Form 11-K
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

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

World Financial Center

200 Vesey Street

New York, New York 10285

 

 

 


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule

Table of Contents

 

           Page      

Report of Independent Registered Public Accounting Firm

   1

FINANCIAL STATEMENTS

  

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010

   2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2011

   3

Notes to the Financial Statements

   4

SUPPLEMENTAL SCHEDULE*

  

Schedule H, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2011

   19

Signature

   35

Exhibit Index

   E-1

Ex-23.1

  

 

*

Other supplemental schedules required by 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 Participants and Employee Benefits Administration Committee of

American Express Retirement Savings Plan:

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of American Express Retirement Savings Plan (the “Plan”) at December 31, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2011 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 28, 2012

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

December 31, 2011 and 2010

 

XXXXXXXX XXXXXXXX

 

 

(Thousands)

   2011      2010  

Assets

     

Investments, at fair value:

     

Money market funds

   $ 36,040       $ 35,739   

Common stocks

     1,410,079         1,424,778   

Fixed income securities

     344           

Common/collective trusts

     123,342         116,563   

Mutual funds

     1,039,260         1,028,509   

Stable Value fund

     625,118         573,100   

 

  

 

 

    

 

 

 

Total investments, at fair value

     3,234,183         3,178,689   

Due from brokers

     1,830         634   

Cash (non-interest bearing)

     145         75   

Receivables:

     

Notes receivable from participants

     102,610         99,641   

Investment income accrued

     1,434         834   

Employer contributions:

     

Profit sharing

     58,694         45,508   

Other than profit sharing

     26,944         26,608   

Employee contributions

     3,857         3,719   

 

  

 

 

    

 

 

 

Total Assets

     3,429,697         3,355,708   

 

  

 

 

    

 

 

 

Liabilities

     

Due to brokers

     507         1,608   

Accrued expenses

     2,446         882   

 

  

 

 

    

 

 

 

Total Liabilities

     2,953         2,490   

 

  

 

 

    

 

 

 

Net assets reflecting investments at fair value

     3,426,744         3,353,218   

 

  

 

 

    

 

 

 

Adjustment from fair value to contract value for fully-benefit responsive
investment contracts

     (21,906)         (18,824)   

 

  

 

 

    

 

 

 

Net assets available for benefits

   $ 3,404,838       $ 3,334,394   

 

 

See accompanying notes to the financial statements.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2011

 

 

 

(Thousands)

   2011  

Contributions

  

Employer

  

Profit sharing

   $             58,702   

Other than profit sharing

     121,111   

Employee

     140,414   

Rollovers

     8,165   

 

  

 

 

 

Total contributions

     328,392   

 

  

 

 

 

Investment income

  

Net depreciation in fair value of investments

     (12,943)   

Interest and dividends

     24,069   

 

  

 

 

 

Total investment income

     11,126   

 

  

 

 

 

Interest on notes receivable from participants

     3,801   

 

  

 

 

 

Total additions to net assets

     343,319   

 

  

 

 

 

Withdrawal payments

     (272,875)   

 

  

 

 

 

Net increase in net assets available for benefits

     70,444   

 

  

 

 

 

Net assets available for benefits at beginning of year

     3,334,394   

 

  

 

 

 

Net assets available for benefits at end of year

   $ 3,404,838   

 

 

See accompanying notes to the financial statements.

 

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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 pension 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 are eligible to receive Company contributions, if any, upon completion of one year of service. Effective January 1, 2012, eligibility for Company contributions was reduced to 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 should be referred to for more complete information. In the event of a conflict between the following description and the Plan Document, the Plan Document shall control.

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 (the “EBAC”) and the Company’s Retirement Savings Plan Investment Committee (the “RSPIC”). The Plan Document requires that the American Express Company Stock Fund be offered as an investment option. The RSPIC has the power to select the other investment options available under the Plan and the manner in which certain investments of the Plan are invested. Subject to Plan limits, the RSPIC has the power to appoint investment managers to make investment decisions. The members of the EBAC are appointed by the Chief Executive Officer as authorized by the Compensation and Benefits Committee of the Board of Directors of the Company. Under the terms of the Plan Document, the members of the RSPIC are appointed by the Vice President, Global Benefits.

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, and most commissions and 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 $245,000 in both 2011 and 2010, 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 (effective for pay periods beginning on or after October 10, 2011) and after-tax contributions up to 10% of eligible compensation, or a combination, not to exceed 80% of their total pay, to the Plan through payroll deductions. Roth contributions were introduced to the Plan as a special kind of after-tax contribution that is subject to most of the same rules as before-tax contributions. The Internal Revenue Code (the “Code”) imposes a limitation that is adjusted annually for cost of living increases on participants’ before-tax and Roth contributions to plans which are qualified under Code Section 401(k) and other specified tax favored plans. For both 2011 and 2010, this limit was $16,500 for participants under age 50 and $22,000 for participants over age 50. The Plan complied with nondiscrimination requirements under the Code during 2011 and 2010 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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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Company Matching Contributions

The Company matches 100% of a participant’s before-tax contributions and/or Roth contributions up to 5% of total pay after a participant’s completion of one year of service. Effective January 1, 2012, eligibility for Company contributions was reduced to six months of service.

Profit Sharing Contributions

Upon a participant’s completion of one year of service (six months of service, effective January 1, 2012), additional Company contributions up to 5% of a participant’s total pay 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 for employees other than eligible Global Business Travel participants comprised 3.25% and 2.75% of participant total pay in 2011 and 2010, respectively. Eligible Global Business Travel participants received profit sharing contributions equal to 2.00% of their total pay in 2011 and 1.00% of their total pay in 2010.

Qualified Non-elective Contribution

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 QNEC. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of before-tax contributions or Roth contributions (excluding hardship withdrawals). 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 makes conversion contributions equal to a percentage of compensation. The amount of the participant’s conversion contributions is based on his/her projected attained age plus completed years of service with the Company as of December 31, 2008 and varies depending on the division of employment. Conversion contributions range from 0-8% of compensation.

Disability Contributions

Certain qualifying participants who become disabled, as defined in the Plan, are eligible to receive contributions similar to Company conversion, profit sharing 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.

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. Effective October 2011, the Plan was amended to authorize in-Plan Roth conversion rollovers.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

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.

Profit Sharing Contributions

Currently, profit sharing contributions and investment earnings thereon are 100% vested after 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.

Conversion Contributions

Conversion contributions and investment earnings thereon are 100% vested after 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 always 100% vested as soon as they are deposited into the Plan.

Forfeitures

Forfeitures of terminated participants’ non-vested accounts are used to pay investment expenditures or to reduce future Company contributions. Forfeited non-vested balances were $1.2 million and $2.0 million as of December 31, 2011 and 2010, respectively. Profit sharing contributions made to the Plan for 2011 were reduced by $1.2 million from forfeited account balances in 2011.

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.

Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed based on the prime rate for the month prior to the month in which the loan request is processed. In the event of a loan default, the EBAC may direct the Trustee to treat the outstanding loan balance as an early withdrawal of funds from the Plan, thereby subjecting the participant to income tax plus any penalties imposed by the Code based on the loan balance. Loans to participants at December 31, 2011 were at interest rates varying from 3.25% to 9.50% and will mature at various dates through September 2041.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

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 participant 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 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 for at least five taxable years. If those conditions are not met, earnings on Roth contributions are taxed when distributed.

Distributions and Withdrawals

Upon disability, death or retirement at or after attaining the Plan’s normal retirement age (65), participants or their beneficiaries are 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. If 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”), or a combination of cash and shares. If the account balance is greater than $1,000, a participant may elect to defer distribution until the April of the year following the year in which the participant attains age 70 1/2. 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.

Expenses

The Company and the participants share the costs of administering the Plan. Certain administrative expenses such as audit and legal fees are paid by the Company. Expenses related to investment funds, such as investment management fees, brokerage commissions, stock transfer, or other taxes and charges incurred in the purchase or sale of investments, 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 Trust. These expenses are included within net appreciation (depreciation) in fair value of investments on the Statement of Changes in Net Assets Available for Benefits. These expenses were $12.5 million for the year ended December 31, 2011. Additional expenses are associated with the SDA and participants electing to invest through the SDA are charged directly for these fees through their SDA. The Trust does not pay any fees or expenses associated with the SDA.

 

2.

Summary of Significant Accounting Policies

Use of Estimates

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”). 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.

Investment Valuation and Income Recognition

Investments are reported at fair value. Investments traded on securities exchanges, including common stocks, preferred stocks and corporate debt instruments, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at that date or the latest available date. U.S. Government and agency securities, municipal bonds and foreign bonds are valued at closing bid quotations at the financial statement date or the latest available date.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

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 funds in which the dividends and interest income arose with the exception of the American Express Company Stock Fund (the “Fund”) which is 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 Fund, unless participants elect that the dividends paid with respect to their interest in the Fund be distributed in cash in the form of withdrawal payments.

