FedEx 401k 2004 Results

2004 Performance Results

**401k Fund Returns**
Name Fund #	Admiral Trsy MM 11	Wellington 21	Windsor 22	500 Index 40	Int'l Value 46	PRIMECAP 59	Extended Mkt Index 98	Total Int'l Stock Index 113	Total Bond Market Index 222
01/31	0.07%	0.73%	2.58%	1.82%	2.55%	3.60%	3.60%	1.60%	0.87%
02/27	0.07%	2.03%	1.20%	1.38%	2.12%	2.46%	1.81%	2.50%	1.04%
3/31	0.07%	0.03%	-1.24%	-1.69%	-0.51%	-0.92%	-1.43%	0.45%	0.81%
4/30	0.07%	-1.74%	2.70%	-1.58%	-2.45%	-1.25%	-4.00%	-3.14%	-2.60%
5/31	0.07%	0.03%	1.17%	1.36%	0.37%	1.60%	1.55%	0.46%	-0.42%
6/30	0.07%	2.16%	2.50%	1.93%	2.17%	3.09%	2.69%	2.40%	0.57%
7/31	0.09%	-1.30%	-3.47%	-3.31%	-2.96%	-4.45%	-5.62%	-3.34%	1.96%
8/31	0.11%	1.46%	0.25%	0.38%	1.36%	-0.34%	0.04%	0.75%	0.96%
9/30	0.12%	1.51%	1.61%	1.07%	3.20%	4.10%	3.97%	2.96%	0.17%
10/31	0.13%	1.05%	2.01%	1.51%	2.16%	2.03%	2.27%	3.24%	0.86%
11/30	0.14%	2.66%	4.77%	4.05%	6.45%	3.60%	6.84%	7.23%	-0.80%
12/31	0.16%	2.73%	4.26%	3.39%	4.04%	3.81%	4.37%	4.43%	0.77%

YTD 11/30	1.02%	8.09%	8.67%	7.04%	15.05%	13.95%	13.73%	15.70%	3.34%
YTD 12/31	1.17%	6.87%	13.27%	9.83%	19.70%	18.30%	17.63%	18.42%	4.11%

5 year	2.78%	7.53%	8.15%	-2.38%	3.21%	2.16%	1.37%	-0.60%	7.35%
10 year	4.00%	12.34%	12.81%	12.00%	6.99%	15.78%	12.16%	4.41%¹	7.42%²

401k Fund Returns

Name
Fund #

Admiral Trsy MM
11

Wellington
21

Windsor
22

500 Index
40

Int'l Value
46

PRIMECAP
59

Extended Mkt Index
98

Total Int'l
Stock Index
113

Total Bond
Market Index
222

01/31

0.07%

0.73%

2.58%

1.82%

2.55%

3.60%

1.60%

0.87%

02/27

0.07%

2.03%

1.20%

1.38%

2.12%

2.46%

1.81%

2.50%

1.04%

3/31

0.07%

0.03%

-1.24%

-1.69%

-0.51%

-0.92%

-1.43%

0.45%

0.81%

4/30

0.07%

-1.74%

2.70%

-1.58%

-2.45%

-1.25%

-4.00%

-3.14%

-2.60%

5/31

0.07%

0.03%

1.17%

1.36%

0.37%

1.60%

1.55%

0.46%

-0.42%

6/30

0.07%

2.16%

2.50%

1.93%

2.17%

3.09%

2.69%

2.40%

0.57%

7/31

0.09%

-1.30%

-3.47%

-3.31%

-2.96%

-4.45%

-5.62%

-3.34%

1.96%

8/31

0.11%

1.46%

0.25%

0.38%

1.36%

-0.34%

0.04%

0.75%

0.96%

9/30

0.12%

1.51%

1.61%

1.07%

3.20%

4.10%

3.97%

2.96%

0.17%

10/31

0.13%

1.05%

2.01%

1.51%

2.16%

2.03%

2.27%

3.24%

0.86%

11/30

0.14%

2.66%

4.77%

4.05%

6.45%

3.60%

6.84%

7.23%

-0.80%

12/31

0.16%

2.73%

4.26%

3.39%

4.04%

3.81%

4.37%

4.43%

0.77%

YTD 11/30

1.02%

8.09%

8.67%

7.04%

15.05%

13.95%

13.73%

15.70%

3.34%

YTD 12/31

1.17%

6.87%

13.27%

9.83%

19.70%

18.30%

17.63%

18.42%

4.11%

5 year

2.78%

7.53%

8.15%

-2.38%

3.21%

2.16%

1.37%

-0.60%

7.35%

10 year

4.00%

12.34%

12.81%

12.00%

6.99%

15.78%

12.16%

4.41%¹

7.42%²

¹No 10-year performance yet. Number is since inception.
²No 10-year performance yet. Number is 10-year performance for Total Bond Market Index Fund Investor Shares (VBMFX).

