Page
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2
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3
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4
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5-12
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13
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14
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15
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Exhibit:
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2003
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2004
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||||
ASSETS:
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||||||
Investments,
at fair value:
|
|
|
|
|||
AVX
Corporation Common Stock
|
$
|
2,521,836
|
$
|
2,542,440
|
||
Kyocera
Corporation American Depository Shares
|
|
1,966,651
|
2,691,452
|
|||
Money
Market Fund
|
|
2,225,342
|
4,006,457
|
|||
Mutual
Funds
|
|
3,858,812
|
6,448,053
|
|||
Common/collective
trust
|
123,447
|
120,604
|
||||
Participant
loans
|
|
1,021,282
|
1,540,184
|
|||
Subtotal
|
|
11,717,370
|
17,349,190
|
|||
Interest
in AVX Corporation Master Trust
|
|
2,048,812
|
3,239,490
|
|||
Total
Investments
|
|
13,766,182
|
20,588,680
|
|||
Receivables:
|
|
|
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|||
Employer
contributions
|
|
262,160
|
240,575
|
|||
Participant
contributions
|
|
21,328
|
---
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|||
Total
Receivables
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|
283,488
|
240,575
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|||
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Net
assets available for benefits
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$
|
14,049,670
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$
|
20,829,255
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Additions:
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2004
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|||
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Investment
income (loss):
|
|
|
||
|
|
Net
depreciation in fair value of investments
|
$
|
(19,035)
|
|
|
|
Interest
and dividends
|
|
286,256
|
|
|
|
Net
investment gain from interest in AVX Corporation Master
Trust
|
|
446,026
|
|
|
|
|
Net
investment income
|
|
713,247
|
|
|
|
|
|
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Contributions:
|
|
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||
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|
Participant
|
|
1,361,786
|
|
|
|
Employer
|
|
1,014,451
|
|
|
Total
contributions
|
|
2,376,237
|
||
|
|
|
|
|
|
|
Transfers
into Plan
|
|
5,033,928
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||
|
|
|
|
|
|
|
Total
additions
|
|
8,123,412
|
||
|
|
|
|
|
|
Deductions:
|
|
|
|||
|
Benefits
paid to participants
|
|
1,220,054
|
||
|
Administrative
expenses
|
|
123,773
|
||
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|
|
|
|
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Total
deductions
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1,343,827
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||
|
|
|
|
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Net
increase
|
|
6,779,585
|
|
|
|
|
|
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Net
assets available for benefits:
|
|
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|||
|
Beginning
of year
|
|
14,049,670
|
||
|
End
of year
|
$
|
20,829,255
|
1. |
Description
of Plan:
|
Vested
Percentage
|
||
--Company
Matching --
|
-Discretionary
Contribution-
|
|
Years
of Service
|
Colorado
Springs
|
Sun
Valley
|
1
Year
|
0%
|
20%
|
2Year
|
0%
|
30%
|
3Year
|
0%
|
40%
|
4
Year
|
0%
|
50%
|
5
Year
|
100%
|
60%
|
6
Year
|
80%
|
|
7
Year
|
100%
|
2. |
Summary
of Significant Accounting
Policies:
|
3. |
Investments:
|
December
31,
|
2003
|
2004
|
||
AVX
Corporation Common Stock
|
$
2,521,836
|
$
2,542,440
|
||
Kyocera
Corporation American Depository Shares
|
1,966,651
|
2,691,452
|
||
AVX
Corporation Master Trust
|
2,048,812
|
3,239,490
|
||
Vanguard
US Treasury Fund
|
2,225,342
|
4,006,457
|
||
Participant
loans
|
1,021,282
|
1,540,184
|
||
Templeton
Foreign Fund
|
741,537
|
1,102,174
|
||
Janus
Fund
|
746,030
|
1,139,744
|
||
T.
