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Section 1: 11-K (FORM 11-K OF AMERICAN EXPRESS COMPANY)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
or
         TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 1-7657
A.           Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
B.             Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
200 Vesey Street
New York, New York 10285
 
        












AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Financial Statements and Supplemental Schedules



Table of Contents


Page





FINANCIAL STATEMENTS



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2


3











E-1


* Other schedules required under Section 2520.103 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable or not required.



Table of Contents
Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of American Express Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of American Express Retirement Savings Plan (the “Plan”) as of December 31, 2019 and 2018 and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedules of assets (held at end of year) as of December 31, 2019 and of assets (acquired and disposed of within year) for the year ended December 31, 2019 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ PricewaterhouseCoopers LLP
New York, New York
June 22, 2020

We have served as the Plan’s auditor since 2006.



Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
as of December 31, 2019 and 2018


(Thousands)


2019


2018
Assets






Investments, at fair value:







Money market funds

$68,916

$39,198

Corporate debt instruments


93,564


84,623

Common stocks


2,131,365


1,823,770

U.S. Government and agency obligations


208,692


214,378

Common/collective trusts


2,285,893


1,622,061

Mutual funds


390,915


370,265

Self-directed brokerage accounts


138,364


123,618

Other investments


155,022


136,786


Total investments, at fair value


5,472,731


4,414,699











Fully benefit responsive investment contracts, at contract value


572,415


523,756
Due from brokers


4,213


3,439
Cash (non-interest bearing)


5,553


4,257
Receivables:







Notes receivable from participants


84,655


81,802

Investment income accrued


3,600


3,137
Employer contributions


94,504


90,111



Total Assets


6,237,671


5,121,201











Liabilities






Accrued expenses


2,641


2,755
Due to brokers


8,678


7,526



Total Liabilities


11,319


10,281




Net assets available for benefits

$6,226,352

$5,110,920


See accompanying notes to the financial statements.




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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2019




(Thousands)


2019
Contributions




Employer

$
194,000

Employee


187,720

Rollovers


19,960


Total contributions


401,680






Investment income




Net appreciation of investments


1,073,875

Interest and dividends


70,073

Other income


1,733


Total investment income


1,145,681






Interest on notes receivable from participants


4,476


Total additions to net assets


1,551,837






Withdrawal payments


(423,524)
Administrative expenses


(12,881)


Total deductions from net assets


(436,405)






Net increase in net assets available for benefits


1,115,432






Net assets available for benefits at beginning of year


5,110,920
Net assets available for benefits at end of year

$6,226,352

See accompanying notes to the financial statements.






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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

1.Description of the Plan
General
The American Express Retirement Savings Plan (the “Plan”), which became effective June 11, 1973, is a defined contribution plan. Under the terms of the Plan, regular full-time and certain part-time employees of American Express Company and its participating subsidiaries (the “Company”) can make elective contributions to the Plan beginning as soon as practicable after their date of hire, and eligible employees hired for the first time on or after January 1, 2017 are covered by the Plan’s automatic enrollment provisions. Eligible employees can qualify to receive Company contributions, if any, upon completion of six months of service.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore does not include all situations and limitations covered by the Plan. The Plan Document (“Plan Document”) is the exclusive governing document and should be referred to for more complete information.

Administration
Wells Fargo Bank, N.A. is the Trustee and Recordkeeper for the Plan. The Plan is administered by the Company’s Employee Benefits Administration Committee (“EBAC”) and the Company’s Retirement Savings Plan Investment Committee (“RSPIC”). The Plan Document requires that the American Express Company Stock Fund be offered as an investment option, subject to compliance with ERISA. RSPIC has the power to select the other investment options available under the Plan and the manner in which these investment options are invested. Subject to Plan limits, RSPIC also has the power to appoint investment managers to make investment decisions. Under the terms of the Plan Document, the members of EBAC and RSPIC are appointed by the Company’s Vice President, Global Benefits.

On July 1, 2019, Principal Financial Group (“Principal Financial”) announced that it had closed its acquisition of Wells Fargo & Company's Institutional Retirement & Trust business. Recordkeeping and trustee services continue to be performed by Wells Fargo, although the Company and the Plan's fiduciaries have been advised that such services will transition from Wells Fargo to Principal Financial.

Compensation
The participant compensation (commonly referred to as “Total Pay”) that is used in the calculation of Plan contributions generally includes an employee’s base pay plus overtime, shift differentials, most commissions and most cash incentives. For participants above certain salary grades, as defined by the Plan, Total Pay does not include any incentive pay which, in the aggregate, is in excess of one times their base salary when calculating Company contributions.

For purposes of the Plan, compensation is limited to a participant’s regular cash remuneration up to a maximum of $280,000 in 2019 and $275,000 in 2018, before tax deductions and certain other withholdings.

Contributions
The Plan currently provides for the following contributions:

Elective Contributions
Each pay period, participants may make Before-Tax Contributions, Roth Contributions, and/or After-Tax Contributions up to 10% of eligible compensation, or a combination thereof, not to exceed 80% of their Total Pay, to the Plan through payroll deductions. Roth Contributions are a special type of after-tax contribution and are subject to most of the same rules as Before-Tax Contributions. The Internal Revenue Code of 1986, as amended (the “Code”) imposes a limitation that is adjusted annually for cost of living increases on participants’ pre-tax and Roth contributions to plans which are qualified under Code Section 401(k) and other specified tax-favored plans. For 2019 and 2018, this limit was $19,000 and $18,500, respectively, for participants under age 50 and $25,000 and $24,500, respectively, for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2019 and 2018 by utilizing the safe harbor design for deferrals and matching contributions in accordance with Sections 401(k)(12) and 401(m)(11) of the Code.
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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

Eligible employees hired for the first time on or after January 1, 2017 are automatically enrolled to make Before-Tax Contributions equal to 3% of base pay, with a 1% automatic increase each year until the rate reaches 10%, unless the employee makes an alternative election to contribute at a different rate or opt out of automatic enrollment. Effective beginning September 1, 2019, contribution elections in effect, pursuant to the Plan's automatic enrollment and automatic increase provisions, are applicable to overtime and eligible incentive pay.

Company Matching Contributions
The Company matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after a participant’s completion of six months of service.

Profit Sharing Contributions
Upon a participant’s completion of six months of service, additional Company contributions may be made annually at the Company’s discretion which can be based, in part, on the Company’s performance. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Profit Sharing Contributions made for that Plan year. Profit Sharing Contributions to eligible participants are made regardless of whether the eligible participant contributes to the Plan. Profit Sharing Contributions comprised 3.00% of eligible participants’ Total Pay in both 2019 and 2018.

Qualified Non-Elective Contributions
The Company may make Qualified Non-Elective Contributions (“QNEC”). A QNEC is a discretionary, fully vested contribution. The Company may designate all or part of a Company profit sharing contribution as a QNEC. Alternatively, the Company may, in its sole discretion, make an additional contribution designated as a QNEC. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of Before-Tax Contributions or Roth Contributions. QNECs may be allocated as a uniform percentage of eligible compensation for designated employees and may be restricted to only such employees employed on the last day of the Plan year. Alternatively, the Company may direct that QNECs be allocated among specifically designated non-highly compensated employees in varying percentages of compensation as permitted by law.

Conversion Contributions
For eligible employees on the Company’s United States payroll or on unpaid leave of absence on July 1, 2007 and who generally commenced service prior to April 1, 2007, the Company has made Conversion Contributions equal to a percentage of compensation. The amount of the participant’s Conversion Contributions was based on his/her projected attained age plus completed years of service with the Company as of December 31, 2008. Conversion Contributions ranged from 0.5% to 8.0% of Total Pay. Effective January 1, 2018, the Company phased out Conversion Contributions. All Conversion Contributions ceased for periods after December 31, 2018.

