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5-13
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14
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15
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Exhibit:
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2008
|
2009
|
|||||||
ASSETS:
|
||||||||
Investments,
at fair value:
|
||||||||
AVX
Corporation Common Stock
|
$ | 1,443,595 | $ | 2,388,827 | ||||
Kyocera
Corporation American Depository Shares
|
1,828,139 | 2,162,270 | ||||||
Money
Market Fund
|
74,924 | 86,206 | ||||||
Pooled
Separate Account
|
3,720,633 | 4,079,201 | ||||||
Mutual
Funds
|
7,040,879 | 8,987,855 | ||||||
Participant
loans
|
1,629,666 | 1,291,904 | ||||||
Total
Investments
|
15,737,836 | 18,996,263 | ||||||
Receivables:
|
||||||||
Employer
contributions
|
13,664 | 8,019 | ||||||
Employee
contributions
|
24,126 | 12,571 | ||||||
Total
Receivables
|
37,790 | 20,590 | ||||||
Adjustment
from fair value to contract value for Pooled Separate
Account
|
576,702 | 205,674 | ||||||
Net
assets available for benefits
|
$ | 16,352,328 | $ | 19,222,527 |
2009
|
||||
Investment
income:
|
||||
Net
appreciation in fair value of investments
|
$ | 2,991,412 | ||
Interest
and dividends
|
450,828 | |||
Net
investment income
|
3,442,240 | |||
Contributions:
|
||||
Employee
|
777,361 | |||
Employer
|
355,467 | |||
Total
contributions
|
1,132,828 | |||
Transfers
into Plan from related plan
|
6,737 | |||
Total
additions
|
4,581,805 | |||
Deductions:
|
||||
Benefits
paid to participants
|
1,691,114 | |||
Transfers
out of Plan to related plan
|
2,930 | |||
Administrative
expenses
|
17,562 | |||
Total
deductions
|
1,711,606 | |||
Net
increase
|
2,870,199 | |||
Net
assets available for benefits:
|
||||
Beginning
of year
|
16,352,328 | |||
End
of year
|
$ | 19,222,527 |
1.
|
Description of
Plan:
|
Vested Percentage | |
--Company Matching-- | |
Years of Service
|
Colorado Springs
|
1
Year
|
20%
|
2Year
|
40%
|
3Year
|
60%
|
4
Year
|
80%
|
5
Year
|
100%
|
2.
|
Summary of Significant
Accounting Policies:
|
3.
|
Investments:
|
December
31,
|
2008
|
2009
|
||||||
AVX
Corporation Common Stock
|
$ | 1,443,595 | $ | 2,388,827 | ||||
Kyocera
Corporation American Depository Shares
|
1,828,139 | 2,162,270 | ||||||
NY
Life Insurance Company Anchor Account I
|
3,720,633 | 4,079,201 | ||||||
Janus
Balanced Fund
|
861,753 | 1,034,589 | ||||||
Janus
Fund
|
* | 1,096,995 | ||||||
Seligman
Large-Cap Value Fund
|
1,848,685 | 2,139,807 | ||||||
PIMCO
Total Return Fund
|
1,168,439 | 1,809,384 | ||||||
American
EuroPacific Growth Fund
|
840,270 | 1,204,564 | ||||||
Participant
Loans
|
1,629,666 | 1,291,904 |
AVX
Corporation Common Stock
|
$ | 877,648 | ||
Kyocera
Corporation ADS
|
405,142 | |||
Mutual
Funds
|
1,708,622 | |||
Total
|
2,991,412 |
4.
|
Fair
Value:
|
§
|
Level
1: Unadjusted quoted prices in active markets for identical assets and
liabilities.
|
§
|
Level
2: Observable inputs other than those included in Level 1. For example,
quoted prices for similar assets or liabilities in active markets or
quoted prices for identical assets or liabilities in inactive
markets.
|
§
|
Level
3: Unobservable inputs reflecting management’s own assumptions about the
inputs used in pricing the asset or
liability.
|
Based
on
|
|||||||||||||||||
Fair
Value at
December
31, 2009
|
Quoted
prices in active markets
(Level
1)
|
Other
observable inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
||||||||||||||
Assets
measured at fair value on a recurring basis:
|
|||||||||||||||||
Mutual
Funds:
|
|||||||||||||||||
Large
Cap Value
|
$ | 2,139,807 | $ | 2,139,807 | $ | - | $ | - | |||||||||
Large
Cap Growth
|
1,096,995 | 1,096,995 | - | - | |||||||||||||
Large
Cap Blend
|
3,164,110 | 3,164,110 | - | - | |||||||||||||
Mid
Cap Blend
|
648,514 | 648,514 | - | - | |||||||||||||
Fixed
Income
|
1,809,384 | 1,809,384 | - | - | |||||||||||||
Target
Retirement
|
129,045 | 129,045 | - | - | |||||||||||||
Money
Market Fund:
|
|||||||||||||||||
Mainstay
Cash Reserves Fund
|
86,206 | 86,206 | - | - | |||||||||||||
Pooled
Separate Account:
|
|||||||||||||||||
NY
Life Insurance Company Anchor Account I
|
4,079,201 | - | 4,079,201 | - | |||||||||||||
Common
Stock:
|
|||||||||||||||||
Kyocera
Corporation American Depository Shares
|
2,162,270 | 2,162,270 | - | - | |||||||||||||
AVX
Corporation Common Stock
|
2,388,827 | 2,388,827 | - | - | |||||||||||||
Participant
loans
|
1,291,904 | - | - | 1,291,904 | |||||||||||||
Total
|
$ | 18,996,263 | $ | 13,625,158 | $ | 4,079,201 | $ | 1,291,904 |
Participant
Loans
|
||||
Year
Ended
December
31, 2009
|
||||
Balance,
beginning of period
|
$ | 1,629,666 | ||
Purchases,
issuances and settlements
|
(337,762 | ) | ||
Balance,
end of period
|
$ | 1,291,904 |
Based
on
|
||||||||||||||||
Fair
Value at
December
31, 2008
|
Quoted
prices in active markets
(Level
1)
|
Other
observable inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
|||||||||||||
Assets
measured at fair value on a recurring basis:
|
||||||||||||||||
Mutual
funds
|
$ | 7,040,879 | $ | 7,040,879 | $ | - | $ | - | ||||||||
NY
Life Insurance Company Anchor Account I
|
3,720,633 | - | 3,720,633 | - | ||||||||||||
Participant
loans
|
1,629,666 | - | - | 1,629,666 | ||||||||||||
Kyocera
Corporation American Depository Shares
|
1,828,139 | 1,828,139 | - | - | ||||||||||||
AVX
Corporation Common Stock
|
1,443,595 | 1,443,595 | - | - | ||||||||||||
Mainstay
Cash Reserves Fund
|
74,924 | 74,924 | - | - | ||||||||||||
Total
|
$ | 15,737,836 | $ | 10,387,537 | $ | 3,720,633 | $ | 1,629,666 |
5.
