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Securities and Exchange Commission
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
| For the fiscal year ended December 31, 2000 | |||
| OR | |||
 |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
| For the transition period from ________________ to ________________ |
Commission File No. 0-5734
The Retirement Plan of Pioneer-Standard Electronics, Inc.
(Full Title of the Plan)
Pioneer-Standard Electronics, Inc.
6065 Parkland Boulevard
Mayfield Heights, Ohio 44124
(Name of issuer of the securities held pursuant to the Plan and
the address of its principal executive office)
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FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
The Retirement Plan of Pioneer-Standard Electronics, Inc.
December 31, 2000 and 1999 and for the Year Ended December 31, 2000
with Report of Independent Auditors
Table of Contents
The Retirement Plan of Pioneer-Standard Electronics, Inc.
Financial Statements and Supplemental Schedule
December 31, 2000 and 1999 and
for the Year Ended December 31, 2000
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| Report of Independent Auditors | 4 | |||||||
| Financial Statements | ||||||||
| Statements of Assets Available for Benefits | 6 | |||||||
| Statement of Changes in Assets Available for Benefits | 7 | |||||||
| Notes to Financial Statements | 8 | |||||||
| Supplemental Schedule | ||||||||
| Schedule H, Line 4(i)—Schedule of Assets Held for Investment Purposes at End of Year | 13 | |||||||
| Exhibit | ||||||||
| Exhibit 23 – Consent of Independent Auditors | 20 |
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Report of Independent Auditors
The Board of Trustees
The Retirement Plan of Pioneer-
Standard Electronics, Inc.
We have audited the accompanying statements of assets available for benefits of The Retirement Plan of Pioneer-Standard Electronics, Inc. as of December 31, 2000 and 1999, and the related statement of changes in assets available for benefits for the year ended December 31, 2000. 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.
Except as explained in the following paragraph, we conducted our audits in accordance with auditing standards generally accepted in the 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. 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 audits provide a reasonable basis for our opinion.
As permitted by 29 CFR 2520.103-8 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, investment assets held by American Express Trust Company, the trustee of the Plan, and transactions in those assets were excluded from the scope of our audit of the Plan’s 1999 financial statements, except for comparing the information provided by the trustee, which is summarized in Note D, with the related information included in the financial statements.
Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the Plan’s financial statements as of December 31, 1999. The form and content of the information included in the 1999 financial statements, other than that derived from the information certified by the trustee has been audited by us and, in our opinion, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets available for benefits of the Plan at December 31, 2000 and changes in its assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States.
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Our audit of the Plan’s financial statements as of and for the year ended December 31, 2000, was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of assets held for investment purposes at end of year as of December 31, 2000 is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the financial statements for the year ended December 31, 2000, and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
Cleveland, Ohio
May 7, 2001
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Statements of Assets Available for Benefits
| December 31 | |||||||||||||
| 2000 | 1999 | ||||||||||||
| Assets | |||||||||||||
| Investments | $ | 81,958,969 | $ | 82,331,351 | |||||||||
| Contributions receivable: | |||||||||||||
| Employer profit sharing | 2,300,000 | 1,720,000 | |||||||||||
| Employer 401(K) match | 89,786 | 6,123 | |||||||||||
| Participants | 320,356 | 21,836 | |||||||||||
| 2,710,142 | 1,747,959 | ||||||||||||
| Assets available for benefits | $ | 84,669,111 | $ | 84,079,310 | |||||||||
See accompanying Notes to Financial Statements.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Statement of Changes in Assets Available for Benefits
Year Ended December 31, 2000
| Additions | |||||
| Investment income (loss): | |||||
| Net depreciation in fair value of investments | $ | (5,412,041 | ) | ||
| Interest and dividend income | 2,624,114 | ||||
| (2,787,927 | ) | ||||
| Contributions: | |||||
| Employer | 4,413,145 | ||||
| Participants | 7,372,355 | ||||
| Rollovers | 891,185 | ||||
| 12,676,685 | |||||
| Total additions | 9,888,758 | ||||
| Deductions | |||||
| Benefits paid directly to participants | 9,295,588 | ||||
| Administrative expenses | 3,369 | ||||
| 9,298,957 | |||||
| Net increase | 589,801 | ||||
| Assets available for benefits at beginning of year | 84,079,310 | ||||
| Assets available for benefits at end of year | $ | 84,669,111 | |||
See accompanying Notes to Financial Statements.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Notes to Financial Statements
December 31, 2000 and 1999 and