Disability Contributions
Certain qualifying participants who become disabled, as defined by the Plan Document, are eligible to receive contributions similar to Company Conversion Contributions (discontinued for periods after December 31, 2018 as mentioned above), Profit Sharing Contributions and/or Matching Contributions.

Transfer of Account Balances
A participant’s account balance may be transferred among the Plan’s investment options upon receipt of instructions from the participant. Account balances may be allocated among the Plan’s investment options on a daily basis.

Participant Rollovers
A rollover contribution is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers are accepted into the Plan, but are not subject to Company contributions.



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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
In-Plan Roth Conversions
The Plan allows for in-Plan Roth conversions.

Vesting
Participants are immediately vested in their elective Before-Tax, Roth and After-Tax Contributions and rollovers, if any, as well as the investment earnings on the foregoing. Other contributions become vested as set forth below:

Company Matching Contributions
Company Matching Contributions and investment earnings thereon are immediately 100% vested.

Discretionary Profit Sharing Contributions
Profit Sharing Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.

Qualified Non-Elective Contributions
QNECs are immediately 100% vested and investment earnings thereon are immediately 100% vested.

Conversion Contributions
Conversion Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.

Disability Contributions
Disability Contributions are immediately 100% vested.

Forfeitures
Forfeitures of terminated participants’ non-vested accounts, as well as amounts attributable to outstanding checks as to which the payee cannot be located, are used to pay Plan expenses or to reduce future Company contributions. Amounts attributable to uncashed checks may, in accordance with EBAC’s direction, be allocated wholly or partly to a reserve to cover future claims for these benefits or be treated in accordance with the normal rules for forfeitures. Forfeited non-vested balances were $1.6 million as of both December 31, 2019 and 2018. Accrued 2019 and 2018 Profit Sharing Contributions made to the Plan in March 2020 and March 2019, respectively, were both reduced by $1.0 million from forfeited account balances.

Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts and Plan assets will be distributed in accordance with the Plan Document.

Notes Receivable from Participants
Notes receivable from participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest. Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants’ investment accounts in accordance with the election in effect for new contributions at the time of repayment. Terminated participants who have an outstanding loan may make arrangements with the Recordkeeper to pay the loan in full, or make installment payments. If arrangements are not made for the payment of the outstanding loan balance, the loan amount will be considered in default and the outstanding loan balance will be offset from the account balance, subject to income tax regulations.



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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed for the life of the loan. The interest rate determination is based on the prime rate plus one percentage point. In the event of a loan default, the loan is treated as a distribution (i.e., as an early withdrawal of funds from the Plan for tax purposes), which subjects the participant to income tax plus any penalties imposed by the Code based on the loan balance. If the participant is still employed, the loan balance is taxed as a “deemed distribution” but remains outstanding as an obligation of the participant until it is either repaid or the participant terminates employment.  In the event of a termination, either voluntary or involuntary, the loan balance is treated as an actual distribution and deducted from the participant’s Plan account balance. Loans outstanding to participants at December 31, 2019, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through November 2049.

Tax Deferrals
As long as the Plan remains qualified and the related Trust (the “Trust”) remains tax exempt, amounts invested in the Plan through Before-Tax Contributions and Company contributions and rollovers, as well as the investment earnings on such amounts, are not subject to federal income tax until distributed to the participant. After-Tax Contributions are taxed when contributed, with earnings taxed upon distribution. Roth Contributions are taxed when contributed, and earnings on Roth Contributions and rolled-in Roth amounts qualify for tax-free distribution if a participant (i) reaches age 59-1/2, dies or becomes disabled (as defined by federal law) and (ii) has a Roth Contribution account with the Plan (or another plan from which a direct rollover of Roth contributions is received) for at least five taxable years. If those conditions are not met, earnings on Roth Contributions are taxed when distributed. Amounts that are converted to Roth status through an in-plan Roth conversion are taxed when converted (with the exception of After-Tax Contributions; however, earnings on After-Tax Contributions are subject to tax when converted), and thereafter are subject to the Roth taxation rules.

Distributions and Withdrawals
Upon termination of employment due to disability, death or retirement at or after attainment of the Plan’s normal retirement age (65), participants or their beneficiaries are fully vested and eligible to receive a distribution of the full value of their accounts. If employment ends for other reasons, participants are eligible to receive a distribution of their vested account balance. When employment ends, participants (or their beneficiaries) may elect to receive their vested balance as a lump sum cash amount, American Express Company common shares, if applicable, shares of any investment available through the Self-Directed Brokerage Account (“SDA”), if applicable, or a combination of cash and shares. If the account balance is greater than $1,000, a participant may elect to defer distribution until April 1st of the year following the year in which the participant attains age 70-1/2. (If a participant attains age 70-1/2 after December 31, 2019, then the participant may elect to defer distribution until April 1st of the year following the year in which the participant attains age 72 if the account balance is greater than $1,000.) If the account balance is $1,000 or less, a distribution will be made in a lump sum following the end of employment. Participants may request a withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Distributions and withdrawals are recorded when paid. Distributions may be rolled over to a qualified Individual Retirement Account (“IRA”) or other qualified employer retirement plan, if that plan allows rollovers.

Expenses
The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan. Expenses related to separately managed investment funds are generally paid out of the applicable investment funds. Fees, commissions, and other charges and administrative expenses that are attributable to the investment funds as a whole are generally paid from the Plan. All such expenses that are paid by the Plan are included within the administrative expenses on the Statement of Changes in Net Assets Available for Benefits. Fees and expenses incurred indirectly by the Plan from the underlying mutual funds and collective trusts in which the Plan may invest are not included in the Statement of Changes in Net Assets Available for Benefits as expenses, but reduce the asset value of that mutual fund or collective trust. Additional expenses are associated with the SDA, and participants electing to invest through the SDA are charged directly for these fees through their SDA.



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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Wells Fargo Institutional Retirement & Trust charges the Plan for recordkeeping of participant accounts, as well as trust and custody of plan assets. The Plan’s fee structure provides for a flat per-participant fee. The Plan’s investment adviser, NEPC, LLC, receives its compensation primarily in the form of a flat fee for its investment advisory services, which is paid by the Plan, plus an additional flat fee related to the oversight of the asset allocation of the Retirement Funds, which is charged to the Plan’s Retirement Funds on a pro rata basis. Additionally, as described in Note 8, the Plan reimburses the Company for direct expenses (salary and benefit costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.


2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the financial statements. These estimates are based, in part, on management’s assumptions concerning future events. Among the more significant assumptions are those that relate to fair value measurements. These accounting estimates reflect the best judgment of management, but actual results could differ.

Cash and Cash Equivalents
Cash includes cash on hand, while cash equivalents include other highly liquid investments with an original maturity of 90 days or less, such as money market funds. All cash equivalents are presented within the “Other investments” line item in the financial statements and are reported on “Schedule H, Line 4i”.

Investment Valuation and Income Recognition
Investments are generally reported at fair value, with the exception of fully benefit responsive investment contracts, which are reported at contract value. Investments traded on securities exchanges, including common and preferred stocks, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan’s corporate debt instruments, U.S. Government and agency securities, municipal bonds and foreign bonds, is valued using a variety of observable market inputs, depending on the type of security being priced, and are obtained from pricing services engaged by the Plan’s Trustee. See Note 3 (Fair Value Measurements) for a detailed discussion of the valuation techniques.
        
Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. As required by the Plan, all dividend and interest income is reinvested into the same investment option in which the dividends and interest income arose, provided that restrictions may apply to investments held under the SDA, and with the exception of the American Express Company Stock Fund, which is an investment option and an Employee Stock Ownership Plan (“ESOP”). The ESOP holds shares of American Express Company stock on behalf of participants. Dividends are automatically reinvested in the American Express Company Stock Fund, unless participants elect that the dividends paid with respect to their interest in the fund be distributed in cash.

