AVX FY04 SERP 11K FILING
 
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


 


FORM 11-K


 

ANNUAL REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For The Year Ended December 31, 2004


Commission file number: 1-10431


 


AVX CORPORATION SERP


 


IRS Employer Identification Number: 33-0379007


AVX CORPORATION
P.O. Box 867
Myrtle Beach, SC 29578 
 
 
 
INDEX



           Page No.

2
3-4
5-7
8-11
12
13
Exhibit:
  
14

 

 


-1-


To the Participants and Administrator of
AVX Corporation SERP

In our opinion, the accompanying statements of financial condition with fund information and the related statements of income and changes in plan equity with fund information present fairly, in all material respects, the financial condition of AVX Corporation SERP (the “Plan”) at December 31, 2004 and 2003, and the income and changes in plan equity for each of the three years in the period 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 investments is presented for the purpose of additional analysis and is not a required part of the basic financial statements. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.



/s/PricewaterhouseCoopers LLP
Atlanta, Georgia
March 31, 2005
-2-
AVX CORPORATION SERP
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
As of December 31, 2004




  
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 $2,983,687)
  $3,101,749 
 
    $1,573 
 
     $1,609 
   
   $532,931 
   
  $301,380 
  
   $381,381 
 
   $467,346 
 
   $302,620 
   
   $311,938 
  
   $258,683 
  
   $172,512 
   
   $369,776 
 
AVX Corporation
                       
 
Common Stock
                       
 
(cost $300,307)
253,966 
 
   253,966 
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
Kyocera Corporation
                       
 
American Depository
                       
 
Shares (cost $398,643)
401,528 
 
---
 
    401,528 
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
---
 
---
                         
Total investments
   3,757,243 
  
   255,539 
 
   403,137 
 
   532,931 
 
   301,380 
 
   381,381 
 
   467,346 
 
   302,620 
 
   311,938 
 
   258,683 
 
   172,512 
 
   369,776 
                         
Plan equity
   $3,757,243 
 
  $255,539 
 
  $403,137 
   
  $532,931 
 
  $301,380 
 
  $381,381 
 
  $467,346 
 
  $302,620 
 
  $311,938 
 
  $258,683 
 
  $172,512 
 
  $369,776 
 
 



 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
-3-
AVX CORPORATION SERP
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
As of December 31, 2003
 


   
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 $3,129,996)
$2,864,379
  
$ 5,287
  
$ 3,939
  
$481,194
  
$278,909
  
$388,770
  
$399,125
  
$257,445
  
$ 90,402
  
$483,542
  
$ 79,416
  
$61,258
  
$335,092
 
AVX Corporation
                                                  
 
Common Stock
                                                  
 
(cost $264,996)
293,343
 
293,343
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
Kyocera Corporation
                                                  
 
American Depository
                                                  
 
Shares (cost $319,054)
276,241
 
-
 
276,241
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
 
-
                                                     
Total investments
3,433,963
 
298,630
 
280,180
 
481,194
 
278,909
 
388,770
 
399,125
 
257,445
 
90,402
 
483,542
 
79,416
 
61,258
 
335,092
                                                     
Plan equity
$3,433,963
  
$298,630
  
$280,180
  
$481,194
  
$278,909
  
$388,770
  
$399,125
  
$257,445
  
$ 90,402
  
$483,542
  
$ 79,416
  
$ 61,258
  
$335,092
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
-4-
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION
For the year ended December 31, 2004
 
 

   
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
Net investment income (loss):
                                                  
 
Dividends
$48,073
 
$2,841
 
$2,339
 
$2,830
 
$11,893
 
$ ---
  
$9,838
 
$5,387
 
$3,542
 
$23
 
$3
 
$1,081
 
$8,296
 
Interest
4,370
 
---
  
---
  
---
  
---
  
4,370
 
---
  
---
  
---
  
---
  
---
  
---
  
---
 
Net appreciation (depreciation)
in fair value of investments
201,426
 
(76,982)
  
