FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Rebholz David F   2. Issuer Name and Ticker or Trading Symbol FEDEX CORP [FDX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President & CEO - FedEx Ground (Last) (First) (Middle) 1000 FEDEX DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 03/31/2011 (Street) MOON TOWNSHIP, PA 15108 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/31/2011   J(1) V 3,950 D $ 0 48,925 D   Common Stock               851 (2) I Retirement Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Incentive Stock Option (Right to Buy)	$ 89.7							(3)	06/01/2015	Common Stock	557		557 (1)	D
Incentive Stock Option (Right to Buy)	$ 110.06							(3)	06/01/2016	Common Stock	454		454 (1)	D
Incentive Stock Option (Right to Buy)	$ 114.74							(3)	07/09/2017	Common Stock	493		493 (1)	D
Incentive Stock Option (Right to Buy)	$ 90.81							(3)	06/02/2018	Common Stock	746		746 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 89.7							(3)	06/01/2015	Common Stock	8,049		8,049 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 110.06							(3)	06/01/2016	Common Stock	6,431		6,431 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 114.74							(3)	07/09/2017	Common Stock	6,618		6,618 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 90.81							(3)	06/02/2018	Common Stock	8,280		8,280 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 56.31							(3)	06/08/2019	Common Stock	14,113		14,113 (1)	D
Non-qualified Stock Option (Right to Buy)	$ 78.19							(3)	06/07/2020	Common Stock	13,979		13,979 (1)	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Rebholz David F 1000 FEDEX DRIVE MOON TOWNSHIP, PA 15108			President & CEO - FedEx Ground

Signatures

/s/David F. Rebholz		03/31/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Since the date of the reporting person's last ownership report, he transferred 3,950 shares of FedEx common stock and the economic benefit of 38,778 employee stock options to his ex-wife pursuant to a domestic relations order, and he no longer reports as beneficially owned these transferred securities. Additionally, a total of 5,100 shares of FedEx common stock will be transferred to the reporting person's ex-wife as the restrictions lapse on shares issued pursuant to restricted stock grants dated July 9, 2007, June 2, 2008, June 8, 2009 and June 7, 2010, and the shares will be removed from the reporting person's beneficial ownership at the time of transfer.
(2)	Ownership has been adjusted to reflect dividend paid to all holders of record.
(3)	These options first exercisable one year from date of grant.

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