Ryder System 11K Annual report of employee stock purchases

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, 2008

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 & SCHEDULES		PAGE NO.

ⁿ	Report of Independent Registered Certified Public Accounting Firm — PricewaterhouseCoopers LLP		2

ⁿ	Statements of Net Assets Available for Plan Benefits December 31, 2008 and 2007		3

ⁿ	Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2008 and 2007		4

ⁿ	Notes to Financial Statements		5

ⁿ	Schedule I: Form 5500, Schedule H, Line 4i: Schedule of Assets (Held at End of Year) December 31, 2008		14

ⁿ	Signature		27

EXHIBIT

ⁿ	Exhibit Index		28

ⁿ	Consent of Independent Registered Certified Public Accounting Firm — PricewaterhouseCoopers LLP		29
EX-23.1

REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM

The Participants and Administrator
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 the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) at December 31, 2008 and 2007, 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. The 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 26, 2009

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


		December 31
		2008		2007
Assets
Investments (at fair value)
Short-term money market instruments		$	17,803,660	$	6,592,811
Investment contracts			171,597,605		158,294,730
Wrap contracts			191,423		—
Mutual funds			256,159,589		528,376,290
Common collective trusts			61,415,407		—
Ryder System, Inc. common stock fund			60,750,136		76,596,530
Participant loans receivable			28,908,056		27,890,555

Total investments			596,825,876		797,750,916
Receivables:
Employer contributions			3,388,027		1,545,851
Participant contributions			442,550		1,373,127
Operating receivable			129,207		—

Total receivables			3,959,784		2,918,978

Total assets			600,785,660		800,669,894


Liabilities
Operating payable			75,366		201,899
	��

Total liabilities			75,366		201,899


Net assets available for plan benefits (at fair value)		$	600,710,294	$	800,467,995

Adjustment from fair value to contract value for fully benefit-responsive investment contracts			883,496		(1,506,373	)


Net assets available for plan benefits (at contract value)		$	601,593,790	$	798,961,622

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
	2008			2007
Additions to net assets attributed to:
Investment (loss)/income:
Net (depreciation)/appreciation in value of investments	$	(209,183,300	)	$	27,005,712
Dividends		8,509,586			27,163,902
Interest		9,860,009			9,429,578

Net investment (loss)/income		(190,813,705	)		63,599,192


Contributions:
Employer		26,451,777			7,481,163
Participants		42,129,664			42,140,154

Total contributions		68,581,441			49,621,317


Transfer to Plan		1,455,577			—

Deductions from net assets attributed to:
Benefits paid to plan participants		75,903,935			83,616,174
Administrative expenses		687,210			583,476


Total deductions		76,591,145			84,199,650


Net (decrease)/increase		(197,367,832	)		29,020,859

Net assets available for plan benefits:
Beginning of year		798,961,622			769,940,763

End of year	$	601,593,790		$	798,961,622

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 Ryder System, Inc.’s Vice President of Compensation and Benefits. 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, any salaried or non-salaried employee of Ryder System, Inc. (the Company) and participating affiliates, as well as field hourly employees of Ryder Integrated Logistics, Inc., 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

Participant 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 $15,500 for both 2008 and 2007 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 shall exclude 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 $5,000 in addition to the IRS limit of $15,500 for the both the years ended December 31, 2008 and December 31, 2007. 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-three investment options and may transfer among investment options on a daily basis.

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

Effective September 30, 2008, the Plan replaced five of its investment options, the Fidelity Freedom Funds, with eleven lifecycle investment options, the Pyramis Index Lifecycle Funds. Balances in the Fidelity Freedom Funds were transitioned to the age appropriate Pyramis Index Lifecycle Fund. The Plan also added the Spartan International Index Fund as an investment option in 2008.

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 deferred contributions.

The Company may make a discretionary contribution for salaried and non-salaried employees, other than field hourly employees of Ryder Integrated Logistics, Inc., a wholly-owned subsidiary of the Company. 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 field hourly employees of Ryder Integrated Logistics who meet 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, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.

Effective January 1, 2007, the Company amended the Plan. As a result of the amendment, new hires and rehires who would have been eligible to participate in the Company’s retirement (pension) plan will be eligible for an enhanced benefit under the Plan. Beginning January 1, 2008, employees that did not meet grandfathering criteria for continued participation in the Company’s retirement (pension) plan are also eligible for the 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 shall exclude any amounts contributed into the Company’s Deferred Compensation Plan.

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. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. In 2008 and 2007, employer contributions were reduced by $939,789 and $368,150 respectively, from forfeited nonvested accounts. At December 31, 2008 and 2007, forfeited nonvested accounts available to reduce future employer contributions totaled $7,957 and $7,583, 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 Ryder. Ryder Integrated Logistics 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

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 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 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, 2008 and 2007, amounts allocated to accounts of terminated persons who have not yet been paid their automatic distributions totaled $0 and $59,799, respectively. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they 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.

2. Summary of Significant Accounting Policies

Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.

As described in the Financial Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP), investment contracts held by a defined-contribution plan are required 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. As required by the FSP, 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 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.

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

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 (depreciation) appreciation in the fair value of its investments which consists of the related (losses) gains and the unrealized (depreciation) appreciation on those investments. Dividends on Ryder System, Inc. 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.

3. Fair Value Measurements

Effective January 1, 2008, the Plan adopted Statement of Financial Accounting Standards Board (SFAS) No. 157, “Fair Value Measurements” for all financial assets and liabilities disclosed at fair value in the financial statements on a recurring basis. SFAS No. 157 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. SFAS No. 157 also 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 standard describes three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have 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 our 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 table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value, on a recurring basis, as of December 31, 2008:


	Fair Value Measurements
	At December 31, 2008
Description	Level 1		Level 2		Level 3		Total

Short-term money market	$	17,803,660		—		—	$	17,803,660
Investment contracts		—		170,741,347		856,258		171,597,605
Wrap contracts		—		—		191,423		191,423
Mutual funds		256,159,589		—		—		256,159,589
Common collective trusts		—		61,415,407		—		61,415,407
Ryder System, Inc common stock fund		60,750,136		—		—		60,750,136
Participant loans receivable		—		—		28,908,056		28,908,056

Total investments-fair value	$	334,713,385		232,156,754		29,955,737	$	596,825,876


	Level 3 Asset Gains and Losses
	Year ended December 31, 2008
						Participant
	Investment			Wrap		loans
	contracts			contracts		receivable		Total

Balance, beginning of year	$	26,935			—		27,890,555	$	27,917,490

Realized losses		(7,560	)		—		—		(7,560	)

Unrealized (losses)/gains relating to instruments still held at the reporting date		(98,234	)		191,423		—		93,189

Purchases, sales, issuances and settlements (net)		(57,318	)		—		1,017,501		960,183

Transfers into level 3		992,435			—		—		992,435


Balance, end of year	$	856,258			191,423		28,908,056	$	29,955,737

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2008 and 2007.

