<PAGE>
UNITED STATES
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
For the fiscal year ended: December 31, 1999
----------------------------------------------
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 0-23214.
-------
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
SAMSONITE CORPORATION EMPLOYEE SAVINGS TRUST
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
SAMSONITE CORPORATION
11200 EAST 45TH AVENUE
DENVER, COLORADO 80239
<PAGE>
Samsonite Corporation
Employee Savings Trust
Financial Statements and Schedule
December 31, 1999 and 1998
(With Independent Auditors' Report Thereon)
<PAGE>
Samsonite Corporation
Employee Savings Trust
Table of Contents
================================================================================
<TABLE>
<S> <C>
Report of Independent Auditors - KPMG LLP 3
Report of Independent Certified Public Accountants - BDD Seidman, LLP 4
Financial Statements
Statement of Net Assets Available for Benefits - December 31, 1999 5
Statement of Net Assets Available for Benefits - December 31, 1998 6
Statement of Changes in Net Assets Available for Benefits -
Year Ended December 31, 1999 7
Notes to Financial Statements 8 - 13
Schedule 1 - Schedule of Assets Held for Investment Purposes 15
Signature Page 16
Exhibit 23.1 - Consent of KPMG LLP 17
Exhibit 23.2 - Consent of BDO Seidman, LLP 18
</TABLE>
2
<PAGE>
Report of Independent Auditors
Plan Administrator of Samsonite Corporation
Employee Savings Trust
We have audited the accompanying statement of net assets available for benefits
of the Samsonite Corporation Employee Savings Trust (the "Plan") as of December
31, 1999 and the statement of changes in net assets available for benefits for
the year then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on the 1999
financial statements based on our audit.
We conducted our audit 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. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the 1999 financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Samsonite
Corporation Employee Savings Trust as of December 31, 1999, and the changes in
net assets available for benefits for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the 1999 basic
financial statements taken as a whole. The supplemental schedule listed in the
accompanying table of contents 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. The supplemental schedule has been subjected to the
auditing procedures applied in the audit of the 1999 basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the 1999 basic financial statements taken as a whole.
/s/ KPMG LLP
Denver, Colorado
May 26, 2000
3
<PAGE>
Report of Independent Certified Public Accountants
Plan Administrator of Samsonite Corporation
Employee Savings Trust
We have audited the accompanying statement of net assets available for benefits
of the Samsonite Corporation Employee Savings Trust (the "Plan") as of December
31, 1998. This financial statement is the responsibility of the Plan's
management. Our responsibility is to express an opinion on this financial
statement based on our audit.
We conducted our audit 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 statement is 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. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statement referred to above presents fairly, in
all material respects, the net assets available for benefits of the Samsonite
Corporation Employee Savings Trust as of December 31, 1998, in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Fund Information in the statement of
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits. The
Fund Information has been subjected to the auditing procedures applied in the
audit of the statement of net assets available for benefits and, in our opinion,
is fairly stated in all material respects in relation to the statement of net
assets taken as a whole.
/s/ BDO Seidman, LLP
Denver, Colorado
June 3, 1999
4
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Net Assets Available for Benefits
================================================================================
<TABLE>
<CAPTION>
Investment Funds
-------------------------------------------------------------------------------------------------------------------------------
Fixed Equity
Income Income Balanced Index Growth
December 31, 1999 Fund Fund Funds Fund Funds
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (Note 3):
Mutual Funds
CIGNA Guaranteed Income Fund $ 11,278,090 $ - $ - $ - $ -
Fidelity Equity Income II Fund - 9,075,767 - - -
CIGNA Lifetime60 - - 202,767 - -
CIGNA Lifetime50 - - 718,569 - -
CIGNA Lifetime40 - - 4,423,939 - -
CIGNA Lifetime30 - - 99,879 - -
CIGNA Lifetime20 - - 90,776 - -
CIGNA Stock Market Index Fund - - - 7,219,122 -
Fidelity Contra Fund - - - - 3,763,738
Dreyfus Founders Growth Fund - - - - 1,306,555
CIGNA Small Company Stock Growth Fund - - - - 365,193
Janus Worldwide Fund - - - - -
Samsonite Common Stock - - - - -
Loans to participants - - - - -
-------------------------------------------------------------------------------------------------------------------------------