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

Recently Issued Accounting Standards

In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures (Topic 820) – Improving Disclosures about Fair Value Measurements. This guidance requires: (i) separate disclosure of significant transfers between Level 1 and Level 2 and reasons for the transfers; (ii) disclosure, on a gross basis, of purchases, sales, issuances, and net settlements for the activity in Level 3 fair value measurements; (iii) disclosures by class of assets and liabilities; and (iv) a description of the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. This guidance is effective for reporting periods beginning after December 15, 2009, except for the Level 3 disclosure requirements, which will be effective for fiscal years beginning after December 15, 2010. The adoption of the provisions of this guidance is reflected in Note 3.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. ASU 2011-4 is intended to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments are of two types: (i) those that clarify the Board’s intent about the application of existing fair value measurement and disclosure requirements and (ii) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The guidance is effective for annual periods beginning after December 15, 2011. The adoption of the provisions of this guidance is not expected to materially impact the Plan’s financial statements.

Subsequent Events

The Plan has evaluated subsequent events for potential recognition and disclosure through the date the financial statements were issued.

 

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 to which the Plan has 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

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

    –

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 Company monitors the market conditions and evaluates the fair value hierarchy levels at least annually. For any transfers in and out of the levels of the fair value hierarchy, the Company elects to disclose the fair value measurement at the beginning of the reporting period during which the transfer occurred.

Financial Assets Carried at Fair Value

As summarized in the tables below, the Plan has financial assets that are measured at fair value on a recurring basis. For the year ended December 31, 2011 the Plan did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.

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, 2011:

 

$XXXXXXXX $XXXXXXXX $XXXXXXXX $XXXXXXXX

 

 

Description (Thousands)

   Total      Level 1      Level 2      Level 3  

Money market funds

   $ 36,040       $ 36,040       $       $   

Domestic common stocks

     1,410,079         1,410,079                   

Fixed income securities

     344                 344           

Common/collective trusts

           

Bond funds

     123,342                 123,342           

Mutual funds

           

Fixed income funds

     242,119         242,119                   

Domestic equity funds

     427,949         427,949                   

International equity funds

     369,192         369,192                   

Stable Value fund

           

Money market funds

     72,591         72,591                   

Fixed income funds

     472,267                 472,267           

Common/collective trusts

           

Fixed income funds

     77,357                 77,357           

Wrapper contracts

     2,903                         2,903   

 

  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 3,234,183       $ 2,557,970       $ 673,310       $ 2,903   

 

 

 

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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, 2010:

 

$XXXXXXXX $XXXXXXXX $XXXXXXXX $XXXXXXXX

 

 

Description (Thousands)

   Total      Level 1      Level 2      Level 3  

Money market funds

   $ 35,739       $ 35,739       $       $   

Domestic common stocks

     1,424,778         1,424,778                   

Common/collective trusts

           

Bond funds

     116,563                 116,563           

Mutual funds

           

Fixed income obligations

     234,744         234,744                   

Balanced funds

     5,465         5,465                   

Domestic equity funds

     372,391         372,391                   

International equity fund

     415,909         415,909                   

Stable value obligations

           

Money market funds

     41,794         41,794                   

Fixed income funds

     417,676                 417,676           

Common/collective trusts

           

Fixed income funds

     111,263                 111,263           

Wrapper Contracts

     2,367                         2,367   

 

  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 3,178,689       $ 2,530,820       $ 645,502       $ 2,367   

 

 

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 financial instruments for the years ended December 31, 2011 and 2010:

 

$XXXXXXXX $XXXXXXXX

 

 

(Thousands)

   2011      2010  

Balance, beginning of year

   $ 2,367       $ 1,558   

Net unrealized gains relating to instruments still held at the reporting date

     536         809   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 2,903       $ 2,367   

 

 

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 (summarized in the valuation hierarchy table on the previous page), the Plan applies the following valuation techniques:

 

   

Money market funds and overnight investments are valued at the redemption price, which approximates fair value.

 

   

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 sales price. These investments are classified in Level 1 of the fair value hierarchy.

 

   

Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940. These investments are required to make publicly available the daily Net Asset Value (the “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. These investments are classified within Level 1 of the fair value hierarchy.

 

   

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

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

 

investment objective. These investments, however, are non-registered and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular trading. These investments are classified within Level 2 of the fair value hierarchy.

 

   

When quoted prices in an active market are not available, the fair market values for the Plan’s fixed income securities are obtained primarily from a pricing service vendor engaged by the Plan’s trustee, and the Plan receives one price for each security. 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 pricing service does not apply any adjustments to the pricing models used, nor does the Plan apply any adjustments to the prices received from the pricing service. In addition, no adjustments were deemed necessary to the prices provided by the pricing service as a result of current market conditions. Although the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets, 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. The Plan has reaffirmed its understanding of the valuation techniques used by its pricing service. There were no changes in the valuation techniques used by the pricing service during the years ended December 31, 2011 or 2010. In addition, the Plan corroborates the prices provided by its pricing service to test their reasonableness by comparing their prices to valuations from different pricing sources as well as comparing prices to the sale prices received from sold securities. As of December 31, 2011, the Plan’s fixed income securities are classified within Level 2 of the fair value hierarchy.

 

   

Fully benefit-responsive investment contracts are valued at fair value within Level 2 of the fair value hierarchy, with an adjustment for contract value on the Statement of Net Assets Available for Benefits. Contract value represents the face amount of the contract plus interest at the contract rate. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because the contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan and the investment contract. There are no reserves against contract value for credit risk of the contract issuers or otherwise. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis for the fully benefit-responsive investment contracts. Fair value for synthetic contracts is estimated based on the quoted market prices of the underlying fixed income securities. Wrap contracts are purchased to protect against the loss of value on the underlying fixed income securities. The wrap contracts are valued on the basis of the present value of the estimated three year wrap contract fee. The adjustment to contract value represents the remaining difference between the combined fair value of underlying fixed income securities and the wrap contracts, versus the wrap contract value. These wrap contracts are classified within Level 3 of the fair value hierarchy.

The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2011, 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.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

4. Investments

Investment Elections

The investment options available to participants are the SDA, the American Express Company Stock Fund and nine core investment funds (the “Core Investment Funds”), five of which are actively managed and four of which are index funds: The Stable Value Fund, The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund, The International Equity Fund, 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. In addition, participants may elect to contribute to funds that invest in a mix of assets from the actively managed Core Investment Funds based on target retirement dates (the “Retirement Funds”). The balances of the Core Investment Funds in the financial statements include the amounts held in the Retirement Funds. A participant may currently elect to invest contributions in any combination of investment funds in increments of 1% and change investment elections for future contributions on any business day the New York Stock Exchange is open, with the exception of the SDA. The SDA requires a minimum initial balance of $1,000 before a participant can begin trading. Funds cannot be transferred directly from The Stable Value Fund to the SDA.

A brief description of the investments available to participants at December 31, 2011 is set forth below:

Core Investment Funds

Five of the Core Investment Funds are managed by multiple investment managers, and the other four are index funds. Each of the Core Investment Funds represents a broad asset class.

The Stable Value Fund

This fund invests in high quality fixed income securities such as treasuries, government agencies, government-backed securities and various investment contracts, directly or indirectly, offered by insurance companies or other financial institutions. Contracts may be subject to penalties if they are terminated before their stated maturity if the purpose for termination is other than to obtain funds for ordinary participant benefit payments. Certain factors may limit the ability of the Plan to transact at contract value with the issuer including premature termination of the contracts by the Plan, layoffs, plan termination, bankruptcy, mergers and early retirement incentives.

The average yield on investment contracts was 3.16% and 4.01% for December 31, 2011 and 2010, respectively. The weighted average crediting rates on investment contracts was 2.71% and 3.66% as of December 31, 2011 and 2010, respectively. Ameriprise Trust Company (“ATC”) acts as investment manager for The Stable Value Fund. The goal of this fund is to protect original investment while offering a competitive rate of interest with minimal risk.

The Diversified Bond Fund

The goal of this fund is total return consistent with the preservation of capital, and includes investment grade fixed income securities such as U.S. government securities, corporate debt securities and mortgage- and asset-backed debt securities with at least one year remaining to maturity. The value, liquidity and related income of these underlying securities are sensitive to changes in economic conditions and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Diversified Bond Index Fund

This Fund’s current objective is to maximize interest income by investing in a portfolio of investment-grade debt securities and other fixed income instruments by tracking the performance of a broad, market-weighted bond index. The Fund employs a “passive management,” or indexing, investment approach designed to track the performance of the Barclays Capital U.S. Aggregate Float Adjusted Bond Index. The Fund invests by sampling the index. It invests at least 80 percent of assets in bonds held in the index. The Fund maintains a dollar-weighted maturity consistent with that of the index, ranging between five and ten years.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

The U.S. Large-Cap Equity Fund

The goal of this fund is long-term capital appreciation by investing in large-capitalization companies’ stocks listed on major U.S. stock exchanges.