45,418
 
74,504
 
10,578
 
--- 
  
62,778
 
23,525
 
12,625
 
9,019
 
5,012
 
25,780
 
9,169
 
Total income (loss)
253,797
 
(74,141)
  
47,757
 
77,334
 
22,471
 
4,370
 
72,616
 
28,912
 
16,167
 
9,042
 
5,015
 
26,861
 
17,465
                                                     
Employee Contributions
276,585
 
39,318
 
35,789
 
29,323
 
---
  
44,986
 
9,394
 
33,770
 
28,729
 
20,279
 
---
  
9,013 
  
25,984
                                                     
Deductions:
                                                  
 
Benefit Payments
(207,174)
  
(8,268)
  
(5,387)
  
(14,335)
  
---
  
(56,745)
  
(16,602)
  
(22,596)
  
---
  
(71,293)
  
---
  
(11,948)
  
---
                                                     
Income (loss) and changes in
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
plan equity
323,208
 
(43,091)
  
78,159
 
92,322
 
22,471
 
(7,389)
  
65,408
 
40,086
 
44,896
 
(41,972)
  
5,015
 
23,926
 
43,449
Transfer of funds from employee
                                                  
investment elections, net
---
  
---
  
44,798
 
(40,585)
  
---
  
---
  
2,813
 
5,089
 
176,640
 
(182,887)
  
(84,431)
  
87,328
 
(8,765)
                                                     
Plan equity at beginning of year
3,433,963
  
298,630
 
280,180
 
481,194
 
278,909
 
388,770
 
399,125
 
257,445
 
90,402
 
483,542
 
79,416
 
61,258
 
335,092
                                                     
Plan equity at end of year
$3,757,243
 
$255,539
 
$403,137
 
$532,931
 
$301,380
 
$381,381
 
$467,346
 
$302,620
 
$311,938
 
$258,683
 
$ ---
  
$172,512
 
$369,776






 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
-5-
AVX CORPORATION SERP
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION
For the year ended December 31, 2003
 
 
 
   
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
Net investment income (loss):
                                                  
                                                     
 
Dividends
$42,544
  
$2,503
 
$1,862
 
$935
 
$22,869
 
$ ---
  
$7,911
 
$3,414
 
$1,452
  
$ ---
  
$268
 
$259
 
$1,071
 
Interest
3,374
 
---
  
---
  
---
  
---
  
3,374
 
---
  
---
  
---
  
---
  
---
  
---
  
---
 
Net appreciation (depreciation)
in fair value of investments
638,346 
  
117,886
 
41,110
 
126,808
 
45,681
 
--- 
  
85,420
 
51,569
 
8,159
  
124,961
 
28,895
 
5,543
 
2,314
 
Total income (loss)
684,264 
  
120,389
 
42,972
 
127,743
 
68,550
 
3,374
 
93,331
 
54,983
 
9,611
  
124,961
 
29,163
 
5,802
 
3,385
                                                     
Employee Contributions
335,526 
  
40,346
 
35,176
 
34,938
 
41,683
 
26,266
 
17,769
 
46,542
 
31,277
  
37,891
 
19,366
 
2,167
 
2,105
                                                     
Deductions:
                                                  
 
Benefit Payments
(140,904)
  
(6,787)
  
(4,458)
  
(12,720)
  
---
  
(55,449)
  
---
  
(6,257)
  
---
  
(55,233)
  
---
  
---
  
---
                                                     
Income (loss) and changes in
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
plan equity
878,886 
  
153,948
 
73,690
 
149,961
 
110,233
 
(25,809)
  
111,100
 
95,268
 
40,888
  
107,619
 
48,529
 
7,969
 
5,490
Transfer of funds  from employee
                                                  
investment elections, net
---
  
(1,232)
  
---
  
1,943
 
(327,171)
  
(437)
  
(195)
  
(1,668)
  
(145)
  
(1,547)
  
(52,439)
  
