UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
11-K
[
X ] ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the
fiscal year ended December 31, 2004
OR
[
] TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the
transition period from ______________________ to
_________________________
Commission
file number: 1-7201
A.
Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
AVX
401(k)
PLAN
Plan
number: 007
B.
Name
of the issuer of the securities held pursuant to the plan and the address of
its
principal executive office:
AVX
CORPORATION
P.O.
Box 867
Myrtle
Beach, SC 29577-0867
IRS
Employer Identification Number: 33-0379007
AVX
401(k)
PLAN
INDEX
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Page
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2
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3
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4
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5-12
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13
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14
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15
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Exhibit:
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*
All
other schedules required by Section 2520.103-10 of the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under ERISA have been omitted
because they are not applicable.
-1-
To
the
Participants and Administrator of
AVX
401(k) Plan
In
our
opinion, the accompanying statements of net assets available for benefits
and
the related statement of changes in net assets available for benefits present
fairly, in all material respects, the net assets available for benefits of
AVX
401(k) Plan (the
“Plan”) at
December
31, 2004 and
2003,
and the
changes in net assets available for benefits for the year ended December
31, 2004 in
conformity with accounting principles generally accepted in the United States
of
America. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements
in
accordance with the standards of the Public Company Accounting Oversight
Board
(United States). Those standards require that we plan and perform the audit
to
obtain reasonable assurance about whether the financial statements are free
of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and
evaluating the overall financial statement presentation. We believe that
our
audits provide a reasonable basis for our opinion.
Our
audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of
Assets
Held (at end of year) and
Schedule
of Reportable Transactions are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility
of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and,
in our opinion, are fairly stated in all material respects in relation to
the
basic financial statements taken as a whole.
Atlanta,
Georgia
July
18,
2005
-2-
AVX
401(k)
PLAN
As
of December 31, 2003 and 2004
|
|
2003
|
2004
|
||||
|
ASSETS:
|
||||||
|
Investments,
at fair value:
|
|
|
|
|||
|
AVX
Corporation Common Stock
|
$
|
2,521,836
|
$
|
2,542,440
|
||
|
Kyocera
Corporation American Depository Shares
|
|
1,966,651
|
2,691,452
|
|||
|
Money
Market Fund
|
|
2,225,342
|
4,006,457
|
|||
|
Mutual
Funds
|
|
3,858,812
|
6,448,053
|
|||
|
Common/collective
trust
|
123,447
|
120,604
|
||||
|
Participant
loans
|
|
1,021,282
|
1,540,184
|
|||
|
Subtotal
|
|
11,717,370
|
17,349,190
|
|||
|
Interest
in AVX Corporation Master Trust
|
|
2,048,812
|
3,239,490
|
|||
|
Total
Investments
|
|
13,766,182
|
20,588,680
|
|||
|
Receivables:
|
|
|
|
|||
|
Employer
contributions
|
|
262,160
|
240,575
|
|||
|
Participant
contributions
|
|
21,328
|
---
|
|||
|
Total
Receivables
|
|
283,488
|
240,575
|
|||
|
|
|
|
|
|||
|
Net
assets available for benefits
|
$
|
14,049,670
|
$
|
20,829,255
|
||
The
accompanying notes are an integral part of the financial
statements.
-3-
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For
the year ended December 31, 2004
|
Additions:
|
|
2004
|
|||
|
|
Investment
income (loss):
|
|
|
||
|
|
|
Net
depreciation in fair value of investments
|
$
|
(19,035)
|
|
|
|
|
Interest
and dividends
|
|
286,256
|
|
|
|
|
Net
investment gain from interest in AVX Corporation Master
Trust
|
|
446,026
|
|
|
|
|
|
Net
investment income
|
|
713,247
|
|
|
|
|
|
|
|
|
|
Contributions:
|
|
|
||
|
|
|
Participant
|
|
1,361,786
|
|
|
|
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Employer
|
|
1,014,451
|
|
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Total
contributions
|
|
2,376,237
|
||
|
|
|
|
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Transfers
into Plan
|
|
5,033,928
|
||
|
|
|
|
|
|
|
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Total
additions
|
|
8,123,412
|
||
|
|
|
|
|
|
|
|
Deductions:
|
|
|
|||
|
|
Benefits
paid to participants
|
|
1,220,054
|
||
|
|
Administrative
expenses
|
|
123,773
|
||
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
1,343,827
|
||
|
|
|
|
|
|
|
|
|
|
Net
increase
|
|
6,779,585
|
|
|
|
|
|
|
|
|
|
Net
assets available for benefits:
|
|
|
|||
|
|
Beginning
of year
|
|
14,049,670
|
||
|
|
End
of year
|
$
|
20,829,255
|
||
The
accompanying notes are an integral part of the financial
statements.