The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.


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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Subsequent Events
The Plan evaluated events or transactions that may have occurred after the Statement of Net Assets Available for Benefits date for potential recognition or disclosure through June 22, 2020, the date the financial statements were available to be issued. In early March 2020, COVID-19, a disease caused by a novel strain of the coronavirus, was characterized as a pandemic by the World Health Organization. The COVID-19 pandemic has negatively impacted the world economy and has resulted in significant volatility in global financial markets. The ultimate impact of the COVID-19 pandemic on the Plan's net assets available for benefits, contributions and benefit obligations remains uncertain.

The Plan permitted coronavirus-related distributions, enhanced participant loan limits, and suspension of participant loan repayments in accordance with the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) and will suspend 2020 required minimum distributions payable after April 1, 2020 and allow 2020 to be disregarded for purposes of the five-year required minimum distribution deadline.

Recently Issued Accounting Standards
In August 2018, the Financial Accounting Standards Board (FASB) issued new accounting guidance on fair value disclosures, effective January 1, 2020, with early adoption permitted. The guidance amends the disclosure requirements primarily around Level 3 fair value measurements and transfers between levels of the fair value hierarchy; adding new disclosure requirements, eliminating some existing disclosure requirements and modifying others. New disclosure requirements, as well as any modifications of disclosures, require prospective application and all other amendments must be applied retrospectively to all periods presented. The Plan elected to early adopt the guidance as of the Plan year ended December 31, 2018, which did not have a significant impact on the Plan’s disclosures.



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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
3. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, based on the Plan’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:
•  Level 1 – Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan can access.
•  Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:
– Quoted prices for similar assets or liabilities in active markets;
– Quoted prices for identical or similar assets or liabilities in markets that are not active;
– Inputs other than quoted prices that are observable for the asset or liability; and
– Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•  Level 3 – Inputs that are unobservable and reflect the Plan’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).
 
The Plan monitors the market conditions and evaluates the fair value hierarchy levels at least annually.

The Plan corroborates the prices provided by its Trustee’s pricing services to test their reasonableness by comparing their prices to valuations from a different pricing source. In instances where price discrepancies are identified between different pricing sources, the Plan would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities.

Financial Assets Carried at Fair Value
Financial assets disclosed in the tables below represent two types of assets. Assets held in funds (either mutual funds or common/collective trusts) are disclosed in the table according to the appropriate fund category (the underlying securities of those funds are not disclosed separately). Assets held in separate accounts (which are wholly owned by the Plan) are disclosed according to the appropriate category of the individual securities of those separately managed accounts; these individual securities include common stocks and fixed income securities. As such, the classification of financial assets in the table does not correspond to the classification of the investment options available to Plan participants, as discussed in Note 4 (Investments).

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Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2019:
Description (Thousands)


Total


Level 1


Level 2
Money market funds

$68,916

$68,916

$
Corporate debt instruments


93,564




93,564
Common stocks


2,131,365


2,131,365


Common/Collective trusts


1,000,132




1,000,132
U.S. Government and agency obligations


208,692




208,692
Mutual funds


390,915


390,915


Self-directed brokerage accounts


138,364


138,364


Other investments


155,022




155,022
Total assets in the fair value hierarchy

$4,186,970

$2,729,560

$1,457,410
Common/collective trusts measured at net asset value ("NAV")


1,285,761






Total investments, at fair value

$5,472,731







The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2018:
Description (Thousands)


Total


Level 1


Level 2
Money market funds

$39,198

$39,198

$
Corporate debt instruments


84,623




84,623
Common stocks


1,823,770


1,823,770


Common/Collective trusts


769,204




769,204
U.S. Government and agency obligations


214,378




214,378
Mutual funds


370,265


370,265


Self-directed brokerage accounts


123,618


123,618


Other investments


136,786




136,786
Total assets in the fair value hierarchy

$3,561,842

$2,356,851

$1,204,991
Common/collective trusts measured at NAV


852,857






Total investments, at fair value

$4,414,699








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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Valuation Techniques Used in the Fair Value Measurement of Financial Assets Carried at Fair Value
For the financial assets measured at fair value on a recurring basis (categorized in the valuation hierarchy table above), the Plan applies the following valuation techniques:

Level 1:
Money market funds are valued at NAV, which represents the exit price.
Investments in American Express Company common stock, other stock and active publicly traded equity securities are valued at the official closing price of U.S. public exchanges or, if there is no official closing price that day, at the last reported trade price at the financial statement date.
Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940. These investments are required to make publicly available the daily NAV of the fund and to transact at this price. Hence, open-end mutual funds transact at quoted prices. In addition, the mutual funds held by the Plan are actively traded.
The Plan’s self-directed brokerage accounts are primarily comprised of mutual funds and in some cases Ameriprise Financial common stock, and are valued at fair value using the corresponding valuation techniques as previously described.

Level 2:
The fair values for the Plan’s corporate debt instruments, U.S. Government and agency obligations (which also include state and local government obligations) and Other investments (asset-backed securities, foreign sovereign debt and private placement bonds), are obtained primarily from pricing services engaged by the Plan’s Trustee. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, and broker-dealer quotes, all with reasonable levels of transparency. The Trustee does not apply any adjustments to the pricing models used. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2019 and 2018. The Plan reaffirms its understanding of the valuation techniques used by the Trustee’s pricing services at least annually. The Plan classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets. However, the pricing models used do entail a certain amount of subjectivity, and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.
Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective. These investments, however, are not registered with the SEC (unlike mutual funds, which are registered with the SEC), and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular daily trading and is corroborated with observable inputs provided by pricing services for the securities. To the extent the NAV is made publicly available, these common/collective trusts are classified within Level 2 of the fair value hierarchy and the NAVs represent the exit price for the funds.

Level 3:
There are no Level 3 securities held by the Plan.


11

Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Assets Measured at NAV:
For common/collective trusts whose NAVs are communicated only to investors in the trusts and are not publicly available, the NAVs are being used as practical expedient for fair value and represent the exit price for the funds.

The fair values of the financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2019 and 2018, and require management judgment. The Plan’s valuation techniques used to measure the fair value of its investments may produce fair values that may not be indicative of a future sale, or reflective of future fair values. The use of different techniques to determine the fair value of these types of investments could result in different estimates of fair value at the reporting date. There were no transfers among the levels of fair value hierarchy during the years ended December 31, 2019 and 2018.




4. Investments

The investment options available to participants include nine core investment options (the “Core Investment Options”), of which five are actively managed (although in some cases, an actively managed option may also include a passively managed component) and four are passively managed (also known as index funds). In addition, target date funds (the “Retirement Funds”) that invest in a mix of the actively managed Core Investment Options based on target retirement dates are also available, and the age-appropriate Retirement Fund for the year in which a participant turns 65 generally serves as the Plan’s “default investment” to the extent a participant does not have a valid investment election on file. Additional investment options include an SDA and the American Express Company Stock Fund. A participant may currently elect to invest contributions in any combination of investment options in increments of 1% and change investment elections for future contributions on any business day the New York Stock Exchange is open. Participants are only able to allocate 10% of their future contributions to the American Express Company Stock Fund, and transfers of balances from other investment options into the American Express Company Stock Fund are only permitted to the extent the participant’s investment in the American Express Company Stock Fund after the transfer does not exceed 10% of the participant’s overall Plan balance. Special rules and restrictions may apply to the SDA.

