UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
or
         TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 1-7657
A.           Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
B.             Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
200 Vesey Street
New York, New York 10285



AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Financial Statements and Supplemental Schedules

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator and Plan Participants of
American Express Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the American Express Retirement Savings Plan (the Plan) as of December 31, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes to the financial statements (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion on the Financial Statements
The financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by Plan management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Report on Supplemental Schedules
The supplemental schedules of delinquent participant contributions for the year ended December 31, 2021, of assets (held at end of year) as of December 31, 2021, and of assets (acquired and disposed of within year) for the year ended December 31, 2021, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ McConnell & Jones LLP
We have served as the Plan’s auditor since 2021.
Houston, Texas
June 16, 2022


AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
as of December 31, 2021 and 2020
(Thousands)

2021

2020
Assets




Investments, at fair value:




Money market funds

$ 50,866 

$ 76,393 
Corporate debt instruments

131,852 

140,014 
Common stocks

2,492,831 

2,353,264 
U.S. Government and agency obligations

239,859 

202,259 
Common/collective trusts

3,190,809 

2,668,893 
Mutual funds

469,118 

466,904 
Self-directed brokerage accounts

162,436 

140,110 
Other investments

172,012 

169,990 
Total investments, at fair value

6,909,783 

6,217,827 





Fully benefit responsive investment contracts, at contract value

758,772 

738,829 
Due from brokers

5,235 

7,529 
Cash (non-interest bearing)

2,927 

8,428 
Receivables:


Notes receivable from participants

62,048 

69,734 
Investment income accrued

3,827 

4,125 
Employer contributions

79,218 

79,376 
Total Assets

7,821,810 

7,125,848 





Liabilities




Accrued expenses

3,149 

2,936 
Due to brokers

97,978 

30,586 
Total Liabilities

101,127 

33,522 
Net assets available for benefits

$ 7,720,683 

$ 7,092,326 
See accompanying notes to the financial statements.
1
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2021
(Thousands)

2021
Contributions

Employer

$ 186,225 
Employee

210,428 
Rollovers

29,658 
Total contributions

426,311 



Investment income


Net appreciation of investments

889,741 
Interest and dividends

75,440 
Other income

159 
Total investment income

965,340 



Interest on notes receivable from participants

3,530 
Total additions to net assets

1,395,181 



Withdrawal payments

(751,740)
Administrative expenses

(15,084)
Total deductions from net assets

(766,824)



