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, 2024
or
    ☐     TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 1-7657
A.           Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
B.             Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
200 Vesey Street
New York, New York 10285


AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Financial Statements and Supplemental Schedules

Table of Contents

Page



FINANCIAL STATEMENTS









SUPPLEMENTAL SCHEDULES*






E-1
*    Other schedules required under Section 2520.103 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable or not required.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator and Plan Participants of the
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, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of Plan’s management (Management). Our responsibility is to express an opinion on the financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits 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 audits, 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 audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule
The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2024, Schedule of Assets (Acquired and Disposed of Within Year) for the year ended December 31, 2024, and Schedule of Reportable Transactions for the year ended December 31, 2024, has been subjected to audit procedures performed in conjunction with the audits of the financial statements. The supplemental schedules are the responsibility of 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 taken as a whole.
/s/ McConnell & Jones LLP
McConnell & Jones LLP
Houston, Texas
June 18, 2025


We have served as the Plan’s auditor since 2021.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
as of December 31, 2024 and 2023
(Thousands)

2024

2023
Assets




Investments, at fair value:




Money market funds

$45,210 

$54,554 
Corporate debt instruments

133,447 

108,503 
Common stocks

3,058,448 

2,371,145 
U.S. Government and agency obligations

311,175 

274,132 
Common/collective trusts

4,143,069 

3,699,783 
Mutual funds

76,274 

70,091 
Self-directed brokerage accounts

215,114 

171,774 
Other investments

154,433 

155,695 
Total investments, at fair value

8,137,170 

6,905,677 
Fully benefit responsive investment contracts, at contract value

762,784 

807,696 
Due from brokers

2,027 

16,154 
Cash (non-interest bearing)

7,741 

6,306 
Receivables:


Notes receivable from participants

73,860 

67,333 
Investment income accrued

8,798 

8,065 
Employer contributions

112,605 

112,917 
Total Assets

9,104,985 

7,924,148 
Liabilities


Accrued expenses

2,957 

2,193 
Due to brokers

143,537 

166,547 
Total Liabilities

146,494 

168,740 
Net assets available for benefits

$8,958,491 

$7,755,408 
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, 2024
(Thousands)

2024
Additions:

  Contributions:
Employer

$268,070 
Employee

304,465 
Rollovers

43,191 
Total contributions

615,726 
Investment income:

Net appreciation of investments

1,226,005 
Interest and dividends

100,126 
Other income

2,156 
Total investment income

1,328,287 
 Interest on notes receivable from participants

5,178 
Total additions to net assets

1,949,191 
Deductions:
  Withdrawal payments

(732,266)
  Administrative expenses

(13,842)
Total deductions

(746,108)


Net increase in net assets available for benefits

1,203,083 


Net assets available for benefits at beginning of year

$7,755,408 
Net assets available for benefits at end of year

$8,958,491 
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 U.S.-paid 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 as well as those rehired on or after January 1, 2022 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 is the recordkeeper and Delaware Charter Guarantee & Trust Company, d/b/a Principal Trust Company, is the Trustee and custodian for the Plan, and uses Principal Bank as its sub-custodian. 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 $345,000 in 2024 and $330,000 in 2023, before tax deductions and certain other withholdings.
Contributions
Cash contributions received by the Plan but not yet invested are presented as Cash (non-interest bearing) on the Statement of Net Assets Available for Benefits. 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 2024 and 2023, this limit was $23,000 and $22,500, respectively, for participants under age 50 and $30,500 and $30,000, respectively, for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2024 and 2023 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.
Eligible employees hired for the first time on or after January 1, 2017 as well as eligible employees rehired on or after January 1, 2022 are automatically enrolled to make Before-Tax Contributions equal to 6% 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.
3
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Company Matching Contributions
The Company matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after a participant’s completion of six months of service.
Fixed Rate Contributions
The Company may make a Fixed Rate Contribution annually, typically comprised of 2% or 3% 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 percentages were applied to calculate the Fixed Rate Contribution for 2024 and 2023. 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
Additional Discretionary Profit Sharing Contributions by the Company are permitted under the Plan; no Discretionary Profit Sharing Contributions were made in 2024 or 2023.
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 (if applicable) 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:
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.

4
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
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 at the discretion of the Company, as Plan Sponsor, to reduce future Company contributions, restore forfeitures for participants who are rehired and reissue checks for any missing payees who are subsequently located. Forfeiture amounts not used for the above purposes may be used to pay Plan expenses as directed by the Plan Administrator. Forfeited non-vested balances were $2.7 million and $2.6 million as of December 31, 2024 and 2023, respectively. Accrued 2024 and 2023 Fixed Rate Contributions made to the Plan in March 2025 and March 2024, were reduced by $2.6 million and $2.2 million, respectively, from forfeited account balances. An additional $0.4 million from the forfeited account balances reduced Company contributions during the 2024 plan year. Of the remaining forfeitures, $0.1 million will be used in 2025 and $0.6 million was used in 2024 to pay Plan expenses.
Plan Termination
Although the Company 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, and to potentially higher limits in the event a participant has experienced a loss due to a qualifying natural disaster. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Extensions may apply in the event a participant is absent on military leave or is affected by a qualifying natural disaster. 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 Plan’s 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, 2024, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through February 23, 2052.

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 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 the participant’s "required beginning date" as defined by Section 401(a)(9) of the Code, at which point distributions must be made at least annually in at least the minimum amount required by federal law. 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 (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 coordinating certain services, validating reporting by Plan vendors and providing services to the Plan that are not performed by the Plan’s other service providers.
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.
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 Principal Bank for the years ended December 31, 2024 and 2023. The fair value of the Plan’s Stable Value Fund assets, described in Note 4 (Investments), is valued using pricing services engaged by Ameriprise Trust Company. 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 or depreciation in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.
Distributions and Withdrawals
Distributions and withdrawals are recorded when paid.
Subsequent Events
The Plan has evaluated subsequent events or transactions for potential recognition or disclosure through June 18, 2025, 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 estimates about the estimates 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).
Plan Management monitors the market conditions and evaluates the fair value hierarchy levels at least annually.
Plan Management’s practice is to review the inputs, assumptions and valuation techniques of pricing services used by the Plan’s asset custodians at least annually and to corroborate the prices provided by the Plan’s asset custodians 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, Plan Management would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities. There were no price discrepancies identified for the years ended December 31, 2024 and 2023.
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, 2024:
Description (Thousands)

Total

Level 1

Level 2
Money market funds

$45,210 $45,210 $— 
Corporate debt instruments

133,447—133,447
Common stocks

3,058,4483,058,448—
Common/Collective trusts

1,344,724—1,344,724
U.S. Government and agency obligations

311,175—311,175
Mutual funds

76,27476,274—
Self-directed brokerage accounts

215,114215,114—
Other investments

154,433—154,433
Total assets in the fair value hierarchy$5,338,825 $3,395,046 $1,943,779 
Common/collective trusts measured at net asset value (“NAV”)

2,798,345
Total investments, at fair value

$8,137,170 
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, 2023:
Description (Thousands)

Total

Level 1

Level 2
Money market funds

$54,554 

$54,554 $— 
Corporate debt instruments

108,503 

—108,503
Common stocks

2,371,145 

2,371,145—
Common/Collective trusts

998,229 

—998,229
U.S. Government and agency obligations

274,132 

—274,132
Mutual funds

70,091 

70,091—
Self-directed brokerage accounts

171,774 

171,774—
Other investments

155,695 

—155,695
Total assets in the fair value hierarchy$4,204,123 $2,667,564 $1,536,559 
Common/collective trusts measured at NAV

2,701,554
Total investments, at fair value

$6,905,677 

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 and Other investments (asset-backed securities, foreign sovereign debt, municipal bonds and private placement securities) are obtained primarily from pricing services engaged by Principal Bank for the years ended December 31, 2024 and 2023 and with respect to Stable Value Fund assets, Ameriprise Trust Company for the years ended December 31, 2024 and 2023. 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. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2024 and 2023. Plan Management reaffirms its understanding of the valuation techniques used by the 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, 2024 and 2023 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, 2024 and 2023.
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, 2024 and 2023, respectively:
As of December 31, 2024
Fair Value
(Thousands)
Redemption Frequency
Redemption Notice Period
Common/collective trusts(a)
$2,798,345
As needed
Up to 5 business days(b)
As of December 31, 2023
Fair Value
(Thousands)
Redemption Frequency
Redemption Notice Period
Common/collective trusts(a)
$2,701,554
As needed
Up to 5 business days(b)
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.
b.Fund trustees have the discretion to impose a longer notice period for the redemption of all or substantially all of the Plan’s investment in the funds.
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 Retirement Fund associated with 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, 2024, 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., Bonds, U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, 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 and a fixed income portfolio employing active management investment strategies, collectively 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. 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 Available for Benefits. 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 Code or the failure of the trust to be tax-exempt under Section 501(a) of the 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.
Plan Management 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.
Plan Management 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 August 10, 2022, 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, 2024, 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 the Form 5500 as of December 31, 2024 and 2023:
(Thousands)

2024

2023
Net assets available for benefits per the financial statements

$8,958,491 

$7,755,408 
Difference between contract value and fair value of fully benefit-responsive investment contracts

(36,552)

(37,110)
Loans deemed distributed

(205)

(239)
Net assets per the Form 5500

$8,921,734 

$7,718,059 
The following is a reconciliation of net income per the financial statements to the Form 5500 for the year ended December 31, 2024:
(Thousands)

2024
Net increase in net assets available for benefits per the financial statements

$1,203,083 
Adjustment for difference between contract value and fair value of fully benefit-responsive investment contracts

558 
Change in deemed distributions of participant loans

34 
Net income per the Form 5500

$1,203,675 

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 Principal Financial Group and its affiliates and Charles Schwab and Co., Inc. 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, Charles Schwab and Co. Inc. and its affiliates, Fidelity Investment Management and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, Morgan Stanley Investment Management and its affiliates, Principal Financial Group and its affiliates, Vanguard Fiduciary Trust Company and its affiliates and Willis Towers Watson and its affiliates as of December 31, 2024. Additionally, the self-directed brokerage account includes certain investments considered to be party-in-interest investments. 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, 2024 and 2023, the Plan held 3,941,171 shares of American Express Company common stock valued at $1,170 million and 4,272,748 shares valued at $800 million, respectively. During the 2024 plan year the Plan acquired 45,894 shares of American Express Company common stock valued at $11 million through dividend reinvestments and sold 271,136 shares valued at $66 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 coordinating certain services, validating reporting by Plan vendors and providing services to the Plan that are not performed by the Plan’s other service providers.
15

SUPPLEMENTAL SCHEDULES
16
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
Money Market Funds
ALLSPRING TREASURY PLUS
45,210 45,210
Total Money Market Funds$45,210 
Corporate Debt Instruments


