<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______________ TO ________________.
COMMISSION FILE NUMBER: ___________________
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
(Formerly "Ingram Micro Thrift Plan")
(Full title of the plan and the address of the plan if different
from that of the issuer named below)
INGRAM MICRO INC.
1600 E. ST. ANDREW PLACE
SANTA ANA, CA 92705
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
<PAGE> 2
INGRAM MICRO 401(k)
INVESTMENT SAVINGS PLAN
(FORMERLY "INGRAM MICRO THRIFT PLAN")
FINANCIAL STATEMENTS AND REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
DECEMBER 31, 1998 AND 1997
<PAGE> 3
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
DECEMBER 31, 1998 AND 1997
TABLE OF CONTENTS
Page
----
Report of Independent Certified Public Accountants....................... 1
Financial Statements
Statement of Net Assets Available
for Plan Benefits.................................................... 2
Statements of Changes in Net Assets
Available for Plan Benefits With Fund Information.................... 3-4
Notes to Financial Statements........................................ 5-9
Supplemental Information *
Item 27a - Schedule of Assets Held For Investment Purposes........... 11
Item 27d - Schedule of Reportable Transactions.......................12-13
* Supplemental information not listed above is omitted because of the absence of
conditions under which it is required.
<PAGE> 4
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Participants and Trustees
Ingram Micro 401(k) Investment Savings Plan
We have audited the accompanying statement of net assets available for plan
benefits of the Ingram Micro 401(k) Investment Savings Plan as of December 31,
1998 and 1997, and the related statements of changes in net assets available for
plan benefits with fund information for the years then ended. 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 audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Ingram
Micro 401(k) Investment Savings Plan as of December 31, 1998 and 1997, and the
changes in its net assets available for plan benefits for the years then ended
in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and 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. The supplemental schedules
have been subjected to the auditing procedures applied in the audit 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.
Stephens, Reidinger & Beller LLP
Irvine, California
June 23, 1999
<PAGE> 5
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Investments at fair value
Ingram Micro Stock Fund $ 46,489,307 $ 46,170,696
The Putnam Fund for Growth and Income 29,515,261 22,650,783
The George Putnam Fund of Boston 1,038,043 199,536
Putnam New Opportunities Fund 18,120,534 9,045,917
Putnam S & P 500 Index Fund 5,738,666 973,266
Putnam Stable Value Fund 9,823,930 6,428,042
Putnam International Growth Fund 4,923,998 2,737,357
Participant Loans 2,965,502 --
------------ ------------
Total investments 118,615,241 88,205,597
------------ ------------
Plan receivables
Company contributions 301,520 4,063
Participants' contributions 480,408 2,123
------------ ------------
Total plan receivables 781,928 6,186
------------ ------------
Net assets available for plan benefits $119,397,169 $ 88,211,783
============ ============
</TABLE>
The accompanying notes are an integral part of this statement.
