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
CORPORATION
ETIREMENT
PLAN
Plan
number: 001
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
INDEX
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Page
No.
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2
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3
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4
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5-13
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14
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15
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16
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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
Corporation Retirement 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
Corporation Retirement 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-
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
as
of December 31, 2003 and 2004
|
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
|
|||
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
|
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
|
||||
-4-
NOTES
TO FINANCIAL STATEMENTS
| 1. |
Description
of Plan:
|
The
following description of the AVX Corporation Retirement Plan (the "Plan")
is
provided for general information purposes only. Participants should
refer to the
Plan documents for more complete information.
General:
The
Plan
is a defined contribution plan covering employees who have at least
three months
of service and are not hourly-paid employees or employees covered by
a
collective bargaining agreement (unless such agreement provides for
participation in the Plan). The Plan includes a 401(k) feature to which
employees can contribute, and AVX Corporation ("the Company") makes
a matching
contribution. The Plan also includes a discretionary contribution plan
feature
and a non-discretionary contribution plan feature to which participants
are not
required to contribute. 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 (the “Trustee”).
Payment
of Benefits:
Upon
retirement, total disablement or death, a participant or the participant's
beneficiary is entitled to receive the value of the aggregate vested
amount
credited to the participant's account in a lump-sum payment or in installments
over a period not to exceed the life expectancy of the participant
or his or her
beneficiaries. For the non-discretionary contribution portion of the
account,
payment of benefits is in monthly installments unless an alternate
form of
payment is elected. Upon the termination of employment of a participant
other
than by retirement, disability or death, such participant is entitled
to the
vested portion of his account. For the AVX Corporation Common Stock
(“AVX
Stock”), Kyocera Corporation American Depository Shares (“Kyocera ADS” or
“ADS”), a participant will receive either cash or whole shares with any
partial
shares being paid in cash.
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%.
Administrative
Expenses:
Expenses
that arise in connection with the administration of the Plan are paid
by the
Plan.
Participant
Accounts:
Each
participant's account is credited with the participant's contributions
and
allocations of the Company's contribution and Plan earnings. 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.
-5-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
Forfeited
Accounts:
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.
Use
of Estimates:
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 benefits.
Investment
Transactions and Investment Income:
Purchases
and sales of securities are reflected on a trade-date basis and stated
at market
values based upon the closing sales prices on the last business day of
the year
as reported on the composite transaction tape. 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.
-6-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
| 3 |
Investments:
|
The
Trustee invests the Plan's assets according to participant investment elections
in the following investment options (employer matching contributions are
non-participant-directed and are invested into AVX 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)
-7-
AVX
CORPORATION RETIREMENT 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
|
$
|
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
|
*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
|
$
(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:
|
401(k)
and Discretionary Contribution Plan Features:
Contributions
from the Company are at the discretion of the Company's Board of Directors.
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. All contribution percentages are set in accordance with the Internal
Revenue Code. For the 401(k) feature, participant contributions are
limited to
1% to 25% of compensation.
-8-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
Participants
age 50 and older are eligible to make a catch up contribution of
an additional
$3,000 to the Plan once the participant meets the Maximum Elective
Deferral
Limit of $13,000 for the calendar year or once the Plan deferral
limit of 25%
has been reached for the calendar year. The Company will match the
first 3% of
pre-tax pay an employee contributes to the 401(k) portion of the
Retirement Plan
dollar for dollar into AVX Stock, regardless of how the employee
invests his
contributions.
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.
Amounts
attributable to the Company's contributions (excluding the 401(k) contribution)
are vested according to the following table:
|
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%
|
All
Kyocera ADS and AVX Stock acquired with a participant's contributions are fully
vested at all times. Kyocera ADS and AVX Stock acquired with the Company's
matching 3% contributions are fully vested and non-forfeitable.
Non-discretionary
Contribution Plan Features:
Non-discretionary
Plan contributions made by the Company are non-elective and fully vested.
The
Company contributes 5% of each participant's eligible compensation for the
year.
-9-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
| 5. |
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
|
$
|
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:
|
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.
| 7. |
Tax
Status:
|
The
Plan
received a favorable determination letter from the U.S. Treasury
Department in
April 2002 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 the provisions of Section 501(a). The Plan has been amended
since
receiving the determination letter; however, the Plan's administrator
and 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 Plan's financial
statements.
In addition, loans to participants qualified as party-in-interest
transactions
which are also exempt from the prohibited transaction rules.
Participants
will not be subject to income tax for contributions made on their
behalf by the
Company, nor on money earned by the Plan and credited to their
account until
such time as they withdraw their accumulated balance.
| 8. |
Related-Party
Transactions:
|
Certain
Plan investments are shares of mutual funds managed by the Trustee.
The Trustee
is also the recordkeeper as defined by the Plan and; therefore,
these
transactions qualify as party-in-interest transactions. Fees
paid by the Plan
for the investment management services amounted to $74,475 for
the year ended
December 31, 2004.
-10-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
The
Plan allows for investment in shares of AVX Stock
and in Kyocera ADS. As of December 31, 2003, the Plan held
investments of
$15,012,320 or 879,816 shares of AVX Stock and $8,695,023
or 126,191 shares of
Kyocera ADS. As of December 31, 2004, the Plan held investments
of $11,433,124
or 907,391 shares of AVX Stock and $8,765,020 or 113,861
shares of Kyocera
ADS.
| 9. |
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 Master 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
85.8% at
December 31, 2003 and 80.9% at December 31, 2004.
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
|
|
-11-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
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.
| 10. |
Non-discrimination
Compliance Testing:
|
Under
IRS
rules, companies are required to perform an annual testing of 401(k) plan
participant contributions and company matching contributions for compliance
with
non-discrimination rules. For the 2003 calendar year, the Plan failed to pass
the non-discrimination test. The results of the testing showed that the 401(k)
contributions made by the highly compensated (employees who had total
compensation of $90,000 or more in 2002) exceeded IRS limits. This means that
a
portion of the income deferred by this group of employees is required to be
returned to the employee and reported as taxable income. Excess participant
contributions of $1,029 for the 2003 calendar year were remitted to the
employees in the 2004 calendar year. Starting in the 2004 calendar year this
annual testing is no longer required because the Plan is qualified under the
safe harbor rules.
| 11. |
Transfers
out of 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 Plan to the AVX 401(k) Plan. The line item in the statement of changes
in
net assets called “Transfers out of Plan” includes the $4,879,145 which was
transferred at that time.
-12-
AVX
CORPORATION RETIREMENT PLAN
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
| 12. |
Subsequent
Event:
|
In
May
2005, the Company's Board of Directors approved discretionary Company
contributions of $1,673,936 for the fiscal year ended March 31, 2005. This
contribution will be included in the Plan for the year ended December 31,
2005.
-13-
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
CORPORATION RETIREMENT PLAN
|
By:
|
/s/
Kurt P. Cummings
|
|
|
Kurt
P. Cummings
|
|
|
Member
of Retirement Committee
|
|
|
|
|
Date:
|
July
18, 2005
|
-14-
PN:
001
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
|
$
|
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
|
*
Denotes
a party-in-interest.
**
Cost
information is not required for individual account plans with participant
directed transactions.
-15-
PN:
001
EIN:
33-0379007
Schedule
H, Line 4(j) - Schedule of Reportable Transactions
Year
Ended December 31, 2004
|
(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)
|
-16-