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

For the fiscal year ended December 31, 2010

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to _________.

Commission file number: 1-4364

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

Ryder System, Inc.
11690 NW 105 Street
Miami, Florida 33178

 

 

REQUIRED INFORMATION

FINANCIAL STATEMENTS & SUPPLEMENTAL SCHEDULE				PAGE NO.
•		Report of Independent Registered Certified Public Accounting Firm — PricewaterhouseCoopers LLP			2
•		Statements of Net Assets Available for Plan Benefits December 31, 2010 and 2009			3
•		Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2010 and 2009			4
•		Notes to Financial Statements			5
•		Supplemental Schedule*: Form 5500, Schedule H, Line 4i: Schedule of Assets (Held at End of Year) December 31, 2010			16
•		Signature			25
EXHIBIT
•		Exhibit Index			26
•		Consent of Independent Registered Certified Public Accounting Firm — PricewaterhouseCoopers LLP			27
*		Other supplemental schedules required by Section 2520-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under Employee Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Certified Public Accounting Firm

To the Participants and Administrator of
Ryder System, Inc. 401(k) Savings Plan:

In our opinion, the accompanying statements of net assets available for plan benefits and the related statements of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for plan benefits of Ryder System, Inc. 401(k) Savings Plan (the “Plan”) at December 31, 2010 and December 31, 2009, 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. 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 of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) 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. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP
Miami, Florida
May 27, 2011

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS

		December 31,
		2010				2009
Assets
Investments (at fair value):
Mutual funds		$	390,031,593			$	345,073,907
Investment contracts			177,908,029				172,260,696
Common collective trusts			103,971,741				85,836,429
Ryder System, Inc. common stock fund			81,055,963				64,575,901
Short-term money market instruments			1,200,818				11,628,723
Wrapper contracts			403,193				219,781
Total investments			754,571,337				679,595,437
Receivables:
Notes receivable from participants			28,688,180				27,662,506
Employer contributions			350,350				777,357
Participant contributions			256,319				1,060,609
Other receivables			49,966				18,928
Total receivables			29,344,815				29,519,400
Total assets			783,916,152				709,114,837
Liabilities
Other payables			148,108				87,890
Total liabilities			148,108				87,890
Net assets available for plan benefits (at fair value)		$	783,768,044			$	709,026,947
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(4,293,308	)			(2,914,391	)
Net assets available for plan benefits (at contract value)		$	779,474,736			$	706,112,556

The accompanying notes are an integral part of these financial statements.

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

		Years ended December 31,
		2010				2009
Additions to net assets attributed to:
Investment income:
Net appreciation in value of investments		$	79,261,976			$	96,820,164
Dividends			4,302,205				3,489,164
Interest			5,703,912				7,255,941
Net investment income			89,268,093				107,565,269
Contributions:
Employer			20,327,572				20,410,946
Participants			35,596,459				35,234,682
Total contributions			55,924,031				55,645,628
Total additions			145,192,124				163,210,897
Deductions from net assets attributed to:
Benefits paid to plan participants			70,675,394				58,017,712
Administrative expenses			1,154,550				674,419
Total deductions			71,829,944				58,692,131
Net increase			73,362,180				104,518,766
Net assets available for plan benefits:
Beginning of year			706,112,556				601,593,790
End of year		$	779,474,736			$	706,112,556

The accompanying notes are an integral part of these financial statements.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

1. Description of Plan

The following description of the Ryder System, Inc. 401(k) Savings Plan (“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, as amended (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. The Plan’s trustee and recordkeeper are Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company, respectively.

Eligibility
Participation in the Plan is voluntary. In general, all employees on the domestic payroll of Ryder System, Inc. (Company) and its subsidiaries that have adopted the Plan are immediately eligible to participate in the Plan. However, the following employees or classes of employees are not eligible to participate: (a) 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; (b) employees eligible to participate under another Company sponsored qualified savings plan; and (c) leased employees.

Contributions

Participants may elect to contribute pre-tax dollars to the Plan by having their compensation reduced by a maximum of the lesser of: a) 50% of compensation, depending on an individual’s annual salary level, b) IRS limit of $16,500 for both 2010 and 2009 or c) such other amount as shall be determined by the Company’s Retirement Committee from time to time. Additionally, participants may elect to make after-tax contributions to the Plan. Beginning in 2009, compensation excluded any amounts contributed into the Company’s Deferred Compensation Plan.

Participants who reach age 50 during the calendar year may be eligible to make catch-up contributions up to $5,500 in addition to the IRS limit of $16,500 for the years ended December 31, 2010 and 2009. 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 twenty-two investment options and may direct the recordkeeper to transfer among investment options on a daily basis.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Employer Contributions

If a participant meets certain requirements related to employment date, age and service hours, the Company may contribute to the participant’s account. Company contributions are invested in the investment options in the same allocation percentages as each participant’s contributions.

Beginning January 1, 2008, salaried and non-salaried employees, other than field hourly employees of Ryder Integrated Logistics, Inc. (“RIL”), a wholly-owned subsidiary of the Company, that are not grandfathered into the Ryder System, Inc. Retirement Plan are eligible for an enhanced benefit. The enhanced benefit under the Plan provides for: (a) Company contributions equal to 3% of eligible pay, even if employees do not make contributions to the Plan and (b) a 50% Company match of participant contributions of up to 5% of eligible pay, subject to IRS limits upon meeting eligibility requirements. Beginning in 2009, eligible pay excluded any amounts contributed into the Company’s Deferred Compensation Plan.