Short-term money market instruments: are stated at cost, which approximates fair value.

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 asset and a “wrapper” contract. Wrapper contracts generally change the investment characteristics of underlying securities (such as corporate debt or U.S. government 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.

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

Ryder System, Inc. common stock fund (RCS Fund): the RCS 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 RCS Fund is invested in short-term money market instruments. The money market portion of RCS Fund provides liquidity, which enables the Plan participants to transfer money daily among all investment choices.

Mutual funds: valued at quoted market prices, which represent the net asset value of the securities held in such funds.

Common collective trusts: valued at the asset value per unit as determined by the collective trust as of the valuation date, which approximates fair value.

Participant loans receivable: stated at the outstanding principal balance plus accrued interest, which approximates fair value.

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.

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, 2008 and 2007:


	2008		2007
Ryder System, Inc. common stock fund	$	60,750,136	$	76,596,530
Fidelity Equity Income Fund		36,377,199		70,607,618
Fidelity Contrafund		57,895,735		101,615,563
Fidelity Diversified International Fund		40,309,250		86,939,304
Fidelity Growth Company Fund		67,561,336		122,877,545

During the years ended December 31, 2008 and 2007, the Plan’s investments (including (losses) gains on investments bought and sold, as well as held during the year) (depreciated) appreciated in value as follows:


	2008			2007
Mutual funds	$	(188,700,247	)	$	31,993,477
Common collective trusts		(10,123,658	)		—
Ryder System, Inc. common stock fund		(10,359,395	)		(4,987,765	)

	$	(209,183,300	)	$	27,005,712

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

5. Investment Contracts with Insurance Companies

The Managed Interest Income Fund, one of the Plan’s investment options, may be invested in short-term money market instruments through the Fidelity Short-Term Interest Fund 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.

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	2008			2007

Based on actual earnings		4.5	%		4.7	%
Based on interest rate credited to participants		3.8	%		4.7	%

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.

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

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 RCS 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

During 2008, assets of $1,455,577 were transferred into the Plan related to the acquisition of a certain group of employees. There were no transfers into or out of the Plan during 2007.

8. Related Party Transactions

The Plan holds shares of Ryder System, Inc. common stock (1,555,410 and 1,616,197 shares at December 31, 2008 and 2007, respectively) and recorded dividend income, net realized (losses) gains on sale and net unrealized (depreciation) appreciation in value of these securities. Accordingly, these shares qualify as party in interest.

The Plan also holds shares of mutual funds managed by Fidelity Management Company, which is affiliated with the Plan’s current trustee. The Plan has recorded dividend income, net realized (losses) gains on sales and net unrealized (depreciation) appreciation in value of these securities. Accordingly, these transactions qualify as party in interest. Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to $333,272 and $241,613 for the years ended December 31, 2008 and 2007, 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. 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.

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.

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

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,
	2008			2007

Net assets available for benefits per the financial statements	$	601,593,790		$	798,961,622
Amounts allocated to withdrawing participants with balances less than $1,000		—			(59,799	)
Adjustment for fair value of fully benefit-responsive investment contracts		(883,496	)		1,506,373



Net assets available for benefits per the Form 5500	$	600,710,294		$	800,408,196

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.

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:


	Year ended
	December 31, 2008

Distributions to participants per the financial statements	$	75,903,935
Add: Amounts allocated to withdrawing participants with balances less than $1,000 at December 31, 2008		—
Less: Amounts allocated to withdrawing participants with balances less than $1,000 at December 31, 2007		(59,799	)

Benefits paid to participants per the Form 5500	$	75,844,136

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. Benefits paid to participants per the Form 5500 include total benefit payments, corrective distributions, and certain deemed distributions of participant loans.

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Identity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

SHORT TERM MONEY MARKET INSTRUMENTS:

FID INST CASH PORT: MM FUND CLASS I

—

2.014%

17,803,660

INVESTMENT CONTRACTS:

SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:

