UNITED STATES
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 [NO FEE REQUIRED] for the fiscal year ended December 29, 2003 or
_ 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 1-14989
A. Full title of the plan and address of the plan, if different from that
of the issuer named below:
WESCO DISTRIBUTION, INC. RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive offices:
WESCO INTERNATIONAL, Inc.
225 West Station Square Drive
Suite 700
Pittsburgh, Pennsylvania 15219-1122
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
INDEX
DECEMBER 29, 2003 AND 2002
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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..............................................4-9
SUPPLEMENTAL SCHEDULE
Schedule H, line 4(i) - Schedule of Assets (Held at End of Year).........10-13
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investment and Administrative Committees of
WESCO Distribution, Inc. Retirement Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the WESCO Distribution, Inc. Retirement Savings Plan (the "Plan") at December
29, 2003 and 2002, and the changes in net assets available for benefits for the
year ended December 29, 2003 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 Assets (Held
at End of Year) 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. 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.
May 14, 2004
1
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 29, 2003 AND 2002
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2003 2002
Investments (Notes 2 and 6) $228,849,727 $191,073,232
Receivables
Employee contributions 58,562 347,809
Employer matching contributions 24,353 144,346
Employer profit sharing discretionary contribution 3,770,102 --
Accrued interest 14,058 22,592
------------ ------------
Net assets available for benefits $232,716,802 $191,587,979
============ ============
The accompanying notes are an integral part of these financial statements.
2
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 29, 2003
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ADDITIONS
Employee contributions $ 11,908,265
Employee rollovers 448,899
Employer contributions 7,456,668
Net appreciation from registered investment companies 23,766,318
Net appreciation from common/collective trust funds 8,816,423
Net appreciation from stock funds and self-directed accounts 2,961,459
------------
55,358,032
Interest and dividend income 640,741
------------
Total additions 55,998,773
------------
DEDUCTIONS
Distributions to withdrawing participants 14,869,950
------------
Total deductions 14,869,950
------------
Net increase 41,128,823
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 191,587,979
------------
End of year $232,716,802
============
The accompanying notes are an integral part of these financial statements.
3
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
------------------------------------------------------------------------------
1. MAJOR FEATURES OF THE PLAN
WESCO Distribution, Inc. Retirement Savings Plan (the "Plan") was
established as of February 28, 1994 (date of inception). At the date of
inception, certain employees of the predecessor company became employees
of WESCO Distribution, Inc. (the "Company") and participants in the Plan.
At the date of inception, all funds held by the prior plans related to the
transferred employees were transferred to the Plan.
The Plan covers the current employees of the Company and those former
employees with a fund balance of at least $5,000 who elected to maintain
their funds in the Plan. Former employees cannot make contributions to the
Plan.
The Plan is subject to the Employee Retirement Income Security Act of 1974
("ERISA"). Under the Plan, participants may elect to make contributions on
a tax deferred basis in the form of a payroll deduction ("Tax Deferred
Contributions") ranging from 1% up to the lesser of 15% of their
compensation or $12,000. In addition, participants may elect to make
contributions on an after-tax basis in the form of a payroll deduction
("After-Tax Contributions") ranging from 1% up to the lesser of 15% of
their compensation or $12,000. Effective January 1, 2003, the range of
compensation that participants may elect to contribute to the Plan in the
form of a payroll deduction for Tax Deferred Contributions and After-Tax
Contributions changed to 1% up to the lesser of 50% of their compensation
or $12,000. The $12,000 may be adjusted in future years by the Internal
Revenue Service ("IRS"). The sum of the Tax Deferred Contributions and the
After-Tax Contributions cannot exceed 15% of the participant's
compensation. Effective January 1, 2003, this percentage changed to 50%.
Subject to limitation, the Company will make contributions ("Regular
Company Contributions") in an amount equal to 50% of a participant's total
monthly contributions up to a maximum of 6%. In addition, the Company may,
at the Board of Directors' discretion, make a discretionary profit sharing
contribution ("Company Profit Sharing Contribution") to the Plan provided
certain predetermined profit levels are attained. The Company made a
profit sharing contribution of $3,770,102 for the year ended December 29,
2003.
