Page
No.
|
|
3
|
|
4
|
|
5-6
|
|
7-9
|
|
10-14
|
|
15
|
|
16
|
|
Exhibit:
|
|
|
|
|
Total
|
AVX
Stock Fund
|
Kyocera
Stock Fund
|
Seligman
Equity Value Portfolio
|
T
Rowe Price Spectrum Income Fund
|
MainStay
Cash Reserves Fund
|
Templeton
Foreign Equity Fund
|
MainStay
S&P 500 Index Fund
|
Janus
Balanced Fund
|
Janus
Fund
|
Lord
Abbett Mid Cap Value Fund
|
PIMCO
Total Return Fund
|
||||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Investments
at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Other
investments (cost $4,775,931)
|
$5,138,644
|
$19,000
|
$12,796
|
$1,113,560
|
$646,096
|
$578,270
|
$684,800
|
$408,935
|
$420,032
|
$196,787
|
$378,598
|
$679,770
|
|||||||||||
AVX
Corporation Common Stock (cost $813,314)
|
885,973
|
885,973
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||
Kyocera
Corporation American Depositary Shares (cost $578,788)
|
606,442
|
---
|
606,442
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||
Total
investments
|
6,631,059
|
904,973
|
619,238
|
1,113,560
|
646,096
|
578,270
|
684,800
|
408,935
|
420,032
|
196,787
|
378,598
|
679,770
|
|||||||||||
Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employer
contribution
|
58,370
|
6,702
|
5,595
|
6,186
|
---
|
18,123
|
1,230
|
3,477
|
5,082
|
3,230
|
2,275
|
6,470
|
|||||||||||
Plan
equity
|
$6,689,429
|
$911,675
|
$624,833
|
$1,119,746
|
$646,096
|
$596,393
|
$686,030
|
$412,412
|
$425,114
|
$200,017
|
$380,873
|
$686,240
|
Total
|
AVX
Stock Fund
|
Kyocera
Stock Fund
|
Seligman
Equity Value Portfolio
|
T
Rowe Price Spectrum Income Fund
|
Vanguard
Treasury Money Market Fund
|
Templeton
Foreign Equity Fund
|
Vanguard
500 Index Fund
|
Janus
Balanced Fund
|
Janus
Fund
|
Lord
Abbett Mid Cap Value Fund
|
PIMCO
Total Return Fund
|
||||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Investments
at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Other
investments (cost $1,879,199)
|
$1,990,441
|
$2,350
|
$14
|
$407,906
|
$333,344
|
$170,422
|
$245,885
|
$163,384
|
$100,063
|
$83,296
|
$330,587
|
$153,190
|
|||||||||||
AVX
Corporation Common Stock (cost $558,969)
|
473,206
|
473,206
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||
Kyocera
Corporation American Depositary Shares (cost $171,124)
|
189,140
|
---
|
189,140
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||
Total
investments
|
2,652,787
|
475,556
|
189,154
|
407,906
|
333,344
|
170,422
|
245,885
|
163,384
|
100,063
|
83,296
|
330,587
|
153,190
|
|||||||||||
Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employer
contribution
|
27,388
|
2,874
|
3,915
|
2,076
|
---
|
6,206
|
614
|
3,411
|
3,226
|
812
|
391
|
3,863
|
|||||||||||
Plan
equity
|
$2,680,175
|
$478,430
|
$193,069
|
$409,982
|
$333,344
|
$176,628
|
$246,499
|
$166,795
|
$103,289
|
$84,108
|
$330,978
|
$157,053
|
|
Total
|
AVX
Stock Fund
|
Kyocera
Stock Fund
|
Seligman
Equity Value Portfolio
|
T
Rowe Price Spectrum Income Fund
|
Vanguard
Treasury Money Market Fund
|
MainStay
Cash Reserves Fund
|
Templeton
Foreign Equity Fund
|
Vanguard
500 Index Fund
|
MainStay
S&P 500 Index Fund
|
Janus
Balanced Fund
|
Janus
Fund
|
Lord
Abbett Mid Cap Value Fund
|
PIMCO