A brief description of the investment options available to participants at December 31, 2019, is set forth below:

Core Investment Options
RSPIC has created five actively managed Core Investment Options to provide diversified and actively managed options to participants. Four of these actively managed Core Investment Options (The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund, and The International Equity Fund) represent a broad asset class (e.g., U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, Bonds, etc.) using several managers (and in some cases, also including a passively managed component) within each Fund. These actively managed Core Investment Options seek to outperform a broad market index by buying and selling a limited number of investments (stocks, bonds, or other investments) using the underlying investment managers’ investment management skills.

The actively managed Stable Value Fund invests in diversified pools of U.S. Government and agency fixed income securities together with book value wrap agreements issued by creditworthy insurance companies or banks with the objective to protect a participant’s original investment while offering a competitive rate of interest with minimum risk.


12

Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
The Stable Value Fund holds a portfolio of book value wrap contracts that are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of units of common/collective trusts, fixed income strategies and a portfolio of actively managed fixed income securities, referred to as the Stable Value Fund assets. Under the book value wrap contracts, the book value wrap provider is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Stable Value Fund assets. A portion of the Stable Value Fund assets are held in a separate account at MetLife as a condition for MetLife to provide its life insurance separate account contract, which provides similar participant benefit payments as a book value wrap contract. The assets in the MetLife separate account are not subject to the liabilities of the general account of MetLife. While the contracts are designed to protect the Stable Value Fund against interest rate risk, the Stable Value Fund is still exposed to risk if issuers of the Stable Value Fund assets default on payment of interest or principal, but this risk is mitigated because the underlying Stable Value Fund assets in the Stable Value Fund bond portfolio are backed by the U.S. Government. The contracts may not cover participant benefit payments at contract value upon the occurrence of certain events, described below, involving the Stable Value Fund, American Express as its plan sponsor (“Plan Sponsor”) or Ameriprise Trust Company, an affiliate of Ameriprise Financial, Inc., its investment manager.

Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are required to be reported at contract value, rather than fair value, on the Statements of Net Assets. Contract value is the relevant measure for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses.

Certain events might limit the ability of the Plan to transact at contract value with the contract issuer and therefore also limit the ability of the Plan to transact at contract value with the participants of the Plan. These events may be different under each contract. Examples of such events include the following:

The Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code or the failure of the trust to be tax-exempt under Section 501(a) of the Internal Revenue Code;
Premature termination of the contracts;
Plan termination or merger;
Changes to the Plan’s administration of competing investment options; and
Bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spinoffs of a subsidiary) that significantly affect the Plan’s normal operations.

The Plan believes no such events are probable of occurring.

In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Those events may be different under each contract. Examples of such events include the following:

An uncured violation of the Plan’s investment guidelines;
A breach of material obligation under the contract;
A material misrepresentation; and
A material amendment to the agreements without the consent of the issuer.

The Plan believes no such events are probable of occurring.


13

Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
RSPIC has also created four passively-managed (index) Core Investment Options: The Diversified Bond Index Fund, The U.S. Large-Cap Equity Index Fund, The U.S. Small/Mid-Cap Equity Index Fund, and The International Equity Index Fund, which currently use a single index fund as the underlying investment in each Fund. Each passively-managed Core Investment Option seeks to mirror the investments and track the performance of a broad market index that includes hundreds or thousands of stocks or bonds. During 2018, RSPIC changed the investment vehicle for The Diversified Bond Index Fund, The U.S. Small/Mid-Cap Equity Index Fund, and The International Equity Index Fund from a mutual fund to a collective trust. The U.S. Large-Cap Equity Index Fund was already invested in a collective trust.

Self-Directed Accounts
The SDA gives participants the opportunity to invest in a wide variety of mutual funds in addition to the specific investment options mentioned above. Participants may request a Prospectus for any of the funds available through the SDA.

American Express Company Stock Fund
The Plan Document requires that this Fund be offered as an investment option under the Plan, subject to compliance with ERISA. The American Express Company Stock Fund is an ESOP. This Fund invests primarily in American Express Company common shares and holds a small amount of cash or other short-term cash equivalents to meet requests for investment transfers, withdrawals, and distributions. Participants have full voting rights for the common shares underlying the units that are allocated to the American Express Company Stock Fund.

A full, detailed description of the Plan’s investment options, and associated terms and conditions, is available to all participants.

5. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities and current market volatility, it is at least reasonably possible that changes in the values of investment securities will continue to occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

6. Income Tax Status
The Plan has received a favorable determination letter from the Internal Revenue Service (“IRS”) dated November 21, 2016, stating that the Plan is qualified under section 401(a) of the Code, and therefore, the related trust is exempt from taxation. The Plan has been amended after the period covered by the determination letter. Although the Plan has been amended since receiving the determination letter, the Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code, and therefore, believes that the Plan, as amended, is qualified, the related trust is tax-exempt, and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.
GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Company has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, the Plan is no longer subject to examination for tax years prior to 2017, which is the earliest open year for U.S. federal tax purposes.


14

Table of Contents
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
7. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2019 and 2018:
(Thousands)


2019


2018
Net assets available for benefits per the financial statements

$6,226,352

$5,110,920
Difference between contract value and fair value of fully benefit-responsive investment contracts


4,113


(6,531)
Loans deemed distributed


(340)


(471)
Net assets available for benefits per the Form 5500

$6,230,125

$5,103,918

The following is a reconciliation of net income per the financial statements to Form 5500 for the year ended December 31, 2019:
(Thousands)


2019
Net increase in net assets available for benefits per the financial statements

$1,115,432
Adjustment for difference between contract value and fair value of fully benefit-responsive investment contracts


10,644
Change in deemed distributions of participant loans


131
Net income per the Form 5500

$1,126,207


8. Related Parties and Parties-In-Interest Transactions

The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Wells Fargo Bank, N.A., the Trustee, and its affiliates as well as investment managers appointed by RSPIC. Transactions with these parties are considered party-in-interest transactions, but not considered prohibited transactions under ERISA. As noted in Supplemental Schedule H, Line 4i, the Plan held investments with parties-in-interest in Wells Fargo Bank, N.A. and its affiliates, Ameriprise Financial, Inc. and its affiliates, Fidelity Investment Management and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, MetLife Inc. and its affiliates, Morgan Stanley and its affiliates, and Vanguard Fiduciary Trust as of both December 31, 2019 and 2018, and BlackRock Institutional Trust Company, N.A. and its affiliates and Principal Financial Group and its affiliates as of December 31, 2019. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered party-in-interest transactions.

Berkshire Hathaway, Inc. and its affiliates are considered “parties-in-interest” due to ownership interests in the Company. The Plan holds certain securities in Berkshire Hathaway in accordance with investment strategies directed by its qualified professional asset managers.

Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2019 and 2018, the Plan held 5,427,964 shares of American Express Company common stock valued at $676 million and 5,706,139 shares valued at $544 million, respectively. During the 2019 plan year the Plan acquired 94,664 shares of American Express Company common stock valued at $11 million through dividend reinvestments and sold 234,642 shares valued at $28 million. The Plan reimburses the Company for direct expenses (salary and benefits costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.

