|
Page
No.
|
|
|
2
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5-13
|
|
|
|
14
|
|
|
|
15
|
|
|
|
16
|
|
|
|
Exhibit:
|
|
|
Assets
|
2003
|
2004
|
|||||
Investments,
at fair value:
|
|||||||
AVX
Corporation Common Stock
|
$
|
15,012,320
|
$
|
11,433,127
|
|||
Kyocera
Corporation American Depository Shares
|
8,695,023
|
8,765,020
|
|||||
Money
Market Fund
|
11,768,944
|
9,353,469
|
|||||
Mutual
Funds
|
32,413,009
|
36,994,736
|
|||||
Common/collective
trust
|
---
|
642,288
|
|||||
Participant
loans
|
2,193,320
|
1,861,742
|
|||||
Subtotal
|
70,082,616
|
69,050,382
|
|||||
Interest
in AVX Corporation Master Trust
|
12,408,638
|
13,708,539
|
|||||
Total
Investments
|
82,491,254
|
82,758,921
|
|||||
Receivables:
|
|||||||
Employer
contributions
|
1,579,465
|
1,699,149
|
|||||
Participant
contributions
|
12,457
|
---
|
|||||
Total
Receivables
|
1,591,922
|
1,699,149
|
|||||
Total
Assets
|
84,083,176
|
84,458,070
|
|||||
Liabilities
|
|||||||
Payable:
|
|||||||
Excess
participant contributions
|
1,029
|
---
|
|||||
Total
Liabilities
|
1,029
|
---
|
|||||
Net
assets available for benefits
|
$
|
84,082,147
|
$
|
84,458,070
|
2004
|
||||||
Additions
to net assets attributed to:
|
||||||
Investment
income:
|
||||||
Net
appreciation in fair value of investments
|
$
|
1,091,305
|
||||
Interest
and dividends
|
917,498
|
|||||
Net
investment gain from interest in AVX Corporation Master
Trust
|
1,945,614
|
|||||
|
||||||
Net
investment income
|
3,954,417
|
|||||
Contributions:
|
||||||
Participant
|
2,320,962
|
|||||
Employer
|
4,149,866
|
|||||
Total
contributions
|
6,470,828
|
|||||
Total
additions
|
10,425,245
|
|||||
Deductions
from net assets attributed to:
|
||||||
Benefits
paid to participants
|
4,895,482
|
|||||
Administrative
expenses
|
98,383
|
|||||
Transfers
out of Plan
|
5,055,457
|
|||||
Total
deductions
|
10,049,322
|
|||||
Net
increase
|
375,923
|
|||||
Net
assets available for benefits:
|
||||||
Beginning
of year
|
84,082,147
|
|||||
End
of year
|
$
|
84,458,070
|
1. |
Description
of Plan:
|
3 |
Investments:
|
December
31,
|
2003
|
2004
|
||
AVX
Corporation Common Stock
|
$
|
15,012,320
|
$
|
11,433,127
|
Kyocera
Corporation American Depository Shares
|
8,695,023
|
8,765,020
|
||
AVX
Corporation Master Trust
|
12,408,638
|
13,708,539
|
||
Vanguard
US Treasury Money Market Fund
|
11,768,944
|
9,353,469
|
||
Janus
Balanced Fund
|
4,756,859
|
5,169,529
|
||
Vanguard
Index 500 Fund
|
6,090,089
|
7,430,628
|
||
Janus
Fund
|
7,767,519
|
7,667,756
|
||
T.
