Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
_________________
Form
11-K
x
ANNUAL
REPORT PURSUANT
TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 (NO 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: 0-19599
World
Acceptance Corporation
Retirement
Savings Plan
108
Frederick Street
Greenville,
South Carolina 29607
(Full
title of the plan and the address of the plan)
World
Acceptance Corporation
108
Frederick Street
Greenville,
South Carolina 29607
(Name
of
issuer of the securities held pursuant to the plan and the address
of
its
principal executive office)
|
(a)
|
The
following financial statements and reports, which have been prepared
pursuant to the requirements of the Employee Retirement Income Security
Act of 1974, are filed as part of this Annual Report on Form
11-K:
|
Report
of
Independent Registered Public Accounting Firm
Financial
Statements:
Statements
of Net Assets Available for Benefits, December 31, 2006 and 2005
Statements
of Changes in Net Assets Available for Benefits, Years Ended December 31, 2006
and 2005
Notes
to
Financial Statements
Supplemental
Schedule:
Schedule
of Assets (Held at End of Year), December 31, 2006
(b)
The
following Exhibits are filed as part of this Annual Report on Form
11-K:
Exhibit
23
Consent
of Independent Registered Public Accounting Firm
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Financial
Statements and Schedule
December 31,
2006 and 2005
(With
Report of Independent Registered Public Accounting Firm
Thereon)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Table
of Contents
|
Page
|
Report
of Independent Registered Public Accounting Firm
|
1
|
|
|
Financial
Statements:
|
|
|
|
Statements
of Net Assets Available for Benefits
|
2
|
|
|
Statements
of Changes in Net Assets Available for Benefits
|
3
|
|
|
Notes
to Financial Statements
|
4
|
|
|
|
|
|
|
Schedule I -
Schedule H, Line 4i - Schedule of Assets (Held at End
of Year) December 31,
2006
|
12
|
Report
of Independent Registered Public Accounting Firm
To
the
Plan Administrator
World
Acceptance Corporation Retirement Savings Plan:
We
have
audited the accompanying statements of net assets available for benefits of
World Acceptance Corporation Retirement Savings Plan (the Plan) as of December
31, 2006 and 2005, and the related statements of changes in net assets available
for benefits for the years then ended. These financial statements are the
responsibility of the Plan’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We
conducted our audits 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. 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 World Acceptance
Corporation Retirement Savings Plan as of December 31, 2006 and 2005, and the
changes in net assets available for benefits for the years then ended, in
conformity with U.S. generally accepted accounting principles.
Our
audits were made 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 purposes 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 audit of the basic 2006 financial statements and,
in
our opinion, is fairly stated in all material respects in relation to the basic
2006 financial statements taken as a whole.
/s/
KPMG
LLP
Greenville,
South Carolina
July
16,
2007
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Statements
of Net Assets Available for Benefits
December
31, 2006 and 2005
|
|
2006
|
|
2005
|
|
Assets:
|
|
|
|
|
|
Investments,
at fair value
|
|
$
|
18,335,015
|
|
|
14,439,680
|
|
|
|
|
|
|
|
|
|
Contributions
receivable:
|
|
|
|
|
|
|
|
Employer
|
|
|
33,152
|
|
|
29,055
|
|
Participant
|
|
|
85,008
|
|
|
66,006
|
|
Other
|
|
|
34,576
|
|
|
—
|
|
|
|
|
152,736
|
|
|
95,061
|
|
Total
assets
|
|
|
18,487,751
|
|
|
14,534,741
|
|
Liabilities:
|
|
|
|
|
|
|
|
Refund
payable for excess contributions
|
|
|
45,301
|
|
|
80,934
|
|
Net
assets available for benefits
|
|
$
|
18,442,450
|
|
|
14,453,807
|
|
See
accompanying notes to financial statements.
