SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT (Mark One) [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________. Commission file number 0-981 ----- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: PUBLIX SUPER MARKETS, INC. 1936 GEORGE JENKINS BOULEVARD LAKELAND, FLORIDA 33815 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Index to Financial Statements and Schedules Independent Auditors' Report Financial Statements: Statement of Net Assets Available for Plan Benefits, with Fund Information - December 31, 1999 Statement of Net Assets Available for Plan Benefits, with Fund Information - December 31, 1998 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information - Year ended December 31, 1999 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information - Year ended December 31, 1998 Notes to Financial Statements Schedules: 1 Schedule of Assets Held for Investment Purposes - December 31, 1999 2 Schedule of Reportable Transactions - Year ended December 31, 1999 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Plan Administrator of the Publix Super Markets, Inc. 401(k) SMART Plan: We have audited the accompanying statements of net assets available for plan benefits, with fund information, of the Publix Super Markets, Inc. 401(k) SMART Plan (the "Plan") as of December 31, 1999 and 1998, and the related statements of changes in net assets available for plan benefits, with fund information, 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 performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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 schedules are the responsibility of the Plan's management. The fund information in the statements of net assets available for plan benefits and the statements of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information 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. KPMG LLP Tampa, Florida June 2, 2000 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Statement of Net Assets Available for Plan Benefits, with Fund Information December 31, 1999 Asset Allocation Fund ------------------------------------------ Aggressive Participant International Growth Assets Loans Fund Long-Term Medium-Term Short-Term Fund ------ ----- ---- --------- ----------- ---------- ---- Investments $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967 Employer Contribution Receivable --- --- --- --- --- --- ----------- --------- ------- --------- ------- ---------- Total Assets $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967 =========== ========= ======= ========= ======= ========== Net Assets Available for Plan Benefits: Active Participants $17,902,223 1,161,436 353,911 2,873,015 137,256 32,359,182 Non-active Participants --- 200,837 52,749 387,471 10,779 4,219,785 ----------- --------- ------- --------- ------- ---------- $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967 =========== ========= ======= ========= ======= ========== Publix Equity Fixed Stock Index Income Assets Fund Fund Fund Total ------ ---- ---- ---- ----- Investments $203,221,170 13,904,993 7,265,770 284,050,577 Employer Contribution Receivable 12,783,088 --- --- 12,783,088 ------------ ---------- --------- ----------- Total Assets 216,004,258 13,904,993 7,265,770 296,833,665 ============ ========== ========= =========== Net Assets Available for Plan Benefits: Active Participants 194,812,943 12,387,780 6,463,179 268,450,925 Non-active participants 21,191,315 1,517,213 802,591 28,382,740 ------------ ---------- --------- ----------- $216,004,258 13,904,993 7,265,770 296,833,665 ============ ========== ========= =========== See accompanying notes to financial statements. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Statement of Net Assets Available for Plan Benefits, with Fund Information December 31, 1998 Asset Allocation Fund -------------------------------------------- Aggressive Participant International Growth Assets Loans Fund Long-Term Medium-Term Short-Term Fund ------ ----- ---- --------- ----------- ---------- ---- Investments $9,606,168 106,720 68,187 2,487,019 18,108 24,078,120 Employer Contribution Receivable --- --- --- --- --- --- ---------- ------- ------ --------- ------ ---------- Total Assets $9,606,168 106,720 68,187 2,487,019 18,108 24,078,120 ========== ======= ====== ========= ====== ========== Net Assets Available for Plan Benefits: Active Participants $9,606,168 101,739 62,541 2,231,297 17,549 21,776,307 Non-active Participants --- 4,981 5,646 255,722 559 2,301,813 ---------- ------- ------ --------- ------ ---------- $9,606,168 106,720 68,187 2,487,019 18,108 24,078,120 ========== ======= ====== ========= ====== ========== Publix Equity Fixed Stock Index Income Assets Fund Fund Fund Total ------ ---- ---- ---- ----- Investments $177,732,891 9,695,217 4,591,685 228,384,115 Employer Contribution Receivable 11,484,147 --- --- 11,484,147 ------------ --------- --------- ----------- Total Assets 189,217,038 9,695,217 4,591,685 239,868,262 ============ ========= ========= =========== Net Assets Available for Plan Benefits: Active Participants 176,261,880 8,835,614 4,126,108 223,019,203 Non-active participants 12,955,158 859,603 465,577 16,849,059 ------------ --------- --------- ----------- $189,217,038 9,695,217 4,591,685 239,868,262 ============ ========= ========= =========== See accompanying notes to financial statements. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information Year ended December 31, 1999 Asset Allocation Fund --------------------------------------- Aggressive Participant International Growth Loans Fund Long-Term Medium-Term Short-Term Fund ----- ---- --------- ----------- ---------- ---- Contributions: Employee $ --- 284,165 256,500 983,570 100,834 8,009,150 Employer - Stock --- --- --- --- --- --- ----------- --------- ------- --------- ------- ---------- Total Contributions --- 284,165 256,500 983,570 100,834 8,009,150 ----------- --------- ------- --------- ------- ---------- Investment Income (Loss): Net Appreciation (Depreciation) --- 166,185 35,884 306,614 4,013 1,408,476 Dividends --- 33,756 --- --- --- 5,361,831 Interest --- --- --- --- --- --- ----------- --------- ------- --------- ------- ---------- Total Investment Income (Loss) --- 199,941 35,884 306,614 4,013 6,770,307 ----------- --------- ------- --------- ------ ---------- Participant Loans 8,296,055 (10,182) 1,000 (100,985) (1,617) (948,209) ----------- --------- ------- --------- ------- ---------- Total Increase in Plan Assets 8,296,055 473,924 293,384 1,189,199 103,230 13,831,248 ----------- --------- ------- --------- ------- ---------- Distributions to Participants --- (23,909) (16,564) (170,784) (7,553) (1,592,838) Interfund Transfers --- 805,538 61,653 (244,948) 34,250 262,437 ----------- --------- ------- --------- ------- ---------- Total Increase (Decrease) in Plan Assets --- 781,629 45,089 (415,732) 26,697 (1,330,401) ----------- --------- ------- --------- ------- ---------- Net Increase in Plan Assets 8,296,055 1,255,553 338,473 773,467 129,927 12,500,847 Net Assets Available for Plan Benefits: Beginning of year 9,606,168 106,720 68,187 2,487,019 18,108 24,078,120 ----------- --------- ------- --------- ------- ---------- End of year $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967 =========== ========= ======= ========= ======= ========== Publix Equity Fixed Stock Index Income Fund Fund Fund Total ---- ---- ---- ----- Contributions: Employee $ 39,586,898 3,434,932 2,140,115 54,796,164 Employer - Stock 12,783,088 --- --- 12,783,088 ------------ ---------- --------- ----------- Total Contributions 52,369,986 3,434,932 2,140,115 67,579,252 ------------ ---------- --------- ----------- Investment Income (Loss): Net Appreciation (Depreciation) (7,375,255) 2,195,781 --- (3,258,302) Dividends 928,543 --- --- 6,324,130 Interest 270,707 --- 340,920 611,627 ------------ ---------- --------- ----------- Total Investment Income (Loss) (6,176,005) 2,195,781 340,920 3,677,455 ------------ ---------- --------- ----------- Participant Loans (6,967,288) (445,586) (236,364) (413,176) ------------ ---------- --------- ----------- Total Increase in Plan 39,226,693 5,185,127 2,244,671 70,843,531 Assets ------------ ---------- --------- ----------- Distributions to Participants (10,971,403) (635,970) (459,107) (13,878,128) Interfund Transfers (1,468,070) (339,381) 888,521 --- ------------ ---------- --------- ----------- Total Increase (Decrease) in Plan Assets (12,439,473) (975,351) 429,414 (13,878,128) ------------ ---------- --------- ----------- Net Increase in Plan Assets 26,787,220 4,209,776 2,674,085 56,965,403 Net Assets Available for Plan Benefits: Beginning of year 189,217,038 9,695,217 4,591,685 239,868,262 ------------ ---------- --------- ----------- End of year $216,004,258 13,904,993 7,265,770 296,833,665 ============ ========== ========= =========== See accompanying notes to financial statements. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information Year ended December 31, 1998 Asset Allocation Fund ------------------------------------------------------- Participant International Loans Fund Strategic Long-Term Medium-Term Short-Term ----- ---- --------- --------- ----------- ---------- Contributions: Employee $ --- 29,020 465,411 31,935 435,584 8,393 Employer - Stock --- --- --- --- --- --- ---------- ------- ---------- ------- --------- ------ Total Contributions --- 29,020 465,411 31,935 435,584 8,393 ---------- ------- ---------- ------- --------- ------ Investment Income (Loss): Net Appreciation (Depreciation) --- (12,690) 197,362 4,921 35,363 97 Dividends --- 6,068 29,253 --- --- --- Interest --- --- --- --- --- --- ---------- ------- ---------- ------- --------- ------ Total Investment Income (Loss) --- (6,622) 226,615 4,921 35,363 97 ---------- ------- ---------- ------- --------- ------ Participant Loans 5,687,448 (6,021) (36,383) 2,132 (26,541) (3) ---------- ------- ---------- ------- --------- ------ Total Increase in Plan Assets 5,687,448 16,377 655,643 38,988 444,406 8,487 ---------- ------- ---------- ------- --------- ------ Distributions to Participants --- (60) (62,822) (1,106) (69,444) (23) Interfund