2
<PAGE> 6
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
PLAN BENEFITS WITH FUND INFORMATION
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
The Putnam The George Putnam
Ingram Fund Putnam New
Participant Micro for Growth Fund of Opportunities
Loans Stock Fund and Income Boston Fund
----------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Addition to net assets attributed to investment income
Dividends and interest income $ 120,762 $ -- $ 2,580,648 $ 79,496 $ 555,857
Net appreciation (depreciation) in fair value of
investments -- 10,939,610 1,017,160 (18,228) 2,455,026
---------- ----------- ----------- ---------- -----------
120,762 10,939,610 3,597,808 61,268 3,010,883
---------- ----------- ----------- ---------- -----------
Contributions
Company -- 120,435 1,069,862 62,063 927,310
Participants' -- 539,935 3,862,979 391,484 4,219,145
---------- ----------- ----------- ---------- -----------
-- 660,370 4,932,841 453,547 5,146,455
---------- ----------- ----------- ---------- -----------
Total additions 120,762 11,599,980 8,530,649 514,815 8,157,338
---------- ----------- ----------- ---------- -----------
Deductions from net assets attributed to
Benefits paid to participants (65,979) (3,244,450) (1,436,061) (31,447) (726,487)
Administrative -- (43,431) (13,303) (357) (5,726)
---------- ----------- ----------- ---------- -----------
Total deductions (65,979) (3,287,881) (1,449,364) (31,804) (732,213)
---------- ----------- ----------- ---------- -----------
Net increase prior to interfund transfers
and loans 54,783 8,312,099 7,081,285 483,011 7,425,125
Interfund transfers -- (6,451,739) 242,605 376,139 1,984,439
---------- ----------- ----------- ---------- -----------
Net increase (decrease) before loans 54,783 1,860,360 7,323,890 859,150 9,409,564
---------- ----------- ----------- ---------- -----------
Loans to participants 3,264,645 (1,562,280) (582,069) (24,730) (416,711)
Loan payments (353,926) 20,531 122,657 4,087 81,764
---------- ----------- ----------- ----------- -----------
Total loans to participants 2,910,719 (1,541,749) (459,412) (20,643) (334,947)
---------- ----------- ----------- ----------- -----------
Net increase (decrease) 2,965,502 318,611 6,864,478 838,507 9,074,617
Net assets available for plan benefits
Beginning of period -- 46,170,696 22,650,783 199,536 9,045,917
---------- ----------- ----------- ----------- -----------
End of period $2,965,502 $46,489,307 $29,515,261 $ 1,038,043 $18,120,534
========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Putnam Putnam Putnam
S & P Stable International
500 Index Value Growth Plan
Fund Fund Fund Receivables Total
---------- ---------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Addition to net assets attributed to investment income
Dividends and interest income $ 429 $ 460,712 $ 140,078 $ -- $ 3,937,982
Net appreciation (depreciation) in fair value of
investments 831,367 3,102 437,483 -- 15,665,520
---------- ---------- ---------- --------- ------------
831,796 463,814 577,561 -- 19,603,502
---------- ---------- ---------- --------- ------------
Contributions
Company 305,603 452,367 288,032 301,520 3,527,192
Participants' 1,947,359 1,766,331 1,403,654 474,222 14,605,109
---------- ---------- ---------- --------- ------------
2,252,962 2,218,698 1,691,686 775,742 18,132,301
---------- ---------- ---------- --------- ------------
Total additions 3,084,758 2,682,512 2,269,247 775,742 37,735,803
---------- ---------- ---------- --------- ------------
Deductions from net assets attributed to
Benefits paid to participants (106,454) (703,807) (165,722) -- (6,480,407)
Administrative (1,201) (4,360) (1,632) -- (70,010)
---------- ---------- ---------- --------- ------------
Total deductions (107,655) (708,167) (167,354) -- (6,550,417)
---------- ---------- ---------- --------- ------------
Net increase prior to interfund transfers
and loans 2,977,103 1,974,345 2,101,893 775,742 31,185,386
Interfund transfers 1,957,744 1,712,782 178,030 --
---------- ---------- ---------- --------- ------------
Net increase (decrease) before loans 4,934,847 3,687,127 2,279,923 775,742 31,185,386
---------- ---------- ---------- --------- ------------
Loans to participants (187,914) (377,334) (113,607) -- --
Loan payments 18,467 86,095 20,325 -- --
---------- ---------- ---------- --------- ------------
Total loans to participants (169,447) (291,239) (93,282) -- --
---------- ---------- ---------- --------- ------------
Net increase (decrease) 4,765,400 3,395,888 2,186,641 775,742 31,185,386
Net assets available for plan benefits
Beginning of period 973,266 6,428,042 2,737,357 6,186 88,211,783
---------- ---------- ---------- --------- ------------
End of period $5,738,666 $9,823,930 $4,923,998 $ 781,928 $119,397,169
========== ========== ========== ========= ============
</TABLE>
The accompanying notes are an integral part of this statement.