The U.S. Large-Cap Equity Index Fund

This Fund’s current objective is to provide long-term capital appreciation by investing in large-capitalization stocks listed on major U.S. stock exchanges by tracking the performance of a benchmark index that measures the investment return of large-capitalization stocks. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the S&P 500 Index, which is a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies.

The U.S. Small/Mid-Cap Equity Fund

The goal of this fund is long-term capital appreciation by investing primarily in small and medium sized companies’ stocks listed on major U.S. stock exchanges.

The U.S. Small/Mid-Cap Equity Index Fund

This Fund’s current objective is to provide long-term capital appreciation by investing primarily in small and medium sized companies’ stocks listed on major U.S. stock exchanges by tracking the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks. The Fund employs a “passive management” strategy designed to track the performance of the S&P Completion Index, a broadly diversified index of stocks of small and medium-size U.S. companies. The Fund invests all, or substantially all, of its assets in stocks of its target index.

The International Equity Fund

The goal of this fund is long-term growth of capital from investment in non-U.S. companies’ stocks, and includes equity securities from markets outside the United States.

The International Equity Index Fund

This Fund’s current objective is to provide long-term capital appreciation from investments in non-U.S. stocks by tracking the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets outside the United States. The Fund employs a “passive management” investment approach designed to track the performance of an international equity index. From January through July 13, 2011, the fund tracked the FTSE All-World ex-U.S. Index. On or about July 13, 2011, the Fund began to track the performance of the Morgan Stanley Capital International (MSCI) All Country World Ex-U.S. Investable Market Index, an index designed to measure equity market performance in developed and emerging markets, excluding the United States. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Retirement Funds

The Retirement Funds utilize a mix of the actively managed Core Investment Funds to provide a diversification of investments based on the expected number of years until the participant’s retirement.

American Express Company Stock Fund

The Fund invests primarily in the Company’s common stock, purchased in either the open market or directly from the Company, and in cash or short-term cash equivalents. The Plan Document requires that the Fund be offered as an investment option under the Plan.

Participants are only able to allocate 10% of their future contributions to the Fund. In addition, transfers of balances from other investment options into the Fund are only permitted to the extent the participant’s investment in the Fund after the transfer does not exceed 10% of the participant’s overall Plan balance.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Self-Directed Brokerage Account (SDA)

The SDA gives participants the freedom to invest in a wide variety of mutual funds in addition to the other aforementioned investment options. Participants are provided a list of several hundred mutual funds from which to make choices and investment selections of their own design.

As of December 31, 2011 and 2010, investments with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

 

 
Description (Thousands)    2011      2010  

 

  

 

 

    

 

 

 

American Express Company common stock

   $         509,985       $         504,049   

Vanguard Employee Benefit Index #528

     310,141         301,899    

PIMCO Total Return Fund

     228,244         209,306   

 

 

There were no other individual securities held within the core investment funds or SDA that exceeded 5% of the Plan’s net assets as of December 31, 2011 or 2010.

As of December 31, 2011 or 2010, investment options with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

 

 
Description (Thousands)    2011      2010  

 

  

 

 

    

 

 

 

The U.S. Large-Cap Equity Fund

   $         877,019       $         890,934   

The Stable Value Fund

     625,118         573,100   

The International Equity Fund

     362,363         388,857   

The Diversified Bond Fund

     351,586         325,871   

The U.S. Small/Mid-Cap Equity Fund

     329,888         337,165   

 

 

During 2011, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated/(depreciated) in fair value as follows:

 

 

 
Description (Thousands)    2011  

 

  

 

 

 

Common stocks

   $           39,158   

Mutual funds

     (59,612)   

Common/collective trusts

     6,975   

Wrapper contracts

     536   

 

  

 

 

 

Net depreciation in fair value of investments

   $ (12,943)   

 

 

 

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, 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.

In December 2008, a putative class action captioned Obester v. American Express Company, et al. was filed in the United States District Court for the Southern District of New York. The complaint alleges that the defendants violated certain ERISA obligations by: allowing the investment of American Express Retirement Savings Plan (“Plan”) assets in American Express common stock when American Express common stock was not a prudent investment; misrepresenting and failing to disclose material facts to Plan participants in connection with the administration of the Plan; and breaching certain fiduciary obligations. Thereafter, three other putative

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

class actions making allegations similar to those made in the Obester matter were filed against the defendants: Tang v. American Express Company, et al., filed on December 29, 2008 in the United States District Court for the Southern District of New York, Miner v. American Express Company et al., filed on February 4, 2009 in the United States District Court for the Southern District of New York, and DiLorenzo v. American Express Company et al., filed on February 10, 2009 in the United States District Court for the Southern District of New York. American Express filed a motion to dismiss these actions. In April 2009, these actions were consolidated into a Consolidated Amended Complaint, captioned In re American Express ERISA Litigation. Following argument on American Express’ motion to dismiss this action, the Court permitted plaintiffs to file a Second Amended Complaint. In April 2010, American Express filed a motion to dismiss the Second Amended Complaint. On November 2, 2010, the District Court dismissed the Second Amended Complaint in its entirety. On December 2, 2010, Plaintiffs filed a Notice of Appeal, appealing the case to the United States Court of Appeals for the Second Circuit. On September 29, 2011, the parties stipulated, and the Court subsequently ordered, that the Appeal be considered withdrawn but subject to appellants’ right to reinstate their appeal. On June 6, 2012, the Court further stayed through October 31, 2012 appellants’ right to reinstate their appeal.

 

6. Income Tax Status

The Plan has received a favorable determination letter from the Internal Revenue Service (the “IRS”) dated February 20, 2004 stating that the Plan is qualified, the Trust established under the Plan is tax-exempt and the Plan satisfies the requirement of Code Section 4975(e)(7). Subsequent to this determination by the IRS, the Plan was amended. On November 15, 2010, the Company filed with the IRS an application for determination on behalf of the Plan to confirm that the Plan, as amended and restated, continues its tax qualified status; however, a final determination has not yet been received. The Plan is required to operate in conformity with the Code to maintain its qualification. 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 by the Plan, and has concluded that as of December 31, 2011, 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 1997, which is the earliest open year for U.S. federal income tax purposes.

 

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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, 2011 and 2010:

 

xxxxxxxxxxxxx xxxxxxxxxxxxx

 

 
(Thousands)    2011      2010  

 

  

 

 

    

 

 

 

Net assets available for benefits per the financial statements

   $ 3,404,838       $ 3,334,394   

Less: Loans deemed distributed

     (1,430)         (1,531)   

 

  

 

 

    

 

 

 

Net assets available for benefits per the Form 5500

   $ 3,403,408       $ 3,332,863   

 

 

The following is a reconciliation of withdrawal payments per the financial statements to Form 5500 for the year ended December 31, 2011:

 

xxxxxxxxxxxxx

 

 
(Thousands)    2011  

 

  

 

 

 

Withdrawal payments per the financial statements

   $ 272,875   

Plus: Certain deemed distributions of participant loans

     376   

Less: Deemed loans offset by distributions

     (497)   

 

  

 

 

 

Withdrawal payments per the Form 5500

   $ 272,754   

 

 

The following is a reconciliation of interest on participant loans per the financial statements to Form 5500 for the year ended December 31, 2011:

 

xxxxxxxxxxxxx

 

 
(Thousands)    2011  

 

  

 

 

 

Interest on notes receivable from participants per the financial statements

   $ 3,801   

Interest on deemed distributed loans

      

 

  

 

 

 

Interest on participant loans per the Form 5500

   $ 3,806   

 

 

Participant loans are deemed as distributions for Form 5500 reporting purposes when the event of default occurs. For financial statement reporting purposes, participant loans are deemed as distributions when the Form 1099 is issued and the event becomes taxable to the participant.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

8. Related Party Transactions

Certain Plan investments are shares of American Express Company common stock and money market funds managed by the Plan’s Trustee. In addition, the Core Investment Funds may hold common stock and/or fixed income securities of the Plan’s Trustee/custodians. These transactions represent investments in related parties and, therefore, qualify as exempt party-in-interest transactions. The following table summarizes the Plan’s investment in related parties as of December 31.

