UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINTGON, D.C. 20549

FORM 11 – K

ý		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended.............................December 31, 2006.............................

OR

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from........................................to........................................

Commission file number................000-14824................[Plexus Corp.]

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

PLEXUS CORP. 401(k) SAVINGS PLAN

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

PLEXUS CORP.
55 JEWELERS PARK DRIVE
NEENAH, WI 54956

 

 

Plexus Corp.
401(k) Savings Plan

Financial Statements and Supplemental Schedule
December 31, 2006 and 2005

		Page(s)
Report of Independent Registered Public Accounting Firm			1
Financial Statements
Statements of Net Assets Available for Benefits			2
Statement of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4-7
Supplemental Schedule
Schedule H, Line 4i: Schedule of Assets (Held at End of Year)			8
Consent of Independent Auditors

Note:		Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

Plan Administrator
Plexus Corp. 401(k) Savings Plan
Neenah, Wisconsin

We have audited the accompanying statements of net assets available for benefits of Plexus Corp. 401(k) Savings Plan as of December 31, 2006 and 2005, and the related statement of changes in net assets available for benefits for the year ended December 31, 2006. 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 in accordance with 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. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Plexus Corp. 401(k) Savings Plan as of December 31, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 31, 2006, in conformity with accounting principles generally accepted in the United States.

Our audits were performed 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) as of December 31, 2006, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is 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 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.

Wipfli LLP

June 13, 2007
Green Bay, Wisconsin

Plexus Corp. 401(k) Savings Plan

Statements of Net Assets Available for Benefits
December 31, 2006 and 2005

		2006				2005
Assets
Investments (See Note 3)		$	126,806,047			$	106,264,174
Participant loans			2,803,755				2,368,313
			129,609,802				108,632,487
Receivables
Employer’s contribution			82,883				76,180
Participants’ contributions			277,383				249,857
Total receivables			360,266				326,037
Total Assets			129,970,068				108,958,524
Liabilities
Excess contributions payable to participants			66,143				82,094
Net assets available for benefits		$	129,903,925			$	108,876,430

The accompanying notes are an integral part of these financial statements.

Plexus Corp. 401(k) Savings Plan

Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2006

Additions
Additions to net assets attributed to
Investment income
Net appreciation in fair value of investments		$	13,237,985
Interest and dividends			4,009,525
Total investment income			17,247,510
Contributions
Employer’s			2,456,906
Participants’			9,395,605
Total contributions			11,852,511
Total additions			29,100,021
Deductions
Deductions from net assets attributed to
Benefits paid to participants			8,042,587
Administrative expenses			29,939
Total deductions			8,072,526
Net increase			21,027,495
Net assets available for benefits
Beginning of year			108,876,430
End of year		$	129,903,925

The accompanying notes are an integral part of these financial statements.

Plexus Corp. 401(k) Savings Plan

Notes to Financial Statements
December 31, 2006 and 2005

1.		Description of Plan
		The following description of the Plexus Corp. 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.
		General The Plan is a contributory defined contribution plan covering substantially all U.S. employees of Plexus Corp. (the “Company” or the “Employer”) and affiliated employers, as defined. Effective April 1, 2004, the Adoption Agreement was amended to allow employees to participate the first day of the month coinciding with or following their date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
		Contributions Employee pre-tax contributions are based on voluntary elections via phone or Internet by the participants, directing the Company to defer a stated amount from the participant’s compensation. Effective January 1, 2005, participants may elect to defer up to 50% of their annual compensation. On a per pay period basis, the Company will make a matching contribution on behalf of a participant equal to 100% of the first 2.5% of the participant’s compensation contributed to the Plan. Participants are eligible for the matching contribution the first day of the plan year quarter coinciding with or following the date in which Plan eligibility requirements are met. Contributions are limited by Section 401(k) of the Internal Revenue Code (the “IRC”).
		Investment Alternatives Plan participants may direct their entire account balances in 1% increments to any of the various investment options offered by the Plan. Company contributions are also invested based upon participant allocation elections. Participants may change their investment options on a daily basis.
		Participant Accounts and Allocations Participant recordkeeping is performed by MFS Retirement Services, Inc. (“MFS”). For all investment programs which are mutual funds, MFS maintains participant balances on a share method. Participant investments in the Plexus Unitized Stock Fund and MFS Fixed Fund are accounted for on a unit value method. Units and unit values for these funds as of December 31, 2006 and 2005, were as follows:

		Units								Unit Value
		December 31,								December 31,
		2006				2005				2006				2005
Plexus Unitized Stock Fund			2,427,342				3,046,470			$	9.12			$	8.66
MFS Fixed Fund			8,164,187				5,898,086				1.00				1.00