Total Return Fund
|
||||||||||||||
Net
investment income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Dividends
|
$95,933
|
$
9,315
|
$
7,025
|
$
70
|
$
26,530
|
$
---
|
$
---
|
$
10,703
|
$
3,362
|
$
6,282
|
$
7,577
|
$
138
|
$
1,554
|
$
23,377
|
||||||||||||||
Interest
|
16,402
|
---
|
---
|
---
|
---
|
9,184
|
7,218
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
||||||||||||||
Net
appreciation (depreciation) in fair value of investments
|
324,235
|
144,682
|
(30,789)
|
101,759
|
(13,240)
|
---
|
---
|
54,286
|
3,880
|
4,479
|
23,728
|
4,610
|
36,391
|
(5,551)
|
||||||||||||||
Total
income (loss)
|
436,570
|
153,997
|
(23,764)
|
101,829
|
13,290
|
9,184
|
7,218
|
64,989
|
7,242
|
10,761
|
31,305
|
4,748
|
37,945
|
17,826
|
||||||||||||||
Contributions:
|
||||||||||||||||||||||||||||
Employer
|
120,878
|
42,965
|
9,605
|
8,455
|
---
|
6,731
|
18,428
|
1,875
|
3,356
|
3,597
|
8,528
|
4,168
|
2,513
|
10,657
|
||||||||||||||
Employee
|
486,258
|
72,228
|
63,019
|
48,238
|
|
---
|
|
71,595
|
|
21,659
|
|
12,327
|
|
40,784
|
|
13,156
|
|
50,420
|
|
16,738
|
|
10,370
|
|
65,724
|
||||
Total
contributions
|
607,136
|
115,193
|
72,624
|
56,693
|
---
|
78,326
|
40,087
|
14,202
|
44,140
|
16,753
|
58,948
|
20,906
|
12,883
|
76,381
|
||||||||||||||
Deductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Benefit
payments
|
(791,698)
|
(93,475)
|
(20,142)
|
(15,639)
|
(1,914)
|
(102,673)
|
---
|
(70,852)
|
(121,775)
|
---
|
(79,899)
|
(83,783)
|
(201,546)
|
---
|
||||||||||||||
Income
(loss) and change in plan equity
|
252,008
|
175,715
|
28,718
|
142,883
|
11,376
|
(15,163)
|
47,305
|
8,339
|
(70,393)
|
27,514
|
10,354
|
(58,129)
|
(150,718)
|
94,207
|
||||||||||||||
Transfer
of funds from employee investment elections, net
|
---
|
1,990
|
(91)
|
33,950
|
(4)
|
(542,848)
|
549,088
|
(36,154)
|
(399,022)
|
384,898
|
(467)
|
(84,645)
|
28,101
|
65,204
|
||||||||||||||
Transfer
of funds from AVX SERP Plan
|
3,757,246
|
255,540
|
403,137
|
532,931
|
301,380
|
381,383
|
---
|
467,346
|
302,620
|
---
|
311,938
|
258,683
|
172,512
|
369,776
|
||||||||||||||
Plan
equity at beginning of year
|
2,680,175
|
478,430
|
193,069
|
409,982
|
333,344
|
176,628
|
---
|
246,499
|
166,795
|
---
|
103,289
|
84,108
|
330,978
|
157,053
|
||||||||||||||
Plan
equity at end of year
|
$6,689,429
|
$911,675
|
$624,833
|
$1,119,746
|
$646,096
|
$
---
|
$596,393
|
$686,030
|
$
---
|
$412,412
|
$425,114
|
$200,017
|
$380,873
|
$686,240
|
|
Total
|
AVX
StockFund
|
Kyocera
StockFund
|
Seligman
Equity Value Portfolio
|
T
Rowe Price Spectrum Income Fund
|
Vanguard
Treasury Money Market Fund
|
Templeton
Foreign Equity Fund
|
Vanguard
500 Index Fund
|
Janus
Balanced Fund
|
Janus
Fund
|
MFS
Emerging Growth Fund
|
Lord
Abbett Mid Cap Value Fund
|
PIMCO
Total Return Fund
|
|||||||||||||
Net
investment income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Dividends
|
$37,777
|
$6,109
|
$1,271
|
$2,091
|
$13,140
|
$
---
|
$5,218
|
$3,463
|
$2,006
|
$
---
|
$53
|
$958
|
$3,468
|
|||||||||||||
Interest
|
2,148
|
---
|
---
|
---
|
---
|
2,148
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||
Net
appreciation (depreciation) in fair value of investments