3
<PAGE> 7
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
PLAN BENEFITS WITH FUND INFORMATION
For the Year Ended December 31, 1997
<TABLE>
<CAPTION>
The Putnam The George Putnam
Short Term Ingram Fund Putnam New
Demand Micro Stock for Growth Fund of Opportunities
Notes Fund and Income Boston Fund
------------ ------------ ------------ ---------- -------------
<S> <C> <C> <C> <C> <C>
Addition to net assets attributed to investment income
Dividends and interest income $ -- $ 2,521 $ 2,870,798 $ 12,677 $ 193,053
Net appreciation (depreciation) in fair value of
investments -- 10,322,216 1,255,653 (5,861) 1,189,928
------------ ------------ ------------ -------- ----------
-- 10,324,737 4,126,451 6,816 1,382,981
------------ ------------ ------------ -------- ----------
Contributions
Company -- -- 1,045,770 12,824 771,062
Participants' -- -- 2,871,993 119,580 2,511,249
------------ ------------ ------------ -------- ----------
-- -- 3,917,763 132,404 3,282,311
------------ ------------ ------------ -------- ----------
Total additions -- 10,324,737 8,044,214 139,220 4,665,292
------------ ------------ ------------ -------- ----------
Deductions from net assets attributed to
Benefits paid to participants -- (2,686,515) (965,217) (1,637) (423,355)
Transfers from the Plan -- (547,713) (10,215) -- --
Administrative -- (51) (2,189) (16) (1,207)
------------ ------------ ------------ -------- ----------
Total deductions -- (3,234,279) (977,621) (1,653) (424,562)
------------ ------------ ------------ -------- ----------
Net increase prior to interfund transfers -- 7,090,458 7,066,593 137,567 4,240,730
Interfund transfers (22,157,994) 175,531 10,400,549 61,969 4,805,187
------------ ------------ ------------ -------- ----------
Net increase (decrease) (22,157,994) 7,265,989 17,467,142 199,536 9,045,917
Net assets available for plan benefits
Beginning of period 22,157,994 38,904,707 5,183,641 -- --
------------ ------------ ------------ -------- ----------
End of period $ -- $ 46,170,696 $ 22,650,783 $199,536 $9,045,917
============ ============ ============ ======== ==========
</TABLE>
<TABLE>
<CAPTION>
Putnam Putnam Putnam
S & P 500 Stable International
Index Value Growth Plan
Fund Fund Fund Receivables Total
------------ ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Addition to net assets attributed to investment income
Dividends and interest income $ -- $ 351,645 $ 157,646 $ -- $ 3,588,340
Net appreciation (depreciation) in fair value of
investments 55,653 14 125,913 (183) 12,943,333
------------ ---------- ------------ ------------ ------------
55,653 351,659 283,559 (183) 16,531,673
------------ ---------- ------------ ------------ ------------
Contributions
Company 57,577 548,714 243,343 4,246 2,683,536
Participants' 411,207 1,379,989 884,462 2,123 8,180,603
------------ ---------- ------------ ------------ ------------
468,784 1,928,703 1,127,805 6,369 10,864,139
------------ ---------- ------------ ------------ ------------
Total additions 524,437 2,280,362 1,411,364 6,186 27,395,812
------------ ---------- ------------ ------------ ------------
Deductions from net assets attributed to
Benefits paid to participants (8,189) (478,979) (141,236) -- (4,705,128)
Transfers from the Plan -- (162,144) -- -- (720,072)
Administrative (39) (1,068) (601) -- (5,171)
------------ ---------- ------------ ------------ ------------
Total deductions (8,228) (642,191) (141,837) -- (5,430,371)
------------ ---------- ------------ ------------ ------------
Net increase prior to interfund transfers 516,209 1,638,171 1,269,527 6,186 21,965,441
Interfund transfers 457,057 4,789,871 1,467,830 -- --
------------ ---------- ------------ ------------ ------------
Net increase (decrease) 973,266 6,428,042 2,737,357 6,186 21,965,441
Net assets available for plan benefits
Beginning of period -- -- -- -- 66,246,342
------------ ---------- ------------ ------------ ------------
End of period $ 973,266 $6,428,042 $ 2,737,357 $ 6,186 $ 88,211,783
============ ========== ============ ============ ============
</TABLE>
The accompanying notes are an integral part of this statement.