Net increase in net assets available for benefits

628,357 



Net assets available for benefits at beginning of year

7,092,326 
Net assets available for benefits at end of year

$ 7,720,683 
See accompanying notes to the financial statements.
2
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan
General
The American Express Retirement Savings Plan (the “Plan”), which became effective June 11, 1973, is a defined contribution plan. Under the terms of the Plan, regular full-time and certain part-time employees of American Express Company and its participating subsidiaries (the “Company”) can make elective contributions to the Plan beginning as soon as practicable after their date of hire, and eligible employees hired for the first time on or after January 1, 2017 are covered by the Plan’s automatic enrollment provisions. Eligible employees can qualify to receive Company contributions, if any, upon completion of six months of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore does not include all situations and limitations covered by the Plan. The Plan Document (“Plan Document”) is the exclusive governing document and should be referred to for more complete information.
Administration
Principal Life Insurance Company became the recordkeeper and Delaware Charter Guarantee & Trust Company, d/b/a Principal Trust Company, became the Trustee effective May 25, 2021. Principal Custody Solutions became the custodian effective February 22, 2022. Prior to these dates, Wells Fargo Bank N.A. was the recordkeeper, Trustee and custodian for the Plan. The Plan is administered by the Company’s Employee Benefits Administration Committee (“EBAC”) and the Company’s Retirement Savings Plan Investment Committee (“RSPIC”). The Plan Document requires that the American Express Company Stock Fund be offered as an investment option, subject to compliance with ERISA. RSPIC has the power to select the other investment options available under the Plan and the manner in which these investment options are invested. Subject to Plan limits, RSPIC also has the power to appoint investment managers to make investment decisions. Under the terms of the Plan Document, the members of EBAC and RSPIC are appointed by the Company’s Vice President, Global Well-Being and Benefits.
Compensation
The participant compensation (commonly referred to as “Total Pay”) that is used in the calculation of Plan contributions generally includes an employee’s base pay plus overtime, shift differentials, most commissions and most cash incentives. For participants above certain salary grades, as defined by the Plan, Total Pay does not include any incentive pay which, in the aggregate, is in excess of one times their base salary when calculating Company contributions.
For purposes of the Plan, compensation is limited to a participant’s regular cash remuneration up to a maximum of $290,000 in 2021 and $285,000 in 2020, before tax deductions and certain other withholdings.
Contributions
The Plan currently provides for the following contributions:
Elective Contributions
Each pay period, participants may make Before-Tax Contributions, Roth Contributions, and/or After-Tax Contributions up to 10% of eligible compensation, or a combination thereof, not to exceed 80% of their Total Pay, to the Plan through payroll deductions. Roth Contributions are a special type of after-tax contribution and are subject to most of the same rules as Before-Tax Contributions. The Internal Revenue Code of 1986, as amended (the “Code”) imposes a limitation that is adjusted annually for cost of living increases on participants’ pre-tax and Roth contributions to plans which are qualified under Code Section 401(k) and other specified tax-favored plans. For both 2021 and 2020, this limit was $19,500 for participants under age 50 and $26,000 for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2020 and 2019 by utilizing the safe harbor design for deferrals and matching contributions in accordance with Sections 401(k)(12) and 401(m)(11) of the Code.
3
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Eligible employees hired for the first time on or after January 1, 2017 are automatically enrolled to make Before-Tax Contributions equal to 3% of Total Pay, with a 1% automatic increase each year until the rate reaches 10%, unless the employee makes an alternative election to contribute at a different rate or opt out of automatic enrollment.
Effective January 1, 2022, the automatic enrollment rate for Before-Tax contributions increased to 6% of Total Pay, with a 1% automatic increase each year until the rate reaches 10%. In addition, eligible employees rehired on or after January 1, 2022 are covered by the automatic enrollment provisions when rehired.
Company Matching Contributions
The Company matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after a participant’s completion of six months of service.
Fixed Rate Contributions
As of January 1, 2021, the Company may make a Fixed Rate Contribution annually, typically comprised of 2.00% or 3.00% of eligible participants’ Total Pay (with the applicable percentage determined by a participant’s pay band level) for participants who have completed six months of service. Such typical percentages were applied to calculate the Fixed Rate Contribution for 2021. 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 Fixed Rate Contributions made for that Plan year. Fixed Rate Contributions to eligible participants are made regardless of whether the participant contributes to the Plan.
Discretionary Profit Sharing Contributions
Prior to January 1, 2021, additional Company contributions were made annually at the Company’s discretion based, in part, on the Company’s performance, and the Company retains the right to make such contributions in the future. A participant must have completed six months of service and be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for such Discretionary Profit Sharing Contributions. Discretionary Profit Sharing Contributions comprised 2.00% of eligible participants’ Total Pay in 2020, and none were made for 2021.
Qualified Non-Elective Contributions
The Company may make Qualified Non-Elective Contributions (“QNEC”). A QNEC is a discretionary, fully vested contribution allocated in accordance with the Company's direction at the time the QNEC is approved. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of Before-Tax Contributions or Roth Contributions.
Disability Contributions
Certain qualifying participants who become disabled, as defined by the Plan Document, are eligible to receive contributions similar to Fixed Rate Contributions, Discretionary Profit Sharing Contributions and Matching Contributions.
Allocation of Account Balances
A participant’s account balance may be reallocated among the Plan’s investment options upon receipt of instructions from the participant. Account balances may be reallocated among the Plan’s investment options on a daily basis.
Participant Rollovers
A rollover contribution is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers are accepted into the Plan, but are not subject to Company contributions.
In-Plan Roth Conversions
The Plan allows for in-Plan Roth conversions.
Vesting
Participants are immediately vested in their elective Before-Tax, Roth and After-Tax Contributions and rollovers, if any, as well as the investment earnings on the foregoing. Other contributions become vested as set forth below:
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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Company Matching Contributions
Company Matching Contributions and investment earnings thereon are immediately 100% vested.
Fixed Rate Contributions
Fixed Rate Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.
Discretionary Profit Sharing Contributions
Discretionary Profit Sharing Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.
Qualified Non-Elective Contributions
QNECs are immediately 100% vested and investment earnings thereon are immediately 100% vested.
Disability Contributions
Disability Contributions are immediately 100% vested.
Forfeitures
Forfeitures of terminated participants’ non-vested accounts, as well as amounts attributable to outstanding checks as to which the payee cannot be located, are used to pay Plan expenses or to reduce future Company contributions. Forfeited non-vested balances were $3.0 million and $1.7 million as of December 31, 2021 and 2020, respectively. Accrued 2021 Fixed Rate Contributions and 2020 Discretionary Profit Sharing Contributions made to the Plan in March 2022 and March 2021, were reduced by $2.2 million and $1.3 million, respectively, from forfeited account balances; of the remaining forfeitures, $0.8 million will be used in 2022 and $0.4 million was used in 2021 to pay Plan expenses.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts and Plan assets will be distributed in accordance with the Plan Document.
Notes Receivable from Participants
Notes receivable from participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest. Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants’ investment accounts in accordance with the election in effect for new contributions at the time of repayment. Terminated participants who have an outstanding loan may make arrangements with the Recordkeeper to pay the loan in full, or make installment payments. If arrangements are not made for the payment of the outstanding loan balance, the loan amount will be considered in default and the outstanding loan balance will be offset from the account balance, subject to income tax regulations.
Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed for the life of the loan. The interest rate determination is based on the prime rate plus one percentage point. In the event of a loan default, the loan is treated as a distribution (i.e., as an early withdrawal of funds from the Plan for tax purposes), which subjects the participant to income tax plus any penalties imposed by the Code based on the loan balance. If the participant is still employed, the loan balance is taxed as a “deemed distribution” but remains outstanding as an obligation of the participant until it is either repaid or the participant terminates employment. In the event of a termination, either voluntary or involuntary, the loan balance is treated as an actual distribution and deducted from the participant’s Plan account balance. Loans outstanding to participants at December 31, 2021, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through July 20, 2051.
5
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Tax Deferrals
As long as the Plan remains qualified and the related Trust (the “Trust”) remains tax exempt, amounts invested in the Plan through Before-Tax Contributions and Company contributions and rollovers, as well as the investment earnings on such amounts, are not subject to federal income tax until distributed to the participant. After-Tax Contributions are taxed when contributed, with earnings taxed upon distribution. Roth Contributions are taxed when contributed, and earnings on Roth Contributions and rolled-in Roth amounts qualify for tax-free distribution if a participant (i) reaches age 59-1/2, dies or becomes disabled (as defined by federal law) and (ii) has a Roth Contribution account with the Plan (or another plan from which a direct rollover of Roth contributions is received) for at least five taxable years. If those conditions are not met, earnings on Roth Contributions are taxed when distributed. Amounts that are converted to Roth status through an in-plan Roth conversion are taxed when converted (with the exception of After-Tax Contributions; however, earnings on After-Tax Contributions are subject to tax when converted), and thereafter are subject to the Roth taxation rules.
Distributions and Withdrawals
Upon termination of employment due to disability, death or retirement at or after attainment of the Plan’s normal retirement age (65), participants or their beneficiaries are fully vested and eligible to receive a distribution of the full value of their accounts. If employment ends for other reasons, participants are eligible to receive a distribution of their vested account balance. When employment ends, participants (or their beneficiaries) may elect to receive their vested balance as a cash amount, American Express Company common shares, if applicable, shares of any investment available through self-directed brokerage accounts (“SDA”), if applicable, or a combination of cash and shares. If the account balance is greater than $1,000, a participant may elect to defer distribution until April 1st of the year following the year in which the participant attains age 72 (age 70-1/2 if the participant had already attained age 70-1/2 as of December 31, 2020), at which point distributions must be made at least annually in at least the minimum amount required by federal law. However, 2020 required minimum distributions that would otherwise have been due on April 1, 2021 were waived in accordance with the Coronavirus Aid, Relief and Economic Security Act (the CARES Act). 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 balances subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Distributions and withdrawals are recorded when paid. Distributions (other than required minimum distributions and hardship withdrawals) may be rolled over to a qualified Individual Retirement Account (“IRA”) or other qualified employer retirement plan, if that plan allows rollovers.
Expenses
The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan. Expenses related to separately managed investment funds are generally paid out of the applicable investment funds. Fees, commissions, and other charges and administrative expenses that are attributable to the investment funds as a whole are generally paid from the Plan. All such expenses that are paid by the Plan are included within the administrative expenses on the Statement of Changes in Net Assets Available for Benefits. Fees and expenses incurred indirectly by the Plan from the underlying mutual funds and collective trusts in which the Plan may invest are not included in the Statement of Changes in Net Assets Available for Benefits as expenses, but reduce the asset value of that mutual fund or collective trust. Additional expenses are associated with the SDA, and participants electing to invest through the SDA are charged directly for these fees through their SDA.
The Plan's recordkeeper charges the Plan for recordkeeping of participant accounts, as well as trust and custody of plan assets. The Plan’s fee structure provides for a flat per-participant fee. The Plan’s investment adviser, NEPC, LLC, receives its compensation primarily in the form of a flat fee for its investment advisory services, which is paid by the Plan, plus an additional flat fee related to the oversight of the asset allocation of the Retirement Funds, as discussed in Note 4 (Investments), which is charged to the Plan’s Retirement Funds on a pro rata basis. Additionally, as described in Note 8 (Related Parties and Parties-In-Interest Transactions), the Plan reimburses the Company for direct expenses (salary and benefit costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.
6
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the financial statements. These estimates are based, in part, on management’s assumptions concerning future events. Among the more significant assumptions are those that relate to fair value measurements. These accounting estimates reflect the best judgment of management, but actual results could differ.
Cash and Cash Equivalents
Cash includes cash on hand, while cash equivalents include other highly liquid investments with an original maturity of 90 days or less, such as money market funds. All cash equivalents are presented within the "Money market funds" and "Self-directed brokerage accounts" line items in the financial statements and are reported on “Schedule H, Line 4i”.
Investment Valuation and Income Recognition
Investments are generally reported at fair value, with the exception of fully benefit responsive investment contracts, which are reported at contract value. Investments traded on securities exchanges, including common and preferred stocks, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan’s corporate debt instruments, U.S. Government and agency securities, municipal bonds and foreign bonds, is valued using a variety of observable market inputs, depending on the type of security being priced, and are obtained from pricing services engaged by Wells Fargo Bank N.A. See Note 3 (Fair Value Measurements) for a detailed discussion of the valuation techniques.
Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. As required by the Plan, all dividend and interest income is reinvested into the same investment option in which the dividends and interest income arose, provided that restrictions may apply to investments held under the SDA, and with the exception of the American Express Company Stock Fund, which is an investment option and an Employee Stock Ownership Plan (“ESOP”). The ESOP holds shares of American Express Company stock on behalf of participants. Dividends are automatically reinvested in the American Express Company Stock Fund, unless participants elect that the dividends paid with respect to their interest in the fund be distributed in cash.
The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.
Subsequent Events
The Plan has evaluated subsequent events or transactions for potential recognition or disclosure through June 16, 2022, the date the financial statements were issued. The Plan determined that there are no subsequent events or transactions that require additional disclosure.
7
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
3. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, based on the Plan’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.
GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:
•Level 1 – Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan can access.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:
–Quoted prices for similar assets or liabilities in active markets;
–Quoted prices for identical or similar assets or liabilities in markets that are not active;
–Inputs other than quoted prices that are observable for the asset or liability; and
–Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•Level 3 – Inputs that are unobservable and reflect the Plan’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).
The Plan monitors the market conditions and evaluates the fair value hierarchy levels at least annually.
The Plan corroborates the prices provided by Wells Fargo Bank N.A.'s pricing services to test their reasonableness by comparing their prices to valuations from a different pricing source. In instances where price discrepancies are identified between different pricing sources, the Plan would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities.
Financial Assets Carried at Fair Value
Financial assets disclosed in the tables below represent two types of assets. Assets held in funds (either mutual funds or common/collective trusts) are disclosed in the table according to the appropriate fund category (the underlying securities of those funds are not disclosed separately). Assets held in separate accounts (which are wholly owned by the Plan) are disclosed according to the appropriate category of the individual securities of those separately managed accounts; these individual securities include common stocks and fixed income securities. As such, the classification of financial assets in the table does not correspond to the classification of the investment options available to Plan participants, as discussed in Note 4 (Investments).
8
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2021:
Description (Thousands)

Total

Level 1

Level 2
Money market funds

$ 50,866 

$ 50,866 

$ — 
Corporate debt instruments

131,852

—

131,852
Common stocks

2,492,831

2,492,831

—
Common/Collective trusts

1,427,249

—

1,427,249
U.S. Government and agency obligations

239,859

—

239,859
Mutual funds

469,118

469,118

—
Self-directed brokerage accounts

162,436

162,436

—
Other investments

172,012

—

172,012
Total assets in the fair value hierarchy

$ 5,146,223 

$ 3,175,251 

$ 1,970,972 
Common/collective trusts measured at net asset value (“NAV”)

1,763,560




Total investments, at fair value

$ 6,909,783 




The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2020:
Description (Thousands)

