SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
THE RYLAND GROUP, INC.
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Name of Issuer
ESOP Series A Convertible Preferred Stock
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Title of Class of Securities
782999106
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CUSIP Number
1. NAME OF REPORTING PERSON: Ryland Retirement Savings Opportunity Plan
2. MEMBER OF A GROUP: a. N/A
b. N/A
3. SEC USE ONLY:
4. PLACE OF ORGANIZATION: N/A
NUMBER OF SHARES 5. Sole Voting Power: 0
BENEFICIALLY OWNED BY 6. Shared Voting Power: 416,744
REPORTING PERSON WITH: 7. Sole Dispositive Power: 0
8. Shared Dispositive Power: 416,744
9. AGGREGATE AMOUNT BENEFICIALLY OWNED: 416,744
10. AGGREGATE AMOUNT IN ROW 9 EXCLUDES SHARES: N/A
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 100%
12. TYPE OF REPORTING PERSON: EP
ITEM 1a. NAME OF ISSUER: THE RYLAND GROUP, INC.
ITEM 1b. ADDRESS OF ISSUER'S EXECUTIVE OFFICES:
The Ryland Group, Inc.
11000 Broken Land Parkway
Columbia, Maryland 21044
ITEM 2a. NAME OF PERSON FILING: Ryland Retirement Savings Opportunity Plan
ITEM 2b. ADDRESS OF PRINCIPAL BUSINESS OFFICE:
c/o Plan Sponsor
The Ryland Group, Inc.
11000 Broken Land Parkway
Columbia, Maryland 21044
ITEM 2c. CITIZENSHIP: N/A
ITEM 2d. TITLE OF CLASS SECURITIES: ESOP Series A Convertible Preferred
Stock
ITEM 2e. CUSIP NUMBER: 782999106
ITEM 3. The Person filing this statement is Employer Benefit Plan in
accordance with Rule 13d-1(b)(1)(ii)(F) of the Securities Exchange Act of
1934.
ITEM 4. OWNERSHIP:
a. Number of Shares Beneficially Owned: 416,744
b. Percent of Class: 100
c. Powers: No. of Shares
Sole power to vote or to direct the vote 0
Shared power to vote or to direct the vote 416,744
Sole power to vote or to direct the vote 0
Shared power to vote or to direct the vote 416,744
ITEM 5. OWNERSHIP OF 5% OR LESS OF A CLASS: N/A
ITEM 6. OWNERSHIP OF MORE THAN 5% ON BEHALF OF ANOTHER PERSON:
Beneficiaries of the Ryland Retirement Savings Opportunity Plan
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
N/A
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: N/A
ITEM 9. NOTICE OF DISSOLUTION OF GROUP: N/A
ITEM 10. CERTIFICATION:
By signing below, The Ryland Group, Inc., as Plan Sponsor, certifies that, to
the best of its knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of such securities and were not acquired
in connection with or as a participant in any transaction having such purpose
or effect.
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, The
Ryland Group, Inc., as Plan Sponsor, certifies that the information set forth
in this statement is true, complete and correct.
THE RYLAND GROUP, INC.
By /s/ Timothy J. Geckle
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Timothy J. Geckle
Senior Vice President
Date: 02.10.99
As of: 12.31.98
THE RYLAND GROUP, INC.
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