Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
| þ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
for the fiscal year ended December 29, 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 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
Suite 700
Pittsburgh, Pennsylvania 15219-1122
Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Financial Statements
December 29, 2006 and 2005
WESCO Distribution, Inc.
Retirement Savings Plan
Index
Retirement Savings Plan
Index
| Page(s) | ||||||||
| 1 | ||||||||
Financial Statements | ||||||||
| 2 | ||||||||
| 3 | ||||||||
| 4-9 | ||||||||
Supplemental Schedule | ||||||||
| 10-14 | ||||||||
| Exhibit 23.1 Consent of Independent Registered Public Accounting Firm | ||||||||
| EX-23.1 | ||||||||
Table of Contents
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
WESCO Distribution, Inc. Retirement Savings Plan
WESCO Distribution, Inc. Retirement Savings Plan
In our opinion, the accompanying statements of net assets available for benefits and the related statements 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, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 29, 2006 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.
Pittsburgh, Pennsylvania
June 27, 2007
June 27, 2007
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Retirement Savings Plan
Statements of Net Assets Available for Benefits
December 29, 2006 and 2005
December 29, 2006 and 2005
| 2006 | 2005 | |||||||
| Investments (Notes 1 and 6) | $ | 324,411,180 | $ | 279,738,374 | ||||
| Receivables | ||||||||
| Employee contributions | 852,919 | 25,706 | ||||||
| Employer matching contributions | 312,967 | 9,904 | ||||||
| Employer profit sharing discretionary contribution | 11,876,545 | 9,127,876 | ||||||
| Accrued interest | 15,950 | 13,645 | ||||||
| Net assets available for benefits | $ | 337,469,561 | $ | 288,915,505 | ||||
The accompanying notes are an integral part of these financial statements.
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WESCO Distribution, Inc.
Retirement Savings Plan
Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits
Fiscal Year Ended December 29, 2006
Fiscal Year Ended December 29, 2006
| 2006 | ||||
Additions | ||||
| Employee contributions | $ | 19,576,426 | ||
| Employee rollovers | 1,683,285 | |||
| Employer contributions (including discretionary contribution) | 17,280,173 | |||
| Net appreciation from registered investment companies | 7,441,966 | |||
| Net appreciation from common/collective trust funds | 9,208,295 | |||
| Net appreciation from stock funds and self-directed accounts | 4,953,559 | |||
| Interest and dividend income | 11,911,043 | |||
| Total additions | 72,054,747 | |||
Deductions | ||||
| Distributions to withdrawing participants | 23,500,691 | |||
| Total deductions | 23,500,691 | |||
| Net increase | 48,554,056 | |||
Net assets available for benefits | ||||
| Beginning of year | 288,915,505 | |||
| End of year | $ | 337,469,561 | ||
The accompanying notes are an integral part of these financial statements.
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
December 29, 2006 and 2005
| 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. | ||
| As a result of the acquisition of Communications Supply Holdings, Inc. on November 3, 2006, approximately 800 participants were added to the Plan. These participants did not rollover their balances from that plan until plan year 2007. | ||
| The Plan is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Participants may elect to make tax deferred contributions ranging from 1% up to the lesser of 50% of their compensation or $15,000. The $15,000 limit 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 50% of the participant’s compensation. Subject to limitation, the Company will make matching contributions in an amount equal to 50% of a participant’s total monthly contributions up to a maximum of 6% of their compensation. Participants who have attained age 50 before the close of the plan year are eligible to make catch-up contributions in addition to pre-tax contributions. A catch-up contribution is a pre-tax contribution that exceeds the annual deferral limit ($15,000 in 2006). A participant’s total catch-up contributions during 2006 and 2007 cannot exceed $5,000. The catch up contribution limits are determined by the IRS and then indexed for inflation after 2007. In addition, the Company may, at the Board of Directors’ discretion, make a discretionary contribution to the Plan provided certain predetermined profit levels are attained. The Company made discretionary contributions of $11,876,545 and $9,127,876 for the fiscal years ended December 29, 2006 and 2005, respectively. | ||
| 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: |
| 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 |
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
| document. Total forfeitures that reduced employer contributions in 2006 were approximately $1,644,000. As of December 29, 2006, a balance of approximately $66,000 was available to reduce employer contributions in 2007. | ||
| Sixteen options were available for investment of contributions to the Plan as of December 29, 2006. A brief description of the investment options is as follows: |