Participants are fully vested in the value of their contributions and
related investment income at all times and vest in their allocated share
of employer contributions according to the following schedule until
December 31, 2003:
Less than three years of service 0%
Three years of service 33%
Four years of service 66%
Five or more years of service 100%
4
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
------------------------------------------------------------------------------
Effective January 1, 2003, the vesting provisions of the plan changed.
Participants now vest in their allocated share of employer contributions
according to the following schedule:
Less than two years of service 0%
Two years of service 20%
Three years of service 40%
Four years of service 66%
Five or more years of service 100%
In conjunction with a leveraged recapitalization of the Company all active
employees as of June 5, 1998 became fully vested.
Employer contributions forfeited by participants not vested at their
termination date are used to reinstate previously forfeited account
balances of former participants who have returned to employment with the
Company, or to reduce employer contributions in accordance with the plan
document. Total forfeitures that reduced employer contributions in 2003
were approximately $5,000.
5
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
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Sixteen options were available for investment of contributions to the Plan
as of December 29, 2003. A brief description of the investment options is
as follows:
FUND DESCRIPTION
American Balanced Fund Broadly diversified fund that invests in
securities and bonds for the preservation of
capital, current income and long-term growth of
capital and income
American Century Long-term capital growth fund that invests in
Value Fund securities that its management believes are
undervalued at the time
American Express Trust Diversified corporate stock fund that seeks to
Equity Index Fund I achieve a return as close as possible to the
Standard and Poor's 500 Stock Index
American Express Trust Fixed income fund that invests exclusively in
Income Fund II American Express Trust Income Fund I, which
invests in a diversified pool of insurance and
bank investment contracts and book value
investment contracts of varying maturity size and
yield to preserve principal and income
American Express Trust Invests in a portfolio consisting of equity
Midcap Growth Fund securities, primarily comprised of mid-to-large
capitalized companies, convertible securities,
money market instruments, and stock index future
contracts
AXP New Dimension Fund Common stock fund that seeks companies showing
potential for significant growth for long-term
growth of capital
Columbia Contrarian This bond fund normally invests at least 65%
Income Fund of its assets in U.S. Government debt securities,
investment grade bonds, and cash and cash
equivalents
Columbia Acorn Fund The fund invests primarily in common stocks of
small to medium sized companies with
capitalizations of less than $2 billion.
MFS Value Fund Diversified fund that invests in income-producing
equities, fixed-income securities, and foreign
securities
Promix Max Term This fund is an aggressive mix of stocks, bonds,
Investment Trust Fund and cash that invests primarily in stocks, but
may invest, to a limited extent, in fixed income
securities
Promix Extended Term This fund is a growth-oriented mix of stocks,
Investment Trust Fund bonds, and cash that invests primarily in
long-term assets. Stocks will be the predominant
assets held by the fund as long as the stock
market valuations are favorable vs. long-term
bonds
Promix Moderate Term This fund is a moderately conservative mix of
Investment Trust Fund stocks, bonds, and cash that invests primarily in
fixed income securities
Promix Conservative This fund is a conservative mix of stocks, bonds,
Term Investment and cash invested primarily to generate a more
Trust Fund stable rate of growth than the stock market
Self-Directed Account that provides participants access to
Brokerage Account a wide range of common stocks and mutual funds
beyond those available through the Plan
Templeton Foreign Fund Aggressive long-term capital growth fund that
invests in common stocks of companies outside the
United States
WESCO International Fund that invests in the stock of WESCO
Stock Fund International, Inc.
6
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
------------------------------------------------------------------------------
In addition, participant account balances transferred from the prior plans
may remain invested in the Viacom (formerly "CBS Corporation") Pooled
Stock Fund, although no future contributions may be invested in the Viacom
Pooled Stock Fund. Investment income earned by the Viacom Pooled Stock
Fund is invested in the American Express Trust Income Fund II in
accordance with the plan document. As a result of the initial public
offering of WESCO International, Inc., participants were also given the
option to invest in the WESCO International Stock Fund effective July 1,
1999.