Total

Level 1

Level 2
Money market funds

$ 76,393 

$ 76,393 

$ — 
Corporate debt instruments

140,014 

— 

140,014 
Common stocks

2,353,264 

2,353,264 

— 
Common/Collective trusts

1,171,445 

— 

1,171,445 
U.S. Government and agency obligations

202,259 

— 

202,259 
Mutual funds

466,904 

466,904 

— 
Self-directed brokerage accounts

140,110 

140,110 

— 
Other investments

169,990 

— 

169,990 
Total assets in the fair value hierarchy

$ 4,720,379 

$ 3,036,671 

$ 1,683,708 
Common/collective trusts measured at NAV

1,497,448 




Total investments, at fair value

$ 6,217,827 





9
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Valuation Techniques Used in the Fair Value Measurement of Financial Assets Carried at Fair Value
For the financial assets measured at fair value on a recurring basis (categorized in the valuation hierarchy table above), the Plan applies the following valuation techniques:
Level 1:
•Money market funds are valued at NAV, which represents the exit price.
•Investments in American Express Company common stock, other stock and active publicly traded equity securities are valued at the official closing price of U.S. public exchanges or, if there is no official closing price that day, at the last reported trade price at the financial statement date.
•Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940. These investments are required to make publicly available the daily NAV of the fund and to transact at this price. Hence, open-end mutual funds transact at quoted prices. In addition, the mutual funds held by the Plan are actively traded.
•The Plan’s self-directed brokerage accounts are primarily comprised of mutual funds and are valued using the corresponding valuation techniques as previously described.
Level 2:
•The fair values for the Plan’s corporate debt instruments, U.S. Government and agency obligations (which also include state and local government obligations) and Other investments (asset-backed securities, foreign sovereign debt and private placement bonds), are obtained primarily from pricing services engaged by Wells Fargo Bank N.A. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, and broker-dealer quotes, all with reasonable levels of transparency. Wells Fargo Bank N.A. does not apply any adjustments to the pricing models used. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2021 and 2020. The Plan reaffirms its understanding of the valuation techniques used by Wells Fargo Bank N.A.'s pricing services at least annually. The Plan classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets. However, the pricing models used do entail a certain amount of subjectivity, and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.
•Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective. These investments, however, are not registered with the SEC (unlike mutual funds, which are registered with the SEC), and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular daily trading and is corroborated with observable inputs provided by pricing services for the securities. To the extent the NAV is made publicly available, these common/collective trusts are classified within Level 2 of the fair value hierarchy and the NAVs represent the exit price for the funds.
Level 3:
•There are no Level 3 securities held by the Plan.
Assets Measured at NAV:
•For common/collective trusts whose NAVs are communicated only to investors in the trusts and are not publicly available, the NAVs are being used as practical expedient for fair value and represent the exit price for the funds.
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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
The fair values of the financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2021 and 2020 and require management judgment. The Plan’s valuation techniques used to measure the fair value of its investments may produce fair values that may not be indicative of a future sale, or reflective of future fair values. The use of different techniques to determine the fair value of these types of investments could result in different estimates of fair value at the reporting date. There were no transfers among the levels of fair value hierarchy during the years ended December 31, 2021 and 2020.
Fair Value of Investments Using NAV as Practical Expedient
The following tables summarize investments measured at fair value based on NAV per share/unit as of December 31, 2021 and 2020, respectively:
As of December 31, 2021
Fair Value
(Thousands)
Redemption Frequency
Redemption Notice Period
Common/collective trusts(a)
 $1,763,560
As needed
Up to 5 days
As of December 31, 2020
Fair Value
(Thousands)
Redemption Frequency
Redemption Notice Period
Common/collective trusts(a)
 $1,497,448
As needed
Up to 5 days
a.Common/collective trusts are invested to gain exposure to broad public indices, including U.S., international developed and emerging market equity securities and fixed income securities.
11
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
4. Investments
The investment options available to participants include nine core investment options (the “Core Investment Options”), of which five are actively managed (although in some cases, an actively managed option may also include a passively managed component) and four are passively managed (also known as index funds). In addition, target date funds (the “Retirement Funds”) based on target retirement dates are also available. The Retirement Funds invest in a mix of the actively managed Core Investment Options (and in some cases, also include an allocation to a Treasury inflation-protected securities strategy not available as a Core Investment Option). The age-appropriate Retirement Fund for the year in which a participant turns 65 generally serves as the Plan’s “default investment” to the extent a participant does not have a valid investment election on file. Additional investment options include the SDA and the American Express Company Stock Fund. A participant may currently elect to invest contributions in any combination of investment options in increments of 1% and change investment elections for future contributions on any business day the New York Stock Exchange is open. Participants may allocate up to 10% of their future contributions to the American Express Company Stock Fund, and transfers of balances from other investment options into the American Express Company Stock Fund are only permitted to the extent the participant’s investment in the American Express Company Stock Fund after the transfer does not exceed 10% of the participant’s overall Plan balance. Special rules and restrictions may apply to the SDA.
A brief description of the investment options available to participants at December 31, 2021, is set forth below:
Core Investment Options
RSPIC has created five actively managed Core Investment Options to provide diversified and actively managed options to participants. Four of these actively managed Core Investment Options (The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund, and The International Equity Fund) represent a broad asset class (e.g., U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, Bonds, etc.) using several managers (and in some cases, also including a passively managed component) within each Fund. These actively managed Core Investment Options seek to outperform a broad market index by buying and selling a limited number of investments (stocks, bonds, or other investments) using the underlying investment managers’ investment management skills.
The actively managed Stable Value Fund invests in diversified pools of U.S. Government and agency fixed income securities together with book value wrap agreements issued by creditworthy insurance companies or banks with the objective to protect a participant’s original investment while offering a competitive rate of interest with minimum risk.
The Stable Value Fund holds a portfolio of book value wrap contracts that are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of units of common/collective trusts, fixed income strategies and a portfolio of actively managed fixed income securities, referred to as the Stable Value Fund assets. Under the book value wrap contracts, the book value wrap provider is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Stable Value Fund assets. A portion of the Stable Value Fund assets are held in a separate account at MetLife as a condition for MetLife to provide its life insurance separate account contract, which provides similar participant benefit payments as a book value wrap contract. The assets in the MetLife separate account are not subject to the liabilities of the general account of MetLife. While the contracts are designed to protect the Stable Value Fund against interest rate risk, the Stable Value Fund is still exposed to risk if issuers of the Stable Value Fund assets default on payment of interest or principal, but this risk is mitigated because the underlying Stable Value Fund assets in the Stable Value Fund bond portfolio are backed by the U.S. Government. The contracts may not cover participant benefit payments at contract value upon the occurrence of certain events, described below, involving the Stable Value Fund, American Express as its plan sponsor (“Plan Sponsor”) or Ameriprise Trust Company, an affiliate of Ameriprise Financial, Inc., its investment manager.
12
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are required to be reported at contract value, rather than fair value, on the Statements of Net Assets. Contract value is the relevant measure for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses.
Certain events might limit the ability of the Plan to transact at contract value with the contract issuer and therefore also limit the ability of the Plan to transact at contract value with the participants of the Plan. These events may be different under each contract. Examples of such events include the following:
•The Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code or the failure of the trust to be tax-exempt under Section 501(a) of the Internal Revenue Code;
•Premature termination of the contracts;
•Plan termination or merger;
•Changes to the Plan’s administration of competing investment options; and
•Bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spinoffs of a subsidiary) that significantly affect the Plan’s normal operations.
The Plan believes no such events are probable of occurring.
In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Those events may be different under each contract. Examples of such events include the following:
•An uncured violation of the Plan’s investment guidelines;
•A breach of material obligation under the contract;
•A material misrepresentation; and
•A material amendment to the agreements without the consent of the issuer.
The Plan believes no such events are probable of occurring.
RSPIC has also created four passively-managed (index) Core Investment Options: The Diversified Bond Index Fund, The U.S. Large-Cap Equity Index Fund, The U.S. Small/Mid-Cap Equity Index Fund, and The International Equity Index Fund, which currently use a single index fund as the underlying investment in each Fund. Each passively-managed Core Investment Option seeks to mirror the investments and track the performance of a broad market index that includes hundreds or thousands of stocks or bonds.
Self-Directed Brokerage Accounts
The SDA gives participants the opportunity to invest in a wide variety of mutual funds in addition to the specific investment options mentioned above. Participants may request a Prospectus for any of the funds available through the SDA.
American Express Company Stock Fund
The Plan Document requires that this Fund be offered as an investment option under the Plan, subject to compliance with ERISA. The American Express Company Stock Fund is an ESOP. This Fund invests primarily in American Express Company common shares and holds a small amount of cash or other short-term cash equivalents to meet requests for investment transfers, withdrawals, and distributions. Participants have full voting rights for the common shares underlying the units that are allocated to the American Express Company Stock Fund.
A full, detailed description of the Plan’s investment options, and associated terms and conditions, is available to all participants.
13
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
5. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities and current market volatility, it is at least reasonably possible that changes in the values of investment securities will continue to occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.
6. Income Tax Status
The Plan has received a favorable determination letter from the Internal Revenue Service (“IRS”) dated November 21, 2016, stating that the Plan is qualified under section 401(a) of the Code, and therefore, the related trust is exempt from taxation. The Plan has been amended after the period covered by the determination letter. Although the Plan has been amended since receiving the determination letter, the Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code, and therefore, believes that the Plan, as amended, is qualified, the related trust is tax-exempt, and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.
GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions.
7. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2021 and 2020:
(Thousands)

2021

2020
Net assets available for benefits per the financial statements

$ 7,720,683 

$ 7,092,326 
Difference between contract value and fair value of fully benefit-responsive investment contracts

1,462 

17,966 
Loans deemed distributed

(286)

(300)
Net assets available for benefits per the Form 5500

$ 7,721,859 

$ 7,109,992 
The following is a reconciliation of net income per the financial statements to Form 5500 for the year ended December 31, 2021:
(Thousands)

