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, 2009

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

Year Ended December 31, 2009

Index

 

     Page

Report of Independent Registered Public Accounting Firm

    1

FINANCIAL STATEMENTS

   

Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008

    2

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2009

    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, 2009

    15

Signature

    37

Exhibit Index

    E-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, 2009 and 2008, and the changes in net assets available for benefits for the year ended December 31, 2009 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, 2009 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 24, 2010

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

December 31, 2009 and 2008

 

     2009     2008  

Assets

     

Participant-directed investments, at fair value

    $ 2,367,023,758      $ 1,574,824,470   

Stable Value Fund Investments, at fair value:

     

Investment contracts

      453,669,014        433,394,083   

Other investments

      113,711,450        118,167,935   

Wrapper contracts

      1,558,066        1,006,490   
                

Total investments, at fair value

      2,935,962,288        2,127,392,978   

Due from brokers

      2,399,348        1,817,927   

Cash (non-interest bearing)

      52,123        11,931,443   

Receivables:

     

Investment income accrued

      1,823,518        1,952,193   

Employer contributions:

     

Profit sharing

      30,826,381        37,423,881   

Other than profit sharing

      2,425,685        24,541,348   

Employee contributions receivables

      2,602,909        —   
                

Total Assets

      2,976,092,252        2,205,059,770   
                

Liabilities

     

Due to brokers

      1,291,146        987,794   

Accrued expenses

      1,009,105        709,323   
                

Total Liabilities

      2,300,251        1,697,117   
                

Net assets reflecting investments, at fair value

      2,973,792,001        2,203,362,653   

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

      (15,822,558 )      (12,673,901 ) 
                

Net assets available for benefits

    $ 2,957,969,443      $ 2,190,688,752   
                

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, 2009

 

Contributions

   

Employer

   

Profit sharing

    $ 30,824,374   

Other than profit sharing

      48,134,023   

Employee

      114,280,206   

Rollovers

      2,961,292   
        

Total contributions

      196,199,895   
        

Investment income

   

Interest and dividends

      29,214,665   

Interest on participant loans

      5,455,662   

Net appreciation in fair value of investments

      733,858,255   
        

Total investment income

      768,528,582   
        

Withdrawal payments

      (197,447,786 ) 
        

Net increase in net assets available for benefits

      767,280,691   

Net assets available for benefits at beginning of year

      2,190,688,752   
        

Net assets available for benefits at end of year

    $ 2,957,969,443   
        

See accompanying notes to the financial statements.

 

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Table of Contents
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.

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

On December 31, 2008, Wachovia Bank, N.A., the Trustee and Recordkeeper for the Plan, became part of Wells Fargo & Company. 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. The members of the RSPIC are set forth in the Plan Document.

Compensation

The participant compensation 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, effective January 1, 2008, compensation 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 and $230,000 in 2009 and 2008, respectively, 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, after-tax contributions up to 10% of eligible compensation, or a combination of both, not to exceed 80% of their compensation, to the Plan through payroll deduction. The Internal Revenue Code (the “Code”) imposes a limitation that is adjusted annually for cost of living increases on participants’ before-tax contributions to plans, which are qualified under Code Section 401(k), and other specified tax favored plans. For 2009 and 2008, this limit was $16,500 and $15,500, respectively, for participants under age 50 and $22,000 and $20,500 respectively, for participants over age 50. The Plan complied with nondiscrimination requirements under the Code during 2009 and 2008.

Company Matching Contributions

Except as described in the following paragraph, the Company matches 100% of a participant’s before-tax contributions quarterly up to 5% of annual compensation after a participant’s completion of one year of service.

 

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From July 1, 2007 through December 31, 2009, the Company matched 100% of Global Travel Services participant before-tax contributions up to 4% of compensation. Effective January 1, 2010, for all eligible Global Travel Services participants, the Company matches 100% of participants’ before-tax contributions up to 5% of compensation upon a participant’s completion of one year of service. Global Travel Services employees are generally those participants employed within Global Travel Services (Global Business Travel and Global Foreign Exchange Services) who were not employed by the Company or an affiliate as of December 31, 2004 or who were employed but who were younger than age 40 on December 31, 2004 or who, regardless of age, had less than five years of service on December 31, 2004.

Effective January 1, 2010, a participant no longer needs to be employed by the Company on the last working day of the quarter to receive Company Matching Contributions.

Profit Sharing Contributions

Upon a participant’s completion of one year of service, additional Company contributions up to 5% of a participant’s compensation 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 Travel Services (Global Business Travel and Global Foreign Exchange Services) participants comprised 1.75% and 2.25% of participant compensation in 2009 and 2008, respectively. Eligible Global Travel Services (Global Business Travel and Global Foreign Exchange Services) participants received Profit Sharing Contributions equal to 1.00% of their compensation in both 2009 and 2008.

Qualified Non-elective Contribution

Effective January 1, 2008, 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 (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.

Company Stock Contribution

In addition to the Company Matching Contributions and Profit Sharing Contributions summarized above, prior to July 1, 2007, the Plan provided for Company Stock Contributions. This contribution was initially invested in the American Express Company Stock Fund, but could be immediately moved to another investment offering under the Plan. Effective July 1, 2007, the Company discontinued Company Stock Contributions.

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.

Suspension of Company Contributions into the Plan

For pay periods beginning on or after March 30, 2009 through December 31, 2009, the Company suspended Company Matching Contributions and certain Company Conversion Contributions to the Plan. Company Conversion Contributions continued for eligible employees who were considered “retirement eligible,” meaning those employees who were at least 55 years old and had at least 10 years of service as of December 31, 2009.

 

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Company Matching Contributions continued for eligible employees who were hired pursuant to the requirements of the Asset Purchase Agreement dated as of March 26, 2008, among General Electric Capital Corporation, GE Capital Financial Inc., General Electric Company, American Express Travel Related Services Company, Inc. and American Express Bank, FSB. The contributions to certain disabled participants described above also continued. Effective January 1, 2010, Company Matching and Conversion Contributions resumed in 2010 for those participants who qualify.

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.

Vesting

Participants are immediately vested in their elective before-tax and after-tax contributions, rollovers, if any, and Company Stock Contributions made by the Company prior to July 1, 2007 as well as the investment earnings on the foregoing. Other contributions become vested as set forth below:

Company Matching Contributions

As of January 1, 2010, all post-2009 Matching Contributions and investment earnings are immediately 100% vested. In addition, if a participant was actively employed on January 1, 2010, any pre-2010 Company Matching Contributions also became 100% vested.

Prior to January 1, 2010, the vesting of Matching Contributions depended on eligibility for Conversion Contributions as follows:

 

  •  

If a participant was eligible for Conversion Contributions, their Matching Contributions and investment earnings thereon were 100% vested.

  •  

If a participant was not eligible for Conversion Contributions, Matching Contributions and investment earnings thereon made for payroll periods ending after July 1, 2007 were 100% vested after three years of service (as defined in the Plan), or if still employed by the Company or an affiliate at or after attainment of age 65, disability or death.

Profit Sharing Contributions

Currently, all 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

Qualified Non-elective Contributions 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 $8,690,079 and $2,173,121 as of December 31, 2009 and 2008, respectively. Profit Sharing Contributions made to the Plan were reduced by $2,165,719 from forfeited account balances in 2009.

 

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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.

Loan Program

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, 2009 were at interest rates varying from 3.25% to 9.50% and will mature at various dates through October 2039.

Tax Deferrals

As long as the Plan remains qualified and the related Trust (the “Trust”) remains tax exempt, amounts invested in the Plan through 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.

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-Managed Brokerage Account (“SMBA”), 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 $9,329,723 for the year ended December 31, 2009. Additional expenses are associated with the SMBA and participants electing to invest through the SMBA are charged directly for these fees through their SMBA. The Trust does not pay any fees or expenses associated with the SMBA.

 

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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. 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

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 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 Codification (ASC) Update 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 within Level 3; (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 not expected to materially impact the Plan’s financial statements.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on net assets available for benefits or net increase in net assets available for benefits as previously reported.

 

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 (an exit price) in an orderly transaction between market participants at the measurement date, and is based on the Plan’s principal or 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.

 

  •  

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

  -  

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).