53,289
 
329,602
                                                     
Plan equity at beginning of year
2,555,077
 
145,914
 
206,490
 
329,290
 
495,847
 
415,016
 
288,220
 
163,845
 
49,659 
  
377,470
 
83,326
 
---
  
---
                                                     
Plan equity at end of year
$3,433,963
 
$298,630
 
$280,180
 
$481,194
 
$278,909
 
$388,770
 
$399,125
 
$257,445
 
$90,402 
  
$483,542
 
$79,416
 
$61,258
 
$335,092
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
-6-
AVX CORPORATION SERP
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION
For the year ended December 31, 2002
 
 
 
   
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
Net investment income (loss):
                                          
                                             
 
Dividends
$41,421
 
$2,059
 
$1,497
 
$4,853
 
$23,240
 
$---
 
$5,869
 
$2,460
 
$984
 
$106
 
$353
 
Interest
6,284
 
---
  
---
  
---
  
---
  
6,284
 
---
  
---
  
---
  
---
  
---
 
Net appreciation (depreciation) in fair value of investments
(590,444)
  
(177,713)
  
(33,233)
  
(142,921)
  
7,397
 
---
  
(31,378)
  
(40,743)
  
(3,350)
  
(133,089)
  
(35,414)
 
Total income (loss)
(542,739)
  
(175,654)
  
(31,736)
  
(138,068)
  
30,637
 
6,284
 
(25,509)
  
(38,283)
  
(2,366)
  
(132,983)
  
(35,061)
                                             
Employee Contributions
370,161
 
42,466
 
36,170
 
26,406
 
47,494
 
25,359
 
20,559
 
55,239
 
29,787 
  
54,697
 
31,984
                                             
Deductions:
                                          
 
Benefit Payments
(67,731)
  
(9,846)
  
---
  
(2)
  
---
  
(55,480)
  
---
  
(2,401)
  
---
  
(2)
  
---
                                             
Income (loss) and changes in
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
plan equity
(240,309)
  
(143,034)
  
4,434
 
(111,664)
  
78,131
 
(23,837)
  
(4,950)
  
14,555
 
27,421
  
(78,288)
  
(3,077)
                                             
Plan equity at beginning of year
2,795,386
  
288,948
 
202,056
 
440,954
 
417,716
 
438,853
 
293,170
 
149,290
 
22,238
  
455,758
 
86,403
                                             
Plan equity at end of year
$2,555,077
  
$145,914
 
$206,490
 
$329,290
 
$495,847
 
$415,016
 
$288,220
 
$163,845
 
$49,659
  
$377,470
 
$83,326
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
-7-
AVX CORPORATION SERP
NOTES TO FINANCIAL STATEMENTS

1.  
Description of Plan

The following brief description of the AVX Corporation SERP (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General
The Plan was established January 1, 1998 to provide certain officers and highly compensated managers of AVX Corporation (the "Company") with supplemental retirement benefits. Any employee eligible to participate in the AVX Corporation Retirement Plan whose annual compensation is in excess of $205,000 (as such limit is defined by the Internal Revenue Code) is eligible to participate in the Plan. An employee who, in prior years, becomes an eligible participant in the Plan shall continue to be eligible to fully participate in the Plan regardless of whether such employee’s annual compensation falls below the annual compensation limit for the year. The Company is the Plan’s sponsor and Plan administrator. HSBC Bank USA (the "Trustee") is the Plan’s trustee and record keeper.

Deferred Compensation Contributions
The Plan allows participants to defer receipt of all or a portion of annual compensation currently in excess of $205,000 (as such limit is defined by the Internal Revenue Code) otherwise payable by the Company to such employee.

Vesting
Each participant shall be fully vested and have a non-forfeitable interest in his account other than benefits paid to participants, which are recorded when paid.

Payment of Benefits
Benefits under the Plan shall be payable to a participant or beneficiary upon the earlier of such participant's termination of employment or death in a lump-sum payment or in installments over a period not to exceed 10 years.

2.  
Significant Accounting Policies

Basis of Accounting
The financial statements of the Plan are presented on the accrual basis of accounting.

Payment of Benefits
Benefits are recorded when paid.
 
