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FORM
11-K
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[X]
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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for
the fiscal year ended December 31,
2006
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OR
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[
]
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from ______________________ to
_________________________
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Commission
file number: 1-7201
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A. Full
title of the plan and the address of the plan, if different from
that of
the issuer named below:
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AFGWU
Local 1028 401(k) Retirement Plan
for
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Employees
of AVX Corporation in Raleigh, North
Carolina
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Plan
number: 008
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B. Name
of the issuer of the securities held pursuant to the plan and the
address
of its principal executive office:
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AVX
Corporation
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(AFGWU
Local 1028 401(k) Retirement Plan
for
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Employees
of AVX Corporation in Raleigh, North
Carolina)
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3900
Electronics Drive
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Raleigh,
North Carolina 27604
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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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5-10
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11
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Supplemental
Schedule
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12
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Exhibits
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Note: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.
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2005
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2006
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Assets
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|||||
Investments,
at fair value
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|||||
Mutual
funds
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$ 4,080,719
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$
3,894,358
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Common/collective
trust
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2,597,751
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2,836,506
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Common
stock of sponsor and affiliate
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402,963
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363,558
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Participant
loans
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706,068
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786,143
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Total
investments
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7,787,501
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7,880,565
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Receivables
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|||||
Participant
contributions
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---
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8,084
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Employer
contributions
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86,628
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65,308
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Total
receivables
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86,628
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73,392
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Total
assets
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7,874,129
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7,953,957
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Liabilities
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Accrued
administrative expenses
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1,329
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---
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Total
liabilities
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1,329
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---
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Net
assets available for benefits at fair value
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7,872,800
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7,953,957
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Adjustment
from fair value to contract value for fully
benefit-responsive
investment contracts
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46,413
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53,856
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Net
assets available for benefits
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$ 7,919,213
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$ 8,007,813
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2006
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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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$
344,163
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Interest
and dividends
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432,237
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Total
investment income
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776,400
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Contributions
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Participant
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342,174
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Employer
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201,798
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Total
contributions
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543,972
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Total
additions
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1,320,372
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Deductions
from net assets attributed to
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Benefits
paid to participants and employee withdrawals
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1,212,561
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Administrative
expenses
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19,211
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Total
deductions
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1,231,772
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Net
increase
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88,600
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Net
assets available for benefits
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Beginning
of year
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7,919,213
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End
of year
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$ 8,007,813
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The
accompanying notes are an integral part of this financial
statement.
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1.
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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.
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Summary
of Significant Accounting
Policies
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3.
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Investments
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2005
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2006
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Merrill
Lynch Retirement Preservation Trust, at fair value
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$ 2,597,751
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$ 2,836,506
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Van
Kampen Comstock Fund A
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997,651
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978,201
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Oakmark
Equity and Income Fund
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881,815
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885,681
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BlackRock
Global Allocation Fund
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---
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823,255
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Delaware
Diversified
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496,772
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563,920
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Kyocera
Corporation Common Stock
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362,666
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---
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Merrill
Lynch Global Allocation Fund
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831,742
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---
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Participant
Loans
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706,068
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786,143
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AVX
Corporation Common Stock
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$ 856
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Kyocera
Corporation Common Stock
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96,304
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Mutual
Funds
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247,003
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$ 344,163
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4.
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Related-Party
Transactions
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5.
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Plan
Termination
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6.
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Tax
Status
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7.
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Reconciliation
Between the Financial Statements and Form
5500
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Investment
Income
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Net
appreciation in fair value of investments
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Contributions
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Benefit
Payments
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Administrative
Expenses
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Per
financial statements
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$432,237
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$344,163
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$543,972
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$(1,212,561)
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$(19,211)
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Reversal
of current year
contributions receivable
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(73,392)
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Addition
of prior year
contribution receivable
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86,628
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Addition
of prior year
accrued liabilities
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(1,329)
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Miscellaneous
reclassifications
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(402,009)
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395,799
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(25)
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25
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6,210
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Per
Form 5500
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$30,228
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$739,962
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$557,183
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$(1,212,536)
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$(14,330)
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Net
Assets Available for Benefits
as
of December 31,
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2005
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2006
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Net
assets available for benefits per the financial statements
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$ 7,919,213
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$ 8,007,813
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Less:
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Participant
contributions receivable
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---
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(8,084)
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Employer
contributions receivable
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(86,628)
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(65,308)
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Add:
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Accrued
administrative expense
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1,329
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---
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Net
assets available for benefits per Form 5500
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$ 7,833,914
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$ 7,934,421
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2006
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Net
increase in net assets available for benefits per the financial
statements
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$ 88,600
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Add:
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Employer
contributions receivable at December 31, 2005
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86,628
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Less:
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Employer
contributions receivable at December 31, 2006
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(65,308)
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Participant
contributions receivable at December 31, 2006
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(8,084)
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Accrued
administrative expense at December 31, 2005
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(1,329)
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Net
assets available for benefits per Form 5500
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$ 100,507
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8.
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Risks
and Uncertainties
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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
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Date:
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July
11, 2007
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(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
or maturity value
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(d)
Cost**
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(e)
Current
value
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*
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Merrill
Lynch Retirement Preservation Trust
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Common/collective
trust
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$
2,836,506
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BlackRock
Aurora Portfolio
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Mutual
Fund
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150,140
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BlackRock
S&P 500 Index Fund
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Mutual
Fund
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256,051
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BlackRock
Global Allocation Fund
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Mutual
Fund
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823,255
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Van
Kampen Comstock Fund A
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Mutual
Fund
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978,201
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Oakmark
Equity and Income Fund
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Mutual
Fund
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885,681
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Delaware
Diversified
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Mutual
Fund
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563,920
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Davis
New York Venture Fund A
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Mutual
Fund
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125,781
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American
Funds Growth Fund of Amer R3
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Mutual
Fund
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36,433
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American
Funds European Growth R3
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Mutual
Fund
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74,896
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3,894,358
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*
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Kyocera
Corporation
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Common
Stock
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320,673
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*
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AVX
Corporation
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Common
Stock
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42,885
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363,558
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*
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Participant
Loans
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Interest
rates: 5% - 10% with varying
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maturity
dates
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786,143
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$
7,880,565
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*Denotes
a party-in-interest
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**Not
applicable for participant directed investments
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