ABBVIE INC 4.050 %11/21/2039485 414
ABBVIE INC 4.400 %11/6/2042395 342
ABBVIE INC 4.500 %5/14/2035160 150
ABBVIE INC 5.050 %3/15/2034150 148
ABN AMRO BANK 5.515 %12/3/2035300 293
ACCENTURE CAPITAL INC 4.500 %10/4/2034135 128
ACCENTURE CAPITAL INC 4.250 %10/4/2031195 187
AEP TRANSMISSION CO LLC 3.150 %9/15/2049120 79
AERCAP IRELAND CAP/GLOBA 2.450 %10/29/2026180 172
AERCAP IRELAND CAP/GLOBA 3.300 %1/30/2032210 183
AERCAP IRELAND CAPITAL LTD 6.100 %1/15/2027290 297
AFLAC INC 3.600 %4/1/20301,565 1,470
AIB GROUP PLC 6.608 %9/13/2029400 418
AIR LEASE CORP 2.200 %1/15/2027218 207
AIR LEASE CORP 5.200 %7/15/2031220 217
AKER BP ASA 5.125 %10/1/2034150 141
AKER BP ASA 5.800 %10/1/2054150 136
ALABAMA POWER CO 5.700 %2/15/2033200 204
ALBEMARLE CORP 5.450 %12/1/204450 45
ALEXANDRIA REAL ESTATE 5.250 %5/15/2036211 205
ALEXANDRIA REAL ESTATE E 1.875 %2/1/2033140 108
ALEXANDRIA REAL ESTATE E 2.000 %5/18/2032310 247
ALTRIA GROUP INC 2.450 %2/4/2032260 214
AMAZON.COM INC 3.250 %5/12/206165 42
AMAZON.COM INC 3.875 %8/22/2037110 97
AMAZON.COM INC 3.950 %4/13/2052285 225
AMAZON.COM INC 4.100 %4/13/206284 66
AMER AIRLINE 16-2 AA PTT 3.200 %6/15/2028126 119
AMER AIRLINE 16-3 AA PTT 3.000 %4/15/203079 74
AMER AIRLN 14-1 A PTT 3.700 %10/1/202672 70
AMER AIRLN 15-1 A PTT 3.375 %5/1/2027525 501
AMERICAN TOWER CORP 2.100 %6/15/2030150 129
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
AMERICAN TOWER CORP 3.100 %6/15/2050139 89
AMERICAN TOWER CORP 3.700 %10/15/2049220 159
AMERICAN TOWER CORP 5.900 %11/15/2033170 175
AMERICAN WATER CAPITAL C 3.450 %6/1/2029150 141
AMGEN INC 3.150 %2/21/2040200 149
ANALOG DEVICES INC 2.800 %10/1/2041250 177
ANZ NATIONAL INTL LTD 5.355 %8/14/2028210 213
AON NORTH AMERICA INC 5.450 %3/1/2034300 299
AON NORTH AMERICA INC 5.750 %3/1/2054250 244
APA INFRASTRUCTURE LTD 5.125 %9/16/2034345 329
APPLOVIN CORP 5.375 %12/1/2031381 381
APTIV IRISH HOLDINGS LIMITED 3.250 %3/1/2032239 206
ASTRAZENECA PLC 4.000 %9/18/204260 50
ASTRAZENECA PLC 6.450 %9/15/203770 77
AT&T INC 2.250 %2/1/2032350 289
AT&T INC 2.300 %6/1/2027725 684
AT&T INC 2.750 %6/1/2031180 157
AT&T INC 3.500 %6/1/2041154 118
AT&T INC 3.550 %9/15/2055638 429
ATMOS ENERGY CORP 5.500 %6/15/2041100 99
AUTOZONE INC 1.650 %1/15/2031190 156
AVOLON HLDGS FDG LTD 4.950 %1/15/202855 55
AVOLON HLDGS FDG LTD 6.375 %5/4/2028265 272
AVOLON HOLDINGS FNDG 5.750 %3/1/2029199 201
AVOLON HOLDINGS FNDG LTD 5.750 %11/15/2029260 263
AVOLON HOLDINGS FUNDING LTD 5.150 %1/15/203085 83
BALTIMORE GAS & ELECTRIC 5.400 %6/1/2053265 252
BALTIMORE GAS & ELECTRIC 2.900 %6/15/2050110 69
BALTIMORE GAS & ELECTRIC 3.500 %8/15/204670 51
BANCO SANTANDER S.A. 6.607 %11/7/2028600 631
BANCO SANTANDER SA 5.588 %8/8/2028400 405
BANCO SANTANDER SA
VR9/14/2027200 189
BANK AMERICA CORP 5.819 %9/15/2029460 471
BANK AMERICA CORP 5.872 %9/15/2034280 288
BANK NEW YORK MELLON CORP 6.474 %10/25/2034180 194
BANK NEW ZEALAND 5.076 %1/30/2029250 251
BANK NOVA SCOTIA 4.740 %11/10/2032145 140
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
BANK OF AMERICA 5.202 %4/25/2029410 412
BANK OF AMERICA 5.468 %1/23/2035240 240
BANK OF AMERICA CORP 5.288 %4/25/2034440 436
BANK OF AMERICA CORP 5.425 %8/15/2035206 201
BANK OF AMERICA CORP
VR7/22/2027450 429
BANK OF AMERICA CORP
VR7/23/2031160 135
BANK OF AMERICA CORP
VR6/14/2029219 199
BANK OF AMERICA CORP
VR10/20/2032345 291
BANK OF AMERICA CORP
VR6/19/2041675 469
BANK OF AMERICA CORP
VR4/22/2042151 113
BANK OF AMERICA CORP
VR3/5/202981 79
BANK OF AMERICA CORP
VR2/7/20301,395 1,337
BANK OF IRELAND GROUP 6.253 %9/16/2026420 423
BANK OF MONTREAL 4.640 %9/10/2030136 133
BANK OF NOVA SCOTIA 4.850 %2/1/2030273 271
BANK OF NY MELLON CORP 6.317 %10/25/2029215 226
BARCLAYS PLC 4.942 %9/10/2030236 231
BARCLAYS PLC 5.690 %3/12/2030200 202
BARCLAYS PLC 6.224 %5/9/2034270 277
BARCLAYS PLC
VR11/24/2032200 169
BAT CAPITAL CORP 4.540 %8/15/2047172 136
BAT INTL FINANCE PLC 1.668 %3/25/2026145 140
BAXALTA INC 5.250 %6/23/20457 6
*
BERKSHIRE HATHAWAY ENERG 4.450 %1/15/2049235 194
*
BERKSHIRE HATHAWAY FIN 3.850 %3/15/2052165 125
BNP PARIBAS 5.176 %1/9/2030975 972
BNP PARIBAS 5.283 %11/19/2030840 831
BNP PARIBAS 5.497 %5/20/2030200 200
BOARDWALK PIPELINES LP 3.400 %2/15/2031100 89
BOEING CO 3.250 %3/1/2028251 236
BOEING CO 5.150 %5/1/2030210 207
BOEING CO 5.705 %5/1/2040175 167
BOEING CO/THE 6.388 %5/1/2031130 136
BOEING CO/THE 6.528 %5/1/2034215 225
BP CAP MARKETS AMERICA 2.939 %6/4/2051345 214
BP CAP MARKETS AMERICA 4.812 %2/13/2033220 213
BP CAP MKTS AMER INC 4.893 %9/11/2033180 174
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
BPCE FR 5.936 %5/30/2035250 248
BPCE SA 5.716 %1/18/2030500 503
BPCE SA 5.975 %1/18/2027250 252
BRISTOL-MYERS SQUIBB CO 5.550 %2/22/205424 23
BRISTOL-MYERS SQUIBB CO 5.650 %2/22/2064225 217
BRISTOL-MYERS SQUIBB CO 3.700 %3/15/2052159 116
BRISTOL-MYERS SQUIBB CO 4.125 %6/15/2039122 105
BRIXMOR OPERATING PART 2.250 %4/1/2028220 201
BRIXMOR OPERATING PART 2.500 %8/16/2031115 97
BROADCOM INC 4.750 %4/15/2029330 328
BROADCOM INC 5.050 %7/12/2029500 502
BROOKFIELD FINANCE INC 3.900 %1/25/2028297 289
BROOKFIELD FINANCE INC 4.700 %9/20/204713 11
BROOKFIELD FINANCE INC 4.850 %3/29/202996 95
BROWN & BROWN INC 2.375 %3/15/2031100 84
BUNGE LTD FINANCE CORP 4.650 %9/17/2034242 228
BUNGE LTD FINANCE CORP 2.750 %5/14/2031260 225
BURLINGTN NORTH SANTA FE 4.375 %9/1/2042130 113
BURLINGTON NORTH SANTA F 6.150 %5/1/203760 64
BURLINGTON NORTHN SANTA FE CORP 5.500 %3/15/2055160 157
CADENCE DESIGN SYSTEM INC 4.700 %9/10/2034314 301
CAIXABANK SA 6.684 %9/13/2027255 262
CAMPBELL SOUP CO 3.125 %4/24/205066 42
CANADIAN IMPERIAL BANK 4.631 %9/11/2030450 441
CANADIAN PAC RY CO 4.700 %5/1/2048217 188
CANADIAN PACIFIC RR CO 5.750 %3/15/203370 71
CAPITAL ONE FINANCIAL CO 6.312 %6/8/2029145 150
CAPITAL ONE FINANCIAL CO 4.927 %5/10/202829 29
CAPITAL ONE FINANCIAL CO 4.985 %7/24/202650 50
CAPITAL ONE FINANCIAL CO 7.624 %10/30/2031427 471
CAPITAL ONE FINANCIAL CO
VR11/2/202734 32
CAPITAL ONE FINL CORP 5.700 %2/1/2030190 193
CARDINAL HEALTH INC 5.450 %2/15/2034100 100
CELANESE US HOLDINGS LLC 6.050 %3/15/202532 32
CENCORA INC 5.125 %2/15/2034280 275
CENTERPOINT ENER HOUSTON 3.000 %2/1/202791 88
CGI INC 2.300 %9/14/2031200 166
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
CHARTER COMM OPT LLC/CAP 3.500 %3/1/2042375 255
CHARTER COMM OPT LLC/CAP 3.700 %4/1/2051130 81
CHARTER COMM OPT LLC/CAP 5.375 %4/1/203848 43
CHARTER COMM OPT LLC/CAP 6.384 %10/23/2035500 499
CHARTER COMM OPT LLC/CAP 6.834 %10/23/205570 68
CHENIERE ENERGY INC 5.650 %4/15/2034130 131
CIGNA CORP 3.400 %3/1/2027270 263
CIGNA GROUP/THE 5.125 %5/15/2031200 199
CINCINNATI FINL CORP 6.920 %5/15/202850 53
CITIGROUP INC 4.450 %9/29/202721 21
CITIGROUP INC 4.542 %9/19/2030328 319
CITIGROUP INC 5.449 %6/11/2035350 347
CITIGROUP INC
VR1/28/2027500 480
CITIGROUP INC
VR11/3/2032385 321
CITIGROUP INC
VR1/25/2033183 157
CITIGROUP INC
VR7/24/2028290 281
CITIGROUP INC
VR3/31/20311,390 1,336
CLEVELAND ELECTRIC ILLUM 5.950 %12/15/203640 40
CMS ENERGY CORP 2.950 %2/15/202739 38
CNO GLOBAL FUNDING 5.875 %6/4/2027500 509
COCA-COLA FEMSA SAB CV 1.850 %9/1/2032205 161
CODELCO INC 6.440 %1/26/2036200 204
COLUMBIA PIPELINE HOLDCO 5.097 %10/1/203183 81
COLUMBIA PIPELINES OPCO 5.927 %8/15/2030350 360
COLUMBIA PIPELINES OPCO 6.036 %11/15/2033423 434
COMCAST CORP 2.887 %11/1/2051244 147
COMCAST CORP 2.937 %11/1/2056143 83
COMCAST CORP 3.200 %7/15/2036200 162
COMCAST CORP 3.400 %4/1/20301,375 1,276
COMCAST CORP 3.900 %3/1/203855 46
COMCAST CORP 4.250 %1/15/2033150 140
COMMONSPIRIT HEALTH 2.782 %10/1/2030545 482
COMMONWEALTH EDISON CO 3.650 %6/15/204645 34
COMMONWEALTH EDISON CO 3.750 %8/15/204770 52
CONNECTICUT LT & PWR CO 4.950 %8/15/2034428 417
CONOCOPHILLIPS COMPANY 5.500 %1/15/2055255 243
CONSTELLATION ENERGY 6.500 %10/1/2053220 233
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
CONSTELLATION ENERGY GEN LLC 5.800 %3/1/2033208 213
CONSTELLATION SOFTWARE 5.158 %2/16/2029224 225
CONSTELLATION SOFTWARE INC 5.461 %2/16/2034110 110
CONSUMERS ENERGY CO 4.625 %5/15/2033265 256
COOPERATIEVE RABOBANK UA 5.564 %2/28/2029400 405
COREBRIDGE FINANCIAL INC 3.850 %4/5/2029105 100
COREBRIDGE FINANCIAL INC 3.650 %4/5/2027145 141
COREBRIDGE GLOB FUNDING 5.900 %9/19/2028180 185
CORPORATE OFFICE PROP LP 2.000 %1/15/202990 79
CORPORATE OFFICE PROP LP 2.750 %4/15/2031362 309
COTERRA ENERGY INC 5.400 %2/15/2035210 204
CREDIT AGRICOLE 6.316 %10/3/2029250 258
CSL FINANCE PLC 3.850 %4/27/2027215 210
CSX CORP 6.000 %10/1/2036175 184
DANSKE BANK 4.613 %10/2/2030200 194
DANSKE BANK 5.705 %3/1/2030400 406
DELL INT LLC / EMC CORP 4.900 %10/1/2026146 146
DELL INT LLC/EMC CORP 5.250 %2/1/2028146 148
DELL INTL L L C / EMC CORP 6.020 %6/15/202687 88
DELTA AIR LINES 2015-1AA 3.625 %7/30/2027851 825
DELTA AIR LINES 2020-AA 2.000 %6/10/202845 41
DEUTSCHE BANK 6.720 %1/18/2029700 727
DEUTSCHE BANK 7.146 %7/13/2027245 252
DEUTSCHE BANK 6.819 %11/20/2029190 199
DEUTSCHE BANK AG 5.414 %5/10/2029150 152
DEUTSCHE BANK NY
VR11/24/2026220 214
DEVON ENERGY CORP 5.750 %9/15/2054225 204
DH EUROPE FINANCE II 3.250 %11/15/203980 62
DOMINION ENERGY INC 3.375 %4/1/2030210 193
DOMINION RESOURCES INC 2.850 %8/15/202676 74
DOWDUPONT INC 5.319 %11/15/203861 61
DTE ELECT SECUR FND II 6.090 %9/1/2038300 319
DTE ELECTRIC CO 3.650 %3/1/2052160 117
DTE ELECTRIC CO 5.400 %4/1/2053130 126
DTE ENERGY CO 5.850 %6/1/2034412 423
DUKE ENERGY CORP 2.650 %9/1/202643 42
DUKE ENERGY CORP 6.100 %9/15/2053250 254
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
DUKE ENERGY FLA LLC 6.200 %11/15/2053180 190
DUKE ENERGY FLORIDA LLC 3.800 %7/15/2028200 194
DUKE ENERGY OHIO INC 4.300 %2/1/204960 48
DUKE ENERGY PROGRESS INC 4.200 %8/15/2045130 105
DUKE ENERGY PROGRESS LLC 2.900 %8/15/2051180 111
EASTERN GAS TRAN 3.900 %11/15/2049206 150
EL PASO ENERGY CORP MED TERM NOTE 7.800 %8/1/2031150 169
ELECTRICITE DE FRANCE 5.950 %4/22/2034200 204
ELEMENT FLEET MANAGEMENT 5.643 %3/13/2027149 151
ELEMENT FLEET MANAGEMENT 6.319 %12/4/2028530 552
ELEVANCE HEALTH INC 4.750 %2/15/2033143 137
ELI LILLY & CO 5.000 %2/9/2054270 248
EMERA US FINANCE LP 3.550 %6/15/202670 69
EMERA US FINANCE LP 4.750 %6/15/2046150 124
ENBRIDGE INC 5.625 %4/5/2034245 246
ENBRIDGE INC 5.700 %3/8/2033180 182
ENERGY TRANSFER LP 5.250 %7/1/2029300 301
ENERGY TRANSFER LP 5.600 %9/1/2034434 434
ENERGY TRANSFER OPERATNG 6.250 %4/15/2049209 209
ENERGY TRANSFER PARTNERS 6.000 %6/15/2048268 259
ENI SPA 5.950 %5/15/2054200 192
ENTERGY LOUISIANA LLC 2.400 %10/1/202659 57
ENTERGY LOUISIANA LLC 2.900 %3/15/2051140 86
ENTERGY LOUISIANA LLC 3.050 %6/1/203157 51
ENTERGY LOUISIANA LLC 3.120 %9/1/202740 38
ENTERGY MISSISSIPPI INC 3.850 %6/1/2049190 141
ENTERPRISE PRODUCTS OPER 4.950 %2/15/2035400 387
ENTERPRISE PRODUCTS OPER 4.900 %5/15/2046180 160
EQUINIX INC 2.900 %11/18/2026305 294
ESSEX PORTFOLIO LP 1.650 %1/15/2031200 163
EVERGY INC 2.900 %9/15/2029235 214
EVERGY METRO INC 4.950 %4/15/2033284 277
EVERGY MISSOURI W STORM 5.104 %12/1/2040280 278
EXELON CORP 5.100 %6/15/2045170 154
EXELON GENERATION CO LLC 6.250 %10/1/2039180 188
EXTRA SPACE STORAGE 2.400 %10/15/2031135 112
EXTRA SPACE STORAGE 4.000 %6/15/2029214 205
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
EXTRA SPACE STORAGE LP 5.900 %1/15/2031190 196
EXXON MOBIL CORPORATION 2.995 %8/16/2039400 303
F&G ANNUITIES & LIFE INC 6.500 %6/4/2029115 117
F&G GLOBAL FUNDING 5.875 %6/10/2027300 304
FED CAISSES DESJARDINS 5.700 %3/14/2028200 204
FISERV INC 4.400 %7/1/204990 73
FISERV INC 5.150 %8/12/2034440 430
FLORIDA POWER & LIGHT 5.000 %8/1/20341,970 1,957
FLORIDA PWR & LT CO 5.300 %4/1/2053140 133
FORD FOUNDATION/THE 2.815 %6/1/207090 51
FORD MOTOR CREDIT CO LLC 2.900 %2/10/2029541 485
FORTIS INC 3.055 %10/4/2026155 150
FOUNDRY JV HOLDCO LLC 6.250 %1/25/2035345 347
GA GLOBAL FUNDING TRUST 5.200 %12/9/2031150 146
GALLAGHER ARTHUR J & CO 5.750 %7/15/205490 88
GATX CORP 6.050 %6/5/2054345 354
GENERAL MOTORS FINL CO 5.400 %5/8/2027135 136
GENERAL MOTORS FINL CO 5.450 %9/6/2034155 150
GENERAL MOTORS FINL CO 2.350 %1/8/2031157 131
GENERAL MOTORS FINL CO 2.700 %6/10/2031115 97
GENERAL MTRS FINL CO 5.950 %4/4/2034160 161
GENPACT LUXEMBOURG SA 6.000 %6/4/2029209 214
GILEAD SCIENCES INC 2.600 %10/1/2040300 207
GLENCORE FUNDING LLC 5.634 %4/4/2034190 189
GLOBAL PAYMENTS INC 2.900 %5/15/203067 60
GLOBAL PAYMENTS INC 2.900 %11/15/2031129 110
GLOBAL PAYMENTS INC 3.200 %8/15/2029186 170
GOLDMAN SACHS GROUP INC 6.484 %10/24/2029250 262
GOLDMAN SACHS GROUP INC 3.800 %3/15/2030200 188
GOLDMAN SACHS GROUP INC 5.049 %7/23/2030315 313
GOLDMAN SACHS GROUP INC 5.330 %7/23/2035665 653
GOLDMAN SACHS GROUP INC
VR10/21/202761 58
GOLDMAN SACHS GROUP INC
VR1/27/2032400 330
GOLDMAN SACHS GROUP INC
VR7/21/2032290 242
GOLDMAN SACHS GROUP INC
VR2/24/2028234 223
GOLDMAN SACHS GROUP INC
VR6/5/2028639 621
GOODMAN US FINANCE SIX 5.125 %10/7/2034100 96
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
HACKENSACK MERIDIAN HLTH 2.675 %9/1/2041445 308
HACKENSACK MERIDIAN HLTH 2.875 %9/1/2050250 157
HALLIBURTON CO 4.850 %11/15/203543 41
HALLIBURTON COMPANY 6.700 %9/15/203850 54
HANOVER INSURANCE GROUP 2.500 %9/1/2030140 121
HARRIS CORPORATION 4.854 %4/27/203540 38
HARTFORD FINL SVCS GRP 4.300 %4/15/204390 76
HCA INC 3.500 %7/15/205192 60
HCA INC 5.125 %6/15/2039175 159
HCA INC 5.500 %6/15/2047105 95
HCA INC 5.600 %4/1/2034570 562
HCA INC 6.100 %4/1/2064130 124
HCA INC. 5.950 %9/15/2054100 95
HCP INC 3.250 %7/15/2026350 342
HEALTH CARE REIT INC 6.500 %3/15/2041140 150
HEALTHCARE TRUST OF AMER 3.100 %2/15/2030500 449
HEALTHPEAK PROPERTIES 2.125 %12/1/2028271 244
HEWLETT PACKARD ENTERPRISE 5.000 %10/15/2034370 356
HF SINCLAIR CORP 5.875 %4/1/2026155 156
HIGH STREET FNDG TRUST I 4.111 %2/15/2028149 143
HOME DEPOT INC 3.625 %4/15/2052170 123
HONEYWELL INTERNATIONAL 5.250 %3/1/2054210 197
HSBC HOLDINGS PLC 5.286 %11/19/2030420 417
HSBC HOLDINGS PLC 5.733 %5/17/2032250 253
HSBC HOLDINGS PLC 7.390 %11/3/2028200 212
HSBC HOLDINGS PLC
VR8/17/2029220 198
HSBC HOLDINGS PLC
VR8/18/2031320 272
HUNTINGTON BANCSHARES INC 5.272 %1/15/2031150 150
HYUNDAI CAP SVCS INC 5.125 %2/5/2029200 199
HYUNDAI CAPITAL AMERICA 5.300 %6/24/2029430 431
HYUNDAI CAPITAL AMERICA 4.550 %9/26/2029200 194
IBM CORP 3.500 %5/15/20291,350 1,279
ING GROEP NV 6.114 %9/11/2034242 251
ING GROEP NV 3.950 %3/29/2027200 197
INTEL CORP 3.050 %8/12/2051100 57
INTEL CORP 3.250 %11/15/2049100 60
INTEL CORP 3.734 %12/8/2047120 79
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
INTEL CORP 4.875 %2/10/2028356 354
INTEL CORP 5.700 %2/10/2053100 88
INTERSTATE PWR & LT CO 4.950 %9/30/2034100 96
INTERSTATE PWR & LT CO 5.450 %9/30/2054115 109
INTUIT INC 5.200 %9/15/2033230 230
INTUIT SR NT 5.500 %9/15/205370 69
ITC HOLDINGS CORP 5.400 %6/1/2033500 496
JBS USA LUX 6.750 %3/15/2034251 265
JBS USA LUX SA 3.750 %12/1/2031245 217
JERSEY CENTRAL PWR & LT 6.150 %6/1/203730 31
JM SMUCKER CO 6.200 %11/15/203395 100
JM SMUCKER CO 6.500 %11/15/205385 91
*
JPMORGAN CHASE & CO 5.766 %4/22/2035275 281
*
JPMORGAN CHASE & CO
VR7/23/2029600 584
KANSAS CITY POWER & LT 4.200 %3/15/204860 48
KBC GROUP 6.324 %9/21/2034350 362
KELLOGG CO 5.250 %3/1/2033196 196
KEYCORP 4.789 %6/1/203345 43
KINDER MORGAN INC 5.000 %2/1/2029230 229
KINDER MORGAN INC/DELAWA 5.050 %2/15/204640 35
KLA CORP 3.300 %3/1/2050100 69
KRAFT HEINZ FOODS CO 4.375 %6/1/2046120 97
KRAFT HEINZ FOODS CO 4.625 %10/1/2039155 139
KROGER CO 5.000 %9/15/203490 87
KROGER CO 5.500 %9/15/205470 66
L3HARRIS TECHNOLOGIES INC 5.250 %6/1/2031200 200
L3HARRIS TECHNOLOGIES INC 5.400 %7/31/2033203 203
L3HARRIS TECHNOLOGIES INC 5.500 %8/15/2054178 171
LASMO USA INC DTD 11/12/97 7.300 %11/15/202770 75
LEAR CORP 2.600 %1/15/203285 71
LEIDOS INC 5.750 %3/15/2033110 112
LLOYDS BANKING GROUP 5.679 %1/5/2035215 214
LLOYDS BANKING GROUP 5.462 %1/5/2028200 202
LLOYDS BANKING GROUP PLC 5.087 %11/26/2028426 426
LLOYDS BANKING GROUP PLC 4.375 %3/22/2028200 195
LOUISVILLE GAS & ELEC 4.650 %11/15/2043100 85
LOWE’S COS INC
3.000 %10/15/2050225 140
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
LOWE’S COS INC
5.625 %4/15/2053124 119
LUBRIZOL CORP 6.500 %10/1/2034193 212
LYB INTL FINANCE BV 4.875 %3/15/2044170 146
MARSH & MCLENNAN COS INC 4.375 %3/15/2029325 319
MARVELL TECHNOLOGY INC 5.750 %2/15/2029250 256
MASCO CORP 2.000 %10/1/203090 76
MASCO CORP 6.500 %8/15/2032110 116
MASS MUTUAL LIFE INS CO 5.672 %12/1/2052154 147
MCDONALD’S CORP
4.200 %4/1/2050125 99
MCDONALD’S CORP
4.700 %12/9/2035101 96
MCDONALD’S CORP
6.300 %10/15/203738 41
MEAD JOHNSON NUTRITION C 4.600 %6/1/204435 31
MEMORIAL HEALTH SERVICES 3.447 %11/1/2049310 220
MERCK & CO INC 2.900 %12/10/2061170 98
MERCK & CO INC 4.000 %3/7/2049160 125
MET LIFE GLOB FUNDING I 3.300 %3/21/2029542 508
META PLATFORMS INC 5.400 %8/15/2054140 136
META PLATFORMS INC 5.600 %5/15/2053235 235
MICROSOFT CORP 3.041 %3/17/206246 29
MID-AMERICA APARTMENTS 1.700 %2/15/2031160 132
MIDAMERICAN ENERGY 5.850 %9/15/2054110 112
MIDMICHIGAN HEALTH 3.409 %6/1/205090 63
MITSUBISHI UFJ FIN GROUP 5.422 %2/22/2029420 426
MITSUBISHI UFJ FIN GRP 2.048 %7/17/2030360 308
MITSUBISHI UFJ FIN GRP 3.751 %7/18/2039290 243
MITSUBISHI UFJ FIN GRP
VR7/20/2027310 295
MIZUHO FINANCIAL GROUP 5.778 %7/6/2029425 435
MIZUHO FINANCIAL GROUP 5.739 %5/27/2031280 288
MIZUHO FINANCIAL GROUP
VR5/22/2027284 270
MOLSON COORS BREWING CO 4.200 %7/15/2046139 111
MOODY’S CORPORATION
3.250 %5/20/2050210 140
*
MORGAN STANLEY 5.320 %7/19/2035407 401
*
MORGAN STANLEY 3.125 %7/27/2026500 488
*
MORGAN STANLEY 5.042 %7/19/2030150 149
*
MORGAN STANLEY 5.164 %4/20/2029340 341
*
MORGAN STANLEY 5.424 %7/21/203460 60
*
MORGAN STANLEY
VR2/13/2032470 383
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
*
MORGAN STANLEY
VR1/21/2028211 201
*
MORGAN STANLEY
VR4/1/2031200 186
*
MORGAN STANLEY
VR1/23/2030137 133
*
MORGAN STANLEY
VR4/22/2039135 121
*
MORGAN STANLEY BANK 5.449 %7/20/202985 86
*
MORGAN STANLEY BK 5.466 %1/18/2035159 158
*
MORGAN STANLEY SR 5.656 %4/18/2030280 285
MPLX LP 5.500 %6/1/2034470 463
MUTUAL OMAHA GLOBAL 5.800 %7/27/2026200 203
NASDAQ INC 5.550 %2/15/203485 86
NATIONAL RETAIL PROP INC 3.600 %12/15/202662 61
NATIONAL SECS CLEARING 5.000 %5/30/2028284 285
NATL BANK OF CANADA 5.600 %12/18/2028285 291
NATL BANK OF CANADA 4.500 %10/10/2029450 438
NATWEST GROUP PLC 7.472 %11/10/2026200 204
NATWEST MKTS PLC 5.410 %5/17/2029485 491
NEVADA POWER CO 6.000 %3/15/2054110 112
NEXTERA ENERGY CAP HLDGS INC 5.550 %3/15/2054420 402
NISOURCE INC 5.200 %7/1/2029200 202
NNN REIT INC 5.500 %6/15/2034130 129
NNN REIT INC 5.600 %10/15/2033150 151
NOMURA HOLDINGS INC 2.679 %7/16/2030200 174
NORDEA BANK ABP 5.375 %9/22/2027200 203
NORFOLK SOUTHERN CORP 3.942 %11/1/2047151 116
NORFOLK SOUTHERN CORP 4.837 %10/1/2041235 214
NORTHEASTERN UNIVERSITY 2.894 %10/1/2050400 265
NORTHERN NAT GAS CO 5.625 %2/1/205440 38
NORTHERN STATE PWR- MINN 6.200 %7/1/203750 54
NORTHERN STATES PWR-MINN 5.100 %5/15/2053190 176
NORTHERN STS PWR CO 4.500 %6/1/2052217 182
NORTHERN TRUST CORP
VR5/8/203238 36
NORTHROP GRUMMAN CORP 5.250 %5/1/2050335 314
NUTRIEN LTD 4.125 %3/15/2035100 89
NVENT FINANCE SARL 4.550 %4/15/202898 97
NXP BV / NXP FDG LLC 2.500 %5/11/2031300 256
NXP BV / NXP FDG LLC 3.250 %5/11/2041425 311
NXP BV/NXP FDG LLC 3.150 %5/1/2027350 337
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
OCCIDENTAL PETE CORP 5.200 %8/1/202990 89
OCCIDENTAL PETE CORP 5.375 %1/1/203285 83
OGE ENERGY CORP 5.450 %5/15/202970 71
OHIO POWER COMPANY 2.900 %10/1/2051240 144
ONCOR ELECTRIC DELIVERY 3.100 %9/15/2049215 141
ONEOK INC 4.750 %10/15/2031400 387
ONEOK INC 5.700 %11/1/2054350 329
ORACLE CORP 1.650 %3/25/2026300 289
ORACLE CORP 3.600 %4/1/2050160 112
ORACLE CORP 3.850 %7/15/2036267 229
ORACLE CORP 3.950 %3/25/2051174 129
ORACLE CORP 4.000 %7/15/2046120 92
ORACLE CORP 4.900 %2/6/2033220 214
OTIS WORLDWIDE CORP 2.565 %2/15/2030200 178
PACIFIC GAS & ELECTRIC 2.950 %3/1/2026105 103
PACIFIC GAS & ELECTRIC 5.800 %5/15/2034351 359
PACIFIC GAS & ELECTRIC 5.900 %10/1/205430 30
PACIFIC GAS & ELECTRIC 6.750 %1/15/205310 11
PACIFIC GAS & ELECTRIC 3.750 %8/15/204250 38
PACIFIC GAS & ELECTRIC 4.300 %3/15/204585 68
PACIFIC GAS & ELECTRIC 4.450 %4/15/2042200 166
PACIFIC GAS & ELECTRIC 6.400 %6/15/2033205 216
PACIFIC GAS AND ELECTRIC COMPANY 3.450 %7/1/2025170 169
PECO ENERGY CO 2.800 %6/15/2050100 62
PENSKE TRUCK LEASING CO 5.700 %2/1/2028276 281
PENSKE TRUST LEASING CO 5.875 %11/15/2027132 135
PEPPERDINE UNIV 3.301 %12/1/2059150 93
PFIZER INVT ENTERPRISES 5.300 %5/19/2053360 337
PG&E RECOVERY FDG 5.231 %6/1/2042200 198
PG&E RECOVERY FDG LLC 5.529 %6/1/2051240 238
PG&E RECOVERY FND LLC 5.536 %7/15/2047180 179
PG&E WILDFIRE RECOVERY 4.263 %6/1/2038125 117
PG&E WILDFIRE RECOVERY 5.099 %6/1/2054150 142
PG&E WILDFIRE RECOVERY 5.212 %12/1/204980 77
PHILLIPS 66 4.900 %10/1/204650 43
PHILLIPS 66 5.300 %6/30/2033180 178
PHILLIPS 66 CO 3.150 %12/15/2029105 96
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
PHILLIPS 66 CO 3.550 %10/1/202615 15
PHYSICIANS REALTY LP 2.625 %11/1/2031140 118
PIEDMONT HEALTHCARE INC 2.864 %1/1/2052245 151
PIONEER NATURAL RESOURCE 1.900 %8/15/2030230 196
PNC FINANCIAL SERVICES 5.068 %1/24/2034253 246
PNC FINANCIAL SERVICES 4.812 %10/21/2032200 195
PNC FINANCIAL SERVICES 5.401 %7/23/2035256 254
PNC FINANCIAL SERVICES 5.939 %8/18/2034255 263
PPL ELECTRIC UTILITIES 5.250 %5/15/2053160 153
PRECISION CASTPARTS CORP 3.900 %1/15/2043250 201
PRECISION CASTPARTS CORP 4.375 %6/15/204580 68
*
PRINCIPAL FINANCIAL GRP 3.700 %5/15/2029105 100
*
PRINCIPAL LIFE GLOBAL FDG II 5.100 %1/25/2029150 150
PROGRESS ENERGY INC 7.000 %10/30/203150 55
PROLOGIS LP 2.875 %11/15/202990 82
PSI ENERGY INC 6.120 %10/15/203550 53
PUBLIC SERVICE COLORADO 3.550 %6/15/204627 19
PUBLIC STORAGE 1.950 %11/9/2028124 112
PUBLIC STORAGE 2.250 %11/9/2031104 87
PUBLIC SVC CO 5.200 %1/15/203555 53
QUALCOMM INC 4.500 %5/20/2052115 96
QUANTA SERVICES INC 2.350 %1/15/2032200 165
QUEST DIAGNOSTICS INC 6.400 %11/30/2033150 161
REALTY INCOME CORP 1.800 %3/15/2033145 111
REALTY INCOME CORP 4.850 %3/15/2030200 199
REGENCY CENTERS LP 2.950 %9/15/2029180 165
REGENCY CENTERS LP 4.125 %3/15/2028200 195
REGENERON PHARMACEUTICAL 1.750 %9/15/2030290 241
ROPER TECHNOLOGIES INC 2.000 %6/30/2030130 111
ROYAL BANK OF CANADA 4.650 %10/18/2030320 313
ROYAL BK SCOTLND GRP PLC 4.800 %4/5/2026200 200
ROYAL BK SCOTLND GRP PLC
VR5/8/2030235 227
ROYAL BK SCOTLND GRP PLC
VR1/27/2030400 396
RTX CORPORATION 2.375 %3/15/2032273 227
RTX CORPORATION 4.350 %4/15/204717 14
RTX CORPORATION 5.150 %2/27/2033154 153
RYDER SYSTEM INC 1.750 %9/1/2026271 258
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
S&P GLOBAL INC 2.900 %3/1/2032151 132
SABRA HEALTH CARE LP 3.200 %12/1/2031230 197
SAFEHOLD OPERATING PARTN 2.800 %6/15/2031245 209
SAN DIEGO G & E 2.950 %8/15/2051195 125
SAN DIEGO G & E 6.125 %9/15/203780 83
SANTANDER HOLDINGS USA 6.174 %1/9/2030265 270
SANTANDER UK GROUP HLDGS 6.833 %11/21/2026200 203
SANTANDER UK GROUP HLDGS
VR6/14/2027270 257
SANTANDER UK GROUP HOLDINGS 4.858 %9/11/2030230 224
SANTANDER UK GROUP HOLDINGS 6.534 %1/10/2029350 361
SCE RECOVERY FUNDING LLC 4.697 %6/15/2040166 160
SHELL INTERNATIONAL FIN 5.500 %3/25/2040165 165
SIGECO SECURITIZATION I LLC 5.026 %11/15/2038160 157
SKANDINAVISKA ENSKILDA 5.375 %3/5/2029325 328
SOCIETE GENERALE 5.250 %2/19/2027235 235
SOCIETE GENERALE 5.634 %1/19/2030341 340
SOLVENTUM CORP 5.600 %3/23/2034275 274
SOUTHERN CAL EDISON 3.650 %3/1/2028100 96
SOUTHERN CAL EDISON 4.050 %3/15/2042150 121
SOUTHERN CAL EDISON 4.125 %3/1/2048140 109
SOUTHERN CAL EDISON 5.700 %3/1/205380 78
SOUTHERN CAL EDISON 5.875 %12/1/2053201 200
SOUTHERN CALIF EDISON CO 5.450 %6/1/2031340 345
SOUTHERN CALIF EDISON CO 5.550 %1/15/2036100 99
SOUTHERN CO 5.200 %6/15/2033277 274
SOUTHERN CO GAS CAP 5.750 %9/15/2033170 174
SOUTHERN CO GAS CAPITAL 3.150 %9/30/2051165 107
SOUTHERN CO GAS CAPITAL 3.950 %10/1/204626 20
SOUTHERN POWER CO 5.150 %9/15/204170 65
SOUTHWEST GAS CORP 3.800 %9/29/204649 36
SOUTHWESTERN PUBLIC SERV 4.500 %8/15/204130 26
SPRINT CAP CORP DTD 11/16/98 6.875 %11/15/2028105 111
STANDARD CHARTERED PLC 5.688 %5/14/2028235 238
STANDARD CHARTERED PLC 5.905 %5/14/2035685 686
STANDARD CHARTERED PLC 6.187 %7/6/2027200 203
STARBUCKS CORP 4.800 %2/15/2033310 302
STARBUCKS CORP 4.900 %2/15/2031160 160
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
STEEL DYNAMICS INC 1.650 %10/15/2027101 93
SUMITOMO MITSUI FIN 5.520 %1/13/2028385 391
SUMITOMO MITSUI FIN 5.710 %1/13/2030385 395
T MOBILE USA INC 5.150 %4/15/2034442 435
T MOBILE USA INC 5.500 %1/15/205594 88
TAKEDA PHARMACEUTICAL 3.025 %7/9/2040315 228
TAKEDA PHARMACEUTICAL 3.175 %7/9/2050500 324
TAMPA ELEC CO 4.900 %3/1/2029377 377
TAMPA ELECTRIC CO 4.450 %6/15/2049225 185
TEXAS HEALTH RESOURCES 2.328 %11/15/2050200 113
TEXAS INSTRUMENTS INC 5.050 %5/18/2063192 173
THERMO FISHER SCIENTIFIC 2.000 %10/15/203190 75
TIME WARNER CABLE INC 5.500 %9/1/2041200 170
TIME WARNER CABLE INC 5.875 %11/15/2040250 224
T-MOBILE USA INC 3.375 %4/15/2029350 327
T-MOBILE USA INC 5.050 %7/15/2033790 774
TOLEDO EDISON COMPANY 6.150 %5/15/203750 53
TORONTO DOMINION BANK 5.523 %7/17/2028145 147
TOTAL CAPITAL INTL SA 2.986 %6/29/2041780 559
TRANE TECH FIN LTD 5.250 %3/3/2033130 130
TRANS-CANADA PIPELINES 6.200 %10/15/203760 62
TRUIST FINANCIAL CORP 5.122 %1/26/2034130 126
TRUIST FINANCIAL CORP 5.711 %1/24/2035145 146
TRUIST FINANCIAL CORP 6.047 %6/8/2027150 152
TRUIST FINANCIAL GROUP 7.161 %10/30/2029205 219
TUCSON ELECTRIC POWER CO 4.850 %12/1/2048125 109
TYSON FOODS INC 5.700 %3/15/2034160 162
UBER TECHNOLOGIES INC 4.800 %9/15/2034120 115
UBS GROUP AG 5.610 %9/13/2030200 203
UBS GROUP AG 6.537 %8/12/2033300 318
UBS GROUP AG 5.699 %2/8/2035200 201
UDR INC 2.100 %8/1/2032250 198
UDR INC 2.950 %9/1/202632 31
UNION CARBIDE CORP 7.750 %10/1/2096110 128
UNION ELEC CO 5.450 %3/15/2053170 163
UNITED AIR 2013-1 A PTT 4.300 %2/15/2027126 125
UNITED AIR 2016-1 AA PTT 3.100 %7/7/2028126 120
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
UNITED AIR 2016-1 B PTT 3.650 %1/7/202636 36
UNITED AIR 2016-2 A PTT 3.100 %10/7/2028226 205
UNITED AIR 2018-1 A PTT 3.700 %3/1/2030316 288
UNITED AIR 2018-1 AA PTT 3.500 %3/1/203093 87
UNITED AIR 2018-1 B PTT 4.600 %3/1/202689 88
UNITED AIR 2019-1 A PTT 4.550 %8/25/2031205 190
UNITED AIR 2019-1 AA PTT 4.150 %8/25/2031191 182
UNITED AIR 2020-1 A PTT 5.875 %10/15/2027195 199
UNITED TECHNOLOGIES CORP 3.750 %11/1/2046105 79
UNITEDHEALTH GROUP INC 3.250 %5/15/2051200 132
UNITEDHEALTH GROUP INC 5.875 %2/15/2053105 105
UNIV OF SOUTHERN CALIFOR 3.226 %10/1/2120200 115
US BANCORP 5.384 %1/23/2030175 176
US BANCORP 5.678 %1/23/2035275 277
VALERO ENERGY CORP 2.150 %9/15/2027134 125
VALERO ENERGY CORP 7.500 %4/15/203221 24
VENTAS REALTY LP 3.250 %10/15/202625 24
VERISK ANALYTICS INC 3.625 %5/15/2050141 98
VERISK ANALYTICS INC 5.750 %4/1/2033170 175
VERIZON COMMUNICATIONS 3.550 %3/22/2051200 141
VERIZON COMMUNICATIONS INC 5.050 %5/9/2033360 356
VIRGINIA ELEC & POWER CO 5.700 %8/15/2053300 296
VIRGINIA ELEC & POWER CO 3.800 %9/15/204750 37
VISTRA OPERATIONS CO LLC 6.000 %4/15/2034159 161
VMWARE INC 1.400 %8/15/2026680 644
WELLS FARGO & COMPANY 4.300 %7/22/2027148 146
WELLS FARGO & COMPANY 5.557 %7/25/2034220 220
WELLS FARGO & COMPANY 5.211 %12/3/2035525 511
WELLS FARGO & COMPANY 5.499 %1/23/2035465 463
WELLS FARGO & COMPANY 5.574 %7/25/2029650 660
WELLS FARGO & COMPANY 6.491 %10/23/2034335 356
WELLS FARGO & COMPANY 5.198 %1/23/2030325 326
WELLTOWER INC 4.250 %4/1/2026100 100
WESTPAC NEW ZEALAND LTD 4.902 %2/15/2028390 389
WILLIAMS COMPANIES INC 5.650 %3/15/2033140 141
WISCONSIN ENERGY CORP 3.550 %6/15/202529 29
WORKDAY INC 3.500 %4/1/2027225 219
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
WP CAREY INC 2.450 %2/1/2032180 148
WP CAREY INC 4.250 %10/1/2026300 297
WW GRAINGER INC 4.600 %6/15/204591 81
YALE-NEW HAVEN HLTH SRVC 2.496 %7/1/2050210 121
ZOETIS INC 2.000 %5/15/2030190 164
Total Corporate Debt Instruments$133,447 
Common Stocks
AAR CORP 73 4,477
ACADEMY SPORTS & OUTDOORS INC 70 4,005
ACADIA HEALTHCARE CO INC 85 3,363
ACV AUCTIONS INC 136 2,940
ADOBE INC 14 6,017
ADVANCED DRAINAGE SYSTEMS INC 18 2,125
AERCAP HOLDINGS NV 113 10,832
AGCO CORP COM 22 2,030
AIR LEASE CORP 52 2,517
AIR PRODS & CHEMS INC COM 88 25,500
ALAMO GROUP INC COM 7 1,274
ALLEGRO MICROSYSTEMS INC 86 1,884
ALLIANT ENERGY CORPORATION 23 1,336
ALLSTATE CORP 46 8,936
ALPHABET INC CL A 26 4,848
ALPHABET INC CL C 166 31,568
ALTRIA GROUP INC 239 12,474
AMBEV SA 2,001 3,703
AMDOCS LIMITED COM 47 3,948
*
AMERICAN EXPRESS CO 3,941 1,169,700
AMERICAN HEALTHCARE REIT INC 111 3,149
AMERICAN TOWER CORP 76 13,926
AMERICAN WOODMARK CORP COM 18 1,469
AMERICOLD REALTY TRUST INC 91 1,951
AMICUS THERAPEUTICS INC 243 2,288
AMKOR TECHNOLOGIES INC COM 137 3,508
AMPHENOL CORP CL A 244 16,973
ANNALY CAPITAL MANAGEMENT INC 325 5,943
ANTERO RESOURCES CORP 63 2,194
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