ANZ NATL INTL

7/19/2013

6.200%

194,215

AT&T WIRELESS

3/1/2011

7.875%

191,069

AXA FINL INC

8/1/2010

7.750%

251,903

ACE 03-HS1 M1

6/25/2033

1.514%

459

ABCMT 07-A2 A2

3/20/2013

5.000%

601,792

ABCMT 07-B2 B

6/20/2013

5.500%

160,538

AMERICA MOVIL

3/1/2009

4.125%

305,430

AMCAR 04-DF A4

7/6/2011

3.430%

81,829

AMCAR 05-CF A4

6/6/2012

4.630%

209,102

AMCAR 06-1 B

3/6/2011

5.200%

19,645

APART 07-1 B

3/8/2011

5.350%

48,972

APART 07-1 C

2/28/2014

5.430%

28,746

APART 07-2M A3A

4/8/2010

5.220%

118,370

AMCAR 06-BG A4

9/6/2013

5.210%

149,711

AVON PRODUCTS

3/1/2013

4.800%

145,593

BBVA BANC 144A

7/22/2015

5.398%

185,281

BHP BILLITON

3/29/2012

5.125%

319,478

BP CAP MARKETS

11/7/2013

5.250%

183,015

BTM CURACAO 144A

7/21/2015

4.760%

109,096

BALTIMORE G&E

7/1/2013

6.125%

129,159

BACM 00-2 A2

9/15/2032

7.197%

98,646

BACM 04-6 XP

12/10/2042

0.453%

14,142

BACM 2003-2 A2

3/11/2041

4.342%

182,471

BACM 03-2 XP

3/11/2041

0.313%

16,509

BACM 04-2 XP

11/10/2038

0.900%

11,810

BACM 05-3 XP

7/10/2043

0.436%

34,837

BACM 04-4 A3

7/10/2042

4.128%

177,243

BACM 05-4 A1

7/10/2045

4.432%

70,885

BACM 04-5 XP

11/10/2041

0.576%

19,352

BACM 05-4 XP

7/10/2045

0.170%

10,773

BACM 05-5 A1

8/10/2010

4.716%

159,925

BACM 05-5 XP

10/10/2045

0.059%

13,017

BACM 05-6 A1

9/10/2047

5.001%

97,036

BOAMS 04-J 2A1

11/25/2034

4.760%

64,157

BOAMS 05-E 2A7

6/25/2035

4.616%

98,438

BACM 06-6 XP

10/10/2045

0.432%

56,957

BACM 06-5 A1

7/10/2011

5.185%

66,914

BACM 2006-5 XP

9/10/2047

0.832%

49,230

BANKAMER

2/15/2010

7.800%

66,402

BANK AMER

5/1/2013

4.900%

118,842

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

BANK OF NEW YORK

1/14/2011

4.950%

41,485

BANK NY MELLO GLB

11/1/2012

4.950%

204,703

BANK ONE CORP

8/1/2010

7.875%

324,289

BOIT 04-B2 B2

4/15/2012

4.370%

353,774

BNK OF TOKYO MIT GL

4/15/2010

8.400%

474,935

BAYC 04-1 A

4/25/2034

0.749%

42,562

BAYC 04-2 A

8/25/2034

0.819%

45,544

BAYC 04-2 M1

8/25/2034

0.969%

12,491

BSCMS 04-ESA A3

5/14/2016

4.741%

385,947

BSCMS 04-ESA B

5/14/2016

4.888%

165,506

BSCMS 04-ESA C

5/14/2016

4.937%

100,327

BSCMS 04-ESA D

5/14/2016

4.986%

40,139

BSCMS 04-ESA E

5/14/2016

5.064%

115,436

BSCMS 04-ESA F

5/14/2016

5.182%

30,128

BSCMS 04-PWR5 X2

7/11/2042

0.750%

20,905

BSCMS 04-T16 X2

2/13/2046

0.724%

13,891

BSCMS 03-PWR2 X2

5/11/2039

0.467%

22,039

BSCMS 03-T12 X2

8/13/2039

0.516%

19,690

BSCMS 04-PWR6 X2

11/11/2041

0.617%

13,824

BSCMS 05-PWR9 A1

9/11/2042

4.498%

144,725

BSCMS 05-PWR9 X2

9/11/2042

0.389%

60,049

BSCMS 05-T20 A1

10/12/2042

4.940%

104,390

BSCMS 2006-T22 A1

4/12/2038

5.415%

97,220

BSCMS 06-PW13 X2

9/11/2041

0.430%

32,733

BSCMS 2006-T24 X2

10/12/2041

0.425%

32,455

BSCMS 07-PW15 A1

2/11/2044

5.016%

11,334

BSCMS 2007-PW15 X2

2/11/2044

0.368%

93,822

BSCMS 07-T26 X2

1/12/2045

0.129%

36,856

BEAR STEARNS CO

1/7/2010

4.245%

227,736

BEAR STEARNS

7/19/2010

5.850%

46,642

BELLSOUTH GLBL

9/15/2009

4.200%

228,665

BRHEA 05-4 A5

12/1/2040

4.910%

286,950

BRHEA 06-A A2R

12/1/2041

5.030%

395,152

BRITISH G

12/15/2010

8.625%

459,477

CNH 05-A A4B

6/15/2012

4.290%

65,464

CNH 05-B B

7/16/2012

4.570%

91,454

COMM 05-C6 A2

6/10/2044

4.999%

195,664

COMM 05-C6 XP

6/10/2044

0.122%

17,158

CPS 06-C A3

1/15/2011

5.140%

40,058

CPS 07-B A3

11/15/2011

5.470%

105,460

CPS 2007-C A3

5/15/2012

5.450%

88,920

CWL 04-4 A

8/25/2034

0.759%

4,340

CWHL 05-HYB3 2A6B

6/20/2035

4.396%

40,550

CARAT 07-1 B

9/17/2012

5.150%

88,040

CARAT 07-SN1 B

3/15/2011

5.520%

39,147

CARAT 07-SN1 C

3/15/2011

5.730%

24,589

CARAT 06-1 B

10/15/2010

5.260%

57,525

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

CARAT 2006-SN1A A4A

3/20/2010

5.320%

190,650

CASH

—

100,292

COAFT 05-C A4A

6/15/2012

4.710%

108,586

COMET 04-B6 B6

7/16/2012

4.150%

269,487

COMET 2006-A6 A6

2/18/2014

5.300%

181,004

COMET 07-B3 B3

3/15/2013

5.050%

623,826

COMET 07-B5 B5

5/15/2013

5.400%

289,566

COPAR 06-2 A4

7/15/2012

4.940%

129,362

COPAR 2007-1 B1

12/15/2013

5.760%

101,451

CARGILL INC

6/1/2012

6.375%

543,348

CD 06-CD3 XP

10/15/2048

0.423%

114,314

CDTIM 05-1A A1

5/20/2017

4.670%

26,996

CHASE MANHATTAN

6/15/2010

7.875%

279,279

CHASE 07-A2 2A1

7/25/2037

5.180%

13,474

CCCIT 06-B2 B2

3/7/2011

5.150%

346,849

CCCIT 07-B2 B2

4/2/2012

5.000%

432,850

CCCIT 07-A5 A5

