Page No.
|
|
Report
of Independent Registered Public Accounting Firm
|
2
|
Statements
of Net Assets Available for Benefits as of December 31, 2006 and
2007
|
3
|
Statement
of Changes in Net Assets Available for Benefits for the year ended
December 31, 2007
|
4
|
Notes
to Financial Statements
|
5-10
|
Signature
|
11
|
Schedule
of Assets (Held at End of Year)*
|
12
|
Schedule
of Reportable Transactions*
|
13
|
Exhibit:
|
|
Assets
|
2006
|
2007
|
|||||
Investments,
at fair value:
|
|||||||
AVX
Corporation Common Stock
|
$
|
13,486,424
|
$
|
11,658,437
|
|||
Kyocera
Corporation American Depository Shares
|
9,775,378
|
8,180,887
|
|||||
Pooled
Separate Account, at fair value
|
-
|
17,627,905
|
|||||
Money
Market Fund
|
15,264,656
|
379,342
|
|||||
Mutual
Funds
|
65,342,293
|
71,850,952
|
|||||
Participant
loans
|
2,793,685
|
2,583,005
|
|||||
Total
Investments
|
106,662,436
|
112,280,528
|
|||||
Receivables:
|
|||||||
Employer
contributions
|
1,918,565
|
1,950,842
|
|||||
Participant
contributions
|
10,233
|
11,063
|
|||||
Total
Receivables
|
1,928,798
|
1,961,905
|
|||||
Adjustments
from fair value to contract value for Pooled Separate
Account
|
-
|
120,690
|
|||||
Net
assets available for benefits
|
$
|
108,591,234
|
$
|
114,363,123
|
2007
|
|||||
Additions
to net assets attributed to:
|
|||||
Investment
income:
|
|||||
Net
appreciation in fair value of investments
|
$
|
3,459,955
|
|||
Interest
and dividends
|
2,175,813
|
||||
Net
investment income
|
5,635,768
|
||||
Contributions:
|
|||||
Participant
|
2,788,245
|
||||
Employer
|
4,823,329
|
||||
Total
contributions
|
7,611,574
|
||||
Transfers
into Plan
|
469,784
|
||||
Total
additions
|
13,717,126
|
||||
Deductions
from net assets attributed to:
|
|||||
Benefits
paid to participants
|
7,897,037
|
||||
Administrative
expenses
|
48,200
|
||||
Total
deductions
|
7,945,237
|
||||
Net
increase
|
5,771,889
|
||||
Net
assets available for benefits:
|
|||||
Beginning
of year
|
108,591,234
|
||||
End
of year
|
$
|
114,363,123
|
1.
|
Description of
Plan:
|
2.
|
Summary of Significant
Accounting Policies:
|
3.
|
Investments:
|
December
31,
|
2006
|
2007
|
||
AVX
Corporation Common Stock
|
$
|
13,486,424
|
$
|
11,658,437
|
Kyocera
Corporation American Depository Shares
|
9,775,378
|
8,180,887
|
||
AVX
Retirement Plan Stable Value Fund
|
*
|
17,627,905
|
||
Seligman
Large-Cap Value Fund
|
17,346,450
|
18,092,295
|
||
MainStay
Cash Reserves Fund
|
15,264,656
|
*
|
||
Janus
Balanced Fund
|
7,033,869
|
7,599,757
|
||
MainStay
S&P 500 Index Fund
|
9,237,752
|
9,101,064
|
||
Janus
Fund
|
8,083,540
|
9,782,977
|
||
Templeton
Foreign Fund
|
9,420,468
|
*
|
||
Lord
Abbett Mid-Cap Value Fund
|
9,311,458
|
9,067,096
|
||
American
EuroPacific Growth Fund
|
*
|
12,360,371
|
AVX
Corporation Common Stock
|
$ (1,099,219)
|
|
Kyocera
Corporation American Depository Shares
|
(776,851)
|
|
Mutual
Funds
|
5,336,025
|
|
Total
|
$ 3,459,955
|
4.
|
Contributions and
Vesting:
|
Vested
Percentage
|
|||
---Discretionary
Contribution----
|
|||
Years of Service
|
All
Locations Except Sun
Valley
|
Sun Valley
|
|
1
Year
|
0%
|
0%
|
|
2
Years
|
20%
|
20%
|
|
3
Years
|
40%
|
40%
|
|
4
Years
|
60%
|
50%
|
|
5
Years
|
80%
|
60%
|
|
6
Years
|
100%
|
100%
|
5.
