FORM 11-K
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1999
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 # 001-04364
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
Ryder System, Inc.
3600 N.W. 82 Avenue
Miami, Florida 33166
<PAGE>
REQUIRED INFORMATION
<TABLE>
<CAPTION>
FINANCIAL STATEMENTS & SCHEDULES PAGE NO.
-------------------------------- --------
<S> <C>
o Independent Auditors' Report 2
o Statements of Net Assets Available for Plan Benefits
December 31, 1999 and 1998 3
o Statements of Changes in Net Assets Available for Plan Benefits
For the years ended December 31, 1999 and 1998 4
o Notes to Financial Statements 5
o Schedule I: Form 5500, Schedule H, Line 4i:
Schedule of Assets Held for Investment Purposes at the End of Plan Year
December 31, 1999 12
o Schedule II: Form 5500, Schedule H, Line 4j:
Schedule of Reportable Transactions for the year ended December 31, 1999 13
EXHIBITS
o Exhibit Index 14
o Independent Auditors' Consent 15
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder
System, Inc. Retirement Committee has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
RYDER SYSTEM, INC.
EMPLOYEE SAVINGS PLAN A
Date: June 28, 2000 By: /s/ EDWIN A. HUSTON
-------------------
Edwin A. Huston
Vice Chairman
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Participants and Administrator
Ryder System, Inc. Employee Savings Plan A:
We have audited the accompanying statements of net assets available for plan
benefits of Ryder System, Inc. Employee Savings Plan A (the "Plan") as of
December 31, 1999 and 1998, and the related statements of changes in net assets
available for plan 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 generally accepted auditing
standards. 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 plan benefits of the Plan as
of December 31, 1999 and 1998, and the changes in net assets available for plan
benefits for the years then ended in conformity with 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 supplementary information included in
Schedules I and II 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. These supplemental schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ KPMG LLP
Miami, Florida
June 23, 2000
2
<PAGE>
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Assets
Investments:
Short-term money market instruments $ 5,751,848 $ 5,619,021
Investment contracts, at contract value 35,618,267 36,967,583
Mutual funds
(cost: 1999 - $70,535,446; 1998 - $59,750,030) 103,701,133 77,300,464
Ryder System, Inc. Common Stock
(cost: 1999 - $14,473,952; 1998 - $13,482,657) 12,047,823 11,371,980
Participant loans receivable 10,457,949 10,052,871
------------ ------------
Total investments 167,577,020 141,311,919
Receivables:
Employer contribution 519,611 410,475
Employee contribution 314,086 117
From other plans 537,657 --
------------ ------------
Total receivables 1,371,354 410,592
------------ ------------
Net assets available for plan benefits $168,948,374 $141,722,511
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 19,756,333 $ 6,197,254
Dividends 9,522,721 4,962,178
Interest 3,215,315 3,218,564
------------ ------------
Net investment income 32,494,369 14,377,996
------------ ------------
Contributions:
Employer 3,269,869 2,620,077
Employee 9,694,467 8,560,986
------------ ------------
Total contributions 12,964,336 11,181,063
------------ ------------
Total additions 45,458,705 25,559,059
------------ ------------
Deductions from net assets attributed to:
Distributions to plan participants 9,743,452 11,252,436
Transfers to other plans 8,311,958 1,631,926
Administrative expenses 177,432 169,334
------------ ------------
Total deductions 18,232,842 13,053,696
------------ ------------
Net increase 27,225,863 12,505,363
Net assets available for plan benefits:
Beginning of year 141,722,511 129,217,148
------------ ------------
End of year $168,948,374 $141,722,511
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan
The following description of the Ryder System, Inc. Employee Savings Plan A
(the "Plan") provides only general information. Participants should refer
to the Plan document for a more comprehensive description of the Plan's
provisions.
General. The Plan, established January 1, 1984, is a defined contribution
plan and, as such, is subject to some, but not all, of the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA"). It is
excluded from coverage under Title IV of ERISA, which generally provides
for guaranty and insurance of retirement benefits; and it is not subject to
the funding requirements of Title I of ERISA. The Plan is, however, subject
to those provisions of Title I and II of ERISA which, among other things,
require that each participant be furnished with an annual financial report
and a comprehensive description of the participant's rights under the Plan,
set minimum standards of responsibility applicable to fiduciaries of the
Plan, and establish minimum standards for participation and vesting.
The Plan Administrator is the Ryder System, Inc. Retirement Committee. The
Plan's trustee and recordkeeper is Fidelity Management Trust Co.