| Fund | Description | |
| Alger Midcap Growth Institutional Fund | Fund seeks long term capital growth by investing primarily in equity securities of medium-capitalization companies. | |
| AMCAP Fund | Fund that seeks long-term growth of capital by investing in growing, profitable companies. | |
| American Balanced Fund | Investments balanced between income from bond investments and capital growth from equity investments. | |
| Columbia Acorn Fund | Fund seeks long-term growth of capital by investing primarily in common stocks of small and medium sized companies with capitalization of less than $5 billion. | |
| Columbia Core Bond Fund | Fund investing at least 65% of its assets in U.S. Government debt securities, investment grade bonds, and cash and cash equivalents. | |
| MFS Value Fund | Value fund investing in high-quality companies with larger market capitalizations and low price-to-earnings ratios or high dividend yields. | |
| Manningnapier Conservative Term Collective Investment Trust Fund | Fund invests in a conservative mix of stocks, bonds and cash securities focusing on fixed income securities with short to intermediate term maturities. | |
| Manningnapier Extended Term Collective Investment Trust Fund | Fund invests in a growth-oriented mix of stocks, bonds and cash securities and long-term, fixed securities. | |
| Manningnapier Maximum Term Collective Investment Trust Fund | Fund invests in an aggressive, growth-oriented mix of stocks, bonds and cash securities. | |
| Manningnapier Moderate Term Collective Investment Trust Fund | Fund invests in a moderately conservative mix of stocks, bonds and cash securities that are intermediate to long-term fixed income securities and various stocks. |
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
| Fund | Description | |
| RiverSource Trust Equity Index Fund I | Fund goal to achieve a rate of return as close as possible to the return of the S&P 500 Index by investing primarily in some or all of the securities of the S&P Index. | |
| RiverSource Trust Midcap Growth Fund II | Fund goal to provide long-term growth of capital by investing in primarily high-quality, mid-sized U.S. stocks with significant growth potential. | |
| RiverSource Trust Stable Capital Fund II | Fund goal to preserve principal and income by investing primarily in bonds backed by the U.S. Government. | |
| Self-Directed Brokerage Account | Account that provides participants access to a wide range of common stocks and mutual funds beyond those available through the Plan. | |
| Templeton Foreign Fund | Funds seeks long-term capital growth by investing primarily in equity securities of companies outside the U.S. | |
| WESCO International Stock Fund | Fund that invests in the stock of WESCO International, Inc. |
| 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. | ||
| 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. |
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WESCO Distribution, Inc.
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
| Investment Valuation and Income Recognition | ||
| Investments are carried at fair value in the accompanying financial statements. Investments in common/collective trust funds 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 WESCO International Stock Fund, registered investment companies and common stocks 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 in Value of Investments | ||
| The Plan presents in the statement of changes in net assets available for benefits the net appreciation in the fair value of its investments, which consists of the realized gains and the unrealized appreciation in common/collective trusts, registered investment companies, WESCO International stock and other common stocks. | ||
| 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 | |
| The Internal Revenue Service has determined and informed the Company by a letter dated October 15, 2003, that the Plan is designed in accordance with Section 401(a) of the Internal Revenue Code (“IRC”) and, therefore, is exempt from federal taxes under provisions of Section 501(a). Accordingly, no provision for income taxes has been included in the Plan’s financial statements. The Plan has been amended since reviewing the determination letter. However, the Plan 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. |
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
| 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 8.25% and 9.25% for the fiscal year ended December 29, 2006. Principal and interest payments are generally made through monthly payroll deductions and are credited to the participant’s individual account. Loans of approximately $2,899,000 were made from the Plan and loan principal repayments of approximately $2,439,000 were received by the Plan for the year ended December 29, 2006. Interest of approximately $347,000 was received by the Plan for the year ended December 29, 2006 related to employee loans. | ||
| 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. |
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WESCO Distribution, Inc.