 

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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, 2009, 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 at fair value on a recurring basis by GAAP’s valuation hierarchy (as described above) as of December 31, 2009:

 

Description

    Total    Level 1    Level 2    Level 3

Money market funds

    $ 27,827,807    $ 27,827,807    $ —    $ —

Domestic common stocks

      1,259,857,195      1,259,857,195      —      —

Fixed income securities

      811,176      —      811,176      —

Common/collective trusts

            

Bond funds

      127,295,381      —      127,295,381      —

Domestic equity funds

      144,349,171      —      144,349,171      —

International equity funds

      103,645,765      —      103,645,765      —

Mutual funds

            

Fixed income obligations

      177,171,868      177,171,868      —      —

Balanced fund

      4,741,735      4,741,735      —      —

Domestic equity funds

      177,852,545      177,852,545      —      —

International equity funds

      247,637,448      247,637,448      —      —

Stable Value fund

            

Money market funds

      34,635,629      34,635,629      —      —

Fixed income funds

      423,162,259      —      423,162,259      —

Common/collective trusts

            

Fixed income funds

      109,582,576      —      109,582,576      —

Wrapper contracts

      1,558,066      —      —      1,558,066

Participant loans

      95,833,667      —      —      95,833,667
                           

Total

    $ 2,935,962,288    $ 1,929,724,227    $ 908,846,328    $ 97,391,733
                           

The following table summarizes the Plan’s financial assets at fair value on a recurring basis by GAAP’s valuation hierarchy (as described above) as of December 31, 2008:

 

Description

    Total    Level 1    Level 2    Level 3

Money market funds

    $ 14,355,798    $ 14,355,798    $ —    $ —

Domestic common stocks

      748,071,457      748,071,457      —      —

Common/collective trusts

            

Bond funds

      126,567,907      —      126,567,907      —

Domestic equity funds

      193,437,186      —      193,437,186      —

International equity funds

      88,372,714      —      88,372,714      —

Mutual funds

            

Fixed income funds

      111,684,171      111,684,171      —      —

Balanced funds

      3,719,229      3,719,229      —      —

Domestic equity funds

      43,967,863      43,967,863      —      —

International equity funds

      151,722,307      151,722,307      —      —

Stable Value fund

            

Money market funds

      127,195,262      127,195,262      —      —

Fixed income funds

      321,162,688      —      321,162,688      —

Common/collective trusts

            

Fixed income funds

      103,204,068      —      103,204,068      —

Wrapper contracts

      1,006,490      —      —      1,006,490

Participant loans

      92,925,838      —      —      92,925,838
                           

Total

    $ 2,127,392,978    $ 1,200,716,087    $ 832,744,563    $ 93,932,328
                           

 

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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, 2009 and 2008:

 

     2009    2008
     Participant
Loans		    Wrapper
Contracts		    Participant
Loans		    Wrapper
Contracts

Balance, beginning of year

    $ 92,925,838    $ 1,006,490    $ 90,454,543    $ 871,239

Purchases, sales, issuances and settlements (net)

      2,907,829      —      2,471,295      —

Unrealized gains (losses) relating to instruments still held at the reporting date

      —      551,576      —      135,251
                           

Balance, end of year

    $ 95,833,667    $ 1,558,066    $ 92,925,838    $ 1,006,490
                           

Valuation Techniques Used in Measuring Fair Value

GAAP requires disclosure of the estimated fair value of all financial instruments. A financial instrument is defined as cash, evidence of an ownership in an entity, or a contract between two entities to deliver cash or another financial instrument or to exchange other financial instruments. The disclosure requirements for the fair value of financial instruments exclude leases, equity method investments, affiliate investments, pension and benefit obligations, insurance contracts and all non-financial instruments.

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 to measure fair value:

 

  •  

Investments in American Express Company common stock, other stock, and active publicly traded equity and fixed income 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 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 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 by using pricing models, where the inputs to those models are based on observable market inputs. 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, 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 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. 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, 2009, certain of the Plan’s fixed income securities are classified within Level 2 of the fair value hierarchy.

 

10

Table of Contents
  •  

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 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.

 

  •  

Participant loan accounts are valued at amortized cost, which approximates fair value and are classified within Level 3 of the fair value hierarchy.

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.

 

4. Investments

Investment Elections

The investment options available to participants are the SMBA, the American Express Company Stock Fund and five core investment funds (“Core Investment Funds”): The Stable Value Fund, The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund and The International Equity Fund. In addition, participants may elect to contribute to funds that invest in a mix of assets from the Core Investment Funds based on target retirement dates (“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 SMBA. The SMBA has a minimum initial transfer of $3,000 and additional funds must be transferred in increments of at least $500. Contributions cannot be made directly to the SMBA; funds may only be transferred from other Plan investment options, other than the Stable Value Fund, to the SMBA.

A brief description of the investments available to participants at December 31, 2009 is set forth below:

Core Investment Funds

The Core Investment Funds are managed by multiple investment managers and represent broad asset classes, comprising several different investments.

The Stable Value 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.

 

11

Table of Contents

The average yield on investment contracts was 4.18% and 4.96% for 2009 and 2008, respectively. The weighted average crediting rates on investment contracts was 3.52% and 4.56% as of December 31, 2009 and 2008, 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-based 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 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. 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 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.

Retirement Funds

Retirement Funds utilize a mix of the 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 American Express Company Stock 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 American Express Company Stock Fund be offered as an investment option under the Plan.

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

Self-Managed Brokerage Account

The SMBA 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.

 

12

Table of Contents

As of December 31, 2009 and 2008, investments with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

Description

    2009    2008

American Express Company common stock

    $ 512,678,976    $ 250,321,306
             

There were no other individual securities held within the core investment funds or SMBA that exceeded 5% of the Plan’s net assets as of December 31, 2009 or 2008.

As of December 31, 2009 and 2008, investment options with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

Description

    2009    2008

The U.S. Large-Cap Equity Fund

    $ 748,283,167    $ 508,827,720

The Stable Value Fund

      567,380,464      551,562,018

The International Equity Fund

      329,800,709      224,732,721

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

      269,348,328      190,976,379

The Diversified Bond Fund

      259,352,296      190,588,386

During 2009, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated in fair value as follows:

 

Common stocks

    $ 525,466,942

Mutual funds

      114,218,262

Common/collective trusts

      93,457,299

Wrapper contracts

      551,576

Fixed income securities

      164,176
      

Net appreciation in fair value of investments

    $ 733,858,255
      

 

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 late 2008 and the first quarter of 2009, four putative class action lawsuits against American Express Company and other defendants were filed in the United States District Court for the Southern District of New York. These actions allege that the defendants violated certain ERISA obligations by: allowing the investment of 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. These actions were consolidated in April 2009 into an amended consolidated complaint captioned In re American Express ERISA Litigation. Plaintiffs filed a Second Amended Complaint on March 22, 2010, and the Defendants’ motion to dismiss, which was filed on April 9, 2010, is pending with the Court. The Company believes it has meritorious defenses to each of these actions and intends to defend them vigorously.

 

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 has been amended. 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.

 

13

Table of Contents
7. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2009 and 2008 to Form 5500:

 

      2009     2008  

Net assets available for benefits per the financial statements

    $ 2,957,969,443      $ 2,190,688,752   

Less: Loans deemed distributed

      (1,677,457 )      (1,796,480 ) 
                

Net assets available for benefits per the Form 5500

    $ 2,956,291,986      $ 2,188,892,272   
                

The following is a reconciliation of withdrawal payments per the financial statements for the year ended December 31, 2009:

 

Withdrawal payments per the financial statements

    $ 197,447,786   

Plus: Certain deemed distributions of participant loans

      145,827   

Less: Deemed loans offset by distributions

      (261,857 ) 
        

Withdrawal payments per the Form 5500

    $ 197,331,756   
        

The following is a reconciliation of interest on participant loans per the financial statements for the year ended December 31, 2009:

 

Interest on participant loans per the financial statements

    $ 5,455,662

Interest on deemed distributed loans

      2,993
      

Interest on participant loans per the Form 5500

    $ 5,458,655
      

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.

 

8. Related Party Transactions

Certain Plan investments are shares of American Express Company common stock and mutual 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.

 

14

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SUPPLEMENTAL SCHEDULE

 

 

 

 

 

 

 

 

 

15

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, 2009

 

(a)

  

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

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

AMERICAN EXPRESS COMPANY STOCK FUND

         
 

Money Market Fund

         
*  

EVERGREEN   INSTITUTIONAL MONEY MARKET FUND

    5,237,497       5,237,497
 

Common Stock

        
*  

AMERICAN   EXPRESS COMPANY STOCK, $.20 PAR VALUE

    12,652,492       512,678,976
            
 

TOTAL AMERICAN EXPRESS COMPANY STOCK FUND

          517,916,473
            
 

SELF-MANAGED BROKERAGE ACCOUNT

         
 

Money Market Fund

         
 

SELF-MANAGED MONEY MARKET

          11,073,179
 

Common Stock

         
 

SELF-MANAGED COMMON STOCKS

          6,372,361
 

Mutual Funds

         
 

SELF-MANAGED MUTUAL FUNDS – BALANCED

          102,841,354
            
 

TOTAL SELF-MANAGED BROKERAGE ACCOUNT

          120,286,894
            
 

COLLECTIVE INVESTMENT FUNDS

         
 

Common/Collective Trust

         
 

SSGA PASSIVE BOND MARKET FUND CLASS A

    93,858       1,938,176
 

Mutual Fund

         
 

VANGUARD TOTAL BOND INDEX FUND

    2,344,353       24,264,048
            
 

TOTAL COLLECTIVE INVESTMENTS

          26,202,224
            
 

THE DIVERSIFIED BOND FUND

         
 

Mutual Fund

         
 

VANGUARD TOTAL BOND INDEX FUND

    1,143,884       11,839,197
 

PIMCO TOTAL RETURN FD INST CL

    11,310,731       122,155,894
 

Common/Collective Trusts

         
 

SSGA PASSIVE BOND MARKET INDEX SL SERIES FUND CL A

    201,441       4,159,748
 

LOOMIS SAYLES INVT GRADE TIER

    10,142,047       121,197,457
            
 

TOTAL DIVERSIFIED BOND FUND

          259,352,296
            
 

THE U.S. LARGE-CAP EQUITY FUND

         
 

Money Market Fund

         
*  

EVERGREEN   INST MONEY MARKET FUND CL I – FD #495 (Main)