Year Ended December 31, 2000
A. Description of Plan
The following description of The Retirement Plan of Pioneer-Standard Electronics, Inc. (the “Plan”) provides only general information. Participants should refer to the summary plan document for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan covering all employees of Pioneer-Standard Electronics, Inc. and certain of its subsidiaries (the “Company” and “Plan Administrator”) as defined in the summary plan document who have at least six months of service as of January 1, April 1, July 1 or October 1 of any year.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Contributions
Participants may elect to contribute up to 15 percent of their annual compensation. The Company will match 50 percent of the participants contributions on the first four percent of their compensation contributed. The Plan also provides for the Company to make additional annual contributions to the Plan in an amount of ten percent of its current profits in excess of the highest amount of profits before profit sharing costs and income taxes in any fiscal year since March 31, 1972. The Plan further provides, however, that the Company’s Board of Directors is authorized to establish the Company’s additional contribution at a different amount, if any. For the year ended December 31, 2000, and 1999, the profit sharing contribution was $2,300,000 and $1,720,000, respectively.
Participants may elect one or more of the Plan’s investment options available for the investment of their contributions and their allocation of the Company’s additional contributions.
Participant Accounts
Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution and an allocation of (a) the Company’s profit sharing contribution based on earnings, (b) Plan earnings, and (c) forfeitures of nonvested account balances. Allocations are based on participant earnings or account balances, as defined. At December 31, 2000, $472,130 of forfeitures were reallocated to participants. The participant’s account determines the benefit that will ultimately be received upon retirement or termination.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Notes to Financial Statements (continued)
A. Description of Plan (continued)
Vesting
Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the remainder of their accounts starts after the first year of service and is based on years of continuous service. A participant who has at least one hour of service after December 31, 1997 is 100 percent vested after five years of credited service. Participants who do not have an hour of service after December 31, 1997 are 100 percent vested after seven years of credited service.
A participant may withdraw, once every six consecutive months, any amount of the actual value of employee after-tax or rollover contributions. Withdrawal of funds representing the participants’ vested interest in matching, discretionary, and profit sharing contributions including earnings may only be made upon attainment of age 59-1/2 or upon determination that a serious financial hardship exists (e.g., medical expenses, tuition, purchase of a principal residence).
Participant Loans
Participants are also permitted to borrow up to 50 percent of their vested interest, as defined, not to exceed $50,000. Loan terms range from 1 to 5 years or longer for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and accrue interest at a rate commensurate with local prevailing rates. Principal and interest are paid ratably by the participants through biweekly or monthly payroll deductions.
Payment of Benefits
On termination of participation in the Plan, a participant may elect to receive either a lump-sum payment equal to the vested interest in their account, or an annuity. Distribution of the participant’s account must commence by April 1st following the attainment of age 70-1/2 if the participant’s ownership interest is five percent or more.
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 percent vested in their accounts.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Notes to Financial Statements (continued)
B. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements are prepared on the accrual basis of accounting.
Investment Valuation
The shares of registered investment companies are valued at quoted market prices that represent the net asset value of shares held by the Plan at year-end. The common trust funds are stated at fair value as determined by the trustee. Equity securities, including Pioneer-Standard Electronics, Inc. Common Shares, are valued at the quoted market price at year-end in an active market. Participant loans are valued at their outstanding balances, which approximate fair value.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
C. Transactions with Parties in Interest
Party-in-interest transactions include the investment in the funds of the trustee, Pioneer-Standard Electronics, Inc. Common Shares and related dividend income, and the payment of administrative expenses by the Plan, which are reimbursed by the Company. Such transactions are exempt from being prohibited transactions.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Notes to Financial Statements (continued)
D. Investments
All investment information relating to investments held at December 31, 1999, was obtained or derived from information supplied to the plan administrator and certified as complete and accurate by the American Express Trust Company.