The Company may make a discretionary contribution for salaried and non-salaried employees, other than RIL employees. This discretionary contribution is based on the Company’s attainment of specified performance goals. Company contributions will be for the benefit of those participants who meet eligibility requirements as defined by the Company’s Retirement Committee. For the years ended December 31, 2010 and 2009, the Company did not make any discretionary contributions.

For field hourly employees of RIL, the Company will make a basic contribution of $400 pro-rated on an annual basis, whether or not the employee contributes to the Plan. If the employee contributes to the Plan, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.

Participant Accounts
Each participant’s account is credited with the participant’s contribution and with allocations of: (a) the Company’s contribution and, (b) Plan earnings, and charged with an allocation of administrative expenses. Expenses are generally allocated evenly across all eligible accounts. 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. Participants forfeit the nonvested portion of their accounts in the Plan upon termination of employment with the Company. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. In 2010 and 2009, employer contributions were reduced by $953,086 and $685,556, respectively, from forfeited nonvested accounts. At December 31, 2010 and 2009, forfeited nonvested accounts available to reduce future employer contributions totaled $141 and $79,814, respectively.

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. Participants will also become fully vested in Company contributions and the earnings attributable to such contributions when they reach age 65, become permanently disabled or upon death while employed by the Company. RIL field hourly employees’ basic company contributions and the match on the first $300 of participant contributions are immediately fully vested.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Notes Receivable from Participants
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 terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and accrue interest at a fixed 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.

Benefits Paid
On termination of service, if a participant’s account balance is greater than $1,000, 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 $1,000 receive automatic distributions. As of December 31, 2010 and 2009, there were no automatic distributions pending. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they can demonstrate financial hardship as defined by the Plan. Such amounts will be considered distributions to the participant for income tax purposes.

2. Summary of Significant Accounting Policies

Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting. Certain prior year amounts have been reclassified to conform to the current year presentation. Participant loans were reclassified from Investments to Notes receivable from participants.

Accounting guidance requires investment contracts held by a defined-contribution plan to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were able to initiate permitted transactions under the terms of the plan. Accordingly, the Statement of Net Assets Available for Plan Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Plan Benefits is prepared on a contract value basis.

Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Investment Valuation and Income Recognition
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 (losses) and the unrealized appreciation (depreciation) on those investments. Dividends on mutual funds and Ryder System, Inc. common stock are recorded on the record date. Interest income is recorded on the accrual basis.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Notes Receivable from Participants
Notes Receivable from Participants are stated at the outstanding principal balance of the loan plus accrued interest, which approximates fair value.

Payment of Benefits
Benefits are recorded when paid.

Subsequent Event
On January 1, 2011, the Plan was amended to include employees acquired through the Total Logistic Control (“TLC”) acquisition, which was completed on December 31, 2010. Acquired TLC employees will be eligible to participate in the Plan and will be deemed to have met the requirements to be immediately eligible to receive Employer Contributions. The acquired TLC hourly employees will be eligible to receive: a) a 100% Company match of participant contributions up to 4% of eligible pay and b) a 50% Company match of participant contributions of the next 2% of eligible pay. The acquired salaried TLC employees will be eligible to receive the enhanced benefit available under the Plan. All acquired TLC employees will be fully vested in the Employer Contributions.

3. Fair Value Measurements

The Plan defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are as follows:

Level 1		Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan has the ability to access at the measurement date. An active market for the asset or liability is a market in which the transaction for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2		Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3		Unobservable inputs for the asset or liability. These inputs reflect the Plan’s own assumption about the assumptions a market participant would use in pricing the asset or liability.

The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

The following tables present the Plan assets that are measured at fair value, on a recurring basis, and the levels of inputs used to measure fair value:

		Fair Value Measurements
		At December 31, 2010
Description		Level 1				Level 2				Level 3				Total
Mutual funds:
Growth funds		$	261,907,816				—				—			$	261,907,816
International growth funds			54,879,525				—				—				54,879,525
Index funds			35,080,488				—				—				35,080,488
Fixed income funds			38,163,764				—				—				38,163,764
			390,031,593				—				—				390,031,593
Synthetic guaranteed investment contracts:
Investment contracts			2,234,184				175,381,785				292,060				177,908,029
Wrapper contracts			—				—				403,193				403,193
			2,234,184				175,381,785				695,253				178,311,222
Common collective trusts			—				103,971,741				—				103,971,741
Ryder System, Inc. common stock fund			—				81,055,963				—				81,055,963
Short-term money market instruments			1,200,818				—				—				1,200,818
Total investments at fair value		$	393,466,595				360,409,489				695,253			$	754,571,337

		Fair Value Measurements
		At December 31, 2009
Description		Level 1				Level 2				Level 3				Total
Mutual funds:
Growth funds		$	229,257,840				—				—			$	229,257,840
International growth funds			55,374,687				—				—				55,374,687
Index funds			23,775,901				—				—				23,775,901
Fixed income funds			32,788,024				—				—				32,788,024
Other funds			3,877,455				—				—				3,877,455
			345,073,907				—				—				345,073,907
Synthetic guaranteed investment contracts:
Investment contracts			6,275,559				165,367,772				617,365				172,260,696
Wrapper contracts			—				—				219,781				219,781
			6,275,559				165,367,772				837,146				172,480,477
Common collective trusts			—				85,836,429				—				85,836,429
Ryder System, Inc. common stock fund			—				64,575,901				—				64,575,901
Short-term money market instruments			11,628,723				—				—				11,628,723
Total investments at fair value		$	362,978,189				315,780,102				837,146			$	679,595,437