34
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
APPLE INC 131 32,708
ARAMARK 56 2,077
ARCHER DANIELS MIDLAND CO 75 3,766
ASSURED GUARANTY LTD USD 1.0 22 1,944
ASTRAZENECA PLC 50 3,296
AT & T INC 669 15,237
ATLANTIC UNION BANKSHARES CORP 105 3,972
AVANTOR INC 269 5,664
AXALTA COATING SYSTEMS LTD. 159 5,441
AZEK CO INC/THE 58 2,738
BANC OF CALIFORNIA INC 103 1,585
BANK OF AMERICA CORP 292 12,830
BANK OZK 51 2,279
BATH & BODY WORKS INC 60 2,309
BELDEN INC 16 1,818
*
BERKSHIRE HATHAWAY INC. 71 31,949
BIO RAD LABS INC CL A 6 2,073
BIO-TECHNE CORP 21 1,542
BJ’S WHOLESALE CLUB HOLDINGS, INC.
34 3,033
*
BLACKROCK INC 26 26,506
BLUE BIRD CORP 56 2,151
BLUEPRINT MEDICINES CORP 32 2,761
BOISE CASCADE CO 23 2,684
BP PLC - ADR 223 6,582
BRADY CORPORATION 27 2,029
BREAD FINANCIAL HOLDINGS INC 33 2,031
BRIGHT HORIZONS FAMILY SOLUTIO 36 3,991
BRINKS CO 30 2,812
BRISTOL MYERS SQUIBB CO 77 4,368
BURLINGTON STORES INC 7 1,988
BWX TECHNOLOGIES INC 54 6,018
CACI INTL INC FORMERLY CACI INC TO 5 2,108
CADENCE BANK 47 1,602
CAMECO CORP COM 85 4,332
CANADIAN NAT RES LTD 148 4,555
CARLYLE GROUP INC/THE 100 5,039
CASELLA WASTE SYS INC CL A 30 3,153
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