Investments that represent 5% or more of fair value of the Plan’s net assets are as follows:
| December 31 | ||||||||||||
| 2000 | 1999 | |||||||||||
| American Express Trust Income Fund II | $ | 20,216,216 | $ | 21,294,904 | ||||||||
| American Express Trust Equity Index Fund II | 16,044,738 | 20,762,494 | ||||||||||
| AXP New Dimensions Fund | 14,821,494 | 15,541,628 | ||||||||||
| Neuberger Berman Genesis Trust | 7,367,456 | 5,786,996 | ||||||||||
During 2000, the Plan’s investments (including investments purchased, sold, as well as held during the year) depreciated in fair value as determined by quoted market prices as follows:
| Net | ||||||||||||
| Depreciation | ||||||||||||
| in Fair Value of | ||||||||||||
| Investments | ||||||||||||
| Pioneer-Standard Electronics, Inc. Common Shares | $ | (26,971 | ) | |||||||||
| Common trust funds | (3,709,411 | ) | ||||||||||
| Shares of registered investment companies | (1,675,659 | ) | ||||||||||
| $ | (5,412,041 | ) | ||||||||||
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
Notes to Financial Statements (continued)
E. Differences Between Financial Statements and Form 5500
The following is a reconciliation of assets available for benefits per the financial statements to the Form 5500:
| December 31 | ||||||||||||
| 2000 | 1999 | |||||||||||
| Assets available for benefits per the financial statements | $ | 84,669,111 | $ | 84,079,310 | ||||||||
| Less: Contribution receivable | (2,710,142 | ) | (1,747,959 | ) | ||||||||
| Assets available for benefits per the Form 5500 | $ | 81,958,969 | $ | 82,331,351 | ||||||||
The following is a reconciliation of contributions per the financial statements to the Form 5500 for the year ended December 31, 2000:
| Contributions per the financial statements | $ | 12,676,685 | |||
| Less: Contribution receivable at December 31, 2000 | (2,710,142 | ) | |||
| Add: Contribution receivable at December 31, 1999 | 1,747,959 | ||||
| Contributions per the Form 5500 | $ | 11,714,502 | |||
F. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated May 28, 1997, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt.
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The Retirement Plan of Pioneer-Standard Electronics, Inc.
EIN: 34-0907152 Plan: 001
Schedule H, Line 4(i)—Schedule of Assets Held for
Investment Purposes at End of Year
December 31, 2000
| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| Common Trust Funds: | ||||||||||||
| * | American Express Trust Income Fund II | 977,952 units | $ | 20,216,216 | ||||||||
| * |
American Express Trust Short-Term (25:75) Horizon Fund |
7,985 units | 142,412 | |||||||||
| * |
American Express Trust Long-Term (65:35) Horizon Fund |
38,245 units | 457,374 | |||||||||
| * |
American Express Trust Medium-Term (50:50) Horizon Fund |
180,123 units | 4,022,498 | |||||||||
| * |
American Express Trust Long-Term (95:5) Horizon Fund |
78,785 units | 1,049,183 | |||||||||
| * |
American Express Trust Long-Term (80:20) Horizon Fund |
63,156 units | 1,640,533 | |||||||||
| * | American Express Trust MidCap Growth Fund II | 251,375 units | 4,210,020 | |||||||||
| * | American Express Trust Equity Index Fund II | 443,041 units | 16,044,738 | |||||||||
