UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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, 2001
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, 2001 and 2000 3
... Statements of Changes in Net Assets Available for Plan Benefits
For the years ended December 31, 2001 and 2000 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, 2001 12
... Schedule II: Form 5500, Schedule H, Line 4j:
Schedule of Reportable Transactions for the year ended
December 31, 2001 15
EXHIBITS
- --------
... Exhibit Index 16
... Independent Auditors' Consent 17
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 27, 2002 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, 2001 and 2000, 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, 2001 and 2000, 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 24, 2002
2
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 2001 AND 2000
2001 2000
----------------- ----------------
Assets
- ------
Investments:
Short-term money market instruments $ 4,646,781 $ 6,394,298
Investment contracts, at contract value 83,371,276 69,248,123
Mutual funds 221,792,741 274,686,551
Ryder System, Inc. Common Stock Fund 52,593,428 38,501,389
Participant loans receivable 20,813,689 20,979,784
----------------- ----------------
Total investments 383,217,915 409,810,145
----------------- ----------------
Receivables:
Employer contribution 1,138,071 993,341
Employee contribution 256,490 217,977
----------------- ----------------
Total receivables 1,394,561 1,211,318
----------------- ----------------
Total Assets 384,612,476 411,021,463
Liabilities
- -----------
Other liabilities 698,704 674,440
----------------- ----------------
Total Liabilities 698,704 674,440
----------------- ----------------
Net assets available for plan benefits $ 383,913,772 $ 410,347,023
================= ================
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, 2001 AND 2000
2001 2000
--------------- ---------------
Additions to net assets attributed to:
Investment income/(loss):
Net depreciation in value of investments $ (41,528,308) $ (74,321,464)
Dividends 5,671,425 27,442,802
Interest 6,536,397 5,752,974
--------------- ---------------
Net investment loss (29,320,486) (41,125,688)
--------------- ---------------
Contributions:
Employer 10,777,577 10,341,736
Employee 29,423,208 32,654,876
--------------- ---------------
Total contributions 40,200,785 42,996,612
--------------- ---------------
Transfers from other plans - 3,558,680
--------------- ---------------
Total additions 10,880,299 5,429,604
--------------- ---------------
Deductions from net assets attributed to:
Distributions to plan participants 36,313,390 36,851,394
Transfers to other plans 579,581 -
Administrative expenses 420,579 403,772
--------------- ---------------
Total deductions 37,313,550 37,255,166
--------------- ---------------
Net decrease (26,433,251) (31,825,562)
Net assets available for plan benefits:
Beginning of year 410,347,023 442,172,585
--------------- ---------------
End of year $ 383,913,772 $ 410,347,023
=============== ===============
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 employee 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 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 ("RCS 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 (a) 50% of the first $1,200 in
contributions for any plan year, or, (b) 50% of the first 4% of the employee's
compensation for any plan year. The Company will match an additional 50% of the
next 2% of employees' compensation 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 2001 and 2000, employer contributions
were reduced by $12,500 and $301,380, respectively, from forfeited nonvested
accounts. At December 31, 2001, forfeited nonvested accounts available to reduce
future employee contributions totaled $368,905.
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. Ryder Integrated Logistics field hourly employees' basic
company contributions are immediately fully vested.
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, 2001 and 2000, amounts allocated to
accounts of terminated persons who have not yet been paid their automatic
distributions totaled $1,299,869 and $1,312,655, 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. 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, which
is a derivative financial instrument, that guarantees a fixed rate of return and
provides benefit responsiveness) are also stated at contract value. The 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.
Reclassifications. Certain prior year amounts have been reclassified to conform
to the current year presentation.
7
New Accounting Pronouncements. In June 1998, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standard (SFAS) No. 133,
"Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133
requires than an entity recognize all derivatives and measure those instruments
at fair value.
SFAS No. 133 is effective for fiscal years beginning after June 15, 2000.
Pursuant to SFAS 137, the plan adopted SFAS No. 133 effective January 1, 2001.
There was an inconsistency in accounting literature between SFAS No. 133,
requiring derivatives to be measured at fair value, and the AICPA Audit Position
94-4,Reporting of Investment Contracts Held by Health and Welfare Benefit Plans
and Defined Contribution Pension Plans, requiring benefit responsive investment
contracts (including synthetic guaranteed investment contracts) to be measured
at contract value. The Financial Accounting Standards Board has tentatively
resolved the inconsistency. The tentative guidance provides that contracts
accounted for under SOP 94-4 are not subject to the requirements of SFAS 133.