2021
Net increase in net assets available for benefits per the financial statements

$ 628,357 
Adjustment for difference between contract value and fair value of fully benefit-responsive investment contracts

(16,504)
Change in deemed distributions of participant loans

14 
Net income per the Form 5500

$ 611,867 

14
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
8. Related Parties and Parties-In-Interest Transactions
The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Wells Fargo Bank, N.A. and its affiliates, Principal Financial Group and its affiliates as well as investment managers appointed by RSPIC. Transactions with these parties are considered party-in-interest transactions, but not considered prohibited transactions under ERISA. As noted in Supplemental Schedule H, Line 4i, the Plan held investments with parties-in-interest in Ameriprise Financial, Inc. and its affiliates, BlackRock Institutional Trust Company, N.A. and its affiliates, Fidelity Investment Management and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, MetLife Inc. and its affiliates, Morgan Stanley Investment Management and its affiliates, Principal Financial Group and its affiliates, Vanguard Fiduciary Trust Company and its affiliates, Wells Fargo Bank, N.A. and its affiliates and Willis Tower Watson and its affiliates as of both December 31, 2021 and 2020. Charles Schwab and Co., Inc and its affiliates became a service provider and party-in-interest as of May 25, 2021. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered party-in-interest transactions.
Berkshire Hathaway, Inc. and its affiliates are considered parties-in-interest due to ownership interests in the Company. The Plan holds certain securities in Berkshire Hathaway in accordance with investment strategies directed by its qualified professional asset managers.
Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2021 and 2020, the Plan held 4,605,470 shares of American Express Company common stock valued at $753 million and 5,015,340 shares valued at $606 million, respectively. During the 2021 plan year the Plan acquired 82,152 shares of American Express Company common stock valued at $20 million through dividend reinvestments and sold 234,738 shares valued at $56 million. The Plan reimburses the Company for direct expenses (salary and benefits costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.
15
SUPPLEMENTAL SCHEDULES
16
Table of Contents                                        
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions
for the Year Ended December 31, 2021
Participant Contributions Transferred Late to the Plan Total that Constitute Nonexempt Prohibited Transactions
Check here if Late Participant Loan Repayments are included
☐
 Contributions Not Corrected Contributions Corrected Outside VFCP Contributions Pending Correction in VFCP Total Fully Corrected Under VFCP and PTE 2002-51
$38 — $38 — —
In 2020, the Company untimely remitted a contribution deducted from a participant's paycheck. The Company remitted the delinquent participant contribution to the Plan and restored lost earnings on March 31, 2021.

17
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
Money Market Funds
* FIDELITY MM GOVT PORTFOLIO #57 50,865  50,866
Total Money Market Funds $ 50,866 






Corporate Debt Instruments



ABBVIE INC 2.800% 3/15/23 620  632
ABBVIE INC 4.050% 11/21/39 485  556
ABBVIE INC 4.400% 11/06/42 395  471
ABBVIE INC 4.500% 5/14/35 410  490
ACTIVISION BLIZZARD 1.350% 9/15/30 191  176
AEP TRANSMISSION CO 3.150% 9/15/49 120  122
AERCAP IRELAND CAP/G 1.750% 1/30/26 150  147
AERCAP IRELAND CAP/G 2.450% 10/29/26 180  181
AERCAP IRELAND CAP/G 3.000% 10/29/28 220  223
AERCAP IRELAND CAP/G 3.300% 1/30/32 210  214
AERCAP IRELAND CAP/G 4.450% 4/03/26 150  163
AERCAP IRELAND CAP/G 4.500% 9/15/23 605  634
AETNA INC 3.875% 8/15/47 150  167
AIR LEASE CORP 2.625% 7/01/22 179  180
AIR LEASE CORP 3.250% 3/01/25 81  84
AIR LEASE CORP 3.250% 10/01/29 415  424
AIR LEASE CORP 3.375% 7/01/25 462  482
ALABAMA POWER CO 5.700% 2/15/33 200  257
ALBEMARLE CORP 5.450% 12/01/44 50  65
ALEXANDRIA REAL ESTA 1.875% 2/01/33 140  132
ALEXANDRIA REAL ESTA 2.000% 5/18/32 310  296
ALTRIA GROUP INC 2.450% 2/04/32 460  437
AMAZON.COM INC 3.250% 5/12/61 200  215
AMAZON.COM INC 3.875% 8/22/37 110  129
AMER AIRLINE 16-2 AA 3.200% 6/15/28 153  154
AMER AIRLINE 16-3 AA 3.000% 4/15/30 181  179
AMER AIRLINE 17-1 AA 3.650% 2/15/29 54  56
AMER AIRLN 14-1 A PT 3.700% 10/01/26 94  95
AMERICA MOVIL SAB DE 3.625% 4/22/29 205  222
AMERICAN CAMPUS COMM 3.625% 11/15/27 229  245
AMERICAN FINANCIAL 3.500% 8/15/26 150  160
AMERICAN INTL GROUP 3.875% 1/15/35 200  221
AMERICAN TOWER CORP 2.100% 6/15/30 150  144
AMERICAN TOWER CORP 3.100% 6/15/50 139  135


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
18
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
AMERICAN TOWER CORP 3.700% 10/15/49 220  234
AMERICAN WATER CAPIT 3.450% 6/01/29 150  162
AMGEN INC 3.150% 2/21/40 200  205
ANALOG DEVICES INC 2.800% 10/01/41 250  253
ANHEUSER-BUSCH COS 4.900% 2/01/46 350  442
ANHEUSER-BUSCH INBEV 4.375% 4/15/38 190  223
ANHEUSER-BUSCH INBEV 4.439% 10/06/48 240  287
ANHEUSER-BUSCH INBEV 4.600% 6/01/60 175  217
ANHEUSER-BUSCH INBEV 4.700% 2/01/36 120  143
ANHEUSER-BUSCH INBEV 4.750% 4/15/58 7  9
APPLE INC 2.700% 8/05/51 500  495
ARROW ELECTRONICS IN 3.875% 1/12/28 55  60
ASSURANT INC 4.200% 9/27/23 105  110
ASTRAZENECA PLC 2.125% 8/06/50 140  124
ASTRAZENECA PLC 4.000% 9/18/42 60  72
ASTRAZENECA PLC 6.450% 9/15/37 70  103
AT&T INC 2.250% 2/01/32 450  435
AT&T INC 2.300% 6/01/27 725  737
AT&T INC 3.100% 2/01/43 225  219
AT&T INC 3.500% 6/01/41 154  158
AT&T INC 3.500% 9/15/53 129  130
AT&T INC 3.550% 9/15/55 638  640
ATMOS ENERGY CORP 0.625% 3/09/23 115  115
ATMOS ENERGY CORP 5.500% 6/15/41 100  133
AUTOZONE INC 1.650% 1/15/31 190  179
BAKER HUGHES HLDGS L 5.125% 9/15/40 50  62
BALTIMORE GAS & ELEC 2.900% 6/15/50 110  109
BALTIMORE GAS & ELEC 3.500% 8/15/46 70  76
BANCO SANTANDER SA 1.849% 3/25/26 400  398
BANCO SANTANDER SA 2.749% 12/03/30 200  196
BAT CAPITAL CORP 3.734% 9/25/40 130  125
BAT CAPITAL CORP 3.984% 9/25/50 200  192
BAT CAPITAL CORP 4.390% 8/15/37 220  232
BAT CAPITAL CORP 4.540% 8/15/47 55  58
BAT INTL FINANCE PLC 1.668% 3/25/26 145  142
BAXALTA INC 3.600% 6/23/22 15  15
BAXALTA INC 5.250% 6/23/45 7  9
* BERKSHIRE HATHAWAY 4.200% 8/15/48 200  243
* BERKSHIRE HATHAWAY 4.450% 1/15/49 235  290


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
19
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
BIOGEN INC 2.250% 5/01/30 464  457
BIOGEN INC 3.150% 5/01/50 75  72
BLACKSTONE SECURED 3.650% 7/14/23 195  201
BOARDWALK PIPELINES 3.400% 2/15/31 165  170
BOEING CO 1.433% 2/04/24 445  444
BOEING CO 2.196% 2/04/26 275  275
BOEING CO 2.750% 2/01/26 330  339
BOEING CO 3.100% 5/01/26 525  547
BOEING CO 3.250% 3/01/28 251  260
BOEING CO 4.875% 5/01/25 135  148
BOEING CO 5.040% 5/01/27 245  276
BOEING CO 5.150% 5/01/30 210  245
BOEING CO 5.705% 5/01/40 175  225
BOSTON PROPERTIES LP 3.125% 9/01/23 30  31
BOSTON SCIENTIFIC CO 4.000% 3/01/29 136  151
BP CAP MARKETS AMERI 2.939% 6/04/51 345  331
BP CAP MARKETS AMERI 3.017% 1/16/27 135  143
BRISTOL-MYERS SQUIBB 4.125% 6/15/39 122  144
BRISTOL-MYERS SQUIBB 5.000% 8/15/45 171  227
BRIXMOR OPERATING PA 2.250% 4/01/28 220  219
BRIXMOR OPERATING PA 2.500% 8/16/31 115  113
BRIXMOR OPERATING PA 3.850% 2/01/25 120  127
BROADCOM INC 4.750% 4/15/29 330  376
BROOKFIELD FINANCE 4.700% 9/20/47 64  79
BROOKFIELD FINANCE 4.850% 3/29/29 96  111
BROWN & BROWN INC 2.375% 3/15/31 100  97
BUCKEYE PARTNERS LP 5.850% 11/15/43 195  191
BUNGE LTD FINANCE CO 2.750% 5/14/31 260  264
BURLINGTN NORTH SANT 4.375% 9/01/42 130  158
BURLINGTON NORTH SAN 6.150% 5/01/37 60  85
CAMPBELL SOUP CO 3.125% 4/24/50 66  65
CANADIAN PACIFIC RAI 3.000% 12/02/41 223  228
CANADIAN PACIFIC RR 5.750% 3/15/33 70  90
CAPITAL ONE FINANCIA 3.300% 10/30/24 350  368
CAPITAL ONE FINANCIA 3.750% 7/28/26 88  94
CBS CORP 4.000% 1/15/26 292  315
CELANESE US HOLDINGS 3.500% 5/08/24 118  123
CENTERPOINT ENER HOU 3.000% 2/01/27 91  96
CHARTER COMM OPT LLC 3.500% 3/01/42 375  364