    2,979,767       2,979,767
*  

EVERGREEN   INST MONEY MARKET FUND CL I – FD #495 (Sands)

    3,705,583       3,705,583
 

Mutual Fund

         
 

VANGUARD INST INDEX FUND VIIIX

    1,084,592       110,606,710

 

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

 

16

Table of Contents

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2009

 

(a)

  

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

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

Common/Collective Trust

         
 

LARGE CAP EQ SSGA S&P 500

    597,163       135,381,547
 

Fixed Income Securities

         
 

FORD MTR CO SR UNSECD DTD 11/9/09 4.25% 11/15/2016

    647,000       811,176
 

Common Stocks

         
 

BANK OF AMERICA CORP STK

    111,570       1,664,624
 

ABB LTD COM

    141,988       2,711,971
 

AIR PRODUCTS & CHEMICALS INC COM

    20,817       1,687,426
 

ALCOA INC COM

    92,443       1,490,181
 

ALLSTATE CORP COM

    22,017       661,391
 

AMERICAN ELEC PWR CO INC COM

    19,829       689,851
 

AMR CORP DEL COM

    71,884       555,663
 

ANADARKO PETROLEUM CORP COM

    24,517       1,530,351
 

AOL INC COM WHEN ISSUED

    1,313       30,567
 

AON CORP COM

    30,374       1,164,539
 

APACHE CORP COM

    17,857       1,842,307
 

ARTIO GLOBAL INVESTORS INC COM

    13,449       342,815
 

AT&T INC COM

    193,253       5,416,882
 

AVALONBAY CMNTYS INC COM

    3,127       256,758
 

BAKER HUGHES INC COM

    37,279       1,509,054
 

BANK OF AMERICA CORP COM

    411,992       6,204,600
 

BP PLC SPONSORED ADR

    74,325       4,308,620
 

BRISTOL-MYERS SQUIBB CO COM

    243,650       6,152,163
 

BURLINGTON NORTHERN SANTA FE COM

    14,683       1,448,037
 

CARNIVAL CORP COM

    71,165       2,255,219
 

CATERPILLAR INC COM

    47,126       2,685,711
 

CEMEX SAB DE CV ADR CTF NEW FOR A & B SHS

    106,913       1,263,712
 

CENOVUS ENERGY COM

    20,135       507,402
 

CENTURYTEL INC COM

    7,211       261,110
 

CHEVRON CORP COM

    66,532       5,122,299
 

CLOROX CO COM

    50,980       3,109,780
 

COMCAST HLDGS INC CL A

    26,145       440,805
 

COMPUTER SCIENCES CORP COM

    20,786       1,195,819
 

CONOCOPHILLIPS COM

    66,245       3,383,132
 

CONTINENTAL AIRLINES INC CL B

    40,629       728,072
 

DR HORTON INC COM

    29,633       322,111
 

DEERE & CO COM

    23,909       1,293,238
 

DELTA AIRLINES INC DEL COM

    114,051       1,297,900
 

DEUTSCHE TELEKOM AG SPONSORED ADR

    54,909       807,162
 

DEVON ENERGY CORPORATION COM

    12,782       939,477

 

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

 

17

Table of Contents

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2009

 

(a)

  

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

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

DOMINION RESOURCES INC/VA COM

    78,065       3,038,290
 

DOW CHEMICAL COM

    105,590       2,917,452
 

DU PONT E I DE NEMOURS & CO COM

    102,520       3,451,848
 

EATON CORP COM

    28,057       1,784,986
 

EMERSON ELECTRIC CO COM

    43,721       1,862,515
 

ENCANA CORP

    20,135       652,173
 

EQUITY RESIDENTIAL SH BEN INT

    7,282       245,986
 

EXXON MOBIL CORP COM

    48,848       3,330,945
 

FIRSTENERGY CORP COM

    13,793       640,685
 

FLUOR CORP NEW COM

    14,525       654,206
 

FORD MTR CO COM

    36,203       362,030
 

FPL GROUP INC COM

    11,051       583,714
 

FREEPORT MCMORAN COPPER & GOLD CL B COM

    5,575       447,617
 

GOLDMAN SACHS GROUP INC COM

    14,152       2,389,424
 

GOODRICH CORP COM

    21,133       1,357,795
 

HALLIBURTON CO COM

    70,047       2,107,714
 

HEWLETT-PACKARD CO COM

    204,728       10,545,539
 

HOME DEPOT INC COM

    115,416       3,338,985
 

HONEYWELL INTL INC COM

    37,086       1,453,771
 

HUBBELL INC CL B COM

    13,543       640,584
 

ILLINOIS TOOL WORKS INC COM

    53,257       2,555,803
 

INSITUFORM TECHNOLOGIES INC CL A

    12,891       292,884
 

INTEL CORP COM

    296,829       6,055,312
 

INTL BUSINESS MACHINES CORP COM

    26,626       3,485,343
 

JOHNSON & JOHNSON COM

    33,961       2,187,428
 

JP MORGAN CHASE & CO COM

    104,997       4,375,225
 

KB HOME COM

    17,138       234,448
 

LIFE TECHNOLOGIES CORP COM

    41,320       2,157,730
 

LINCOLN NATIONAL CORP COM

    24,515       609,933
 

LOEWS CORP – CAROLINA GROUP COM

    14,117       513,153
 

LORILLARD INC COM

    123,525       9,910,411
 

MACY’S INC COM

    65,815       1,103,059
 

MARATHON OIL CORP

    70,195       2,191,488
 

MARSH & MCLENNAN COMPANIES INC

    46,901       1,035,574
 

MCDERMOTT INTL INC COM

    40,741       978,191
 

MEDTRONIC INC COM

    14,081       619,282
 

MERCK & CO INC COM

    165,968       6,064,471
 

MICROCHIP TECHNOLOGY INC COM

    35,063       1,018,580
 

MICROSOFT CORP COM

    112,109       3,417,082
 

MORGAN STANLEY COM

    59,494       1,761,022

 

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

 

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, 2009

 

(a)

  

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

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

NUCOR CORP COM

    23,818       1,111,110
 

ORACLE CORP COM

    43,719       1,072,427
 

PARKER HANNIFIN CORP COM

    40,663       2,190,922
 

PEBBLEBROOK HOTEL TRUST COM

    27,204       598,760
 

PETROLEO BRASILEIRO SA PETROBRAS

    38,672       1,843,881
 

PFIZER INC COM

    131,135       2,385,346
 

PHILIP MORRIS INTL INC COM

    34,907       1,682,168
 

PIONEER NATURAL RESOURCES CO COM

    18,738       902,609
 

PROLOGIS TR SH BEN INT

    17,308       236,947
 

PULTE HOME INC COM

    47,431       474,310
 

QWEST COMMUNICATIONS INTL INC

    237,198       998,604
 

RAYONIER INC RAYONIER INC (REIT)

    5,889       248,280
 

REGAL ENTERTAINMENT GROUP-A

    57,670       832,755
 

RIO TINTO PLC SPONSORED ADR

    2,657       572,291
 

SCHLUMBERGER LTD COM

    26,042       1,695,073
 

SEMPRA ENERGY COM

    11,918       667,170
 

SLM CORP

    34,886       393,165
 

SPECTRA ENERGY CORP COM

    27,872       571,655
 

STANLEY WKS COM

    36,016       1,855,184
 

STAPLES INC COM

    52,297       1,285,983
 

TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR

    176,334       2,017,261
 

TARGET CORP COM

    52,983       2,562,788
 

TENARIS SA – ADR

    24,944       1,063,862
 

TEVA PHARMACEUTICAL INDS LTD ADR

    26,640       1,496,635
 

THERMO FISHER SCIENTIFIC CORP

    47,882       2,283,493
 

3M CO COM

    21,498       1,777,240
 

TIME WARNER INC COM

    14,446       420,956
 

TOTAL SA – SPONSORED ADR

    13,420       859,417
 

TRAVELERS COS INC COM

    50,433       2,514,589
 

UAL CORP UAL CORP COM

    52,605       679,131
 

UNION PACIFIC CORP COM

    19,726       1,260,491
 

UNITED PARCEL SERVICE CL B COM

    32,612       1,870,950
 

UNITED STATES STEEL CORP

    15,621       861,030
 

US AIRWAYS GROUP INC

    85,423       413,447
 

US BANCORP DEL COM NEW

    19,898       447,904
 

VALE SA-SP PREF ADR COM

    16,024       465,177
 

VENTAS INC COM

    5,381       235,365
 

VERIZON COMMUNICATIONS COM

    108,061       3,580,061
 

WAL-MART STORES INC COM

    116,449       6,224,199
 

WASTE MGMT INC DEL COM

    31,770       1,074,144

 

* 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, 2009

 

(a)

  