An account is maintained for each participant, which is credited with the
participant's contributions and an allocation of Company contributions and
plan earnings. Allocations are based on participant contributions or
account balances, as defined by the Plan. The benefit to which a
participant is entitled is the benefit that can be provided from that
participant's account.
The Investment Committee and the Administrative Committee of the Company's
Board of Directors administer the Plan. Reference should be made to the
Prospectus, "What Does Your Future Hold?", for additional information on
the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ACCOUNTING PRINCIPLES
The financial statements of the Plan have been prepared in accordance with
accounting principles generally accepted in the United States of America.
The following are the significant accounting policies followed by the
Plan:
BASIS OF ACCOUNTING
The accounting records of the Plan are maintained on the accrual basis of
accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are carried at fair value in the accompanying financial
statements. Investments in registered investment companies,
common/collective trust funds and common stocks are valued by the trustee
based on market values of all assets in the funds' securities portfolio
and the number of units in the funds owned by the Plan. Investments in the
Viacom Pooled Stock Fund and WESCO International Stock Fund are valued at
quoted market prices. Participant loans are valued at cost which
approximates fair value.
Purchases and sales of securities are recorded on a settlement date basis.
Dividends are recorded on the ex-dividend date.
NET APPRECIATION (DEPRECIATION) IN VALUE OF INVESTMENTS
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 (losses) and the
unrealized appreciation (depreciation) in common/collective trusts,
registered investment companies, Viacom and WESCO International stock and
other common stocks.
7
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
------------------------------------------------------------------------------
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make significant estimates and assumptions. These may affect
the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements
and the reported amounts of additions and deductions during the reporting
period. Actual results could differ from those estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
stocks, bonds, fixed income securities and other investment securities.
Investment securities are exposed to various risks, such as interest rate,
market and credit. Due to the level of risk associated with certain
investment securities and the level of uncertainty related to changes in
the value of investment securities, it is at least reasonably possible
that changes in the near-term could 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.
OTHER
Administrative expenses, excluding participant loan setup fees,
distribution fees and hardship withdrawal fees, are paid by the Company
and, therefore, are not expenses of the Plan.
Benefits are recorded when paid.
3. TAX STATUS
By a favorable determination letter dated October 15, 2003, the IRS has
ruled that the Plan qualifies under Section 401(a) of the Internal Revenue
Code ("IRC") and, therefore, is exempt from federal income taxes under
provisions of Section 501(a). Accordingly, no provision for income taxes
has been included in the Plan's financial statements.
4. EMPLOYEE LOANS
Participants are permitted to borrow against a portion of their vested
account balance within the prescribed limitations and pursuant to
nondiscriminatory rules established by the Administrative Committee. Each
loan is to be repaid over a period not to exceed five years.
The interest rate applied to employee loans is established each month by
the Administrative Committee at 1% above the PNC Bank prime interest rate.
The interest rate on new loans ranged between 5.0% and 5.25% for the
period December 29, 2002 to December 29, 2003. Principal and interest
payments are generally made through monthly payroll deductions and are
credited to the participant's individual account. Loans of approximately
$3,087,000 were made from the Plan and loan principal repayments of
approximately $3,131,000 were received by the Plan for the year ended
December 29, 2003. Interest of approximately $373,000 was received by the
Plan for the year ended December 29, 2003 related to employee loans.
8
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 29, 2003 AND 2002
------------------------------------------------------------------------------
5. PLAN TERMINATION
Although the Company has not expressed any intent to do so, it 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 the
Plan terminates, participants will become 100% vested in their accounts,
and all vested assets shall be distributed to such participants in
accordance with the terms of the Plan, or in such other manner, not
inconsistent with the requirements of any applicable law or regulation, as
the Company may in its sole discretion determine.