6/22/2012

5.500%

409,224

CCCIT 07-B6 B6

11/8/2012

5.000%

288,018

CGCMT 04-C2 XP

10/15/2041

0.894%

15,931

CGCMT 05-EMG A2

9/20/2051

4.221%

85,881

CWCI 07-C2 A1

9/15/2011

5.064%

73,976

COMM 04-LBN2 X2

3/10/2039

0.852%

4,554

COMM 06-C8 A1

12/10/2046

5.110%

103,913

COMM 06-C8 XP

12/10/2046

0.495%

143,783

COMM 06-CN2A BFX

2/5/2019

5.537%

43,248

COMM 06-CN2A CFX

2/5/2019

5.479%

17,937

COMM 06-CN2A D

2/5/2019

5.529%

28,941

COMM 06-CN2A E

2/5/2019

5.570%

44,359

COMM 06-CN2A F

2/5/2019

5.570%

9,146

COMM 04-LB4A XP

10/15/2037

0.672%

34,865

COMM 05-LP5 XP

5/10/2043

0.352%

12,895

GCCFC 07-GG11 XP

12/10/2049

0.480%

155,955

CONSTELATION EN

9/1/2009

6.125%

146,458

CONTL AIR 991A

2/2/2019

6.545%

187,941

COUNTRYWIDE MTN

9/15/2009

4.125%

7,003

COVIDIEN INT

10/15/2010

5.150%

428,419

COVIDIEN INT GLB

10/15/2012

5.450%

98,988

CREDIT SUISSE NY

5/15/2013

5.000%

551,259

CSFB 03-C3 ASP

5/15/2038

1.699%

46,800

CSFB 03-C5 A3

12/15/2036

4.429%

155,269

CSFB 03-C4 A3

8/15/2036

4.700%

139,242

CSFB 03-C4 ASP

8/15/2036

0.437%

12,167

CSFB 03-C5 ASP

12/15/2036

0.869%

24,021

CSFB 04-C1 ASP

1/15/2037

0.927%

26,026

CSFB 04-C4 ASP

10/15/2039

1.048%

18,730

CSFB 04-C3 ASP

7/15/2036

0.491%

33,497

CSFB 05-FIX1 A2

5/25/2035

4.310%

68,481

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

CSMC 07-C3 A1

6/15/2039

5.664%

56,682

CSMC 06-C5 ASP

12/15/2039

0.664%

128,132

CSMC 06-C4 ASP

9/15/2039

0.574%

224,752

CSMC 07-C1 A1

2/15/2040

5.227%

58,443

CSMC 07-C1 ASP

2/15/2040

0.422%

143,455

CSMC 07-C2 A1

1/15/2049

5.269%

46,291

CSFB 05-C1 ASP

2/15/2038

0.342%

16,496

CSFB 05-C4 ASP

8/15/2038

0.242%

44,808

CSFB 05-C2 ASP

4/15/2037

0.551%

23,552

DBS BK LTD 144A

5/16/2017

5.125%

366,427

DLJCM 00-CF1 A1B

6/10/2033

7.620%

216,401

DAIMLERCHRYSLER

8/10/2009

5.750%

765,555

DCAT 2006-C B

4/8/2013

5.110%

185,675

JOHN DEERE CAP

3/16/2009

4.875%

30,524

DEUTSCHE TEL

3/23/2011

5.375%

105,404

DIAGEO CPTL GLB

1/30/2013

5.200%

170,991

DRT 00-1A A2

3/8/2010

6.971%

11,532

DONNELLEY RR

4/1/2009

3.750%

703,213

DRIVE 06-2 A-2

7/15/2011

5.300%

30,353

DRVT 2006-A A3

11/15/2011

5.501%

94,280

DUPONT

1/15/2013

5.000%

82,568

DUPONT EI NEMOUR

7/15/2013

5.000%

200,317

EDP FINANCE BV 144A

11/2/2012

5.375%

287,804

ERP OPERAT LP

10/1/2012

5.500%

68,387

ENCANA CORP

10/15/2013

4.750%

37,228

ENCANA CORP

8/15/2009

4.600%

100,142

ENEL FIN INTL144A

1/15/2013

5.700%

378,762

EXELON GEN GLBL

6/15/2011

6.950%

316,481

FHLM ARM #847126

3/1/2033

6.095%

3,217

FHLM ARM #1B2428

11/1/2035

4.696%

183,141

FHLM ARM #1B2670

12/1/2034

4.315%

21,436

FHLM ARM #1B2721

1/1/2035

4.372%

430,379

FHLM ARM #1B2747

2/1/2035

4.246%

125,536

FHLM ARM #1B2811

3/1/2035

4.633%

77,923

FHLM ARM #1B2869

4/1/2035

4.481%

101,099

FHLM ARM #1B2907

6/1/2035

4.275%

36,668

FHLM ARM #847584

1/1/2036

4.586%

31,163

FHLM ARM #1J0005

8/1/2035

5.055%

28,909

FHLM ARM #1G0058

1/1/2035

4.592%

250,507

FHLM ARM #1G0068

2/1/2035

4.522%

43,805

FHLM ARM #1G0103

2/1/2035

4.361%

62,666

FHLM ARM #1G0125

3/1/2035

4.327%

25,879

FHLM ARM #1G0133

3/1/2035

4.407%

15,663

FHLM ARM #1G0145

3/1/2035

4.471%

22,769

FHLM ARM #1J1228

11/1/2035

4.840%

82,632

FHLM ARM #1J1274

1/1/2036

5.117%

77,053

FHLM ARM #1J1279

4/1/2036

5.830%

142,911

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

FHLM ARM #1K1215

9/1/2035

4.921%

93,042

FHLM ARM #1N0063

10/1/2035

5.694%

25,679

FHLM ARM #1N0117

12/1/2035

4.705%

111,791

FHLM ARM #1N1446

1/1/2037

5.761%

109,251

FHLM ARM #1H2593

1/1/2036

5.811%

47,668

FHLM ARM #1B7241

8/1/2036

5.282%

56,802

FHLM ARM #1G1803

1/1/2036

5.845%

191,833

FHLM ARM #1L0097

6/1/2035

5.294%

58,362

FHR 2313 C

5/15/2031

6.000%

105,738

FHLM ARM #781229

2/1/2034

4.374%

15,076

FHLM ARM #782877

11/1/2034

4.309%

68,438

FHLM ARM #782988

1/1/2035

5.243%

26,533

FHLM ARM #783028

2/1/2035

4.620%

63,981

FHLM ARM #783032

2/1/2035

5.526%

24,500

FHLM ARM #783067

3/1/2035

5.288%

15,031

FHLM ARM #783096

4/1/2035

4.422%

109,645

FHLM ARM #783104

4/1/2035

4.745%

130,576

FNMA DN

3/25/2009

0.000%

2,599,587

FNMA DN

9/25/2009

0.000%

1,792,685

FNMA

10/15/2011

5.000%

4,395,274

FNMA

2/16/2012

5.000%

781,156

FNMA 15YR #253633

1/1/2016

6.500%

37,469

FNMA 15YR #545725

6/1/2017

7.000%

65,411

FNMA 15YR #555532

12/1/2017

7.000%

99,680