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
20
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
CHARTER COMM OPT LLC 3.700% 4/01/51 130  126
CHARTER COMM OPT LLC 5.375% 4/01/38 48  57
CHARTER COMM OPT LLC 6.384% 10/23/35 652  843
CHARTER COMM OPT LLC 6.834% 10/23/55 70  100
CHENIERE CORP CHRIST 5.875% 3/31/25 405  449
CHEVRON CORP 2.566% 5/16/23 210  215
CIGNA CORP 3.400% 3/01/27 415  446
CIGNA CORP 4.500% 2/25/26 108  119
CINCINNATI FINL CORP 6.920% 5/15/28 50  64
CITIGROUP INC 4.450% 9/29/27 21  23
CITIZENS FINANCIAL 2.638% 9/30/32 47  46
CLEVELAND ELECTRIC 5.950% 12/15/36 40  53
CMS ENERGY CORP 2.950% 2/15/27 39  40
CMS ENERGY CORP 3.875% 3/01/24 180  189
COCA-COLA FEMSA SAB 1.850% 9/01/32 205  193
COCA-COLA FEMSA SAB 2.750% 1/22/30 190  194
COMCAST CORP 2.350% 1/15/27 360  373
COMCAST CORP 3.200% 7/15/36 200  213
COMCAST CORP 3.400% 4/01/30 1,375  1,501
COMCAST CORP 3.900% 3/01/38 55  62
COMCAST CORP 4.250% 1/15/33 150  176
COMMONSPIRIT HEALTH 2.782% 10/01/30 545  558
COMMONWEALTH EDISON 3.650% 6/15/46 45  50
COMMONWEALTH EDISON 3.750% 8/15/47 70  79
CONAGRA BRANDS INC 5.400% 11/01/48 100  135
CONSTELLATION BRANDS 4.400% 11/15/25 75  82
CONTL AIRLINES 2012- 4.000% 10/29/24 431  447
CORNING INC 3.900% 11/15/49 100  112
CORPORATE OFFICE PRO 2.000% 1/15/29 90  87
CORPORATE OFFICE PRO 2.750% 4/15/31 362  360
CROWN CASTLE INTL CO 2.250% 1/15/31 295  287
CSX CORP 6.000% 10/01/36 175  236
CVS HEALTH CORP 2.700% 8/21/40 500  481
CVS PASS-THROUGH TRU 6.036% 12/10/28 —  0
DDR CORP 3.625% 2/01/25 61  64
DELL INTL L L C / EM 5.450% 6/15/23 35  37
DELL INTL L L C / EM 6.020% 6/15/26 673  778
DELTA AIR LINES 2015 3.625% 7/30/27 1,035  1,087
DELTA AIRLINES 2015B 4.250% 7/30/23 261  269


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
21
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
DH EUROPE FINANCE II 3.250% 11/15/39 80  85
DIAMONDBACK ENERGY 3.250% 12/01/26 150  158
DIAMONDBACK ENERGY 4.750% 5/31/25 345  378
DIGITAL REALTY TRUST 3.700% 8/15/27 39  42
DISCOVERY COMMUNICAT 3.450% 3/15/25 120  126
DISCOVERY COMMUNICAT 5.200% 9/20/47 275  341
DOLLAR GENERAL CORP 4.125% 5/01/28 70  78
DOMINION ENERGY INC 3.375% 4/01/30 210  223
DOMINION RESOURCES 2.750% 9/15/22 66  67
DOMINION RESOURCES 2.850% 8/15/26 76  79
DOWDUPONT INC 5.319% 11/15/38 100  129
DR PEPPER SNAPPLE GR 3.430% 6/15/27 35  37
DR PEPPER SNAPPLE GR 4.420% 12/15/46 70  83
DTE ENERGY CO 1.050% 6/01/25 380  372
DUKE ENERGY CORP 2.650% 9/01/26 43  45
DUKE ENERGY CORP 3.400% 6/15/29 86  91
DUKE ENERGY CORP 6.000% 12/01/28 80  99
DUKE ENERGY FLORIDA 3.800% 7/15/28 200  220
DUKE ENERGY OHIO INC 4.300% 2/01/49 60  72
DUKE ENERGY PROGRESS 2.900% 8/15/51 180  178
DUKE ENERGY PROGRESS 4.200% 8/15/45 130  155
DUKE REALTY LP 2.875% 11/15/29 90  94
DUKE REALTY LP 3.250% 6/30/26 23  24
EATON CORP 4.000% 11/02/32 170  195
ECOPETROL SA 5.875% 9/18/23 128  136
EDISON INTERNATIONAL 3.550% 11/15/24 100  105
EMERA US FINANCE LP 3.550% 6/15/26 70  74
EMERA US FINANCE LP 4.750% 6/15/46 150  177
ENABLE MIDSTREAM PAR 4.150% 9/15/29 141  151
ENABLE MIDSTREAM PAR 4.950% 5/15/28 55  61
ENERGY TRANSFER OPER 6.250% 4/15/49 209  273
ENERGY TRANSFER PART 4.750% 1/15/26 420  459
ENERGY TRANSFER PART 5.500% 6/01/27 36  41
ENERGY TRANSFER PART 6.050% 6/01/41 268  328
ENTERGY LOUISIANA LL 2.400% 10/01/26 59  60
ENTERGY LOUISIANA LL 2.900% 3/15/51 140  137
ENTERGY LOUISIANA LL 3.050% 6/01/31 57  60
ENTERGY LOUISIANA LL 3.120% 9/01/27 40  42
ENTERGY MISSISSIPPI 3.850% 6/01/49 190  218


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
22
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
ENTERPRISE PRODUCTS 4.900% 5/15/46 180  218
EQUINIX INC 2.000% 5/15/28 529  519
EQUINIX INC 2.900% 11/18/26 305  316
ESSEX PORTFOLIO LP 1.650% 1/15/31 200  186
ESSEX PORTFOLIO LP 2.650% 3/15/32 190  191
EVERGY INC 2.900% 9/15/29 235  240
EVERSOURCE ENERGY 2.900% 10/01/24 350  362
EXELON CORP 5.100% 6/15/45 170  219
EXELON GENERATION CO 3.250% 6/01/25 340  356
EXELON GENERATION CO 4.250% 6/15/22 75  76
EXELON GENERATION CO 6.250% 10/01/39 180  225
EXXON MOBIL CORPORAT 2.995% 8/16/39 400  405
FISERV INC 4.400% 7/01/49 90  107
FOMENTO ECONOMICO ME 3.500% 1/16/50 260  272
FORD FOUNDATION/THE 2.815% 6/01/70 90  93
FORTIS INC 3.055% 10/04/26 155  161
GE CAPITAL INTL FUND 4.418% 11/15/35 325  388
GENERAL DYNAMICS COR 4.250% 4/01/50 170  217
GENERAL MOTORS CO 6.125% 10/01/25 135  155
GENERAL MOTORS FINL 2.350% 1/08/31 322  313
GENERAL MOTORS FINL 2.750% 6/20/25 360  371
GENERAL MOTORS FINL 4.350% 1/17/27 117  129
GILEAD SCIENCES INC 2.600% 10/01/40 400  385
GLOBAL PAYMENTS INC 3.200% 8/15/29 186  194
GLOBAL PAYMENTS INC 4.150% 8/15/49 195  222
GOLDMAN SACHS GROUP 3.500% 11/16/26 150  160
GOLDMAN SACHS GROUP 3.800% 3/15/30 200  220
GOLDMAN SACHS GROUP 3.850% 1/26/27 224  241
HACKENSACK MERIDIAN 2.675% 9/01/41 445  434
HACKENSACK MERIDIAN 2.875% 9/01/50 250  251
HALLIBURTON CO 3.800% 11/15/25 10  11
HALLIBURTON CO 4.850% 11/15/35 43  51
HALLIBURTON COMPANY 6.700% 9/15/38 50  69
HANOVER INSURANCE GR 2.500% 9/01/30 140  139
HARRIS CORPORATION 4.854% 4/27/35 40  49
HARTFORD FINL SVCS 4.300% 4/15/43 90  106
HASBRO INC 3.900% 11/19/29 345  380
HCA INC 3.500% 7/15/51 195  199
HCA INC 5.125% 6/15/39 175  216