Transfers --- 90,403 (2,826,456) 30,305 2,112,057 9,644 ---------- ------- ---------- ------- --------- ------ Total Increase (Decrease) in Plan Assets --- 90,343 (2,889,278) 29,199 2,042,613 9,621 ---------- ------- ---------- ------- --------- ------ Net Increase (Decrease) in 5,687,448 106,720 (2,233,635) 68,187 2,487,019 18,108 Plan Assets Net Assets Available for Plan Benefits: Beginning of year 3,918,720 --- 2,233,635 --- --- --- ---------- ------- ---------- ------- --------- ------ End of year $9,606,168 106,720 --- 68,187 2,487,019 18,108 ========== ======= ========== ======= ========= ====== Aggressive Publix Equity Fixed Growth Stock Index Income Fund Fund Fund Fund Total ---- ---- ---- ---- ----- Contributions: Employee $ 7,197,897 27,332,392 2,837,026 1,763,034 40,100,692 Employer - Stock --- 11,484,147 --- --- 11,484,147 ----------- ----------- ---------- --------- ----------- Total Contributions 7,197,897 38,816,539 2,837,026 1,763,034 51,584,839 ----------- ----------- ---------- --------- ----------- Investment Income (Loss): Net Appreciation (Depreciation) 4,224,133 54,899,858 2,160,681 256,667 61,766,392 Dividends 1,777,999 659,556 --- --- 2,472,876 Interest --- 217,806 --- --- 217,806 Total Investment ----------- ----------- ---------- --------- ----------- Income (Loss) 6,002,132 55,777,220 2,160,681 256,667 64,457,074 ----------- ----------- ---------- --------- ----------- Participant Loans (874,106) (4,247,355) (375,090) (156,145) (32,064) ------------ ----------- ---------- --------- ----------- Total Increase in Plan Assets 12,325,923 90,346,404 4,622,617 1,863,556 116,009,849 ----------- ----------- ---------- --------- ----------- Distributions to Participants (956,622) (5,220,767) (381,467) (231,646) (6,923,957) Interfund Transfers (5,825,026) 8,579,244 (1,598,292) (571,879) --- ----------- ----------- ---------- --------- ----------- Total Increase (Decrease) in Plan Assets (6,781,648) 3,358,477 (1,979,759) (803,525) (6,923,957) ----------- ----------- ---------- --------- ----------- Net Increase (Decrease) in 5,544,275 93,704,881 2,642,858 1,060,031 109,085,892 Plan Assets Net Assets Available for Plan Benefits: Beginning of year 18,533,845 95,512,157 7,052,359 3,531,654 130,782,370 ----------- ----------- ---------- --------- ----------- End of year $24,078,120 189,217,038 9,695,217 4,591,685 239,868,262 =========== =========== ========== ========= =========== See accompanying notes to financial statements. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (1) Description of Plan and Summary of Accounting Policies ------------------------------------------------------ The following description of the Publix Super Markets, Inc. 401(k) SMART Plan (the "Plan") provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan's provisions. The Plan, which became effective January 1, 1995, is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Employees of Publix Super Markets, Inc. and its wholly owned subsidiary Publix Alabama, Inc. (the "Company" or "Publix") who have attained the age of 19 and have completed one year of service during which they are credited 1,000 or more hours are eligible to participate in the Plan. The Plan year is a calendar year. (a) Contributions ------------- During Plan years 1999 and 1998, employees could contribute up to 8% and 6%, respectively, of their annual compensation, not to exceed the maximum limits established by Federal law. The Company may make a discretionary annual matching contribution to eligible participants of the Plan as determined by the Company's Board of Directors. During 1999 and 1998, the Company's Board of Directors approved a match of 50% of eligible contributions up to 3% of eligible wages not to exceed a maximum match of $750 per employee. The match, determined as of the last day of the Plan year, was in the form of common stock of the Company. (b) Participant Accounts -------------------- Two separate accounts are maintained for each participant, a Savings Contribution Account and a Matching Contribution Account (the "Accounts"). Plan earnings are allocated and credited to the Accounts as of each valuation date. Each participant's share of earnings is determined by the Plan Administrator on a weighted average basis, so that each participant receives a pro-rata share. Forfeitures of non-vested Company contributions by separated or former participants are used to reduce future Company matching contributions. Forfeitures, and earnings thereon, totaled $399,494 and $285,840 for the years ended December 31, 1999 and 1998, respectively. (c) Vesting ------- Participants are immediately vested in their contributions and earnings thereon. Company matching contributions and earnings thereon are 100% vested upon completing five years of credited service, reaching age 60, disability or death. Matching contributions cannot be withdrawn or distributed until vested. (Continued) PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (d) Loans to Participants --------------------- All actively employed Plan participants with