4
<PAGE> 8
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1998 and 1997
NOTE 1: DESCRIPTION OF THE PLAN
The following description of the Ingram Micro 401(k) Investment Savings Plan
(the "Plan") provides only general information. The name of the Plan, previously
known as the Ingram Micro Thrift Plan, was changed effective January 1, 1999.
Participants should refer to the Plan agreement for a more complete description
of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan covering substantially all of the
employees of Ingram Micro Inc. (the "Company") who have completed three months
of eligibility service. The Plan is designed to comply with Section 401(a) of
the Internal Revenue Code as a defined contribution plan and its incorporated
Trust is intended to qualify as a tax-exempt trust under Section 501(a) of the
Internal Revenue Code. The Plan is subject to the provisions of the Employee
Retirement and Security Act of 1974. The Plan is administered by the Company and
advised by the Benefit Administrative Committee appointed by the Company. The
assets of the Plan are held and invested by Putnam Fiduciary Trust Company
("Putnam"), acting as trustee, custodian and recordkeeper.
RECEIPT OF SPLIT-OFF PLAN ASSETS
The Plan became effective on November 6, 1996 as a result of the split-off of
Ingram Micro Inc. from Ingram Industries, Inc. in a tax-free reorganization. As
a result of the reorganization, Ingram Micro's participant account balances were
transferred out of the Ingram Industries Thrift Plan pursuant to an employee
benefits agreement. A separate trust account was established at Wachovia Bank to
accept the Plan's proportionate share of Ingram Industries Thrift Plan's assets.
The Plan's assets were temporarily invested during a period in December 1996 to
January 2, 1997, in mainly highly liquid, short-term investments in preparation
for the final conversion to Putnam. The Plan was amended effective January 2,
1997 as a result of the change in plan asset custodians.
CONTRIBUTIONS AND FUNDING POLICY
Each associate who actively participates in the Plan may elect to contribute a
minimum of 1% and a maximum of 15% of his or her salary to be paid to the Plan
trustee. The Company will match from 50% to 100% of participant contributions up
to the first 5% of annual salary depending upon the years of service. The
Benefit Administrative Committee of the Company can elect to change the
Company's matching contribution in future years. The Company may also make
discretionary contributions under the Plan. The Company did not make any
discretionary contributions to the Plan for the years ended December 31, 1998
and 1997. The maximum participant elective contributions allowed under the Plan
for the periods ended December 31, 1998 and 1997 were $10,000 and $9,500,
respectively.
5
<PAGE> 9
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1998 and 1997
PARTICIPATION ACCOUNTS
Each participant's account is credited with the participant's contributions and
allocations of a) the Company contribution and, b) plan earnings, and charged
with an allocation of certain expenses. Allocations are based on account
balances.
ELIGIBILITY
Associates other than those that are employed under a collective bargaining
agreement, leased, expatriates or employed on a temporary basis are eligible to
enter the Plan on the first day of the month following the third month of
employment with the Company.
VESTING
Vesting in the Company's matching contribution is based on years of service. A
year of vesting service is defined as any period in which a participant
completes 365 days of service. The following schedule describes the vesting
percentages for participants.
Vested Benefit
Years of Service Percentage
---------------- ----------
1 year but less than 2 20%
2 years but less than 3 40%
3 years but less than 4 60%
4 years but less than 5 80%
5 years or more 100%
LOANS
Participants may borrow the lesser of 50% of their vested account balance or
$50,000 at prime plus 1 percent, which ranged between 8.75% and 9.5% during
1998, with repayment through payroll deductions. A general loan will have a term
of 5 years or less and up to 15 years will be allowed for a home loan. The loans
mature over various dates starting on June 25, 1999 and ending on December 2,
2013. Participant loans are carried at the unpaid principal amount of the loans,
which are estimated to approximate fair value.
6
<PAGE> 10
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1998 and 1997
PAYMENT OF BENEFITS
Upon termination of service before the normal retirement age of 65, a
participant with benefits of over $5,000 may elect to defer distribution until
normal retirement age or receive a lump sum payment equal to the vested share of
the participant's account.