15

Table of Contents









SUPPLEMENTAL SCHEDULES










16

Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)
Money Market Funds
*FIDELITY MM GOVT PORTFOLIO #57 68,916

68,916






Corporate Debt Instruments




ABBOTT LABORATORIES 4.900% 11/30/46  255

335

ABBVIE INC 3.200% 11/06/22  50

51

ABBVIE INC 4.400% 11/06/42  145

156

ABBVIE INC 4.500% 5/14/35  160

180

ACE INA HOLDINGS 2.700% 3/13/23  200

204

AEP TRANSMISSION CO 3.150% 9/15/49  120

116

AEP TRANSMISSION CO 4.000% 12/01/46  62

69

AERCAP IRELAND CAP/G 4.450% 4/03/26  150

161

AFLAC INC 3.250% 3/17/25  200

210

AIR LEASE CORP 3.250% 3/01/25  81

83

AIR LEASE CORP 3.250% 10/01/29  415

413

AIR LEASE CORP 3.750% 6/01/26  235

246

AIRCASTLE LTD 4.400% 9/25/23  130

137

ALABAMA POWER CO 5.700% 2/15/33  200

254

ALBEMARLE CORP 5.450% 12/01/44  50

57

ALBERTA ENERGY CO LT 7.375% 11/01/31  50

61

ALEXANDRIA REAL ESTA 3.800% 4/15/26  34

36

ALEXANDRIA REAL ESTA 4.000% 2/01/50  174

191

ALLERGAN INC 2.800% 3/15/23  620

625

AMAZON.COM INC 3.875% 8/22/37  110

125

AMER AIRLINE 16-2 AA 3.200% 6/15/28  171

176

AMER AIRLINE 16-3 AA 3.000% 10/15/28  204

208

AMER AIRLINE 17-1 AA 3.650% 2/15/29  60

64

AMER AIRLINE 17-2B 3.700% 10/15/25  168

170

AMER AIRLINE 19-1A 3.500% 8/15/33  390

400

AMER AIRLN 13-1 A PA 4.000% 7/15/25  58

61

AMER AIRLN 14-1 A PT 3.700% 10/01/26  109

115

AMERICA MOVIL SAB DE 3.625% 4/22/29  205

216

AMERICA MOVIL SAB DE 4.375% 4/22/49  200

230

AMERICAN CAMPUS COMM 3.625% 11/15/27  229

242

AMERICAN FINANCIAL 3.500% 8/15/26  150

155

AMERICAN HONDA FINAN 2.150% 3/13/20  100

100

AMERICAN HONDA FINAN 2.450% 9/24/20  99

99

AMERICAN INTL GROUP 3.875% 1/15/35  200

212

AMERICAN INTL GROUP 4.125% 2/15/24  200

215


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
17


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

AMERICAN INTL GROUP 4.200% 4/01/28  55

61
AMERICAN TOWER CORP 2.250% 1/15/22  100

100

AMERICAN TOWER CORP 3.375% 10/15/26  56

58

AMERICAN TOWER CORP 3.700% 10/15/49  220

219

AMERICAN TOWER CORP 4.000% 6/01/25  100

107

AMERICAN WATER CAPIT 3.400% 3/01/25  152

159

AMERN AIRLINE 16-2 3.650% 6/15/28  19

20

ANALOG DEVICES INC 3.125% 12/05/23  61

63

ANALOG DEVICES INC 4.500% 12/05/36  95

103

ANHEUSER-BUSCH COS 4.700% 2/01/36  788

913

ANHEUSER-BUSCH COS 4.900% 2/01/46  215

255

ANHEUSER-BUSCH INBEV 4.375% 4/15/38  190

213

ANHEUSER-BUSCH INBEV 4.439% 10/06/48  240

269

ANHEUSER-BUSCH INBEV 4.700% 2/01/36  120

139

ANHEUSER-BUSCH INBEV 4.750% 4/15/58  115

135

ANTHEM INC 3.350% 12/01/24  70

73

ANTHEM INC 4.101% 3/01/28  140

152

APACHE CORP 5.100% 9/01/40  145

148

APPLE INC 3.250% 2/23/26  80

85

APPLE INC 3.450% 2/09/45  85

90

APPLE INC 3.750% 9/12/47  180

201

APPLE INC 3.850% 5/04/43  450

505

APPLE INC 3.850% 8/04/46  129

145

ARROW ELECTRONICS IN 3.250% 9/08/24  66

68

ARROW ELECTRONICS IN 3.875% 1/12/28  55

56

ASSURANT INC 4.200% 9/27/23  105

110

ASTRAZENECA PLC 4.000% 9/18/42  60

66

ASTRAZENECA PLC 6.450% 9/15/37  70

99

AT&T INC 3.550% 6/01/24  75

79

AT&T INC 3.600% 7/15/25  25

26

AT&T INC 3.950% 1/15/25  196

210

AT&T INC 4.125% 2/17/26  434

470

AT&T INC 4.300% 2/15/30  172

191

AT&T INC 4.500% 3/09/48  86

95

AT&T INC 4.900% 8/15/37  324

373

AT&T INC 5.150% 11/15/46  200

239

AT&T INC 5.350% 9/01/40  151

182

ATMOS ENERGY CORP 5.500% 6/15/41  100

129

BAKER HUGHES A GE CO 5.125% 9/15/40  50

59


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
18


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

BALTIMORE GAS & ELEC 3.500% 8/15/46  70

71

BANK OF AMERICA CORP 3.419% 12/20/28  659

692

BANK OF AMERICA CORP 3.950% 4/21/25  300

320

BANK OF NOVA SCOTIA 4.500% 12/16/25  90

99

BANK OF NY MELLON CO 2.450% 11/27/20  78

78

BANK OF NY MELLON CO 2.500% 4/15/21  55

55

BAT CAPITAL CORP 4.390% 8/15/37  68

69

BAXALTA INC 3.600% 6/23/22  15

15

BAXALTA INC 5.250% 6/23/45  7

9

BB&T CORPORATION 2.625% 6/29/20  180

180

BHP FIN USA LTD 6.420% 3/01/26  300

366
*
BLACKROCK INC 3.250% 4/30/29  200

215

BOARDWALK PIPELINES 4.800% 5/03/29  105

113

BOEING CO 3.950% 8/01/59  180

192

BOSTON PROPERTIES LP 3.125% 9/01/23  30

31

BOSTON PROPERTIES LP 3.200% 1/15/25  76

79

BOSTON PROPERTIES LP 3.650% 2/01/26  74

78

BOSTON SCIENTIFIC CO 3.750% 3/01/26  135

145

BOSTON SCIENTIFIC CO 4.550% 3/01/39  220

259

BP CAP MARKETS AMERI 3.017% 1/16/27  135

140

BP CAPITAL MARKETS 3.279% 9/19/27  80

84

BP CAPITAL MARKETS 3.814% 2/10/24  200

214

BRIXMOR OPERATING PA 3.850% 2/01/25  120

126
BROOKFIELD FINANCE 3.900% 1/25/28  55

59

BROOKFIELD FINANCE 4.700% 9/20/47  64

74

BROOKFIELD FINANCE 4.850% 3/29/29  210

240

BUCKEYE PARTNERS LP 5.850% 11/15/43  195

176

BUNGE LTD FINANCE CO 3.500% 11/24/20  40

40

BURLINGTN NORTH SANT 3.550% 2/15/50  196

207

BURLINGTN NORTH SANT 4.375% 9/01/42  130

151

BURLINGTON NORTH SAN 6.150% 5/01/37  60

84

CAMPBELL SOUP CO 4.800% 3/15/48  70

81

CANADIAN NATL RESOUR 5.850% 2/01/35  200

246

CANADIAN PACIFIC RR 5.750% 3/15/33  70

87

CANADIAN PACIFIC RR 6.125% 9/15/15  10

15

CAPITAL ONE FINANCIA 3.750% 4/24/24  200

211

CAPITAL ONE FINANCIA 3.750% 7/28/26  88

93

CAPITAL ONE FINANCIA 4.200% 10/29/25  60

65

CATERPILLAR INC 6.050% 8/15/36  300

410


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
19


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