2004 Activity

Name Fund #	Wellington 21	Windsor 22	500 Index 40	Int'l Value 46	PRIMECAP 59	Extended Mkt Index 98	Total Int'l Stock Index 113	Total Bond Market Index 222	Comments
12/31	$28.81	$16.26	$102.67	$26.24	$53.04	$26.66	$10.64	$10.31	New Year
1/7	$29.01	$16.49	$104.04	$26.79	$54.32	$27.22	$10.85	$10.33	12/31 Contributions
1/16	$29.23	$16.80	$105.30	$26.96	$55.56	$27.87	$10.86	$10.42	1/15 Contributions
1/29	$29.00	$16.61	$104.82	$26.91	$54.85	$27.65	$10.82	$10.33	Pilot Sick Bank
1/30	$29.02	$16.68	$104.54	$26.91	$54.95	$27.62	$10.81	$10.36	Interest
2/5	$29.00	$16.59	$104.33	$26.84	$54.33	$27.25	$10.82	$10.34	1/30 Contributions +$500 match
2/18	$29.55	$16.92	$106.57	$27.87	$56.47	$28.25	$11.23	$10.41	2/13 Contributions
2/29	$29.61	$16.88	$105.98	$27.48	$56.30	$28.12	$11.08	$10.43	Interest
3/4	$29.74	$17.01	$106.94	$27.54	$57.05	$28.59	$11.12	$10.41	2/27 Contributions
3/18	$29.41	$16.57	$103.99	$26.88	$54.91	$27.68	$10.96	$10.51	3/15 Contributions
3/26	$28.91		$102.30						Distributions
3/31	$29.26	$16.67	$104.01	$27.34	$55.78	$28.24	$11.13	$10.46	Interest & Distributions
4/5	$29.46	$17.06	$106.27	$27.26	$57.40	$28.89	$11.29	$10.30	3/31 Contributions
4/19	$29.17	$16.76	$104.95	$27.41	$56.76	$28.15	$11.13	$10.23	4/15 Contributions
4/30	$28.75	$16.22	$102.37	$26.67	$55.08	$27.11	$10.78	$10.15	Interest
5/3	$28.91	$16.36	$103.31	$26.63	$55.63	$27.33	$10.79	$10.14	4/30 Contributions
5/6	$28.82	$16.27	$103.01	$26.71	$55.47	$27.21	$10.86	$10.08	B Plan Contributions*
5/17	$28.17	$15.70	$100.23	$24.98	$53.98	$26.00	$10.15	$10.05	5/14 Contributions
5/28	$28.76	$16.41	$103.76	$26.77	$55.96	$27.53	$10.83	$10.07	5/31 Interest
6/1	$28.76	$16.40	$100.81	$26.70	$56.08	$27.64	$10.81	$10.04	5/28 Contributions
6/4	$28.80	$16.43	$103.97	$26.78	$55.91	$27.49	$10.82	$10.01	B Plan Contributions*
6/21	$29.11	$16.60	$104.74	$27.00	$56.01	$27.48	$10.99	$10.04	6/15 Contributions
6/25	$29.01	$16.62	$104.78						Distributions
6/30	$29.17	$16.71	$105.41	$27.35	$57.69	$28.27	$11.09	$10.09	6/30 Interest
7/6	$28.85	$16.35	$103.15	$27.01	$56.26	$27.61	$10.92	$10.15	6/30 Contributions
7/7	$28.81	$16.22	$102.53	$27.10	$55.74	$27.24	$11.01	$10.15	B Plan Contributions*
7/19	$28.83	$16.20	$101.78	$26.95	$54.75	$27.01	$10.92	$10.19	7/15 Contributions
7/31	$26.79	$16.13	$101.92	$26.54	$55.12	$26.68	$10.72	$10.15	7/31 Interest
8/2	$28.87	$16.23	$102.37	$26.48	$55.25	$26.75	$10.71	$10.16	7/31 Contributions
8/5	$28.54	$15.86	$99.99	$26.44	$53.76	$25.91	$10.64	$10.18	B Plan Contributions*
8/16	$28.69	$15.84	$99.94	$26.27	$53.55	$25.78	$10.61	$10.25	8/13 Contributions
8/31	$29.21	$16.17	$102.31	$26.90	$54.93	$26.69	$10.80	$10.31	Interest
9/7	$29.47	$16.43	$103.93	$27.37	$55.71	$27.26	$10.95	$10.26	8/31 Contributions
9/20	$29.61	$16.51	$104.06	$27.58	$56.90	$27.59	$11.04	$10.34	9/15 Contributions
9/24	$29.29		$102.55						Distributions
9/30	$29.44	$16.43	$102.99	$27.76	$57.18	$27.75	$11.12	$10.29	Interest
10/4	$29.72	$16.76	$104.91	$28.36	$58.40	$28.32	$11.33	$10.27	9/30 Contributions
10/18	$29.32	$16.29	$103.00	$27.95	$57.21	$27.77	$11.24	$10.33	10/15 Contributions
10/31	$29.75	$16.76	$104.55	$28.36	$58.34	$28.38	$11.48	$10.34	Interest
11/4	$30.31	$17.22	$107.49	$29.09	$59.55	$29.14	$11.84	$10.33	10/31 Contributions
11/18	$30.58	$17.59	$109.48	$29.95	$60.35	$30.00	$12.20	$10.30	11/15 Contributions
11/30	$30.54	$17.56	$108.78	$30.19	$60.44	$30.32	$12.31	$10.22	Interest
12/6	$30.79	$17.77	$110.33	$30.59	$61.36	$30.65	$12.48	$10.28	11/30 Contributions
12/17		$17.65		$29.91	$61.19				Distributions
12/23	$30.10		$111.45			$31.11			Distributions
12/29							$12.50		Distributions
12/31	$30.19	$18.07	$111.64	$30.93	$62.30	$31.36	$12.60	$10.27	Interest