 

 

 
(Thousands)              

 

 
Wells Fargo Advantage Heritage Money Market Fund    2011      2010  

 

  

 

 

    

 

 

 

Balance, beginning of year

   $             25,233       $   

Purchases

     512,208         269,642   

Sales

     (514,271)         (244,409)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 23,170       $             25,233   

 

 
     

 

 

American Express Company Common Stock

     2011        2010  

 

  

 

 

    

 

 

 

Balance, beginning of year

   $ 504,049       $ 512,679   

Realized gains / (losses)

     5,102         3,034   

Unrealized gains / (losses)

     45,083         27,214   

Purchases

     10,553         13,908   

Sales / Distributions

     (54,802)         (52,786)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 509,985       $ 504,049   

 

 
     

 

 

Wells Fargo and Company Common Stock

     2011        2010  

 

  

 

 

    

 

 

 

Balance, beginning of year

   $ 1,382       $ 1,408   

Realized gains / (losses)

     (27)         (31)   

Unrealized gains / (losses)

     (146)         195   

Purchases

     370         198   

Sales

     (272)         (388)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 1,307       $ 1,382   

 

 

 

17


Table of Contents

 

 

SUPPLEMENTAL SCHEDULE

 

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)

December 31, 2011

 

 

 

  (a)  

   

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares  / Units or
  Face Amount (in
thousands)
      (d) Cost**     (e) Current  Value
(in thousands)
 
 

American Express Company Stock Fund

     
 

Money Market

     
  *     

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

    4,930         4,930    
 

Common Stock

     
  *     

AMERICAN EXPRESS COMPANY COMMON STOCK

    10,812         509,985    
       

 

 

 
 

American Express Company Stock Fund Total

        514,915    
       

 

 

 
 

Self Directed Account

     
 

Cash Equivalents

     
 

CASH EQUIVALENTS

        12,870    
 

Common Stock

     
 

AMERIPRISE FINANCIAL INC.

        6,549    
 

Mutual Funds

     
 

MUTUAL FUNDS

        106,188    
       

 

 

 
 

Self Directed Brokerage Account Total

        125,607    
       

 

 

 
 

The Diversified Bond Index Fund

     
 

Mutual Funds

     
       

 

 

 
 

VANGUARD TOTAL BOND INDEX FUND I #222

    1,261         13,875    
       

 

 

 
 

The International Equity Index Fund

     
 

Mutual Funds

     
       

 

 

 
 

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND

    78         6,829    
       

 

 

 
 

The U.S. Large Cap Equity Index Fund

     
 

Mutual Funds

     
       

 

 

 
 

VANGUARD EMPLOYEE BENEFIT INDEX FUND #528

    121         15,363    
       

 

 

 
 

The U.S. Small/Mid- Cap Equity Index Fund

     
 

Mutual Funds

     
       

 

 

 
 

VANGUARD EXTENDED MARKET INDEX FUND #856

    295         11,620    
       

 

 

 
 

The Diversified Bond Fund

     
 

Common/Collective Trusts

     
 

LOOMIS SAYLES CORE FULL BOND FUND

    8,668         123,342    
 

Mutual Funds

     
 

PIMCO TOTAL RETURN FUND-INST #35

    20,998         228,244    
       

 

 

 
 

The Diversified Bond Fund Total

        351,586    
       

 

 

 
 

The U.S. Large-Cap Equity Fund

     
 

Mutual Funds

     
 

VANGUARD EMPLOYEE BENEFIT INDEX FUND #528

    2,314         294,778    
 

Money Market

     
  *     

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

(RIVERSOURCE)

    8,621         8,621    
  *     

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

(SANDS)

    1,749         1,749    
 

Fixed Income

     
 

CEMEX S.A.B. de C.V. U.S. 3.750% 3/15/2018

    531         344    
 

Common Stock

     
 

ABB LTD COM

    127         2,399    
                             

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares  / Units or
  Face Amount (in
thousands)
      (d) Cost**     (e) Current  Value
(in thousands)
 
   ACCENTURE PLC CLASS A     35         1,837  
   ACE LIMITED     44         3,071  
   AGILENT TECHNOLOGIES INC     92         3,222  
   AIR PRODUCTS & CHEMICALS INC     20         1,679  
   ALTRIA GROUP INC     99         2,938  
   ALEXION PHARMACEUTICALS     148         10,582  
   ALLERGAN INC COM     98         8,599  
   AMAZON COM INC COM     81         14,021  
   AMERICAN ELECTRIC POWER INC     52         2,133  
   ANADARKO PETROLEUM CORP     56         4,277  
   APACHE CORP COM     69         6,293  
   APPLE COMPUTER INC     55         22,205  
   ASML HOLDING NV ADR     178         7,439  
   AT&T INC     241         7,302  
   BAKER HUGHES INC     35         1,686  
   BANK OF AMERICA CORP COM     778         4,328  
   BOEING CO     53         3,863  
   BRISTOL MYERS SQUIBB     112         3,941  
   C H ROBINSON WORLDWIDE     64         4,466  
   C&J ENERGY SERVICES INC     31         649  
   CARNIVAL CORP CL A     112         3,669  
   CATERPILLAR INC COM     39         3,558  
   CENTURYLINK, INC     90         3,355  
   CHEVRON CORP COM     85         9,092  
   CISCO SYSTEMS INC     121         2,190  
   CITIGROUP INC     54         1,426  
   COACH INC     100         6,104  
   COMCAST CORP CLASS A     56         1,339  
   COOPER INDUSTRIES     79         4,278  
   CVS/CAREMARK CORPORATION     30         1,215  
   DEERE & CO COM     15         1,125  
   DELTA AIRLINES INC DEL COM     87         702  
   DEUTSCHE TELEKOM ADR     131         1,495  
   DOMINION RESOURCES INC/VA COM     55         2,938  
   DOW CHEMICAL COM     135         3,890  
   DU PONT E I DE NEMOURS & CO COM     50         2,277  
   EATON CORP COM     50         2,169  
   ENBRIDGE INC     52         1,957  
   ENTERGY CORP     21         1,502  
   ENDURANCE SPECIALTY HLDGS     18         673  
   EXXON MOBIL CORP COM     113         9,553  
   F5 NETWORKS     83         8,808  
   FIRSTENERGY CORP COM     36         1,581  
   FMC TECHNOLOGIES INC     168         8,775  
   FORD MTR CO COM     629         6,763  
   FREEPORT MCMORAN COPPER & GOLD CL B COM     32         1,175  
   GENERAL ELECTRIC CO INC     258         4,621  
   GOLDMAN SACHS GROUP INC COM     46         4,128  
   GOOGLE INC     26         16,470  
                          

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares  / Units or
  Face Amount (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
   GRAINGER (WW) INC     45         8,424  
   HALLIBURTON CO COM     134         4,635  
   HOME DEPOT INC COM     108         4,525  
   HONEYWELL INTL INC COM     30         1,617  
   HUBBELL INC CL B COM     23         1,546  
   HUNTSMAN CORP     107         1,067  
   ILLINOIS TOOL WORKS INC COM     50         2,357  
   ILLUMINA INC COM     185         5,639  
   INTEL CORP COM     172         4,172  
   INTERCONTINENTAL EXCHANGE INC     58         6,992  
   INTL BUSINESS MACHINES CORP COM     17         3,172  
   INTUITIVE SURGICAL COM     21         9,723  
   JOHNSON & JOHNSON     54         3,512  
   JOHNSON CONTROLS INC     114         3,566  
   JP MORGAN CHASE & CO COM     216         7,196  
   KIMBERLY CLARK CORP     35         2,549  
   KRAFT FOODS INC     72         2,678  
   LAS VEGAS SANDS CORP     185         7,905  
   LENNAR CORP     48         938  
   LOCKHEED MARTIN CORP     29         2,373  
   LORILLARD INC COM     98         11,195  
   MACY’S INC COM     90         2,880  
   MASTERCARD INC-CL A     18         6,886  
   MCDERMOTT INTERNATIONAL     116         1,335  
   MCDONALDS CORP     31         3,077  
   MERCK & CO INC     141         5,319  
   METLIFE INC     54         1,673  
   MICROCHIP TECHNOLOGY INC     66         2,421  
   MICROSOFT CORP     354         9,184  
   NATIONAL OILWELL     148         10,030  
   NETFLIX.COM INC     35         2,425  
   NEWFIELD EXPLORATION CO     27         1,020  
   NEXTERA ENERGY INC     23         1,417  
   NIKE INC CL B     94         9,059  
   NOKIA CORPORATION ADR     424         2,043  
   NOVARTIS AG     61         3,497  
   OCCIDENTAL PETE CORP     43         4,039  
   ORACLE CORP     61         1,565  
   OPENTABLE INC     40         1,565  
   PACCAR INC     29         1,078  
   PARKER HANNIFIN CORP     31         2,382  
   PARTNERRE HLDGS LTD     7         468  
   PFIZER INC     314         6,789  
   PG&E CORP     53         2,195  
   PHILIP MORRIS INTL INC     54         4,268  
   PPL CORP     35         1,034  
   PRAXAIR INC     66         7,055  
   PRICELINE COM INC     17         7,951  
   PROLOGIS TRUST SHARES     18         520  
   QUALCOMM INC     250         13,675  
                          

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

    

(b) Identity of Issue, Borrower, Lessor, or Similar Party

 