Eligibility. Participation in the Plan is voluntary. Effective October 1,
1998, any non-salaried employee of Ryder System, Inc. (the "Company") is
immediately eligible to participate in the Plan. Prior to October 1, 1998,
to participate in the Plan, an employee of the Company had to meet certain
eligibility requirements related to employment date, age and service hours.
In general, non-salaried employees of the Company and participating
affiliates are eligible to participate in the Plan. However, an employee
who is in a unit of employees represented by a collective bargaining agent
is excluded from participation in the Plan unless the unit has negotiated
coverage under the Plan. In addition, employees eligible to participate
under another Company sponsored qualified savings plan, will be excluded
from participation in the Plan.
Contributions. Participants may elect to contribute to the Plan by having
their compensation reduced by a minimum of 1% of compensation up to a
maximum of the lesser of a) 10% or 15% of compensation, depending on an
individual's annual salary level, b) $10,000 or c) such other amount as
shall be determined by the Plan Administrator from time to time.
Participants can also elect a direct rollover of an existing balance from a
tax qualified retirement or savings plan into the Plan. Participants may
elect to contribute to any of thirteen investment options and may transfer
among funds on a daily basis. If a participant meets certain requirements
related to employment date, age, and service hours, the Company will
contribute to the participant's account. The Company matches 50% of the
employees annual contribution not to exceed the greater of (1) 50% of the
first $1,200 in contributions for any plan year, or, (2) 50% of the first
4% (6% if the Company meets its Economic Value Added, or EVA goal) of the
employee's compensation for any plan year.
Beginning January 1, 1999, the Company revised the additional EVA match
component so that participants will receive a pro-rata portion of the EVA
match based on the portion of the EVA goal attained. In 1999 and 1998, the
EVA match component was $189,453 and $0, respectively. Company
contributions are automatically allocated to the Ryder System, Inc. Common
Stock Fund and will remain there until the participant terminates
employment or reaches age 55, which ever comes first.
5
<PAGE>
Participant Accounts. Each participant's account is credited with the
participant's contribution and allocations of (a) the Company's
contribution and, (b) Plan earnings, and charged with an allocation of
administrative expenses. Allocations are based on participant earnings or
account balance. Earnings are currently allocated on a daily basis. The
benefit for a participant is the benefit that can be provided from the
participant's vested account. Forfeited balances of terminated
participants' nonvested accounts are used to reduce future Company
contributions. In 1999 and 1998, employer contributions were reduced by
$262,258 and $52,523, respectively, from forfeited nonvested accounts. At
December 31, 1999, forfeited nonvested accounts available to reduce future
employer contributions totaled $21,099.
Vesting. Participants are immediately vested in their contributions plus
earnings thereon. Upon completion of two years of service, participants
vest 25% in the Company contributions and the earnings attributable to such
contributions and 25% upon completion of each year thereafter until they
are fully vested. At retirement age, (the earlier of age 65 or the date in
which a participant has both attained age 55 and completed at least 10
years of service), a participant becomes fully vested in the Company
contributions and the earnings attributable to such contributions.
Participant Loans. Participants may 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 account balance. Loan transactions are treated as a transfer to
(from) the investment fund from (to) the Participant Loans fund. Loan terms
range from 1-5 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 accrue interest at a rate which is comparable to those of most
major lending institutions. Interest rates vary depending on the current
prime interest rate. Principal and interest is paid ratably through payroll
deductions. All principal and interest payments are allocated to the Plan's
investment funds based on the participant's investment elections at the
time of payment. Loans which are granted and repaid in compliance with the
Plan provisions will not be considered distributions to the participant for
tax purposes.
Distributions. On termination of service, if a participant's account
balance is greater than $5,000, a participant's account is distributed to
the participant in the form of a single lump-sum payment upon receipt of
participant's consent. Terminated participants whose account balance is
less than $5,000 receive automatic distributions. As of December 31, 1999
and 1998, amounts allocated to accounts of terminated persons who have not
yet been paid totaled $350,402 and $389,787, respectively. A participant
may request a withdrawal of all or a portion of his elective contribution
account balance if he can demonstrate financial hardship. The Plan
administrator approves the request, and the amount withdrawn cannot be
subsequently repaid to the Plan. Such amounts will be considered
distributions to the participant for income tax purposes.
2. Summary of Significant Accounting Policies
Basis of Accounting. The financial statements of the Plan are prepared on
the accrual basis of accounting.
Use of Estimates. The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect reported amounts and related
disclosures. Actual results could differ from those estimates.