Total investments 11,278,090 9,075,767 5,535,930 7,219,122 5,435,486
-------------------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 11,278,090 $ 9,075,767 $ 5,535,930 $ 7,219,122 $ 5,435,486
===============================================================================================================================
<CAPTION>
Investment Funds
----------------------------------------------------------------------------------------------------------------------
Samsonite
Global Common Participant
December 31, 1999 Fund Stock Total Loans Total
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (Note 3):
Mutual Funds
CIGNA Guaranteed Income Fund $ - $ - $ 11,278,090 $ - $ 11,278,090
Fidelity Equity Income II Fund - - 9,075,767 - 9,075,767
CIGNA Lifetime60 - - 202,767 - 202,767
CIGNA Lifetime50 - - 718,569 - 718,569
CIGNA Lifetime40 - - 4,423,939 - 4,423,939
CIGNA Lifetime30 - - 99,879 - 99,879
CIGNA Lifetime20 - - 90,776 - 90,776
CIGNA Stock Market Index Fund - - 7,219,122 - 7,219,122
Fidelity Contra Fund - - 3,763,738 - 3,763,738
Dreyfus Founders Growth Fund - - 1,306,555 - 1,306,555
CIGNA Small Company Stock Growth Fund - - 365,193 - 365,193
Janus Worldwide Fund 4,389,965 - 4,389,965 - 4,389,965
Samsonite Common Stock - 277,670 277,670 - 277,670
Loans to participants - - - 480,217 480,217
-----------------------------------------------------------------------------------------------------------------------
Total investments 4,389,965 277,670 43,212,030 480,217 43,692,247
-----------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 4,389,965 $ 277,670 $ 43,212,030 $ 480,217 $ 43,692,247
=======================================================================================================================
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Net Assets Available for Benefits
================================================================================
<TABLE>
<CAPTION>
Investment Funds
---------------------------------------------------------------------------------------------------------------------------------
Fixed Equity Samsonite
Income Income Balanced Index Growth Global Common
December 31, 1998 Fund Fund Funds Fund Funds Fund Stock
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (Note 3):
Mutual Funds
CIGNA Guaranteed Income Fund $ 10,954,984 $ - $ - $ - $ - $ - $ -
Fidelity Equity Income II Fund - 9,591,315 - - - - -
CIGNA Lifetime60 - - 115,395 - - - -
CIGNA Lifetime50 - - 418,605 - - - -
CIGNA Lifetime40 - - 4,818,862 - - - -
CIGNA Lifetime30 - - 86,675 - - - -
CIGNA Lifetime20 - - 47,251 - - - -
CIGNA Stock Market Index Fund - - - 6,871,614 - - -
Fidelity Contra Fund - - - - 2,996,791 - -
Dreyfus Founders Growth Fund - - - - 964,166 - -
CIGNA Small Company Stock Growth Fund - - - - 214,924 - -
Janus Worldwide Fund - - - - - 2,628,557 -
Samsonite Common Stock - - - - - - 128,066
Loans to participants - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
Total investments 10,954,984 9,591,315 5,486,788 6,871,614 4,175,881 2,628,557 128,066
---------------------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 10,954,984 $ 9,591,315 $ 5,486,788 $ 6,871,614 $ 4,175,881 $ 2,628,557 $ 128,066
=================================================================================================================================
<CAPTION>
====================================================================================
Participant
December 31, 1998 Total Loans Total
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets:
Investments, at fair value (Note 3):
Mutual Funds
CIGNA Guaranteed Income Fund $ 10,954,984 $ - $ 10,954,984
Fidelity Equity Income II Fund 9,591,315 - 9,591,315
CIGNA Lifetime60 115,395 - 115,395
CIGNA Lifetime50 418,605 - 418,605
CIGNA Lifetime40 4,818,862 - 4,818,862
CIGNA Lifetime30 86,675 - 86,675
CIGNA Lifetime20 47,251 - 47,251
CIGNA Stock Market Index Fund 6,871,614 - 6,871,614
Fidelity Contra Fund 2,996,791 - 2,996,791
Dreyfus Founders Growth Fund 964,166 - 964,166
CIGNA Small Company Stock Growth Fund 214,924 - 214,924
Janus Worldwide Fund 2,628,557 - 2,628,557
Samsonite Common Stock 128,066 - 128,066
Loans to participants - 712,320 712,320
-------------------------------------------------------------------------------------
Total investments 39,837,205 712,320 40,549,525
-------------------------------------------------------------------------------------
Net assets available for benefits $ 39,837,205 $ 712,320 $ 40,549,525
=====================================================================================
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Changes in Net Assets Available for Benefits
================================================================================
<TABLE>
<CAPTION>
Investment Funds
---------------------------------------------------------------------------------------------------------------------------------
Fixed Equity Samsonite
Income Income Balanced Index Growth Global Common
Year Ended December 31, 1999 Fund Fund Funds Fund Funds Fund Stock