Therefore, the Plan continues to account for synthetic GICs at contract value.
Accordingly, the adoption of SFAS 133 did not have a material impact on the
financial statements.
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, 2001 or
2000:
2001 2000
---- ----
Ryder System, Inc. Common Stock Fund* $ 52,593,428 $ 38,501,389
Fidelity Equity-Income Fund 37,808,574 40,370,249
Putnam Voyager Fund A 69,925,187 98,582,177
Fidelity Contrafund 38,535,203 47,102,833
Fidelity Diversified International Fund 19,278,184 23,177,946
Fidelity Aggressive Growth 12,128,035 21,888,792
* Partially nonparticipant-directed, Note 4
During 2001 and 2000, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) depreciated in
value by $(41,528,308) and $(74,321,464), respectively, as follows:
2001 2000
---- ----
Mutual Funds $ (55,950,440) $ (62,046,415)
Ryder System, Inc. Common Stock Fund 14,422,132 (12,275,049)
--------------- --------------
$ (41,528,308) $ (74,321,464)
=============== ==============
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,
2001 2000
---- ----
Net Assets:
Ryder System, Inc. Common Stock Fund $ 21,002,389 $ 12,315,243
Year ended
December 31, December 31,
2001 2000
------------ ------------
Changes in Net Assets:
Contributions $ 7,321,145 $ 7,713,725
Net depreciation 2,228,828 (5,175,604)
Distributions to plan participants (275,542) (268,875)
Transfers (49,467) 123,224
Loan Withdrawals (518,062) (390,188)
Administrative Expenses (19,756) (17,122)
------------ ------------
$ 8,687,146 $ 1,985,160
------------ ------------
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 GICs 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 6.2% and 6.1% in 2001 and 2000, respectively. The weighted average
crediting interest rates for the investment contracts as of December 31, 2001
and 2000 were, 5.6% and 5.8%, respectively. At December 31, 2001 and 2000 the
fair value of the underlying assets of the synthetic GICs and the value of the
related "wrapper" contracts were $84,781,200 and $0, respectively and
$63,520,998 and $208,582 respectively. At December 31, 2001 and 2000, the
contract value and fair value of the traditional GICs were $1,042,821 and
$1,054,414, respectively and $6,432,454 and $ $6,474,736, respectively.
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.
9
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. Transfers from the Plan for 2001 amounted to $579,581. Transfers to
the Plan for 2000 amounted to $3,310,202.
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.
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 the 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 $420,579 and $403,772 for the years ended December 31, 2001
and 2000, 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 June 4, 2002 has been obtained from the Internal
Revenue Service.
Under a plan qualified pursuant to Sections 401(a) and (k) of the Code,
participants generally will not be taxed on contributions or matching
contributions, or earnings thereon, until such amounts are distributed to
participants or their beneficiaries under the Plan. The tax-deferred
contributions and matching contributions are deductible by the Company for tax
purposes when those contributions are made, subject to certain limitations set
forth in Section 404 of the Code.
Participants or their beneficiaries will be taxed, at ordinary income tax rates,
on the amount they receive as a distribution from the Plan; at the time they
receive the distribution. However, if the participant or beneficiary receives a
lump sum payment of the balance under the Plan in a single taxable year, and the
distribution is made by reason of death, disability or termination of employment
of the participant, or after the participant has attained age 59 1/2, then
certain special tax rules may be applicable.
10
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,
2001 2000
------------ ------------
Net assets available for benefits per the financial statements $383,913,772 $410,347,023
Amounts allocated to withdrawing participants with balances
less than $5,000 (1,299,869) (1,312,655)
------------ ------------
Net assets available for benefits per the Form 5500 $382,613,903 $409,034,368
============ ============
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 2001
-----------------
Benefits paid to participants per the financial statements $36,313,390
Add: Amounts allocated to withdrawing participants with
balances less than $5,000 at December 31, 2001 1,299,869
Less: Amounts allocated to withdrawing participants with
Balances less than $5,000 at December 31, 2000 (1,312,655)
-----------
Benefits paid to participants per the Form 5500 $36,300,604
===========
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 THE PLAN YEAR DECEMBER 31, 2001
Current
Value
-------------
IDENTITY OF ISSUER OR BORROWER/DESCRIPTION OF INVESTMENTS:
SHORT TERM MONEY MARKET INSTRUMENTS:
Fidelity Short-Term Interest Fund* $4,646,781
------------
INVESTMENT CONTRACTS:
Traditional Guaranteed Investment Contracts:
Allstate Life Insurance Co.