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
23
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
HCA INC 5.250% 6/15/26 600  675
HCP INC 3.250% 7/15/26 350  372
HCP INC 3.500% 7/15/29 185  201
HEALTH CARE REIT INC 6.500% 3/15/41 140  203
HEALTHPEAK PROPERTIE 2.125% 12/01/28 271  271
HESS CORP 6.000% 1/15/40 40  51
HOLLYFRONTIER CORP 2.625% 10/01/23 275  280
HOLLYFRONTIER CORP 5.875% 4/01/26 155  174
HOME DEPOT INC 3.300% 4/15/40 210  228
HSBC HOLDINGS PLC 6.100% 1/14/42 280  400
HSBC HOLDINGS PLC 7.350% 11/27/32 224  299
IBM CORP 3.500% 5/15/29 1,350  1,465
ING GROEP NV 3.950% 3/29/27 200  219
INTL FLAVOR & FRAGRA 5.000% 9/26/48 274  352
INTL LEASE FINANCE 5.875% 8/15/22 150  155
INTL LEASE FINANCE 8.625% 1/15/22 100  100
INTL PAPER CO 8.700% 6/15/38 40  65
JB HUNT TRANSPRT SVC 3.850% 3/15/24 100  105
JERSEY CENTRAL PWR 6.150% 6/01/37 30  40
KANSAS CITY POWER & 4.200% 3/15/48 60  71
KANSAS CITY SOUTHERN 4.700% 5/01/48 217  270
KINDER MORGAN INC/DE 5.050% 2/15/46 40  48
KLA CORP 3.300% 3/01/50 100  107
KOHL'S CORPORATION 3.375% 5/01/31 443  451
KROGER CO 3.950% 1/15/50 175  201
L3HARRIS TECH INC 1.800% 1/15/31 230  220
LASMO USA INC DTD 7.300% 11/15/27 70  89
LEAR CORP 2.600% 1/15/32 85  84
LENNAR CORP 4.500% 4/30/24 100  106
LIFE STORAGE LP 2.400% 10/15/31 135  133
LIFE STORAGE LP 4.000% 6/15/29 214  237
LLOYDS BANK PLC 4.500% 11/04/24 235  253
LLOYDS BANKING GROUP 4.375% 3/22/28 200  224
LOUISVILLE GAS & ELE 3.300% 10/01/25 71  75
LOUISVILLE GAS & ELE 4.650% 11/15/43 100  122
LOWE'S COS INC 2.625% 4/01/31 230  235
LOWE'S COS INC 3.000% 10/15/50 225  222
LYB INT FINANCE III 3.625% 4/01/51 100  106
LYB INTL FINANCE BV 4.875% 3/15/44 170  210


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
24
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
MARATHON PETROLEUM 4.700% 5/01/25 138  151
MARSH & MCLENNAN COS 4.375% 3/15/29 325  370
MARTIN MARIETTA MATE 3.500% 12/15/27 220  237
MASCO CORP 2.000% 10/01/30 90  86
MASCO CORP 6.500% 8/15/32 110  145
MASTERCARD INC 3.850% 3/26/50 125  150
MCDONALD'S CORP 3.500% 7/01/27 200  217
MCDONALD'S CORP 4.200% 4/01/50 125  151
MCDONALD'S CORP 4.700% 12/09/35 101  123
MCDONALD'S CORP 6.300% 10/15/37 38  53
MDC HOLDINGS INC 2.500% 1/15/31 315  305
MEAD JOHNSON NUTRITI 4.125% 11/15/25 120  131
MEAD JOHNSON NUTRITI 4.600% 6/01/44 35  45
MEMORIAL HEALTH SERV 3.447% 11/01/49 310  341
MICROSOFT CORP 3.041% 3/17/62 46  49
MID-AMERICA APARTMEN 1.700% 2/15/31 160  153
MIDMICHIGAN HEALTH 3.409% 6/01/50 90  96
MITSUBISHI UFJ FIN 2.048% 7/17/30 360  350
MITSUBISHI UFJ FIN 3.751% 7/18/39 290  329
MOODY'S CORPORATION 3.250% 5/20/50 210  219
* MORGAN STANLEY 3.125% 7/27/26 500  530
* MORGAN STANLEY 3.625% 1/20/27 755  818
MPLX LP 4.800% 2/15/29 139  159
MYLAN INC 5.400% 11/29/43 50  62
NATIONAL RETAIL PROP 3.600% 12/15/26 62  66
NATIONAL RETAIL PROP 4.000% 11/15/25 218  236
NISOURCE INC 1.700% 2/15/31 200  187
NOMURA HOLDINGS INC 2.648% 1/16/25 276  284
NOMURA HOLDINGS INC 2.679% 7/16/30 200  199
NORDSTROM INC 4.000% 3/15/27 295  296
NORDSTROM INC 4.250% 8/01/31 331  325
NORFOLK SOUTHERN COR 3.942% 11/01/47 351  406
NORFOLK SOUTHERN COR 4.837% 10/01/41 235  296
NORTHEASTERN UNIVERS 2.894% 10/01/50 400  398
NORTHERN STATE PWR- 6.200% 7/01/37 50  72
NORTHROP GRUMMAN COR 5.250% 5/01/50 335  469
NUCOR CORP 2.979% 12/15/55 50  49
NUTRIEN LTD 4.125% 3/15/35 100  114
NUTRIEN LTD 5.000% 4/01/49 55  74


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
25
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
NVENT FINANCE SARL 4.550% 4/15/28 98  109
OFFICE PPTY INCOME 2.400% 2/01/27 280  271
OFFICE PPTY INCOME 2.650% 6/15/26 350  347
OHIO POWER COMPANY 2.900% 10/01/51 240  231
ONCOR ELECTRIC DELIV 3.100% 9/15/49 215  224
ONEBEACON US HOLDING 4.600% 11/09/22 150  154
ORACLE CORP 1.650% 3/25/26 300  298
ORACLE CORP 2.300% 3/25/28 400  399
ORACLE CORP 3.850% 7/15/36 267  282
ORACLE CORP 3.900% 5/15/35 233  250
ORACLE CORP 3.950% 3/25/51 174  181
ORACLE CORP 4.000% 7/15/46 120  125
OTIS WORLDWIDE CORP 2.565% 2/15/30 200  203
PACIFIC GAS & 2.950% 3/01/26 105  107
PACIFIC GAS & ELECTR 1.367% 3/10/23 390  388
PACIFIC GAS & ELECTR 1.700% 11/15/23 135  135
PACIFIC GAS & ELECTR 1.750% 6/16/22 450  450
PACIFIC GAS & ELECTR 3.750% 8/15/42 50  47
PACIFIC GAS & ELECTR 4.300% 3/15/45 85  86
PACIFIC GAS & ELECTR 4.450% 4/15/42 200  203
PACIFIC GAS AND ELEC 3.450% 7/01/25 170  176
PECO ENERGY CO 2.800% 6/15/50 100  98
PEPPERDINE UNIV 3.301% 12/01/59 150  159
PETRO-CANADA 5.350% 7/15/33 100  121
PETRO-CANADA 6.800% 5/15/38 80  112
PHILLIPS 66 PARTNERS 3.150% 12/15/29 105  109
PHILLIPS 66 PARTNERS 3.550% 10/01/26 15  16
PHILLIPS 66 PARTNERS 3.605% 2/15/25 60  63
PHYSICIANS REALTY LP 2.625% 11/01/31 140  140
PIEDMONT HEALTHCARE 2.864% 1/01/52 245  239
PIONEER NATURAL RESO 1.900% 8/15/30 280  266
PLAINS ALL AMER PIPE 4.700% 6/15/44 130  138
PLAINS ALL AMER PIPE 5.150% 6/01/42 185  203
PRECISION CASTPARTS 3.900% 1/15/43 250  288
PRECISION CASTPARTS 4.375% 6/15/45 80  99
* PRINCIPAL FINANCIAL 3.700% 5/15/29 105  116
PROGRESS ENERGY INC 7.000% 10/30/31 50  68
PROV ST JOSEPH HLTH 2.746% 10/01/26 28  29
PSI ENERGY INC 6.120% 10/15/35 50  67