-4-
NOTES
TO FINANCIAL STATEMENTS
| 1. |
Description
of Plan:
|
The
following is a brief description of the AVX 401(k) Plan (the "Plan").
Participants should refer to the Plan document for more complete information.
General:
The
Plan
is a defined contribution plan covering full-time hourly-paid employees
of AVX
Corporation (the “Company”) at the Myrtle Beach, Conway, Colorado Springs,
Atlanta, Biddeford, Olean and Sun Valley facilities who have at least three
months of service (Myrtle Beach, Conway and Colorado Springs have an enrollment
period of January or July after 6 months of employment). The Plan is
administered by the AVX Corporation Retirement Committee and is subject
to the
provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Plan assets are held in trust by HSBC Bank USA (“Trustee”). On January 1, 2004
the Plan name was changed from AVX Corporation 401(k) Plan for Hourly-Paid
Employees to AVX 401(k) Plan.
Contributions:
For
hourly employees in the Myrtle Beach, Conway and Olean facilities, employee
contributions are limited to the lesser of fifteen percent (15%) of each
participant's annual compensation
or $13,000. Hourly employees of the Colorado Springs, Atlanta, Sun Valley,
and
Biddeford facilities have an employee contribution limit of the lesser
of
twenty-five percent (25%) of each participant’s annual compensation or $13,000.
Participants
who have attained age 50 before the end of the Plan year are eligible to
make
catch-up contributions. The
Company
makes weekly employer matching contributions
in an amount equal to sixty-six and two-thirds percent (66-2/3%) up to
three
percent (3%)
of
the participant's compensation of all locations except Sun Valley. For
the Sun
Valley participants, the company makes weekly employer matching contributions
up
to 3% of the participant’s compensation. The employer matching contribution for
Biddeford and Atlanta goes directly into AVX Corporation Common Stock,
therefore
this amount is considered non-participant directed. For Myrtle Beach, Conway,
Olean, Sun Valley and Colorado, this employer match is participant directed.
Each year the Company also makes a fixed contribution to the
Plan
equal to one percent (1%) of each participant's annual compensation, except
for
participants who are hourly employees at the Olean, Biddeford, Atlanta,
and Sun
Valley facilities. For certain members over the age
of
60, as of January 1, 1996, there is an additional fixed
contribution.
The
Company's fiscal year-end is March 31. The accompanying financial statements
recognize any Company discretionary contributions approved by the Board of
Directors in the Plan year.
Total
contributions credited to any participant’s account are limited to the lesser of
25% of the participant’s annual compensation, as defined in the Plan’s
provisions, or $41,000 in accordance with Section 415 of the Internal Revenue
Code. Participants who have attained age 50 before the end of the Plan year
are
eligible to make catch-up contributions.
-5-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
Forfeitures:
Amounts
of employer fixed contributions (and
discretionary for Sun Valley)
under
the Plan which have been forfeited and which are available for allocation
as of
the final valuation
date in any year, are used first to pay administrative costs and then to
reduce
the future employer fixed contributions. At December 31, 2003 and 2004,
net
forfeited non-vested accounts totaled $11,641 and $28,052, respectively.
In
2004, employer contributions were not reduced by forfeited non-vested
accounts.
Participant
Accounts:
Each
participant’s account is credited with the participant’s contribution and
allocations of the Company’s contribution and Plan earnings; and, charged with
an allocation of administrative expenses. Allocations are based on participant
compensation or account balances, as defined in the Plan document. The benefit
to which a participant is entitled is the benefit that can be provided from
the
participant’s vested account.
Vesting:
After
five years of vesting service, participants become fully vested in Company
fixed
contributions. All employee contributions are fully vested at all
times.