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income $ 621,246 $ -- $ -- $ -- $ -- $ -- $ --
Net realized and unrealized
appreciation (depreciation)
of investments -- 406,239 893,561 1,302,319 1,220,245 1,636,504 (490)
Employee contributions 426,361 481,220 258,137 395,743 384,914 236,091 57,760
Employer contributions 168,745 157,301 104,006 128,208 135,040 78,404 15,045
Interest on Participant Loans 16,499 10,325 5,252 6,542 5,226 2,764 114
---------------------------------------------------------------------------------------------------------------------------------
Total additions 1,232,851 1,055,085 1,260,956 1,832,812 1,745,425 1,953,763 72,429
---------------------------------------------------------------------------------------------------------------------------------
Deductions:
Benefits and distributions (1,849,307) (1,127,414) (980,923) (1,031,389) (514,883) (351,063) (33,014)
Administrative expenses (29,245) (304) (1,592) (392) (698) (237) (2,081)
---------------------------------------------------------------------------------------------------------------------------------
Total deductions (1,878,552) (1,127,718) (982,515) (1,031,781) (515,581) (351,300) (35,095)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (645,701) (72,633) 278,441 801,031 1,229,844 1,602,463 37,334
Loans Granted (47,721) (16,844) (11,999) (9,939) (30,731) (23,099) (1,208)
Loan Principal Paid 103,097 55,406 32,011 33,800 23,507 37,308 458
Interfund transfers 913,431 (481,477) (249,311) (477,384) 36,985 144,736 113,020
---------------------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, beginning of year 10,954,984 9,591,315 5,486,788 6,871,614 4,175,881 2,628,557 128,066
---------------------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, end of year $ 11,278,090 $ 9,075,767 $ 5,535,930 $ 7,219,122 $ 5,435,486 $ 4,389,965 $ 277,670
=================================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------
Participant
Year Ended December 31, 1999 Total Loans Total
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Additions:
Interest income $ 621,246 $ -- $ 621,246
Net realized and unrealized appreciation
(depreciation) of investments 5,458,378 -- 5,458,378
Employee contributions 2,240,226 -- 2,240,226
Employer contributions 786,749 -- 786,749
Interest on Participant Loans 46,722 214 46,936
-----------------------------------------------------------------------------------------------
Total additions 9,153,321 214 9,153,535
-----------------------------------------------------------------------------------------------
Deductions:
Benefits and distributions (5,887,993) (88,271) (5,976,264)
Administrative expenses (34,549) -- (34,549)
-----------------------------------------------------------------------------------------------
Total deductions (5,922,542) (88,271) (6,010,813)
-----------------------------------------------------------------------------------------------
Net increase (decrease) 3,230,779 (88,057) 3,142,722
Loans Granted (141,541) 141,541 --
Loan Principal Paid 285,587 (285,587) --
Interfund transfers -- -- --
-----------------------------------------------------------------------------------------------
Net assets available for
benefits, beginning of year 39,837,205 712,320 40,549,525
-----------------------------------------------------------------------------------------------
Net assets available for
benefits, end of year $ 43,212,030 $ 480,217 $ 43,692,247
===============================================================================================
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
1. Description of The following description of the Samsonite Corporation
the Plan Employee Savings Trust (the Plan) provides only general
information. Participants should refer to the plan
agreement for a more complete description of the Plan's
provisions.
General
The Plan is a defined contribution 401(k) retirement plan
covering substantially all nonunion employees of Samsonite
Corporation and its subsidiaries (the Company). CIGNA
Retirement and Investment Services (CIGNA) is the
Administrator of the Plan. CG Trust Company is the Trustee
of the Plan. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
Eligibility
Full-time and part-time employees of the Company excluding
hourly sales employees of Samsonite Company Stores, are
eligible to participate in the Plan as of the first day of
the month following their date of hire.
Contributions
Plan participants may contribute to the Plan up to 17% of
their compensation, as defined. The Company makes matching
contributions of 50% of the first 6% of participant
contributions. For the year ended December 31, 1999, the
first $10,000 of an employee's contribution is on a
before-tax basis; contributions in excess of $10,000 are on
an after-tax basis. The pre-tax contribution limit is
indexed annually for inflation.
Participant Accounts
Each participant's account is credited with the
participant's contribution, the Company's matching
contribution and an allocation of Plan earnings. Plan
earnings are allocated to individual accounts based on
each participant's account balance.