CBS CORP 4.000% 1/15/26  292

313

CELANESE US HOLDINGS 3.500% 5/08/24  218

225

CENOVUS ENERGY INC 3.800% 9/15/23  150

155

CENOVUS ENERGY INC 5.250% 6/15/37  47

52

CENOVUS ENERGY INC 6.750% 11/15/39  90

115

CENTERPOINT ENER HOU 3.000% 2/01/27  91

94

CHARLES SCHWAB CORP 3.200% 3/02/27  150

157

CHARTER COMM OPT LLC 4.800% 3/01/50  275

290

CHARTER COMM OPT LLC 5.375% 4/01/38  48

55

CHARTER COMM OPT LLC 6.384% 10/23/35  52

65

CHARTER COMM OPT LLC 6.834% 10/23/55  70

92

CHEVRON CORP 2.566% 5/16/23  210

214

CHUBB INA HOLDINGS 2.875% 11/03/22  47

48

CINCINNATI FINL CORP 6.920% 5/15/28  50

65

CITIBANK NA 3.650% 1/23/24  400

423

CITIGROUP INC 3.200% 10/21/26  65

67

CITIGROUP INC 4.400% 6/10/25  188

204

CITIGROUP INC 4.450% 9/29/27  21

23

CITIGROUP INC 4.650% 7/23/48  160

200

CITIGROUP INC 4.750% 5/18/46  100

120

CITIZENS BANK NA/RI 2.550% 5/13/21  250

252

CITIZENS FINANCIAL 2.375% 7/28/21  20

20

CITIZENS FINANCIAL 4.300% 12/03/25  47

51

CLEVELAND ELECTRIC 5.950% 12/15/36  40

50

CME GROUP INC 3.000% 3/15/25  200

208

CMS ENERGY CORP 2.950% 2/15/27  39

39

CMS ENERGY CORP 3.875% 3/01/24  180

190

COMCAST CORP 3.000% 2/01/24  58

60

COMCAST CORP 3.150% 3/01/26  168

176

COMCAST CORP 3.200% 7/15/36  200

205

COMCAST CORP 3.250% 11/01/39  170

173

COMCAST CORP 3.375% 2/15/25  138

146

COMCAST CORP 3.450% 2/01/50  150

154

COMCAST CORP 3.550% 5/01/28  97

104

COMCAST CORP 3.900% 3/01/38  55

61

COMCAST CORP 3.950% 10/15/25  157

171

COMCAST CORP 4.200% 8/15/34  100

114

COMCAST CORP 4.250% 1/15/33  150

174

COMCAST CORP 4.600% 10/15/38  190

227


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
20


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

COMCAST CORP 4.950% 10/15/58  240

313

COMCAST CORP 6.500% 11/15/35  123

174

COMMONWEALTH EDISON 3.650% 6/15/46  45

48

COMMONWEALTH EDISON 3.750% 8/15/47  70

76

CONAGRA BRANDS INC 4.600% 11/01/25  65

72

CONAGRA BRANDS INC 5.300% 11/01/38  50

59

CONNECTICUT LIGHT & 3.200% 3/15/27  50

53

CONNECTICUT LIGHT & 4.000% 4/01/48  53

61

CONSOLIDATED EDISON 4.125% 5/15/49  130

148

CONSTELLATION BRANDS 4.400% 11/15/25  75

82

CONSTELLATION BRANDS 5.250% 11/15/48  40

49

CONTL AIRLINES 2012- 4.000% 10/29/24  501

529

COOPERATIEVE RABOBAN 3.750% 7/21/26  250

260

CORNING INC 3.900% 11/15/49  276

280

CROWN CASTLE INTL CO 4.000% 3/01/27  24

26

CROWN CASTLE INTL CO 4.875% 4/15/22  112

119

CROWN CASTLE INTL CO 5.250% 1/15/23  70

76

CSX CORP 6.000% 10/01/36  175

228

CSX CORP 6.150% 5/01/37  135

179

CVS HEALTH CORP 3.250% 8/15/29  215

219

CVS HEALTH CORP 4.300% 3/25/28  179

196

CVS HEALTH CORP 4.780% 3/25/38  300

341

CVS HEALTH CORP 5.050% 3/25/48  178

211

CVS PASS-THROUGH TRU 6.036% 12/10/28  283

316

DDR CORP 3.625% 2/01/25  61

63

DELTA AIR LINES 6.821% 8/10/22  350

380

DELTA AIR LINES 2015 3.625% 7/30/27  1,157

1,228

DEUTSCHE BANK NY 3.300% 11/16/22  100

101

DEUTSCHE BANK NY 4.250% 10/14/21  184

189

DH EUROPE FINANCE II 3.250% 11/15/39  80

81

DIGITAL REALTY TRUST 3.700% 8/15/27  39

41

DISCOVER BANK 4.200% 8/08/23  250

266

DISCOVERY COMMUNICAT 3.450% 3/15/25  120

125

DISCOVERY COMMUNICAT 3.950% 3/20/28  53

57

DOLLAR GENERAL CORP 4.125% 5/01/28  70

76

DOMINION ENERGY GAS 3.900% 11/15/49  206

206

DOMINION ENERGY INC 1.500% 7/01/20  70

70

DOMINION GAS HLDGS 2.800% 11/15/20  112

113

DOMINION RESOURCES 2.750% 9/15/22  66

67


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
21


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

DOMINION RESOURCES 2.850% 8/15/26  76

77

DOW CHEMICAL CO/THE 3.500% 10/01/24  200

210

DOWDUPONT INC 4.493% 11/15/25  150

165

DOWDUPONT INC 5.319% 11/15/38  70

83

DR PEPPER SNAPPLE GR 3.130% 12/15/23  135

139

DR PEPPER SNAPPLE GR 3.430% 6/15/27  35

36

DR PEPPER SNAPPLE GR 4.420% 12/15/46  70

75

DUKE ENERGY CAROLINA 3.900% 6/15/21  100

102

DUKE ENERGY CORP 2.650% 9/01/26  43

43

DUKE ENERGY CORP 3.400% 6/15/29  86

90

DUKE ENERGY CORP 6.000% 12/01/28  80

100

DUKE ENERGY INDIANA 3.750% 5/15/46  80

86

DUKE ENERGY OHIO INC 3.700% 6/15/46  46

49

DUKE ENERGY OHIO INC 4.300% 2/01/49  60

70

DUKE ENERGY PROGRESS 3.250% 8/15/25  53

56

DUKE ENERGY PROGRESS 3.700% 10/15/46  54

58

DUKE ENERGY PROGRESS 4.200% 8/15/45  130

148

DUKE REALTY LP 3.250% 6/30/26  23

24

DXC TECHNOLOGY CO 4.250% 4/15/24  47

50

EATON CORP 4.000% 11/02/32  170

193

ECOLAB INC 3.250% 1/14/23  88

91

ECOPETROL SA 5.375% 6/26/26  104

116

ECOPETROL SA 5.875% 9/18/23  128

142

EDISON INTERNATIONAL 3.550% 11/15/24  366

375

ELI LILLY & CO 4.150% 3/15/59  115

136

EMERA US FINANCE LP 3.550% 6/15/26  70

73

EMERA US FINANCE LP 4.750% 6/15/46  150

174

ENABLE MIDSTREAM PAR 4.150% 9/15/29  141

134

ENABLE MIDSTREAM PAR 4.950% 5/15/28  55

56

ENBRIDGE INC 4.500% 6/10/44  50

55

ENCANA CORP 7.200% 11/01/31  140

171

ENERGY TRANSFER OPER 6.250% 4/15/49  209

252

ENERGY TRANSFER PART 4.750% 1/15/26  45

49

ENERGY TRANSFER PART 6.050% 6/01/41  183

206

ENLINK MIDSTREAM PAR 4.150% 6/01/25  100

94

ENLINK MIDSTREAM PAR 5.600% 4/01/44  50

40

ENTERGY ARKANSAS INC 3.500% 4/01/26  31

33

ENTERGY CORP 2.950% 9/01/26  31

31

ENTERGY LOUISIANA LL 2.400% 10/01/26  59

58


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
22


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

ENTERGY LOUISIANA LL 3.050% 6/01/31  57