For
the
Atlanta, Sun Valley, Biddeford, Myrtle Beach, Conway and Olean facilities,
the
Company match is 100% vested when the contribution is made. Amounts attributable
to the Company's matching contributions for Colorado Springs and discretionary
contributions for Sun Valley are vested according to the following
table:
|
Vested
Percentage
|
||
|
--Company
Matching --
|
-Discretionary
Contribution-
|
|
|
Years
of Service
|
Colorado
Springs
|
Sun
Valley
|
|
1
Year
|
0%
|
20%
|
|
2Year
|
0%
|
30%
|
|
3Year
|
0%
|
40%
|
|
4
Year
|
0%
|
50%
|
|
5
Year
|
100%
|
60%
|
|
6
Year
|
80%
|
|
|
7
Year
|
100%
|
|
Payment
of Benefits:
Upon
termination of service due to retirement, disability or death, a participant
receives a lump sum cash distribution
equal to the full value of his or her salary reduction contribution account
and
the vested value of his
or
her employer matching contribution account. A participant may also elect
to take
his or her distribution in shares of AVX Corporation Common Stock and/or
an
affiliate of the Company, Kyocera Corporation American Depository Shares
("ADS"); amounts attributable to partial shares will be paid in cash. With
certain limitations, participants may elect to defer distributions until
a later
date.
-6-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
Participant
Loans:
With
certain restrictions, participants may borrow up to a maximum of 50% of
their
vested account balance or $50,000, whichever is less, repayable within
five
years except for borrowing for the purchase of a primary residence which
is
repayable during a period up to ten years. These loans bear interest at
a rate
equal to the commercial loan rate for similar loan types prevailing at
the time
the loan is originated. At December 31, 2004, interest rates ranged from
6.00%
to 7.25%. All scheduled loan repayments are made through payroll deductions
and
early loan repayments may be submitted by participants via certified
check or
money order. Plan provisions for participants at the Olean facility do
not allow
for participant loans.
Administrative
Expenses:
Expenses
that arise in connection with the administration of the Plan are paid by
the
Plan.
| 2. |
Summary
of Significant Accounting
Policies:
|
Basis
of Accounting:
The
financial statements of the Plan are prepared under the
accrual method of accounting in accordance with accounting principles
generally
accepted in the United States of America.
The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management
to
make estimates and assumptions that may affect the reported amounts of
certain assets and liabilities and disclosure of contingencies at
the date
of the financial statements and the reported amounts of income and
expenses during the reporting year. Actual results could differ from those
estimates.
Valuation
of Investments:
Investments
are presented at estimated fair values. Investments in securities (ADS
and
common stocks)
traded on a national securities exchange are valued at the end of each
business
day based on closing quoted market prices. Temporary cash is
invested in the HSBC Short-term Temporary Investment Fund, shares of
mutual
funds and units of the common/collective trust are valued at the net
asset value
of shares held by the Plan at the end of the year. Participant loans
are valued
at their outstanding balances, which approximate fair value. The investment
in
the AVX Corporation Master Trust (the “Master Trust”) is valued at the net asset
value of units held by the Plan at the end of the year.
Investments
are exposed to various risks, such as interest rate, market and credit.
Due to
the level of risk associated with certain investment securities and the
level of
uncertainty related to changes in the value of investment securities, it
is at
least reasonably possible that changes in risks in the near-term would
materially affect participants’ account balances and the amounts reported in the
statements of net assets available for plan benefits.
-7-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
Investment
Transactions and Investment Income:
Purchases
and sales of securities are reflected on a trade-date basis. Dividend income
is
recorded on the ex-dividend date. Income from other investments is recorded
as
earned on an accrual basis.
The
Plan
presents in the statement of changes in net assets available for benefits
the
net appreciation (depreciation) in the fair value of its investments which
consists of the realized gains (losses) and the unrealized appreciation
(depreciation) on those investments.
Benefit
payments:
Benefits
are recorded when paid.
| 3. |
Investments:
|
The
Trustee invests the Plan's assets according to participant investment elections
in the following investment options (employer matching contributions for the
employees at the Atlanta and Biddeford locations are non-participant-directed
and are invested into AVX Corporation Common Stock):
Common
Stock
AVX
Corporation
American
Depository Shares
Kyocera
Corporation
Money
Market Fund
Vanguard
US Treasury Fund
Mutual
Funds
T.
Rowe Price Spectrum Income Fund
(This
fund was eliminated as an investment option in July 2003.)
Templeton
Foreign Fund
Janus
Balanced Fund
Janus
Fund
Vanguard
Index 500 Fund
MFS
Emerging Growth Fund (This
fund was eliminated as an investment option in July 2003.)