6
<PAGE>
Investments. Short-term money market instruments are stated at cost, which
approximates fair value. Investments in fully benefit-responsive insurance
company and bank guaranteed investment contracts ("GICs") are stated at
contract value which represents cost plus accrued interest (Note 5). A
fully benefit-responsive contract provides for a stated return on principal
invested over a specified period and permits withdrawals at contract value
for benefit payments, loans, or transfers to other investment options
offered to the participant by the Plan.
Investments in synthetic GICs (investments for which the plan owns certain
fixed income securities and the contract issuer provides a "wrapper"
contract that guarantees a fixed rate of return and provides benefit
responsiveness) are also stated at contract value, which is equal to the
fair value of the underlying collateral plus the benefit-responsive wrap
value. Mutual funds are valued at quoted market prices, which represent the
net asset value of the securities held in such funds. The Company common
stock is valued at its quoted market price. Participant loans bear interest
at market rates and are stated at the outstanding principal balance plus
accrued interest, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. The
Plan presents in the statements of changes in net assets available for plan
benefits the net appreciation (depreciation) in the fair value of its
investments which consists of the related gains or losses and the
unrealized appreciation (depreciation) on those investments. Dividends on
Company common stock and mutual funds are recorded on the record date.
Interest income is recorded on the accrual basis.
Payment of Benefits. Benefits are recorded when paid.
3. Investments
The Plan held the following individual investments whose aggregate fair
value equaled or exceeded 5% of the Plan's net assets at December 31, 1999
and 1998:
1999 1998
---- ----
Ryder System, Inc. Common Stock Fund* $12,047,823 $11,371,980
Fidelity Equity-Income Fund 16,951,339 17,382,113
Putnam Voyager Fund A 51,071,244 35,259,915
Fidelity Contrafund 16,079,774 13,289,456
* Partially nonparticipant-directed, see Note 4
7
<PAGE>
During 1999 and 1998, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
in value by $19,756,333 and $6,197,254, respectively, as follows:
1999 1998
---- ----
Mutual Funds $20,281,252 $ 8,722,080
Ryder System, Inc. Common Stock Fund (524,919) (2,524,826)
----------- -----------
$19,756,333 $ 6,197,254
=========== ===========
4. Nonparticipant-directed Investments
Information about the net assets and the significant components of the
changes in net assets related to nonparticipant-directed investments is as
follows:
December 31,
1999 1998
---- ----
Net Assets:
Common Stock $ 3,204,952 $ 1,666,591
Year ended
December 31, December 31,
1999 1998
------------- -------------
Changes in Net Assets:
Contributions $ 2,175,935 $ 1,989,317
Net depreciation (144,172) (11,397)
Distributions to plan participants (6,070) (1,219)
Transfers (371,203) (1,242)
Loan Withdrawals (115,894) (52,027)
Administrative Expenses (235) (103)
------------- -------------
$ 1,538,361 $ 1,923,329
============= =============
5. Investment Contracts with Insurance Companies
The Managed Interest Income Fund, one of the Plan's investment funds, may
be invested in short-term money market instruments through the Fidelity
Short-Term Interest Fund and contracts with insurance companies, banks and
other financial institutions. The Managed Interest Income Fund continues to
maintain investments in fully benefit-responsive traditional and synthetic
guaranteed investment contracts with various insurance companies, banks,
and financial institutions. The fund is credited with earnings on the
underlying investments and charged for participant withdrawals and
administrative expenses. The contract is included in the financial
statements at contract value. Contract value represents contributions made
under the contract, plus earnings, less participant withdrawals and
administrative expenses. Participants may ordinarily direct the withdrawal
or transfer of all or a portion of their investment at contract value.
8
<PAGE>
There are no reserves against contract value for credit risk of the
contract issuer or otherwise. The average yield for the Managed Interest
Income Fund was 6.0% and 6.2% in 1999 and 1998, respectively. The weighted
average crediting interest rates for the investment contracts in 1999 and
1998 were 5.6% and 5.5%, respectively. At December 31, 1999 and 1998, the
fair value of the underlying assets of the synthetic GICs and the value of
the related "wrapper" contracts were $26,217,604 and $655,037,
respectively, and $19,054,730 and $(150,508), respectively. At December 31,
1999 and 1998, the contract value of the traditional GICs were $8,745,626
and $18,063,361, respectively.
6. Transfers to Other Plans
The Company also sponsors the Ryder System, Inc. Employee Savings Plan B
("Plan B") for salaried employees and Ryder Integrated Logistics field
hourly employees. Account balances of non-salaried employees in the Plan
who are subsequently promoted to a salaried position are transferred to
Plan B. Transfers to Plan B for 1999 and 1998 amounted to $605,149 and
$509,868, respectively.