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Statements
of Changes in Net Assets Available for Benefits
Years
ended December 31, 2006 and 2005
|
|
2006
|
|
2005
|
|
Additions
to net assets attributed to:
|
|
|
|
|
|
Investment
income:
|
|
|
|
|
|
Net
appreciation in fair value of investments
|
|
$
|
2,103,212
|
|
|
754,367
|
|
Interest
and dividend income
|
|
|
316,797
|
|
|
158,429
|
|
Total
investment income
|
|
|
2,420,009
|
|
|
912,796
|
|
Contributions:
|
|
|
|
|
|
|
|
Employer
|
|
|
774,400
|
|
|
560,148
|
|
Employee
|
|
|
1,867,274
|
|
|
1,449,020
|
|
Rollovers
|
|
|
11,455
|
|
|
—
|
|
Other
|
|
|
34,576
|
|
|
—
|
|
Total
contributions
|
|
|
2,687,705
|
|
|
2,009,168
|
|
Total
additions
|
|
|
5,107,714
|
|
|
2,921,964
|
|
Deductions
from net assets attributed to:
|
|
|
|
|
|
|
|
Benefits
paid to participants
|
|
|
1,116,341
|
|
|
1,184,795
|
|
Administrative
expenses
|
|
|
2,730
|
|
|
—
|
|
Total
deductions
|
|
|
1,119,071
|
|
|
1,184,795
|
|
Net
increase in net assets
|
|
|
3,988,643
|
|
|
1,737,169
|
|
Net
assets available for benefits at beginning of year
|
|
|
14,453,807
|
|
|
12,716,638
|
|
Net
assets available for benefits at end of year
|
|
$
|
18,442,450
|
|
|
14,453,807
|
|
See
accompanying notes to financial statements.
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
(1) Description
of Plan
|
|
The
following description of the World Acceptance Corporation Retirement
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.
|
The
Plan,
which was formed in February 1993, is a defined-contribution plan and is
subject to the provisions of the Employee Retirement Income Security Act of
1974, as amended (ERISA). On January 1 and July 1 of each year,
employees of World Acceptance Corporation (the Plan Sponsor or Employer), who
meet certain eligibility requirements, may elect to become participants in
the
Plan. Wachovia Bank, N.A. served as the Plan’s trustee through November 30,
2006. Effective December 1, 2006, Reliance Trust Company became the Plan’s
trustee.
|
|
Substantially
all administrative costs of the Plan were paid by the Plan Sponsor
through
November 2006. Effective December 1, 2006, substantially all
administrative costs of the Plan are paid by the Plan.
|
The
Plan
provides for participant contributions on a pretax compensation reduction basis.
Through November 2006, participants could elect to contribute to the Plan by
deferring up to 25% of annual compensation up to specified maximum amounts.
Effective December 1, 2006, participants may elect to contribute to the Plan
by
deferring up to 100% of annual compensation up to specified maximum amounts.
The
Plan Sponsor matches specified percentages of employee contributions, as
determined by the Employer’s board of directors. In applying the matching
percentage, only employee contributions up to a maximum of 6% of compensation
are eligible. The Plan Sponsor may also contribute a discretionary nonelective
Employer contribution as determined annually by the board of
directors.
Effective
January 1, 2002, the Plan adopted changes related to the Economic Growth
and Tax Relief Reconciliation Act of 2001, which allows certain participants
a
$4,000 catch-up contribution in 2005, and $5,000 in 2006. Catch-up contributions
totaled $29,140 in 2006 and $33,431 in 2005.
Each
participant’s account is credited with the participant’s contribution and the
Employer’s matching contribution. Discretionary Employer contributions are
allocated to individual participant accounts based on the proportion of each
participant’s annual compensation, as defined by the Plan, compared to the total
annual compensation of all participants. Investment income is allocated to
the
individual participant accounts based on the proportion of each participant’s
account balance compared to the total balance within each fund. The benefit
to
which a participant is entitled is the benefit that can be provided from the
participant’s vested account.
(Continued)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
Participants
are immediately vested in their voluntary contribution plus earnings thereon.
Vesting of employer contributions is based on years of continuous service.
A
participant is 100% vested after six years of credited service, according to
the
following schedule:
|
|
Percent
of
|
|
|
|
nonforfeitable
|
|
Years
of service
|
|
interest
|
|
Less
than 2
|
|
|
0
|
%
|
2
|
|
|
20
|
%
|
3
|
|
|
40
|
%
|
4
|
|
|
60
|
%
|
5
|
|
|
80
|
%
|
6
or more
|
|
|
100
|
%
|
Notwithstanding
the aforementioned, upon reaching normal retirement age or upon death or
disability, participants become 100% vested.