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
Retirement Savings Plan
Notes to Financial Statements
December 29, 2006 and 2005
| 6. | Investments | |
| Investments representing 5% or more of the net assets available for benefits as of December 29, 2006 and 2005 were as follows: |
| 2006 | 2005 | |||||||
| AMCAP Fund | $ | 38,695,861 | $ | 36,550,606 | ||||
| American Balanced Fund | 34,396,265 | 31,417,575 | ||||||
| American Century Value Fund * | — | 18,553,434 | ||||||
| RiverSource Equity Index Fund I | 34,095,546 | 31,012,651 | ||||||
| RiverSource Midcap Growth Fund II * | 22,844,600 | — | ||||||
| RiverSource Stable Capital Fund II | 75,828,416 | 63,796,144 | ||||||
| Columbia Acorn Fund | 34,580,419 | 30,581,112 | ||||||
| Templeton Foreign Fund | 20,529,960 | 15,397,100 | ||||||
| * | 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 Ameriprise. The trustee of the Plan is Ameriprise Trust Company. Participants of the Plan may also elect to invest in WESCO International, Inc. common stock within the WESCO Pooled Stock Fund. WESCO International, Inc. owns 100% of the Company. Therefore, these transactions qualify as party-in-interest transactions. Purchases and sales within the WESCO Pooled Stock Fund for 2006 were $2,433,000 and $5,915,000, respectively, and purchases and sales for 2005 were $2,513,000 and $4,026,000, respectively. |
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WESCO Distribution, Inc.
Retirement Savings Plan
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Description of Investment | ||||||||||||
| Identity of Issue, | Including Maturity Date, | |||||||||||
| Borrower, Lessor or | Rate of Interest, Collateral, | Current | ||||||||||
| Similar Party | Par, or Maturity Value | Cost | Value | |||||||||
| Alger Institutional Funds | Alger Midcap Growth Institutional | — | $ | 4,665,275 | ||||||||
| AMCAP Fund | AMCAP Fund (Class R-4) | — | 38,695,861 | |||||||||
| * | RiverSource Trust | Midcap Value Fund Class R4 | — | 22,844,600 | ||||||||
| * | RiverSource Trust | Stable Capital Fund II | — | 75,828,416 | ||||||||
| * | RiverSource Trust | Equity Index Fund I | — | 34,095,546 | ||||||||
| American Funds | American Balanced Fund (Class A) | — | 34,396,265 | |||||||||
| Columbia Mutual Funds | Columbia Acorn Fund (Class A) | — | 34,580,419 | |||||||||
| Columbia Mutual Funds | Columbia Core Bond Fund (A) | — | 8,043,715 | |||||||||
| MFS Family of Funds | MFS Value Fund (Class A) | — | 12,431,352 | |||||||||
| * | Participant Promissory Notes | 5.0%-10.5% with maturity dates through 2011 | — | 5,317,701 | ||||||||
| Manning & Napier Promix Funds | Manningnapier Promix Conserv Trust | — | 1,182,420 | |||||||||
| Manning & Napier Promix Funds | Manningnapier Promix Extended Trust | — | 4,022,385 | |||||||||
| Manning & Napier Promix Funds | Manningnapier Promix Maximum Trust | — | 5,722,462 | |||||||||
| Manning & Napier Promix Funds | Manningnapier Promix Moderate Trust | — | 3,023,525 | |||||||||
| Templeton Funds | Templeton Foreign Fund (A) | — | 20,529,960 | |||||||||
| * | WESCO International, Inc. | WESCO International Pooled Stock Fund | — | 13,986,271 | ||||||||
| ABB Ltd Adr | Common Stock | — | 12,586 | |||||||||
| Alcatel-Lucent Ads | Common Stock | — | 825 | |||||||||
| Altria Group Inc. | Common Stock | — | 4,291 | |||||||||
| American Ammunition Inc. | Common Stock | — | 2 | |||||||||
| American Beacon Funds | Americanbeacon Lg Cap Val Fund | — | 4,624 | |||||||||
| American Century Investments | American Century Equity Income Fund | — | 16,131 | |||||||||
| American Century Investments | American Century Mid Cap Value Fund | — | 7,191 | |||||||||
| American Eagle Outfitters Inc. | Common Stock | — | 8,895 | |||||||||