(c) Number of
  Shares / Units or

Face Amount (in
thousands)

    (d) Cost**     (e) Current Value
(in thousands)
 
   REGAL ENTERTAINMENT GRP   132       1,574  
   REGENERON PHARMACEUTICALS INC   47       2,605  
   SALESFORCE.COM INC   138       14,001  
   SARA LEE CORP   51       965  
   SCHLUMBERGER LTD   130       8,880  
   SCHWAB CHARLES CORP   435       4,898  
   SEMPRA ENERGY   34       1,866  
   SIEMENS AG SPONSORED ADR   13       1,276  
   SOUTHWESTERN ENERGY CO   161       5,142  
   STARBUCKS CORP   216       9,938  
   TARGET CORP   111       5,710  
   TE CONNECTIVITY LTD   47       1,453  
   THERMO FISHER SCIENTIFIC INC   40       1,802  
   TIME WARNER INC NEW   29       1,045  
   TOTAL S.A. - ADR   31       1,561  
   TRAVELERS COMPANIES, INC   34       1,989  
   TYCO INTERNATIONAL LTD   59       2,772  
   UNILEVER N.V. - ADR   54       1,839  
   UNION PACIFIC CORP   22       2,361  
   UNITED CONTINENTAL HOLDINGS, INC   66       1,242  
   UNITED PARCEL SERVICE CLB   22       1,617  
   UNITED HEALTH GROUP INC   101       5,099  
   VERIZON COMMUNICATIONS   72       2,891  
   VIACOM INC   30       1,380  
   VISA INC   207       21,017  
   VODAFONE GROUP PLC ADR   75       2,108  
   WALMART STORES INC   62       3,690  
   WALT DISNEY CO   48       1,784  
   WELLPOINT INC   9       628  
  *       WELLS FARGO & CO.   47       1,307  
   WESTERN DIGITAL CORP   49       1,529  
   WINDSTREAM CORP COM   147       1,723  
   XL GROUP PLC   377       7,446  
        

 

 

 
       The U.S. Large-Cap Equity Fund Total         877,019  
        

 

 

 
   The International Equity Fund      
   Mutual Funds      
   AMERICAN FUNDS EUROPACIFIC GROWTH R6 #2616   2,853       135,359  
   GMO INTERNATIONAL CORE EQUITY FUND III   4,672       118,893  
   DFA EMERGING MARKETS VALUE FUND #95   2,800       72,698  
   DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO #66   2,608       35,413  
        

 

 

 
       The International Equity Fund Total         362,363  
        

 

 

 
   The U.S. Small/Mid-Cap Equity Fund      
   Money Market      
  *      

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

(BUCKHEAD)

  2,245       2,246  
  *      

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

(RAINER)

  871       871  
                          

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

    

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares  / Units or
  Face Amount (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
  *      

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

    1,596         1,596  
  

(WESTWOOD)

     
  *      

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

    1,286         2,186  
  

(TIMES CAP)

     
  *      

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

    970         970  
  

(WMC)

     
  

Common Stock

     
  

AAR CORP

    20         381  
  

ABERCROMBIE & FITCH CO

    9         432  
  

ACCO BRANDS

    61         585  
  

ACI WORLDWIDE INC

    26         742  
  

ACME PACKET INC

    25         776  
  

ACUITY BRANDS (HOLDING COMPANY) INC

    6         329  
  

ADTRAN INC

    36         1,087  
  

ADVANCE AUTO PARTS INC

    6         450  
  

ADVISORY BOARD CO

    15         1,076  
  

AERCAP HOLDINGS NV

    77         869  
  

AES CORPORATION

    93         1,096  
  

AFFLIATED MANAGERS GRP

    8         740  
  

AGCO CORPORATION

    17         726  
  

AIRGAS INC

    5         411  
  

ALBANY INTERNATIONAL CORP

    34         791  
  

ALBEMARLE CORP

    14         716  
  

ALERE INC

    21         483  
  

ALEXION PHARMACEUTICALS

    7         501  
  

ALLEGHANY CORP DEL

    2         571  
  

ALLEGIANT TRAVEL CO

    16         859  
  

ALLETE INC

    11         482  
  

ALLIANCE DATA SYSTEMS CORP

    33         3,423  
  

AMDOCS LTD

    40         1,127  
  

AMERICAN GREETINGS CORP CL A

    37         463  
  

AMERICAN WATER WORKS CO INC

    26         824  
  

AMERISOURCEBERGEN CORP

    13         485  
  

AMSURG CORP

    27         706  
  

APPROACH RESOURCES INC

    24         700  
  

APTARGROUP INC

    43         2,249  
  

ARBITRON INC

    26         884  
  

ARES CAP CORP

    44         674  
  

ARRIS GROUP INC

    99         1,069  
  

ASCENA RETAIL GROUP INC

    21         621  
  

ASPEN INSURANCE HOLDINGS LTD

    57         1,518  
  

ASSURED GUARANTY LTD

    25         330  
  

ATMOS ENERGY CORP

    14         467  
  

AURICO GOLD INC

    97         775  
  

AVAGO TECHNOLOGIES LTD

    24         689  
  

AVERY DENNISON CORP

    54         1,548  
  

AXIS CAPITAL HOLDINGS LTD

    46         1,483  
  

BALL CORP

    25         889  
  

BALLY TECHNOLOGIES INC

    22         870  
  

BANKUNITED INC

    55         1,212  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
  Face Amount  (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
   BBCN BANCORP INC     52         491  
   BE AEROSPACE INC     55         2,125  
   BEACON ROOFING SUPPLY INC     10         209  
   BELDEN INC     36         1,188  
   BERKLEY W R CORP     23         774  
   BIO RAD LABS INC.     6         615  
   BORG WARNER INC.     30         1,929  
   BRIGGS & STRATTON     14         221  
   BRINKER INTERNATIONAL INC     55         1,458  
   BRISTOW GROUP INC     10         455  
   BROOKDALE SENIOR LIVING     41         704  
   BROWN & BROWN INC     76         1,733  
   BRUKER CORP     50         617  
   CABOT MICROELECTRONICS CORP     16         732  
   CABOT OIL & GAS CORP     9         706  
   CAMERON INTERNATIONAL CORP     17         841  
   CARDTRONICS INC     14         380  
   CAREFUSION CORP     70         1,771  
   CARLISLE COMPANIES INC     43         1,922  
   CARPENTER TECHNOLOGY CORP     15         767  
   CARRIZO OIL & GAS COM     12         318  
   CASEYS GENERAL STORES INC     33         1,733  
   CATALYST HEALTH SOLUTIONS     26         1,326  
   CATO CORP     37         888  
   CBOE HOLDINGS INC     17         435  
   CBRE GROUP INC     35         533  
   CEC ENTERTAINMENT INC     15         503  
   CHARLES RIVER LABORATORIES     32         869  
   CHECK POINT SOFTWARE     11         565  
   CHESAPEAKE MIDSTREAM PARTNERS     27         777  
   CHICAGO BRIDGE & IRON NY     19         716  
   CHICOS FASHION INC     62         695  
   CHOICE HOTELS INTL INC     14         517  
   CHURCH & DWIGHT INC     13         612  
   CITRIX SYSTEMS     9         546  
   CITY NATIONAL CORP     14         632  
   CLARCOR INC     10         500  
   CLEAN HARBORS INC     19         1,211  
   CLOUD PEAK ENERGY INC     39         744  
   CMS ENERGY CORP     65         1,435  
   COHERENT INC     16         815  
   COINSTAR COM     39         1,763  
   CON-WAY INC COM     66         1,936  
   COOPER COS INC COM NEW     11         744  
   COOPER TIRE & RUBBER     52         728  
   CORE LABORATORIES NV     6         695  
   CORN PRODUCTS INTERNATIONAL INC     8         405  
   CORPORATE EXECUTIVE BOARD CO     33         1,269  
   COSTAR GROUP, INC     24         1,622  
   CUBESMART     54         577  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
  Face Amount  (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
   CUBIST PHARMACEUTICALS INC     7         276  
   CYPRESS SEMICONDUCTOR COR     28         479  
   DAVITA INC     48         3,639  
   DELPHI FINL GROUP INC     32         1,418  
   DELTIC TIMBER CORP     11         634  
   DENBURY RESOURCES INC     45         680  
   DENTSPLY INTERNATIONAL     20         700  
   DIAMOND FOODS INC     5         172  
   DIAMONDROCK HOSPITALITY     141         1,357  
   DICKS SPORTING GOODS INC     14         498  
   DIEBOLD INC     21         619  
   DIGITAL REALTY TRUST     24         1,567  
   DR PEPPER SNAPPLE GROUP     44         1,738  
   DRIL QUIP INC COMMON     14         948  
   DUNKIN BRANDS GROUP INC     25         620  
   DUPONT FABROS TECH REIT     18         436  
   DYCOM INDUSTRIES INC     39         818  
   EAST WEST BANCORP COM     181         3,568  
   EASTMAN CHEMICAL CO     17         648  
   ENERGY XXI BERMUDA     24         753  
   ESCO TECHNOLOGIES INC     22         642  
   EXPEDITORS INTERNATIONAL WASH INC     10         395  
   EXPRESS INC     25         500  
   EZCORP INC     19         504  
   F5 NETWORKS     6         682  
   FABRINET     24         328  
   FEI CO     12         509  
   FIFTH THIRD BANCORP     41         526  
   FINISAR CORPORATION     13         217  
   FIRST FINANCIAL BANCORP     91         1,516  
   FIRST MIDWEST BANCORP INC DEL     58         585  
   FIRST HORIZON NATL CORP     128         1,026  
   FIRST NIAGRA FINANCIAL GROUP INC     126         1,087  
   FISERV INC     19         1,116  
   FLEETCOR TECHNOLOGIES INC     29         861  
   FLOWSERVE CORP COM     7         646  
   FLUOR CORP     13         670  
   FOOT LOCKER INC     22         533  
   FOSSIL INC COM     4         331  
   FOSTER WHEELER AG     66         1,265  
   FREDS INC     47         690  
   FRESH DEL MONTE PRODUCE     42         1,046  
   G & K SERVICES INC     17         495  
   GARDNER DENVER INC     9         727  
   GARDNER DENVER MACHY INC     22         1,696  
   GATX CORP     22         978  
   GEN-PROBE INC     12         680  
   GENESEE & WYOMING INC     18         1,035  
   GENTEX CORP     29         867  
   GEORESOURCES INC     38         1,108  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
  Shares / Units or
Face Amount (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
 