Investment Valuation and Income Recognition
Investments in securities traded on a national securities exchange are valued at the closing sales price on the last business day of the plan year. Plan investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share. Temporary cash investments in money market funds are valued at par, which represents market value as determined by the Trustee. For purposes of determining realized gains and losses, the Plan uses the average cost method to determine the cost basis of disposed assets.

Administrative Expenses
Administrative expenses of the Plan are paid by the Company.

-8-
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
Use of Estimates
The preparation of the Plan’s financial statements in conformity with generally accepted accounting principles requires the plan administrator to make significant estimates and assumptions that affect the reported amounts of plan equity at the date of the financial statements and the changes of plan equity during the reporting period and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
 
3.  
Investment Programs

As of December 31, 2004, the investment alternatives include the following:

Vanguard Treasury Money Market Fund: The Vanguard Treasury Money Market Fund seeks the maximum current income consistent with preservation of capital and liquidity by investing in U.S. Treasury obligations and repurchase agreements relating to U.S. Treasury obligations. This fund had six participants at December 31, 2004 and seven participants at December 31, 2003.

T. Rowe Price Spectrum Income Fund: The T.Rowe Price Spectrum Income Fund seeks a high level of current income consistent with moderate share price fluctuation by investing primarily in domestic bond funds and also in a foreign bond fund. This fund had three participants at December 31, 2004 and 2003. This fund is no longer an investment alternative for future contributions.

Seligman Equity Value Portfolio: The Seligman Equity Value Portfolio seeks capital appreciation through a value-oriented, diversified portfolio comprised of high-quality stocks. This fund had eight participants at December 31, 2004 and ten participants at December 31, 2003.

Kyocera Stock Fund: This fund is invested exclusively in shares of the Kyocera Corporation. The objective is to give participants the opportunity to share in the success and growth of Kyocera and AVX by allowing participants to become part owners. The fund’s value will fluctuate, based on the success of Kyocera, AVX and the stock market in general. This fund had three participants at December 31, 2004 and 2003.

Templeton Foreign Equity Fund: The Templeton Foreign Fund seeks long-term capital growth by investing in stocks and debt obligations of companies and governments outside the United States. This fund had eight participants at December 31, 2004 and 2003.

AVX Stock Fund: This fund is invested exclusively in shares of AVX stock. This fund gives participants the opportunity to share in the success and growth of AVX. The fund’s value will fluctuate, based on the success of AVX and the stock market in general. This fund had twelve participants at December 31, 2004 and 2003.

Janus Balanced Fund: The Janus Balanced Fund seeks long-term growth of capital balanced by current income by normally investing 40% to 60% of assets in securities selected for their growth potential and 40% to 60% of assets in securities selected for their income potential. This fund had seven participants at December 31, 2004 and six participants at December 31, 2003.

Janus Fund: The Janus Fund seeks long-term growth of capital, consistent with preservation of capital, by investing primarily in common stock of companies of any size. This fund had nine participants at December 31, 2004 and ten participants at December 31, 2003.
-9-
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
Vanguard 500 Index Fund: The Vanguard 500 Index Fund seeks to track, as close as possible, the investment performance of the S&P 500 Index by investing in each of the index’s 500 stocks according to each stock’s weighting in the index. This fund had eight participants at December 31, 2004 and nine participants at December 31, 2003.

MFS Emerging Growth Fund: The MFS Emerging Growth Fund seeks above-average long-term capital growth by investing in common stocks of small to mid-size companies. This fund had no participants at December 31, 2004 and four participants at December 31, 2003. This fund is no longer an investment alternative for future contributions.
 
Lord Abbett Mid-Cap Value Fund: The Lord Abbett Mid-Cap Value Fund seeks capital appreciation. Under normal circumstances, the fund invests at least 65% of its total assets in middle capitalization companies having an aggregate market value between $200 million and $5 billion. This fund had five participants at December 31, 2004 and four participants at December 31, 2003.
 