|
(21,223)
|
(201,338)
|
22,224
|
58,274
|
11,726
|
(309)
|
33,193
|
12,793
|
5,995
|
448
|
474
|
31,406
|
3,891
|
|||||||||||||
Total
income (loss)
|
18,702
|
(195,229)
|
23,495
|
60,365
|
24,866
|
1,839
|
38,411
|
16,256
|
8,001
|
448
|
527
|
32,364
|
7,359
|
|||||||||||||
Contributions:
|
||||||||||||||||||||||||||
Employer
|
113,632
|
26,098
|
12,310
|
13,243
|
---
|
20,377
|
3,330
|
11,110
|
11,329
|
2,396
|
---
|
1,973
|
11,466
|
|||||||||||||
Employee
|
8,756
|
8,756
|
---
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
|
---
|
||||
Total
contributions
|
122,388
|
34,854
|
12,310
|
13,243
|
---
|
20,377
|
3,330
|
11,110
|
11,329
|
2,396
|
---
|
1,973
|
11,466
|
|||||||||||||
Deductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Benefit
payments
|
(286,221)
|
(59,692)
|
(155)
|
(13,106)
|
---
|
(41,333)
|
(16,409)
|
(53,743)
|
(14,446)
|
(78,393)
|
---
|
(8,944)
|
---
|
|||||||||||||
Income
(loss) and change in plan equity
|
(145,131)
|
(220,067)
|
35,650
|
60,502
|
24,866
|
(19,117)
|
25,332
|
(26,377)
|
4,884
|
(75,549)
|
527
|
25,393
|
18,825
|
|||||||||||||
Transfer
of funds from employee investment elections, net
|
---
|
---
|
---
|
(36,783)
|
---
|
---
|
881
|
---
|
---
|
(216,624)
|
(10,093)
|
262,619
|
---
|
|||||||||||||
Plan
equity at beginning of year
|
2,825,306
|
698,497
|
157,381
|
386,301
|
308,478
|
195,745
|
220,286
|
193,172
|
98,405
|
376,281
|
9,566
|
42,966
|
138,228
|
|||||||||||||
Plan
equity at end of year
|
$2,680,175
|
$478,430
|
$193,031
|
$410,020
|
$333,344
|
$176,628
|
$246,499
|
$166,795
|
$103,289
|
$84,108
|
$
---
|
$330,978
|
$157,053
|
|
Total
|
AVX
StockFund
|
Kyocera
StockFund
|
Seligman
Equity Value Portfolio
|
T
Rowe Price Spectrum Income Fund
|
Vanguard
Treasury Money Market Fund
|
Templeton
Foreign Equity Fund
|
Vanguard
500 Index Fund
|
Janus
Balanced Fund
|
Janus
Fund
|
MFS
Emerging Growth Fund
|
Lord
Abbett Mid Cap Value Fund
|
PIMCO
Total Return Fund
|
|||||||||||||
Net
investment income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Dividends
|
$35,684
|
$6,602
|
$1,064
|
$619
|
$17,607
|
$
---
|
$4,384
|
$2,920
|
$1,737
|
$
---
|
$113
|
$180
|
$458
|
|||||||||||||
Interest
|
1,780
|
---
|
---
|
---
|
---
|
1,780
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||
Net
appreciation (depreciation) in fair value of investments
|
681,405
|
293,591
|
23,106
|
105,357
|
36,382
|
---
|
47,476
|
45,456
|
9,766
|
105,267
|
10,063
|
4,038
|
903
|
|||||||||||||
Total
income (loss)
|
718,869
|
300,193
|
24,170
|
105,976
|
53,989
|
1,780
|
51,860
|
48,376
|
11,503
|
105,267
|
10,176
|
4,218
|
1,361
|
|||||||||||||
Contributions:
|
||||||||||||||||||||||||||
Employer
|
48,552
|
21,342
|
4,028
|
2,535
|
---
|
6,889
|
1,228
|
3,631
|
3,831
|
734
|
---
|
670
|
3,664
|
|||||||||||||
Employee
|
13,172
|
13,172
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||
Total
contributions
|
61,724
|
34,514
|
4,028
|
2,535
|
---
|
6,889
|
1,228
|
3,631
|
3,831
|
734
|
---
|
670
|
3,664
|
|||||||||||||
Deductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Benefit
payments
|
(226,703)
|
(63,567)
|
(29)
|
(10,034)
|
---