| * | American Express Trust Money Market Fund II | 2,363 units | 2,363 | |||||||||
| PIMCO Total Return Fund | 39,760 shares | 413,109 | ||||||||||
| Dreyfus Founders Balanced Fund | 295,446 shares | 2,724,009 | ||||||||||
| AXP New Dimensions Fund | 510,031 shares | 14,821,494 | ||||||||||
| Neuberger Berman Genesis Trust | 275,419 shares | 7,367,456 | ||||||||||
| AXP International Fund | 309,550 shares | 2,740,332 | ||||||||||
| Self-Directed Brokerage Account: | ||||||||||||
| Dreyfus Growth and Value Fund | 128 shares | 1,428 | ||||||||||
| G Apex Silver Mines | 100 shares | 838 | ||||||||||
| Global Crossing Ltd. | 35 shares | 501 | ||||||||||
| Elamex SA | 1,660 shares | 2,178 | ||||||||||
| ADC Telecommunications | 1,518 shares | 27,514 | ||||||||||
| AOL Time Warner Inc. | 1,700 shares | 59,160 | ||||||||||
| AT & T Corp. | 2,384 shares | 41,124 | ||||||||||
| AVX Corp. | 100 shares | 1,638 | ||||||||||
| AASTROM Biosciences | 1,000 shares | 875 | ||||||||||
| Abbott Labs | 200 shares | 9,687 | ||||||||||
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| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| Accesstel Inc. | 56,230 shares | $ | 49,201 | |||||||||
| Advanced Micro Dev. | 46 shares | 635 | ||||||||||
| All American Semiconductor | 240 shares | 2,160 | ||||||||||
| Altera Corp. | 700 shares | 18,418 | ||||||||||
| Amkor Technology | 450 shares | 6,982 | ||||||||||
| Analog Devices | 1,387 shares | 70,996 | ||||||||||
| Andrx Group | 110 shares | 6,366 | ||||||||||
| Anheuser Busch | 202 shares | 9,203 | ||||||||||
| Apple Computer | 32 shares | 476 | ||||||||||
| Applied Micro Circuits Corp. | 200 shares | 15,009 | ||||||||||
| Applied Materials | 48 shares | 1,833 | ||||||||||
| Ariba Inc. | 100 shares | 5,363 | ||||||||||
| Arrow Elec. Inc. | 500 shares | 14,312 | ||||||||||
| Atmel Corp. | 2,336 shares | 27,156 | ||||||||||
| Avaya | 91 shares | 938 | ||||||||||
| Avnet Inc. | 1,000 shares | 21,500 | ||||||||||
| BSD Medical Corporation | 1,000 shares | 594 | ||||||||||
| Bank Amer Corp. | 100 shares | 4,588 | ||||||||||
| Bank One Corp. | 716 shares | 26,225 | ||||||||||
| BEA Systems | 50 shares | 3,366 | ||||||||||
| Bico Inc. | 6,300 shares | 309 | ||||||||||
| Bristol Myers Squibb | 31 shares | 2,292 | ||||||||||
| Broadcom Corp. | 184 shares | 15,456 | ||||||||||
| Broadwing Inc. | 150 shares | 3,422 | ||||||||||
| Buy.com Inc. | 175 shares | 115 | ||||||||||
| CMGI Inc. | 50 shares | 280 | ||||||||||
| Cabletron Systems | 1,000 shares | 15,062 | ||||||||||
| Chastain Capital Corp. | 3,000 shares | 1,320 | ||||||||||
| The Cheesecake Factory | 50 shares | 1,919 | ||||||||||
| Cisco Systems | 6,218 shares | 237,839 | ||||||||||
| Citigroup Inc. | 566 shares | 28,901 | ||||||||||
| Claires Stores Inc. | 100 shares | 1,794 | ||||||||||
| Clarent Corp. | 41 shares | 464 | ||||||||||
| Coca Cola Bottling Co. | 25 shares | 947 | ||||||||||
| Communication Intelligence Corp. | 250 shares | 258 | ||||||||||
| Compaq Computer | 289 shares | 4,349 | ||||||||||
| Computerized Thermal Imaging Inc. | 1,000 shares | 1,500 | ||||||||||
| Conexant Systems Inc. | 122 shares | 1,876 | ||||||||||
| Conseco Co. | 100 shares | 1,319 | ||||||||||