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Nonparticipant-Directed
Investments:
|
December
31,
|
||||||||
2008
|
2009
|
|||||||
Net
Assets:
|
||||||||
AVX Corporation Common Stock Match Fund
|
$ | 136,243 | $ | 302,526 |
Year
Ended
|
||||
December
31, 2009
|
||||
Changes
in Net Assets:
|
||||
Contributions
|
$ | 80,617 | ||
Dividends
|
3,630 | |||
Net
appreciation
|
96,887 | |||
Benefits
paid to participants
|
(16,074 | ) | ||
Transfers
to related plan
|
1,223 | |||
Total
|
$ | 166,283 |
6.
|
Plan
Termination:
|
7.
|
Tax
Status:
|
8.
|
Related-Party
Transactions:
|
9.
|
Reconciliation of
Financial Statements to Form
5500:
|
December
31,
|
||||||||
2008
|
2009
|
|||||||
Net
assets available for benefits per the financial statements
|
$ | 16,352,328 | $ | 19,222,527 | ||||
Less:
|
||||||||
Deemed
distributions of participant loans
|
71,862 | - | ||||||
Adjustments
from contract value to fair value for Pooled Separate
Account
|
576,702 | 205,674 | ||||||
Net
assets available for benefits per Form 5500
|
$ | 15,703,764 | $ | 19,016,853 |
2009
|
||
Net
increase in net assets available for benefits per the financial
statements
|
$ | 2,870,199 |
Add:
|
||
Deemed
distributions of participant loans
|
71,862 | |
Adjustments
from contract value to fair value for Pooled Separate
Account
|
371,028 | |
Net
increase in net assets available for benefits per Form
5500
|
$ | 3,313,089 |
By:
|
/s/ Kurt P. Cummings |
Kurt
P. Cummings
|
|
Member
of Retirement Committee
|
|
Date:
|
June
30, 2010
|
(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
|
$ | 2,491,997 | $ | 2,388,827 | |||
* |
Kyocera
Corporation
|
American
Depository Shares
|
** | 2,162,270 | |||||
* |
MainStay
Cash Reserves Fund
|
Money
Market Fund
|
** | 86,206 | |||||
* |
NY
Life Insurance Company Anchor Account I
|
Pooled
Separate Account
|
** | 4,079,201 | |||||
T.
Rowe Price Spectrum Income Fund
|
Mutual
Fund
|
** | - | ||||||
Janus
Balanced Fund
|
Mutual
Fund
|
** | 1,034,589 | ||||||
Seligman
TargETFund Core A
|
Mutual
Fund
|
** | 3,542 | ||||||
Seligman
TargETFund 2015 A
|
Mutual
Fund
|
** | 18,529 | ||||||
Seligman
TargETFund 2025 A
|
Mutual
Fund
|
** | 48,149 | ||||||
Seligman
TargETFund 2035 A
|
Mutual
Fund
|
** | 42,113 | ||||||
Seligman
TargETFund 2045 A
|
Mutual
Fund
|
** | 16,712 | ||||||
* |
MainStay
S&P 500 Index Fund
|
Mutual
Fund
|
** | 924,957 | |||||
Janus
Fund
|
Mutual
Fund
|
** | 1,096,995 | ||||||
Lord
Abbett Mid-Cap Value Fund
|
Mutual
Fund
|
** | - | ||||||
Seligman
Large-Cap Value Fund
|
Mutual
Fund
|
** | 2,139,807 | ||||||
PIMCO
Total Return Fund
|
Mutual
Fund
|
** | 1,809,384 | ||||||
American
EuroPacific Growth Fund
|
Mutual
Fund
|
** | 1,204,564 | ||||||
Wells
Fargo Advantage Mid-Cap Discipline Fund
|
Mutual
Fund
|
** | 648,514 | ||||||
8,987,855 | |||||||||
* |
Participant
Loans
|
Interest
rates ranging from 4.75% - 9.75% and maturing through
2014.
|
** | 1,291,904 | |||||
Total
Investments
|
$ | 18,996,263 |