6. INVESTMENTS
Investments representing 5% or more of the net assets available for
benefits as of December 29, 2003 and 2002 were as follows:
2003 2002
American Express Trust Income Fund II $60,672,391 $60,815,296
American Express Trust Equity Index Fund I 28,313,897 21,667,895
American Balanced Fund 26,979,066 21,022,392
AXP New Dimension Fund 43,881,568 35,539,734
PIMCO Opportunity Fund * 10,596,247
Columbia Acorn Fund 17,192,475 *
* These funds did not represent 5% or more of the net assets available for
benefits as of the respective Plan year end.
7. RELATED PARTY TRANSACTIONS
Certain investments of the Plan are mutual funds managed by American
Express. The trustee of the Plan is American Express Trust Company.
Participants of the Plan may also elect to invest in the WESCO Pooled
Stock Fund. WESCO, Inc. is the plan sponsor. Therefore, these transactions
qualify as party-in-interest transactions.
9
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN 25-1723345, PLAN NUMBER 001
DECEMBER 29, 2003 SCHEDULE H, LINE 4i
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FAIR
(a) ISSUER(b) DESCRIPTION(c) COST(d) VLUE(e)
* American Express Trust Company AET Midcap Growth II $ 764,769
* American Express Trust Company AET Income II 60,672,391
* American Express Trust Company AET Equity Index I 28,313,897
* American Express Financial AXP New Dimensions Fund 43,881,568
American Funds American Balanced Fund (Class A) 26,979,066
American Century Investments American Century Value Fund 11,289,426
Columbia Mutual Funds Columbia Acorn Fund (Class A) 17,192,475
Columbia Mutual Funds Columbia Contrarian Income Fund 7,582,425
MFS Family of Funds MFS Value Fund (Class A) 2,198,364
Participant Promissory Notes 5.0%-10.5% due at various dates 5,584,313
Promix Funds Promix Max Term Investment Trust 697,679
Promix Funds Promix Extended Term Investment Trust 782,504
Promix Funds Promix Moderate Term Investment Trust 255,735
Promix Funds Promix Conservative Term Inv. Trust 174,157
Templeton Funds Templeton Foreign Fund (A) 7,693,207
* WESCO International, Inc. WESCO International Pooled Stock Fund 5,330,681
Advanced Micro Dev. Common Stock 10,986
AES Corp. Common Stock 604
Altria Group Inc. Common Stock 2,720
Amazon Com. Inc. Common Stock 1,123
American Ammunition Inc. Common Stock 25
American Century Investments American Century Cap Portfolio Fund 11,551
American Century Investments American Century Equity Income Fund 11,666
* American Express Financial AXP Threadneedle European Equity 8,407
* American Express Trust Company AET Money Market I 170,726
* American Express Trust Company AET Money Market II 80,074
Anheuser Busch Common Stock 3,930
Applied Materials Common Stock 4,544
Aquila Inc. Common Stock 17,700
Artemis International Sol Common Stock 46
Artisan International Investor Shrs. Common Stock 3,507
AT&T Wireless Services Common Stock 783
Avolonbay Communities Inc. Common Stock 9,690
Baron Funds Baron Asset Small Cap Fund 6,796
Baron Funds Baron Growth Fund 9,889
Berkshire Hathaway Inc. Common Stock 2,800
Berwyn Group Berwyn Income Fund 30,018
Big Dog Holdings Inc. Common Stock 373
Biogen Idec Inc. Common Stock 2,624
Boeing Co. Common Stock 4,200
Brandywine Funds Brandywine Income Fund 32,038
Brazos Mutual Funds Brazos Micro Cap Growth Portfolio 5,362