|
Nonparticipant-Directed
Investments:
|
December
31,
|
||||
2006
|
2007
|
|||
Net
Assets:
|
||||
AVX
Corporation Common Stock Match Fund
|
$
|
2,236,035
|
$
|
2,731,520
|
Year
Ended
|
|||
December
31, 2007
|
|||
Changes
in Net Assets:
|
|||
Contributions
|
$
|
1,035,721
|
|
Dividends
|
33,726
|
||
Net
depreciation
|
(325,073)
|
||
Benefits
paid to participants
|
(208,163)
|
||
Transfers
into plan
|
4,985
|
||
Transfers
to participant-directed investments
|
(45,711)
|
||
Total
|
$
|
495,485
|
6.
|
Plan
Termination:
|
7.
|
Tax
Status:
|
8.
|
Related-Party
Transactions:
|
9.
|
Reconciliation of
Financial Statements to Form
5500:
|
December
31,
|
||
2007
|
||
Net
assets available for benefits per the financial statements
|
$ 114,363,123
|
|
Less:
|
||
Deemed
distributions of participant loans
|
(35,253)
|
|
Adjustments
from contract value to fair value for Pooled Separate
Account
|
(120,690)
|
|
Net
assets available for benefits per Form 5500
|
$ 114,207,180
|
2007
|
|||
Net
increase in net assets available for benefits per the financial
statements
|
$ 5,771,889
|
||
Less:
|
|||
Deemed
distributions of participant loans at December 31, 2007
|
35,252
|
||
Adjustments
from contract value to fair value for Pooled Separate
Account
|
120,690
|
||
Net
increase in net assets available for benefits per Form
5500
|
5,615,947
|
By:
|
/s/
Kurt P. Cummings
|
Kurt
P. Cummings
|
|
Member
of Retirement Committee
|
|
Date:
|
May 2,
2008
|
(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
|
$
|
11,699,594
|
$
|
11,658,437
|
|
*
|
Kyocera
Corporation
|
American
Depository Shares
|
**
|
8,180,887
|
|||
AVX
Retirement Plan Stable Value Fund
|
Pooled
Separate Account
|
**
|
17,627,905
|
||||
MainStay
Cash Reserves Fund
|
Money
Market Fund
|
**
|
379,342
|
||||
T.
Rowe Price Spectrum Income Fund
|
Mutual
Fund
|
**
|
1,154,704
|
||||
Janus
Balanced Fund
|
Mutual
Fund
|
**
|
7,599,757
|
||||
MainStay
S&P 500 Index Fund
|
Mutual
Fund
|
**
|
9,101,064
|
||||
Janus
Fund
|
Mutual
Fund
|
**
|
9,782,977
|
||||
Lord
Abbett Mid-Cap Value Fund
|
Mutual
Fund
|
**
|
9,067,096
|
||||
Seligman
Large-Cap Value Fund
|
Mutual
Fund
|
**
|
18,092,295
|
||||
PIMCO
Total Return Fund
|
Mutual
Fund
|
**
|
4,692,688
|
||||
American
EuroPacific Growth Fund
|
Mutual
Fund
|
**
|
12,360,371
|
||||
71,850,952
|
|||||||
*
|
Participant
Loans
|
Interest
rates ranging from 6% - 11.50% and maturing through 2025.
|
**
|
2,547,752
|
|||
Total
Investments
|
$
|
112,245,275
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
|
Identity
of Party Involved
|
Description
of investment
|
Purchase
Price
|
Selling
Price
|
Lease
Rental
|
Expense
Incurred with Transaction
|
Cost
of Asset
|
Current
Value of Asset on Transaction Date
|
Net
Gain/ (Loss)
|
AVX
Retirement Plan SVF
|
Pooled
Separate Account
|
$ 37,501,872
|
$ -
|
n/a
|
---
|
$ 37,501,872
|
$
37,501,872
|
$ -
|
AVX
Retirement Plan SVF
|
Pooled
Separate Account
|
$ -
|
$ (5,256,252)
|
n/a
|
---
|
$ (5,256,252)
|
$(5,256,252)
|
$ -
|
AVX
Retirement Plan SVF
|
Pooled
Separate Account
|
$ 38,604,946
|
$ -
|
n/a
|
---
|
$ 38,604,946
|
$
38,604,946
|
$ -
|
AVX
Retirement Plan SVF
|
Pooled
Separate Account
|
$ -
|
$ (6,445,621)
|
n/a
|
---
|
$ (6,445,621)
|
$(6,445,621)
|
$ -
|
American
EuroPacific Growth Fund
|
Mutual
Fund
|
$ 21,092,095
|
$ -
|
n/a
|
---
|
$ 21,092,095
|
$
21,092,095
|
$ -
|
Templeton
Foreign Fund
|
Mutual
Fund
|
$ -
|
$
(19,045,186)
|
n/a
|
---
|
$ (18,259,479)
|
$(19,045,186)
|
$
785,707
|
MainStay
Cash Reserves Fund
|
Money
Market Fund
|
$ -
|
$
(29,998,859)
|
n/a
|
---
|
$ (29,998,859)
|
$(29,998,859)
|
$ -
|