35
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
CELANESE CORP 99 6,837
CENTURY COMMUNITIES INC 11 809
CF INDS HLDGS INC 37 3,188
CHART INDUSTRIES INC 13 2,496
CHEMED CORP NEW 8 3,984
CHEVRON CORP 124 17,953
CHORD ENERGY CORPORATION 42 4,821
CHURCHILL DOWNS INC 21 2,810
CINCINNATI FINANCIAL CORP 92 13,202
CISCO SYSTEMS INC 269 15,933
CITIGROUP INC. 326 22,943
CLEARWATER ANALYTICS HLDGS INC 133 3,655
COGENT COMMUNICATIONS HOLDINGS,INC 29 2,255
COGNEX CORP 91 3,280
COHERENT CORP 18 1,704
COMCAST CORP CLASS A 396 14,872
CONAGRA BRANDS INC 233 6,474
CONFLUENT INC 153 4,276
CONOCOPHILLIPS 44 4,373
CONSTELLIUM SE 297 3,047
COOPER COMPANIES INC 40 3,657
COPT DEFENSE PROPERTIES 105 3,253
CREDO TECHNOLOGY GROUP HOLDING 26 1,718
CROWN CASTLE INC 106 9,657
CROWN HLDGS INC 101 8,340
CULLEN FROST BANKERS INC COM 32 4,233
CURTISS WRIGHT CORP COM 6 2,209
CVS HEALTH CORPORATION 283 12,687
DANAHER CORP 95 21,720
DELTA AIR LINES INC 218 13,185
DEVON ENERGY CORPORATION 79 2,579
DIAGEO PLC - ADR 87 11,088
DIAMONDROCK HOSPITALITY CO 198 1,791
DIGITALBRIDGE GROUP INC CL A 278 3,139
DOLLAR GENERAL CORP 197 14,905
DOMINION ENERGY INC 292 15,712
DOMINOS PIZZA INC 10 4,221
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