Lord
Abbett Mid-Cap Value Fund
PIMCO
Total Return Fund
Master
Trust
AVX
Corporation Master Trust (managed by Seligman Financial
Advisors)
-8-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
The
market values of the following investments represent 5% or more of the Plan’s
total assets available for benefits for the years ended December 31, 2003
and
2004 respectively:
|
December
31,
|
2003
|
2004
|
||
|
AVX
Corporation Common Stock
|
$
2,521,836
|
$
2,542,440
|
||
|
Kyocera
Corporation American Depository Shares
|
1,966,651
|
2,691,452
|
||
|
AVX
Corporation Master Trust
|
2,048,812
|
3,239,490
|
||
|
Vanguard
US Treasury Fund
|
2,225,342
|
4,006,457
|
||
|
Participant
loans
|
1,021,282
|
1,540,184
|
||
|
Templeton
Foreign Fund
|
741,537
|
1,102,174
|
||
|
Janus
Fund
|
746,030
|
1,139,744
|
||
|
T.
Rowe Price Spectrum Income Fund
|
793,916
|
*
|
Amounts
were less than 5% of the Plan’s total assets available for benefits for the
respective year.
During
2004, the Plan’s investments (including gains and losses on investments bought
and sold, as well as held during the year) appreciated (depreciated) in value
as
follows:
|
AVX
Corporation Common Stock
|
$
|
(826,107)
|
|
|
Kyocera
Corporation ADS
|
309,523
|
||
|
Mutual
Funds
|
497,549
|
||
|
Subtotal
|
(19,035)
|
||
|
AVX
Corporation Master Trust
|
446,026
|
||
|
Total
|
$
|
426,991
|
|
| 4. |
Nonparticipant-Directed
Investments:
|
Information
about the net assets and the significant components of the changes in net
assets
relating to the nonparticipant-directed investments is as follows:
|
December
31,
|
||||
|
2003
|
2004
|
|||
|
Net
Assets:
|
||||
|
AVX
Corporation Common Stock
|
$
|
---
|
$
|
242,395
|
|
Year
Ended
|
|||
|
December
31, 2004
|
|||
|
Changes
in Net Assets:
|
|||
|
Contributions
|
$
|
63,600
|
|
|
Dividends
|
2,219 | ||
|
Net
depreciation
|
(64,371) | ||
|
Benefits
paid to participants
|
(7,709)
|
||
|
Transfers
to participant-directed investments
|
(2,725)
|
||
| (8,986) | |||
-9-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
| 5. |
Plan
Termination:
|
Although
it has not expressed any intent to do so, the Company has the right
under the
Plan to discontinue
its contributions at any time and to terminate the Plan subject to
the
provisions of ERISA. In the
event
of Plan termination, participants will become 100% vested in their
accounts.
| 6. |
Tax
Status:
|
In
January 2002, the Plan received a favorable determination letter from
the
Internal Revenue Service advising that it constitutes a
qualified trust under Section 401(a) of the Internal Revenue Code and
is thereby
exempt from Federal income
taxes under provisions of Section 501(a). The Plan has been amended
since
receiving the determination letter. However, the Plan administrator
and the
Plan’s tax counsel believe that the Plan has been operated in compliance
with
the applicable requirements of the Internal Revenue Code, and therefore,
no
provision for income taxes has been included in the financial
statements.
Participants
will not be subject to income tax for contributions
made on their behalf by the Company, nor on money earned by the Plan
credited to
their account
until such time as they withdraw their accumulated balance.
| 7. |
Related-Party
Transactions:
|
Certain
Plan investments are units of common/collective trusts of the Trustee.
The
Trustee is also the recordkeeper as defined by the Plan and therefore,
these
transactions qualify as party-in-interest transactions, which are
exempt from
the prohibited transaction rules. Fees paid by the Plan for the investment
management services amounted to $100,695 for the year ended December
31, 2004.
In addition, loans to participants qualified as party-in-interest
transactions
which are also exempt from the prohibited transaction rules.
The
Plan
allows for investment in shares of Company common stock and in Kyocera
Corporation ADS. As of December 31, 2003, the Plan held investments
of
$2,521,836 or 151,735 shares of AVX Corporation Common Stock and
$1,966,651 or
29,353 shares of Kyocera Corporation ADS. As of December 31, 2004,
the Plan held
investments of $2,542,440 or 201,781 shares of AVX Corporation Common
Stock and
$2,691,452 or 34,963 shares of Kyocera Corporation ADS.
| 8. |
Interest
in AVX Corporation Master Trust
:
|
The
Plan's allocated participation in the Master Trust, as well as
the individual
participants' balances comprising the Plan's participation in the
Master Trust,
is determined by adding or deducting the participant’s allocations to, or
withdrawals from, the Master Trust and a proportionate share of
the other
changes in the Trust's net assets (related principally to investment
activities), based on the relative interest of the Plan's net assets
to the
Master Trust's net assets at the beginning of the plan
year.