| Corel Corp. | 200 shares | 319 | ||||||||||
| Corning Inc. | 350 shares | 18,484 | ||||||||||
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| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| Corvis Corp. | 358 shares | $ | 8,525 | |||||||||
| Cosine Communications | 100 shares | 1,388 | ||||||||||
| Cybear Group | 16 shares | 6 | ||||||||||
| Cypress Semiconductor | 180 shares | 3,544 | ||||||||||
| Daimler-Benz ADR | 20 shares | 855 | ||||||||||
| Day Runner Inc. | 500 shares | 156 | ||||||||||
| Dell Computer Corp. | 300 shares | 5,231 | ||||||||||
| UIT Diamonds Tr Ser. 1 | 190 shares | 20,288 | ||||||||||
| Digital Lightwave Inc. | 500 shares | 15,844 | ||||||||||
| Walt Disney Co. | 310 shares | 8,982 | ||||||||||
| Drugstore.com Inc. | 22 shares | 20 | ||||||||||
| E Digital Corp. | 15,473 shares | 26,103 | ||||||||||
| EMC Corp. | 400 shares | 26,600 | ||||||||||
| E Trade Group Inc. | 241 shares | 1,777 | ||||||||||
| Echelon Corp. | 97 shares | 1,558 | ||||||||||
| Edulink Inc. | 10,000 shares | 230 | ||||||||||
| LM Ericsson Tel | 400 shares | 4,475 | ||||||||||
| Exodus Communications | 1,850 shares | 37,000 | ||||||||||
| Extreme Networks Inc. | 30 shares | 1,174 | ||||||||||
| FedEx Corp. | 125 shares | 4,995 | ||||||||||
| First Data Corp. | 100 shares | 5,269 | ||||||||||
| Ford Motor Company | 100 shares | 2,344 | ||||||||||
| Freerealtime.com Inc. | 400 shares | 188 | ||||||||||
| GS Telecom Ltd. | 100 shares | 11 | ||||||||||
| Gap Inc. | 10 shares | 255 | ||||||||||
| General Electric | 1,093 shares | 52,410 | ||||||||||
| Glenayre Technologies Inc. | 370 shares | 1,306 | ||||||||||
| Global Telesystems Inc. | 225 shares | 183 | ||||||||||
| Goodyear Tire & Rubber | 300 shares | 6,897 | ||||||||||
| Home Depot | 357 shares | 16,318 | ||||||||||
| Hydromaid International Inc. | 1,000 shares | 812 | ||||||||||
| Imaging Diagnostic Systems Inc. | 56,224 shares | 49,477 | ||||||||||
| Imanage Inc. | 600 shares | 2,737 | ||||||||||
| Intel Corp. | 19,593 shares | 588,993 | ||||||||||
| Interactive Media Network | 10,000 shares | 900 | ||||||||||
| Interdigital Communications Corp. | 100 shares | 541 | ||||||||||
| Interactive Systems Worldwide Inc. | 1,000 shares | 719 | ||||||||||
| Internet Library Inc. | 2,850 shares | 513 | ||||||||||
| Internet Capital Group | 1,400 shares | 4,593 | ||||||||||
| Intertrust Tech Corp. | 650 shares | 2,194 | ||||||||||
| Iomega Corp. | 200 shares | 670 | ||||||||||
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| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| I 2 Technologies | 1,192 shares | $ | 64,815 | |||||||||
| JDS Uniphase Corp. | 220 shares | 9,171 | ||||||||||
| Kemet Corp. | 100 shares | 1,513 | ||||||||||
| Knox Nursery Inc. | 1,100 shares | 206 | ||||||||||
| Kohls Corp. | 24 shares | 1,464 | ||||||||||
| Koninkl JKE Philips Electrs N V | 698 shares | 25,303 | ||||||||||
| LSI Logic Corp. | 212 shares | 3,623 | ||||||||||
| Launch Media Inc. | 100 shares | 156 | ||||||||||
| Level 3 Communications | 300 shares | 9,844 | ||||||||||
| Linear Technology Corp. | 60 shares | 2,775 | ||||||||||
| Lucent Technology | 1,645 shares | 22,212 | ||||||||||