36
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
DOXIMITY INC 83 4,456
DYNATRACE INC 81 4,394
EAGLE MATLS INC 7 1,702
ECOLAB INC 64 14,990
EDISON INTL COM 77 6,174
ELEMENT SOLUTIONS INC 80 2,039
ELF BEAUTY INC 37 4,641
ENCOMPASS HEALTH CORP 26 2,422
EPAM SYSTEMS INC 12 2,734
EPLUS INC 20 1,458
EQUITY LIFESTYLE PPTYS INC 33 2,178
ESTEE LAUDER COMPANIES INC 43 3,187
EVEREST GROUP LTD 14 5,170
EVOLENT HEALTH INC 95 1,071
EXACT SCIENCES CORP 53 2,988
EXELON CORPORATION 153 5,754
EXLSERVICE HOLDINGS INC 84 3,740
EXPAND ENERGY CORP 23 2,279
FASTENAL CO 202 14,560
FEDERAL REALTY INVESTMENT TRUS 27 3,028
FEDEX CORPORATION 32 9,109
FIDELIS INSURANCE HOLDINGS LTD 91 1,656
FIDELITY NATL INFORMATION SVCS INC 233 18,822
FIRSTENERGY CORP COM 152 6,036
FIRSTSERVICE CORPORTION 10 1,780
FIVE BELOW INC 14 1,419
FLYWIRE CORP 163 3,370
FMC CORP COM NEW 165 8,017
FORTUNE BRANDS INNOVATIONS INC 30 2,057
FOX FACTORY HOLDING CORP 37 1,114
FREEPORT-MCMORAN INC. 162 6,161
FRESHPET INC 18 2,609
FTAI AVIATION LTD 18 2,599
FULLER H B CO 22 1,477
GARTNER INC 30 14,554
GENERAL MOTORS CO 257 13,675
GENMAB A/S 145 3,028
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