8
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
Participants may direct contributions, in multiples of 1% increments,
to the following investment options provided by CIGNA:
(1) Fixed Income Fund - This fund consists of the CIGNA
-----------------
Guaranteed Income Fund, a fund that seeks to preserve
capital plus provide fixed income returns.
(2) Equity Income Fund - This fund consists of the
------------------
Fidelity Equity Income II Fund, a fund that seeks a
combination of capital growth and current income.
(3) Balanced Funds- The balanced funds consist of the
--------------
CIGNA Lifetime Funds. This group of funds is based on
the life-cycle theory of investing that different
bond/stock mixes are appropriate for individuals at
different stages of their lives. These funds seek a
combination of growth, income and capital preservation
through stocks, bonds, and short-term investments.
These funds include the CIGNA Lifetime20, CIGNA
Lifetime30, CIGNA Lifetime40, CIGNA Lifetime50 and CIGNA
Lifetime60 funds.
(4) Index Fund - This fund consists of the CIGNA Stock
----------
Market Index Fund. This fund invests in common stocks
that seek to match the performance of the Standard &
Poor's 500 Composite Stock Price Index.
(5) Growth Funds - The growth funds consist of the
------------
Fidelity Contra Fund, the Dreyfus Founders Growth Fund
and the Small Company Stock Growth Fund. These funds
seek long-term capital appreciation from equities.
(6) Global Fund - This fund consists of the Janus
-----------
Worldwide Fund, a fund that seeks capital growth and
diversification benefits from investments in foreign and
domestic stock markets.
(7) Samsonite Common Stock - This fund is invested in
----------------------
shares of the Company's common stock. The fund is
comprised of the underlying Company stock and a
short-term cash component to provide liquidity for daily
trading.
9
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
Vesting
Participants' contributions to the Plan and earnings
thereon are 100% vested. Participants become vested in
the Company's matching contributions and related
earnings based on years of service as follows:
Years of Service Vested Percentage
--------------------------------------------------------------
Less than three 0%
At least three but less than five 50%
Five or more 100%
==============================================================
Participants' accounts become fully vested upon death,
total disability, reaching normal retirement age, or
termination of the Plan. Forfeited employer
contributions are used to reduce employer matching
contributions and/or administrative expenses. Plan
administrative expenses were reduced by $28,118 from
forfeited non-vested accounts in 1999. Forfeitures
available to offset future employer contributions and
Plan administrative expenses are $321,739 and $73,108 as
of December 31, 1999 and 1998, respectively.
Payment of Benefits
Upon termination of service due to death, disability or
retirement, or upon reaching age 59-1/2, a participant
may elect to receive either a lump-sum amount equal to
the value of the participant's vested interest in his or
her account, or annual installments over ten or fewer
years.
Participant Loans
Participants may borrow from their contribution fund
account a maximum amount equal to the lesser of $50,000
or 50% of their account balance. Loan transactions are
treated as transfers between the investment funds and
the Participant Loans fund. Loan terms range from one to
five years or up to 15 years for the purchase of a primary
residence. The loans are secured by the balance in the
participant's account and bear interest at a rate similar to
local prevailing rates. Interest rates on current loans
range from 6% to 10%. Loan repayments are made in equal
installments through payroll deductions.
Plan Termination
Although it has not expressed any intent to do so, the
Company has the right to discontinue contributions at
any time and terminate the Plan, subject to the
provisions of ERISA. In the event the Plan is
terminated, the accounts of all participants would
become fully vested, and the assets would be distributed
among the participants in accordance with the terms set
forth in the Plan.
10
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
Administrative Expenses
Most administrative expenses of the Plan are paid by the
Plan. In addition, the Company has provided certain
services to and paid certain expenses of the Plan
without reimbursement.
Tax Status
The Plan obtained its latest determination letter on
August 20, 1999, in which the Internal Revenue Service
stated that the Plan, as then designed, was in
compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provisions for
income taxes has been included in the Plan's financial
statements
11
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
2. Summary of Basis of Accounting
Significant
Accounting The accompanying financial statements have been prepared on
Policies and the accrual basis of accounting.
Practices
Valuation of Investments
Mutual funds and the value of Samsonite Common Stock are
determined by quoted market prices, where available.
Participant loans are valued at cost, which approximates
fair value. Purchases and sales of securities are recorded
as of the trade date. Interest is recognized as earned,
dividends are recognized on the ex-dividend date.