| Anglo American Adr | Common Stock | — | 8,690 | |||||||||
| Apple Inc. | Common Stock | — | 8,484 | |||||||||
| Applied Materials | Common Stock | — | 1,827 | |||||||||
| Arcadia Resources, Inc. | Common Stock | — | 36,668 | |||||||||
| Artisan Funds | Artisan International Investor Shrs | — | 6,130 | |||||||||
| Artisan Funds | Artisan Mid Cap Value Fund | — | 79,599 | |||||||||
| Avanex Corporation | Common Stock | — | 284 | |||||||||
| Bank America Corp | Common Stock | — | 9,076 | |||||||||
| Barclays Plc-Spns Adr | Common Stock | — | 19,186 | |||||||||
| Bausch & Lomb | Common Stock | — | 5,310 | |||||||||
| Berkshire Hathaway Inc. | Common Stock | — | 10,998 | |||||||||
| Bhp Billiton Ltp-Spon Adr | Common Stock | — | 3,975 | |||||||||
| Biotime Inc. | Common Stock | — | 27 | |||||||||
| Boeing Co. | Common Stock | — | 8,884 | |||||||||
| BP PLC | Common Stock | — | 4,630 | |||||||||
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WESCO Distribution, Inc.
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Description of Investment | ||||||||||||
| Identity of Issue, | Including Maturity Date, | |||||||||||
| Borrower, Lessor or | Rate of Interest, Collateral, | Current | ||||||||||
| Similar Party | Par, or Maturity Value | Cost | Value | |||||||||
| BP Prudhoe Bay Royalty Trust | Common Stock | — | 3,079 | |||||||||
| Brandywine Funds | Income Fund | — | 30,091 | |||||||||
| Budget Group Inc. | Common Stock | — | 13 | |||||||||
| Carrington Labs | Common Stock | — | 4,493 | |||||||||
| Caterpillar Inc. | Common Stock | — | 32,934 | |||||||||
| CBS Corp. Class B | Common Stock | — | 215,298 | |||||||||
| Celgene Corp. | Common Stock | — | 15,821 | |||||||||
| Central European Equity FD Inc. | Asset Fund | — | 12,105 | |||||||||
| Charys Holding Co. | Common Stock | — | 19,350 | |||||||||
| Chevron Corp. | Common Stock | — | 7,353 | |||||||||
| Citigroup Inc. | Common Stock | — | 2,785 | |||||||||
| Clinical Data Inc. | Common Stock | — | 2,809 | |||||||||
| Compass Minerals International | Common Stock | — | 11,046 | |||||||||
| Conocophillips | Common Stock | — | 5,324 | |||||||||
| Corning Inc. | Common Stock | — | 1,871 | |||||||||
| Costco Whsl Corp. New | Common Stock | — | 5,657 | |||||||||
| CTS Corp. | Common Stock | — | 1,570 | |||||||||
| Del Global Technologies Corp. | Common Stock | — | 155 | |||||||||
| Dodge & Cox Funds | Balanced Fund | — | 27,072 | |||||||||
| Dodge & Cox Funds | Stock Fund | — | 17,293 | |||||||||
| Dodge & Cox Funds | Income Fund | — | 52,610 | |||||||||
| Earthshell Corp. | Common Stock | — | 33 | |||||||||
| Eaton Corp. | Common Stock | — | 15,028 | |||||||||
| Encana Corp. | Common Stock | — | 4,871 | |||||||||
| ENI Spa-Sponsered ADR | Common Stock | — | 5,719 | |||||||||
| Excelsior Funds | Value & Restructuring Fund | — | 13,335 | |||||||||
| Exide Technologies | Common Stock | — | 34,800 | |||||||||
| Exxon Mobil Corp. | Common Stock | — | 6,514 | |||||||||
| Federal Mogul Corp. | Common Stock | — | 3,639 | |||||||||
| Focus Enhancements | Common Stock | — | 156 | |||||||||
| Ford Motor Company | Common Stock | — | 1,878 | |||||||||
| Gabelli Funds | Asset Fund | — | 7,179 | |||||||||
| Gamco Gold AAA | Gold Fund | — | 22,955 | |||||||||
| Gamco International Growth AAA | Foreign Large Growth Fund | — | 8,523 | |||||||||
| General Electric | Common Stock | — | 13,396 | |||||||||
| Genesis Microchip, Inc. | Common Stock | — | 5,070 | |||||||||
| Goldcorp Inc. | Common Stock | — | 2,844 | |||||||||
| Hawaiian Electric Ind. Inc. | Common Stock | — | 10,154 | |||||||||
| Headwaters Inc. | Common Stock | — | 1,198 | |||||||||
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WESCO Distribution, Inc.