A
participant may direct employee contributions in 1% increments in a variety
of
investment options.
Participants
may make changes in their investment elections at any time. Participants may
change their deferral percentage no more than four times annually effective
December 1, 2006. Prior to December 1, 2006, participants could change their
deferral percentage no more than twice annually.
|
(g) |
Participant
Loans Receivable
|
Effective
December 1, 2006, the Plan allows participants to borrow from their fund
accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000
or
50% of their vested account balance. Loan transactions are treated as deductions
from participant accounts and accounted for separately. Loan terms range from
1
to 5 years or up to 10 years for the purchase of a primary residence. The loans
are secured by the balance in the participant’s account and bear interest at the
prime lending rate as of the date of the loan. Currently, interest rates are
8.25% for all loans. Principal and interest are paid through payroll
deductions.
Participants
are entitled to receive a distribution of their vested accounts upon the
occurrence of retirement, death, total and permanent disability, or termination
of employment for any other reason. Vested participants are also entitled to
leave their benefits in the Plan until retirement. The method of payment is
a
lump-sum distribution.
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
Forfeitures
are used to reduce employer contributions to the Plan. Forfeitures used as
a
reduction of employer contributions were $44,804 and $108,456 in 2006 and
2005,
respectively.
(2)
|
Summary
of Significant Accounting
Policies
|
|
(a)
|
Basis
of Presentation
|
The
financial statements have been prepared on an accrual basis of accounting
in
accordance with U.S. generally accepted accounting principles.
At
December 31, 2006, the Plan investments included pooled separate accounts,
World
Acceptance Corporation common stock, the Stable Asset Fund, participant loans
receivable, and interest bearing cash. At December 31, 2005, the Plan
investments included the UBS Stable Value Fund, World Acceptance Corporation
common stock, mutual funds, and interest bearing cash.
Pooled
separate accounts, World Acceptance Corporation common stock, and mutual
funds
are stated at fair value based on the most current quoted market prices.
The
Stable Asset Fund represents a deposit administration contract. See “Note
6-Deposit Administration Contract”. Interest-bearing cash and participant loans
receivable are stated at cost which approximates fair value. Purchases and
sales
are recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
The
UBS
Stable Value Fund consisted of units in the Stable Value Portfolio of the
UBS
Fiduciary Trust Company Collective Investment Trust for Employee Benefit
Plans
(the UBS Stable Value Fund), which is valued at the net asset value of the
underlying investments for this collective trust fund. The underlying
investments of the UBS Stable Value Fund consisted primarily of units in
the GIC
Portfolio of the UBS Fiduciary Trust Company Collective Investment Trust
for
Employee Benefit Plans (the GIC Collective Trust Fund). The underlying
investments of the GIC Collective Trust Fund consisted primarily of guaranteed
investment contracts and synthetic guaranteed investment contracts (collectively
referred to herein as GIC’s) that were carried at contract value (which
approximates
fair value because they are deemed to be fully benefit-responsive). The ranges
of rates on the GIC’s were from 2.986% to 6.380% with maturity dates ranging
from January 2, 2006 to June 1, 2010. No credit reserves on the issuers of
the
GIC’s were considered necessary by the trust committee of the GIC Collective
Trust Fund.
Refunds
payable to participants at December 31, 2006 and 2005 were $45,301 and
$80,934, respectively. These refunds were due to excess contributions, which
were refunded to participants in 2007 for the year ended December 31, 2006
and in 2006 for the year ended December 31, 2005.
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
Benefits
are recorded when paid. On termination of service, a participant will become
eligible to receive a lump-sum amount equal to the value of his or her vested
account balance.
The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions
that
affect the reported amount of assets, liabilities, and changes therein and
the
disclosure of contingent assets and liabilities. Actual results could differ
from those estimates.
|
(f) |
New
Accounting
Pronouncement
|
In
2006,
the Plan adopted Financial Accounting Standards Board Staff Position, FSP
AAG
INV-1 and SOP 94-4-1, Reporting
of Fully Benefit Responsive Investment Contracts Held by Certain Investment
Companies Subject to AICPA Investment Company Guide and Defined-Contribution
Health and Welfare and Pension Plans (the “FSP”).