Name
Fund
#

Wellington
21

Windsor
22

500 Index
40

Int'l Value
46

PRIMECAP
59

Extended Mkt Index
98

Total Int'l Stock Index
113

Total Bond Market Index
222

Comments

12/31

$28.81

$16.26

$102.67

$26.24

$53.04

$26.66

$10.64

$10.31

New Year

1/7

$29.01

$16.49

$104.04

$26.79

$54.32

$27.22

$10.85

$10.33

12/31 Contributions

1/16

$29.23

$16.80

$105.30

$26.96

$55.56

$27.87

$10.86

$10.42

1/15 Contributions

1/29

$29.00

$16.61

$104.82

$26.91

$54.85

$27.65

$10.82

$10.33

Pilot Sick Bank

1/30

$29.02

$16.68

$104.54

$26.91

$54.95

$27.62

$10.81

$10.36

Interest

2/5

$29.00

$16.59

$104.33

$26.84

$54.33

$27.25

$10.82

$10.34

1/30 Contributions
+$500 match

2/18

$29.55

$16.92

$106.57

$27.87

$56.47

$28.25

$11.23

$10.41

2/13 Contributions

2/29

$29.61

$16.88

$105.98

$27.48

$56.30

$28.12

$11.08

$10.43

Interest

3/4

$29.74

$17.01

$106.94

$27.54

$57.05

$28.59

$11.12

$10.41

2/27 Contributions

3/18

$29.41

$16.57

$103.99

$26.88

$54.91

$27.68

$10.96

$10.51

3/15 Contributions

3/26

$28.91

$102.30

Distributions

3/31

$29.26

$16.67

$104.01

$27.34

$55.78

$28.24

$11.13

$10.46

Interest & Distributions

4/5

$29.46

$17.06

$106.27

$27.26

$57.40

$28.89

$11.29

$10.30

3/31 Contributions

4/19

$29.17

$16.76

$104.95

$27.41

$56.76

$28.15

$11.13

$10.23

4/15 Contributions

4/30

$28.75

$16.22

$102.37

$26.67

$55.08

$27.11

$10.78

$10.15

Interest

5/3

$28.91

$16.36

$103.31

$26.63

$55.63

$27.33

$10.79

$10.14

4/30 Contributions

5/6

$28.82

$16.27

$103.01

$26.71

$55.47

$27.21

$10.86

$10.08

B Plan Contributions*

5/17

$28.17

$15.70

$100.23

$24.98

$53.98

$26.00

$10.15

$10.05

5/14 Contributions

5/28

$28.76

$16.41

$103.76

$26.77

$55.96

$27.53

$10.83

$10.07

5/31 Interest

6/1

$28.76

$16.40

$100.81

$26.70

$56.08

$27.64

$10.81

$10.04

5/28 Contributions

6/4

$28.80

$16.43

$103.97

$26.78

$55.91

$27.49

$10.82

$10.01

B Plan Contributions*

6/21

$29.11

$16.60

$104.74

$27.00

$56.01

$27.48

$10.99

$10.04

6/15 Contributions

6/25

$29.01

$16.62

$104.78

Distributions

6/30

$29.17

$16.71

$105.41

$27.35

$57.69

$28.27

$11.09

$10.09

6/30 Interest

7/6

$28.85

$16.35

$103.15

$27.01

$56.26

$27.61

$10.92

$10.15

6/30 Contributions

7/7

$28.81

$16.22

$102.53

$27.10

$55.74

$27.24

$11.01

$10.15

B Plan Contributions*

7/19

$28.83

$16.20

$101.78

$26.95

$54.75

$27.01

$10.92

$10.19

7/15 Contributions

7/31

$26.79

$16.13

$101.92

$26.54

$55.12

$26.68

$10.72

$10.15

7/31 Interest

8/2

$28.87

$16.23

$102.37

$26.48

$55.25

$26.75

$10.71

$10.16

7/31 Contributions

8/5

$28.54