available account balances may apply for a loan from their Accounts. The minimum amount a participant may borrow is $1,000. The maximum amount that a participant may borrow is the lesser of: 1) 50% of the balances in the participant's Savings Contribution Account and vested Matching Contribution Account; or 2) $50,000 less the participant's highest outstanding loan balance during the previous twelve month period. However, the actual loan amount cannot exceed the balance in the participant's Savings Contribution Account. Participants may request one loan each year and may only have one outstanding loan at a time. All legal and administrative costs incurred as a result of a loan are paid by the participant. The interest rate is determined by the Primary Trustee as of the first day of each calendar quarter and represents the prime lending rate charged by the Primary Trustee. The interest rate on a loan is fixed for the term of the loan. A participant can choose repayment terms of up to five years. Repayment of principal and interest are made through after-tax payroll deductions each pay period. Repayment of principal and interest are credited to the participant's Savings Contribution Account and reinvested according to the participant's current investment options. Upon separation of employment all unpaid principal and accrued interest on any loan outstanding is immediately due and payable. Participants may repay a loan in total at any time after the loan has been in effect for at least one year. (e) Termination of Plan ------------------- The Company expects to continue the Plan indefinitely, but is not contractually obligated to do so. The Company reserves the right to amend or discontinue the Plan at any time. If the Plan is ever terminated, participants will be fully vested in all amounts credited to their accounts. (f) Distribution of Benefits ------------------------ Upon reaching age 59 1/2, a participant who is actively employed by the Company may elect to withdraw all or a portion of his/her Savings Contribution Account and the vested portion of his/her Matching Contribution Account. The minimum withdrawal amount is $1,000 or the vested balance in the Accounts if less than $1,000. A participant who reaches age 70 1/2 may begin receiving a distribution of benefits on or before April 1st of the calendar year following the year in which the participant reaches age 70 1/2 or retires, whichever is later. Upon separation of employment with the Company, participants may elect to receive full distribution of their Savings Contribution Account and their vested Matching Contribution Account balances as of the valuation date immediately preceding the date of distribution. If the value of the participant's vested Accounts is $5,000 or less, the participant will receive an automatic distribution from the Plan no later than 60 days after the end of the Plan year in which the participant separates from employment. If the value of the participant's Savings Contribution Account and vested Matching Contribution Account exceeds $5,000, the participant may elect to defer distribution. Payment of deferred distributions must be made no later than 60 days after the end of the Plan year in which the participant reaches age 62. -2- (Continued) PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (g) Basis of Accounting ------------------- The financial statements of the Plan are prepared under the accrual basis of accounting. (h) Investments ----------- The market value of Publix Super Markets, Inc. common stock is determined by the Company's Board of Directors based upon appraisals prepared by an independent appraiser. Guaranteed investment contracts are carried at contract value, which approximates market value. The market value of other investments is determined based upon quoted market prices. (i) Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles and ERISA requires the Plan to make estimates and assumptions that affect the reported amounts of net assets available for plan benefits and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of changes in net assets available for plan benefits during the reporting period. Actual results could differ from those estimates. (2) Administration of the Plan -------------------------- The Primary Trustee for the Plan, Chase Manhattan Bank, N.A., is responsible for maintaining custody of the investment funds and other assets in which the employee contributions are invested, excluding Publix stock. The Publix Stock Fund Trustee, Tina P. Johnson, is responsible for maintaining the Publix Stock Fund for participants. Metropolitan Life Insurance Company serves as the third-party Plan Administrator. The Plan administration costs are paid by Publix. (3) Investments ----------- The Plan consists of the following investment options: (a) International Fund ------------------ This fund seeks long-term capital growth by investing in stocks and debt obligations of companies and governments outside the United States. International investments contain additional risks not associated with U.S. domestic