59

ENTERGY LOUISIANA LL 3.120% 9/01/27  40

41

ENTERGY LOUISIANA LL 4.000% 3/15/33  45

51

ENTERGY MISSISSIPPI 2.850% 6/01/28  50

51

ENTERGY MISSISSIPPI 3.850% 6/01/49  190

207

ENTERPRISE PRODUCTS 3.900% 2/15/24  200

212

ENTERPRISE PRODUCTS 4.200% 1/31/50  225

242

EOG RESOURCES INC 4.150% 1/15/26  60

66

EQT CORP 3.900% 10/01/27  60

56

EQT MIDSTREAM PARTNE 4.125% 12/01/26  330

311

EVERGY INC 2.900% 9/15/29  235

234

EXELON CORP 3.400% 4/15/26  63

66

EXELON GENERATION CO 3.400% 3/15/22  96

98

EXELON GENERATION CO 4.250% 6/15/22  75

78

EXELON GENERATION CO 6.250% 10/01/39  180

217

EXXON MOBIL CORPORAT 4.114% 3/01/46  77

90

FIFTH THIRD BANCORP 3.950% 3/14/28  90

99

FIRSTENERGY CORP 4.850% 7/15/47  26

31

FISERV INC 3.200% 7/01/26  95

98

FISERV INC 4.400% 7/01/49  90

102

FLORIDA POWER & LIGH 3.125% 12/01/25  250

263

FORTIS INC 3.055% 10/04/26  155

158

GE CAPITAL INTL FUND 4.418% 11/15/35  1,649

1,764

GENERAL ELEC CAP COR 3.100% 1/09/23  115

118

GENERAL ELECTRIC CO 5.550% 1/05/26  287

329

GENERAL MILLS INC 4.000% 4/17/25  80

87

GENERAL MILLS INC 4.150% 2/15/43  110

118

GENERAL MOTORS CO 5.150% 4/01/38  50

51

GENERAL MOTORS FINL 3.450% 4/10/22  182

186

GENERAL MOTORS FINL 3.500% 11/07/24  100

103

GENERAL MOTORS FINL 3.950% 4/13/24  185

193

GENERAL MOTORS FINL 4.000% 1/15/25  110

116

GENERAL MOTORS FINL 4.300% 7/13/25  50

53

GENERAL MOTORS FINL 4.350% 1/17/27  87

91

GENERAL MOTORS FINL 4.350% 4/09/25  105

112

GILEAD SCIENCES INC 4.000% 9/01/36  40

44

GLOBAL PAYMENTS INC 4.150% 8/15/49  195

209

GOLDMAN SACHS GROUP 3.000% 4/26/22  335

339

GOLDMAN SACHS GROUP 3.500% 11/16/26  150

158


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
23


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

GOLDMAN SACHS GROUP 3.850% 1/26/27  224

238

GOLDMAN SACHS GROUP 4.800% 7/08/44  165

200

HALLIBURTON CO 3.800% 11/15/25  150

160

HALLIBURTON CO 4.850% 11/15/35  43

49

HALLIBURTON COMPANY 6.700% 9/15/38  50

66

HARRIS CORPORATION 3.832% 4/28/25  100

107

HARRIS CORPORATION 4.854% 4/27/35  40

47

HARTFORD FINL SVCS 4.300% 4/15/43  90

100

HCA INC 5.125% 6/15/39  175

193

HCA INC 5.250% 6/15/26  180

202

HCP INC 3.500% 7/15/29  185

193

HCP INC 4.200% 3/01/24  250

267

HONEYWELL INTERNATIO 2.500% 11/01/26  200

204

HSBC HOLDINGS PLC 4.250% 3/14/24  400

424

HSBC HOLDINGS PLC 7.350% 11/27/32  224

306

HUNTINGTON BANCSHARE 2.300% 1/14/22  115

116

HUSKY ENERGY INC 3.950% 4/15/22  200

207

IBM CORP 3.300% 5/15/26  380

401

IBM CORP 3.500% 5/15/29  705

759

ING GROEP NV 3.950% 3/29/27  200

216

ING GROEP NV 4.100% 10/02/23  300

319

INTERNATIONAL PAPER 3.000% 2/15/27  79

81

INTL FLAVOR & FRAGRA 4.450% 9/26/28  65

71

INTL FLAVOR & FRAGRA 5.000% 9/26/48  74

84

INTL LEASE FINANCE 5.875% 8/15/22  150

163

INTL LEASE FINANCE 8.625% 1/15/22  100

113

INTL PAPER CO 8.700% 6/15/38  40

59

INVESCO FINANCE PLC 3.750% 1/15/26  78

83

JB HUNT TRANSPRT SVC 3.850% 3/15/24  100

105

JB HUNT TRANSPRT SVC 3.875% 3/01/26  115

124

JERSEY CENTRAL PWR 6.150% 6/01/37  30

39

JOHN DEERE CAPITAL 2.250% 9/14/26  105

105

JOHN DEERE CAPITAL 2.800% 9/08/27  100

103

JOHNSON & JOHNSON 3.400% 1/15/38  123

132

JOHNSON & JOHNSON 4.375% 12/05/33  22

26

KANSAS CITY POWER & 4.200% 3/15/48  60

69

KELLOGG CO 3.400% 11/15/27  52

54

KEYCORP 2.900% 9/15/20  62

62

KEYCORP 4.150% 10/29/25  100

110


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
24


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

KIMBERLY-CLARK CORP 2.750% 2/15/26  50

52

KINDER MORGAN INC 4.300% 3/01/28  175

191

KINDER MORGAN INC 5.200% 3/01/48  40

46

KRAFT HEINZ FOODS CO 5.000% 7/15/35  395

439

LASMO USA INC DTD 7.300% 11/15/27  70

90

LIBERTY PROPERTY LP 3.250% 10/01/26  27

28

LIFE STORAGE LP 4.000% 6/15/29  214

229

LINCOLN NATIONAL COR 3.050% 1/15/30  160

161

LINCOLN NATIONAL COR 4.200% 3/15/22  300

313

LLOYDS BANKING GROUP 4.375% 3/22/28  200

221

LLOYDS BANKING GROUP 4.450% 5/08/25  200

219

LOCKHEED MARTIN CORP 3.100% 1/15/23  43

44

LOCKHEED MARTIN CORP 4.500% 5/15/36  50

59

LOUISVILLE GAS & ELE 3.300% 10/01/25  71

75

LOUISVILLE GAS & ELE 4.650% 11/15/43  100

118

LOWE'S COS INC 3.650% 4/05/29  178

190

LOWE'S COS INC 4.550% 4/05/49  153

181

MAGELLAN HEALTH SRVC 4.400% 9/22/24  21

22

MAGELLAN MIDSTREAM 4.250% 2/01/21  250

256

MARKEL CORP 3.500% 11/01/27  135

140

MARTIN MARIETTA MATE 3.450% 6/01/27  73

75

MARTIN MARIETTA MATE 3.500% 12/15/27  220

228

MASCO CORP 6.500% 8/15/32  110

135

MCCORMICK & CO 3.150% 8/15/24  75

78

MCDONALD'S CORP 4.700% 12/09/35  101

120

MCDONALD'S CORP 6.300% 10/15/37  38

52

MEAD JOHNSON NUTRITI 4.125% 11/15/25  120

131

MEAD JOHNSON NUTRITI 4.600% 6/01/44  35

42

MEMORIAL HEALTH SERV 3.447% 11/01/49  310

305
*
METLIFE INC 4.368% 9/15/23  300

325

MICROSOFT CORP 3.950% 8/08/56  55

65

MICROSOFT CORP 4.000% 2/12/55  180

213

MICROSOFT CORP 4.100% 2/06/37  136

161

MICROSOFT CORP 4.200% 11/03/35  77

92

MITSUBISHI UFJ FIN 3.407% 3/07/24  295

308

MITSUBISHI UFJ FIN 3.751% 7/18/39  240

263

MITSUBISHI UFJ FIN 3.761% 7/26/23  200

211
*
MORGAN STANLEY 3.625% 1/20/27  137

146
*
MORGAN STANLEY 3.750% 2/25/23  757

793


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
25


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)
*
MORGAN STANLEY 3.875% 1/27/26  108