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

The following tables set forth a summary of the changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2010 and 2009:

		December 31, 2010
										Unrealized
										Gains (Losses)
										Relating to				Purchases,
		Beginning				Realized				Instruments				Issuances,				Net Transfers				Ending
		Balance at				Gains/(Losses)				Still Held at				and Other				Into				Balance at
		January1,				Included in				December 31,				Settlements,				(Out of)				December 31,
		2010				Earnings				2010				Net				Level 3				2010
Investment Contracts		$	617,365			$	—			$	—			$	(241,614	)		$	(83,691	)		$	292,060
Wrapper Contracts			219,781				—				—				183,412				—				403,193
Total		$	837,146			$	—			$	—			$	(58,202	)		$	(83,691	)		$	695,253

		December 31, 2009
										Unrealized
										Gains (Losses)
										Relating to				Purchases,
		Beginning				Realized				Instruments				Issuances,				Net Transfers				Ending
		Balance at				Gains/(Losses)				Still Held at				and Other				Into				Balance at
		January 1,				Included in				December 31,				Settlements,				(Out of)				December 31,
		2009				Earnings				2009				Net				Level 3				2009
Investment Contracts		$	856,258			$	—			$	—			$	(339,466	)		$	100,573			$	617,365
Wrapper Contracts			191,423				—				—				28,358				—				219,781
Total		$	1,047,681			$	—			$	—			$	(311,108	)		$	100,573			$	837,146

Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Plan Benefits.

The following is a description of the valuation methodologies used as well as the level of input used to measure fair value. There have been no changes in the methodologies used at December 31, 2010 and 2009.

Short-term money market instruments: are stated at cost, which approximates fair value. The short-term money market instruments are invested in the Fidelity Short-Term Interest Fund, which is a stable value fund that provides a daily net asset value (NAV). The fund invests in money market funds to provide daily liquidity. Fair value is based on a daily NAV that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV) and were therefore classified within Level 1 of the fair value hierarchy.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Synthetic guaranteed investment contracts (“GICs”): are stated at fair value. The fair value of GICs is calculated based on the market values of the underlying securities. A synthetic GIC is comprised of two components, an underlying investment contract and a “wrapper” contract. Wrapper contracts generally change the investment characteristics of underlying securities to those of guaranteed investment contracts. The wrapper contracts provide that benefit-responsive distributions for specific underlying securities may be withdrawn at contract or face value. Benefit-responsive distributions are generally defined as a withdrawal due to a participant’s retirement, disability or death, or participant-directed transfers, in accordance with the terms of the Plan.

The investment contract includes a variety of investment grade government and corporate debt securities and cash. The cash is classified within Level 1 of the fair value hierarchy. The government and corporate debt securities are not actively traded and fair values are estimated using bids provided by brokers, dealers or quoted prices of similar securities with similar characteristics or pricing models and have been classified within Level 2 of the fair value hierarchy. The fair value of certain mortgage related securities have been adjusted based on certain security price validations and reviews based on unobservable inputs and therefore were classified within Level 3 of the fair value hierarchy.

Ryder System, Inc. common stock fund: the fund invests primarily in Ryder System, Inc. common stock, which is traded on the New York Stock Exchange (NYSE) under the ticker symbol (R) and is valued at its quoted market price at the daily close of the NYSE. A small portion of the fund is invested in short-term money market instruments. The money market portion of the fund provides liquidity, which enables the Plan participants to transfer money daily among all investment choices. The Ryder System, Inc. common stock fund is valued at the unit prices established by the funds’ sponsor based on the fair value of the assets underlying the funds. Since the units of the fund are not actively traded, the fair value measurement has been classified within Level 2 of the fair value hierarchy.

Mutual funds: valued at quoted market prices, which represent the net asset value of the shares held in such funds. Each of these funds is considered an open ended mutual fund and are valued using a market approach. Fair value is based on a daily NAV that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV) and therefore the mutual funds have been classified within Level 1 of the fair value hierarchy.

Common collective trusts: valued at the net asset value per unit as determined by the collective trust as of the valuation date, which approximates fair value. Each fund consists of a commingled trust that invests in a diversified portfolio of equity index, fixed income index and/or short-term products. The fund’s fair value is measured as the fair value of the ownership interest in the fund. Since the units of the trusts are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

4. Investments

The Plan held the following individual investments whose aggregate fair value equaled or exceeded 5% of the Plan’s net assets at December 31, 2010 and 2009:

		2010				2009
Ryder System, Inc. common stock fund, 1,524,474 and 1,554,035 shares, respectively		$	81,055,963			$	64,575,901
Fidelity Equity Income Fund, 1,139,321 and 1,179,739 shares, respectively			50,426,346				46,175,004
Fidelity Contrafund, 1,245,591 and 1,289,180 shares, respectively			84,363,852				75,133,388
Fidelity Diversified International Fund, 1,759,254 and 1,935,839 shares, respectively			53,041,511				54,203,497
Fidelity Growth Company Fund, 1,357,042 and 1,409,459 shares, respectively			112,838,050				97,225,284

During the years ended December 31, 2010 and 2009, the Plan’s investments (including gains (losses) on investments bought and sold, as well as held during the year) appreciated in value as follows:

		2010				2009
Mutual funds		$	48,567,580			$	75,178,412
Common collective trusts			10,859,581				15,003,563
Ryder System, Inc. common stock fund			19,834,815				6,638,189
		$	79,261,976			$	96,820,164

5. Investment Contracts with Insurance Companies

The Interest Income Fund, one of the Plan’s investment options, may be invested in short-term money market instruments and in fully benefit-responsive 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. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

As described in Note 2, because the guaranteed investment contracts are fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for the benefits attributable to the guaranteed investment contract. Contract value, as reported to the Plan, 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 the investment at contract value.