The FSP
requires investment contracts held by a defined-contribution plan to be reported
at fair value. However, contract value is the relevant measurement attribute
for
that portion of the net assets available for benefits of a defined-contribution
plan attributable to fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the plan. The FSP also requires
that
the Statement of Net Assets Available for Benefits present both the fair
value
of the Plan’s investments and the adjustment from fair value to contract value
for the fully benefit-responsive investment contracts. The Statement of Changes
in Net Assets Available for Benefits is prepared on a contract value basis
for
the fully benefit-responsive investment contracts.
Fair
value of the investment contracts approximates contract value; therefore,
the
adjustment from fair value to contract value is not presented on the Statement
of Net Assets Available for Benefits for fully benefits-responsive investment
contracts.
The
Plan
provides for investments that are exposed to risk, such as interest rate,
credit, and market volatility risk. Due to the level of risk associated with
certain investment securities, it is possible that changes in the value of
investment securities may occur in the near term and that changes could
materially affect the amounts reported in the financial statements.
Certain
reclassification entries have been made for fiscal 2005 to conform with the
fiscal 2006 presentation. There was no impact on net assets available for
benefits or changes in net assets available for benefits previously reported
as
a result of these reclassifications.
(Continued)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
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% vested in their accounts.
The
Plan
has adopted a prototype plan designed by PFPC, Inc. The prototype plan obtained
an
opinion letter dated August 7, 2001, which states that the form of the plan
identified as a prototype non-standardized profit sharing plan with CODA
is
acceptable under Section 401 of the Internal Revenue Code (the "Code") for
use
by employers for the benefit of their employees. The Plan has been amended
since
adopting the prototype plan, however, the Plan administrator believes that
the
Plan is currently designed and being operated in compliance with the applicable
requirements of the Code and believes that the Plan continues to qualify
and to
operate as designed.
As
the
result of an examination by the Internal Revenue Service for the 2002 Plan
year,
corrective employer contributions were made on February 15, 2007 and accepted
by
the Internal Revenue Service June 4, 2007. The total amount of contributions,
including earnings, was $34,576 and resulted from the failure of the Plan
Sponsor to defer and match contributions related to Christmas bonus compensation
and errors in vesting on participants who received a distribution In addition,
the Plan Sponsor was required to pay a sanction to the Internal Revenue Service
of $60,000.
(Continued)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
(5)
|
Investments
and Net Appreciation in Fair Value of
Investments
|
The
following table presents the fair values of investments at December 31,
2006:
|
|
2006
|
|
Money
Market fund, at cost which approximates fair
value
|
|
|
|
|
Fidelity
Institutional Money Market Fund T
|
|
$ |
88,477 |
|
|
|
|
|
|
Pooled
Separate Accounts, at quoted at market prices
|
|
|
|
|
Harbor
Bond Instl
|
|
|
363,275
|
|
American
Beacon Balanced Instl
|
|
|
273,084
|
|
BlackRock
LC Value I
|
|
|
1,131,500
|
|
Davis
New York Venture Y
|
|
|
1,530,606
|
|
Vanguard
500 Index
|
|
|
416,823
|
|
Vanguard
Morgan Growth
|
|
|
1,673,489
|
|
Goldman
Sachs Mid-Cap Value I
|
|
|
758,073
|
|
Vanguard
Extended Market Index
|
|
|
1,631,328
|
|
Rainier
Small/Mid Cap Eq Instl
|
|
|
1,046,498
|
|
Allianz
NFJ Small Cap Value
|
|
|
1,031,159
|
|
Oppenheimer
Main St SC Y
|
|
|
137,136
|
|
Jennison
Small Company Z
|
|
|
148,601
|
|
Oppenheimer
Global Y
|
|
|
175,872
|
|
Dodge
and Cox Instl Stock
|
|
|
1,906,850
|
|
Total
|
|
|
12,224,294
|
|
|
|
|
|
|
Deposit
administration contract, at estimated fair value
|
|
|