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

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

WELLS   FARGO & CO COM

    52,172       1,408,123
 

WEYERHAEUSER CO COM

    41,234       1,778,835
 

WINDSTREAM CORP COM

    42,561       467,745
 

XILINX INC COM

    48,098       1,205,336
 

AXIS CAPITAL HOLDINGS LTD COM

    24,513       696,414
 

ACCENTURE PLC – CL A COM

    57,775       2,397,663
 

COOPER INDUSTRIES PLC – CL A COM

    50,983       2,173,915
 

ENDURANCE SPECIALTY HOLDINGS LTD

    34,422       1,281,531
 

EVEREST RE GROUP LTD COM

    4,963       425,230
 

INGERSOLL-RAND PLC COM

    54,112       1,933,963
 

MONTPELIER RE HOLDINGS LTD COM

    33,494       580,116
 

PARTNERRE LTD COM

    10,588       790,500
 

XL CAPITAL LTD COM

    373,997       6,855,365
 

ACE LIMITED COM

    55,621       2,803,298
 

TRANSOCEAN LTD

    38,823       3,214,544
 

TYCO ELECTRONICS LTD COM

    34,114       837,499
 

TYCO INTERNATIONAL LTD COM

    57,099       2,037,292
 

ROYAL CARIBBEAN CRUISES LTD COM

    18,355       464,014
 

ALLERGAN INC COM

    203,000       12,791,030
 

AMAZON COM INC COM

    141,000       18,967,320
 

AMERICA MOVIL SAB DE C.V. SPONSORED ADR REPSTG SER L

    147,000       6,906,060
 

APPLE INC COM

    89,000       18,755,148
 

BROADCOM CORP COM

    152,000       4,783,440
 

CME GROUP INC COM

    19,000       6,383,240
 

FLIR SYS INC COM

    139,000       4,549,470
 

FMC TECHNOLOGIES INC

    154,000       8,907,360
 

GENZYME CORP COM – GEN DIV

    211,000       10,341,110
 

GOOGLE INC – CL A

    27,000       16,739,460
 

ILLUMINA INC COM

    133,608       4,099,093
 

INTERCONTINENTALEXCHANGE INC

    90,000       10,107,000
 

INTUITIVE SURGICAL INC COM

    51,000       15,474,930
 

IRON MTN INC PA COM

    109,000       2,480,840
 

LAS VEGAS SANDS CORP

    303,000       4,526,820
 

MONSANTO CO COM

    119,000       9,728,250
 

NATIONAL OILWELL VARCO INC COM

    304,000       13,403,360
 

NIKE INC CL B COM

    101,000       6,673,070
 

QUALCOMM INC COM

    286,000       13,230,360
 

SALESFORCE.COM INC

    163,000       12,024,510
 

SCHLUMBERGER LTD COM

    168,000       10,935,120
 

SCHWAB CHARLES CORP NEW COM

    189,000       3,556,980

 

* 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, 2009

 

(a)

  

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

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

STAPLES INC COM

    203,000       4,991,770
 

STARBUCKS CORP COM

    281,000       6,479,860
 

STRYKER CORP COM

    31,980       1,610,833
 

VARIAN MED SYS INC COM

    136,000       6,371,600
 

VISA INC CLASS A SHARES COM

    157,000       13,731,220
 

VMWARE INC – CL A COM

    83,000       3,517,540
            
 

TOTAL U.S. LARGE-CAP EQUITY FUND

          748,283,167
            
 

THE INTERNATIONAL EQUITY FUND

         
 

Mutual Funds

         
 

GMO INTERNATIONAL CORE EQUITY – III

    508,480       13,678,100
 

VANGUARD INST DEV MKT IDX VIDMX

    1,792,273       16,954,904
 

INTERNATIONAL EQUITY – DFA EMERGING MARKETS

    1,647,288       51,790,727
 

INTERNATIONAL EQUITY – DFA INTERNATIONAL SMALL CAP

    3,148,106       47,504,917
 

INTERNATIONAL EQUITY – GMO

    3,577,186       96,226,296
 

Common/Collective Trusts

         
 

INTERNATIONAL EQUITY – SSGA INTERNATIONAL ALPHA SELECT

    10,675,751       99,433,947
 

INTERNATIONAL EQUITY – SSGA MSCI

    237,326       4,211,818
            
 

TOTAL INTERNATIONAL EQUITY FUND

          329,800,709
            
 

THE U.S. SMALL/MID-CAP EQUITY FUND

         
 

Money Market Fund

         
*  

EVERGREEN INST MONEY MARKET FUND CL I – FD #495 (Buckhead)

    1,297,851       1,297,851
*  

EVERGREEN INST MONEY MARKET FUND CL I – FD #495 (Westwood)

    321,506       321,506
*  

EVERGREEN INST MONEY MARKET FUND CL I – FD #495 (Rainer)

    315,535       315,535
*  

EVERGREEN INST MONEY MARKET FUND CL I – FD #495 (Times Cap)

    2,896,889       2,896,889
 

Mutual Fund

         
 

VANGUARD EXTENDED MARKET INDEX FUND

    291,966       9,541,449
 

Common/Collective Trust

         
 

SSGA RUSSELL SMALL CAP COMPLETENESS FUND

    476,925       8,967,624
 

Common Stocks

         
 

AMERICAN GREETINGS CORP CL A COM

    53,185       1,158,901
 

ANNALY MTG MGMT INC COM

    98,335       1,706,112
 

BALL CORP COM

    42,620       2,203,454
 

BANK OF HAWAII CORP

    32,700       1,538,862
 

BRIGGS & STRATTON CORP COM

    43,875       820,901
 

BROWN & BROWN INC COM

    98,650       1,772,741
 

CITY NATL CORP COM

    10,040       457,824
 

COINSTAR COM

    71,690       1,991,548
 

COMSTOCK RES INC COM NEW

    61,655       2,501,343

 

* 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, 2009

 

(a)

  

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

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

CON-WAY INC COM

    48,335       1,687,375
 

COOPER TIRE & RUBBER CO COM

    43,580       873,779
 

DIAMONDROCK HOSPITALITY CO

    77,020       652,359
 

DPL INC COM

    22,950       633,420
 

DYCOM INDS INC COM

    127,530       1,024,066
 

EAST WEST BANCORP INC COM

    71,555       1,130,569
 

EZ CORP INC CL A

    45,305       779,246
 

FIRST HORIZON NATIONAL CORP COM

    92,606       1,240,920
 

FREDS INC CL A COM

    73,575       750,465
 

GAMESTOP CORP CL A COM

    27,350       600,059
 

GOODRICH PETE CORP COM NEW

    23,775       578,921
 

HARSCO CORP COM

    19,395       625,101
 

HCC INS HLDGS INC COM

    55,445       1,550,797
 

INGRAM MICRO INC CL A

    78,950       1,377,678
 

INTEGRA LIFESCIENCES HOLDING COM NEW

    18,725       690,391
 

KENNAMETAL INC COM

    74,520       1,931,558
 

MFA MORTGAGE INVESTMENTS INC

    153,180       1,125,873
 

NETSCOUT SYSTEMS INC COM

    35,355       516,890
 

NEW YORK CMNTY BANCORP INC COM

    127,700       1,852,927
 

ON SEMICONDUCTOR CORP COM

    141,620       1,249,088
 

PREMIERE GLOBAL SERVICES INC

    111,985       923,876
 

RAYMOND JAMES FINANCIAL INC COM

    76,775       1,824,942
 

REPUBLIC SVCS INC COM

    22,150       627,067
 

RPM INTL INC COM

    45,660       928,268
 

SCHOLASTIC CORP COM

    51,615       1,539,675
 

SHERWIN-WILLIAMS CO COM

    9,700       598,005
 

SNAP ON INC COM

    22,580       954,231
 

SONIC CORP COM

    73,525       740,397
 

SYNOVUS FINANCIAL CORP COM

    313,330       642,327
 

TEXAS CAPITAL BANCSHARES INC

    85,840       1,198,326
 

TIDEWATER INC COM

    53,615       2,570,839
 

TW TELECOM INC COM

    87,310       1,497,367
 

UNITED CMNTY BKS INC BLAIRSVILLE GA CDT CAP STK

    178,904       606,485
 

VALASSIS COMMUNICATIONS INC COM

    34,190       624,309
 

WASTE CONNECTIONS INC COM

    61,105       2,037,241
 

WHITNEY HLDG CORP COM

    36,215       329,919
 

WILEY JOHN & SONS INC CL A

    47,300       1,980,924
 

WILMINGTON TR CORP COM

    118,115       1,457,539
 

ZENITH NATL INS CORP COM

    1,110       33,034
 

AMDOCS LTD COM

    67,000       1,911,510

 

* 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, 2009

 

(a)

  