Plexus Corp. 401(k) Savings Plan

Notes to Financial Statements
December 31, 2006 and 2005

		Each participant’s account is credited with the participant’s contributions and allocations of Company contributions and plan earnings (losses). Allocations of plan earnings (losses) are based on participant account balances in relation to total fund account balances, as defined by the plan document.
		Vesting and Distributions Participants immediately vest in all contributions made to the Plan. Participant accounts are distributable in the form of a lump sum payment or substantially equal installments of cash or in whole shares of Company securities as elected by the participant upon retirement, termination of employment, death, disability, financial hardship, or attainment of age 59-1/2. Prior to March 28, 2005, participant account balances less than $5,000 could be automatically distributed in a lump sum. Effective March 28, 2005, participant account balances less than $1,000 may be automatically distributed in a lump sum. In addition, participant accounts can be rolled over into an individual retirement account (“IRA”) or another qualified defined contribution plan. Participant distributions may not be deferred past April 1 of the calendar year following the year in which the participant attains age 70-1/2. Forfeitures of unclaimed distributions are used to reduce Company matching contributions.
		Participant Loans Participants may borrow from their accounts a minimum of $1,000 up to a maximum amount equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range up to five years. Loan terms can be extended for the purchase of a primary residence. Loans are collateralized by the balance in the participant’s account and bear interest at the prime rate plus 1% at the time of loan origination. Principal and interest is paid ratably through regular payroll deductions.
2.		Summary of Significant Accounting Policies
		Accounting Method The financial statements of the Plan are prepared under the accrual method of accounting.
		Use of Estimates The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
		Investment Valuation and Income Recognition The Plan’s investments are stated at fair value. The share value of mutual funds and the value of Plexus Corp. common stock are based on quoted market prices on the last business day of the plan year. The unit value of unitized funds and common trust funds is computed daily based on share price, dividend information, and the value of the fund’s short-term investments. Participant loans are stated at cost, which approximates fair value.
		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 or losses and the unrealized appreciation (depreciation) on those investments. Purchases and sales of investments are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest is recognized when earned.

Plexus Corp. 401(k) Savings Plan

Notes to Financial Statements
December 31, 2006 and 2005

		Risks and Uncertainties The Plan provides for various investment options in a combination of different investment securities. The Plan’s investments are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the values of investments, 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 and the statement of changes in net assets available for benefits.
		Payment of Benefits Benefits are recorded when paid.
		Administrative Expenses Certain expenses incurred in the administration of the Plan are paid by the Company and are not reflected within these financial statements.
3.		Investments
		The following presents investments that represent 5% or more of the Plan’s net assets:

		2006				2005
Plexus Corp. Common Stock, 2,427,342 and 3,046,470 units, respectively		$	22,137,604			$	26,372,069
MFS Capital Opportunities Fund, 605,313 and 635,354 shares, respectively			9,364,198				8,589,985
Munder Index 500 Fund, 426,433 and 415,380 shares, respectively			12,575,500				10,783,252
MFS Value Fund, 334,923 and 310,249 shares, respectively			8,965,889				7,182,270
American Capital World Growth and Income Fund, 169,064 and 0 shares, respectively			7,088,845				—
MFS Fixed Fund, 8,164,187 and 5,898,086 units, respectively			8,164,187				5,898,086
American Europacific Growth Fund, 294,076 and 236,184 shares, respectively			13,692,166				9,707,181
Columbia Acorn Fund, 401,067 and 309,481 shares, respectively			11,638,977				8,532,381
Thornburg Core Growth Fund, 549,377 and 480,885 shares, respectively			9,817,372				7,275,797

Plexus Corp. 401(k) Savings Plan

Notes to Financial Statements
December 31, 2006 and 2005

During 2006, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $13,237,985, as follows:

Mutual funds		$	8,757,921
Common stock			4,480,064
		$	13,237,985

4.		Amounts Allocated to Withdrawn Participants
		Approximately $27,806,000 and $25,041,000 of plan assets have been allocated to the accounts of persons who are no longer active participants of the Plan as of December 31, 2006 and 2005, respectively, but who have not yet received distributions as of that date.
5.		Tax Status
		The Internal Revenue Service has determined and informed the Company by a letter dated November 8, 2004, that the Plan is designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan’s administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
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.
7.		Related-Party Transactions
		Certain plan investments represent shares of funds managed by MFS Heritage Trust Company (the trustee of the Plan), employer securities, and participant loans. Transactions involving these investments are considered party-in-interest transactions. These transactions are not, however, considered prohibited transactions under 29 CFR 408(b) of the ERISA regulations.

Plexus Corp. 401(k) Savings Plan

EIN: 39-1344447, PN: 001

Schedule of Assets (Held at End of Year)

December 31, 2006		Schedule H, line 4i

		Identity of Issuer,
		Borrower, Lessor		Description
		or Similar Party		of Investment		Current Value **
*		Plexus Corp. Common Stock		Common Stock		$	22,137,604
*		MFS Money Market Fund		Mutual Fund			1,822
*		MFS Capital Opportunities Fund		Mutual Fund			9,364,198
		Allianz RCM Technology Fund		Mutual Fund			2,173,017
*		MFS Value Fund		Mutual Fund			8,965,889
		Thornburg Core Growth Fund		Mutual Fund			9,817,372
*		MFS Fixed Fund		Common Trust Fund			8,164,187
		American EuroPacific Growth Fund		Mutual Fund			13,692,166
		Columbia Acorn Fund		Mutual Fund			11,638,977
		Munder Index 500 Fund		Mutual Fund			12,575,500
*		MFS Growth Allocation Fund		Mutual Fund			802,217
		American Balanced Fund		Mutual Fund			4,714,993
		Calvert Income Fund		Mutual Fund			3,819,229
*		MFS Conservative Allocation Fund		Mutual Fund			2,808,599
*		MFS Moderate Allocation Fund		Mutual Fund			3,447,705
*		MFS Aggressive Growth Allocation Fund		Mutual Fund			5,593,727
		Capital World Growth and Income Fund		Mutual Fund			7,088,845
						$	126,806,047
*		Participant Loans		Interest rates ranging from 5.0% to 9.25%; maturity dates ranging from 2007 to 2012		$	2,803,755

SIGNATURES

The Plan. 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.