| MGM Mirage | 101 shares | 2,849 | ||||||||||
| Mainspring Inc. | 100 shares | 313 | ||||||||||
| McAfee.com “A” | 86 shares | 430 | ||||||||||
| McDonalds Corp. | 126 shares | 4,280 | ||||||||||
| Medtronic Inc. | 1,522 shares | 91,863 | ||||||||||
| Merck & Co. | 125 shares | 11,703 | ||||||||||
| Micro Component Tech. | 32,100 shares | 92,288 | ||||||||||
| Microsoft Corp. | 1,675 shares | 72,653 | ||||||||||
| Microage Inc. | 100 shares | 22 | ||||||||||
| Microchip Tech Inc. | 770 shares | 16,891 | ||||||||||
| Migratec Inc. | 2,500 shares | 550 | ||||||||||
| Motorola Inc. | 800 shares | 16,200 | ||||||||||
| NASDAQ Gold Tr. IUIT | 600 shares | 35,025 | ||||||||||
| National Semiconductor | 400 shares | 8,050 | ||||||||||
| Network Appliance | 100 shares | 6,419 | ||||||||||
| Nippon Telegraph & Telephone ADR | 100 shares | 3,569 | ||||||||||
| Nokia Corp. ADR | 2,516 shares | 109,446 | ||||||||||
| Nortel Networks Corp. | 125 shares | 4,008 | ||||||||||
| Novamed Eyecare Inc. | 185 shares | 196 | ||||||||||
| Novartis AG | 100 shares | 4,475 | ||||||||||
| Old Kent Fnl. Corp. | 110 shares | 4,813 | ||||||||||
| Openwave Sys. Inc. | 50 shares | 2,397 | ||||||||||
| Oracle Systems | 4,406 shares | 128,047 | ||||||||||
| Owens Corning Common | 1,100 shares | 893 | ||||||||||
| PMC-Sierra Inc. | 169 shares | 13,288 | ||||||||||
| Palm Inc. | 50 shares | 1,416 | ||||||||||
| PepsiCo Inc. | 51 shares | 2,503 | ||||||||||
| Pfizer Inc. | 300 shares | 13,800 | ||||||||||
| Playboy Enterprises Inc. CL B | 100 shares | 994 | ||||||||||
| Power Technology Inc. | 450 shares | 196 | ||||||||||
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| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| Pumatech Inc. | 200 shares | $ | 831 | |||||||||
| Ologic Corp. | 155 shares | 11,935 | ||||||||||
| Qualcomm Inc. | 335 shares | 27,533 | ||||||||||
| Qwest Comm Intl. Inc. | 36 shares | 1,472 | ||||||||||
| RF Micro-Devices | 100 shares | 2,744 | ||||||||||
| Razorfish Inc. Ser. A | 100 shares | 163 | ||||||||||
| Red Hat Inc. | 185 shares | 1,156 | ||||||||||
| Safescience Inc. | 226 shares | 268 | ||||||||||
| Sagent Technology | 47 shares | 65 | ||||||||||
| Charles Schwab Corp. | 3,075 shares | 87,253 | ||||||||||
| Seaview Underwater Research Inc. | 9,000 shares | 24,750 | ||||||||||
| Sheldahl Co. | 1,000 shares | 2,000 | ||||||||||
| Siebel Systems | 250 shares | 16,906 | ||||||||||
| Sirius Satellite Radio Inc. | 100 shares | 2,994 | ||||||||||
| Solectron Corp. Com. | 186 shares | 6,305 | ||||||||||
| Starbucks | 100 shares | 4,425 | ||||||||||
| St Microelectronics | 300 shares | 12,844 | ||||||||||
| Stockeryale Inc. | 28 shares | 347 | ||||||||||
| Storage Networks Inc. | 30 shares | 744 | ||||||||||
| Sun Microsystems | 2,306 shares | 64,280 | ||||||||||
| Sungard Data Systems Inc. | 310 shares | 14,609 | ||||||||||
| Sunrise Tech Intl. | 100 shares | 178 | ||||||||||
| Syngenta AG ADR | 10 shares | 109 | ||||||||||
| Synquest Transforming | 500 shares | 3,688 | ||||||||||
| Telcom Semiconductor | 100 shares | 1,138 | ||||||||||
| Teradyne Inc. | 400 shares | 14,900 | ||||||||||
| Texaco Inc. | 100 shares | 6,213 | ||||||||||