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

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

FRESH DEL MONTE PRODUCE INC COM

    79,990       1,767,779
 

AGCO CORP COM

    42,700       1,380,918
 

AIRGAS INC COM

    23,200       1,104,320
 

ALBEMARLE CORP COM

    36,000       1,309,320
 

ALBERTO-CULVER CO COM

    46,000       1,347,340
 

ALEXANDER & BALDWIN INC COM

    36,400       1,245,972
 

ALLEGHENY TECHNOLOGIES INC COM

    19,100       855,107
 

ALLIANT TECHSYSTEMS INC COM

    13,700       1,209,299
 

ALTERA CORP COM

    31,300       708,319
 

AMPHENOL CORP NEW CL A

    15,900       734,262
 

APTARGROUP INC RTS

    32,700       1,168,698
 

BJS WHSL CLUB INC COM

    35,100       1,148,121
 

BORG WARNER INC COM

    39,700       1,318,834
 

BRINKS HOME SECURITY HOLDING

    39,100       1,276,224
 

CABOT OIL & GAS CORP COM

    30,000       1,307,700
 

CACI INTL INC CL A

    23,800       1,162,630
 

CEPHALON INC COM

    10,000       624,200
 

CLIFFS NATURAL RESOURCES INC

    16,200       746,658
 

COMMERCE BANCSHARES INC COM

    31,605       1,223,746
 

COMMSCOPE INC COM

    47,400       1,257,522
 

CONMED CORP COM

    32,200       734,160
 

DENTSPLY INTERNATIONAL INC COM

    31,700       1,114,889
 

DPL INC COM

    41,800       1,153,680
 

DR PEPPER SNAPPLE GROUP COM

    41,200       1,165,960
 

DTE ENERGY CO COM

    15,800       688,722
 

EASTMAN CHEMICAL COMPANY COM

    21,100       1,271,064
 

EATON VANCE CORP COM NON VTG

    38,400       1,167,744
 

EQUITY LIFESTYLE PROPERTIES

    14,600       736,862
 

FACTSET RESH SYS INC COM

    9,700       638,939
 

GARDNER DENVER INC COM

    19,400       825,470
 

GENTEX CORP COM

    72,000       1,285,200
 

HCC INS HLDGS INC COM

    42,300       1,183,131
 

HEALTHCARE RLTY TR COM

    27,400       588,004
 

HUDSON CITY BANCORP INC COM

    92,800       1,274,144
 

LABORATORY CORP AMER HLDGS COM NEW

    17,600       1,317,184
 

MANPOWER INC WIS COM

    7,000       382,060
 

MCAFEE INC COM

    30,000       1,217,100
 

MEAD JOHNSON NUTRITION CO – A COM

    28,400       1,241,080
 

MOLSON COORS BREWING CO – B

    18,100       817,396
 

NATUS MEDICAL INC COM

    20,600       304,674

 

* 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, 2009

 

(a)

  

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

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

NAVISTAR INTL CORP NEW COM

    35,200       1,360,480
 

PEOPLE’S UNITED FINANCIAL INC

    74,200       1,239,140
 

PLAINS EXPLORATION & PRODUCT

    43,500       1,203,210
 

SAFETY INSURANCE GROUP INC

    17,600       637,648
 

SMUCKER JM CO COM

    21,600       1,333,800
 

SOUTHERN UN CO NEW COM

    59,700       1,355,190
 

SYBASE INC COM

    29,700       1,288,980
 

TALECRIS BIOTHERAPEUTICS COM

    59,400       1,322,838
 

TOTAL SYS SVCS INC COM

    75,800       1,309,066
 

TRANSATLANTIC HLDGS INC COM

    11,500       599,265
 

TUPPERWARE CORP COM

    12,900       600,753
 

URS CORP NEW COM

    28,019       1,247,406
 

UNIVERSAL HLTH SVCS INC CL B

    38,000       1,159,000
 

WISCONSIN ENERGY CORP COM

    26,300       1,310,529
 

AXIS CAPITAL HOLDINGS LTD COM

    40,800       1,159,128
 

EVEREST RE GROUP LTD COM

    13,800       1,182,384
 

LAZARD LTD CL A COM COM

    31,400       1,192,258
 

WILLIS GROUP HOLDINGS LTD COM

    34,500       910,110
 

MAGELLAN MIDSTREAM PARTNERS COM

    22,000       953,260
 

PLAINS ALL AMER PIPELINE LP COM

    18,700       988,294
 

ABM INDS INC COM

    30,050       620,833
 

AES CORP COM

    32,040       426,452
 

ADTRAN INC COM

    14,500       326,975
 

AFFILIATED MANAGERS GROUP COM

    15,450       1,040,557
 

AIRGAS INC COM

    11,470       545,972
 

ALASKA AIR GRP INC COM

    11,130       384,653
 

ALEXION PHARMACEUTICALS INC COM

    7,845       382,993
 

ALLEGIANT TRAVEL CO COM

    10,170       479,719
 

ALLIANCE DATA SYSTEMS CORP COM

    22,385       1,445,847
 

ALLSCRIPTS HEALTHCARE SOLUTIONS COM

    23,460       474,596
 

AMETEK INC NEW COM

    18,375       702,660
 

ANSYS INC COM

    10,430       453,288
 

AQUA AMERICA INC COM

    32,160       563,122
 

ATHENAHEALTH INC COM

    6,530       295,417
 

BALLY TECHNOLOGIES INC COM

    10,290       424,874
 

BERRY PETE CO CL A

    12,830       373,994
 

BIG LOTS INC COM

    17,120       496,138
 

BROCADE COMMUNICATIONS SYS INC COM

    45,960       350,675
 

CENTRAL EUROPEAN DIST CORP COM

    9,830       279,270
 

CEPHALON INC COM

    6,985       436,004

 

* 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, 2009

 

(a)

  

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

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

CHARLES RIV LABOROTORIES INTL COM

    8,520       287,039
 

CHURCH & DWIGHT CO COM

    8,765       529,844
 

CIENA CORP COM

    23,870       258,751
 

CITRIX SYS INC COM

    8,580       357,014
 

CLIFFS NATURAL RESOURCES INC COM

    11,380       524,504
 

COACH INC COM

    10,670       389,775
 

COGNIZANT TECH SOLUTIONS CRP COM CL A

    11,130       504,523
 

COMMSCOPE INC COM

    12,940       343,298
 

COMMUNITY HEALTH SYS INC NEW COM

    11,510       409,756
 

CON-WAY INC COM

    15,560       543,200
 

CONCHO RESOURCES INC COM

    25,765       1,156,848
 

CONCUR TECHNOLOGIES INC COM

    8,905       380,689
 

COOPER TIRE & RUBBER CO COM

    29,290       587,264
 

COPART INC COM

    12,355       452,440
 

DIGITAL REALTY TRUST INC COM

    16,790       844,201
 

DIODES INC COM

    12,990       265,126
 

DISCOVERY COMMUNICATIONS A COM

    20,220       620,147
 

DREAMWORKS ANIMATION SKG – A COM

    13,490       538,926
 

DRESSER RAND GROUP INC COM

    29,155       921,590
 

EXCO RESOURCES INC COM

    47,220       1,002,481
 

EMERGENCY MEDICAL SERVICES – A COM

    7,430       402,334
 

ENERSYS INC COM

    26,600       581,742
 

EURONET WORLDWIDE INC COM

    24,070       528,336
 

FMC CORP COM NEW

    7,840       437,158
 

FTI CONSULTING INC COM

    15,435       727,915
 

FAMILY DOLLAR STORES INC COM

    16,770       466,709
 

F5 NETWORKS INC COM

    5,605       296,897
 

FIRST NIAGARA FINAL GROUP INC NEW COM

    44,510       619,134
 

FLOWSERVE CORP COM

    7,320       691,960
 

FOREST OIL CORP COM

    17,960       399,610
 

FOSSIL INC COM

    10,580       355,065
 

FUEL SYSTEMS SOLUTIONS INC COM

    11,820       487,457
 

GENERAL CABLE CORP DEL NEW COM

    5,720       168,282
 

GRAFTECH INTERNATIONAL LTD COM

    42,190       656,054
 

GUESS INC COM

    16,915       715,504
 

HEALTHSOUTH CORP COM

    26,340       494,402
 

HEWITT ASSOC INC CL A

    16,905       714,405
 

HITTITE MICROWAVE CORP COM

    9,290       378,753
 

HOLOGIC INC COM

    13,198       191,371
 

HORNBECK OFFSHORE SERV COM

    13,115       305,317

 

* 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, 2009

 

(a)

  

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

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

ICON PLC SPONSORED ADR

    13,780       299,439
 

IMMUCOR INC COM

    15,475       313,214
 

INTERCONTINENTALEXCHANGE INC COM

    2,170       243,691
 

INTERSIL HLDG CORP COM

    19,875       304,883
 

INVERNESS MEDICAL INNOVATION COM

    10,370       430,459
 

ITC HOLDINGS CORP COM

    8,770       456,829
 

JARDEN CORP COM

    21,360       660,238
 

JONES LANG LASALLE INC COM

    10,510       634,804
 

KENNAMETAL INC COM

    25,970       673,142
 

LKQ CORP COM

    16,650       326,174
 

LEGGETT & PLATT INC COM

    5,910       120,564
 

LIFE TECHNOLOGIES CORP COM

    7,740       404,183
 

LINCOLN NATIONAL CORP COM

    5,050       125,644
 

MSC INDL DIRECT INC CL A

    7,690       361,430
 

MACY’S INC COM

    30,310       507,996
 

MICROS SYS INC COM

    17,780       551,713
 

MONOLITHIC POWER SYSTEMS INC COM

    13,375       320,599
 

MYLAN LABS INC COM

    22,690       418,177
 

NETAPP INC COM

    9,225       316,971
 

NEWELL RUBBERMAID INC COM

    38,720       581,187
 

NORDSTROM INC COM

    10,780       405,112
 

NUANCE COMMUNICATIONS INC COM

    62,510       970,780
 

NUVASIVE INC COM

    6,395       204,512
 

OCEANEERING INTL INC COMMON

    7,540       441,241
 

ON SEMICONDUCTOR CORP COM

    29,810       262,924
 

OSHKOSH CORP CL B COM

    6,790       251,434
 

PALM INC COM

    31,370       314,641
 

PENSKE AUTO GROUP INC COM

    13,160       199,769
 

PIPER JAFFRAY COS – W/I COM

    9,420       476,746
 

POOL CORP COM

    13,480       257,198
 

PRECISION CASTPARTS CORP COM

    2,935       323,877
 

PRICELINE.COM INC COM

    1,380       301,406
 

PROSPERITY BANCSHARES INC COM

    30,740       1,244,048
 

PSYCHIATRIC SOLUTIONS INC COM

    11,125       235,183
 

RAYMOND JAMES FINANCIAL INC COM

    18,980       451,155
 

RESMED INC COM

    4,825       252,203
 

RIVERBED TECHNOLOGY INC COM

    20,510       471,115
 

SBA COMMUNICATIONS CORP COM

    13,710       468,334
 

SEI INVT CO COM

    29,510       517,015
 

SCHWEITZER-MAUDUIT INTL INC COM

    1,840       129,444

 