There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) any substantive modification to the Plan or administration of the Plan that is not consented to by the contract issuer (including complete or partial plan termination or merger with another plan), (2) establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) plan sponsor events, such as divestitures, spin-offs or early retirement programs that cause a significant withdrawal from the Plan, (4) transfer of assets from the fund directly to a competing option (5) the failure of the Plan to qualify under Section 401(a) or Section 401(k) of the Internal Revenue Code. The Plan administrator does not believe that the occurrence of any of these events, which would limit the Plan’s ability to transact at contract value with participants, is probable.

Average Yields		2010				2009
Based on actual earnings			2.3	%			2.9	%
Based on interest rate credited to participants			2.0	%			2.4	%

6. Risks 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 risk. 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 Statements of Net Assets Available for Plan Benefits and the Statements of Changes in Net Assets Available for Plan Benefits.

The Plan’s exposure to a concentration of credit risk is limited by the diversification of investments across twenty-three 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 System, Inc. common 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. Related Party Transactions

The Plan holds shares of Ryder System, Inc. common stock (1,524,474 and 1,554,035 shares at December 31, 2010 and 2009, respectively) and recorded dividend income, net realized gains (losses) on sale and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these shares qualify as a party in interest.

The Plan also holds shares of mutual funds managed by Fidelity Management Company, which are affiliated with the Plan’s current trustee. The Plan has recorded dividend income, net realized gains (losses) on sales and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these transactions qualify as a party in interest. Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to $699,496 and $275,049 for the years ended December 31, 2010 and 2009, respectively. These fees are recorded as administrative expenses in the accompanying statements of changes in net assets available for plan benefits.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

8. 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.

9. 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. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. The Plan submitted a request in January 2011 to the Internal Revenue Service to renew the tax determination letter.

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 Form 5500

The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:

		December 31,
		2010				2009
Net assets available for benefits per the financial statements		$	779,474,736			$	706,112,556
Adjustment for fair value of fully benefit-responsive investment contracts			4,293,308				2,914,391
Net assets available for benefits per the Form 5500		$	783,768,044			$	709,026,947

For purposes of the financial statements, the investment in the Ryder System, Inc. common stock fund is presented as a unitized stock fund. The underlying assets are segregated on the Form 5500.

RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

The following is a reconciliation of investment income per the financial statements to the Form 5500:

		December 31,
		2010				2009
Net Investment income per the financial statements		$	89,268,093			$	107,565,269
Prior year adjustment from fair value to contract value for fully benefit-responsive investment contracts			(2,914,391	)			883,496
Current adjustment from fair value to contract value for fully benefit-responsive investment contracts			4,293,308				2,914,391
Net investment income per the Form 5500		$	90,647,010			$	111,363,156

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		SHORT TERM MONEY MARKET INSTRUMENTS:
*		FID INST CASH PORT: MM FUND CLASS I		—			0.212	%		**		$	1,200,818
		SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:
		INVESTMENT CONTRACTS:
		CASH											2,234,184
		AT&T CORP		11/15/2013			6.7000	%		**			84,710
		ABBEY NATL		11/10/2014			3.8750	%		**			458,357
		ALABAMA POWER		12/15/2012			4.8500	%		**			179,481
		AMER HONDA		9/20/2013			1.6250	%		**			171,110
		APART 2007-1 B		9/9/2013			5.3500	%		**			67,234
		APART 2007-1 C		2/10/2014			5.4300	%		**			41,418
		AMCAR 2006-BG A4		9/6/2013			5.2100	%		**			94,655
		BHP BILLITON		3/29/2012			5.1250	%		**			356,740
		BNP PARIBAS		12/21/2012			2.1250	%		**			193,175
		BNP PARIBAS		3/11/2015			3.2500	%		**			102,062
		BALTIMORE G&E		7/1/2013			6.1250	%		**			153,127
		BACM 2003-2 A2		3/11/2041			4.3420	%		**			41,740
		BACM 2004-2 XP		11/10/2038			0.7834	%		**			989
		BACM 2006-5 A1		9/10/2047			5.1850	%		**			3,633
		BOA FDIC		6/15/2012			3.1250	%		**			158,677
		BOA FDIC GTD		4/30/2012			2.1000	%		**			326,759
		BANK AMER FDG		9/1/2015			3.7000	%		**			216,038
		BMONT Q		6/28/2013			2.1250	%		**			356,270
		BANK NY MELLON		11/1/2012			4.9500	%		**			115,687
		BONY		5/15/2014			4.3000	%		**			199,483
		BANK NOVA SCOTIA		1/22/2013			2.2500	%		**			606,608
		BARCLAYS		1/23/2013			2.5000	%		**			462,243
		BAXTER INTL		3/15/2013			1.8000	%		**			381,869
		BAYC 2004-1 A1		4/25/2034			0.6200	%		**			33,784
		BAYC 2004-2 A1		8/25/2034			0.6900	%		**			30,454
		BAYC 2004-2 M1		8/25/2034			0.8400	%		**			10,128
		BSCMS 2007-PW15 A1		2/11/2044			5.0160	%		**			6,390
		BERK HATH INC		2/11/2013			2.1250	%		**			360,356
		BRHEA 2006-A		12/1/2041			1.0528	%		**			148,508
		COMM 2005-C6		6/10/2044			4.9990	%		**			22,324
		COMM 2005-C6		6/10/2044			0.1377	%		**			9,253
		CPS 2007-C A3		5/15/2012			5.4300	%		**			308
		CIBC		9/13/2013			1.4500	%		**			156,160

