Endocytosis by rods of the rat retina was studied at the ultrastructural level with cationized ferritin. Endocytosed ferritin was found within all photoreceptor subdivisions except the outer segment. Within the cell, synaptic vesicles, lysosomes and a variety of other membrane-bound organelles including the axonal agranular reticulum contained ferritin. These findings indicate that surface membrane and materials bound to surface membrane are recycled to form synaptic vesicles, that a portion of the captured membrane and extracellular material enters a lysosomal pathway, and that endocytosed materials can be retrogradely transported to the myoid region of the photoreceptor.