| Texas Instruments | 140 shares | 6,633 | ||||||||||
| TheGlobe.com Inc. | 200 shares | 56 | ||||||||||
| Tollgrade Communications | 100 shares | 3,650 | ||||||||||
| Topps Company Inc. | 100 shares | 919 | ||||||||||
| Tricord Systems Inc. | 707 shares | 5,877 | ||||||||||
| Tyco International Ltd. | 200 shares | 11,100 | ||||||||||
| U.S. Bancorp | 620 shares | 18,093 | ||||||||||
| United Parcel Service | 138 shares | 8,108 | ||||||||||
| VIP Comlink | 2,650 shares | 111 | ||||||||||
| Verizon Communications | 284 shares | 14,236 | ||||||||||
| Veritas Software | 42 shares | 3,675 | ||||||||||
| Versant Corp. | 1,170 shares | 2,633 | ||||||||||
| Verticalnet Inc. | 500 shares | 3,328 | ||||||||||
| Video Network Communications Inc | 50 shares | 75 | ||||||||||
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| Description of | Current | |||||||||||
| Identity of Issuer | Investment | Value | ||||||||||
| Virtualsellers.com Inc. | 500 shares | $ | 265 | |||||||||
| Visx Inc. | 20 shares | 209 | ||||||||||
| Vitria Technology Inc. | 100 shares | 775 | ||||||||||
| Wal-Mart Stores | 54 shares | 2,869 | ||||||||||
| Webvan Group Inc. | 400 shares | 188 | ||||||||||
| William COS | 100 shares | 3,994 | ||||||||||
| WIT Soundview Group Inc. | 105 shares | 377 | ||||||||||
| Workflow Mgmt Inc. | 50 shares | 344 | ||||||||||
| Worldcom. Inc. | 850 shares | 11,953 | ||||||||||
| XM Satellite Radio | 100 shares | 1,606 | ||||||||||
| XILINX Inc. | 173 shares | 7,980 | ||||||||||
| Xircom Inc. | 1,000 shares | 15,500 | ||||||||||
| Xetel Corporation | 1,000 shares | 3,562 | ||||||||||
| Xerox Corp. | 3,458 shares | 15,991 | ||||||||||
| Yahoo Inc. | 362 shares | 10,882 | ||||||||||
| Pacific Century | 1,000 shares | 600 | ||||||||||
| Firsthand FDS | 230 shares | 17,119 | ||||||||||
| Invesco Telecommunications FD Inv GL | 115 shares | 4,188 | ||||||||||
| Invesco BD FDS Inc. | 503 shares | 3,657 | ||||||||||
| Janus Investment Fund | 24 shares | 837 | ||||||||||
| Janus Twenty Fund | 311 shares | 17,069 | ||||||||||
| Janus Global Technology Fund | 294 shares | 5,951 | ||||||||||
| Janus Investment Olympus FD | 1,201 shares | 49,425 | ||||||||||
| Janus Invt Funds | 255 shares | 13,563 | ||||||||||
| Janus Mercury Fund | 413 shares | 12,240 | ||||||||||
| PBHG Growth Fund | 41 units | 1,262 | ||||||||||
| Reserve Fund Inc CL A | 167,985 units | 167,985 | ||||||||||
| T Rowe Price Science & Tech Fund | 94 shares | 3,340 | ||||||||||
| Strong Equity FDS Inc. | 64 shares | 1,096 | ||||||||||
| Value Equity Tr. | 75 shares | 964 | ||||||||||
| Vanguard Equity Income Fund Inc. | 1,570 shares | 20,846 | ||||||||||
| * | Pioneer-Standard Stock Pool | 13,884 shares | 152,724 | |||||||||
| * | Participant Loans | Interest rates ranging from 8.75% to 10.5% due by or prior to 2015 | 2,704,298 | |||||||||
| Total | $ | 81,958,969 | ||||||||||
| * | Represents party-in-interest to the Plan. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
THE RETIREMENT PLAN OF PIONEER-STANDARD ELECTRONICS, INC.
| Date: | June 27, 2001 | /S/ Richard A. Sayers II | |||
| Richard A. Sayers II | |||||
| Senior Vice President, | |||||
| Corporate Services |
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