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, 2000
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 B
Ryder System, Inc.
3600 N.W. 82 Avenue
Miami, Florida 33166
REQUIRED INFORMATION
--------------------
FINANCIAL STATEMENTS & SCHEDULES PAGE NO.
- -------------------------------- -------
. Independent Auditors' Report 2
. Statements of Net Assets Available for Plan Benefits
December 31, 2000 and 1999 3
. Statements of Changes in Net Assets Available for Plan Benefits
For the years ended December 31, 2000 and 1999 4
. Notes to Financial Statements 5
. Schedule I: Form 5500, Schedule H, Line 4i:
Schedule of Assets Held for Investment Purposes at the End of Plan Year
December 31, 2000 12
. Schedule II: Form 5500, Schedule H, Line 4j:
Schedule of Reportable Transactions for the year ended December 31, 2000 14
EXHIBITS
- --------
. Exhibit Index 15
. Independent Auditors' Consent 16
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 B
Date: June 29, 2001 By: /s/ CHALLIS M. LOWE
---------------------
Challis M. Lowe
Executive Vice President Human Resources,
Plan Administrator
INDEPENDENT AUDITORS' REPORT
The Participants and Administrator
Ryder System, Inc. Employee Savings Plan B:
We have audited the accompanying statements of net assets available for plan
benefits of Ryder System, Inc. Employee Savings Plan B (the "Plan") as of
December 31, 2000 and 1999, 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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and the changes in net assets available for plan
benefits for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed 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 15, 2001
2
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 2000 AND 1999
2000 1999
-------------- --------------
Assets
Investments:
Short-term money market instruments $ 6,394,298 $ 10,935,679
Investment contracts, at contract value 69,248,123 67,712,941
Mutual funds 274,686,551 304,231,393
Ryder System, Inc. Common Stock Fund 38,501,389 38,066,885
Participant loans receivable 20,979,784 19,374,974
-------------- --------------
Total investments 409,810,145 440,321,872
Receivables:
Employer contribution 993,341 1,252,042
Employee contribution 217,977 678,737
-------------- --------------
Total receivables 1,211,318 1,930,779
-------------- --------------
Total Assets 411,021,463 442,252,651
Liabilities
- -----------
Other liabilities 674,440 80,066
-------------- --------------
Total Liabilities 674,440 80,066
-------------- --------------
Net assets available for plan benefits $ 410,347,023 $ 442,172,585
============== ==============
The accompanying notes are an integral part of these financial statements.
3
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999
2000 1999
-------------- ----------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in value of investments $ (74,321,464) $ 60,682,462
Dividends 27,442,802 27,297,752
Interest 5,752,974 5,714,022
-------------- -------------
Net investment income (loss) (41,125,688) 93,694,236
-------------- -------------
Contributions:
Employer 10,341,736 10,557,083
Employee 31,980,436 31,351,549
-------------- -------------
Total contributions 42,322,172 41,908,632
-------------- -------------
Transfers from other plans 3,558,680 1,520,166
-------------- -------------
Total additions 4,755,164 137,123,034
-------------- -------------
Deductions from net assets attributed to:
Distributions to plan participants 36,176,954 30,433,285
Transfers to other plans - 21,321,647
Administrative expenses 403,772 353,245
-------------- -------------
Total deductions 36,580,726 52,108,177
-------------- -------------
Net increase (decrease) (31,825,562) 85,014,857
Net assets available for plan benefits:
Beginning of year 442,172,585 357,157,728
-------------- -------------
End of year $ 410,347,023 $ 442,172,585
============== =============
The accompanying notes are an integral part of these financial statements.
4
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan
The following description of the Ryder System, Inc. Employee Savings Plan B
(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, 1993, 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
comprised of seven persons appointed by the Ryder System, Inc. Board of
Directors. The Plan's trustee and recordkeeper is Fidelity Management Trust
Co. and Fidelity Investments Institutional Operations Company, respectively.
Eligibility. Participation in the Plan is voluntary. In general, any
salaried employees of the Ryder System, Inc. (the "Company") and
participating affiliates, as well as, field hourly employees of Ryder
Integrated Logistics are immediately 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) IRS limit of $10,500 and $10,000 in
2000 and 1999 respectively 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 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, whichever comes first.
For salaried employees, the Company matches 50% of the employee's 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% of the
employee's compensation for any plan year (the Company will contribute an
additional 2% match if the Company meets its Economic Value Added ("EVA")
goal or a pro-rata portion of the EVA match based on the portion of EVA goal
attained).