On September 13, 1999, the Company sold Ryder Public Transportation
Services ("RPTS") to FirstGroup plc. Due to the sale of RPTS, plan assets
of $7,706,809 were transferred from the Plan in 1999 to a new plan
established by FirstGroup plc. In 1998, plan assets of $1,122,058 were
transferred from the Plan to other plans, due to the out-sourcing of
various information technology functions.
7. Related Party Transactions
The Plan holds shares of Ryder System, Inc. common stock and recorded
dividend income, net realized losses on sale and net unrealized
depreciation in value of these securities.
Certain Plan investments are shares of mutual funds managed by Fidelity
Management Company, which is affiliated with the Plan's current trustee
and, therefore, these transactions qualify as party-in-interest. Fees paid
by the Plan to Fidelity Management Company for investment management
services amounted to $177,432 and $169,334 for the years ended December 31,
1999 and 1998, respectively.
8. Plan Termination
While it has not expressed any intention to do so, the Company may amend or
terminate the Plan at any time. In the event of termination, Plan assets
are payable to each participant in a lump sum equal to the balance in the
participant's account.
9. Tax Status of the Plan
The Plan qualifies as a profit sharing plan under Section 401(a) of the
Internal Revenue Code of 1986, as amended, (the "Code") and also qualifies
as a cash or deferred arrangement under Section 401(k) of the Code and,
therefore, is exempt from federal income taxes under Section 501(a) of the
Code. A favorable tax determination letter dated August 26, 1996 has been
obtained from the Internal Revenue Service. Although the Plan has been
amended since receiving the determination letter, the Plan administrator
and the Plan's tax counsel believe that the Plan is designed and is
currently being operated in compliance with applicable requirements of the
Code.
9
<PAGE>
Under a plan qualified pursuant to Sections 401(a) and (k) of the Code,
participants generally will not be taxed on contributions or matching
contributions, or earnings thereon, until such amounts are distributed to
participants or their beneficiaries under the Plan. The tax-deferred
contributions and matching contributions are deductible by the Company for
tax purposes when those contributions are made, subject to certain
limitations set forth in Section 404 of the Code.
Participants or their beneficiaries will be taxed, at ordinary income tax
rates, on the amount they receive as a distribution from the Plan, at the
time they receive the distribution. However, if the participant or
beneficiary receives a lump sum payment of the balance under the Plan in a
single taxable year, and the distribution is made by reason of death,
disability or termination of employment of the participant, or after the
participant has attained age 59 1/2, then certain special tax rules may be
applicable.
10. Administrative Expenses
Administrative expenses of the Plan, consisting of investment management
fees, are paid by the participants. At its discretion, the Company may
elect to pay some administrative expenses. In 1999 and 1998, the Company
has not elected to pay any of these administrative expenses.
11. Reconciliation of Financial Statements to Forms 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
1999 1998
---- ----
<S> <C> <C>
Net assets available for benefits per the financial statements $ 168,948,374 $ 141,722,511
Amounts allocated to withdrawing participants (350,402) (389,787)
------------- -------------
Net assets available for benefits per the Form 5500 $ 168,597,972 $ 141,332,724
============= =============
</TABLE>
10
<PAGE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 1999
-----------------
Benefits paid to participants per the financial statements $ 9,743,452
Add: Amounts allocated to withdrawing participants at
December 31, 1999 350,402
Less: Amounts allocated to withdrawing participants at
December 31, 1998 (389,787)
------------
Benefits paid to participants per the Form 5500 $ 9,704,067
============
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for payment
prior to December 31 but not yet paid as of that date.