issues. The fund can be expected to experience wider variation in its value than the other funds described herein. The "Templeton Foreign Fund - Class A" has been selected as the investment vehicle for the International Fund. This fund is generally diversified across approximately 40 countries and more than 30 different industries. This fund is designed for long-term investors who seek growth of capital and can tolerate the greater risks associated with investments in foreign securities. -3- (Continued) PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (b) Asset Allocation Fund --------------------- This fund is a growth and income fund which uses an asset allocation approach. The fund may consist of common and preferred stocks, governmental and corporate bonds, and other securities or investment opportunities designed to provide for both current income and capital appreciation. The fund can be expected to experience wider variation in its value than the Fixed Income Fund. Three MetLife/UAM TimeStyle Portfolios have been selected as the investment vehicles for the Asset Allocation Fund. These portfolios offer diversification by automatically blending risk across different types of investments. The assets in these portfolios are rebalanced periodically to ensure that the asset allocation is consistent over time. MetLife/UAM Long-Term TimeStyle Portfolio ----------------------------------------- This portfolio seeks to provide long-term growth of capital by utilizing an aggressive balanced approach. This portfolio is expected to be approximately 80% invested in equities, including exposure to global markets, and 20% invested in U.S. investment-grade bonds. This is a growth portfolio for use by aggressive investors. MetLife/UAM Medium-Term TimeStyle Portfolio ------------------------------------------- This portfolio seeks to provide growth of capital and a moderate level of income by utilizing a moderate balanced approach. This portfolio is expected to be approximately 60% invested in equities, including exposure to global markets, and 40% invested in U.S. investment-grade bonds or short-term securities. This is a growth and income portfolio for use by moderate investors seeking growth of capital and some current income. MetLife/UAM Extended Short-Term TimeStyle Portfolio --------------------------------------------------- This portfolio seeks to provide capital preservation with moderate growth and current income utilizing a conservative balanced approach. This portfolio is expected to be approximately 40% invested in equities, including exposure to global markets, 45% invested in U.S. investment-grade bonds and 15% in short-term securities. This is an income-oriented portfolio for use by conservative investors seeking some growth of capital. (c) Aggressive Growth Fund ---------------------- This fund may consist of a portfolio invested primarily in common stocks and other securities or investment opportunities providing long-term capital appreciation. The fund can be expected to experience wider variation in its value than the other funds described herein. The "Fidelity Contrafund," a mutual fund, has been selected as the investment vehicle for the Aggressive Growth Fund. This fund invests in the securities of U.S. and international companies that are believed to be undervalued. -4- (Continued) PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (d) Publix Stock Fund ----------------- This fund contains participant directed and non-participant directed contributions (through the Company match) and includes two components: cash and Publix common stock. Cash awaiting investment in Publix stock is invested in a short-term fixed income funding vehicle (Money Market Fund). The cash component of this fund includes employee contributions and loan repayments, transfers from other investments to purchase Publix stock, dividends earned on Publix stock and income earned on all of these deposits. The cash component of this fund is used to purchase Publix stock on specified purchase dates. The fund provides an opportunity for long-term capital appreciation. Because this fund is not diversified, it may experience wider variation in value than the other funds described herein. (e) Equity Index Fund ----------------- This fund may consist of a portfolio invested primarily in common stocks which, in the aggregate, are intended to mirror the performance of the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), and/or a portfolio of comparable investments. The fund is intended to provide for long-term growth of capital, and secondarily for long-term growth of income (or to provide a similar investment return). The fund may experience wider variation in its value than the other funds described herein. The "MetLife Stock Market Index Guarantee Account" has been selected as the investment vehicle for the Equity Index Fund. It consists of most of the stocks of the S&P 500 Index. (f) Fixed Income Fund ----------------- This fund may consist of a portfolio invested in commercial paper, U.S. government or Federal agency