Budget Group Inc. Common Stock 1,708
Calpine Corp. Common Stock 244
Charles Schwab Corp. Common Stock 4,616
10
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN 25-1723345, PLAN NUMBER 001
DECEMBER 29, 2003 SCHEDULE H, LINE 4i
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FAIR
(a) ISSUER(b) DESCRIPTION(c) COST(d) VLUE(e)
Chevron Texaco Corp. Common Stock 4,275
Chicago Mercantile Ex Holdings Common Stock 5,430
Chiral Quest Inc. Common Stock 88
Cisco Systems Common Stock 7,808
Coach Inc. Common Stock 2,799
Coinstar, Inc. Common Stock 9,380
Comdisco Hldg Co. Inc. Common Stock 1,160
Concord EFS Inc. Common Stock 8,808
Corning Inc. Common Stock 978
CTS Corp. Common Stock 1,190
DCH Technology Common Stock 30
Dodge & Cox Funds Dodge & Cox Balanced Fund 7,301
Dodge & Cox Funds Dodge & Cox Stock Fund 11,025
Dualstar Technologies Common Stock 38
Eagle Broadband Inc. Common Stock 34,060
Earthshell Corp. Common Stock 178
Eclipse Funds Eclipse Balanced Fund 7,251
EMC Corp. Common Stock 1,287
Encana Corp. Common Stock 11,826
Equifax Inc. Common Stock 4,249
Ericsson Telephone Co Common Stock 179
Excelsior Funds Excelsior Fds Inc. 8,862
Federal Mogul Corp. Common Stock 1,572
Fidelity National Financial Common Stock 1,932
First Data Corp. Common Stock 5,098
Ford Motor Company Common Stock 1,616
Free Markets Inc. Common Stock 4,445
Fremont Investment Advisors Fremont Bond Fund 8,229
Fremont Investment Advisors Fremont U.S. Micro-Cap Fund 13,082
Gabelli Funds Gabelli Asset Fund 5,671
Gabelli Funds Gabelli Gold Fund 14,603
General Dynamics Common Stock 3,610
General Electric Common Stock 1,850
General Motors Common Stock 1,880
Genesco Inc. Common Stock 6,232
Genetronics Biomedical Ltd. Common Stock 7,260
Global Crossing Ltd. Common Stock 28
Goodyear Tire & Rubber Common Stock 788
Halliburton Co. Common Stock 4,449
Harbor Funds Harbor Bond Fund 5,606
Harbor Funds Harbor International Fund 14,313
Harris Associates Harris Assoc Investment Trust 10,697
Heartland Funds Heartland Value Fund 10,567
Home Depot Common Stock 5,337
Icon Funds Icon Information Technology Fund 10,232
Intel Corp. Common Stock 11,253
11
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN 25-1723345, PLAN NUMBER 001
DECEMBER 29, 2003 SCHEDULE H, LINE 4i
------------------------------------------------------------------------------
FAIR
(a) ISSUER(b) DESCRIPTION(c) COST(d) VLUE(e)
Internap Network Systems Common Stock 2,471
International Game Technology Common Stock 4,683
Ishares TR Common Stock 11,215
Janus Funds Janus Growth and Income Fund 12,931
Janus Funds Janus Mid Cap Value Fund 9,588
JDS Uniphase Corp. Common Stock 6,820
Kaire Holdings Inc. Common Stock 20
Keryx Biopharmaceuticals Common Stock 13,050
Leap Wireless International Inc. Common Stock 6
Leuthhold Funds Leuthhold Core Investment Fund 7,478
Liberty Property Trust Common Stock 7,670
LTV Corp. Common Stock 2
Lucent Technologies Common Stock 1,144
Merck & Co. Common Stock 4,569
Meridian Funds Meridian Value Funds 6,164
Microsoft Corp. Common Stock 4,531
Microtone Inc. Common Stock 116
Mirant Corp. Common Stock 1,900
NASDAQ NASDAQ Gold Tr I Uit 26,419
National Health Investors, Inc. Common Stock 9,992
Neuberger Berman Neuberger Berman Genesis Trust 6,479
Nisource Inc. Common Stock 247
Nokia Corp. Common Stock 4,258
Nortel Networks Corp. New Common Stock 8,666