|
|
Stable
Asset Fund II
|
|
|
3,862,387
|
|
|
|
|
|
|
World
Acceptance Corp. common stock, at quoted market price
|
|
|
2,033,029
|
|
|
|
|
|
|
Loans
to participants, at estimated fair value
|
|
|
126,828
|
|
Total
investments, at fair value
|
|
$
|
18,335,015
|
|
(Continued)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
The
following table presents the fair values of investments at December 31,
2005:
|
|
2005
|
|
Money
market funds, at cost which approximates fair value
|
|
|
|
|
Federated
Automated Cash Management Trust
|
|
$
|
3,007
|
|
Federated
Government U.S. Treasury
|
|
|
77,792
|
|
|
|
|
80,799
|
|
Mutual
funds, at quoted market price:
|
|
|
|
|
AIM
International Equity Fund
|
|
|
1,460,340
|
|
John
Hancock Classic Value Fund
|
|
|
1,397,119
|
|
Franklin
Balance Sheet Investment Fund
|
|
|
1,486,187
|
|
Franklin
Short-Intermediate U.S. Government Fund
|
|
|
1,031,458
|
|
American
Investment Company of America
|
|
|
1,126,390
|
|
Oppenheimer
Capital Appreciation Fund
|
|
|
1,090,704
|
|
American
Bond Fund of America
|
|
|
764,352
|
|
Allianz
CCM Mid-Cap Fund
|
|
|
1,047,773
|
|
MFS
Total Return Fund
|
|
|
937,150
|
|
Total
|
|
|
10,341,473
|
|
Collective
Trust Fund, at estimated fair value
|
|
|
|
|
UBS
Stable Value Fund
|
|
|
2,544,357
|
|
|
|
|
|
|
World
Acceptance Corp. common stock, at quoted market price
|
|
|
1,473,051
|
|
Total
investments, at fair value
|
|
$
|
14,439,680
|
|
During
the years ended December 31, 2006 and 2005, the Plan’s investments
(including gains and losses on investments bought and sold, as well as held
during the year) appreciated in value by $2,103,212 and $754,367, respectively,
as follows:
|
|
2006
|
|
2005
|
|
Pooled
Separate Accounts
|
|
$
|
(262,392
|
)
|
|
—
|
|
Mutual
funds
|
|
|
1,301,257
|
|
|
616,265
|
|
Collective
trust fund
|
|
|
99,111
|
|
|
74,456
|
|
Common
stock
|
|
|
965,236
|
|
|
63,646
|
|
|
|
$
|
2,103,212
|
|
|
754,367
|
|
(Continued)
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Notes
to
Financial Statements
December
31, 2006 and 2005
(6)
|
Deposit
Administration Contract
|
The
Stable Asset Fund II represents a deposit administration contract (Contract)
entered into by the Plan with the Plan’s recordkeeper, Standard Insurance
Company (Standard). Standard maintains the contributions in an unallocated
fund,
whose assets are invested with other assets in the general account of Standard.
The account is credited with earnings on the underlying investments and charged
for Plan withdrawals and administrative expenses charged by Standard. The
Contract is included in the financial statements at contract value. Contract
value approximates fair value, as the contract crediting rate resets quarterly
and the Contract is fully benefit-responsive. Participants may direct the
withdrawal or transfer of all or a portion of their investment at contract
value. Contract value represents contributions made under the Contract, plus
earnings, less withdrawals and administrative expenses. There are no reserves
against contract value for credit risk of Contract issuer or
otherwise.
The
contract crediting rate is established at the end of each quarter and is
guaranteed for five years. Because the contract crediting rate is reset at
the
end of each quarter at the current portfolio rate basis, the appropriate
discount rate used in the calculation of the fair value equals the contract
crediting rate. The effective annual crediting rate and yield for the Contract
was approximately 3.7% in 2006.
There
are
no events that limit the ability of the plan to withdraw contract value or
otherwise transact at contract value with Standard as the contract issuer.
Standard may defer any withdrawal request for 30 days after receipt of written
notice of the withdrawal request, and may defer honoring any withdrawal request
for any reasonable period if, due to the closing or other disruption of
financial markets or exchanges, Standard is unable to prudently liquidate
assets
necessary to satisfy the request. A delay caused by market disruption is
improbable of occurring. Standard may terminate the contract with 30 days
advance written notice to the contract owner.