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
26
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
PUBLIC SERVICE COLOR 3.550% 6/15/46 27  29
PUBLIC SERVICE ELECT 2.250% 9/15/26 70  72
PUBLIC STORAGE 1.950% 11/09/28 124  124
PUBLIC STORAGE 2.250% 11/09/31 104  105
QUANTA SERVICES INC 2.350% 1/15/32 295  286
QUEST DIAGNOSTICS IN 2.800% 6/30/31 105  108
RAYTHEON TECH CORP 2.375% 3/15/32 273  273
RAYTHEON TECH CORP 4.350% 4/15/47 17  21
REALTY INCOME CORP 1.800% 3/15/33 145  136
REGENCY CENTERS LP 2.950% 9/15/29 180  187
REGENCY CENTERS LP 4.125% 3/15/28 200  223
REGENERON PHARMACEUT 1.750% 9/15/30 490  463
REPUBLIC SERVICES IN 1.450% 2/15/31 150  139
REYNOLDS AMERICAN IN 5.700% 8/15/35 100  118
ROPER TECHNOLOGIES 1.400% 9/15/27 170  165
ROPER TECHNOLOGIES 2.000% 6/30/30 130  125
ROYAL BK SCOTLND GRP 4.800% 4/05/26 200  222
RYDER SYSTEM INC 1.750% 9/01/26 375  372
SABINE PASS LIQUEFAC 4.500% 5/15/30 220  248
SABRA HEALTH CARE LP 3.200% 12/01/31 230  225
SAFEHOLD OPERATING 2.800% 6/15/31 545  538
SAN DIEGO G & E 2.950% 8/15/51 195  196
SAN DIEGO G & E 6.125% 9/15/37 80  108
SANTANDER UK GROUP 3.571% 1/10/23 200  200
SHELL INTERNATIONAL 5.500% 3/25/40 165  224
SOUTHERN CAL EDISON 3.650% 3/01/28 100  108
SOUTHERN CAL EDISON 4.050% 3/15/42 150  162
SOUTHERN CAL EDISON 4.125% 3/01/48 140  157
SOUTHERN CALIF EDISO 5.550% 1/15/36 100  123
SOUTHERN CALIF GAS 3.200% 6/15/25 150  157
SOUTHERN CO GAS CAPI 3.150% 9/30/51 165  163
SOUTHERN CO GAS CAPI 3.950% 10/01/46 26  29
SOUTHERN POWER CO 5.150% 9/15/41 70  86
SOUTHWEST GAS CORP 3.800% 9/29/46 49  54
SOUTHWESTERN PUBLIC 4.500% 8/15/41 30  36
SPIRIT AIR 2017-1 PT 3.375% 2/15/30 62  63
STEEL DYNAMICS INC 1.650% 10/15/27 101  99
SUMITOMO MITSUI FINL 1.474% 7/08/25 200  199
SUNOCO LOGISTICS PAR 3.900% 7/15/26 350  376


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
27
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
TAKEDA PHARMACEUTICA 3.025% 7/09/40 515  524
TAKEDA PHARMACEUTICA 3.175% 7/09/50 200  202
TAMPA ELECTRIC CO 4.450% 6/15/49 225  283
TECK RESOURCES LIMIT 3.900% 7/15/30 100  107
TECK RESOURCES LIMIT 6.250% 7/15/41 235  312
TELEFONICA EMISIONES 4.665% 3/06/38 150  173
TEXAS HEALTH RESOURC 2.328% 11/15/50 200  181
TEXTRON INC 3.000% 6/01/30 350  361
THERMO FISHER SCIENT 2.000% 10/15/31 170  167
TIME WARNER CABLE IN 5.500% 9/01/41 200  242
TIME WARNER CABLE IN 5.875% 11/15/40 250  312
T-MOBILE USA INC 2.050% 2/15/28 300  298
T-MOBILE USA INC 3.000% 2/15/41 420  410
T-MOBILE USA INC 3.500% 4/15/25 350  371
T-MOBILE USA INC 3.750% 4/15/27 200  217
TOLEDO EDISON COMPAN 6.150% 5/15/37 50  68
TOTAL CAPITAL INTL 2.986% 6/29/41 780  790
TOYOTA MOTOR CREDIT 3.375% 4/01/30 275  301
TRANS-CANADA PIPELIN 6.200% 10/15/37 60  82
TRI-STATE GENERATION 4.250% 6/01/46 37  42
TUCSON ELECTRIC POWE 4.850% 12/01/48 125  161
TYSON FOODS INC 5.150% 8/15/44 80  104
UDR INC 1.900% 3/15/33 175  161
UDR INC 2.100% 8/01/32 250  238
UDR INC 2.950% 9/01/26 32  33
UDR INC 3.000% 8/15/31 30  31
UNION CARBIDE CORP 7.750% 10/01/96 110  194
UNION ELECTRIC CO 2.950% 6/15/27 50  53
UNITED AIR 2013-1 A 4.300% 2/15/27 163  171
UNITED AIR 2016-1 AA 3.100% 7/07/28 158  162
UNITED AIR 2016-1 B 3.650% 1/07/26 57  57
UNITED AIR 2016-2 A 3.100% 10/07/28 276  273
UNITED AIR 2018-1 A 3.700% 3/01/30 382  386
UNITED AIR 2018-1 AA 3.500% 3/01/30 164  171
UNITED AIR 2018-1 B 4.600% 3/01/26 37  38
UNITED AIR 2019-1 A 4.550% 8/25/31 246  265
UNITED AIR 2019-1 AA 4.150% 8/25/31 229  251
UNITED TECHNOLOGIES 3.750% 11/01/46 105  117
UNITEDHEALTH GROUP 3.250% 5/15/51 200  216


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
28
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
UNITEDHEALTH GROUP 4.625% 7/15/35 124  155
UNIV OF SOUTHERN CAL 3.226% 10/01/20 200  203
VALE OVERSEAS LIMITE 3.750% 7/08/30 300  311
VALERO ENERGY CORP 2.150% 9/15/27 220  219
VALERO ENERGY CORP 7.500% 4/15/32 21  29
VENTAS REALTY LP 3.250% 10/15/26 25  26
VENTAS REALTY LP 3.850% 4/01/27 31  34
VERISK ANALYTICS INC 3.625% 5/15/50 200  217
VERIZON COMMUNICATIO 2.987% 10/30/56 219  207
VERIZON COMMUNICATIO 3.550% 3/22/51 200  215
VERIZON COMMUNICATIO 4.272% 1/15/36 50  59
VERIZON COMMUNICATIO 4.400% 11/01/34 70  82
VIACOM INC 5.850% 9/01/43 105  141
VIATRIS INC 2.300% 6/22/27 588  591
VIRGINIA ELEC & POWE 3.800% 9/15/47 50  56
VMWARE INC 1.400% 8/15/26 680  668
VMWARE INC 2.950% 8/21/22 140  142
VMWARE INC 4.650% 5/15/27 160  180
VODAFONE GROUP PLC 5.000% 5/30/38 300  373
VORNADO REALTY LP 3.500% 1/15/25 70  73
VR BANCO SANTANDER 1.722% 9/14/27 200  196
VR BANK OF AMERICA 1.734% 7/22/27 450  447
VR BANK OF AMERICA 1.898% 7/23/31 160  153
VR BANK OF AMERICA 2.087% 6/14/29 219  217
VR BANK OF AMERICA 2.496% 2/13/31 750  752
VR BANK OF AMERICA 2.572% 10/20/32 345  347
VR BANK OF AMERICA 2.676% 6/19/41 1,000  962
VR BANK OF AMERICA 2.687% 4/22/32 335  340
VR BANK OF AMERICA 3.970% 3/05/29 81  89
VR BANK OF AMERICA 3.974% 2/07/30 2,465  2,715
VR BANK OF AMERICA 4.330% 3/15/50 180  223
VR BANK OF MONTREAL 3.803% 12/15/32 67  72
VR BARCLAYS PLC 2.894% 11/24/32 200  201
VR BARCLAYS PLC 4.338% 5/16/24 200  208
VR BARCLAYS PLC 4.610% 2/15/23 220  221
VR CITIGROUP INC 1.122% 1/28/27 500  487
VR CITIGROUP INC 2.520% 11/03/32 385  385
VR CITIGROUP INC 2.666% 1/29/31 500  507
VR CITIGROUP INC 3.668% 7/24/28 290  313


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
29
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
VR CITIGROUP INC 3.878% 1/24/39 50  57
VR CITIGROUP INC 3.980% 3/20/30 300  331
VR CITIGROUP INC 4.412% 3/31/31 2,605  2,975
VR DEUTSCHE BANK NY 2.129% 11/24/26 220  220
VR DEUTSCHE BANK NY 2.222% 9/18/24 390  395
VR GOLDMAN SACHS 4.223% 5/01/29 2,755  3,060
VR GOLDMAN SACHS GRO 1.992% 1/27/32 400  384
VR GOLDMAN SACHS GRO 2.383% 7/21/32 290  286
VR GOLDMAN SACHS GRO 3.272% 9/29/25 500  525
VR GOLDMAN SACHS GRO 3.691% 6/05/28 639  688
VR GOLDMAN SACHS GRO 4.411% 4/23/39 210  251
VR HSBC HOLDINGS PLC 2.206% 8/17/29 220  216
VR HSBC HOLDINGS PLC 2.357% 8/18/31 320  313
VR JOHN DEERE CAPI 1.133% 6/07/23 1,116  1,123
* VR JPMORGAN CHASE & 4.005% 4/23/29 2,485  2,743
* VR JPMORGAN CHASE & 4.203% 7/23/29 600  671
VR LLOYDS BANKING GR 2.438% 2/05/26 300  306
VR MAGELLAN MIDSTREA 6.400% 5/01/37 70  91
VR MANUF & TRADERS 1.098% 5/18/22 2,274  2,278
VR MIZUHO FINANCIAL 1.234% 5/22/27 284  275
* VR MORGAN STANLEY 1.794% 2/13/32 470  445
* VR MORGAN STANLEY 3.622% 4/01/31 200  218
* VR MORGAN STANLEY 3.772% 1/24/29 1,355  1,474
* VR MORGAN STANLEY 4.431% 1/23/30 137  156
* VR MORGAN STANLEY 4.457% 4/22/39 135  162
VR NATWEST GROUP PLC 1.642% 6/14/27 333  328
VR NORTHERN TRUST CO 3.375% 5/08/32 38  40
VR PNC BANK NA 0.46345% 2/24/23 2,085  2,086
VR ROYAL BK SCOTLND 3.754% 11/01/29 236  246
VR ROYAL BK SCOTLND 4.269% 3/22/25 200  212
VR ROYAL BK SCOTLND 4.445% 5/08/30 235  264
VR SANTANDER UK GROU 1.673% 6/14/27 270  264
* VR WELLS FARGO & 4.478% 4/04/31 1,300  1,510
* VR WELLS FARGO & COM 3.196% 6/17/27 535  564
VR WESTPAC BANKING 2.894% 2/04/30 250  255
VR WESTPAC BANKING 4.322% 11/23/31 120  130
WALT DISNEY COMPANY/ 4.700% 3/23/50 170  224
WALT DISNEY COMPANY/ 7.625% 11/30/28 100  136
* WELLS FARGO & COMPAN 4.100% 6/03/26 36  39