* 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, 2009

 

(a)

  

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

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

THE SCOTTS MIRACLE GRO COMPANY CL A

    11,410       448,527
 

SEABRIDGE GOLD INC COM

    14,030       340,508
 

SIGNATURE BANK COM

    14,610       466,059
 

SILICON LABROTORIES INC OC – COM

    11,320       547,662
 

SILVER WHEATON CORP COM

    48,640       730,573
 

SIRONA DENTAL SERVICES INC COM

    13,270       421,190
 

SMUCKER JM CO COM

    6,320       390,260
 

STIFEL FINL CORP COM

    14,295       846,836
 

SUN HEALTHCARE GRP INC COM

    21,745       199,402
 

SWIFT ENERGY CO COM

    17,250       413,310
 

TD AMERITRADE HOLDING CORP COM

    29,490       571,516
 

TW TELECOM INC COM

    17,315       296,952
 

TALEO CORP – CLASS A COM

    14,070       330,926
 

TERADYNE INC COM

    42,990       461,283
 

THOMPSON CREEK METALS CO INC COM

    23,460       274,951
 

TOWER GROUP INC COM

    5,045       118,103
 

TRACTOR SUPPLY CO COM

    9,060       479,908
 

TREEHOUSE FOODS INC – WHEN ISS COM

    14,710       571,631
 

TRIMBLE NAV LTD COM

    18,580       468,216
 

UNITED THERAPEUTICS CORP DEL COM

    8,050       423,833
 

UNIVERSAL ELECTRS INC COM

    7,565       175,659
 

URBAN OUTFITTERS INC COM

    17,685       618,798
 

VCA ANTECH INC COM

    13,700       341,404
 

VALMONT INDS INC COM

    6,570       515,416
 

VALSPAR CORP COM

    20,290       550,671
 

WARNACO GRP INC COM

    8,690       366,631
 

WHITING PETROLEUM CORP COM

    2,880       205,776
 

WINTRUST FINANCIAL CORP COM

    6,540       201,367
 

INVESCO LTD

    10,150       238,423
 

MARVELL TECHNOLOGY GROUP LTD COM

    37,095       769,721
 

WILLIS GROUP HOLDINGS LTD COM

    11,150       294,137
 

CHECK POINT SOFTWARE TECHNOLOGIES COM

    15,110       511,927
 

QIAGEN NV COM

    45,425       1,014,340
 

AEGEAN MARINE PETROLEUM NETWORK COM

    20,785       571,172
 

ADVISORY BOARD CO/ THE COM

    664,984       413,775
 

AECOM TECHNOLOGY CORP COM

    660,587       701,250
 

ALBERTO-CULVER CO COM

    764,539       905,061
 

ALLIANCE DATA SYSTEMS CORP COM

    913,461       1,162,620
 

ALTERA CORP COM

    418,988       574,802
 

AMEDISYS INC COM

    365,857       432,540

 

* 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, 2009

 

(a)

  

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

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

AMERICAN ECOLOGY CORP COM

    419,001       410,664
 

AMPHENOL CORP NEW CL A

    378,494       646,520
 

ANALOG DEVICES INC COM

    776,786       1,158,986
 

ARCHIPELAGO LEARNING INC COM

    255,026       312,570
 

ATHEROS COMMUNICATIONS COM

    389,418       513,600
 

ATLAS AIR WORLDWIDE HLDGS INC COM

    122,624       178,800
 

BIO RAD LABS INC CL A

    850,140       1,061,060
 

BLACKBOARD INC COM

    529,804       680,850
 

BROOKDALE SENIOR LIVING INC COM

    389,228       436,560
 

BRUKER CORP COM

    434,891       519,786
 

CAMERON INTERNATIONAL CORP COM

    204,786       313,500
 

CARLISLE COS INC COM

    545,043       630,384
 

CEPHALON INC COM

    787,808       780,250
 

CLARCOR INC COM

    498,086       502,820
 

CLEAN HBRS INC COM

    610,454       655,710
 

COMSTOCK RES INC COM NEW

    621,791       515,239
 

CORPORATE EXECUTIVE BOARD CO COM

    964,369       276,122
 

COSTAR GRP INC COM

    670,666       643,258
 

DAVITA INC COM

    2,292,768       2,408,340
 

DENBURY RESOURCES INC COM

    636,131       651,200
 

DEVRY INC DEL COM

    291,524       357,399
 

DISCOVERY COMMUNICATIONS A COM

    218,213       340,437
 

DISCOVERY COMMUNICATIONS C COM

    455,644       676,260
 

DOLBY LABORATORIES INC – CL A COM

    389,503       515,484
 

DRIL-QUIP INC COM

    634,447       734,240
 

EMERGENCY MEDICAL SERVICES – A COM

    554,567       622,725
 

FLOWERS FOODS INC COM

    514,426       567,864
 

GARDNER DENVER INC COM

    358,491       570,170
 

GENTEX CORP COM

    489,248       553,350
 

GLACIER BANCORP INC NEW COM

    354,547       367,696
 

GLOBAL PMTS INC COM

    1,175,686       1,572,712
 

GRACO INC COM

    670,405       617,112
 

GRAND CANYON EDUCATION INC COM

    497,871       693,865
 

HAEMONETICS CORP MASS COM

    719,157       761,070
 

HENRY JACK & ASSOC INC COM

    683,132       728,910
 

IHS INC-CLASS A COM

    409,339       493,290
 

INFORMATICA CORP COM

    291,468       522,776
 

INTERACTIVE DATA CORP COM

    569,512       503,470
 

JARDEN CORP COM

    363,206       426,558
 

KANSAS CITY SOUTHN COM

    582,372       665,800

 

* 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, 2009

 

(a)

  

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

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

LINEAR TECHNOLOGY CORP COM

    521,163       702,880
 

MAGELLAN HEALTH SVCS INC COM

    914,608       936,790
 

MANTECH INTERNATIONAL CORP – A COM

    573,007       642,922
 

MARTIN MARIETTA MATLS INC COM

    381,673       402,345
 

MINDRAY MEDICAL INTL LTD – ADR COM

    522,893       576,640
 

MOHAWK INDS INC COM

    594,736       547,400
 

MONSTER WORLDWIDE INC COM

    518,695       522,000
 

NATIONAL CINEMEDIA INC COM

    463,561       321,458
 

NETAPP INC COM

    255,531       584,120
 

NEUSTAR INC – CLASS A COM

    860,987       711,936
 

NICE SYS LTD SPONSORED ADR

    714,307       735,648
 

NOVELLUS SYS COM

    665,003       816,900
 

OCEANEERING INTL INC COMMON

    616,261       725,648
 

ONYX PHARMACEUTICALS INC DEL COM

    659,944       636,678
 

ORBITAL SCIENCES CORP COM

    837,001       717,220
 

PERRIGO CO COM

    177,589       254,912
 

PROASSURANCE CORP

    454,524       478,019
 

QUICKSILVER RESOURCES INC COM

    434,655       495,330
 

RANGE RES CORP COM

    382,881       648,050
 

RED HAT INC COM

    383,588       475,860
 

RESMED INC COM

    414,873       522,700
 

RESOURCES CONNECTION INC COM

    879,344       710,870
 

SBA COMMUNICATIONS CORP COM

    1,302,438       1,667,008
 

SIRONA DENTAL SYSTEMS INC COM

    407,348       587,190
 

SOLERA HOLDINGS INC COM

    464,832       720,200
 

SRA INTERNATIONAL INC – CL A COM

    588,927       511,880
 

STERICYCLE INC COM

    566,028       651,006
 

STRAYER ED INC COM

    441,329       637,560
 

SYBASE INC COM

    608,868       633,640
 

TALECRIS BIOTHERAPEUTICS COM

    461,554       521,118
 

TIFFANY & CO COM

    316,121       559,000
 

TRANSDIGM GRP INC COM

    756,747       1,021,035
 

VARIAN SEMICONDUCTOR EQUIPTMENT ASSOCS INC COM

    778,615       1,004,640
 

WABCO HOLDINGS INC COM

    861,106       773,700
 

WABTEC COM

    436,887       506,416
 

WELLCARE HEALTH PLANS WELLCARE

    762,469       694,764
 

WHITING PETROLEUM CORP COM

    410,393       507,295
 

WILEY JOHN & SONS INC CL A

    509,536       624,012
 

WRIGHT EXPRESS CORP COM

    721,012       844,290
 

ZIONS BANCORP COM

    631,911       500,370

 

* 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, 2009

 

(a)

  