FNMA ARM #555696

8/1/2033

4.167%

18,469

FNMA ARM #555702

7/1/2033

4.380%

74,800

FNMA 20YR #555867

11/1/2023

5.500%

252,996

FNMA ARM #555923

7/1/2036

4.778%

46,294

FNMA 15YR #619196

2/1/2016

7.000%

11,115

FNMA 15YR #637071

3/1/2017

6.500%

97,747

FNR 01-52 XM

11/25/2010

6.500%

29,529

FNR 03-83 TH

11/25/2016

4.500%

246,315

FHR 2626 NA

6/15/2023

5.000%

140,685

FNMA

8/15/2011

3.625%

8,970,930

FNMA ARM #688960

4/1/2033

4.144%

226,163

FNMA ARM #694530

3/1/2033

4.303%

8,225

FNMA ARM #695019

2/1/2033

4.623%

7,896

FNMA ARM #701296

3/1/2033

5.995%

5,118

FNMA ARM #703915

5/1/2033

4.291%

5,418

FNMA ARM #708221

4/1/2033

4.634%

1,866

FNMA ARM #712321

6/1/2033

4.562%

153,141

FNMA ARM #725109

1/1/2034

4.437%

7,635

FNMA ARM #725855

9/1/2034

4.871%

14,793

FNMA ARM#725858

8/1/2034

4.704%

8,453

FNMA ARM #725968

10/1/2034

4.423%

78,413

FNMA 15YR #734729

9/1/2018

4.000%

279,606

FNMA ARM #735030

8/1/2033

4.765%

14,214

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

FNMA ARM #735343

2/1/2035

5.496%

3,892

FNMA ARM #735538

5/1/2035

5.141%

9,260

FNMA ARM #735942

7/1/2035

4.688%

66,653

FNMA ARM #745060

10/1/2035

4.786%

22,323

FNMA ARM #745124

11/1/2035

5.012%

64,603

FNMA ARM #745676

5/1/2036

5.446%

85,298

FNMA ARM #745972

11/1/2036

5.510%

86,466

FNMA ARM #746320

10/1/2033

4.548%

7,828

FNMA ARM #749296

10/1/2018

5.160%

6,931

FNMA ARM #754672

10/1/2033

4.651%

5,247

FNMA ARM #755148

10/1/2033

4.600%

14,890

FNMA ARM #773246

2/1/2035

4.290%

87,078

FNMA ARM #773264

3/1/2035

4.345%

50,240

FNMA ARM #773281

3/1/2035

4.432%

30,674

FNMA ARM #783580

1/1/2035

4.340%

14,630

FNMA ARM #783587

3/1/2035

4.481%

44,591

FNMA ARM #785318

7/1/2034

4.935%

50,651

FNMA ARM #793420

8/1/2034

4.832%

63,412

FNMA ARM #794794

10/1/2034

4.686%

79,988

FNMA ARM #796988

8/1/2034

4.948%

45,765

��

FNMA ARM #797418

1/1/2035

4.171%

24,697

FNMA ARM #799727

11/1/2034

4.543%

41,024

FNMA ARM #799812

11/1/2034

4.806%

33,720

FNMA ARM #800297

12/1/2034

4.690%

27,991

FNMA ARM #800335

12/1/2034

4.742%

9,161

FNMA ARM #801341

9/1/2034

5.003%

170,282

FNMA ARM #801635

7/1/2034

4.946%

5,616

FNMA ARM #807221

1/1/2035

6.008%

10,367

FNMA ARM #809429

2/1/2035

4.470%

141,392

FNMA ARM #809593

2/1/2035

4.376%

107,713

FNMA ARM #809931

2/1/2035

4.580%

39,770

FNMA ARM #811803

2/1/2035

6.192%

5,851

FNMA ARM #813844

1/1/2035

4.853%

93,223

FNMA ARM #815586

3/1/2035

5.198%

7,318

FNMA ARM #815626

5/1/2035

4.744%

27,604

FNMA ARM #816322

3/1/2035

5.046%

2,356

FNMA ARM #820407

4/1/2035

4.747%

6,664

FNMA ARM #822002

7/1/2035

4.263%

31,131

FNMA ARM #823810

6/1/2035

5.159%

29,427

FNMA ARM #825485

8/1/2035

4.784%

36,909

FNMA ARM #826362

7/1/2035

4.576%

248,340

FNMA ARM #827592

1/1/2035

4.205%

18,181

FNMA ARM #827782

5/1/2035

4.980%

38,748

FNMA ARM #829603

8/1/2035

4.405%

19,043

FNMA ARM #830605

6/1/2035

5.193%

54,840

FNMA ARM #832099

7/1/2035

4.318%

45,118

FNMA ARM #834917

7/1/2035

4.603%

6,004

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

FNMA ARM #834931

7/1/2035

5.053%

181,294

FNMA ARM #841837

7/1/2035

4.973%

56,693

FNMA ARM #843013

12/1/2034

5.310%

15,336

FNMA ARM #843021

9/1/2035

5.157%

267,673

FNMA ARM #844061

11/1/2035

4.701%

96,068

FNMA ARM #847787

10/1/2035

4.649%

28,979

FNMA ARM #850852

1/1/2036

5.296%

119,054

FNMA ARM #865319

2/1/2036

5.381%

11,820

FNMA ARM #879146

1/1/2036

5.759%

98,921

FNMA ARM #879153

11/1/2035

5.379%

72,906

FNMA ARM #881670

3/1/2036

5.795%

44,238

FNMA ARM #886983

6/1/2036

6.243%

14,584

FNMA ARM #888115

5/1/2035

4.552%

224,263

FNMA ARM #888382

7/1/2035

4.919%

154,523

FNMA ARM #888398

9/1/2036

5.142%

325,776

FNMA 15YR #888889

12/1/2018

4.500%

565,960

FNMA ARM #889704

10/1/2037

4.361%

100,356

FNMA ARM #889945

3/1/2037

5.161%

16,604

FNMA ARM #889946

5/1/2035

4.175%

139,261

FNMA ARM #891228

5/1/2036

5.557%

190,816

FNMA ARM #896475

5/1/2036

5.125%

80,730

FNMA ARM #995015

2/1/2036

4.893%

1,317,503

FNMA ARM #995016

7/1/2035

4.594%

310,328

FNMA ARM #995017

2/1/2035

4.455%

1,242,901

FNMA ARM #995269

7/1/2035

4.987%

895,606

FNMA ARM #995271

2/1/2036

4.785%

230,104

FNMA ARM #995272

5/1/2035

4.898%

12,514

FNMA ARM #995273

7/1/2035

4.580%

51,156

FNMA ARM #995274

2/1/2034

4.765%

3,091

FIAOT 06A A3

2/15/2011

4.930%

25,318