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
30
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
* WELLS FARGO & COMPAN 4.300% 7/22/27 148  165
* WELLS FARGO & COMPAN 4.900% 11/17/45 67  84
WELLTOWER INC 2.700% 2/15/27 18  19
WELLTOWER INC 3.100% 1/15/30 115  120
WELLTOWER INC 4.250% 4/01/26 100  110
WESTPAC BANKING CORP 3.133% 11/18/41 175  173
WISCONSIN ENERGY COR 3.550% 6/15/25 29  31
WP CAREY INC 2.450% 2/01/32 180  176
WP CAREY INC 4.000% 2/01/25 200  213
WP CAREY INC 4.250% 10/01/26 300  328
WRKCO INC 3.900% 6/01/28 90  99
WW GRAINGER INC 4.600% 6/15/45 91  116
XCEL ENERGY INC 3.400% 6/01/30 200  215
XILINX INC 2.375% 6/01/30 584  591
YALE-NEW HAVEN HLTH 2.496% 7/01/50 210  194
ZIMMER BIOMET HOLDIN 2.600% 11/24/31 233  234
ZOETIS INC 2.000% 5/15/30 190  187
Total Corporate Debt Instruments $ 131,852 
Common Stocks
10X GENOMICS INC 34  5,094
1-800-FLOWERS.COM INC 46  1,076
ABBVIE INC 24  3,294
ACADEMY SPORTS & OUTDOORS INC 25  1,109
ACCO BRANDS CORP 196  1,617
ACI WORLDWIDE INC 46  1,593
ADAPTIVE BIOTECHNOLOGIES CORP 26  741
ADOBE INC 18  10,053
ADTRAN INC 85  1,932
ADVANCED MICRO DEVICES INC 20  2,864
AERCAP HOLDINGS NV 61  3,964
AFLAC INC 69  4,041
AGILENT TECHNOLOGIES INC 28  4,518
AIR LEASE CORP 38  1,669
AIRBNB INC 50  8,403
ALASKA AIR GROUP INC 23  1,180
ALBANY INTL CORP NEW CL A 34  2,965
ALCOA CORP 86  5,099
ALEXANDER & BALDWIN INC 162  4,059


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
31
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
ALIGN TECHNOLOGY INC 32  21,080
ALLEGHANY CORP DEL NEW 4  2,985
ALLEGRO MICROSYSTEMS INC 30  1,071
ALLIANT ENERGY CORPORATION 30  1,857
ALLSCRIPTS HEALTHCARE SOLUTIONS INC 88  1,632
ALLSTATE CORP 35  4,141
ALLY FINANCIAL INC 85  4,033
ALPHABET INC CL C 4  12,422
AMAZON COM INC COM 11  38,291
AMERICAN ASSETS TRUST INC 34  1,263
* AMERICAN EXPRESS CO 4,605  753,455
AMERICAN FINL GROUP INC OHIO COM 29  3,996
AMERICAN HOMES 4 RENT 102  4,444
AMERICAN TOWER CORP 24  7,119
AMERICAN WOODMARK CORP COM 25  1,615
AMERICOLD REALTY TRUST 73  2,405
* AMERIPRISE FINL INC 19  5,762
AMERISOURCEBERGEN CORP 29  3,867
AMGEN INC 22  4,949
AMKOR TECHNOLOGIES INC COM 53  1,321
APRIA INC 37  1,209
APTARGROUP INC COM 10  1,286
ARAMARK 74  2,721
ARCUS BIOSCIENCES INC 18  709
ARGENX SE-ADR 4  1,401
ARGO GROUP INTL HLDGS LTD 22  1,295
ASBURY AUTOMOTIVE GROUP INC 7  1,261
ASCENDIS PHARMA A/S-ADR 5  686
ASSURED GUARANTY LTD USD 1.0 29  1,447
ASTRAZENECA PLC ADR 51  2,981
AT & T INC 308  7,586
ATLANTIC UNION BANKSHARES CORP 39  1,463
ATLASSIAN CORP PLC-CLASS A 43  16,477
ATRICURE INC 20  1,377
AUTODESK INC 9  2,531
AVALARA INC 8  1,085
AVEANNA HEALTHCARE HOLDINGS IN 230  1,705
AXALTA COATING SYSTEMS LTD 55  1,806
AXON ENTERPRISE INC 8  1,334


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
32
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
AZEK CO INC/THE 49  2,261
AZZ INC. 23  1,247
BANC OF CALIFORNIA INC 122  2,398
BANCO SANTANDER CEN-SPON - ADR 1,093  3,596
BANDWIDTH INC 10  696
BANK NEW YORK MELLON CORP COM 101  5,843
BANK OF AMERICA CORP 233  10,359
BAXTER INTL INC 45  3,837
BECTON DICKINSON & CO 16  3,923
BELDEN INC 40  2,604
BENTLEY SYSTEMS INC 41  1,977
* BERKSHIRE HATHAWAY INC. 27  8,032
BEST BUY INC 43  4,389
BIOGEN INC 16  3,719
BJ'S WHOLESALE CLUB HOLDINGS 23  1,540
BLOCK INC CL A 148  23,955
BLOOMIN' BRANDS INC 59  1,230
BLUEPRINT MEDICINES CORP 14  1,500
BOK FINANCIAL CORPORATION 29  3,061
BOOZ ALLEN HAMILTON HOLDING CO 24  1,993
BOSTON SCIENTIFIC CORP COM 65  2,753
BP PLC - ADR 184  4,893
BRANDYWINE RLTY TR BD 133  1,789
BRIGHTVIEW HOLDINGS INC 91  1,284
BRISTOL MYERS SQUIBB CO 154  9,621
BRUNSWICK CORP 24  2,367
BUILDERS FIRSTSOURCE INC 25  2,107
CACI INTL INC FORMERLY CACI INC TO 4  1,199
CADENCE BANK 58  1,719
CALLAWAY GOLF CO COM 84  2,328
CANADIAN NAT RES LTD 115  4,853
CAPITAL ONE FINANCIAL CORP 23  3,337
CARVANA CO 24  5,588
CATALENT INC 16  1,997
CATERPILLAR INC 19  4,011
CBIZ INC 51  1,987
CDK GLOBAL INC 60  2,510
CENTERSPACE 14  1,569
CHAMPIONX CORP 56  1,140


*    Indicates party-in-interest
Column (d) cost, has been omitted, as all investments are participant directed, except where indicated
33
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
as of December 31, 2021
(a) (b) (c) Identity of Issue, Borrower, Lessor, or Similar Party involved;
Description of transaction including rate of interest and maturity date		 Number of Shares/ Units or Face Amount (in thousands) (e) Current Value (in thousands)
CHARLES RIVER LABORATORIES 5  2,016
CHARTER COMMUNICATIONS INC-A 18  11,992
CHEMED CORP NEW 2  1,270
CHESAPEAKE ENERGY CORP 20  1,261
CHEVRON CORP 27  3,173
CIGNA CORP 18  4,133
CITIGROUP INC. 278  16,840
CLEAN HARBORS INC 18  1,767
CLEARWATER ANALYTICS HLDGS INC 30  689
CLOUDFLARE INC 41  5,339
COGNEX CORP 23  1,804
COLGATE PALMOLIVE CO 51  4,386
CONAGRA BRANDS INC 126  4,289
CONOCOPHILLIPS 113  8,165
CONTINENTAL RESOURCES INC/OK 81  3,626
COOPER COS INC COM NEW 7  3,100
CORPORATE OFFICE PROPERTIES COM 39  1,095
CORTEVA INC 104  4,899
COSTAR GROUP, INC 169  13,318
COSTCO WHOLESALE CORP 19  10,990
CROWN CASTLE INTL CORP 14  2,860
CROWN HLDGS INC 30  3,355
CTS CORP 52  1,911
CUMMINS INC. 26  5,693
CVS HEALTH CORPORATION 70  7,241
CYBER-ARK SOFTWARE LTD/ISRAE