PIMCO Total Return Fund: The PIMCO Total Return Fund seeks maximum total return by investing primarily in fixed income securities of varying maturities. This fund had four participants at December 31, 2004 and three participants at December 31, 2003.
 
The Plan’s realized losses for the years ended December 31 were as follows:

 
2004
  
2003
  
2002
Proceeds
$1,582,831
  
$1,014,794
  
$159,314
Aggregate cost
1,736,094
  
1,047,784
  
163,051
Realized losses
$ (153,263)
  
$   (32,990)
  
$ (3,737)
 
The Plan’s unrealized appreciation (depreciation) of investments at December 31 was as follows:
 
 
2004
  
2003
  
2002
AVX Corporation Common Stock
$ (46,341)
  
$     28,347
  
$  (92,024)
Kyocera ADS 
2,885
 
(42,813)
  
(84,945)
Other investments 
118,062
  
(265,617)
  
(774,451)
Total unrealized appreciation (depreciation)
$   74,606
  
$(280,083)
  
$(951,420)

Net appreciation (depreciation) in fair value of investments on the Statement of Income and Changes in Plan Equity with Fund Information represents realized losses and the cumulative change in unrealized appreciation (depreciation) for the respective years.
 
4.  
Plan Termination
 
Although the Company has not expressed any intent to do so, it has the right to terminate the Plan at any time. However, termination of the Plan shall not, without the consent of a participant, adversely affect such participant’s rights with respect to amounts then accrued in his/her account.
-10-
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5.  
Federal Income Taxes

The Plan is a grantor type trust and is not qualified under Section 401 of the Internal Revenue Code. Under Section 671 of the Internal Revenue Code, items of income, deduction or credit in a grantor trust are treated as belonging to the grantor. These items are reported on the income tax return of the grantor, AVX Corporation. Participants must include distributions in taxable income at the time of withdrawal.
 
6.  
Transactions with Parties-In-Interest
Amounts of American Depository Shares of Kyocera Corporation, the Company’s majority stockholder, held by the Plan at December 31 were as follows:
 
 
2004
  
2003
Shares
5,216
  
4,123
Market value per share
$76.98
  
$67.00
Market value
$401,528
  
$276,241
 
Amounts of AVX Corporation common stock held by the Plan at December 31 were as follows:

 
2004
  
2003
Shares
20,156
  
17,650
Market value per share
$12.60
  
$16.62
Market value
$253,966
  
$293,343
 
7.  
Risks and Uncertainties

The Plan provides for various investment options in registered investment companies which invest in combinations of stocks, bonds, fixed income securities, mutual funds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that such changes could materially affect participants’ account balances and the amounts reported in the statement of financial condition with fund information. The market value of the Plan's assets is included as an asset and a liability on the Company’s balance sheet because the Plan’s assets are available to AVX’s general creditors in the event of the Company’s insolvency.


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SIGNATURES

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 SERP
  (Name of Plan)


BY:
/S/ KURT P. CUMMINGS
Kurt P. Cummings
Member of Administrative Committee

Date: March 31, 2005  


SCHEDULE I - INVESTMENTS
As of December 31, 2004
 

Description
Number of shares/units
Market
value
Percentage of Net Assets
Short -term Temporary Investments
3,287
$3,287     
0.1%    
T. Rowe Price Spectrum Income Fund
24,928
301,380    
8.0%   
Vanguard Treasury Money Market Fund
381,276
381,276    
10.1%   
Janus Balanced Fund
14,679
311,938    
8.3%   
Janus Fund
10,528
258,683    
6.9%   
Seligman Equity Value Portfolio
45,863
532,931    
14.2%   
Templeton Foreign Equity Fund
37,996
467,346    
12.4%   
Vanguard 500 Index Fund
2,711
302,620    
8.1%   
Lord Abbett Mid-Cap Value Fund
7,623
172,512    
4.6%   
PIMCO Total Return Fund
34,656
369,776    
9.8%   
AVX Corporation Common Stock
20,156
253,966    
6.8%   
Kyocera ADS
5,216
401,528    
10.7%   
Total Investments
 
$3,757,243
 
 
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