Rowe Price Spectrum Income Fund
|
2,512,523
|
*
|
||
Templeton
Foreign Fund
|
*
|
5,930,761
|
||
Lord
Abbett Mid-Cap Value Fund
|
*
|
6,456,756
|
AVX
Corporation Common Stock
|
$
(3,404,990)
|
|
Kyocera
Corporation American Depository Shares
|
1,231,536
|
|
Mutual
Funds
|
3,264,759
|
|
Subtotal
|
1,091,305
|
|
AVX
Corporation Master Trust
|
1,945,614
|
|
Total
|
$
3,036,919
|
4. |
Contributions
and Vesting:
|
Vested
Percentage
|
||
Years
of Service
|
---Discretionary
Contribution----
|
|
1
Year
|
|
0%
|
2
Years
|
|
15%
|
3
Years
|
|
30%
|
4
Years
|
|
45%
|
5
Years
|
|
60%
|
6
Years
|
|
80%
|
7
Years
|
|
100%
|
5. |
Nonparticipant-Directed
Investments:
|
December
31,
|
||||
2003
|
2004
|
|||
Net
Assets:
|
||||
AVX
Corporation Common Stock
|
$
|
4,782,571
|
$
|
4,144,787
|
Year
Ended
|
|||
December
31, 2004
|
|||
Changes
in Net Assets:
|
|||
Contributions
|
$
|
878,791
|
|
Dividends
|
|||
Net
depreciation
|
|||
Benefits
paid to participants
|
(235,446)
|
||
Transfers
to participant-directed investments
|
(1,779)
|
||
$
|
6. |
Plan
Termination:
|
7. |
Tax
Status:
|
8. |
Related-Party
Transactions:
|
9. |
Interest
in AVX Corporation Master
Trust:
|
|
|
|
|
2003
|
|
2004
|
Assets:
|
|
|
|
|
||
Investments
at fair value:
|
|
|
|
|
||
|
|
Common
stocks
|
$
|
14,298,849
|
$
|
16,780,952
|
|
|
Common/collective
trust funds
|
|
128,425
|
|
134,002
|
|
Total
Investments
|
|
14,427,274
|
|
16,914,954
|
|
|
|
|
|
|
|
|
Cash
(overdraft)
|
|
(3,364)
|
|
397
|
||
|
|
|
|
|
|
|
Interest
and dividends receivable
|
|
36,360
|
|
32,948
|
||
|
|
|
|
|
|
|
|
Net
Assets
|
$
|
14,460,270
|
$
|
16,948,299
|
|
|
|
|
2004
|
Additions:
|
|
|
||
|
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
|
10. |
Non-discrimination
Compliance Testing:
|
11. |
Transfers
out of Plan:
|
12. |
Subsequent
Event:
|
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
|
$
|
11,453,456
|
$
|
11,433,127
|
|
*
|
Kyocera
Corporation
|
American
Depository Shares
|
**
|
8,765,020
|
|||
Vanguard
US Treasury Fund
|
Money
Market Fund
|
**
|
9,353,469
|
||||
T.
Rowe Price Spectrum Income Fund
|
Mututal
Fund
|
**
|
1,622,803
|
||||
Janus
Balanced Fund
|
Mututal
Fund
|
**
|
5,169,529
|
||||
Vanguard
Index 500 Fund
|
Mututal
Fund
|
**
|
7,430,628
|
||||
Janus
Fund
|
Mututal
Fund
|
**
|
7,667,756
|
||||
Templeton
Foreign Fund
|
Mututal
Fund
|
**
|
5,930,761
|
||||
Lord
Abbett Mid-Cap Value Fund
|
Mututal
Fund
|
**
|
6,456,756
|
||||
PIMCO
Total Return Fund
|
Mututal
Fund
|
**
|
2,716,503
|
||||
36,994,736
|
|||||||
*
|
AVX
Corporation
|
Master
Trust
|
**
|
13,708,539
|
|||
*
|
HSBC
Bank USA Short-term Temporary Investment Fund
|
Common/collective
trust
|
**
|
642,288
|
|||
*
|
Participant
Loans
|
Interest
rates ranging from 6% - 7.25% and maturing through 2010.
|
**
|
1,861,742
|
|||
Total
Investments
|
$
|
82,758,921
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
||||||||
Identity
of Party Involved
|
Description
of Asset
|
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
|
$
5,068,427
|
$
4,865,834
|
n/a
|
---
|
$
5,068,427
|
$
4,865,834
|
$(202,593)
|