6.87% contract, due 04/01/02 1,042,821
------------
Synthetic Guaranteed Investment Contracts:
Chase Manhattan Bank
5.95% contract, due 07/15/03
ABS/MBNA 1998-D (A) MBNAM 2,604,394
Monumental Life Insurance Co.
5.84% contract, due 05/17/04
ABS/ARCADIA 1998-C (A3) ARCA FSA 882,537
Monumental Life Insurance Co.
6.53% contract, due 01/18/05
ABS/DISCOVER 1999-6 (A) DCMT 2,705,621
Monumental Life Insurance Co.
6.68% contract, due 03/15/05
ABS/SEARS 1999-1 (A) SCAMT 2,557,772
Morgan Guaranty
6.02% contract, due 10/17/05 2,609,808
FHR 1601 PH 6
Morgan Guaranty
5.98% contract, due 10/05/04 2,054,243
FHR 1619 PH 6.05
Transamerica Life Insurance and Annuity Co.
6.38% contract, due 10/25/02 2,601,983
ABS/DAYTON HUDSON 97-1 DHMT
Union Bank of Switzerland
6.91% contract, due 12/26/03
ABS/WEST PENN FUND 99-A (A2) WPP 2,098,426
Various
6.85% contract, no maturity
AT&T GLBL 5.625 3/15/04 871,974
ABBEY NATL MTN 6.69 10/05 652,282
ALABAMA POWER 4.875 9/01 307,988
ALLIANCE CAPTL 5.625 8/15 437,942
ALLSTATE 7.875 5/01/05 438,960
AGFC SR MTN 5.875 7/14/06 452,824
AMCAR 01-B A4 5.37 6/08 628,907
AMCAR 01-C A4 5.01 7/08 814,688
12
BP AMOCO 10.875% 7/15/05 485,761
BANKAMER 7.875% 5/16/05 391,869
BANK ONE 7.625 8/01/05 227,189
BANKONE GLBL 6.5% 2/01/06 180,176
BRITISH TEL GBL 7.875 12/ 424,189
CIT GRP MTN CHI 5.625 5/1 534,959
CARAT 01-1 CTFS 5.8 7/06 429,134
CCIMT 97-6 A 0 8/06 576,416
CONS NATURAL 5.375 11/01 128,485
CCR 5.25% 5/22/03 529,378
CSFB 01-CK3 A2 6.04 6/34 248,797
DLJCM 00-CF1 A1A 7.45 6/3 621,435
DEUTSCHE TEL GLB 7.75 6/1 450,910
DIAGEO CAP 6.625% 6/24/04 428,934
FHR 1602 PH 6 4/23 3,804,571
FHR 1601 PL 6 10/08 1,338,167
FHR 1650 H 6.25 10/22 1,344,096
FHG 32 TH 7 9/22 2,025,225
FHR 2313 C 6 5/31 387,252
FHLMC 7% 7/15/05 2,524,316
FNR 93-202 N 6.5 2/22 895,947
FNR 94-51 PH 6.5 1/23 2,023,196
FNR 94-63 PH 7 6/23 408,557
FNMA 4.75% 11/14/03 3,041,507
FNMA 7% 7/15/05 1,211,672
FNMA 5.5% 2/15/06 1,731,646
FIRST DATA GLB4.7 11/1/06 428,797
FIRST UN GBL 7.55 8/18/05 682,468
FIRSTAR BNK GLBL 7.8 7/05 314,306
FLEETBOSTON GLB 7.25 9/15 475,131
FORDO 01-A B 5.96 7/05 452,867
FORD MTR CR GLB 7.5 3/15/ 844,021
FORDMTRCR GLBL 6.875 2/01 332,176
GECMC 01-2 A3 6.03 8/33 649,720
GTE 6.36% 4/15/06 118,611
GMAC GLOBAL 7.5% 7/15/05 284,645
GMAC MTN 6.38% 1/30/04 468,300
HOUSEHOLD FIN 8% 5/09/05 305,622
HOUSEHOLD 6.5% 1/24/06 85,317
HPLCC 01-2 A 4.95 6/08 623,809
JP MORGAN CHASE 5.625 8/1 343,875
KEYSPAN 7.25 11/15/05 347,364
LEHMAN BROS 6.25% 4/1/03 428,758
LEHMAN BROS 6.625% 4'04 93,317
MANITOBA PROV 4.25 11/20 417,167