FLEETBOSTON FIN

12/1/2009

7.375%

241,023

FORDO 2006-B B

2/15/2012

5.430%

147,507

FORDO 2006-C B

6/15/2012

5.300%

67,303

FORDO 07-A B

10/15/2012

5.600%

38,637

FRNK 06-1 A4

7/21/2014

5.030%

527,446

FRNK 06-1 B1

7/21/2014

5.140%

28,633

FRNK 07-1 B

2/16/2015

5.130%

97,861

FUJI FIN 144A

4/15/2010

8.625%

331,088

GECMC 02-3A X2

12/10/2037

1.311%

13,330

GEBL 03-1 A

4/15/2031

0.763%

50,670

GEMNT 07-1 B

3/15/2013

4.950%

252,792

GEMNT 2007-3 B

6/15/2013

5.490%

263,415

GECMC 07-C1 XP

12/10/2049

0.204%

47,045

GMACC 03-C3 X2

12/10/2038

0.687%

20,734

GMACC 04-C2 A2

8/10/2038

4.760%

115,369

GMACC 04-C3 X2

12/10/2041

0.660%

15,099

GMACC 05-C1 X2

5/10/2043

0.731%

21,639

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

GMACC 06-C1 XP

11/10/2045

0.138%

13,508

GSMS 01-LIBA C

2/14/2016

6.733%

98,741

GSMS 05-GG4 XP

7/10/2039

0.698%

79,038

GSR 05-AR2 2A1

4/25/2035

4.832%

66,398

GSALT 05-1 B

11/15/2013

4.620%

4,972

GECMC 04-C1 X2

11/10/2038

1.091%

20,588

GCOSL 06-1A NOTE

3/1/2022

5.720%

123,919

GE CAP CP MTN

6/15/2009

7.500%

305,760

GEN ELEC CAP GLB

9/13/2010

4.250%

111,791

GE CAP

2/1/2011

5.200%

641,374

GLAXOSMTH KLINE

5/15/2013

4.850%

236,165

TOWER 06-1 B

2/15/2036

5.588%

73,623

TOWER 06-1 C

2/15/2036

5.707%

85,225

GNR 02-35 C

10/16/2023

5.872%

4,948

GPMH 01-1 IA

4/20/2032

0.699%

28,050

GCCFC 03-C1 A2

7/5/2035

3.285%

129,615

GCCFC 03-C1 XP

7/5/2035

2.072%

27,343

GCCFC 03-C2 XP

1/5/2036

0.976%

31,482

GCCFC 04-GG1A4

6/10/2036

4.755%

243,654

GCCFC 05-GG3 XP

8/10/2042

0.765%

85,081

GCCFC 05-GG5

4/10/2037

0.107%

72,811

GSALT 07-1 A3

12/15/2011

5.390%

317,670

GSALT 07-1 B

12/15/2014

5.530%

59,193

HAT 2006-3 A3

9/19/2011

5.280%

646,953

HMPT 99-HMTA B

8/3/2015

7.300%

66,382

HMPT 99-HMTA D

8/3/2015

7.970%

51,429

HOUSEHOLD GBL

2/1/2009

5.875%

128,033

HOUSEHOLD FIN CO

5/15/2009

4.750%

245,390

HAT 07-1 A3

11/17/2011

5.300%

150,577

HAT 07-1 A4

11/17/2013

5.330%

219,401

HUTCHISON WH

11/24/2010

5.450%

151,992

HART 05-A B

2/15/2012

4.200%

57,226

HART 05-A C

2/15/2012

4.220%

4,690

HART 06-1 B

11/15/2012

5.290%

11,053

HART 06-1 C

11/15/2012

5.340%

13,855

HART 2007-A A3A

1/17/2012

5.040%

231,453

IL ST MBIA

8/1/2012

5.250%

912,107

IMM 04-9 M2

1/25/2035

1.364%

7,734

IMM 04-9 M3

1/25/2035

1.439%

5,444

IMM 04-9 M4

1/25/2035

1.964%

2,376

JP MORGAN CS GLB

2/1/2011

6.750%

68,464

JPMORGAN CHASE

9/1/2015

4.891%

137,848

JPMORGAN CHASE

5/1/2013

4.750%

379,970

JPMCC 03-LN1 X2

10/15/2037

0.634%

26,812

JPMCC 2001-C1 A2

10/12/2035

5.464%

70,652

JPMCC 03-CB7 X2

1/12/2038

0.768%

27,365

JPMCC 02-C3 X2

7/12/2035

1.134%

7,960

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

JPMCC 04-C1 X2

1/15/2038

0.966%

6,653

JPMCC 04-CB8 X2

1/12/2039

1.108%

9,253

JPMCC 04-CB9 A2

6/12/2041

5.108%

217,224

JPMCC 04-CBX X2

1/12/2037

0.695%

44,680

JPMCC 05-LDP4 X2

10/15/2042

0.169%

60,250

JPMCC 2006-LDP9 A1

5/15/2047

5.170%

118,281

JPMMT 07-A1 1A1

7/25/2035

4.197%

24,699

JPMCC 07-LDP10 A-1

1/15/2049

5.122%

54,655

JACKSON NATL

5/8/2013

5.375%

118,512

JPMRT 2006-A A4

12/15/2014

5.140%

215,169

JPMART 2006-A B

12/15/2014

5.360%

27,862

KEYSPAN CORP

11/15/2010

7.625%

94,583

KOREA DEV BANK

3/2/2009

3.875%

106,046

KRAFT FOODS INC

11/12/2009

4.125%

30,214

KRAFT FOODS INC

8/11/2010

5.625%

323,297

LBUBS 07-C1 A1

2/15/2040

5.391%

50,634

LBUBS 07-C1 XCP

2/15/2040

0.458%

22,400

LBUBS 01-WM X

7/14/2016

0.541%

15,540

LBUBS 07-C2 A1

2/15/2040

5.226%

42,767

LBUBS 07-C2 XCP

2/15/2040

0.508%

97,111

LBUBS 00-C3 A2

1/15/2010

7.950%

236,613

LBUBS 00-C5 A2

12/15/2026

6.510%

114,579

LBUBS 04-C2 XCP

3/15/2036

0.838%

16,235

LBUBS 04-C6 A2

8/15/2029

4.187%

176,996

LBUBS 02-C7 XCP

1/15/2036

0.971%

11,085

LBUBS 04-C6 XCP

8/15/2036

0.649%

14,898

LBUBS 03-C1 XCP

12/15/2036

1.294%

7,991

LBUBS 03-C3 XCP

3/11/2037

1.032%

6,854

LBUBS 04-C8 XCP

12/15/2039

0.772%

9,945

LBUBS 04-C1 XCP

1/15/2036

0.998%

32,530

LBUBS 05-C5 XCP

9/15/2040

0.360%

105,099

LBUBS 05-C7 XCP

11/15/2040

0.168%

47,123

LBUBS 206-C1A XCP

2/15/2041

0.345%

72,987

LBUBS 2006-C3 A1

3/15/2039

5.478%

64,227

LBART 2006-B A4

9/15/2013

5.180%

95,173

MILT 05-1 B

7/20/2012

5.020%

241,367

MBNA CAPITAL

12/1/2026

8.278%

125,524

MLCFC 07-6 A1

3/12/2051

5.175%

47,973

MLCFC 2006-4 XP

12/12/2049