5
For Ryder Integrated Logistics field hourly employee who meets certain
requirements related to employment date, age, and service hours, the Company
will make a basic contribution of $400 prorated on an annual basis, whether
or not the employee contributes to the Plan. If the employee contributes to
the Plan, the Company will match the first $300 at 100% and match the next
$800 at 50% (100% if the Company meets its EVA goal or a pro-rata portion of
the EVA match based on the portion of EVA goal attained).
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 2000 and 1999,
employer contributions were reduced by $301,380 and $813,537, respectively,
from forfeited nonvested accounts. At December 31, 2000, forfeited nonvested
accounts available to reduce future employee contributions totaled $12,863.
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, 2000 and
1999, amounts allocated to accounts of terminated persons who have not yet
been paid their automatic distributions totaled $1,312,655 and $1,509,580,
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.
6
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
accounting principles generally accepted in United States of America
requires management to make estimates and assumptions that affect reported
amounts and related disclosures. Actual results could differ from those
estimates.
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 (a derivative financial instrument) that guarantees a fixed rate of
return and provides benefit responsiveness) are also stated at contract
value. The Ryder System, Inc. Common Stock Fund ("RCS Fund") is offered as
an investment option to participants in the Plan. The RCS Fund invests
primarily in Ryder System, Inc. common stock, which is traded on the New
York Stock Exchange under the ticker symbol (R) and is valued at quoted
market price. A small portion of the fund is invested in short-term money
market investments. The money market portion of RCS Fund provides liquidity
which enables the Plan participants to transfer money daily among all
investment choices.
Mutual funds are valued at quoted market prices, which represent the net
asset value of the securities held in such funds. 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.
Risk and Uncertainties. The Plan's invested assets ultimately consist of
stocks, bonds, fixed income securities, and other investment securities.
Investment securities are exposed to various risks, such as interest rate,
market and credit. Due to the level of risk associated with certain
investment securities and the level of uncertainty related to changes in the
value of investment securities, it is at least reasonably possible that
changes in risks in the near term would materially affect participants'
account balances and the amounts reported in the statement of net assets
available for plan benefits and the statement of changes in net assets
available for plan benefits.
7
Reclassifications. Certain prior year amounts have been reclassified to
conform to the current year presentation.
Recent Accounting Pronouncements. In June 1998, the Financial Accounting
Standards Board (FASB) issued Statement of Financial Accounting Standards
(SFAS) No. 133, "Accounting for Derivative Instruments and Hedging
Activities." SFAS No. 133, as amended, requires all derivatives, including
certain derivatives embedded in other contracts, to be recognized at fair
value as either assets or liabilities in the financial statements and
establishes new accounting rules for hedging instruments. The Plan will
adopt SFAS No. 133 as of the beginning of the Plan year, January 1, 2001.
Because the Plan currently accounts for all financial instruments at fair
value (or amounts that approximate fair value), the adoption of this
statement is not expected to have a material impact on the recognized
investment income or the net assets available for benefits of the Plan.
3. Investments
The Plan held the following individual investments whose aggregate fair
value equaled or exceeded 5% of the Plan's net assets at either December 31,
2000 or 1999:
2000 1999
---- ----
Ryder System, Inc. Common Stock Fund* $ 38,501,389 $ 38,066,885
Fidelity Equity-Income Fund 40,370,249 39,186,931
Putnam Voyager Fund A 98,582,177 122,583,517
Fidelity Contrafund 47,102,833 54,043,626
Fidelity Diversified International Fund 23,177,946 25,526,042
Fidelity Aggressive Growth 21,888,792 24,705,857
* Partially nonparticipant-directed, Note 4
During 2000 and 1999, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year)
appreciated/(depreciated) in value by $(74,321,464) and $60,682,462,
respectively, as follows:
2000 1999
---- ----
Mutual Funds $(62,046,415) $61,765,413
Ryder System, Inc. Common Stock Fund (12,275,049) (1,082,951)
------------ -----------
$(74,321,464) $60,682,462
============ ===========
8
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,
2000 1999
---- ----
Net Assets:
Ryder System, Inc. Common Stock Fund $12,315,243 $10,330,083
Year ended
December 31, December 31,
2000 1999
------------- -------------
Changes in Net Assets:
Contributions $ 7,713,725 $6,904,236
Net depreciation (5,175,604) (513,862)
Distributions to plan participants (268,875) (23,656)
Transfers 123,224 (483,010)
Loan Withdrawals (390,188) (304,684)
Administrative Expenses (17,122) (6,918)
----------- ----------
$ 1,985,160 $5,572,106
=========== ==========
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. These contracts are 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.