Upon termination of service at the normal retirement age, benefits are available
based on the vested share of the participant's accounts. Benefits can also be
accessed in the event of disability or death.
Additionally, the Plan allows participants to make early withdrawals for certain
financial hardships. The Plan allows in service withdrawals by participants
after they reach age 59 1/2. Participants electing after they reach age 59 1/2
to take in service withdrawals will be required to pay all applicable taxes on
the withdrawals but will not be subject to penalty taxes for early withdrawals.
FORFEITURES
Forfeitures are used to reduce Company contributions and/or to pay costs of
administering the Plan.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on the accrual method of
accounting. Administrative and other expenses are recorded as incurred. Benefits
are reported when paid.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Plan administrator to make estimates and
assumptions that affect certain reported amounts of assets, liabilities and
disclosures. Accordingly, actual results may differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
Plan investments are included in the accompanying financial statements at fair
value as determined by quoted market prices. Interest is recorded on the accrual
basis and is recorded in the investment value. Purchases and sales of securities
are recorded on a trade date basis. Dividends are recorded on the ex-dividend
date.
7
<PAGE> 11
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1998 and 1997
CONTRIBUTIONS
Contributions include all participant elective and employer-matching
contributions accrued through year-end.
AMOUNTS DUE TERMINATED PARTICIPANTS
Amounts due terminated participants, if any, are included in net assets
available for plan benefits.
NOTE 3: INVESTMENTS
The Plan presents in the statement of changes in net assets available for plan
benefits with fund information the net appreciation (depreciation) in the fair
value of its investments which consists of the realized gains or losses and the
unrealized appreciation (depreciation) on these investments. Putnam
holds the Plan's investments and executes the Plan's investment transactions.
Participants can elect to invest in any of the following investment funds
offered by Putnam's affiliated companies and the Company:
THE GEORGE PUTNAM FUND OF BOSTON: Seeks a balance of capital growth and current
income by investing in a well-diversified portfolio composed mostly of stocks
and corporate and U.S. government bonds.
THE PUTNAM FUND FOR GROWTH AND INCOME: Seeks capital growth and current income
by investing mainly in attractively priced stocks of mature companies that offer
long-term growth potential while also providing income.
PUTNAM NEW OPPORTUNITIES FUND: Seeks to provide long-term capital appreciation
by investing primarily in common stocks of companies within certain industry
groups that Putnam management believes offer above-average long-term growth
potential.
PUTNAM S & P 500 INDEX FUND: Seeks a return before the assessment of fees, that
closely approximates the return of the S&P 500 Index, which is an indicator of
U.S. stock market performance.
PUTNAM STABLE VALUE FUND: Seeks stability of principal by investing mainly in
investment contracts issued by insurance companies, banks, and similar financial
institutions. To provide liquidity, a portion of the fund's assets are invested
in high-quality money market instruments.
PUTNAM INTERNATIONAL GROWTH FUND: Seeks capital appreciation by investing in a
diversified portfolio of stocks of companies located mainly outside the United
States.
8
<PAGE> 12
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1998 and 1997
NOTE 3: INVESTMENTS (Continued)
INGRAM MICRO STOCK FUND: Seeks capital appreciation by investing in Ingram Micro
Inc. Class A Common Stock. Certain participants received shares of Ingram Micro
Inc. stock as part of the split out of plan assets from the Ingram Industries
Thrift Plan. Ingram Micro Inc. Class A Common Stock became an investment option
for all participants as of January 1, 1998. No rollovers or transfers from other
funds will be allowed and only 50% of employee contributions may be invested in
the fund.
NOTE 4: PLAN TERMINATION
Although the Company has not expressed an intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan. In the event of Plan termination, participants will become
100% vested in their accounts.
NOTE 5: TAX STATUS
The trust established under the Plan to hold the Plan's assets is designed to
qualify pursuant to Section 501(a) of the Internal Revenue Code, and,
accordingly, the trust's net investment income is exempt from income taxes. The
Plan has received a favorable determination letter of its tax-exempt status from
the Internal Revenue Service by a letter dated November 12, 1998.