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

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

AMDOCS LTD COM

    511,602       741,780
 

ASSURED GUARANTY LTD COM

    243,976       293,760
 

HERBALIFE LTD COM

    381,649       478,726
 

INVESCO LTD

    270,292       542,619
 

MAX CAPITAL GROUP LTD COM

    551,200       586,490
 

RENAISSANCERE HOLDINGS LTD COM

    882,588       999,220
 

UTI WORLDWIDE INC COM

    765,315       459,672
 

AERCAP HOLDINGS NV COM

    953,107       552,660
 

CORE LABORATORIES NV COM

    472,824       590,600
            
 

TOTAL SMALL/MID-CAP EQUITY FUND

          269,348,328
            
 

THE STABLE VALUE FUND

         
 

Fixed Income Funds

         
 

FNMA TBA 30YR 4.5000% 1/15/2039

    6,025,000       6,013,703
 

FNMA TBA

    8,010,000       8,370,450
 

FNMA 30YR TBA

    8,000,000       8,208,752
 

FNMA TBA 5.5% 1/1/31

    14,700,000       15,386,769
 

FNMA 30YR TBA 6.00%

    8,000,000       8,472,496
 

GNMA TBA 30YR 6.0000% 1/15/2039

    2,100,000       2,218,780
 

FHLMC GOLD TBA 30 YR 5.5000%

    2,500,000       2,618,750
 

FHLMC GOLD #E92454

    477,200       503,057
 

FHLMC GOLD #E97248

    459,566       486,350
 

FHLMC GOLD #E99565

    752,270       801,969
 

FHLMC GOLD #E99595

    160,182       171,549
 

FHLMC (NON GOLD) ARM #1J0614

    1,340,335       1,411,306
 

FGOLD 30YR 6% 9/1/37

    2,003,557       2,117,900
 

FGOLD 10 YR #G12100 5.0% 5/1/16

    424,306       438,212
 

FHLMC GOLD #G12141

    2,294,123       2,378,898
 

FHLMC GOLD #QQQ

    3,347,206       3,555,360
 

FREDDIE MAC GIANT

    2,612,295       2,772,559
 

FEDERAL HOME LOAN MORTGAGE CORP POOL

    916,293       981,670
 

FEDERAL HOME LOAN MORTGAGE CORP POOL

    177,657       190,332
 

H 1G 1G0847

    2,564,576       2,676,360
 

FHLMC NON-GOLD ARM #1J1396

    2,249,901       2,376,152
 

FHLMC (NON GOLD) ARM #1G2264

    2,446,436       2,599,092
 

FHLMC (NON GOLD) ARM #1G2450

    779,047       825,249
 

FHLMC (NON GOLD) ARM #1G2598

    1,717,653       1,819,727
 

FEDERAL HOME LN MTG CORP MTN 4.0000%

    9,250,000       9,757,261
 

FHLMC 2.25% 8/17/12

    2,405,000       2,409,401

 

* 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, 2009

 

(a)

  

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

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

FEDERAL HOME LN MTG CORP 2.2500%

    4,215,000       4,236,248
 

FEDERAL HOME LN MTG CORP 1.5500%

    6,250,000       6,260,388
 

FEDERAL HOME LN MTG CORP 2.0000%

    3,105,000       3,111,415
 

FEDERAL HOME LN MTG CORP 1.0000%

    2,540,000       2,531,770
 

FEDERAL HOME LN MTG CORP 1.5000%

    5,525,000       5,514,508
 

FHLMC #G10559 GOLD 7.00%

    19,782       20,709
 

FHLMC #G10561 GOLD 7.00%

    21,437       22,441
 

FHLMC #C66537

    234,227       258,449
 

FHLMC #C66594

    156,925       173,222
 

FEDERAL HOME MORTGAGE CORP POOL

    2,071,523       2,172,285
 

FEDERAL HOME LOAN MORTGAGE CORP POOL

    752,520       806,213
 

FHLMC 15YR #E00546 5.50%

    67,365       70,481
 

FHLMC GOLD #E00593

    93,653       98,207
 

FHLMC GOLD #B12280

    536,579       572,028
 

FHLMC CMO 6.085% 9/25/29

    96,450       94,547
 

FEDERAL HOME LOAN BANKS 3.1250%

    3,375,000       3,465,531
 

FEDERAL HOME LN BANKS 1% 12/28/2011

    1,210,000       1,205,190
 

FHLMC 2403-DA

    130,694       132,180
 

FHLMC #780514 ARM

    311,992       324,623
 

FEDERAL NATL MTG ASSN 4.3750%

    2,980,000       3,194,703
 

FEDERAL NATL MTG ASSN

    2,703,000       2,869,586
 

FNMA 5.0 02/13/2017

    3,605,000       3,913,217
 

FNMA VAR 07/09/12

    4,545,000       4,545,029
 

FANNIE MAE 1.00 7/19/2012

    5,525,000       5,501,841
 

FEDERAL NATL MTG ASSN 1.0500%

    3,160,000       3,145,110
 

FHLMC 03/23/2012

    1,885,000       1,913,888
 

FNMA #250800 7.50%

    31,944       33,438
 

FNMA #252016

    99,980       110,857
 

FNMA 15YR #252260 6.00%

    142,958       153,385
 

FNMA #255991

    2,496,611       2,610,389
 

FNMA #357324

    2,038,114       2,100,319
 

FEDERAL NATL MTG ASSN GTD MTG PASS

    683,229       717,675
 

FNMA #387357

    2,491,876       2,532,232
 

FNMA #387549

    2,134,629       2,231,294
 

FNMA #433679

    411,670       441,274
 

FNMA #462237

    1,484,937       1,599,961
 

FNMA #535003

    116,999       125,063
 

FNMA #535219

    95,403       104,111
 

FNMA #535802

    154,578       166,581
 

FNMA #545701

    622       647

 

* 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, 2009

 

(a)

  

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

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

FNMA #545874

    424,164       463,110
 

FNMA 6 08/01/17 #555343

    57,013       61,100
 

FNMA #555432

    2,388,833       2,510,763
 

FNMA #555528

    1,552,140       1,658,849
 

FNMA #555531

    2,967,161       3,118,610
 

FNMA #635227

    588,666       644,370
 

FNMA #635894

    145,378       159,174
 

FNMA #636030

    264,071       288,531
 

FNMA #638210

    131,298       144,004
 

FNMA #640996

    254,436       287,127
 

FNMA #646456

    883,049       974,550
 

FNMA #647989

    992,703       1,095,566
 

FNMA #648349

    565,037       610,473
 

FNMA #653145

    431,048       465,538
 

FNMA ARM #654285

    266,611       283,223
 

FNMA #659930

    1,851,103       1,978,367
 

FNMA #667787

    338,897       361,391
 

FNMA #670891

    726,713       770,970
 

FNMA 2003-W11 A1

    9,239       9,129
 

FHLMC 2617 HD

    355,433       373,501
 

FNMA 2003-W19-1A6

    2,702,584       2,855,871
 

FNMA 2004-W3 A15

    258,107       259,004
 

FNMA 2004-60 PA

    927,132       983,107
 

FHLMC 2750 DB

    54,427       54,351
 

FHLMC 2770 ON

    1,244,019       1,279,105
 

FHLMC 2843-BA

    449,613       466,822
 

FHLMC 2907-AG

    633,107       658,989
 

FHLMC 3154-AN

    2,602,464       2,708,580
 

FHMS 2006-K1-A2

    5,758,631       6,309,483
 

FEDERAL NATL MTG ASSN

    6,530,000       6,777,089
 

FEDERAL NATL MTG ASSN 2.0000%

    6,470,000       6,488,155
 

FEDERAL NATL MTG ASSN 2.1250%

    3,965,000       3,982,125
 

FNMA VAR 4/29/2011

    1,806,000       1,806,037
 

FNMA 2.5 5/15/14

    795,000       793,440
 

FANNIE MAE 2.625% 11/20/2014

    3,100,000       3,069,010
 

FNMA #695838

    436,466       467,954
 

FNMA #699883

    2,106,912       2,214,452
 

FNMA #702427

    831,268       883,413
 

FNMA #703937

    106,238       113,289
 

FNMA #704265

    2,168,721       2,279,416

 

* 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, 2009

 

(a)

  

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

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

FNMA #705304

    499,828       528,968
 

FNMA #712343

    2,718,932       2,801,491
 

FNMA #720399

    730,889       779,261
 

FNMA #720422

    404,901       431,857
 

FEDERAL NATL MTG ASSN GTD MTG PASS

    2,348,594       2,508,592
 

FNMA #725090

    571,060       604,932
 

FNMA #725232

    2,723,408       2,806,104
 

FNMA #725284

    213,735       226,017
 

FNMA #725425

    575,216       605,887
 

FNMA #725773

    2,360,378       2,480,856
 

FNMA #725815

    985,565       1,052,707
 

FNMA #740843

    398,819       421,871
 

FNMA #741897

    856,342       882,345
 

FNMA #745275

    3,930,122       4,040,862
 

FEDERAL NATL MTG ASSN POOL #745418

    6,180,195       6,491,780
 

FNMA #745563

    1,275,130       1,340,215
 

FNMA #745629

    2,368,025       2,507,160
 

FNMA #747019

    431,648       454,601
 

FNMA #754297

    272,434       284,964
 

FNMA #759123

    372,101       386,728
 

FNMA #761141

    1,872,323       1,972,606
 

FNMA #764082

    594,891       612,998
 

FNMA #764156

    401,330       419,136
 

FNMA ARM #768117

    305,698       322,934
 

FNMA #780582

    650,967       678,511
 

FNMA #785506

    5,656,863       5,823,329
 

FNMA ARM #786628

    349,716       371,537
 

FNMA #794787

    669,735       702,719
 

FNMA ARM #799769

    450,189       469,786
 

FNMA ARM #801344

    481,552       502,706
 

FNMA #804303

    4,036,760       4,242,803
 

FNMA #220925.5% 9/1/34

    1,505,219       1,582,048
 

FNMA #809534 5.09% 2/01/35

    934,423       982,060
 

FNMA ARM #817198

    293,187       309,664
 

FNMA ARM #817199

    367,148       390,932
 

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

    1,634,085       1,713,222
 

FNMA ARM #820545

    556,187       584,210
 

FNMA #822083

    786,474       808,635
 

FNMA ARM #826908

    2,019,583       2,134,035
 

FNMA #831809

    2,764,548       2,936,468

 