0.622%

254,197

MANUFTRS & TRD

4/1/2013

2.935%

320,583

AMERITECH CAP

5/18/2009

6.250%

10,503

MVCOT 05-2 A

10/20/2027

5.250%

60,972

MVCOT 06-2A A

10/20/2028

5.362%

49,609

MVCOT 06-2A B

10/20/2028

5.442%

8,643

MVCOT 06-2A C

10/20/2028

5.691%

3,166

MARM 04-11

11/25/2034

3.749%

2,745

MERRILL LYN CO

2/5/2013

5.450%

42,284

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

MERRILL LYN CO

4/25/2013

6.150%

106,229

MLMT 02-MW1 XP

7/12/2034

1.545%

4,790

MLMT 04-MKB1 A2

2/12/2042

4.353%

496,001

MLMT 04-BPC1 XP

9/12/2041

0.822%

53,459

MLMT 05-MKB2 XP

9/12/2042

0.254%

4,895

MLMT 05-MCP1 XP

6/12/2043

0.556%

26,865

MIDAMERICAN ENRG

7/15/2012

5.650%

292,897

MLCFC 06-3 XP

7/12/2046

0.654%

83,583

MLCFC 07-8 A1

8/12/2049

4.622%

75,973

MONUMENTAL GLBL

4/22/2013

5.500%

57,237

MSTDW GLBL

4/15/2011

6.750%

99,818

MSC 03-IQ5 X2

4/15/2038

0.905%

14,654

MSC 03-IQ6 X2

12/15/2041

0.580%

22,618

MSC 04-HQ4 X2

4/14/2040

0.413%

14,050

MSC 04-TOP13 X2

9/13/2045

0.888%

16,374

MSC 04-HQ3 A2

1/13/2041

4.050%

82,007

MSC 05-TOP17 X2

12/13/2041

0.586%

19,442

MSC 05-IQ9 X2

7/15/2056

1.044%

38,600

MSC 05-HQ5 X2

1/14/2042

0.237%

10,688

MSC 06-T21 A1

10/12/2052

4.925%

139,419

MSC 2006-HQ10 X2

11/1/2041

0.496%

74,533

MSC 2007-HQ11 A1

2/20/2044

5.246%

85,263

MSC 07-IQ13 A1

3/15/2044

5.050%

83,875

NATL AUST BK 144

6/12/2013

5.350%

241,658

NCSLT 2007-2 AIO

7/25/2012

6.700%

86,243

NCSLT 2006-2 AIO

8/25/2011

6.000%

8,080

NCSLT 04-2 AIO

10/25/2014

9.750%

53,481

NCSLT 05-1 AIO

12/25/2009

6.750%

6,425

NCSLT 05-2 AIO

3/25/2012

7.730%

14,417

NCSLT 06-1 A-IO

4/25/2011

5.500%

35,321

NCSLT 04-GT1 IO1

6/25/2010

7.870%

21,577

NCSLT 2006-3 AIO

1/25/2012

7.100%

116,578

NCSLT 06-4 AIO

2/27/2012

6.350%

84,815

NCSLT 2007-1 AIO

4/25/2012

7.270%

113,752

NAVOT 05-A A4

1/15/2014

4.430%

135,200

NY LIFE GLBL MTN

1/15/2009

3.875%

91,630

NYLIFE GLB

5/9/2013

4.650%

272,447

NAROT 05-A A4

7/15/2010

3.820%

39,084

NORD 07-1A A

5/15/2013

4.920%

490,007

NORTHERN TRUST CO

8/15/2013

5.500%

52,393

NEF 05-1 A5

10/30/2045

4.740%

147,782

NSTAR

2/15/2010

8.000%

84,607

ONYX 05-B A4

5/15/2012

4.340%

94,415

ORACLE CORP

1/15/2011

5.000%

115,504

ORIX CORP

11/22/2011

5.480%

26,502

PECO ENERGY MTN

10/15/2013

5.600%

182,125

PACIFIC GAS & ELEC

12/1/2013

6.250%

166,647

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

PA GO

1/15/2015

5.125%

993,134

PETRO EXP144A

6/15/2010

4.623%

62,460

PETRO EXP144A

6/15/2010

4.633%

37,808

PHILIP MOR

5/16/2013

4.875%

93,833

PCAT 2006-A C

5/25/2010

5.770%

1,634

PRIME PROP FNDG

6/15/2011

5.600%

95,548

PMNT 06-B1A B1

3/15/2013

5.350%

276,498

RAS LAF YANK

3/15/2014

8.294%

139,841

RAMP04-SL2 A1I

10/25/2016

6.500%

7,514

GMACM 05-AR5 1A1

9/19/2035

5.377%

36,640

RIO TINTO FIN

7/15/2013

5.875%

328,137

SBC COMM GLBL

3/15/2011

6.250%

140,521

SBC COMM GLBL

9/15/2009

4.125%

238,817

SVOVM 05-A A

2/20/2021

5.250%

65,323

SBM7 00-C3 A2

12/18/2033

6.592%

245,330

SBM7 00-C1 A2

12/18/2009

7.520%

249,310

SANTANDER

6/20/2016

5.805%

148,546

SCOTLAND INTL 144A

8/15/2010

7.700%

257,599

SEMPRA ENERGY

3/1/2010

7.950%

191,863

SEMPRA ENERGY

5/15/2009

4.750%

64,587

SIMON PROPERTY

5/30/2013

5.300%

105,302

STARW 99-C1A B

2/3/2014

6.920%

50,366

STRIP04-1A A

3/24/2018

0.869%

31,677

LLL 1997-LLI D

10/12/2034

7.150%

103,854

SASC 04-GEL1 A

2/25/2034

0.749%

3,173

SASC 04-NP1 A

9/25/2033

0.789%

14,694

TELECOM ITALIA

1/15/2010

4.000%

234,611

TELEFONOS MEXICO

1/27/2010

4.750%

576,306

TRANSCAPIT 144A

3/5/2014

5.670%

216,421

TAROT 2006-C A4

5/13/2013

5.310%

101,705

TAROT 06-A A3

1/12/2011

4.770%

24,459

HCARD 07-1 B

6/15/2012

5.530%

211,137

UNCREDIT LUX

1/13/2017

5.584%

172,818

US BANCORP

7/29/2010

4.500%

157,427

US BANCORP MTN

4/28/2009

5.300%

177,168

USTN

4/30/2011

4.875%

2,286,682

USTN

5/31/2011

4.875%

2,709,354

USTN

6/30/2011

5.125%

6,309,550

USTN

7/31/2011

4.875%

5,987,936

USTN

8/31/2011

4.625%

233,030

USTN

11/30/2011

4.500%

4,119,975

USTN

5/31/2012

4.750%

10,897,910

USTN

7/31/2012

4.625%

16,559,322

USTN

2/28/2013

2.750%

1,608,051

USTN

4/15/2013

0.625%

802,191

USTN

5/31/2013

3.500%

4,316,735

USTN

9/30/2013

3.125%

1,907,629

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Indentity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