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		CANADIAN IMP BK		12/11/2015			2.3500	%		**			146,874
		CARAT 2007-1 B		9/17/2012			5.1500	%		**			128,999
		COMET 2006-A6		2/18/2014			5.3000	%		**			203,074
		COPAR 2007-1 B1		12/15/2013			5.7600	%		**			122,345
		CARGILL INC		6/1/2012			6.3750	%		**			597,608
		CATERPILLAR FIN SVC		4/5/2013			2.0000	%		**			136,958
		CATERPILLAR FIN INC		12/20/2013			1.5500	%		**			80,114
		CDTIM 2005-1A		5/20/2017			4.6700	%		**			13,894
		CHAIT 2008-A9		5/15/2013			4.2600	%		**			121,879
		CITIGROUP		5/5/2014			5.1250	%		**			186,011
		CITIGROUP		8/12/2014			6.3750	%		**			908,377
		CITI FDG FDIC		10/22/2012			1.8750	%		**			808,660
		CITIGR FDG FDIC		11/15/2012			1.8750	%		**			616,599
		CITIBANK FDIC		6/4/2012			1.8750	%		**			397,389
		COCA-COLA CO		11/15/2015			1.5000	%		**			250,057
		GCCFC 2007-GG11 XP		12/10/2049			0.4798	%		**			93,869
		COMMONWEALTH		9/17/2014			2.9000	%		**			915,995
		CON EDISON NY		4/1/2014			5.5500	%		**			188,215
		COUNTRYWIDE		6/7/2012			5.8000	%		**			749,734
		COVIDIEN INT GLB		10/15/2012			5.4500	%		**			305,025
		CREDIT SUISSE NY		5/15/2013			5.0000	%		**			1,080,506
		CSFB 2003-C5 A3		12/15/2036			4.4290	%		**			82,266
		CSFB 2003-C4 A3		8/15/2036			4.7000	%		**			44,610
		CSMC 2007-C1 A1		2/15/2040			5.2270	%		**			9,318
		CSMC 2007-C2 A1		1/15/2049			5.2690	%		**			2,554
		CSFB 2005-C4		8/15/2038			0.2274	%		**			22,277
		DBS BK LTD		5/16/2017			5.1250	%		**			416,555
		DCAT 2006-C B		4/8/2013			5.1100	%		**			230,845
		DEERE J CAPMTN		6/17/2013			1.8750	%		**			172,120
		DEUTSCHE TEL		3/23/2011			5.3750	%		**			107,599
		DIAGEO CPTL GLB		1/30/2013			5.2000	%		**			187,037
		ERP OPERAT LP		10/1/2012			5.5000	%		**			92,924
		ENEL FIN INTL		1/15/2013			5.7000	%		**			196,788
		FHLM ARM		3/1/2033			3.1470	%		**			1,306
		FHLG 15YR #E98688		8/1/2018			4.5000	%		**			282,221
		FHLG 15YR #E99205		9/1/2018			4.5000	%		**			83,102
		FHLG 15YR #E99833		10/1/2018			4.5000	%		**			130,293
		FHLM ARM #1B2428		11/1/2035			2.7330	%		**			140,741
		FHLM ARM #847584		1/1/2036			2.8910	%		**			20,725
		FHLM ARM #848083		6/1/2035			2.6410	%		**			26,589
		FHLM ARM #848084		1/1/2035			2.5850	%		**			19,372
		FHLM ARM #848085		4/1/2035			2.6620	%		**			52,885
		FHLM ARM #848088		4/1/2035			2.5470	%		**			445,419

