**	8,782,370
*	AZZ Inc.	AZZ Inc. common stock		521,593
*	Participant Notes Receivable	Interest rates ranging from 3.25% to 5.25%	-0-	5,523,800
				$	134,269,182

*	Represents a party-in-interest to the Plan.
**	Cost omitted for participant directed investments.

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
		(Name of Plan)

DATE: June 21, 2019	By:	/s/ Paul W. Fehlman
		Paul W. Fehlman
		Senior Vice President and Chief Financial Officer