11
<PAGE>
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
SCHEDULE I
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT THE END OF THE PLAN YEAR DECEMBER 31, 1999
<TABLE>
<CAPTION>
NUMBER OF
SHARES, UNITS
OR PRINCIPAL MARKET
ISSUER AMOUNTS COST VALUE
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Ryder System, Inc. Common Stock Fund* 1,538,680 $ 14,473,952 $ 12,047,823
Fidelity Short-Term Interest Fund* 5,751,848 5,751,848 5,751,848
Fidelity Equity-Income Fund* 316,969 16,337,234 16,951,339
Putnam Voyager Fund A 1,649,588 26,085,846 51,071,244
Fidelity Contrafund* 267,908 13,756,223 16,079,774
Fidelity Diversified International Fund* 296,964 5,232,386 7,608,212
Fidelity Asset Manager Growth* 62,489 1,192,714 1,229,167
Fidelity Asset Manager* 31,326 566,882 575,781
Fidelity Asset Manager Income* 32,227 398,364 392,527
Fidelity U.S. Bond Index Fund* 50,989 545,562 519,237
Spartan U.S. Equity Index Fund* 41,940 1,750,963 2,184,660
Fidelity Aggressive Growth Fund* 80,195 3,102,180 4,782,053
Fidelity Growth Company Fund* 27,368 1,567,092 2,307,135
Participant Loans 10,457,949 10,457,949
---------------- -----------------
$ 90,761,246 $ 131,958,753
================ =================
* Represents a Party-In-Interest
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES, UNITS
RATE OF MATURITY OR PRINCIPAL CONTRACT MARKET
INVESTMENT CONTRACTS INTEREST DATE AMOUNTS VALUE VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TRADITIONAL GUARANTEED INVESTMENT CONTRACTS:
AIG Life Insurance Co. GIC-898 7.08% 6/30/00 356,794 $ 356,794 $ 354,710
Allstate Life Insurance Co. 6006 6.87% 4/2/01 1,452,605 1,452,605 1,385,307
Continental Assurance Co. GP-24037-006 6.04% 12/29/00 574,755 574,755 553,951
John Hancock Mutual Life Insurance Co. 8613 7.21% 10/2/00 1,296,601 1,296,601 1,261,913
Metropolitan Life GAC 24757 6.42% 12/29/00 824,114 824,114 799,483
Monumental Life Insurance Co. BDA00367TR-00 7.03% 3/31/00 1,176,839 1,176,839 1,141,948
Principal Life Insurance Co. 42112901 5.95% 9/29/00 510,250 510,250 498,551
Principal Life Insurance Co. 42112902 7.05% 6/29/00 1,026,000 1,026,000 1,003,418
Prudential Insurance Co. of America 007819 211 5.77% 7/31/00 1,527,668 1,527,668 1,492,856
---------- ---------- ----------
8,745,626 8,745,626 8,492,137
---------- ---------- ----------
SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:
AIG Financial Products Corp. 163083 6.48% 1/18/00 1,728,292 1,728,292 1,720,654
Chase Manhattan Bank 401078 5.95% 1/18/00 1,379,019 1,379,019 1,335,310
Chase Manhattan Bank 401266 5.11% 1/18/00 1,390,851 1,390,851 1,338,122
Deutsche Bank FID-RYD-2 5.18% 1/18/00 2,025,970 2,025,970 1,964,687
Deutsche Bank FID-RYD-1 5.75% 1/18/00 871,465 871,465 865,886
Monumental Life Insurance Co. BDA00367TR-05 5.10% 1/18/00 1,426,869 1,426,869 1,367,158
Monumental Life Insurance Co. BDA00367TR-03 5.86% 1/18/00 1,034,909 1,034,909 1,016,913
Monumental Life Insurance Co. BDA00367TR-10 5.82% 7/17/00 1,394,637 1,394,637 1,349,975
Monumental Life Insurance Co. BDA00626FR-09 6.67% 1/18/00 1,336,285 1,336,285 1,317,279
Monumental Life Insurance Co. BDA00367TR-02 6.16% 1/18/00 1,711,068 1,711,068 1,698,532
Morgan Guaranty RYDER03B 5.53% 1/18/00 2,013,286 2,013,286 1,889,263
Morgan Guaranty RYDER01A 6.02% 1/18/00 1,385,224 1,385,224 1,342,165
Morgan Guaranty RYDER02 5.98% 1/18/00 1,092,049 1,092,049 1,053,644
State Street Bank 98052 5.85% 1/18/00 1,040,730 1,040,730 1,022,135
Transamerica Life Insurance and Annuity Co. 76710 6.39% 1/25/00 1,378,257 1,378,257 1,344,898
Union Bank of Switzerland 2719 6.91% 3/27/00 1,376,128 1,376,128 1,378,375
Union Bank of Switzerland 2340 6.40% 4/6/00 1,731,229 1,731,229 1,726,228
Westdeutsche Landesbank WLB6125 5.70% 4/13/99 1,379,712 1,379,712 1,313,843
Westdeutsche Landesbank WLB6125 6.02% 1/6/98 1,176,661 1,176,661 1,172,537
---------- ---------- ----------
26,872,641 26,872,641 26,217,604
---------- ---------- ----------
---------- ---------- ----------
35,618,267 $ 35,618,267 $ 34,709,741
========== ============ ============
</TABLE>
12
<PAGE>
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
SCHEDULE II
FORM 5500, SCHEDULE H, LINE 4j
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
NO REPORTABLE TRANSACTIONS
13
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
------- -----------
23.1 Independent Auditors' Consent
14