Rowe Price Spectrum Income Fund
|
793,916
|
*
|
AVX
Corporation Common Stock
|
$
|
(826,107)
|
|
Kyocera
Corporation ADS
|
309,523
|
||
Mutual
Funds
|
497,549
|
||
Subtotal
|
(19,035)
|
||
AVX
Corporation Master Trust
|
446,026
|
||
Total
|
$
|
426,991
|
4. |
Nonparticipant-Directed
Investments:
|
December
31,
|
||||
2003
|
2004
|
|||
Net
Assets:
|
||||
AVX
Corporation Common Stock
|
$
|
---
|
$
|
242,395
|
Year
Ended
|
|||
December
31, 2004
|
|||
Changes
in Net Assets:
|
|||
Contributions
|
$
|
63,600
|
|
Dividends
|
2,219 | ||
Net
depreciation
|
(64,371) | ||
Benefits
paid to participants
|
(7,709)
|
||
Transfers
to participant-directed investments
|
(2,725)
|
||
(8,986) |
5. |
Plan
Termination:
|
6. |
Tax
Status:
|
7. |
Related-Party
Transactions:
|
8. |
Interest
in AVX Corporation Master Trust
:
|
|
|
|
|
2003
|
|
2004
|
Assets:
|
|
|
|
|
||
Investments
at fair value:
|
|
|
|
|
||
|
|
|
|
|
|
|
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Common
stocks
|
$
|
14,298,849
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$
|
16,780,952
|
|
|
Common/collective
trust funds
|
|
128,425
|
|
134,002
|
|
Total
Investments
|
|
14,427,274
|
|
16,914,954
|
|
|
|
|
|
|
|
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Cash
(overdraft)
|
|
(3,364)
|
|
397
|
||
|
|
|
|
|
|
|
Interest
and dividends receivable
|
|
36,360
|
|
32,948
|
||
|
|
|
|
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|
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Net
Assets
|
$
|
14,460,270
|
$
|
16,948,299
|
|
|
|
|
2004
|
Additions:
|
|
|
||
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Net
appreciation in fair value of investments
|
$
|
2,141,779
|
|
|
Interest
and dividends
|
|
326,648
|
|
|
|
Total
additions
|
|
2,468,427
|
|
|
|
|
|
Deductions:
|
|
|
||
|
Investment
management expenses
|
|
83,821
|
|
|
|
|
|
|
|
|
Net
increase from investment activity
|
|
2,384,606
|
|
Excess
of fund allocations over fund withdrawals
|
|
103,423
|
|
|
|
Net
increase
|
|
2,488,029
|
|
|
|
|
|
Net
assets available for benefits:
|
|
|
||
|
Beginning
of year
|
|
14,460,270
|
|
|
End
of year
|
$
|
16,948,299
|
9. |
Transfers
Into Plan:
|
By:
|
/s/
Kurt P. Cummings
|
Kurt
P. Cummings
|
|
Member
of Retirement Committee
|
|
Date:
|
July
18, 2005
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
|||
|
Identity
of issue, borrower, lessor or similar party
|
Description
of investment including maturity date, rate of interest, collateral,
par
or maturity value
|
|
Cost
|
Market
Value
|
||
|
|
|
|
|
|
|
|
*
|
AVX
Corporation
|
|
Common
Stock
|
$
|
2,927,802
|
$
|
2,542,440
|
|
|
|
|
|
|
||
*
|
Kyocera
Corporation
|
|
American
Depository Shares
|
|
**
|
|
2,691,452
|
|
|
|
|
|
|
||
|
Vanguard
US Treasury Fund
|
|
Money
Market Fund
|
|
**
|
|
4,006,457
|
|
|
|
|
|
|
||
|
T.
Rowe Price Spectrum Income Fund
|
|
Mututal
Fund
|
|
**
|
|
673,494
|
|
Janus
Balanced Fund
|
|
Mututal
Fund
|
|
**
|
|
941,870
|
|
Vanguard
Index 500 Fund
|
|
Mututal
Fund
|
|
**
|
|
1,030,262
|
|
Janus
Fund
|
|
Mututal
Fund
|
|
**
|
|
1,139,744
|
|
Templeton
Foreign Fund
|
|
Mututal
Fund
|
|
**
|
1,102,174
|
|
|
Lord
Abbett Mid-Cap Value Fund
|
|
Mututal
Fund
|
|
**
|
813,212
|
|
|
PIMCO
Total Return Fund
|
|
Mututal
Fund
|
|
**
|
747,297
|
|
|
|
|
|
|
6,448,053
|
||
|
|
|
|
|
|||
*
|
AVX
Corporation
|
Master
Trust
|
**
|
3,239,490
|
|||
|
|
|
|
|
|||
*
|
HSBC
Bank USA Short-term Temporary Investment Fund
|
|
Common/collective
trust
|
|
**
|
120,604
|
|
|
|
|
|
|
|||
*
|
Participant
Loans
|
|
Interest
rates ranging from
6%
- 7.25% and maturing through 2010.
|
|
**
|
1,540,184
|
|
|
|
|
|
|
|||
|
|
|
Total
Investments
|
|
$
|
20,588,680
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
Identity
of Party Involved
|
Description
of investment including maturity date, rate of interest, collateral,
par
or maturity value
|
Purchase
Price
|
Selling
Price
|
Lease
Rental
|
Expense
Incurred with Transaction
|
Cost
of Asset
|
Current
Value of Asset on Transaction Date
|
Net
Gain/ (Loss)
|
|
|
|
||||||
AVX
Corporation
|
Common
Stock
|
$
959,937
|
$
896,113
|
n/a
|
---
|
$
959,937
|
$
896,113
|
$
(63,824)
|
AVX
Corporation
|
Common
Stock
|
1,002,857
|
982,553
|
n/a
|
---
|
1,002,857
|
982,553
|
(20,304)
|