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Description of Investment | ||||||||||||
| Identity of Issue, | Including Maturity Date, | |||||||||||
| Borrower, Lessor or | Rate of Interest, Collateral, | Current | ||||||||||
| Similar Party | Par, or Maturity Value | Cost | Value | |||||||||
| Hewlett Packard | Common Stock | — | 20,595 | |||||||||
| HSBC Holdings PLC ADR | International Banks Industry | — | 8,249 | |||||||||
| I Shares | S&P Trust Fund | — | 153,323 | |||||||||
| I Shares | DJ Select Dividend Index Fund | — | 12,731 | |||||||||
| I Shares | DJ U.S. Consumer Cycl SEC Fund | — | 3,371 | |||||||||
| I Shares | Goldman Sachs Nat Res Ind Fund | — | 45,009 | |||||||||
| I Shares | MSCI Austria Index Fund | — | 17,200 | |||||||||
| I Shares | FTSE / XINHUA China 25 Ind. FD | — | 16,718 | |||||||||
| I Shares | S&P Gloal Finl Sector | — | 11,319 | |||||||||
| I Shares | S&P Global 100 | — | 5,930 | |||||||||
| I Shares | S&P Global Utilities | — | 15,130 | |||||||||
| Icon Funds | Icon Healthcare Fund | — | 49,175 | |||||||||
| Integral Technologies Inc. | Common Stock | — | 21,432 | |||||||||
| Intel Corp. | Common Stock | — | 42,525 | |||||||||
| Interplay Entertainment | Common Stock | — | 135 | |||||||||
| Invio Biomedical Corp. | Common Stock | — | 4,935 | |||||||||
| Ivanhoe Energy, Inc. | Common Stock | — | 135 | |||||||||
| Janus Funds | High Yield Fund | — | 12,354 | |||||||||
| Janus Funds | Mid Cap Value Fund | — | 43,449 | |||||||||
| Janus Funds | Orion Fund | — | 9,990 | |||||||||
| Janus Funds | Special Equity Fund | — | 4,881 | |||||||||
| Janus Funds | Overseas Fund | — | 78,199 | |||||||||
| JDS Uniphase Corp. | Common Stock | — | 4,065 | |||||||||
| Johnson & Johnson | Common Stock | — | 5,480 | |||||||||
| J.P. Morgan Chase & Co. | Common Stock | — | 9,660 | |||||||||
| Kaire Holdings Inc. | Common Stock | — | 6 | |||||||||
| Keryx Biopharmaceuticals | Common Stock | — | 2,660 | |||||||||
| Kinetics Paradigm Fund | Common Stock | — | 21,813 | |||||||||
| Koko Petroleum Inc. | Common Stock | — | 720 | |||||||||
| Lasercard Corp. | Common Stock | — | 266 | |||||||||
| Lloyds TSB Group PLC-Level I | Common Stock | — | 9,066 | |||||||||
| Manhattan Pharmaceuticals | Common Stock | — | 4,004 | |||||||||
| Marsico 21st Century Fund | Large Growth Fund | — | 4,710 | |||||||||
| Matrix Advisors Value | Common Stock | — | 46,741 | |||||||||
| Merck & Co. | Common Stock | — | 5,232 | |||||||||
| Meridian Funds | Meridian Growth Fund | — | 21,757 | |||||||||
| Meridian Funds | Meridian Value Funds | — | 8,332 | |||||||||
| MGRS Fremont Micro Cap MGRS Fd | Common Stock | — | 9,384 | |||||||||
| Miramar Mining Corp. | Common Stock | — | 16,724 | |||||||||
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Description of Investment | ||||||||||||
| Identity of Issue, | Including Maturity Date, | |||||||||||
| Borrower, Lessor or | Rate of Interest, Collateral, | Current | ||||||||||
| Similar Party | Par, or Maturity Value | Cost | Value | |||||||||