GLOBAL PMTS

    84         3,989  
 

GNC HOLDINGS INC

    14         405  
 

GRACO INC

    15         630  
 

GRAND CANYON EDUCATION

    39         621  
 

GREEN DOT CORP CL A

    24         734  
 

GREIF INC - CLASS A

    22         988  
 

HAEMONETICS CORP MASS

    20         1,212  
 

HANCOCK HOLDINGS CO

    13         422  
 

HANESBRANDS INC

    36         794  
 

HARSCO CORP

    66         1,350  
 

HCC INSURANCE HOLDINGS

    86         2,344  
 

HEALTH MANAGEMENT ASSOC INC

    57         419  
 

HENRY JACK & ASSOC INC COM

    85         2,867  
 

HERBALIFE LTD

    14         718  
 

HERTZ GLOBAL HOLDINGS INC

    24         284  
 

HOLOGIC INC COM

    164         2,869  
 

HUBBEL INC

    24         1,631  
 

IAC/INTERACTIVECORP

    11         463  
 

IBERIABANK CORP

    16         776  
 

ICON PLC - ADR

    51         871  
 

IHS INC-CLASS A COM

    15         1,292  
 

INFORMATICA

    23         849  
 

INFORMATICA CORP

    9         325  
 

INTERCONTINENTALEXCHANGE INC

    9         1,064  
 

INTERNATIONAL BANCSHARES CORP

    42         774  
 

INVESCO LIMITED

    21         425  
 

IPC THE HOSPITALIST CO INC

    10         442  
 

ITC HOLDINGS CORP

    13         1,008  
 

IXIA

    29         301  
 

J2 GLOBAL INC

    17         473  
 

JABIL CIRCUIT INC

    54         1,053  
 

JARDEN CORP COM

    59         1,757  
 

JAZZ PHARMACEUTICALS INC

    7         286  
 

JM SMUCKER CO

    24         1,845  
 

JONES LANG LASALLE INC

    28         1,707  
 

JOS A BANK CLOTHIERS INC

    14         692  
 

JOY GLOBAL INC

    15         1,118  
 

KANSAS CITY SOUTHERN INDS

    22         1,510  
 

KELLY SERVICES INC

    72         981  
 

KENNAMETAL INC

    48         1,780  
 

KIRBY CORP

    13         830  
 

KIRKLAND’S INC

    26         340  
 

KLA-TENCOR CORP

    16         767  
 

KNIGHT CAPITAL GROUP

    57         675  
 

KOPPERS HOLDINGS INC

    12         399  
 

KRATON PERFORMANCE POLYMERS INC

    54         1,090  
 

LAMAR ADVERTISING CO CL A

    28         770  
 

LAREDO PETROLEUM HOLDINGS

    28         629  
 

LAZARD LTD

    91         2,384  
 

LEAR CORP

    33         1,325  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
  Shares / Units or
Face Amount  (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
  LINEAR TECHNOLOGY CORP     23         703  
  LKQ CORP     25         755  
  LSB INDUSTRIES INC     6         164  
  MACK CALI REALTY CORP     14         382  
  MACY’S INC     27         877  
  MAGELLAN HEALTH SERVICES INC     16         792  
  MANITOWOC INC     84         772  
  MARKETAXESS HOLDINGS INC     23         681  
  MASIMO CORP     17         317  
  MATTEL INC     44         1,224  
  MATTHEWS INTL CORP     17         544  
  MAXIN INTEGRATED PRODUCTS INC     38         990  
  MAXIMUS INC     22         922  
  MB FINANCIAL BANK     25         428  
  MEDNAX INC     15         1,080  
  MELLANOX TECHNOLOGIES LTD     10         324  
  MENS WAREHOUSE INC     21         673  
  MERITOR INC     77         409  
  MICHAEL KORS HOLDINGS LTD     18         501  
  MICROS SYSTEMS INC     27         1,276  
  MOHAWK INDUSTRIES INC     12         688  
  MOLSON COORS BREWING CO     18         775  
  MONEYGRAM INTERNATIONAL INC     28         504  
  MSCI INC     8         247  
  MTS SYS CORP     14         583  
  MUELLER INDS INC     21         822  
  MYRIAD GENETICS INC COM     34         708  
  NASDAQ OMX GRP INC     49         1,196  
  NATIONAL INSTRS COM     27         690  
  NAVISTAR INTL CORP     36         1,367  
  NEUSTAR INC CLASS A     32         1,093  
  NEWELL RUBBERMAID INC     51         827  
  NEW JERSEY RES CORP     6         285  
  NICE SYSTEMS LTD - ADR     37         1,268  
  NISOURCE INC     22         512  
  NORDSTROM INC     18         916  
  NORTHERN OIL & GAS INC     31         731  
  NORTHWEST BANCSHARES INC/MD     58         719  
  NVIDIA CORP     99         1,367  
  OCEANEERING INTL INC     15         669  
  OIL STATES INTL     21         1,588  
  ON SEMICONDUCTOR CORP COM     187         1,440  
  ONYX PHARMACEUTICALS INC     36         1,562  
  ORBITAL SCIENCES CORP COM     50         727  
  ORTHOFIX INTL N V     26         906  
  OWENS ILLINOIS INC     27         521  
  PACKAGING CORP OF AMERICA     53         1,325  
  PENN VIRGINIA CORP     29         151  
  PERRIGO CO     13         1,228  
  PETSMART     16         805  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
  Shares / Units or
Face Amount

(in thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
  PLAINS EXPLORATION & PROD     102         3,754  
  PLATINUM UNDERWRITERS HOLDINGS     16         532  
  PLEXUS CORP     30         831  
  POLYCOM INC     29         474  
  PREMIERE GLOBAL SERVICES     89         751  
  PRIMERICA INC     27         618  
  PROASSURANCE CORP     11         878  
  PROGRESSIVE WASTE SOLUTIONS LTD     32         632  
  PVH CORP     7         458  
  RALCORP HOLDINGS INC     8         718  
  RAYMOND JAMES FINL INC     70         2,168  
  RED HAT INC     20         806  
  REGAL BELOIT CORP     15         775  
  REINSURANCE GROUP AMERICA     17         862  
  RENAISSANCERE HLDGS LTD     21         1,577  
  REPUBLIC SVCS INC     11         307  
  RESOURCES CONNECTION INC     49         523  
  RIVERBED TECHNOLOGY     21         499  
  ROCK-TENN CO     26         1,491  
  ROCKWOOD HOLDINGS INC     16         622  
  ROGERS CORP     8         287  
  ROWAN COMPANIES INC     20         610  
  RPM INTERNATIONAL INC     54         1,331  
  SAFETY INS GROUP INC     15         615  
  SALLY BEAUTY CO INC     28         590  
  SBA COMMUNICATIONS CORP     85         3,647  
  SEACOR HOLDINGS INC     6         534  
  SEATTLE GENETICS INC     24         402  
  SELECT COMFORT CORPORATION     51         1,100  
  SIGNATURE BANK COMMON     21         1,245  
  SIGNET JEWELERS LTD     34         1,499  
  SIRONA DENTAL SYSTEMS     33         1,458  
  SKECHERS USA INC     21         259  
  SM ENERGY CO     18         1,284  
  SOLERA HOLDINGS INC     31         1,367  
  SONIC CORP     52         349  
  SOTHEBYS     28         799  
  SPX CORP     15         904  
  STAGE STORES INC     54         750  
  STEELCASE INC CLASS A     67         501  
  STIFEL FINL CORP     15         474  
  SUPERIOR ENERGY SERVICES INC     30         853  
  SUSQUEHANNA BANCSHARES INC PA     93         775  
  SVB FINANCIAL GROUP     15         706  
  SWIFT ENERGY CO     93         2,768  
  SXC HEALTH SOLUTIONS COM     10         582  
  SYKES ENTERPRISES INC     51         805  
  SYNNEX CORP     43         1,311  
  TALEO CORP - CLASS A     7         266  
  TELLABS OPERATIONS, INC     410         1,658  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