MARSHAL&ILSLEY MTN 5.75 9 412,147
BECO 99-1 A3 6.62 3/07 261,805
MELLON FIN 5.75% 11/15/03 424,035
MERRIL LNCH B MTN 6.15 1/ 310,757
METLIFE INC 5.25 12/01/06 119,160
MONONGAHELA PWR 5 10/01/0 108,790
JPMC 00-C10 A1 7.1075 8/3 364,362
NAT-RURAL 6% 5/15/06 215,612
NAT-RURAL GLB 5.25 7/15/0 334,885
NATIONSBANK 7.625 4/15/5 341,915
NLFC 98-2 A1 6.001 8/30 595,925
NLFC 99-2 A1C 7.03 6/31 476,427
NEW BRUNSWICK 6.5 6/20/05 499,483
NEWCOURT CR GRP 6.875 2/1 116,694
13
NIKE INC 5.5% 8/15/06 257,751
NASC 98-D6 A1B 6.59 3/30 547,061
ONTARIO PROV GBL 7.625 6/ 846,593
PNCFUND 7% 9/01/04 456,281
PPL ELEC UTILS 5.875 8/15 210,606
PHILA ELEC 6.625% 3/01/03 397,554
PHIL MORRIS 7% 7/15/05 378,222
POWERGEN US FDG 4.5 10/15 483,368
QUEBEC PROVINCE 8.8 4/15/ 442,699
QWEST CORP 7.625% 6/9/03 797,396
REED ELSEVIER C 6.125 8/0 451,507
RIO TINTO FN GLB5.75 7/03 437,134
ROYAL BK SC GLB 8.817PERP 110,765
ROYAL BK SC GLB3 7.816 11 618,513
SBM7 00-C2 A1 7.298 7/33 1,261,053
SALOMONSMITH 5.875 3/15/0 1,063,929
SWESTERN PUB SVCS 5.125 1 155,969
TARGET CORP 5.4% 10/01/08 167,279
TELEFONICA GLBL 7.35 9/15 416,604
TEXAS UTIL 6.375 10/01/04 502,257
TIME WARNER INC 7.75 6'05 462,708
USTB 10 5/15/2010 3,163,393
USTB 10.75% 8/15/05 1,958,284
VERIZON GLOBAL 6.75 12/1/ 322,202
VIACOM GLB 6.4 1/30/06 DT 44,585
VAELEC 5.75% 3/31/06 413,984
VODAFONE AIR 7.625 2/15/0 463,648
WACHOVIA 6.925 10/15/03 416,394
WELLS 7.8% 6/15/10 643,002
WISC ENERGY 5.875 4/01/06 441,391
Westdeutsche Landesbank
5.70% contract, due 04/15/04
AMERICAN EXPRESS 99-1 (A) AMXCA 2,603,923
------------
82,328,455
------------
------------
Total Investment Contracts 83,371,276
------------
MUTUAL FUNDS:
Fidelity Equity-Income Fund* 37,808,574
Putnam Voyager Fund A 69,925,187
Fidelity Contrafund* 38,535,203
Fidelity Diversified International Fund* 19,278,184
Fidelity Asset Manager Growth* 5,187,824
Fidelity Asset Manager* 4,327,892
Fidelity Asset Manager Income* 1,452,186
Fidelity U.S. Bond Index Fund* 7,704,189
Spartan U.S. Equity Index Fund* 11,051,613
Fidelity Aggressive Growth Fund* 12,128,036
Fidelity Growth Company Fund* 14,393,853
------------
221,792,741
------------
Ryder System, Inc. Common Stock Fund* (Cost $47,185,748) 52,593,428
Participant Loans (average interest rates 6.00% - 9.50%) 20,813,689
------------
$ 383,217,915
============
* Represents a Party-In-Interest
14
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, 2001
NO REPORTABLE TRANSACTIONS
15
EXHIBIT INDEX
EXHIBIT DESCRIPTION
23.1 Independent Auditors' Consent