obligations, short-term corporate obligations, bank certificates of deposit, savings accounts and/or comparable investments designed to provide maximum protection of capital with a conservative rate of return. The "MetLife Guaranteed Fixed Income Account" has been selected as the investment vehicle for the Fixed Income Fund. It consists of one or more MetLife guaranteed interest contracts (GICs), which are intended to provide the advantage of intermediate-term rates with protection from potential fluctuations in interest rates during the guarantee period. The GIC rates as of December 31, 1999 and 1998, were 5.70% and 6.05%, respectively. As of December 31, 1999, investments in the Fidelity ContraFund, Publix Stock Fund and the MetLife Stock Market Index Guarantee Account each represented 5.0% or more of the Plan's net assets available for plan benefits. As of December 31, 1998, investments in the Fidelity Contrafund and the Publix Stock Fund each represented 5.0% or more of the Plan's net assets available for plan benefits. -5- (Continued) PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1999 and 1998 (4) Reconciliation of Financial Statements to Form 5500 --------------------------------------------------- The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500: December 31, ------------ 1999 1998 ---- ---- Net assets available for plan benefits per the financial statements $296,833,665 $239,868,262 Amounts allocated to withdrawing participants (1,373,082) (658,824) Excess contributions (298,958) (99,066) ------------ ------------ Net assets available for plan benefits per the Form 5500 $295,161,625 $239,110,372 ============ ============ The following is a reconciliation of employee contributions and distributions to participants per the financial statements to the Form 5500: Year ended December 31, 1999 ----------------- Employee Contributions ---------------------- Per the financial statements $54,796,164 Less: Excess contributions for year ended December 31, 1999 (298,958) Add: Excess contributions for year ended December 31, 1998 99,066 ----------- Per the Form 5500 $54,596,272 =========== Distributions to Participants ----------------------------- Per the financial statements $13,878,128 Add: Amounts allocated to withdrawing participants at December 31, 1999 1,373,082 Less: Amounts allocated to withdrawing participants at December 31, 1998 (658,824) ----------- Per the Form 5500 $14,592,386 =========== (5) Federal Income Tax ------------------ The Plan's design has been determined to be a qualified plan as described in Sections 401(a) and 401(k) of the Internal Revenue Code (the "Code"), as amended. As such, the Plan is exempt from Federal income taxes under Section 501(a) of the Code. The Plan Administrator believes that the Plan has been and is currently being operated in compliance with applicable requirements of the Code and the Plan document. -6- Schedule 1 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Schedule of Assets Held for Investment Purposes December 31, 1999 Fair Number of Market Name of Issuer and Title of Issue Shares Cost Value - --------------------------------- ------ ---- ----- Marketable: International Fund ------------------ Templeton Foreign Fund --- $ 1,269,519 1,362,273 Asset Allocation Fund --------------------- MetLife/UAM TimeStyle Portfolios: Long-Term TimeStyle Portfolio * --- 370,504 406,660 Medium-Term TimeStyle Portfolio * --- 2,937,519 3,260,486 Extended Short-Term TimeStyle Portfolio * --- 143,759 148,035 Aggressive Growth Fund ---------------------- Fidelity Contrafund --- 33,429,245 36,578,967 Equity Index Fund ----------------- MetLife Stock Market Index Guarantee Account * --- 10,628,841 13,904,993 Fixed Income Fund ----------------- MetLife Guaranteed Fixed Income Account * --- 7,265,770 7,265,770 Non-Marketable: Publix Stock Fund ----------------- Common Stock of Publix Super Markets, Inc. * 4,516,026 146,514,796 203,221,170 Participant Loans 17,902,223 17,902,223 ------------ ----------- $220,462,176 284,050,577 ============ =========== * Parties-in-interest Schedule 2 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Schedule of Reportable Transactions Year ended December 31, 1999 Purchase Selling Cost of Net Asset Price Price Asset Gain ----- -------- ------- ------- ---- Aggressive Growth Fund - ---------------------- Fidelity Contrafund $ 25,834,931 14,742,560 12,303,455 2,439,105 Fixed Income Fund - ----------------- MetLife Guaranteed Fixed Income Account * 13,763,102 11,429,937 11,429,937 --- Publix Stock Fund - ----------------- Common Stock of Publix Super Markets, Inc. * 77,003,919 43,350,349 28,759,772 14,590,577 Money Market Fund 110,365,875 110,637,154 110,366,447 270,707 =========== =========== =========== ========== * Parties-in-interest SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Publix Super Markets, Inc. 401(k) SMART Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Date: June 28, 2000 By: /s/Tina P. Johnson ------------------ Tina P. Johnson Senior Vice President and Trustee of the 401(k) SMART Plan - Publix Stock Fund