116
*
MORGAN STANLEY 4.100% 5/22/23  500

528
*
MORGAN STANLEY 4.300% 1/27/45  140

165

MOSAIC CO 5.625% 11/15/43  150

176

MPLX LP 4.125% 3/01/27  78

82

MPLX LP 4.500% 4/15/38  80

81

MPLX LP 4.800% 2/15/29  139

153

MPLX LP 5.200% 3/01/47  40

43

MYLAN INC 5.400% 11/29/43  50

55

NATIONAL AUSTRALIA 3.375% 1/14/26  250

263

NATIONAL RETAIL PROP 3.600% 12/15/26  62

65

NATIONAL RETAIL PROP 4.000% 11/15/25  218

234

NATIONAL RURAL UTIL 2.950% 2/07/24  31

32

NATIONAL RURAL UTIL 3.900% 11/01/28  140

154

NEWMONT GOLDCORP COR 2.800% 10/01/29  125

124
NISOURCE FINANCE COR 6.250% 12/15/40  180

238

NISOURCE INC 2.950% 9/01/29  125

125

NOBLE ENERGY INC 3.250% 10/15/29  140

142

NOBLE ENERGY INC 5.050% 11/15/44  60

67

NOBLE ENERGY INC 6.000% 3/01/41  100

120

NORFOLK SOUTHERN COR 3.850% 1/15/24  88

93

NORFOLK SOUTHERN COR 3.942% 11/01/47  51

55

NORTHERN STATE PWR 6.250% 6/01/36  30

42

NORTHERN STATE PWR- 6.200% 7/01/37  50

70

NORTHERN STATES PWR- 2.900% 3/01/50  170

162

NORTHROP GRUMMAN COR 3.200% 2/01/27  80

83
NORTHROP GRUMMAN COR 3.250% 1/15/28  50

52
NOVARTIS CAPITAL COR 4.400% 5/06/44  100

122
NUCOR CORP 6.400% 12/01/37  50

68
NUTRIEN LTD 4.125% 3/15/35  100

105
NUTRIEN LTD 4.200% 4/01/29  35

39
NUTRIEN LTD 5.000% 4/01/49  55

66

NVENT FINANCE SARL 4.550% 4/15/28  98

102

OCCIDENTAL PETROLEUM 3.500% 8/15/29  290

296

OCCIDENTAL PETROLEUM 4.200% 3/15/48  70

70

OCCIDENTAL PETROLEUM 7.875% 9/15/31  200

268

ONEBEACON US HOLDING 4.600% 11/09/22  150

158

ONEOK INC 3.400% 9/01/29  60

61

ONEOK INC 5.200% 7/15/48  200

227


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
26


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

ONEOK INC 7.500% 9/01/23  300

350

ONEOK PARTNERS LP 3.375% 10/01/22  31

32

ONEOK PARTNERS LP 5.000% 9/15/23  69

75

ORACLE CORP 2.950% 5/15/25  200

208

ORACLE CORP 2.950% 11/15/24  130

135

ORACLE CORP 3.850% 7/15/36  267

293

ORACLE CORP 3.900% 5/15/35  233

260

ORACLE CORP 4.300% 7/08/34  200

234

O'REILLY AUTOMOTIVE 3.600% 9/01/27  62

66

ORIX CORP 2.900% 7/18/22  55

56

ORIX CORP 3.700% 7/18/27  100

106

PACCAR FINANCIAL COR 2.250% 2/25/21  60

60

PACKAGING CORP OF AM 4.050% 12/15/49  195

203

PEMEX PROJ FDG MASTE 6.625% 6/15/35  400

410

PETRO-CANADA 5.350% 7/15/33  100

123

PETRO-CANADA 5.950% 5/15/35  80

104

PETRO-CANADA 6.800% 5/15/38  80

114

PETROLEOS MEXICANOS 5.350% 2/12/28  71

71

PETROLEOS MEXICANOS 6.500% 3/13/27  200

212

PETROLEOS MEXICANOS 6.750% 9/21/47  104

104

PFIZER INC 3.900% 3/15/39  210

237

PHILLIPS 66 PARTNERS 3.150% 12/15/29  105

105

PHILLIPS 66 PARTNERS 3.550% 10/01/26  15

16

PHILLIPS 66 PARTNERS 3.605% 2/15/25  160

168

PHILLIPS 66 PARTNERS 4.900% 10/01/46  40

45

PLAINS ALL AMER PIPE 4.650% 10/15/25  150

161

PLAINS ALL AMER PIPE 4.700% 6/15/44  110

107

PNC FINANCIAL SERVIC 3.450% 4/23/29  200

213

PRECISION CASTPARTS 3.250% 6/15/25  53

56

PRECISION CASTPARTS 4.375% 6/15/45  80

93

PRICELINE GROUP INC/ 3.550% 3/15/28  200

213
*
PRINCIPAL FINANCIAL 3.700% 5/15/29  105

115

PROGRESS ENERGY INC 7.000% 10/30/31  50

68

PROV ST JOSEPH HLTH 2.746% 10/01/26  28

28

PSI ENERGY INC 6.120% 10/15/35  50

66

PUBLIC SERVICE COLOR 3.550% 6/15/46  27

28

PUBLIC SERVICE ELECT 2.250% 9/15/26  70

69

PUBLIC STORAGE 3.385% 5/01/29  100

106

RABOBANK NEDERLAND 4.625% 12/01/23  250

271


        

* Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed
27


Table of Contents
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2019
(a)(b) Identity of Issuer, Borrower, Lessor, or Similar Party(c) Number of Shares/ Units or Face Amount (in thousands)(e) Current Value (in thousands)

REALTY INCOME CORP 3.875% 4/15/25  75

81

REALTY INCOME CORP 3.875% 7/15/24  250

267

REGENCY CENTERS LP 2.950% 9/15/29  180

180

REGIONS FINANCIAL CO 2.750% 8/14/22  38

39

REGIONS FINANCIAL CO 3.800% 8/14/23  107

113

REYNOLDS AMERICAN IN 5.700% 8/15/35  100

116

ROCKWELL COLLINS INC 3.200% 3/15/24  37

39

ROCKWELL COLLINS INC 4.350% 4/15/47  17

20

ROGERS COMMUNICATION 4.350% 5/01/49  140

157

ROPER TECHNOLOGIES 3.000% 12/15/20  25

25

ROYAL BANK OF CANADA 3.700% 10/05/23  400

423

RYDER SYSTEM INC 2.650% 3/02/20  150

150

RYDER SYSTEM INC 2.875% 9/01/20  57

57

SAN DIEGO G & E 6.125% 9/15/37  80

101

SANTANDER UK GROUP 3.571% 1/10/23  200

205

SELECT INCOME REIT 3.600% 2/01/20  160

160

SELECT INCOME REIT 4.150% 2/01/22  550

563

SENIOR HOUSING PROPE 4.750% 2/15/28  100

101

SHELL INTERNATIONAL 2.250% 11/10/20  89

89

SHERWIN-WILLIAMS CO 3.125% 6/01/24  41

42