9
<PAGE> 13
SUPPLEMENTAL INFORMATION
<PAGE> 14
SCHEDULE I
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
<TABLE>
<CAPTION>
Number of
Description Units Cost Current Value
----------- --------- ----------- -------------
<S> <C> <C> <C>
The George Putnam Fund of Boston 57,541 $ 1,053,296 $ 1,038,043
The Putnam Fund for Growth and Income 1,440,472 27,724,605 29,515,261
Putnam New Opportunities Fund 310,124 14,746,599 18,120,534
Putnam S&P 500 Index Fund 198,364 4,922,748 5,738,666
Putnam International Growth Fund 256,058 4,422,191 4,923,998
Ingram Micro Stock Fund 1,333,027 3,069,158 46,489,307
Putnam Stable Value Fund 9,823,930 9,823,930 9,823,930
Participant Loans * 0 2,965,502
------------ -------------
$ 65,762,527 $ 118,615,241
============ =============
</TABLE>
- ------------------
* A party-in-interest as defined by ERISA, interest rates ranging from 8.75%
- 9.5%, 286 loans outstanding, maturing between June 25,1999 and December 2,
2013.
11
<PAGE> 15
SCHEDULE II
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
Series of transactions involving securities of the same issue in excess of 5%
of the current value of plan assets as of January 1, 1998
1 OF 2
For the year ended December 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------ ---------------- ------------------ ------------------ ---------------- -----------------
Transactions Transactions
Aggregate Aggregate Transactions
Number of Purchase Sales Aggregate Net
Description of Assets Transactions Price Price Cost Gain (Loss)
- --------------------- ------------ ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
The George Putnam Fund of
Boston 163 $1,549,946
The George Putnam Fund of
Boston 222 $ 693,211 $ 701,787 $ (8,576)
The Putnam Fund for Growth
and Income 315 10,722,258
The Putnam Fund for Growth
and Income
744 4,874,940 4,567,908 306,032
Putnam New
Opportunities Fund 363 9,271,850
Putnam New
Opportunities Fund
666 2,655,221 2,421,739 230,482
Putnam S & P 500
Index Fund 316 5,429,587
Putnam S & P 500
Index Fund 356 1,495,554 1,424,787 70,767
Putnam International Growth
Fund 235 2,432,835
Putnam International Growth
Fund 983 683,679 646,487 37,192
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 16
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
Series of transactions involving securities of the same issue in excess of 5%
of the current value of plan assets as of January 1, 1998
2 OF 2
For the year Ended December 31, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Transactions Transactions
Aggregate Aggregate Transactions
Number of Purchase Sales Aggregate Net
Description of Assets Transactions Price Price Cost Gain (Loss)
- --------------------- ------------ ------------ ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Ingram Micro Stock 108 $1,062,411
Fund
Ingram Micro Stock 424 $11,683,409 $1,067,161 $10,616,248
Fund
Putnam Stable Value 464 9,285,895
Fund
Putnam Stable Value
Fund 636 5,893,070 5,893,070 --
- -----------------------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 17
PURSUANT TO THE REQUIREMENT OF THE SECURITIES EXCHANGE ACT OF 1934, THE
TRUSTEES HAVE DULY CAUSED THIS ANNUAL REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN
(Formerly "Ingram Micro Thrift Plan")
DATE: June 28, 1999 BY: /s/ Matthew Sauer
NAME: Matthew Sauer, Member of the Ingram
Micro Benefit Administrative Committee
14
<PAGE> 1
EXHIBIT 23.01
CONSENT OF INDEPENDENT ACCOUNTANTS
We have issued our report dated June 23, 1999, accompanying the statements and
schedules included in the Annual Report of Ingram Micro 401(k) Investment
Savings Plan on Form 11-K for the year ended December 31, 1998. We hereby
consent to the incorporation by reference of said report in the Registration
Statement of Ingram Micro Inc. on Form S-8 (File No. 333-43447, effective
December 30, 1997).
STEPHENS, REIDINGER & BELLER LLP
Irvine, California
June 28, 1999