The
Plan's allocated share of the Master Trust net assets was approximately
14.2% at
December 31, 2003 and 19.1% at December 31, 2004.
-10-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
At
December 31, 2003 and 2004, the net assets of the Master Trust were composed
of
the following:
|
|
|
|
|
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
|
|
The
change in Master Trust net assets for the year ended December 31, 2004
was as
follows:
|
|
|
|
|
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
|
|
The
accounting policies of the Master Trust regarding basis of accounting, valuation
of investments and investment transactions and investment income are the same
as
those for the Plan.
-11-
AVX
401(k)
PLAN
NOTES
TO FINANCIAL STATEMENTS, Continued
| 9. |
Transfers
Into Plan:
|
During
the first quarter of 2004, the accounts from employees of AVX Filters
Corporation located in Sun Valley, hourly-paid employees at the AVX Tantalum
Corporation location in Biddeford, hourly-paid employees at the Colorado
Springs
location and hourly-paid employees at the Atlanta location were transferred
from
the AVX Corporation Retirement Plan to the AVX 401(k) Plan. The line item
in the
statement of changes in net assets called “Transfers into Plan” includes the
$4,879,145 which was transferred at that time.
-12-
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Administrative
Committee has duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
AVX
401(k) PLAN
|
By:
|
/s/
Kurt P. Cummings
|
|
Kurt
P. Cummings
|
|
|
Member
of Retirement Committee
|
|
|
Date:
|
July
18, 2005
|
-13-
PN
007
EIN
33-0379007
Schedule
H, Line 4(i) -Schedule of Assets (Held at End of Year)
As
of
December 31, 2004
|
(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
|
$
|
2,927,802
|
$
|
2,542,440
|
|
|
|
|
|
|
|
||
|
*
|
Kyocera
Corporation
|
|
American
Depository Shares
|
|
**
|
|
2,691,452
|
|
|
|
|
|
|
|
||
|
|
Vanguard
US Treasury Fund
|
|
Money
Market Fund
|
|
**
|
|
4,006,457
|
|
|
|
|
|
|
|
||
|
|
T.
Rowe Price Spectrum Income Fund
|
|
Mututal
Fund
|
|
**
|
|
673,494
|
|
|
Janus
Balanced Fund
|
|
Mututal
Fund
|
|
**
|
|
941,870
|
|
|
Vanguard
Index 500 Fund
|
|
Mututal
Fund
|
|
**
|
|
1,030,262
|
|
|
Janus
Fund
|
|
Mututal
Fund
|
|
**
|
|
1,139,744
|
|
|
Templeton
Foreign Fund
|
|
Mututal
Fund
|
|
**
|
1,102,174
|
|
|
|
Lord
Abbett Mid-Cap Value Fund
|
|
Mututal
Fund
|
|
**
|
813,212
|
|
|
|
PIMCO
Total Return Fund
|
|
Mututal
Fund
|
|
**
|
747,297
|
|
|
|
|
|
|
|
6,448,053
|
||
|
|
|
|
|
|
|||
|
*
|
AVX
Corporation
|
Master
Trust
|
**
|
3,239,490
|
|||
|
|
|
|
|
|
|||
|
*
|
HSBC
Bank USA Short-term Temporary Investment Fund
|
|
Common/collective
trust
|
|
**
|
120,604
|
|
|
|
|
|
|
|
|||
|
*
|
Participant
Loans
|
|
Interest
rates ranging from
6%
- 7.25% and maturing through 2010.
|
|
**
|
1,540,184
|
|
|
|
|
|
|
|
|||
|
|
|
|
Total
Investments
|
|
$
|
20,588,680
|
|
-14-
PN
007
EIN
33-0379007
Schedule
H, Line 4(j) -Schedule of Reportable Transactions
For
Year
Ended December 31, 2004
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
|
Identity
of Party Involved
|
Description
of investment including maturity date, rate of interest, collateral,
par
or maturity value
|
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
|
$
959,937
|
$
896,113
|
n/a
|
---
|
$
959,937
|
$
896,113
|
$
(63,824)
|
|
AVX
Corporation
|
Common
Stock
|
1,002,857
|
982,553
|
n/a
|
---
|
1,002,857
|
982,553
|
(20,304)
|
-15-