| Mobile Reach Technology | Common Stock | — | ||||||||||
| Nabors Industries Ltd. | Common Stock | — | 1,489 | |||||||||
| Nanoforce Inc. | Common Stock | — | 13 | |||||||||
| Nastech Pharmaceutical Co. | Common Stock | — | 3,026 | |||||||||
| National Rural Utility CFC | Common Stock | — | 8,873 | |||||||||
| Neomedia Technologies | Common Stock | — | 530 | |||||||||
| Newcastle Investment Corp. | Common Stock | — | 5,888 | |||||||||
| Nokia Corp. | Common Stock | — | 6,096 | |||||||||
| Nortel Networks Corp. | Common Stock | — | 2,673 | |||||||||
| Oakmark Funds | Oakmark Equity and Income Fund (I) | — | 36,799 | |||||||||
| Oakmark Funds | Oakmark Fund | — | 13,994 | |||||||||
| Oakmark Funds | Oakmark International Fund (Class I) | — | 62,135 | |||||||||
| Oakmark Funds | Oakmark Global Fund | — | 51,024 | |||||||||
| Occidental Petroleum | Common Stock | — | 4,883 | |||||||||
| Oracle Systems | Common Stock | — | 5,142 | |||||||||
| Paychex Inc. | Common Stock | — | 5,931 | |||||||||
| Pepsico Inc. | Common Stock | — | 938 | |||||||||
| Peru Copper Inc. | Common Stock | — | 3,420 | |||||||||
| Petrohawk Energy Corp. | Common Stock | — | 3,048 | |||||||||
| Photoworks, Inc. | Common Stock | — | 14 | |||||||||
| PIMCO Funds | PIMCO PEA Renaissance Fund | — | 10,230 | |||||||||
| PIMCO Funds | PIMCO Total Return Fund | — | 8,290 | |||||||||
| PNC Financial Services Group | Common Stock | — | 2,073 | |||||||||
| Profunds | Profund Ultrasmall Cap Profund I | — | 48,373 | |||||||||
| Profunds | Profunds Ultrabull Profund | — | 46,978 | |||||||||
| Profunds | Profunds Ultraotc Profund | — | 23,940 | |||||||||
| Purchase Pro.com | Common Stock | — | 1 | |||||||||
| Qualcomm Inc. | Common Stock | — | 10,014 | |||||||||
| Reliant Energy, Inc. | Common Stock | — | 42,630 | |||||||||
| Renovo Holdings, Inc. | Common Stock | — | 3 | |||||||||
| RiverSource Trust | Money Market Fund II | — | 601,806 | |||||||||
| Royce Total Return Fund | Common Stock | — | 6,896 | |||||||||
| RS Partners Growth Fund | Common Stock | — | 32,012 | |||||||||
| RVS Diversified Equity Income R4 | Mutual Fund | — | 8,402 | |||||||||
| RVS Strategic Allocation Class R4 | Mutual Fund | — | 30,183 | |||||||||
| Sasol LTD ADR | Common Stock | — | 12,066 | |||||||||
| Schering-Plough | Common Stock | — | 4,728 | |||||||||
| Shaw Group Inc. | Common Stock | — | 3,350 | |||||||||
| Silver Star Energy | Common Stock | — | 118 | |||||||||
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Description of Investment | ||||||||||||
| Identity of Issue, | Including Maturity Date, | |||||||||||
| Borrower, Lessor or | Rate of Interest, Collateral, | Current | ||||||||||
| Similar Party | Par, or Maturity Value | Cost | Value | |||||||||
| Sirius Satellite Radio Inc. | Common Stock | — | 4,829 | |||||||||
| Six Flags Inc. | Common Stock | — | 262 | |||||||||
| Solomon Alliance Group | Common Stock | — | 1 | |||||||||
| Sound Shore Fund | Common Stock | — | 6,888 | |||||||||
| Spectrum Signal Processing | Common Stock | — | 25 | |||||||||