There are no reserves against contract value for credit risk of a contract
issuer or otherwise. The average annual yield for the Managed Interest
Income Fund was 6.1% and 6.0% in 2000 and 1999, respectively. The weighted
average crediting interest rates for the investment contracts as of December
31, 2000 and 1999 were, 5.8% and 5.6%, respectively. At December 31, 2000
and 1999 the fair value of the underlying assets of the synthetic GICs and
the value of the related "wrapper" contracts were $63,520,998 and $208,582,
respectively and $49,841,592 and $1,245,271 respectively. At December 31,
2000 and 1999, the contract value and fair value of the traditional GICs
were $6,432,454 and $ $6,474,736, respectively and $16,626,078 and
$16,144,175, respectively.
9
6. Concentration of Credit Risk
The Plan's exposure to a concentration of credit risk is limited by the
diversification of investments across thirteen participant-directed fund
elections. Additionally, the investments within each participant-directed
fund election are further diversified into varied financial instruments,
with the exception of the Ryder Stock Fund, which invests in a single
security. The plan's exposure to credit risk on the wrapper contracts is
limited to the fair value of the contracts with each company.
7. Plan Transfers
The Company also sponsors the Ryder System, Inc. Employee Savings Plan A
for non-salaried employees other than Ryder Integrated Logistics hourly
field employees. Account balances of non-salaried employees in Plan A, who
are subsequently promoted to a salaried position, are, in turn, transferred
to the Plan. Transfers to the Plan for 2000 and 1999 amounted to $3,310,202
and $612,033, respectively. In 1999 plan assets in the amount of $908,133
were transferred to the plan due to an acquisition.
On September 13, 1999, the Company sold Ryder Public Transportation
Services ("RPTS") to FirstGroup plc. In 2000, plan assets of $248,478 were
transferred into the Plan from FirstGroup plc. Due to the sale of RPTS and
the out-sourcing of various information technology functions, plan assets
of $21,304,902 and $16,745, respectively were transferred from the Plan in
1999.
8. 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 and
recordkeeping services amounted to $403,772 and $353,245 for the years
ended December 31, 2000 and 1999, respectively.
9. 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.
10. 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
10
that the Plan is designed and is currently being operated in compliance
with applicable requirements of the Code.
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.
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:
December 31,
2000 1999
------------ ------------
Net assets available for benefits per the financial statements $410,347,023 $442,172,585
Amounts allocated to withdrawing participants with balances
less than $5,000 (1,312,655) (1,509,580)
------------ ------------
Net assets available for benefits per the Form 5500 $409,034,368 $440,663,005
============ ============
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 2000
-----------------
Benefits paid to participants per the financial statements $36,176,954
Add: Amounts allocated to withdrawing participants with
balances less than $5,000 at December 31, 2000 1,312,655
Less: Amounts allocated to withdrawing participants with
Balances less than $5,000 at December 31, 1999 (1,509,580)
-----------
Benefits paid to participants per the Form 5500 $35,980,029
===========
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
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
SCHEDULE I
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT THE END OF PLAN YEAR DECEMBER 31, 2000
Current
Value
-----------
IDENTITY OF ISSUER OR BORROWER/DESCRIPTION OF INVESTMENTS:
SHORT TERM MONEY MARKET INSTRUMENTS:
Fidelity Short-Term Interest Fund* $6,394,298
----------
INVESTMENT CONTRACTS:
Traditional Guaranteed Investment Contracts:
Allstate Life Insurance Co.
6.87% contract, due 04/01/02 2,914,294
John Hancock Mutual Life Insurance Co.
7.21% contract, due 10/01/01 1,304,773
Monumental Life Insurance Co.
7.03% contract, due 12/31/01 1,182,389
Principal Life Insurance Co.
7.05% contract, due 07/02/01 1,030,998
----------
6,432,454
----------
Synthetic Guaranteed Investment Contracts:
AIG Financial Products Corp.
6.50% contract, due 7/15/02
ABS/CELT 1997-B A4 1,324,523
Chase Manhattan Bank
5.11% contract, due 02/18/03
ABS/HONDA OWNER 99-1 (A4) HAROT 2,567,040
Wrapper 37,805
Chase Manhattan Bank
5.95% contract, due 07/15/03
ABS/MBNA 1998-D (A) MBNAM 2,590,206
Wrapper 746
Deutsche Bank
5.20% contract, due 01/15/01
ABS/GMAC CARAT 99-1 (A3) CARAT 3,747,379
Wrapper 37,030
Deutsche Bank
5.76% contract, due 08/15/01
CMO/FHLMC 1660-E 6% 1/07 PAC 570,492
Wrapper 854
Monumental Life Insurance Co.