USTN

10/31/2013

2.750%

1,350,778

USTN

11/30/2013

2.000%

16,948,766

USTN

11/15/2011

1.750%

1,195,246

USTN

12/31/2013

1.500%

2,942,439

USTN

12/15/2011

1.125%

6,769,535

UNITED HLTH

11/15/2010

5.125%

452,040

VERIZON COM INC

4/15/2013

5.250%

208,056

VERIZON NEW YORK

4/1/2012

6.875%

435,220

VODAFONE GRP

2/15/2010

7.750%

714,879

VODAFONE GRP PLC

6/15/2011

5.500%

89,919

WAMU 05-AR16 1A3

12/25/2035

5.102%

105,618

WBCMT 05-C22 A1

12/15/2044

4.980%

95,559

WBCMT 06-C24 XP

3/15/2045

0.077%

22,393

WBCMT 03-C6 A2

8/15/2035

4.498%

98,424

WBCMT 03-C7 A1

10/15/2035

4.241%

311,895

WBCMT 03-C8 XP

11/15/2035

0.397%

6,442

WBCMT 03-C9 XP

12/15/2035

0.500%

8,616

WBCMT 04-C10 XP

2/15/2041

0.852%

9,455

WBCMT 04-C14 A2

8/15/2041

4.368%

350,794

WBCMT 05-C18 XP

4/15/2042

0.325%

21,990

WBCMT 2004-C15 A2

10/15/2041

4.039%

344,852

WBCMT 04-C15 XP

10/15/2041

0.904%

76,404

WALOT 06-1 A

7/20/2011

5.100%

79,299

WALOT 06-1B

7/20/2012

5.150%

111,586

WALOT 06-1 C

11/20/2012

5.220%

243,431

WACHOVIA CAP144A

6/1/2027

7.965%

83,410

WALOT 06-2 B

6/20/2012

5.290%

197,146

WALOT 06-2 C

10/22/2012

5.340%

62,163

WACHOVIA CORP

3/15/2009

6.150%

452,383

WALOT 07-1 B

7/20/2012

5.380%

238,235

WALOT 07-1 C

10/22/2012

5.450%

113,435

WBCMT 07-C30 A1

12/15/2043

5.031%

77,193

WBCMT 2007-C30 XP

12/15/2043

0.434%

95,523

WMMNT 2007-B1

3/17/2014

4.950%

417,471

WAMMS 04-RA2 2A

7/25/2033

7.000%

17,838

WELLS FARGO

10/29/2010

3.980%

149,833

WELLS FARGO

1/15/2010

4.200%

189,157

WFMBS 05-AR4 2A

4/25/2035

4.538%

270,505

WFMBS 05-AR12 2A6

7/25/2035

4.344%

140,258

WESTO 05-3 A4

5/17/2013

4.390%

140,065

WESTO 05-3 B

5/17/2013

4.500%

81,634

WESTO 05-3 C

5/17/2013

4.540%

100,148

171,597,605

SCHEDULE I

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008

(c)

(b)

Description of Investment Including

(e)

Identity of Issue, Borrower, Lessor

Maturity Date, Rate of Interest, Par

(d)

Current

(a)

or Similar Party

or Maturity Value

Cost

Value

WRAPPER CONTRACTS:

AIG Financial Products Corp, ACT/944674

evergreen

4.768% contract

35,173

AEGON USA Inc., ACT/MDA00794TR

evergreen

4.768% contract

—

JP Morgan Chase Bank, ACT/ARYDER-2-07

evergreen

4.768% contract

42,986

Rabbobank Nederland, ACT/RYD040701

evergreen

4.768% contract

66,367

State Street Bank and Trust Company, ACT/107035

evergreen

4.768% contract

46,897

Total Investment and Wrapper Contracts

171,789,028

MUTUAL FUNDS:

Fidelity Equity-Income Fund

1,178,400 shares

36,377,199

Fidelity Contrafund

1,279,181 shares

57,895,735

Fidelity Diversified International Fund

1,873,977 shares

40,309,250

Fidelity U.S. Bond Index Fund

2,496,071 shares

26,932,606

Spartan U.S. Equity Index Fund

427,433 shares

13,635,126

Fidelity Growth Company Fund

1,379,929 shares

67,561,336

UAM: Rice, Hall, James Small Cap Portfolio

746,387 shares

7,755,178

Spartan Extended Market Index

130,118 shares

2,934,166

OSIC LAU/R Discovery Institution

260,472 shares

2,693,281

Spartan International Index

2,457 shares

65,712

256,159,589

COMMON COLLECTIVE TRUSTS:

Pyramis Index Lifecycle 2000 Commingled Pool

91,587 units

818,789

Pyramis Index Lifecycle 2005 Commingled Pool

115,429 units

956,903

Pyramis Index Lifecycle 2010 Commingled Pool

732,626 units

5,985,557

Pyramis Index Lifecycle 2015 Commingled Pool

1,310,229 units

10,455,631

Pyramis Index Lifecycle 2020 Commingled Pool

1,434,628 units

10,644,939

Pyramis Index Lifecycle 2025 Commingled Pool

1,433,970 units

10,439,303

Pyramis Index Lifecycle 2030 Commingled Pool

1,360,165 units

9,276,328

Pyramis Index Lifecycle 2035 Commingled Pool

874,131 units

5,891,642

Pyramis Index Lifecycle 2040 Commingled Pool

569,379 units

3,774,984

Pyramis Index Lifecycle 2045 Commingled Pool

371,791 units

2,464,972

Pyramis Index Lifecycle 2050 Commingled Pool

108,504 units

706,359

61,415,407

Ryder System, Inc. Common Stock Fund

431,337 cash

1,555,410 shares

60,750,136

Participant Loans

maturing thru 2023

4% - 9.5%

28,908,056

Investments at Fair Value

596,825,876

*		Represents a Party-In-Interest

**		Indicates a participant directed investment; the cost disclosure is not required.

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 hereunto duly authorized.


	RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
Date: May 26, 2009	By:	/s/ Charles R. Patton
		Charles R. Patton
		Vice President Compensation and Benefits, Plan Administrator

EXHIBIT INDEX


EXHIBIT		DESCRIPTION

	23.1	Consent of Independent Registered Certified Public Accounting Firm — PricewaterhouseCoopers LLP

Ryder System (R) 11-KAnnual report of employee stock purchases

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