Northern Trust Corp. Common Stock 4,558
Novatel Wireless Common Stock 729
Nvidia Corp. Common Stock 948
Oak Associates Oak Associates White Oak Growth Stock Portfolio 17,441
Oakmark Funds Oakmark Equity and Income Fund 27,719
Oracle Systems Common Stock 3,954
Panera Bread Co. Common Stock 4,774
Paychex Inc. Common Stock 7,400
Pfizer Inc. Common Stock 7,875
Photoworks, Inc. Common Stock 50
PIMCO Funds PIMCO Funds Multi Manager Service 8,197
PIMCO Funds PIMCO Funds Pacific Investment Management
Service 9,777
PNC Financial Services Group Common Stock 1,527
Polymedica Corp. Common Stock 23,607
Profunds Profund Ultrasmall Cap Profund I 84,686
Profunds Profunds 81,704
Profunds Profunds 79,019
Qualcomm Inc. Common Stock 8,223
Ralcorp Holdings Inc. Common Stock 1,624
RBB Family RBB Boston Partners Large Cap Value Fund 5,360
12
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN 25-1723345, PLAN NUMBER 001
DECEMBER 29, 2003 SCHEDULE H, LINE 4i
------------------------------------------------------------------------------
FAIR
(a) ISSUER(b) DESCRIPTION(c) COST(d) VLUE(e)
RCM Global Health Common Stock 7,670
Real Networks Inc. Common Stock 563
Reliant Resources Inc. Common Stock 21,090
RF Micro-Devices Common Stock 3,988
RSA Sec Inc. Common Stock 1,442
Savvis Communications Common Stock 153
Schering-Plough Common Stock 1,709
Secure Computing Corp. Common Stock 122
Shaw Group Inc. Common Stock 1,371
Sirius Satellite Radio Inc. Common Stock 3,548
Solomon Alliance GRP Common Stock 40
Sprint Corp. PCS Group Common Stock 536
Storage Co Common Stock 1,260
Sun Microsystems Common Stock 6,258
Sysco Corp. Common Stock 2,786
T Rowe Price Intl European Stk Fd Common Stock 3,539
T. Rowe Price funds T Rowe Price GNMA Fund 4,729
Tellabs Common Stock 1,585
Texas Instruments Common Stock 1,471
The Reserve Fund Reserve Fund Inc. Class A 315,059
Thompson Plub and Associates Thompson Plumb Growth Fund 14,861
Time Warner Inc. Common Stock 2,625
Torch Offshore, Inc. Common Stock 2,630
Tyco International Ltd. Common Stock 1,074
Ultra Petroleum Corp. Common Stock 34,358
Uromed Corp. Common Stock 20
Valeant Pharmaceuticals Intl. Common Stock 2,527
Vanguard Funds Vanguard GNMA Portfolio Fund 3,996
Viacom Inc. Class B Common Stock 7,677,498
Vodafone Group Plc. Common Stock 4,910
Wal-Mart Stores Common Stock 5,290
Walt Disney Co. Common Stock 3,522
Weingarten Realty Investors SBI Common Stock 13,470
Weitz Funds Weitz Partners Value Fund 19,492
Weitz Funds Weitz Service Value Portfolio 3,250
* WESCO International, Inc. Common Stock 23,582
Wexford Tr Muhlenkamp Wexford Tr Muhlenkamp Fund 12,149
Whiting Petroleum Corp. Common Stock 4,495
Worldcom, Inc. Common Stock 80
XM Satellite Radio Common Stock 52,320
-------------
$ 228,900,618
=============
*Denotes party-in-interest, for which a statutory exemption exists.
13
EXHIBITS
The following exhibits are filed or incorporated as part of this report:
Exhibit
Number Description
------- -----------
23.01 Consent of PricewaterhouseCoopers LLP (filed herewith)
SIGNATURE
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.
WESCO DISTRIBUTION, INC.
RETIREMENT SAVINGS PLAN
Date: June 28, 2004 By: /s/ Stephen A. Van Oss
-------------------------
Stephen A. Van Oss
Chairman, 401K Retirement
Savings Plan Administrative and
Investment Committee
14