Report of Independent Registered Public Accounting Firm |
2
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Financial
Statements
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3
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4
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5-9
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10
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Supplemental
Schedule
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11
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Exhibit
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Note:
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Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (“ERISA”) have been omitted because they are not applicable. |
2004
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2003
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||||
Assets
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|||||
Investments,
at fair value
|
|||||
Mutual
funds
|
$
3,686,283
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$
3,118,358
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|||
Common/collective
trust
|
2,373,514
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2,134,979
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|||
Common
stock of sponsor and affiliate
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534,136
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492,731
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|||
Participant
loans
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613,749
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517,413
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|||
Total
investments
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7,207,682
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6,263,481
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|||
Receivables
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|||||
Participant
contributions
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42,299
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48,883
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|||
Employer
contributions
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117,280
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123,064
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|||
Other
receivable
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-
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16,071
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|||
Total
receivables
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159,579
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188,018
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|||
Total
assets
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7,367,261
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6,451,499
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Liabilities
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|||||
Accrued
administrative expenses
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-
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4,231
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|||
Total
liabilities
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-
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4,231
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|||
Net
assets available for benefits
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$
7,367,261
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$
6,447,268
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2004
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||||||
Additions
to net assets attributed to
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||||||
Investment
income
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||||||
Net
appreciation in fair value of investments
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$
326,532
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|||||
Interest
and dividends
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238,788
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|||||
Total
investments
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565,320
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|||||
Contributions
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||||||
Participant
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481,470
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|||||
Employer
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300,154
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|||||
Total
contributions
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781,624
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|||||
Total
additions
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1,346,944
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|||||
Deductions
from net assets attributed to
|
||||||
Benefits
paid to participants and employee withdrawals
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409,539
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|||||
Administrative
expenses
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17,412
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|||||
Total
deductions
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426,951
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|||||
Net
increase
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919,993
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|||||
Net
assets available for plan benefits
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|||||
Beginning
of year
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6,447,268
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|||||
End
of year
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$
7,367,261
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1. |
Description
of the Plan
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Participant
Contribution
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Company
Matching
Contribution
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1%
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0.667%
of compensation
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2%
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1.334%
of compensation
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3%
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2.000%
of compensation
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4%
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2.500%
of compensation
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5%
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3.000%
of compensation
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2. |
Summary
of Significant Accounting
Policies
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3. |
Investments
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2004
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2003
|
||||
Merrill
Lynch Retirement Preservation Trust
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$
2,373,514
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$
2,134,979
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|||
Merrill
Lynch Balanced Capital Fund
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-
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700,069
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Merrill
Lynch Global Allocation Fund
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730,238
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622,315
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Merrill
Lynch Core Bond Fund
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-
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465,751
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Merrill
Lynch S&P 500 Index Fund
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-
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338,431
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Van
Kampen Comstock Fund A
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941,118
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718,228
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Oakmark
Equity and Income Fund
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768,966
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-
|
|||
Delaware
Diversified
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493,064
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-
|
|||
Kyocera
Corporation Common Stock
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452,067
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415,073
|
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Participant
Loans
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613,749
|
517,413
|
|||
$
6,372,716
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$
5,912,259
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AVX
Corporation Common Stock
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$
(18,935)
|
||||
Kyocera
Corporation Common Stock
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60,275
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||||
Mutual
Funds
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285,192
|
||||
$
326,532
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4. |
Related-Party
Transactions
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5. |
Plan
Termination
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6. |
Tax
Status
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7. |
Reconciliation
Between the Financial Statements and Form
5500
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2004
|
2003
|
||||
Net
assets available for benefits per the financial statements
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$
7,367,261
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$
6,447,268
|
|||
Less:
|
|
||||
Participant
contributions receivable
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(42,299)
|
(48,883)
|
|||
Employer
contributions receivable
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(117,280)
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(123,064)
|
|||
Other
receivable
|
-
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(16,071)
|
|||
Add:
|
|
||||
Accrued
administrative expense
|
-
|
|
4,231
|
||
Net
assets available for benefits per Form 5500
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$
7,207,682
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$
6,263,481
|
2004
|
|||||
Net
increase in net assets available for benefits per the financial
statements
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$
919,993
|
||||
Add:
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|
||||
Participant
contributions receivable at December 31, 2003
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48,883
|
||||
Employer
contributions receivable at December 31, 2003
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123,064
|
||||
Other
receivable at December 31, 2003
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16,071
|
||||
Less:
|
|||||
Participant
contributions receivable at December 31, 2004
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(42,299)
|
||||
Employer
contributions receivable at December 31, 2004
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(117,280)
|
||||
Accrued
administrative expense at December 31, 2003
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(4,231)
|
||||
Net
assets available for benefits per Form 5500
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$
944,201
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8. |
Risks
and Uncertainties
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9. |
Subsequent
Event
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By:
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/s/ Gerald Boykin
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Gerald
Boykin
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Plan Administrator of the AFGWU Local 1028 401(k) Retirement Plan for Employees of AVX Corporation in Raleigh, North Carolina | |
Date: | August 18, 2006 |
(a)
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(b)
Identity
of issue, borrower, lessor or similar party
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(c)
Description
of investment including maturity date, rate of interest, collateral,
par
of maturity value
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(d)
Cost**
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(e)
Current
value
|
||||
*
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Merrill
Lynch Retirement Preservation Trust
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Common/collective
trust
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$
2,373,514
|
|||||
*
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Merrill
Lynch Global Allocation Fund
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Mutual
Fund
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730,238
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|||||
*
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Merrill
Lynch S&P 500 Index Fund
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Mutual
Fund
|
327,308
|
|||||
Van
Kampen Comstock Fund A
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Mutual
Fund
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941,118
|
||||||
Oakmark
Equity and Income Fund
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Mutual
Fund
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768,966
|
||||||
Delaware
Diversified
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Mutual
Fund
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493,064
|
||||||
BlackRock
Aurora Fund A
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Mutual
Fund
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256,788
|
||||||
Davis
New York Venture Fund A
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Mutual
Fund
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152,207
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||||||
American
Funds Growth Fund of Amer R3
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Mutual
Fund
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8,740
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||||||
American
Funds European Growth R3
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Mutual
Fund
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7,854
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||||||
3,686,283
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||||||||
*
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Kyorcera
Corporation
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Common
Stock
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452,067
|
|||||
*
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AVX
Corporation
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Common
Stock
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82,069
|
|||||
534,136
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||||||||
*
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Participant
Loans
|
Interest
rates: 6% - 10% with varying
|
||||||
maturity
dates
|
613,749
|
|||||||
$
7,207,682
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||||||||
|
||||||||
*Denotes
a party-in-interest
|
||||||||
**Not
applicable for participant directed investments
|