37
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
GIBRALTAR INDS INC 17 1,022
GLACIER BANCORP INC MONTANA 77 3,854
GLAUKOS CORP 16 2,408
GLOBAL PMTS INC W/I 131 14,695
GLOBUS MEDICAL, INC. 17 1,388
GOODYEAR TIRE & RUBR CO 176 1,581
GSK PLC SPONSORED 180 6,100
GUIDEWIRE SOFTWARE INC 12 2,101
H & E EQUIP SVCS INC 39 1,904
HA SUSTAINABLE INFRASTRUCTRE CAP INC64 1,722
HAEMONETICS CORP MASS 28 2,178
HANCOCK WHITNEY CORPORATION 33 1,814
HEXCEL CORP NEW COM 68 4,260
HOWARD HUGHES HOLDINGS INC 51 3,931
HUBBELL INCORPORATED 10 4,253
HUMANA INC 23 5,739
HURON CONSULTING GROUP INC 16 1,952
ICON PLC 7 1,503
ICU MED INC COM 7 1,100
IDACORP INC 66 7,220
INDEPENDENCE REALTY TRUST INC 102 2,022
INGRAM MICRO HOLDING CORP 9 182
INSMED INC 37 2,532
INSPIRE MEDICAL SYSTEMS INC 14 2,617
INSULET CORP 12 3,064
INTEGER HOLDINGS CORP 33 4,422
INTERCONTINENTAL EXCHANGE, INC 55 8,256
INTERNATIONAL GENERAL INSURANC 117 2,769
INTERPARFUMS INC 18 2,335
INTUIT COM 27 17,139
J & J SNACK FOODS CORP 19 2,946
JANUS INTERNATIONAL GROUP INC 164 1,208
JAZZ PHARMACEUTICALS PLC 43 5,337
JBT MAREL CORPORATION 18 2,253
JOHNSON & JOHNSON 154 22,287
*
JPMORGAN CHASE & CO 37 8,987
KEMPER CORP 24 1,611
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

38
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
KENNAMETAL INC 43 1,035
KIMCO REALTY CORP 92 2,151
KNIGHT-SWIFT TRANSPORTATION HOLDINGS23 1,216
KNOWLES CORP 94 1,876
KOSMOS ENERGY LTD 371 1,270
KRATOS DEFENSE & SECURITY SOLUTIONS 174 4,591
KROGER CO 279 17,033
LANCASTER COLONY CORP 13 2,239
LATTICE SEMICONDUCTOR CORP 27 1,536
LINDE PLC 32 13,288
LITHIA MOTORS INC CL A COM 11 4,086
LITTELFUSE INC COM 18 4,315
LKQ CORPORATION 37 1,364
LOUISIANA PAC CORP 17 1,725
LOWES COS INC 86 21,198
LPL FINANCIAL HOLDINGS INC 11 3,731
LXP INDUSTRIAL TRUST 122 993
MACERICH CO COM 68 1,364
MADRIGAL PHARMACEUTICALS INC 6 1,758
MAGNA INTL INC CL A 152 6,349
MANHATTAN ASSOCIATES, INC COM 14 3,665
MARKETAXESS HOLDINGS INC 8 1,849
MARSH & MCLENNAN COS INC 33 6,987
MASTERCARD INC 44 23,118
MATIV HOLDINGS INC 62 673
MAXIMUS INC COM 7 556
MEDTRONIC, PLC 66 5,264
MERCHANTS BANCORP/IN 70 2,550
MERCK & CO INC NEW 159 15,844
MERCURY SYSTEMS INC 86 3,606
MERIT MEDICAL SYSTEMS INC 2 181
MICRON TECHNOLOGY INC 31 2,584
MICROSOFT CORP 106 44,800
MIDDLEBY CORP 16 2,186
MONRO INC 43 1,077
MOOG INC CL A 12 2,321
MUELLER INDS INC 44 3,531
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

39
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
NEOGEN CORP 206 2,500
NESTLE S.A. REGISTERED SHARES - ADR 114 9,278
NEW FORTRESS ENERGY INC. 219 3,319
NICE LTD 15 2,620
NINTENDO CO., LTD. - ADR 1,252 18,322
NORFOLK SOUTHERN CORP 86 20,125
NORTHERN OIL AND GAS INC 81 3,025
NORTHROP GRUMMAN CORP 31 14,648
NOVANTA, INC. 14 2,174
NRG ENERGY INC 88 7,969
NVENT ELECTRIC PLC 46 3,105
ON SEMICONDUCTOR CORP 100 6,315
ONE GAS INC 30 2,053
ORGANON & CO 169 2,525
OXFORD INDS INC 24 1,861
PARSONS CORP 13 1,231
PATRICK INDUSTRIES INC 13 1,112
PAYCHEX INC 119 16,684
PAYPAL HOLDINGS INC 89 7,614
PEGASYSTEMS INC 31 2,911
PENUMBRA INC 12 2,805
PERMIAN RESOURCES CORP CL A 154 2,217
PFIZER INC 137 3,623
PHILIP MORRIS INTERNATIONAL IN 202 24,251
PHILLIPS EDISON & CO INC 48 1,797
PIPER SANDLER COS 10 2,980
PLANET FITNESS INC 32 3,121
POOL CORPORATION 9 3,134
POST HOLDINGS INC 16 1,779
POTLATCHDELTIC CORPORATION 156 6,126
PRIMO BRANDS CORPORATION CL A 163 5,026
PROASSURANCE CORPORATION 81 1,282
PROGRESS SOFTWARE CORP 32 2,094
PROGRESSIVE CORP OHIO 97 23,344
PURE STORAGE INC 47 2,872
Q2 HOLDINGS INC 32 3,210
RAMBUS INC DEL COM 81 4,279
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

40
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
RANGE RES CORP 32 1,155
REGAL REXNORD CORP 17 2,625
REINSURANCE GROUP AMERICA CLASS A 7 1,468
RENAISSANCERE HOLDINGS COM 11 2,844
REVOLVE GROUP INC 50 1,673
REXFORD INDUSTRIAL REALTY INC 91 3,525
ROYAL DUTCH SHELL PLC ADR 97 6,073
ROYAL GOLD INC 16 2,096
ROYALTY PHARMA PLC 182 4,652
RYDER SYS INC 12 1,955
S&P GLOBAL INC 39 19,639
SABRA HEALTH CARE REIT, INC. 92 1,596
SANOFI-AVENTIS 95 4,558
SAREPTA THERAPEUTICS INC 21 2,510
SCHLUMBERGER LTD 99 3,788
*
SCHWAB CHARLES CORP NEW 257 19,046
SCIENCE APPLICATIONS INTERNATI 12 1,303
SEACOAST BANKING CORPORATION OF 65 1,801
SHARKNINJA INC 44 4,242
SIRIUS XM HOLDINGS INC 205 4,680
SITIO ROYALTIES CORP CL A 84 1,619
SM ENERGY CO 73 2,825
SONOS INC 114 1,719
SPECTRUM BRANDS HLDGS INC NEW 24 2,008
STARBUCKS CORP COM 171 15,636
STIFEL FINANCIAL CORP 15 1,637
STRIDE INC 38 3,907
SYNOVUS FINANCIAL CORP 37 1,874
TALEN ENERGY CORP 22 4,355
TARGET CORP 29 3,900
TE CONNECTIVITY PLC 104 14,798
TELEFLEX INC 17 3,042
TENABLE HOLDINGS INC 53 2,069
TEXAS INSTRUMENTS INC 121 22,764
TEXAS ROADHOUSE, INC COMMON STOCK 17 3,117
THE BALDWIN INSURANCE GRP INC CL A 106 4,108
THERMO FISHER SCIENTIFIC INC 42 22,108
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

41
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
TIMKEN CO 44 3,117
TJX COMPANIES INC 147 17,797
TOPBUILD CORP 10 3,208
TPG INC 38 2,402
TRI POINTE GROUP, INC. 30 1,099
TRIMAS CORP 102 2,501
TWIST BIOSCIENCE CORP 42 1,951
TXNM ENERGY INC 74 3,651
TYSON FOODS INC CL A DEL 136 7,807
UNITED PARCEL SERVICE-CL B 93 11,735
US FOODS HOLDING CORP 37 2,514
VARONIS SYSTEMS INC 31 1,356
VERISIGN INC COM 53 10,893
VERISK ANALYTICS INC 54 14,998
VERRA MOBILITY CORP 243 5,871
VESTIS CORPORATION 135 2,059
VIATRIS INC 321 3,998
VISA INC-CLASS A SHRS 118 37,140
VISTEON CORP/NEW 18 1,637
VONTIER CORP 153 5,592
WALT DISNEY CO 84 9,326
WEATHERFORD INTL LTD 26 1,883
WEBSTER FINL CORP WATERBURY CONN 43 2,378
WELLS FARGO & CO 90 6,311
WESTERN ALLIANCE BANCORPORATION 28 2,360
WHITE MOUNTAINS INSURANCE GROUP INC 1 1,914
WHITECAP RESOURCES INC 344 2,437
*
WILLIS TOWERS WATSON PUB LTDCO 29 8,955
WILLSCOT HOLDINGS CORP CL A 71 2,368
WINTRUST FINL CORP 33 4,062
WYNDHAM HOTELS & RESORTS INC 15 1,466
XCEL ENERGY INC 110 7,399
XPO INC 22 2,904
XYLEM INC/NY 93 10,768
ZOETIS INC 102 16,640
Total Common Stocks$3,058,448 
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