| SSGA International Stk Selection FD | Mutual Fund | — | 30,285 | |||||||||
| Statoil ASA ADR | Common Stock | — | 7,106 | |||||||||
| Sun Microsystems | Common Stock | — | 542 | |||||||||
| Sysco Corp. | Common Stock | — | 8,639 | |||||||||
| T. Rowe Price Funds | Capital Appreciation Fund | — | 117,454 | |||||||||
| T. Rowe Price Funds | Growth Stock Fund | — | 91,625 | |||||||||
| T. Rowe Price Funds | Media & Telecomm Fund | — | 16,776 | |||||||||
| T. Rowe Price Funds | Health Sciences Fund | — | 21,181 | |||||||||
| T. Rowe Price Funds | New Era Fund | — | 125,798 | |||||||||
| TCW Equities-N | Large Blend Fund | — | 19,438 | |||||||||
| Tellabs | Common Stock | — | 2,975 | |||||||||
| The India Fund Inc. | Mutual Fund | — | 11,016 | |||||||||
| The Muhlenkamp Fund | Mutual Fund | — | 10,214 | |||||||||
| The Reserve Funds | Primary Fund Class A | — | 791,700 | |||||||||
| Third Avenue | International Value Fund | — | 12,990 | |||||||||
| Third Avenue | Real Estate Value Fund | — | 6,829 | |||||||||
| Thompson Plumb and Associates | Growth Fund | — | 5,737 | |||||||||
| Time Warner Inc. | Common Stock | — | 2,178 | |||||||||
| Transocean Inc. | Common Stock | — | 8,089 | |||||||||
| TVIA Inc. | Common Stock | — | 2,260 | |||||||||
| UMB Scout | International Fund | — | 67,378 | |||||||||
| Unigene Labs Inc. | Common Stock | — | 10,291 | |||||||||
| USAir Group | Common Stock | — | 1 | |||||||||
| Valeant Pharmaceuticals Intl. | Common Stock | — | 1,724 | |||||||||
| Vanguard Funds | Wellesley Income Fund | — | 22,008 | |||||||||
| Vanguard Funds | Windsor II Fund | — | 30,055 | |||||||||
| Viacom Inc. Class B | Common Stock | — | 283,312 | |||||||||
| Vioquest Pharmaceuticals | Common Stock | — | 26 | |||||||||
| W&T Offshore Inc. | Common Stock | — | 5,038 | |||||||||
| Wasatch Heritage Growth Fund | Growth Fund | — | 10,919 | |||||||||
| Wells Fargo | Asia Pacific Investment Advisors | — | 491,554 | |||||||||
| Wells Fargo | Wells Fargo & Co. New | — | 8,712 | |||||||||
| White Mountains Insurance Group | Common Stock | — | 6,374 | |||||||||
| Wisdomtree Intl DVD TOP100 | International Fund | — | 30,243 | |||||||||
| Wisdomtree Diefa H/Y EQ Fund | International Fund | — | 29,640 | |||||||||
| XM Satellite Radio | Common Stock | — | 2,163 | |||||||||
| Xsunx Inc. | Common Stock | — | 988 | |||||||||
| $ | 324,411,180 | |||||||||||
| * | Denotes party-in-interest, for which a statutory exemption exists. |
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Table of Contents
WESCO Distribution, Inc.
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
| EIN 25-1723345, Plan Number 001 December 29, 2006 | Schedule H, line 4i |
EXHIBITS
The following exhibit is 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 employees 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 27, 2007 | /s/ Stephen A. Van Oss | |||
| Stephen A. Van Oss | ||||
| Chairman, 401K Retirement Savings Plan Investment and Administrative Committees | ||||
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