-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NaG4yCkjPef891QfvHjwoUm6Kd3qERCMVdpS/mKk19/unKU2HrjvnnD4yDyAeTfA k9NZPUscLwt/CSGzCoT44Q== 0000790372-01-500015.txt : 20010829 0000790372-01-500015.hdr.sgml : 20010829 ACCESSION NUMBER: 0000790372-01-500015 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MS CARRIERS INC CENTRAL INDEX KEY: 0000790372 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 621014070 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 000-14781 FILM NUMBER: 1725337 BUSINESS ADDRESS: STREET 1: 3171 DIRECTORS ROW CITY: MEMPHIS STATE: TN ZIP: 38116 BUSINESS PHONE: 9013322500 MAIL ADDRESS: STREET 1: 3171 DIRECTORS ROW CITY: MEMPHIS STATE: TN ZIP: 38116 N-30D 1 n30d.txt WADE FUND, INC. N-30D The financial highlight table is intended th help you understand the fund's financial performance for the past 5 years and 6 months ending June 30, 2001. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Rhea & Ivy, P.L.C., whose report, along with the fund's financial statements, are included herein.
Wade Fund, Inc. - FINANCIAL HIGHLIGHTS Complete financial statements will be found elsewhere in this document. The following is a condensation of certain pertinent information. (It has been audited by the Fund's independent accountant, whose report appears elsewhere is this document.) PER SHARE INCOME AND CAPITAL CHANGES - (for a share outstanding throughout each period) Six Months Ending June 30, 1996 1997 1998 1999 2000 2001* ------------- ----------- ----------- ----------- ----------- --------- Net Asset Value, Beginning of Period $33.60 $34.81 $38.88 $39.11 $43.62 $ 41.70 Income from Investment Operations Net Investment Income 0.09 0.05 0.03 0.16 0.41 $ 0.71 Net Realized and Unrealized Gains (Losses) on Securities 4.26 6.98 1.90 7.72 (0.18) $ (2.04) -------- -------- -------- ------- --------- -------- 4.35 7.03 1.93 7.88 0.23 $ (1.87) Less Distributions Dividends from Net Income 0.10 0.05 0.03 0.15 0.47 $ - Distributions from Realized Gains on Securities 3.04 2.91 1.67 3.22 1.68 $ - -------- -------- -------- ------- --------- -------- Net Asset Value, End of Period $34.81 $38.88 $39.11 $43.62 $41.70 $ 39.83 ======== ======== ======== ======= ========= ======== Total return 12.96% 20.25% 5.16% 20.15% 0.53% (4.48%) Ratios/Supplemental Data Net Assets, End of Period $628,809 $705,332 $729,828 $879,384 $851,331 $813,199 Ratio of Expenses to Average Net Assets 2.86% 2.72% 2.71% 2.20% 2.12% 2.19% Ratio of Net Income to Average Net Assets 0.30% 0.12% 0.06% 0.37% 0.10% 0.84% (annualized) Portfolio Turnover Rate 0.00% 4.43% 0.00% 0.00% 0.00% 0.00% (annualized) Number of Shares Outstanding, End of Period 18,066 18,142 18,659 20,161 20,417 20,417 * See accompanying notes and independent auditor's report.
3
Wade Fund, Inc. Statement of Assets and Liabilities June 30, 2001 Assets Investments at closing market quotations: Common stock (cost $130,606.50) $520,879.00 Money market mutual fund (cost $291,211.82) 291,211.82 Cash on demand deposit 4,656.87 Dividends receivable 596.50 Interest receivable 875.86 ----------- Total assets 818,220.05 ----------- Liabilities Accrued expenses 4,719.96 State franchise taxes payable 300.60 ----------- Total liabilities 5,020.56 =========== Net assets applicable to 20,417 shares of outstanding capital stock $813,199.49 =========== Net asset value per share of outstanding capital stock $39.83 =========== Offering and redemption price per share $39.83 =========== Statement of Sources of Net Assets June 30, 2001 Capital Excess of amounts received from sale of capital shares over amounts paid out in redeeming shares: Authorized 100,000 shares, no par value, outstanding 20,417 shares $408,083.33 Accumulated net realized gain on investment (computed on identified cost basis) $1,656,670.43 Accumulated distributions on net realized gain 1,650,604.21 6,066.22 ------------ Unrealized appreciation on investments 390,272.50 ----------- Total capital 804,422.05 Undistributed net income 8,777.44 ----------- Net assets applicable to 20,417 shares of outstanding $813,199.49 capital stock =========== See notes to financial statements
4
Wade Fund, Inc. Statement of Operations For the Six Months Ended June 30, 2001 Income Dividends $ 5,337.96 Interest 7,201.03 ------------ 12,538.99 ------------ Expenses Advisory fee 3,005.06 Legal fee 1,680.00 Accounting fee 2,115.42 Custodial fee 1,170.00 Other expenses 627.52 Taxes, including federal, state and local 462.00 ------------ 9,060.00 ------------ Net investment income $3,478.99 ============ Ratio of total expenses to total investment income 72.25% ====== Statement of Unrealized Appreciation on Investments For the Six Months Ended June 30, 2001 Balance at January 1, 2001 $431.882.50 Balance at June 30, 2001 390,272.50 ------------ Decrease in unrealized appreciation $(41,610.00) ============ See notes to financial statements.