Use of Estimates
Management of the Plan has made a number of estimates and
assumptions relating to the reporting of assets and
liabilities and the disclosure of contingent assets and
liabilities and additions and deductions to net assets
available for benefits to prepare these financial statements
in conformity with generally accepted accounting principles.
Actual results could differ significantly from those
estimates.
Payment of Benefits
Benefits are recorded when paid.
3. Investments The fair value of investments that individually represent
5% or more of the Plan's net assets are as follows:
December 31, 1999 1998
------------------------------------------------------------
CIGNA Guaranteed Income Fund $ 11,278,090 $ 10,954,984
CIGNA Lifetime40 4,423,939 4,818,862
Fidelity Equity Income II Fund 9,075,767 9,591,315
Stock Market Index Fund 7,219,122 6,871,614
Fidelity Contra Fund 3,763,738 2,996,791
Janus Worldwide Fund 4,389,965 2,628,557
12
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statement
================================================================================
Additional disclosures related to significant investments shown
in the Statement of Net Assets Available for benefits are as
follows:
<TABLE>
<CAPTION>
Other
CIGNA CIGNA Total Fidelity Other Total
Lifetime 40 Lifetime Balanced Contra Growth Growth
Fund Funds Funds Fund Funds Funds
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Interest income $ - $ - $ - $ - $ - $ -
Net Appreciation
(depreciation) of
investments 769,349 124,212 893,561 752,179 468,066 1,220,245
Employee contributions 183,803 74,334 258,137 247,975 136,939 384,914
Employer contributions 74,369 29,637 104,006 90,558 44,482 135,040
Interest on participant
loans 4,557 695 5,252 3,842 1,384 5,226
--------------------------------------------------------------------------------------
Total additions 1,032,078 228,878 1,260,956 1,094,554 650,871 1,745,425
--------------------------------------------------------------------------------------
Deductions:
Benefits and distributions (769,698) (211,225) (980,923) (317,728) (197,155) (514,883)
Administrative expenses (1,302) (290) (1,592) (344) (354) (698)
--------------------------------------------------------------------------------------
Total deductions (771,000) (211,515) (982,515) (318,072) (197,509) (515,581)
--------------------------------------------------------------------------------------
Net Increase (decrease) 261,078 17,363 278,441 776,482 453,362 1,229,844
Loans Granted (10,434) (1,565) (11,999) (25,973) (4,758) (30,731)
Loan Principal paid 28,515 3,496 32,011 17,113 6,394 23,507
Interfund transfers (674,082) 424,771 (249,311) (675) 37,660 36,985
--------------------------------------------------------------------------------------
Net assets available
for benefits, beginning
of year 4,818,862 667,926 5,486,788 2,996,791 1,179,090 4,175,881
--------------------------------------------------------------------------------------
Net assets available
for benefits, end of year $4,423,939 $1,111,991 $5,535,930 $3,763,738 $1,671,748 $5,435,486
======================================================================================
</TABLE>
13
<PAGE>
Supplemental Schedule
================================================================================
<PAGE>
Samsonite Corporation
Employee Savings Trust
Schedule 1 - Schedule of Assets Held for Investment Purposes
================================================================================
<TABLE>
<CAPTION>
December 31, 1999
-----------------------------------------------------------------------------------------------------------------
Number Current
Identity of issue of shares value
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CIGNA Guaranteed Income Fund 376,995 $ 11,278,090
Fidelity Equity Income II Fund 197,417 9,075,767
CIGNA Lifetime60 11,569 202,767
CIGNA Lifetime50 35,206 718,569
CIGNA Lifetime40 202,652 4,423,939
CIGNA Lifetime30 4,397 99,879
CIGNA Lifetime20 3,829 90,776
CIGNA Stock Market Index Fund 91,660 7,219,122
Fidelity Contra Fund 36,967 3,763,738
Dreyfus Founders Growth Fund 34,477 1,306,555
CIGNA Small Company Stock Growth Fund 23,291 365,193
Janus Worldwide Fund 49,062 4,389,965
Samsonite Common Stock (cost of $332,636) 47,732 277,670
Participant loans, at interest rates ranging from 6%-10% 480,217
----------
$ 43,692,247
==========
</TABLE>
All investments are held by Connecticut General Life
Insurance, which is a party-in-interest.
See accompanying report of independent auditors
15
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
Samsonite Corporation Employee Savings Trust
________________________
Date: June 28, 2000 By: /s/ Richard H. Wiley
---------------------------------------------
Richard H. Wiley
Samsonite Corporation
Chief Financial Officer, Treasurer and Secretary
16