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		FHLM ARM #848089		1/1/2035			2.7270	%		**			281,499
		FHLM ARM #848090		2/1/2035			2.8880	%		**			69,999
		FHLM ARM #1J0005		8/1/2035			3.0810	%		**			17,832
		FHLG 15YR #G13598		4/1/2020			5.0000	%		**			489,644
		FHLM ARM #1J1228		11/1/2035			2.5970	%		**			59,487
		FHLM ARM #1J1274		1/1/2036			2.8640	%		**			50,325
		FHLM ARM #1K1215		9/1/2035			2.6110	%		**			63,237
		FHLM ARM #1N0063		10/1/2035			3.3520	%		**			8,770
		FHLM ARM #1N0117		12/1/2035			2.0870	%		**			79,390
		FHLM ARM #1L0097		6/1/2035			2.8010	%		**			35,367
		FHLG 15YR #B10931		11/1/2018			4.5000	%		**			71,440
		FHLM ARM #848185		8/1/2036			3.3250	%		**			36,384
		FHLM ARM #848186		3/1/2035			2.8240	%		**			46,793
		FHR 2313 C		5/15/2031			6.0000	%		**			54,039
		FHLB		11/21/2012			1.6250	%		**			662,959
		FHLB		5/18/2012			1.1250	%		**			313,100
		FHLB		12/27/2013			0.8750	%		**			218,092
		FHLMC		1/15/2014			4.5000	%		**			480,492
		FNMA		9/15/2012			4.3750	%		**			516,675
		FNMA		10/15/2013			4.6250	%		**			238,094
		FNMA		2/16/2012			5.0000	%		**			106,907
		FHLMC		12/21/2012			4.1250	%		**			121,639
		FHLMC		3/23/2012			2.1250	%		**			102,572
		FHLMC		6/15/2012			1.7500	%		**			457,250
		FHLMC		7/27/2012			1.1250	%		**			881,596
		FHLMC		11/30/2012			0.3750	%		**			471,519
		FHLMC		12/28/2012			0.6250	%		**			2,526,667
		FNMA 15YR #253633		1/1/2016			6.5000	%		**			18,659
		FNMA 15YR #545725		6/1/2017			7.0000	%		**			34,878
		FNMA 15YR #555532		12/1/2017			7.0000	%		**			54,782
		FNMA 20YR #555867		11/1/2023			5.5000	%		**			162,556
		FNMA ARM #555923		7/1/2036			2.4900	%		**			32,588
		FNMA 15YR #619196		2/1/2016			7.0000	%		**			5,565
		FNMA 15YR #637071		3/1/2017			6.5000	%		**			56,480
		FNR 2004-3 HA		7/25/2017			4.0000	%		**			61,193
		FNR 2004-15 AB		9/25/2017			4.0000	%		**			41,758
		FNR 2008-95 AD		12/25/2023			4.5000	%		**			524,258
		FNMA		11/19/2012			4.7500	%		**			684,623
		FNMA		4/4/2012			1.0000	%		**			403,592
		FNMA		7/30/2012			1.1250	%		**			172,289
		FNMA		3/13/2014			2.7500	%		**			749,012
		FNMA		8/20/2013			1.2500	%		**			727,979
		FNMA		9/23/2013			1.0000	%		**			1,286,554

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		FNMA		10/30/2012			0.5000	%		**			605,909
		FNMA		12/18/2013			0.7500	%		**			700,283
		FNMA		12/28/2012			0.3750	%		**			1,689,263
		FNMA ARM #695019		2/1/2033			2.2020	%		**			5,276
		FNMA ARM #703915		5/1/2033			2.3970	%		**			3,593
		FNMA 15YR #725857		11/1/2018			4.5000	%		**			56,118
		FNMA 15YR #730721		8/1/2018			4.5000	%		**			41,860
		FNMA 15YR #734729		9/1/2018			4.0000	%		**			190,904
		FNMA ARM #735011		11/1/2034			2.6340	%		**			62,727
		FNMA 15YR #745278		6/1/2019			4.5000	%		**			132,159
		FNMA 15YR #745874		7/1/2020			4.5000	%		**			77,047
		FNMA ARM #745972		11/1/2036			2.8720	%		**			52,095
		FNMA ARM #746320		10/1/2033			2.5530	%		**			10,478
		FNMA ARM #754672		10/1/2033			2.1650	%		**			4,010
		FNMA ARM #755148		10/1/2033			2.0180	%		**			10,543
		FNMA ARM #801635		7/1/2034			2.5320	%		**			4,132
		FNMA ARM #802852		12/1/2034			2.5540	%		**			69,622
		FNMA ARM #815586		3/1/2035			2.5730	%		**			3,817
		FNMA ARM #815626		5/1/2035			2.6870	%		**			14,438
		FNMA ARM #816322		3/1/2035			2.3160	%		**			1,465
		FNMA ARM #823810		6/1/2035			2.7500	%		**			16,362
		FNMA ARM #826362		7/1/2035			2.6130	%		**			97,394
		FNMA ARM #834917		7/1/2035			2.2130	%		**			3,625
		FNMA ARM #843013		12/1/2034			2.2430	%		**			7,763
		FNMA ARM #847787		10/1/2035			2.4740	%		**			12,388
		FNMA ARM #886983		6/1/2036			2.5900	%		**			6,430
		FNMA 15YR #888653		7/1/2020			4.5000	%		**			64,663
		FNMA ARM #889946		5/1/2035			2.5450	%		**			89,976
		FNMA ARM #995016		7/1/2035			2.7360	%		**			175,050
		FNMA ARM #995017		2/1/2035			2.6430	%		**			754,714
		FNMA ARM #995272		5/1/2035			2.8570	%		**			6,926
		FNMA ARM #995273		7/1/2035			2.7330	%		**			35,471
		FNMA ARM #995274		2/1/2034			2.6820	%		**			1,902
		FNMA ARM #995414		7/1/2035			2.6340	%		**			80,001
		FNMA ARM #995415		10/1/2035			2.6730	%		**			259,819
		FNMA ARM #995606		11/1/2036			2.6860	%		**			78,982
		FNMA ARM #995607		3/1/2037			2.6620	%		**			97,420
		FNMA ARM #995609		4/1/2035			2.9170	%		**			37,446
		FNMA ARM #AC0036		2/1/2039			2.4120	%		**			386,973
		FNMA ARM #AD0066		12/1/2033			2.6220	%		**			138,952
		FNMA 15YR #AD0117		10/1/2018			4.5000	%		**			1,258,738
		FNMA ARM #AD0175		2/1/2036			2.6750	%		**			21,418
		FNMA ARM #AD0176		5/1/2035			2.6240	%		**			193,412