5.84% contract, due 04/15/04
ABS/ARCADIA 1998-C (A3) ARCA FSA 1,488,735
Wrapper 4,075
Monumental Life Insurance Co.
6.53% contract, due 01/17/05
ABS/DISCOVER 1999-6 (A) DCMT 2,700,566
Monumental Life Insurance Co.
5.11% contract, due 12/18/00
ABS/FIRST USA 1997-6 (A) FUSAM 2,611,842
Wrapper 35,274
Monumental Life Insurance Co.
6.67% contract, due 03/15/05
ABS/SEARS 1999-1 (A) SCAMT 2,526,854
Monumental Life Insurance Co.
6.16% contract, due 11/15/02
CMO/FHR 1577 PG 2,661,054
Morgan Guaranty
6.02% contract, due 10/17/05
12
CMO/FH 1601-PH 6% 4/08 PAC 1 2,599,562
Morgan Guaranty
5.53% contract, due 12/15/00
CMO/FH 1602-PH 6% 4/23 CMO PAC 1 3,699,978
Wrapper 64,601
Morgan Guaranty
5.98% contract, due 10/15/04
CMO/FH 1619-PH 6.05 9/22 PAC-1 2,047,825
State Street Bank
5.85% contract, due 04/15/03
CMO/FHR 1661 PG 1,944,930
Wrapper 5,499
Transamerica Life Insurance and Annuity Co.
6.38% contract, due 10/25/02 2,589,029
ABS/DAYTON HUDSON 97-1 DHMT
Union Bank of Switzerland
6.10% contract, due 10/08/01
ABS/PREMIER 97-3 (A5) PRAT 916,277
Wrapper 1,283
Union Bank of Switzerland
6.91% contract, due 12/26/03
ABS/WEST PENN FUND 99-A (A2) WPP 2,582,456
Various
6.85% contract, various
Citigroup 6.75% 12/01/05 351,199
FHR 1601 PL 6% 10/08 PAC 1,375,076
FHR 1650 H 6.25 10/22 PAC 1,382,631
FHG 32 TH 7% 9/22 PAC-I 2,101,558
FHR 2134 H 6.5% 12.24 SEQ 1,132,045
FNMA 94-51 PH 6.5% 1'23 2,086,574
FANNIE MAE 7% 7/15/05 5,555,108
GE CAP CORP 7.5% 5/15/05 1,465,921
JPMC 00-C10 A1 7.1075 CMB 411,856
MSFWC 2000-PRIN A1 7.07 C 609,176
SMB7 2000-C2 A1 7.331 CMB 1,430,930
USTN 5.75% 8/15/03 922,169
UST NOTES 7.00% 7/15/06 1,534,448
WACHOVIA CORP 6.925 10'03 422,132
Westdeutsche Landesbank
5.70% contract, due 04/15/04
ABS/AMERICAN EXPRESS 99-1 (A) AMXCA 2,570,563
Wrapper 20,750
Westdeutsche Landesbank
6.22% contract, due 02/15/01
ABS/GT 1996-2 A2 86,953
Wrapper 665
------------
62,815,669
------------
Total Investment Contracts 69,248,123
------------
MUTUAL FUNDS:
Fidelity Equity-Income Fund* 40,370,249
Putnam Voyager Fund A 98,582,177
Fidelity Contrafund* 47,102,833
Fidelity Diversified International Fund* 23,177,946
Fidelity Asset Manager Growth* 5,545,290
Fidelity Asset Manager* 3,833,906
Fidelity Asset Manager Income* 1,173,707
Fidelity U.S. Bond Index Fund* 2,987,645
Spartan U.S. Equity Index Fund* 11,387,006
Fidelity Aggressive Growth Fund* 21,888,792
Fidelity Growth Company Fund* 18,637,000
------------
274,686,551
------------
Ryder System, Inc. Common Stock Fund* (cost: $44,515,009 ) 38,501,389
Participant Loans (average interest rates 8.25% - 9.50%) 20,979,784
------------
$409,810,145
============
* Represents a Party-In-Interest
13
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
SCHEDULE II
FORM 5500, SCHEDULE H, LINE 4j
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 2000
NO REPORTABLE TRANSACTION
14
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
23.1 Independent Auditors' Consent