5
Wade Fund, Inc. Statement of Changes in Net Assets For the Six Months Ended June 30, 2001 Net Assets Net assets at January 1, 2001, including $851,330.50 $5,298.45 in undistributed net income Operations Net investment income per statement of operations 3,478.99 Decrease in unrealized appreciation of investments (41,610.00) ----------- Net assets at June 30, 2001, including $8,777.44 in undistributed net income $813,199.49 =========== See notes to financial statements.
6
Wade Fund, Inc. Schedule of Investments June 30, 2001 Number of Market Shares Cost Value --------- ---------- -------- Common Stocks - 64.05% Aluminum - 9.69% Alcoa, Inc. 2,000 $ 4,611.97 $ 78,800.00 Automobile - 3.69% ---------- ----------- Autozone (B) 800 23,132.00 30,000.00 Bank and Finance - 19.54% ---------- ----------- J. P. Morgan Chase and Co. Inc. 1,850 1,833.19 82,510.00 First Tennessee National Corporation 2,200 20,881.67 76,362.00 ---------- ----------- 22,714.86 158,872.00 ---------- ----------- Electronics - 7.75% Texas Instruments, Inc. 2,000 670.59 63,000.00 Insurance - 3.26% ---------- ----------- Safeco Corporation 900 1,080.71 26,550.00 Metals - 2.55% ---------- ----------- Phelps Dodge Corp. 500 23,634.00 20,750.00 Paper Products - 4.39% ---------- ----------- International Paper, Inc. 1,000 24,828.25 35,700.00 Petroleum Services - 4.47% ---------- ----------- Schlumberger, Ltd. 600 9,871.50 31,590.00 Transcean Sedco Forex 116 1,210.93 4,785.00 ---------- ----------- 11,082.43 36,375.00 ---------- ----------- Pharmaceutical - 5.15% Bristol Myers Squibb 800 11,942.51 41,840.00 Railroads - 3.57% ---------- ----------- CSX Corporation 800 6,909.18 28,992.00 ---------- ----------- Total common stocks - 64.05% 130,606.50 520,879.00 ---------- ----------- Money Market Mutual Funds - 35.81% First Funds U.S. Government Portfolio 291,211.82 291,211.82 291,211.82 ---------- ----------- Total money market funds 291,211.82 291,211.82 ---------- ----------- Total investments (A) $421,818.32 812,090.82 ========== Other assets less liabilities - .09% 1,108.67 ----------- Net assets - 100% $ 813,199.49 =========== (A) Represents the aggregate cost of investments for federal income tax purposes (B) Non-income producing See notes to financial statements.
7 Wade Fund, Inc. Notes to Financial Statements June 30, 2001 1. Significant Accounting Policies Income Taxes Since it is the policy of the Fund to qualify each year as a regulated investment company under Section 851 of the Internal Revenue Code and to distribute all, or substantially all, of its taxable income, including realized net gain on investments, it is not expected that federal income tax will ordinarily constitute a major item of expense. Therefore, no provision is made for such tax on unrealized appreciation on investments. However, on the accrual basis of accounting, provision for federal income tax and state franchise and excise tax on net income and on net realized gain on investments is made when applicable. Equalization The Company follows the accounting practice known as equalization by which a portion of the proceeds from sales and costs of repurchases of capital shares equivalent, on a per share basis, to the amount of distributable net investment income on the date of the transaction is credited or charged to undistributed net income. As a result, undistributed investment income per share is unaffected by sales or redemptions of fund shares. Investments Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the period; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price. Security transaction are accounted for as of the trade date. Realized gains and losses from securities transactions are determined based on specific identified cost. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 8 2. Capital Stock The Fund is registered under the Investment Company Act of 1940, as amended, as an open-end, nondiversified management company with 100,000 shares of no par value common capital stock authorized. 3. Investment Advisory Fee Advisory service fee is paid at the annual rate of three-fourths of one percent on the net value of investment assets and is paid at the end of each quarter at the rate of three-sixteenths of one percent of the net value of such assets on the last day of the quarter on which the New York Stock Exchange is open. Maury Wade, Jr., who is president and director of the Fund, received $3,005.06 for his services as investment advisor. 4. Supplementary Information Net asset values and dividends declared per share, for the four years an d six months ended June 30, 2001 are as follows: Dividends Declared From Net From Realized Year Ended Asset Net Capital December 31, Value Income Gains 1997 38.88 .05 2.91 1998 39.11 .03 1.67 1999 43.62 .15 3.22 2000 41.70 .47 1.68 Six months ended 39.83 - - June 30, 2001 9 [This information is not part of the accountant's report] Shareholders Meeting The annual meeting of the Wade Fund, Inc. was held on February 28, 2001. The following matters were voted upon at the meeting: Election of Directors. The follow persons were ---------------------- elected as directors by a vote of 12,531 for, none against, for a period of service until the next annual meeting of stockholders or until successors of the respective directors are elected and qualified: Maury Wade, Jr. L. Palmer Brown, III Richard D. Harwood David L. Delbrocco Charles Grant Wade Independent Public Accountants. The selection of the Board of Directors of the firm of Rhea & Ivy, P.L.C. to serve as the Wade Fund, Inc.'s independent public accountings for the year 2000 was ratified by a vote of 12,531 for, none against. -----END PRIVACY-ENHANCED MESSAGE-----