42
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
U.S. Government and Agency Obligations
FED HOME LN MTG CORP POOL #841090 6.718 %10/1/2046168 172
FED HOME LN MTG CORP POOL #G60722 3.000 %10/1/2046274 238
FED HOME LN MTG CORP POOL #J36413 3.000 %2/1/2032568 542
FED HOME LN MTG CORP POOL #Q42018 3.500 %7/1/2046155 139
FED HOME LN MTG CORP POOL #QD0878 2.500 %11/1/20511,191 985
FED HOME LN MTG CORP POOL #SB0378 3.500 %4/1/2034342 329
FED HOME LN MTG CORP POOL #SD0397 2.500 %7/1/20501,097 910
FED HOME LN MTG CORP POOL #SD8037 2.500 %1/1/20501,005 829
FED HOME LN MTG CORP POOL #SD8194 2.500 %1/1/20524,529 3,705
FED HOME LN MTG CORP POOL #ZA5297 4.000 %3/1/2048180 167
FED HOME LN MTG CORP POOL #ZM0724 4.000 %1/1/2046603 560
FED HOME LN MTG CORP POOL #ZM6956 4.500 %6/1/2048585 558
FED HOME LN MTG CORP POOL #ZS4735 3.500 %9/1/2047274 246
FED HOME LOAN MTGE CORP POOL #QA76333.000 %3/1/2050527 455
FED HOME LOAN MTGE CORP POOL #QA91222.500 %5/1/2050626 518
FED HOME LOAN MTGE CORP POOL #QC32443.000 %6/1/2051711 611
FED HOME LOAN MTGE CORP POOL #QN17792.500 %3/1/2035182 166
FED HOME LOAN MTGE CORP POOL #RA52762.500 %5/1/2051723 596
FED HOME LOAN MTGE CORP POOL #RA79375.000 %9/1/2052582 564
FED HOME LOAN MTGE CORP POOL #SB03072.500 %2/1/2035245 225
FED HOME LOAN MTGE CORP POOL #SD07282.500 %10/1/20511,017 837
FED HOME LOAN MTGE CORP POOL #SD07802.500 %12/1/2051764 628
FED HOME LOAN MTGE CORP POOL #SD08093.000 %1/1/20521,566 1,345
FED HOME LOAN MTGE CORP POOL #SD11002.500 %5/1/2052235 194
FED HOME LOAN MTGE CORP POOL #SD12172.000 %3/1/2052362 286
FED HOME LOAN MTGE CORP POOL #SD16582.500 %4/1/20521,691 1,389
FED HOME LOAN MTGE CORP POOL #SD32835.000 %5/1/2053331 323
FED HOME LOAN MTGE CORP POOL #SD35674.500 %5/1/20531,786 1,684
FED HOME LOAN MTGE CORP POOL #SD39522.500 %3/1/20521,900 1,573
FED HOME LOAN MTGE CORP POOL #SD43425.500 %11/1/2053396 397
FED HOME LOAN MTGE CORP POOL #SD44322.500 %2/1/2052939 778
FED HOME LOAN MTGE CORP POOL #SD56245.500 %6/1/2054410 405
FED HOME LOAN MTGE CORP POOL #SD57793.500 %2/1/2048366 328
FED HOME LOAN MTGE CORP POOL #SD75685.500 %2/1/2054360 360
FED HOME LOAN MTGE CORP POOL #SD82052.500 %4/1/20521,272 1,040
FED HOME LOAN MTGE CORP POOL #SD82192.500 %6/1/20521,351 1,102
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

43
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FED HOME LOAN MTGE CORP POOL #SD82353.000 %8/1/20522,632 2,238
FED HOME LOAN MTGE CORP POOL #SD82553.500 %10/1/20524,647 4,114
FED HOME LOAN MTGE CORP POOL #SD82654.000 %11/1/20521,884 1,725
FED HOME LOAN MTGE CORP POOL #WA16263.450 %8/1/2032986 902
FED HOME LOAN MTGE CORP POOL #WN32333.190 %7/1/20331,500 1,337
FED HOME LOAN MTGE CORP POOL #ZA61164.500 %1/1/2049482 463
FED NATL MTG ASSN POOL #AL7395
5.544 %9/1/2055954 968
FED NATL MTG ASSN POOL #AM8856 2.920 %6/1/20304,222 3,873
FED NATL MTG ASSN POOL #AN5935 3.130 %7/1/2027870 840
FED NATL MTG ASSN POOL #AN6850 3.220 %9/1/20321,000 884
FED NATL MTG ASSN POOL #AS5469 4.000 %7/1/2045773 717
FED NATL MTG ASSN POOL #AS8984 4.500 %3/1/2047222 213
FED NATL MTG ASSN POOL #BF0219 3.500 %9/1/20571,348 1,190
FED NATL MTG ASSN POOL #BK8753 4.500 %6/1/2049215 204
FED NATL MTG ASSN POOL #BL0907 3.880 %12/1/20281,350 1,303
FED NATL MTG ASSN POOL #BL3217 3.330 %7/1/20342,113 1,884
FED NATL MTG ASSN POOL #BL4333 2.520 %11/1/20291,388 1,260
FED NATL MTG ASSN POOL #BL4791 2.710 %11/1/2029967 885
FED NATL MTG ASSN POOL #BM3375 4.000 %1/1/2048405 377
FED NATL MTG ASSN POOL #BM3499 4.000 %3/1/20481,245 1,154
FED NATL MTG ASSN POOL #BM6347 6.766 %2/1/2041186 192
FED NATL MTG ASSN POOL #BR0999 2.500 %5/1/20512,465 2,009
FED NATL MTG ASSN POOL #BU0992 3.000 %11/1/20511,058 905
FED NATL MTG ASSN POOL #BU0993 3.000 %11/1/20511,018 883
FED NATL MTG ASSN POOL #CB1878 3.000 %10/1/2051663 568
FED NATL MTG ASSN POOL #FM1000 3.000 %4/1/204776 66
FED NATL MTG ASSN POOL #FM1218 3.500 %7/1/203488 84
FED NATL MTG ASSN POOL #FM2096 3.500 %11/1/20491,503 1,348
FED NATL MTG ASSN POOL #FM5819 4.000 %2/1/2048336 311
FED NATL MTG ASSN POOL #FM7372 3.500 %4/1/20401,070 996
FED NATL MTG ASSN POOL #FM8599 3.500 %1/1/2035297 287
FED NATL MTG ASSN POOL #FM9427 4.000 %7/1/2049501 465
FED NATL MTG ASSN POOL #FM9461 3.500 %11/1/2051361 321
FED NATL MTG ASSN POOL #FM9473 3.000 %8/1/20411,334 1,205
FED NATL MTG ASSN POOL #FM9559 3.000 %1/1/20401,406 1,272
FED NATL MTG ASSN POOL #FM9728 2.500 %11/1/2051346 285
FED NATL MTG ASSN POOL #MA2868 2.500 %12/1/2031174 164
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

44
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FED NATL MTG ASSN POOL #MA3305 3.500 %3/1/2048438 392
FED NATL MTG ASSN POOL #MA4306 2.500 %3/1/2051693 570
FEDL NATL MTGE ASSN POOL #AM6760 3.689 %10/1/2029603 576
FEDL NATL MTGE ASSN POOL #AM6828 3.530 %10/1/2029412 393
FEDL NATL MTGE ASSN POOL #BF0537 3.000 %3/1/2061969 808
FEDL NATL MTGE ASSN POOL #BF0655 3.500 %6/1/20621,100 956
FEDL NATL MTGE ASSN POOL #BF0669 4.000 %6/1/2052848 787
FEDL NATL MTGE ASSN POOL #BK7697 4.500 %10/1/2048261 250
FEDL NATL MTGE ASSN POOL #BL2313 3.360 %5/1/2034452 402
FEDL NATL MTGE ASSN POOL #BM5172 4.500 %8/1/2047666 639
FEDL NATL MTGE ASSN POOL #BM6492 1.507 %11/1/20321,402 1,112
FEDL NATL MTGE ASSN POOL #BM6531 4.000 %6/1/20571,062 968
FEDL NATL MTGE ASSN POOL #BM6734 4.000 %8/1/2059812 747
FEDL NATL MTGE ASSN POOL #BM7037 1.755 %3/1/2032898 738
FEDL NATL MTGE ASSN POOL #BM7075 3.000 %3/1/2061986 828
FEDL NATL MTGE ASSN POOL #BS2933 1.820 %9/1/20331,130 885
FEDL NATL MTGE ASSN POOL #BS3634 1.770 %11/1/20311,000 819
FEDL NATL MTGE ASSN POOL #BS4030 1.960 %1/1/20321,200 1,006
FEDL NATL MTGE ASSN POOL #BS4375 2.110 %1/1/20321,000 848
FEDL NATL MTGE ASSN POOL #BS4525 1.940 %1/1/20321,000 825
FEDL NATL MTGE ASSN POOL #BS4563 2.010 %1/1/20321,000 836
FEDL NATL MTGE ASSN POOL #BS4650 2.020 %1/1/20321,500 1,259
FEDL NATL MTGE ASSN POOL #BS4654 2.390 %3/1/2032853 731
FEDL NATL MTGE ASSN POOL #BS4793 2.440 %2/1/20341,123 930
FEDL NATL MTGE ASSN POOL #BS6258 3.823 %8/1/2032365 337
FEDL NATL MTGE ASSN POOL #BS6339 3.800 %9/1/2032673 625
FEDL NATL MTGE ASSN POOL #BS6518 3.520 %9/1/2032680 621
FEDL NATL MTGE ASSN POOL #BS6742 3.585 %11/1/20291,306 1,241
FEDL NATL MTGE ASSN POOL #BS7415 4.840 %1/1/20331,500 1,489
FEDL NATL MTGE ASSN POOL #BS7576 4.860 %12/1/2027482 484
FEDL NATL MTGE ASSN POOL #BS7661 5.020 %12/1/20301,279 1,291
FEDL NATL MTGE ASSN POOL #BS7966 5.010 %8/1/2033976 976
FEDL NATL MTGE ASSN POOL #BS7992 4.630 %9/1/20291,956 1,946
FEDL NATL MTGE ASSN POOL #BS8252 4.360 %4/1/2030874 859
FEDL NATL MTGE ASSN POOL #BV5578 3.000 %5/1/20522,218 1,890
FEDL NATL MTGE ASSN POOL #BW6304 5.000 %8/1/2052230 223
FEDL NATL MTGE ASSN POOL #BW6309 5.000 %8/1/2052272 263
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

45
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FEDL NATL MTGE ASSN POOL #BW9918 5.000 %10/1/2052254 246
FEDL NATL MTGE ASSN POOL #BX0426 5.500 %11/1/2052560 555
FEDL NATL MTGE ASSN POOL #BY4714 5.000 %6/1/20531,445 1,396
FEDL NATL MTGE ASSN POOL #BZ0217 5.220 %8/1/20351,488 1,502
FEDL NATL MTGE ASSN POOL #BZ1818 4.420 %9/1/20311,000 975
FEDL NATL MTGE ASSN POOL #BZ2413 4.575 %6/1/2034500 485
FEDL NATL MTGE ASSN POOL #CA5702 2.500 %5/1/2050695 576
FEDL NATL MTGE ASSN POOL #CA5969 2.500 %6/1/2050238 197
FEDL NATL MTGE ASSN POOL #CA6412 2.500 %7/1/2050519 428
FEDL NATL MTGE ASSN POOL #CA6635 2.500 %8/1/2050322 267
FEDL NATL MTGE ASSN POOL #CA6989 2.500 %9/1/20501,126 933
FEDL NATL MTGE ASSN POOL #CA7743 2.500 %11/1/20501,317 1,075
FEDL NATL MTGE ASSN POOL #CB1874 3.000 %10/1/20511,201 1,032
FEDL NATL MTGE ASSN POOL #CB1908 2.500 %10/1/2051797 656
FEDL NATL MTGE ASSN POOL #CB2066 3.000 %11/1/2051973 836
FEDL NATL MTGE ASSN POOL #CB2097 3.000 %11/1/20511,951 1,665
FEDL NATL MTGE ASSN POOL #CB2857 2.500 %2/1/2052246 203
FEDL NATL MTGE ASSN POOL #CB3175 3.500 %3/1/2052955 850
FEDL NATL MTGE ASSN POOL #CB3265 3.000 %4/1/20521,449 1,232
FEDL NATL MTGE ASSN POOL #CB3378 4.000 %4/1/2052903 827
FEDL NATL MTGE ASSN POOL #CB3629 4.000 %5/1/20521,560 1,430
FEDL NATL MTGE ASSN POOL #CB4352 5.000 %8/1/2052376 367
FEDL NATL MTGE ASSN POOL #CB5666 4.000 %2/1/20531,013 928
FEDL NATL MTGE ASSN POOL #CB6899 5.000 %8/1/2053266 261
FEDL NATL MTGE ASSN POOL #CB7336 5.500 %10/1/2053400 395
FEDL NATL MTGE ASSN POOL #FM3041 5.500 %8/1/2049141 141
FEDL NATL MTGE ASSN POOL #FM7957 2.500 %7/1/2051889 737
FEDL NATL MTGE ASSN POOL #FM8216 4.000 %11/1/2048249 231
FEDL NATL MTGE ASSN POOL #FM8361 2.500 %8/1/20511,368 1,131
FEDL NATL MTGE ASSN POOL #FM8603 4.000 %9/1/2049151 140
FEDL NATL MTGE ASSN POOL #FS0795 3.000 %1/1/2042823 730
FEDL NATL MTGE ASSN POOL #FS0882 2.500 %3/1/20521,211 1,001
FEDL NATL MTGE ASSN POOL #FS1507 3.000 %2/1/20523,925 3,336
FEDL NATL MTGE ASSN POOL #FS1590 2.500 %4/1/2052296 244
FEDL NATL MTGE ASSN POOL #FS1938 2.500 %2/1/2052339 279
FEDL NATL MTGE ASSN POOL #FS2707 3.500 %4/1/20521,397 1,244
FEDL NATL MTGE ASSN POOL #FS3669 4.000 %3/1/2046229 216
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