* 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, 2009

 

(a)

  

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

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

FNMA #844705

    1,527,642       1,610,608
 

FNMA #844816

    596,760       639,542
 

FNMA ARM #847988

    1,507,461       1,578,472
 

FNMA ARM #849082

    1,431,222       1,516,526
 

FNMA ARM #849170

    1,132,056       1,201,286
 

FNMA #865689

    1,686,178       1,780,368
 

FNMA #865818

    1,364,956       1,441,366
 

FNMA ARM #866097

    1,231,850       1,303,150
 

FNMA 5.5 04/01/2021

    2,164,205       2,296,353
 

FNMA #871091

    3,180,988       3,413,597
 

FNMA ARM #872753

    449,961       476,857
 

FNMA #883267

    1,484,695       1,612,605
 

FNMA #886054

    1,095,390       1,215,266
 

FNMA ARM #887096

    992,052       1,049,758
 

FNMA #888414

    3,337,348       3,431,384
 

FNMA ARM #888989

    1,834,278       1,938,620
 

FNMA 889052 6 02/01/2038

    3,053,198       3,278,490
 

FNCL 30 YR

    2,339,502       2,486,543
 

FNMA #894803

    3,499,578       3,755,485
 

FNMA #922255

    2,564,828       2,752,381
 

FNMA 30 YR

    2,117,147       2,248,807
 

FEDERAL NATL MTG ASSN POOL #933805

    3,848,281       4,079,779
 

FNMA #949320

    1,806,763       1,982,402
 

FEDERAL NATL MTG ASSN GTD MTG PASS

    2,397,510       2,559,888
 

FEDERAL NATL MTG ASSN POOL #976421

    1,004,741       1,035,625
 

F CI 988113

    1,061,332       1,123,591
 

F CI 988961

    1,163,617       1,231,875
 

FNMA MORT 10/01/2039 5.5% #AD0319

    4,912,890       5,174,655
 

GNMA 2006-30-A

    3,862,758       3,982,867
 

GNMA REMIC TRUST 2009-63 1/16/2038

    2,967,289       2,962,458
 

GNMA 2004-60 A

    55,631       55,604
 

GNMA REMIC TRUST 2009-71 4/16/2038

    4,279,244       4,310,825
 

U.S. TREASURY BOND 5.25%

    2,060,000       2,231,882
 

U.S. T-BOND TIPS 1.625% 1/15/15

    1,730,000       2,036,947
 

UNITED STATES TREAS NTS 1.8750%

    1,825,000       2,137,150
 

UNITED STATES TREAS NTS 1.2500%

    1,885,000       1,990,006
 

UNITED STATES TREAS NTS 3.1250%

    15,675,000       14,844,711
 

UNITED STATES TREAS NTS 2.6250%

    2,595,000       2,514,513
 

UNITED STATES TREAS NTS 2.1250%

    16,705,000       16,309,593
 

FHLMC GOLD TBA 30 YR 4.5000%

    2,000,000       1,995,000

 

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

 

34

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, 2009

 

(a)

  

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

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

FHLMC GOLD TBA 30 YR 5.0000%

    3,650,000         3,742,389
 

BANK OF AMERICA FDIC GTD TLG 3.1250%

    2,115,000         2,191,557
 

BANK OF AMERICA FDIC GTD TLG 2.1000%

    1,625,000         1,640,000
 

BANK OF AMERICA FDIC GTD TLG 2.3750%

    1,690,000         1,722,014
 

CITIGROUP FUNDING 2.125% NTS 7/12/12

    2,730,000         2,756,314
 

FREDDIE MAC 3588 AW VAR 6/15/2024

    2,543,579         2,553,424
 

FHLMC REMIC SERIES 3588 TA VAR

    3,826,910         3,842,304
 

GENERAL ELECTRIC 12/28/12 2.625%

    4,545,000         4,631,752
 

GOLDMAN SACHS GP INC FDIC TL 1.6250%

    3,000,000         3,026,832
 

JP MORGAN CHASE 1.65% 02/23/2011

    1,475,000         1,488,053
 

PRIVATE EXPORT 3.05% 10/15/14

    3,425,000         3,432,071
 

Common/Collective Trusts

         
 

RVST GOVERNMENT INCOME FUND

    1,034,112         26,897,253
 

RVST STABLE CAPITAL FUND

    82,685,323         82,685,323
 

Money Market Funds

         
 

RVST US GOVERNMENT SECURITIES I

    31,026,127         31,026,127
 

RVST MONEY MARKET FUND I

    3,609,502         3,609,502
              
 

TOTAL STABLE VALUE FUND, EXCLUDING WRAPPERS

            567,380,464
              
 

WRAPPER CONTRACTS

         
 

AIG FINANCIAL – #27774, MATURES 12/31/50, 4.12%

            111,836
 

RBC I – #10903, MATURES 12/31/50, 4.02%

            101,018
 

RBC II – #20903, MATURES 12/31/50, 4.50%

            99,485
 

BANK OF AMERICA – #01-132, MATURES 12/31/50, 4.10%

            101,317
 

NATIXIS – #1025-06, MATURES 12/31/50, 4.04%

            198,766
 

JP MORGAN CHASE I – #AISP01, MATURES 12/31/50, 4.24%

            120,904
 

MET LIFE – #28972, MATURES 12/31/50, 3.98%

            225,126
 

MONUMENT LIFE II – #MDA00633TR, MATURES 12/31/50, 4.11%

            60,025
 

MONUMENT LIFE V – #MDA00375TR, MATURES 12/31/50, 4.08%

            129,371
 

PACIFIC LIFE – #26755, MATURES 12/31/50, 4.00%

            164,344
 

RABOBANK I – #ISP-109501, MATURES 12/31/50, 4.09%

            91,473
 

STATE STREET II – #101063, MATURES 12/31/50, 4.02%

            154,401
              
 

TOTAL WRAPPER CONTRACTS

            1,558,066
              
 

LOANS TO PARTICIPANTS

         
*  

Various Loans – 3.25% to 9.50% due through 10/14/2039

            95,833,667
              
 

TOTAL LOANS TO PARTICIPANTS

            95,833,667
              
 

TOTAL INVESTMENTS, AT FAIR VALUE

          $ 2,935,962,288
              

 

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

 

35

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, 2009

 

(a)

  

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

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

ADJUSTMENTS FROM FAIR VALUE TO CONTRACT VALUE

         
 

AIG FINANCIAL – #27774, MATURES 12/31/50, 4.12%

            (1,658,247 ) 
 

RBC I – #10903, MATURES 12/31/50, 4.02%

            (833,035 ) 
 

RBC II – #20903, MATURES 12/31/50, 4.50%

            (1,058,761 ) 
 

BANK OF AMERICA – #01-132, MATURES 12/31/50, 4.10%

            (1,487,410 ) 
 

NATIXIS – #1025-06, MATURES 12/31/50, 4.04%

            (1,332,409 ) 
 

JP MORGAN CHASE I – #AISP01, MATURES 12/31/50, 4.24%

            (1,844,113 ) 
 

MET LIFE – #28972, MATURES 12/31/50, 3.98%

            (1,827,897 ) 
 

MONUMENT LIFE II – #MDA00633TR, MATURES 12/31/50, 4.11%

            (541,968 ) 
 

MONUMENT LIFE V – #MDA00375TR, MATURES 12/31/50, 4.08%

            (1,059,146 ) 
 

PACIFIC LIFE – #26755, MATURES 12/31/50, 4.00%

            (1,540,402 ) 
 

RABOBANK I – #ISP-109501, MATURES 12/31/50, 4.09%

            (1,353,269 ) 
 

STATE STREET II – #101063, MATURES 12/31/50, 4.02%

            (1,285,901 ) 
                
 

TOTAL ADJUSTMENTS

            (15,822,558 ) 
                
 

TOTAL INVESTMENTS

          $ 2,920,139,730   
                

 

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

 

36

Table of Contents

SIGNATURE

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
By   /s/ Valeria M. Christensen
 

Valeria M. Christensen

Delegate

Employee Benefits Administration Committee

Date: June 24, 2010

 

37

Table of Contents

EXHIBIT INDEX

 

Exhibit
Number

   

Description

23.1    Consent of Independent Registered Public Accounting Firm — PricewaterhouseCoopers LLP

 

E-1