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		FNMA ARM #AD0177		9/1/2034			2.7450	%		**			53,549
		FNMA ARM #AD0710		11/1/2036			2.6200	%		**			13,039
		FNMA ARM #AD0713		10/1/2037			2.8780	%		**			117,873
		FNMA ARM #AD1555		3/1/2040			3.6060	%		**			179,747
		FORDO 2006-B B		2/15/2012			5.4300	%		**			191,619
		FORDO 2006-C B		6/15/2012			5.3000	%		**			97,345
		FORDO 2007-A B		10/15/2012			5.6000	%		**			57,452
		FRANCE TELECOM		7/8/2014			4.3750	%		**			257,121
		FRANCE TELECOM		9/16/2015			2.1250	%		**			56,819
		FRNK 2006-1 A4		7/21/2014			5.0300	%		**			14,138
		FRNK 2006-1 B1		7/21/2014			5.1400	%		**			35,208
		FRNK 2007-1 B		2/16/2015			5.1300	%		**			134,292
		GEBL 2003-1 A		4/15/2031			0.6958	%		**			51,595
		GECMC 2007-C1		12/10/2049			0.2003	%		**			30,340
		GMACC 2004-C2		8/10/2038			4.7600	%		**			70,742
		GMACC 2005-C1		5/10/2043			0.5542	%		**			7,790
		GMAC INC FDIC		10/30/2012			1.7500	%		**			469,512
		GCOSL 2006-1A NOTE		3/1/2022			5.7200	%		**			69,186
		GE CAP CORP		8/13/2012			3.5000	%		**			1,129,173
		GE CAP MTN		1/8/2013			2.8000	%		**			110,826
		GE CAP MTN		6/29/2015			3.5000	%		**			37,655
		GENERAL ELEC MTN		9/16/2013			1.8750	%		**			396,365
		GE CAP CORP		11/9/2015			2.2500	%		**			224,753
		GE CAP FDIC		12/9/2011			3.0000	%		**			461,643
		GE CAP FDIC MTN		12/28/2012			2.6250	%		**			545,674
		GE CAP FDIC GMTN		9/28/2012			2.0000	%		**			266,920
		GLAXOSMTH KLINE		5/15/2013			4.8500	%		**			109,199
		GOLDMAN SACHS MTN		8/1/2015			3.7000	%		**			15,520
		GOLDMAN SACHS		7/15/2013			4.7500	%		**			502,276
		GOLDMAN SACH GLB		10/15/2013			5.2500	%		**			124,636
		GOLDMAN FDIC		6/15/2012			3.2500	%		**			74,847
		GOLDMAN SA FDIC		3/15/2012			2.1500	%		**			102,580
		GPMH 2001-1 IA		4/20/2032			0.6020	%		**			4,009
		GSALT 2007-1 B		12/15/2014			5.5300	%		**			20,787
		HSBC USA FDIC		12/16/2011			3.1250	%		**			164,337
		HAT 2007-1 A4		11/17/2013			5.3300	%		**			180,638
		ING BANK NV		10/18/2013			2.0000	%		**			257,924
		JP MORGAN CS GLB		2/1/2011			6.7500	%		**			67,115
		JPMC CO MTN		6/1/2014			4.6500	%		**			934,142
		JPMCC 2004-CB9 A2		6/12/2041			5.1080	%		**			196,434
		JPMCC 2006-LDP9 A1		5/15/2047			5.1700	%		**			36,070
		JPMCC 07-LDP10 A		1/15/2049			5.1220	%		**			9,936
		JACKSON NATL		5/8/2013			5.3750	%		**			141,498