(7)
|
Related
Party Transactions
|
Certain
Plan assets are units of pooled separate accounts and deposit administration
contracts managed by Standard. Standard is the Recordkeeper as defined by
the
Plan and therefore, these investment transactions qualify as party-in-interest
transactions. The Recordkeeper receives investment and administrative fees
as a
result of these activities. Interest income of $20,251 was paid by the
Recordkeeper to the Plan in 2006. The Plan assets also include shares of
World
Acceptance common stock. The Company is the Plan Sponsor, therefore, these
investment transactions qualify as party in interest transactions. Investment
in
company stock is participant directed.
(Continued)
Schedule
1
WORLD
ACCEPTANCE CORPORATION
RETIREMENT
SAVINGS PLAN
Schedule
H, Line 4i – Schedule of Assets (Held at End of Year)
December
31, 2006
(a)
Party
in-
interest
|
|
(b)
Identity
of issue,
borrower,
lessor,
or
similar party
|
|
(c)
Description
of investment
including
maturity date, rate of
interest,
collateral,
par
or maturity value
|
|
(d)
Cost
|
|
(e)
Current
value
|
|
|
|
Money
Market Funds:
|
|
|
|
|
|
|
|
|
|
Fidelity
|
|
Fidelity
Institutional Money Market FDS T
|
|
|
**
|
|
$ |
88,477 |
|
|
|
Pooled
separate accounts: |
|
|
|
|
|
|
|
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A American Beacon Balanced Instl
|
|
|
**
|
|
|
273,084
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account AHarbor Bond Instl
|
|
|
**
|
|
|
363,275
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Oppenheimer Main St Small Cap Y
|
|
|
**
|
|
|
137,136
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A BlackRock LC Value I
|
|
|
**
|
|
|
1,131,500
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Davis New York Venture Y
|
|
|
**
|
|
|
1,530,606
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Vanguard 500 Index
|
|
|
**
|
|
|
416,823
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Goldman Sachs Mid Cap Value I
|
|
|
**
|
|
|
758,073
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Vanguard Morgan Growth
|
|
|
**
|
|
|
1,673,489
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Vanguard Extended Market Index
|
|
|
**
|
|
|
1,631,328
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Rainier Small/Mid Cap Eq Instl
|
|
|
**
|
|
|
1,046,498
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Allianz NFJ Small Cap Value
|
|
|
**
|
|
|
1,031,159
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Jennison Small Company Z
|
|
|
**
|
|
|
148,601
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Oppenheimer Global Y
|
|
|
**
|
|
|
175,872
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Separate
Account A Dodge and Cox Instl Stock
|
|
|
**
|
|
|
1,906,850
|
|
*
|
|
Participant
Loans |
|
Interest
rate of 8.25% & maturity dates of 2008 through 2011
|
|
|
**
|
|
|
126,828
|
|
|
|
Common
Stock: |
|
|
|
|
|
|
|
|
|
|
*
|
|
|
World
Acceptance Corporation
|
|
|
Common
stock, no par value (quoted at fair value)
|
|
|
**
|
|
|
2,033,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
|
Standard
Insurance Company
|
|
|
Stable
Asset Fund II-deposit administrative contract
|
|
|
**
|
|
|
3,862,387
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
$
|
18,335,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Indicates party-in-interest to the Plan.
**
Cost
information has not been included in column (d) because all investments
are
participant-directed.
See
accompanying report of independent registered public accounting
firm.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the World Acceptance
Corporation Retirement Savings Plan Advisory Committee has duly caused this
annual report to be signed on it’s behalf by the undersigned hereunto duly
authorized.
|
|
|
|
WORLD
ACCEPTANCE CORPORATION
|
|
RETIREMENT
SAVINGS PLAN
|
|
|
|
Date: July
16, 2007 |
By: |
World
Acceptance Corporation Retirement
|
|
|
Savings
Plan Advisory Committee
|
|
|
|
|
By: |
/s/ A.
Alexander McLean III |
|
A.
Alexander McLean, III, Committee Member, and
Chief Executive
Officer
|
|
|
|
|
By: |
/s/ Kelly
Malson Snape |
|
Kelly
Malson Snape, Vice President and Chief Financial
Officer
|
EXHIBIT
INDEX
Exhibit
No. |
Document |
|
|
23
|
Consent
of KPMG LLP
|