|
(40,386)
|
---
|
(42,681)
|
---
|
(70,006)
|
---
|
---
|
---
|
|||||||||||||
Income
(loss) and change in plan equity
|
553,890
|
271,140
|
28,169
|
98,477
|
53,989
|
(31,717)
|
53,088
|
9,326
|
15,334
|
35,995
|
10,176
|
4,888
|
5,025
|
|||||||||||||
Transfer
of funds from employee investment elections, net
|
---
|
884
|
(160)
|
(518)
|
(132,292)
|
(339)
|
86
|
(824)
|
88
|
(790)
|
(37,416)
|
38,078
|
133,203
|
|||||||||||||
Plan
equity at beginning of year
|
2,271,416
|
426,473
|
129,372
|
288,342
|
386,781
|
227,801
|
167,112
|
184,670
|
82,983
|
341,076
|
36,806
|
---
|
---
|
|||||||||||||
Plan
equity at end of year
|
$2,825,306
|
$698,497
|
$157,381
|
$386,301
|
$308,478
|
$195,745
|
$220,286
|
$193,172
|
$98,405
|
$376,281
|
$9,566
|
$42,966
|
$138,228
|
1. |
Description
of Plan
|
2. |
Significant
Accounting Policies
|
3. |
Investment
Programs
|
2005
|
2004
|
2003
|
|||
Proceeds
|
$4,786,460
|
$
1,530,197
|
$
735,624
|
||
Aggregate
cost
|
4,806,648
|
1,786,634
|
838,190
|
||
Realized
losses
|
(20,188)
|
(256,437)
|
(102,566)
|
||
Change
in unrealized appreciation (depreciation)
|
344,423
|
235,214
|
783,971
|
||
Net
appreciation (depreciation) in fair value of investments
|
$
324,235
|
$
(21,223)
|
$
681,405
|
2005
|
2004
|
2003
|
|||
AVX
Corporation Common Stock
|
$72,659
|
$(85,763)
|
$
99,838
|
||
Kyocera
Corporation ADS
|
27,654
|
18,016
|
(4,182)
|
||
Other
investments
|
362,713
|
111,242
|
(287,375)
|
||
Total
unrealized appreciation (depreciation)
|
$
463,026
|
$
43,495
|
$(191,719)
|
4. |
Nonparticipant-Directed
Investments:
|
December
31,
|
||||
2005
|
2004
|
|||
Net
Assets:
|
||||
MainStay
Cash Reserves Fund
|
$
|
6,574
|
$
|
---
|
AVX
Corporation Common Stock
|
276,097
|
222,256
|
||
Total
Assets
|
$
|
282,671
|
$
|
222,256
|
Year
Ended
|
|||
December
31, 2005
|
|||
Changes
in Net Assets:
|
|||
Contributions
|
$
|
35,797
|
|
Dividends
|
1,529
|
||
Net
depreciation
|
45,746
|
||
Benefits
paid to participants
|
(22,657)
|
||
Transfers
to participant-directed investments
|
---
|
||
Total
|
$
|
60,415
|
5. |
Plan
Termination
|
2005
|
2004
|
||
Shares
|
8,287
|
2,457
|
|
Market
value per share
|
$73.18
|
$76.98
|
|
Market
value
|
$606,442
|
$189,140
|
2005
|
2004
|
||
Shares
|
61,186
|
37,556
|
|
Market
value per share
|
$14.48
|
$12.60
|
|
Market
value
|
$885,973
|
$473,206
|
BY:
|
/s/ Kurt P. Cummings |
Kurt
P. Cummings
|
|
Member
of Administrative Committee
|
|
Date:
April 17, 2006
|
Description
|
Number
of shares/units
|
Market
Value
|
Percentage
of Net Assets
|
T.
Rowe Price Spectrum Income Fund
|
54,800
|
646,096
|
9.7%
|
MainStay
Cash Reserves Fund
|
610,066
|
610,066
|
9.2%
|
Janus
Balanced Fund
|
18,685
|
420,032
|
6.3%
|
Janus
Fund
|
7,708
|
196,787
|
3.0%
|
Seligman
Equity Value Portfolio
|
87,065
|
1,113,560
|
16.8%
|
Templeton
Foreign Equity Fund
|
54,006
|
684,800
|
10.3%
|
MainStay
S&P 500 Index Fund
|
14,219
|
408,935
|
6.2%
|
Lord
Abbett Mid-Cap Value Fund
|
16,894
|
378,598
|
5.7%
|
PIMCO
Total Return Fund
|
64,740
|
679,770
|
10.3%
|
AVX
Corporation Common Stock
|
61,186
|
885,973
|
13.4%
|
Kyocera
ADS
|
8,287
|
606,442
|
9.1%
|
Total
Investments
|
|
$6,631,059
|
|