Page
No. | |
2 | |
3-4 | |
5-7 | |
8-11 | |
12 | |
13 | |
Exhibit: |
|
14 |
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 |
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 | |||||||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investments
at fair value: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other
investments (cost $2,238,745) |
$1,951,370
|
$4,463
|
$660
|
$383,766
|
$308,478
|
$188,857
|
$219,058
|
$189,541
|
$94,574
|
$375,547
|
$9,566
|
$42,296
|
$134,564
| ||||||||||||
AVX
Corporation Common Stock (cost $591,238) |
691,076
|
691,076
|
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- | ||||||||||||
Kyocera
Corporation American Depositary Shares (cost $156,875) |
152,693
|
--- |
152,693
|
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- | ||||||||||||
Total
investments |
2,795,139
|
695,539
|
153,353
|
383,766
|
308,478
|
188,857
|
219,058
|
189,541
|
94,574
|
375,547
|
9,566
|
42,296
|
134,564
| ||||||||||||
Receivable: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Employer
contribution |
30,167
|
2,958
|
4,028
|
2,535
|
--- |
6,888
|
1,228
|
3,631
|
3,831
|
734
|
--- |
670
|
3,664
| ||||||||||||
Plan
equity |
$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
|
|
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
|
|
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 | |||||||||||
Net
investment income (loss): |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Dividends |
$39,364
|
$6,483
|
$769
|
$4,731
|
$18,288
|
$
--- |
$3,448
|
$3,387
|
$2,005
|
$95
|
$158
| |||||||||||
Interest |
3,090
|
---
|
---
|
---
|
---
|
3,090
|
---
|
---
|
---
|
---
|
---
| |||||||||||
Net
appreciation (depreciation) in fair value of investments |
(964,601) |
(584,773) |
(21,759) |
(126,210) |
5,547
|
---
|
(19,091) |
(63,607) |
(7,638) |
(128,407) |
(18,663) | |||||||||||
Total
income (loss) |
(922,147) |
(578,290) |
(20,990) |
(121,479) |
23,835
|
3,090
|
(15,643) |
(60,220) |
(5,633) |
(128,312) |
(18,505) | |||||||||||
Contributions: |
||||||||||||||||||||||
Employer |
189,727
|
18,307
|
12,259
|
64,869
|
25,256
|
11,362
|
5,225
|
17,624
|
14,749
|
15,176
|
4,900
| |||||||||||
Employee |
6,853
|
6,853
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
| |||||||||||
Total
contributions |
196,580
|
25,160
|
12,259
|
64,869
|
25,256
|
11,362
|
5,225
|
17,624
|
14,749
|
15,176
|
4,900
| |||||||||||
Deductions: |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Benefit
payments |
(129,473) |
(44,530) |
(38) |
(5,240) |
---
|
(40,409) |
(3,009) |
(33,599) |
---
|
(1,415) |
(1,233) | |||||||||||
Income
(loss) and change in plan equity |
(855,040) |
(597,660) |
(8,769) |
(61,850) |
49,091
|
(25,957) |
(13,427) |
(76,195) |
9,116
|
(114,551) |
(14,838) | |||||||||||
Transfer
of funds from employee investment elections, net |
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
| |||||||||||
Plan
equity at beginning of year |
3,126,456
|
1,024,133
|
138,141
|
350,192
|
337,690
|
253,758
|
180,539
|
260,865
|
73,867
|
455,627
|
51,644
| |||||||||||
Plan
equity at end 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
|
1. |
Description
of Plan |
2. |
Significant
Accounting Policies |
3. |
Investment
Programs |
2004 |
2003 |
2002 | |||
Proceeds |
$
1,530,197 |
$
735,624 |
$
298,077 | ||
Aggregate
cost |
1,786,634 |
838,190 |
318,267 | ||
Realized
losses |
$
(256,437) |
$
(102,566) |
$
(20,190) |
2004 |
2003 |
2002 | |||
AVX
Corporation Common Stock |
$(85,763) |
$
99,838 |
$(201,052) | ||
Kyocera
Corporation ADS |
18,016 |
(4,182) |
(27,323) | ||
Other
investments |
111,242 |
(287,375) |
(747,337) | ||
Total
unrealized appreciation (depreciation) |
$
43,495 |
$(191,719) |
$(975,712) |
4. |
Plan
Termination |
5. |
Federal
Income Taxes |
6. |
Transactions
with Parties-In-Interest |
2004 |
|
2003 | |
Shares |
2,457 |
|
2,279 |
Market
value per share |
$76.98 |
|
$67.00 |
Market
value |
$189,140 |
|
$152,693 |
2004 |
|
2003 | |
Shares |
37,556 |
|
41,581 |
Market
value per share |
$12.60 |
|
$16.62 |
Market
value |
$473,206 |
|
$691,076 |
7. |
Risks
and Uncertainties |
8. |
Subsequent
Event |
BY: |
/S/
KURT P. CUMMINGS |
Kurt
P. Cummings | |
Member
of Administrative Committee | |
Date:
March 31, 2005 |
Description |
Number
of shares/units |
Market
Value |
Percentage
of Net Assets |
Short-term
Temporary Investments |
2,364 |
$2,364
|
0.1% |
T.
Rowe Price Spectrum Income Fund |
27,572 |
333,344
|
12.6% |
Vanguard
Treasury Money Market Fund |
170,422 |
170,422
|
6.4% |
Janus
Balanced Fund |
4,709 |
100,063
|
3.8% |
Janus
Fund |
3,390 |
83,296
|
3.1% |
Seligman
Equity Value Portfolio |
35,107 |
407,906
|
15.4% |
Templeton
Foreign Equity Fund |
19,990 |
245,885
|
9.3% |
Vanguard
500 Index Fund |
1,463 |
163,384
|
6.2% |
Lord
Abbett Mid-Cap Value Fund |
14,608 |
330,587
|
12.5% |
PIMCO
Total Return Fund |
14,357 |
153,190
|
5.8% |
AVX
Corporation Common Stock |
37,556 |
473,206
|
17.8% |
Kyocera
ADS |
2,457 |
189,140
|
7.1% |
Total
Investments |
|
$2,652,787 |
|