28


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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
  Face Amount  (in
thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
  TEMPUR-PEDIC INTERNATIONAL INC     15         788  
  TERADYNE INC     48         660  
  TESLA MOTORS INC     24         674  
  TEXAS CAP BANCSHARES INC     35         1,063  
  THOR INDUSTRIES INC     27         738  
  THORATEC LABS CORP COM     16         531  
  TIBCO SOFTWARE     42         990  
  TIDEWATER INC     34         1,672  
  TIFFANY & CO     5         311  
  TIMKEN CO     68         2,641  
  TITAN INTERNATIONAL INC     29         562  
  TOWERS WATSON COMPANY     8         455  
  TMS INTERNATIONAL CORP     23         225  
  TRACTOR SUPPLY CO COM     4         313  
  TRANSATLANTIC HLDGS INC     26         1,434  
  TRANSDIGM GROUP INC COM     15         1,387  
  TRIMAS CORP     63         1,138  
  TRIMBLE NAV LTD     34         1,481  
  TRIUMPH GROUP INC     17         1,003  
  TUPPERWARE BRANDS CORPORATION     26         1,438  
  TW TELECOM INC COMMON     50         967  
  UGI CORP     21         606  
  UMB FINL CORP     16         602  
  UNDER ARMOUR INC     6         428  
  UNISOURCE ENERGY CORP     16         594  
  UNITED NATIONAL FOODS INC     35         1,388  
  UNITED STATIONERS INC     30         986  
  UNIVERSAL TECHNICAL INSTITUTE     38         487  
  UNUM GROUP     20         426  
  UTI WORLDWIDE INC     54         712  
  VALASSIS COMMUNICATIONS INC     57         1,105  
  VALUECLICK INC     14         223  
  VANGUARD HEALTH SYSTEMS INC     34         347  
  VISTEON CORP     30         1,493  
  VOLCANO CORP     27         642  
  WABCO HOLDINGS     34         1,474  
  WABTEC CORPORATION     7         490  
  WASHINGTON REAL ESTATE INVT TR     24         645  
  WEATHERFORD INERNATIONAL LTD     45         656  
  WEBSENSE INC     26         479  
  WEBSTER FINANCIAL CORP     35         722  
  WESCO INTERNATIONAL INC     31         1,617  
  WESTAMERICA BANCORPORATION     5         237  
  WESTAR ENERGY     17         486  
  WESTERN DIGITAL CORP     70         2,176  
  WGL HOLDINGS INC     8         332  
  WHITE MOUNTAINS INSURANCE GROUP INC     1         589  
  WHITING PETROLEUM CORP     31         1,419  
  WILEY JOHN & SONS INC     20         906  
  WILLIS GROUP HOLDINGS PLC     22         834  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

29


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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
  Face Amount  (in

thousands)
      (d) Cost**     (e) Current Value
(in thousands)
 
  WINTRUST FINANCIAL CORP     66         1,845  
  WISCONSIN ENERGY CORP     48         1,692  
  WMS INDS INC     19         394  
  WOODWARD INC     13         547  
  WRIGHT EXPRESS CORP     58         3,115  
  YAMANA GOLD INC     23         344  
  ZEBRA TECHNOLOGIES CORP     14         508  
       

 

 

 
 

The U.S. Small/Mid-Cap Equity Fund Total

        329,888  
       

 

 

 
  The Stable Value Fund      
  Fixed Income Obligations      
  FNMA TBA 15YR 3.5000% 1/15/2026     5,600         5,856  
  FNMA TBA 15YR 4.0000% 1/15/2026     3,500         3,691  
  FNMA TBA     1,650         1,759  
  FNMA TBA     6,000         6,452  
  FNMA 15YR TBA 5.50%     400         434  
  FNMA 30YR TBA 6.50%     6,650         7,399  
  FHLMC GOLD TBA 15YR 3.5000%     13,800         14,384  
  FHLMC GOLD #E92454     259         281  
  FHLMC GOLD #E97248     246         268  
  FHLMC GOLD #E99565     276         300  
  FHLMC GOLD #E99595     109         120  
  FEDERAL HOME MORTGAGE CORP POOL     1,071         1,201  
  FHLMC (NON GOLD) ARM #1J0614     499         519  
  FEDERAL HOME LOAN MORTGAGE CORP POOL     4,563         4,894  
  FGOLD 30YR 6% 9/1/37     1,012         1,103  
  FHLMC GOLD #G12141     1,113         1,181  
  FHLMC GOLD #QQQ     2,274         2,541  
  FREDDIE MAC GIANT     1,525         1,692  
  H 1G 1G0847     1,236         1,301  
  FHLMC NON-GOLD ARM #1J1396     596         630  
  FHLMC (NON GOLD) ARM #1G2264     741         791  
  FHLMC (NON GOLD) ARM #1G2450     388         414  
  FHLMC (NON GOLD) ARM #1G2598     744         787  
  FEDERAL HOME LN MTG CORP MTN 4.0000%     9,250         9,734  
  FHLMC #C66537     157         181  
  FHLMC #C66594     76         88  
  FHLMC GOLD #B12280     311         340  
  FHLMC CMO 6.085% 9/25/29     37         38  
  FEDERAL FARM CR BKS 0.0000%     3,955         3,953  
  FEDERAL FARM CR BKS 0.0000%     2,260         2,263  
  FEDERAL FARM CR BKS 0.0000%     1,975         1,976  
  FEDERAL FARM CR BKS 0.0000%     6,955         6,944  
  FEDERAL FARM CR BKS 0.0000%     4,675         4,660  
  FEDERAL FARM CR BKS 0.0000%     3,555         3,563  
  FEDERAL FARM CR BKS 0.0000% 8/1/2013     2,395         2,396  
  FEDERAL FARM CR BKS 0.0000% 6/6/2014     3,550         3,551  
  FEDERAL FARM CR BKS 0.0000%     4,775         4,777  
  FEDERAL FARM CR BKS 0.0000%     13,050         13,009  
  FEDERAL FARM CR BKS 0.0000%     2,260         2,266  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

30


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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
Face Amount (in

thousands)
    (d) Cost**   (e) Current Value
(in thousands)
 
 

FEDERAL FARM CR BKS 0.0000% 9/8/2014

    5,015         5,020  
 

FEDERAL HOME MORTGAGE CORP POOL

    2,291         2,499  
 

FEDERAL HOME LOAN BANKS 0.0000%

    6,300         6,281  
 

FEDERAL HOME LOAN BANKS 0.3750%

    2,115         2,113  
 

FHLMC #780514 ARM

    113         120  
 

FEDERAL NATL MTG ASSN 0.8750%

    1,725         1,726  
 

FEDERAL NATL MTG ASSN 1.2500%

    26,890         26,999  
 

FNMA 1.375% 11/15/16

    8,595         8,686  
 

FANNIE MAE .75% 12/19/14

    2,467         2,478  
 

FEDERAL NATL MTG ASSN 4.3750%

    2,980         3,163  
 

FEDERAL NATL MTG ASSN 0.0000%

    2,170         2,163  
 

FANNIE MAE VAR 8/25/14

    25,080         25,080  
 

FHLMC K008 CL A1 2.746 12/25/19

    2,234         2,327  
 

FHLMC REMIC SERIES 3812 BE 2.7500%

    4,549         4,692  
 

FHLMC REMIC SERIES K-701 A-1 2.7760%

    1,757         1,830  
 

FEDERAL HOME LN MTG CORP 2.5000%

    20,360         21,563  
 

FEDERAL HOME LN MTG CORP 0.3750%

    1,625         1,623  
 

FREDDIE MAC 0.375% 11/27/13

    4,420         4,413  
 

FNMA #252016

    92         107  
 

FNMA #387549

    2,055         2,254  
 

FNMA #433679

    260         288  
 

FNMA #462237

    1,438         1,637  
 

FEDERAL NATL MTGE ASSN POOL #462845

    4,646         4,918  
 

FNMA #535003

    40         41  
 

FNMA #535219

    38         40  
 

FNMA #535802

    62         67  
 

FNMA #545874

    282         321  
 

FNMA 6 08/01/17 #555343

    31         34  
 

FNMA #555528

    869         969  
 

FEDERAL NATL MTGE ASSN POOL #555606

    3,936         4,187  
 

FNMA #635227

    446         508  
 

FNMA #635894

    106         121  
 

FNMA #636030

    160         183  
 

FNMA #638210

    87         99  
 

FNMA #640996

    153         184  
 

FNMA #646456

    679         787  
 

FNMA #647989

    845         980  
 

FNMA #648349

    319         348  
 

FNMA #653145

    249         272  
 

FNMA ARM #654285

    60         64  
 

FNMA #659930

    1,153         1,285  
 

FNMA #667787

    167         182  
 

FNMA #670891

    387         411  
 

FNMA 2003-W11 A1

    6         6  
 

FNMA 2003-W19-1A6

    731         758  
 

FNMA 2004-60 PA

    632         687  
 

FHLMC 2770 ON

    293         297  
 

FHLMC 2843-BA

    138         141  
 

FHLMC 2907-AG

    294         306  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

31


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)