$15.86

$99.99

$26.44

$53.76

$25.91

$10.64

$10.18

B Plan Contributions*

8/16

$28.69

$15.84

$99.94

$26.27

$53.55

$25.78

$10.61

$10.25

8/13 Contributions

8/31

$29.21

$16.17

$102.31

$26.90

$54.93

$26.69

$10.80

$10.31

Interest

9/7

$29.47

$16.43

$103.93

$27.37

$55.71

$27.26

$10.95

$10.26

8/31 Contributions

9/20

$29.61

$16.51

$104.06

$27.58

$56.90

$27.59

$11.04

$10.34

9/15 Contributions

9/24

$29.29

$102.55

Distributions

9/30

$29.44

$16.43

$102.99

$27.76

$57.18

$27.75

$11.12

$10.29

Interest

10/4

$29.72

$16.76

$104.91

$28.36

$58.40

$28.32

$11.33

$10.27

9/30 Contributions

10/18

$29.32

$16.29

$103.00

$27.95

$57.21

$27.77

$11.24

$10.33

10/15 Contributions

10/31

$29.75

$16.76

$104.55

$28.36

$58.34

$28.38

$11.48

$10.34

Interest

11/4

$30.31

$17.22

$107.49

$29.09

$59.55

$29.14

$11.84

$10.33

10/31 Contributions

11/18

$30.58

$17.59

$109.48

$29.95

$60.35

$30.00

$12.20

$10.30

11/15 Contributions

11/30

$30.54

$17.56

$108.78

$30.19

$60.44

$30.32

$12.31

$10.22

Interest

12/6

$30.79

$17.77

$110.33

$30.59

$61.36

$30.65

$12.48

$10.28

11/30 Contributions

12/17

$17.65

$29.91

$61.19

Distributions

12/23

$30.10

$111.45

$31.11

Distributions

12/29

$12.50

Distributions

12/31

$30.19

$18.07

$111.64

$30.93

$62.30

$31.36

$12.60

$10.27

Interest

*Late Payment transfer by FedEx to Vanguard

Why are the payments late? FedEx has not responded to my inquiries as to why the Pilot Contributions are late. I asked my union representative to try, and he said:
"I don't have an answer as to why the Company has recently changed the date for deposits. Probably because they can..."

So I don't know if the contributions will continue to be late or not. For 5 years, they were the same. Now they are later.

Distributions

Interest Payments (month end distributions)

	Admiral MM	Total Bond Market Index¹
1/31	.00071	$.04015
2/29	.00067	$.03789
3/31	.00072	$.03923
4/30	.00070	$.03763
5/31	.00073	$.03771
6/30	.00073	$.03735
7/31	.00093	$.03825
8/31	.00105	$.03803
9/30	.00117	$.03754
10/31	.00133	$.03811
11/30	.00141	$.03762
12/31	.00158	$.03860

Admiral
MM

Total Bond
Market Index¹

1/31

.00071

$.04015

2/29

.00067

$.03789

3/31

.00072

$.03923

4/30

.00070

$.03763

5/31

.00073

$.03771

6/30

.00073

$.03735

7/31

.00093

$.03825

8/31

.00105

$.03803

9/30

.00117

$.03754

10/31

.00133

$.03811

11/30

.00141

$.03762

12/31

.00158

$.03860

¹ NOTE: Interest is for the Vanguard Total Bond Market Index Fund Institutional Shares, symbol VBTIX (Fund 222). It is slightly higher than the general Vanguard Total Bond Market Index Fund (VBMFX).