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		JPMRT 2006-A A4		12/15/2014			5.1400	%		**			56,403
		JPMORGAN FDIC		12/1/2011			3.1250	%		**			287,699
		LBUBS 2007-C1		2/15/2040			5.3910	%		**			27,582
		LBUBS 2001-WM		7/14/2016			0.7827	%		**			831
		LBUBS 2000-C5		12/15/2026			6.5100	%		**			448
		LBUBS 2006-C3		3/15/2032			5.4780	%		**			2,298
		LBART 2006-B		9/15/2013			5.1800	%		**			60,864
		MLCFC 2007-6		3/12/2051			5.1750	%		**			19,115
		MANUFTRS & TRD		4/1/2013			1.8028	%		**			397,054
		MVCOT 2005-2		10/20/2027			5.2500	%		**			39,403
		MVCOT 2006-2A		10/20/2028			5.3620	%		**			33,257
		MVCOT 2006-2A		10/20/2028			5.4420	%		**			7,374
		MVCOT 2006-2A		10/20/2028			5.6910	%		**			2,989
		MASSMUTUAL GL		7/16/2012			3.6250	%		**			105,307
		MERCK & CO INC		1/15/2016			2.2500	%		**			168,086
		MERRILL LYNCH		2/5/2013			5.4500	%		**			46,307
		MERRILL LYNCH		7/15/2014			5.4500	%		**			114,105
		MLMT 2004-MKB1		2/12/2042			4.3530	%		**			202,060
		MLMT 2005-MKB2		9/12/2042			0.2211	%		**			3,042
		MET LIFE GLOBAL		9/17/2012			2.8750	%		**			353,368
		MET LIFE GLOBAL		9/29/2015			2.5000	%		**			297,561
		MIDAMERICAN ENRG		7/15/2012			5.6500	%		**			311,935
		MLCFC 2007-8 A1		8/12/2049			4.6220	%		**			45,631
		MONUMENTAL GLOBAL		4/22/2013			5.5000	%		**			64,840
		MSC 2003-IQ5		4/15/2038			0.9108	%		**			4,375
		MSC 2004-TOP13		9/13/2045			0.8417	%		**			6,099
		MORGAN STANLEY		5/13/2014			6.0000	%		**			326,544
		MORGAN STANLEY		1/26/2015			4.1000	%		**			278,685
		MSC 2007-HQ11		2/12/2044			5.2460	%		**			30,154
		MSC 2007-IQ13		3/15/2044			5.0500	%		**			49,582
		MORGAN STANLEY FDIC		12/1/2011			3.2500	%		**			339,480
		NATL AUST BK		6/12/2013			5.3500	%		**			271,483
		NATL AUST BK		11/16/2012			2.3500	%		**			455,754
		NY LIFE		12/14/2012			2.2500	%		**			276,889
		NY LIFE GLOBAL		5/9/2013			4.6500	%		**			302,985
		NORDEA BK AG		10/4/2013			1.7500	%		**			259,816
		NORTHERN TRUST CO		8/15/2013			5.5000	%		**			56,387
		NORTHERN TRUST CO		5/1/2014			4.6250	%		**			50,086
		NEF 2005-1 A5		10/30/2045			1.0384	%		**			152,877
		ORIX CORP		11/22/2011			5.4800	%		**			36,524
		PECO ENERGY MTN		10/15/2013			5.6000	%		**			201,479
		PNCFUND MTN		2/8/2015			3.6250	%		**			194,994
		PNC FUND CORP MTN		5/19/2014			3.0000	%		**			275,877

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010

				(c)
				Description of Investment Including								(e)
		(b)		Maturity Date, Rate of Interest, Par or						(d)		Current
(a)		Identity of Issue, Borrower, Lessor or Similar Party		Maturity Value						Cost		Value
		PACIFIC GAS & ELEC		12/1/2013			6.2500	%		**			180,197
		PHILIP MOR		5/16/2013			4.8750	%		**			75,117
		PRIME PROP FNDG		6/15/2011			5.6000	%		**			142,012
		RABOBANK NEDERLAND		8/17/2012			2.6500	%		**			1,002,495
		RAS LAF YANK		3/15/2014			8.2940	%		**			114,514
		ROYAL BK CANADA		1/15/2014			1.1250	%		**			563,625
		RBS		8/23/2013			3.4000	%		**			102,215
		ROYAL BK SCT		3/30/2012			1.5000	%		**			454,458
		SBC COMM GLOBAL		2/1/2012			5.8750	%		**			174,513
		SBC COMM GLOBAL		9/15/2014			5.1000	%		**			176,349
		SVOVM 2005-A		2/20/2021			5.2500	%		**			42,571
		SANTANDER US		1/18/2013			2.4850	%		**			332,846
		SHELL INTL MTN		3/25/2013			1.8750	%		**			357,029
		SIMON PROPERTY		5/30/2013			5.3000	%		**			153,258
		STATE STREET CORP		5/30/2014			4.3000	%		**			42,944
		LLL 1997-LLI D		10/12/2034			7.1500	%		**			60,602
		SVENSKA MTN		9/14/2012			2.8750	%		**			671,321
		TRANSCAPITAL		3/5/2014			5.6700	%		**			350,575
		TAROT 2006-C		5/13/2013			5.3100	%		**			87,573
		US CNTRL FED CU		10/19/2012			1.9000	%		**			286,934
		UNCREDIT LUX		1/13/2017			5.5840	%		**			297,649
		US BANCORP MTN		5/15/2014			4.2000	%		**			311,339
		US BANCORP		3/4/2015			3.1500	%		**			89,350
		USTN		2/28/2014			1.8750	%		**			3,596,211
		USTN		3/31/2014			1.7500	%		**			245,785
		USTN		9/30/2014			2.3750	%		**			3,844,423
		USTN		10/31/2014			2.3750	%		**			859,409
		USTN		1/31/2012			0.8750	%		**			10,769,682
		USTN		2/15/2013			1.3750	%		**			3,970,897
		USTN		4/15/2013			1.7500	%		**			7,668,572
		USTN		4/30/2015			2.5000	%		**			176,479
		USTN		4/30/2012			1.0000	%		**			16,212,382
		USTN		5/31/2012			0.7500	%		**			39,079,169
		USTN		5/31/2015			2.1250	%		**			20,356
		USTN		6/30/2015			1.8750	%		**			59,238
		USTN		7/31/2015			1.7500	%		**			135,557
		USTN		9/30/2012			0.3750	%		**			1,171,329
		USTN		12/15/2013			0.7500	%		**			14,701,957
		USTN		12/31/2012			0.6250	%		**			10,746,059
		VERIZON COM INC		4/15/2013			5.2500	%		**			225,166
		VERIZON WIRELESS		2/1/2012			5.2500	%		**			207,296
		VERIZON WIRELESS		5/20/2011			3.7500	%		**			670,910
		VERIZON NEW YORK		4/1/2012			6.8750	%		**			466,094