December 31, 2011

 

 

  (a)  

 

(b) Identity of Issue, Borrower, Lessor, or Similar Party

  (c) Number of
Shares / Units or
Face Amount (in

thousands)
    (d) Cost**   (e) Current Value
(in thousands)
 
 

FNMA REMIC TRUST 2009-37 KA 4.0000%

    2,897         3,046  
 

FHLMC 3154-AN

    113         113  
 

FNMA REMIC TRUST 2011-15 HT 5.5000%

    3,690         4,013  
 

FNMA REMIC TRUST 2011-23 6/25/2020

    6,338         6,538  
 

FNMA REMIC TRUST 2011-16 3/25/2026

    1,104         1,154  
 

FNMA REMIC TRUST 2011-55 AC 3.0000%

    5,675         5,834  
 

FNMA 2.75 03/13/2014

    9,620         10,080  
 

FANNIE MAE 1.625% 10/26/15

    12,800         13,118  
 

FHLMC REMIC SERIES 3676 7/15/2024

    4,717         4,907  
 

FNMA REMIC TRUST 2010-87B 2/25/2024

    2,288         2,372  
 

FNMA #695838

    267         294  
 

FNMA #703937

    55         59  
 

FNMA #705304

    211         224  
 

FNMA #720399

    447         487  
 

FNMA #720422

    226         246  
 

FEDERAL NATL MTG ASSN GTD MTG PASS

    1,615         1,800  
 

FNMA #725090

    318         341  
 

FNMA #725284

    104         114  
 

FNMA #725815

    676         755  
 

FNMA #740843

    244         266  
 

FNMA #745629

    2,299         2,575  
 

FNMA #747019

    353         383  
 

FNMA #754297

    139         148  
 

FNMA #759123

    278         293  
 

FNMA #761141

    1,053         1,137  
 

FNMA #764082

    406         420  
 

FNMA #764156

    325         345  
 

FNMA ARM #768117

    199         213  
 

FNMA #780582

    332         359  
 

FNMA ARM #786628

    161         173  
 

FNMA #794787

    391         419  
 

FNMA ARM #799769

    288         301  
 

FNMA ARM #801344

    276         292  
 

FNMA #809534 5.09% 2/01/35

    412         435  
 

FNMA ARM #817198

    94         101  
 

FNMA ARM #817199

    348         374  
 

FNMA 10/1 HYBRID ARM 5.1% 8/1/35

    971         1,049  
 

FNMA ARM #820545

    386         415  
 

FNMA ARM #826908

    1,012         1,085  
 

FNMA #831809

    1,673         1,862  
 

FNMA #844705

    716         772  
 

FNMA #844816

    246         266  
 

FNMA ARM #847988

    632         672  
 

FNMA ARM #849082

    399         423  
 

FNMA ARM #849170

    163         174  
 

FNMA #865689

    501         538  
 

FNMA #865818

    433         466  
 

FNMA ARM #866097

    326         345  
 

FNMA 5.5 04/01/2021

    769         835  
 

FNMA ARM #872753

    215         231  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

32


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)

December 31, 2011

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

   (c) Number of
Shares / Units or
  Face Amount  (in

thousands)
       (d) Cost**      (e) Current Value
(in thousands)
 
   FNMA #886054      736           841  
   FNMA ARM #887096      337           362  
   FEDERAL NATL MTGE ASSN POOL #888832      1,447           1,623  
   FNMA ARM #888989      855           913  
   FNMA 889052 6 02/01/2038      2,030           2,245  
   FNCL 30YR      1,334           1,469  
   FEDERAL NATL MTGE ASSN POOL #890231      144           155  
   FNMA 30 YR      1,309           1,457  
   FEDERAL NATL MTGE ASSN POOL #933805      2,281           2,514  
   FNMA #949320      813           928  
   FEDERAL NATL MTG ASSN GTD MTG PASS      1,315           1,422  
   F CI 988113      333           362  
   F CI 988961      448           486  
   FEDERAL NATL MTGE ASSN POOL #995097      812           911  
   FEDERAL NATL MTGE ASSN POOL #995753      5,133           5,474  
   FNMA 10 YEAR 3.5% 10/1/2020      3,835           4,032  
   FEDERAL NATL MTGE ASSN POOL #MA0629      2,690           2,817  
   FEDERAL NATL MTGE ASSN POOL #AD0898      3,646           3,844  
   GNMA 2006-30-A      1,775           1,815  
   GNMA REMIC TRUST 2009-63 1/16/2038      2,518           2,623  
   GNMA REMIC TRUST 2009-71 4/16/2038      3,793           3,929  
   GNMA REMIC TRUST 2010-18 12/16/2050      2,951           3,062  
   GNMA REMIC 2.229% 12/16/30      2,145           2,170  
   GNMA REMIC TRUST 2010-16 A 3.2140%      2,151           2,240  
   GNMA REMIC TRUST 2010-16 5/16/2033      3,490           3,544  
   GNMA REMIC 2.461% 8/16/22      2,566           2,582  
   GNMA REMIC TRUST 2010-36 11/16/2027      2,141           2,175  
   GNMA REMIC TRUST 2010-52 8/16/2027      2,360           2,384  
   GNMA REMIC TRUST 2010-49 3/16/2051      1,171           1,196  
   GNMA REMIC TRUST 2010-65 A 2.0170%      2,316           2,329  
   GNMA REMIC TRUST 2010-63 4/16/2028      11,147           11,366  
   GNMA REMIC TRUST 2010-71 6/16/2029      3,084           3,129  
   GNMA REMIC TRUST 2010-74 9/16/2033      2,811           2,849  
   GNMA REMIC TRUST 2010-83 10/16/2050      4,920           4,948  
   GNMA REMIC TRUST 2010-100 6/16/2050      3,009           3,051  
   GNMA REMIC TRUST 2010-122 A 1.8970%      2,604           2,626  
   GNMA REMIC TRUST 2010-141 A 1.8640%      1,855           1,866  
   UNITED STATES TREAS NTS 2.0000%      1,795           2,329  
   UNITED STATES TREAS NTS 1.8750%      1,825           2,343  
   UNITED STATES TREAS NTS 1.2500%      3,920           4,395  
   UNITED STATES TREAS NTS 0.5000%      2,520           2,755  
   UNITED STATES TREAS NTS 2.0000%      2,355           2,484  
   UNITED STATES TREAS NTS 0.1250%      7,560           8,085  
   UNITED STATES TREAS NTS 2.1250%      3,600           3,819  
   UNITED STATES TREAS NTS 0.8750%      1,630           1,635  
   FEDERAL FARM CR BKS 0.0000%      2,450           2,451  
   FEDERAL FARM CR BKS 0.0000%      1,230           1,230  
   FHMS 2006-K1-A2      3,971           4,397  
   NCUA GUARANTEED NOTES VAR 6/12/2013      2,785           2,782  
   PRIVATE EXPT FDG CORP 5.4500%      1,920           2,326  

 

 

 

* Indicates party-in-interest
** Cost information not required for participant-directed investments

 

33


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)

December 31, 2011

 

 

  (a)  

  

(b) Identity of Issue, Borrower, Lessor, or Similar Party

   (c) Number of
Shares / Units or
Face Amount (in

thousands)
     (d) Cost**    (e) Current Value
(in thousands)
 
   PRIVATE EXPORT 3.05% 10/15/14      3,425           3,640  
   Common/Collective Trusts         
   RVST US GOVERNMENT INCOME FUND      1,031           30,236  
   RVST US STABLE CAPITAL FUND I      1,823           47,121  
   Money Market         
   RVST US GOVERNMENT SECURITIES I      72,591           72,591  
           

 

 

 
  

The Stable Value Fund, Excluding Wrappers Total

           622,215