46
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FEDL NATL MTGE ASSN POOL #FS3907 4.500 %1/1/2053354 338
FEDL NATL MTGE ASSN POOL #FS4050 4.000 %3/1/2038264 255
FEDL NATL MTGE ASSN POOL #FS4069 4.000 %5/1/2035272 266
FEDL NATL MTGE ASSN POOL #FS4223 4.500 %5/1/2047252 244
FEDL NATL MTGE ASSN POOL #FS5384 2.500 %6/1/20511,350 1,117
FEDL NATL MTGE ASSN POOL #FS5625 5.000 %8/1/2053354 346
FEDL NATL MTGE ASSN POOL #FS5829 5.500 %9/1/2053224 225
FEDL NATL MTGE ASSN POOL #FS5986 2.500 %2/1/20521,263 1,047
FEDL NATL MTGE ASSN POOL #FS6323 3.500 %5/1/20521,373 1,224
FEDL NATL MTGE ASSN POOL #FS6514 2.500 %9/1/2051908 754
FEDL NATL MTGE ASSN POOL #FS6854 1.500 %4/1/20522,108 1,559
FEDL NATL MTGE ASSN POOL #FS6890 1.500 %4/1/20525,566 4,125
FEDL NATL MTGE ASSN POOL #FS7594 2.500 %9/1/20521,580 1,299
FEDL NATL MTGE ASSN POOL #FS7749 3.000 %2/1/20521,234 1,063
FEDL NATL MTGE ASSN POOL #FS7980 4.500 %12/1/2050423 403
FEDL NATL MTGE ASSN POOL #MA4623 2.500 %5/1/20522,859 2,334
FEDL NATL MTGE ASSN POOL #MA4782 3.500 %10/1/20522,413 2,137
FEDL NATL MTGE ASSN POOL #MA4783 4.000 %10/1/20521,800 1,649
GOVT NATL MTG ASSN II POOL #784044 4.990 %11/20/2037689 672
GOVT NATL MTG ASSN II POOL #784045 4.500 %7/20/2045361 346
GOVT NATL MTG ASSN II POOL #784602 4.000 %5/20/2038657 630
GOVT NATL MTG ASSN II POOL #BA7567 4.500 %5/20/2048156 147
GOVT NATL MTG ASSN II POOL #BI0416 4.500 %11/20/2048216 206
GOVT NATL MTG ASSN II POOL #BJ1318 5.000 %5/20/2049420 418
GOVT NATL MTG ASSN II POOL #BK7169 5.000 %12/20/2048153 151
GOVT NATL MTG ASSN II POOL #BL7729 5.000 %5/20/2049365 363
GOVT NATL MTG ASSN II POOL #BM9692 4.500 %7/20/2049344 327
GOVT NATL MTG ASSN II POOL #CA0265 2.986 %12/20/20701,162 1,021
GOVT NATL MTG ASSN II POOL #MA7534 2.500 %8/20/20513,186 2,662
GOVT NATL MTG ASSN II POOL #MA7589 2.500 %9/20/2051769 643
GOVT NATL MTG ASSN II POOL #MA7649 2.500 %10/20/2051819 684
RFCSP STRIP PRINCIPAL ZERO CPN 1/15/2030500 396
TENN VAL AUTH CPN STRIP ZERO CPN 3/15/2032300 210
TENN VALLEY AUTH 4.250 %9/15/2065124 101
TENN VALLEY AUTH 4.625 %9/15/206070 63
TVA PRIN STRIP ZERO CPN 6/15/2035500 293
UNITED STATES TREASURY BONDS 2.250 %2/15/205220,270 12,289
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

47
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
UNITED STATES TREASURY BONDS 3.000 %8/15/20521,240 890
UNITED STATES TREASURY BONDS 3.375 %8/15/20421,852 1,529
UNITED STATES TREASURY BONDS 3.625 %5/15/2053571 464
UNITED STATES TREASURY BONDS 3.875 %5/15/20431,363 1,200
UNITED STATES TREASURY BONDS 4.125 %8/15/205384 75
UNITED STATES TREASURY BONDS 4.125 %11/30/2029852 842
UNITED STATES TREASURY BONDS 4.250 %2/15/2054988 901
UNITED STATES TREASURY BONDS 4.250 %8/15/2054697 637
UNITED STATES TREASURY BONDS 4.375 %8/15/20432,849 2,681
UNITED STATES TREASURY BONDS 4.500 %2/15/20441,071 1,022
UNITED STATES TREASURY BONDS 4.625 %5/15/2044389 377
UNITED STATES TREASURY NOTES 2.750 %5/31/20291,195 1,117
UNITED STATES TREASURY NOTES 3.500 %2/15/203311,060 10,289
UNITED STATES TREASURY NOTES 3.875 %8/15/2033119 113
UNITED STATES TREASURY NOTES 3.875 %8/15/20347,684 7,265
UNITED STATES TREASURY NOTES 4.000 %2/15/20344,236 4,055
UNITED STATES TREASURY NOTES 4.000 %7/31/20292,882 2,836
UNITED STATES TREASURY NOTES 4.125 %11/15/20321,500 1,463
UNITED STATES TREASURY NOTES 4.500 %11/15/20332,520 2,509
UNITED STATES TREASURY NOTES 4.625 %4/30/20292,408 2,431
US TREAS SEC STRIPPED 5/15/2033900 606
US TREAS SEC STRIPPED 11/15/20321,000 691
US TREAS SEC STRIPPED ZERO CPN 11/15/2033900 591
US TREASURY BOND 1.125 %5/15/2040200 120
US TREASURY BOND 1.250 %5/15/20501,962 930
US TREASURY BOND 1.625 %11/15/2050390 203
US TREASURY BOND 1.875 %2/15/20511,839 1,023
US TREASURY BOND 1.875 %11/15/20513,285 1,812
US TREASURY BOND 2.000 %2/15/205095 55
US TREASURY BOND 2.000 %8/15/20511,779 1,016
US TREASURY BOND 2.250 %8/15/20465,184 3,347
US TREASURY BOND 2.250 %8/15/20491,130 700
US TREASURY BOND 2.375 %2/15/20423,265 2,325
US TREASURY BOND 2.375 %11/15/2049185 118
US TREASURY BOND 2.500 %2/15/20456,055 4,201
US TREASURY BOND 2.500 %5/15/20462,640 1,798
US TREASURY BOND 2.750 %8/15/2042910 684
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

48
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
US TREASURY BOND 2.750 %11/15/20422,022 1,511
US TREASURY BOND 3.000 %2/15/204774 55
US TREASURY BOND 3.000 %2/15/204880 59
US TREASURY BOND 3.000 %5/15/2042470 369
US TREASURY BOND 3.000 %8/15/20484,770 3,484
US TREASURY BOND 3.000 %11/15/2044119 90
US TREASURY BOND 3.125 %2/15/20431,840 1,453
US TREASURY BOND 3.125 %11/15/20411,500 1,207
US TREASURY BOND 3.375 %5/15/20443,779 3,063
US TREASURY BOND 3.500 %2/15/20398,520 7,468
US TREASURY BOND 3.625 %2/15/20441,000 844
US TREASURY BOND 3.625 %8/15/20432,935 2,486
US TREASURY BOND 3.750 %8/15/20414,320 3,800
US TREASURY BOND 3.750 %11/15/2043470 405
US TREASURY BOND 4.375 %2/15/2038445 433
US TREASURY BOND 4.375 %5/15/20411,160 1,105
US TREASURY BOND ZERO CPN 2/15/2041139 62
US TREASURY BOND ZERO CPN 11/15/2040220 99
US TREASURY BOND/NOTE STRIPPED ZERO 5/15/2032300 213
US TREASURY INFLATION INDEX BOND 0.125 %1/15/2030482 438
US TREASURY NOTE 0.625 %8/15/2030650 528
US TREASURY NOTE 0.875 %11/15/2030990 810
US TREASURY NOTE 1.125 %2/15/20317,520 6,206
US TREASURY NOTE 1.250 %3/31/20283,530 3,206
US TREASURY NOTE 1.250 %6/30/202817,523 15,788
US TREASURY NOTE 1.250 %8/15/2031810 661
US TREASURY NOTE 1.375 %11/15/20311,397 1,141
US TREASURY NOTE 1.500 %2/15/20305,450 4,732
US TREASURY NOTE 1.625 %5/15/20313,150 2,657
US TREASURY NOTE 1.875 %2/15/20329,395 7,902
US TREASURY NOTE 2.375 %5/15/202912,200 11,246
US TREASURY SEC STRIPPED 2/15/2031475 358
Total U.S. Government and Agency Obligations$311,175 
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

49
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
Common/Collective Trusts
ALLSPRING DISCOVERY SMID CAP GROWTH 9,437 143,578
*
AMEX R/VANGUARD FIDUCIARY EXT MKT
2,626 439,375
*
AMEX R/VANGUARD FIDUCIARY INTL STK
1,068 142,724
*
AMEX R/VANGUARD FIDUCIARY TOT BD
892 96,434
*
BLACKROCK INSTL TR CO N A INVT FDS 3,647 107,133
*
BLACKROCK INSTL TR CO N A INVT FDS 4,149 48,955
CAPITAL GROUP EUROPACIFIC GROWTH 33,305 431,629
*
COLUMBIA TRUST GOV MONEY MKT FUND29,425 29,425
*
FIAM GROUP TR FOR EMPLOYEE BENEFIT 5,524 131,302
*
FIDELITY BLUE CHIP GROWTH COMMINGLED12,792 639,598
LOOMIS SAYLES CORE PLUS FULL 5,245 130,916
*
MORGAN STANLEY INV MGMT 8,310 371,239
NEUBERGER BERMAN TR CO N A COLLECTIV6,312 86,037
*
VANGUARD EMPLOYEE BENEFIT INDEX #5281,761 1,344,724
Total Common/Collective Trusts$4,143,069 
Mutual Funds
DFA EMERGING MARKETS VALUE FUND 2,467 73,803
*
VANGUARD SMALL CAP VIPER 10 2,471
Total Mutual Funds$76,274 
Self-Directed Brokerage Accounts
CASH EQUIVALENTS45,055
*
COMMON STOCK9,690
MUTUAL FUNDS160,325
UNIT INVESTMENT TRUSTS
44
Total Self-Directed Brokerage Accounts
$215,114 
Other Investments
Asset-Backed Securities
20 TSQ GROUNDCO LLC 3.100 %5/15/20351,400 1,160
AMERICAN CREDIT ACCEPTANCE REC 5.590 %4/12/20291,170 1,173
AMERICAN CREDIT ACCEPTANCE REC 6.990 %9/12/2030895 915
AMERICAN HOMES 4 RENT 3.467 %4/17/2052325 323
AMERICAN HOMES 4 RENT 4.407 %4/17/2052720 717
AMERICAN HOMES 4 RENT 5.639 %4/17/2052150 150
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

50
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
AMERICAN HOMES 4 RENT 6.070 %10/17/2045142 142
AMERICAN TOWER TRUST 5.490 %3/15/2028218 220
AMERICREDIT AUTOMOBILE RECEIVA 5.380 %6/18/20291,170 1,184
AMERICREDIT AUTOMOBILE RECEIVA 6.000 %7/18/2029660 679
AMERICREDIT AUTOMOBILE RECEIVA 5.320 %4/18/2028285 287
AMSR TRUST 1.355 %11/17/2037215 210
AMSR TRUST 1.527 %8/17/20261,390 1,323
AMSR TRUST 1.806 %9/17/20371,845 1,807
AMSR TRUST 1.953 %6/17/2038395 359
AMSR TRUST 3.950 %6/17/20401,000 960
AMSR TRUST 4.150 %11/17/20411,360 1,297
AMSR TRUST 4.290 %7/17/2041376 363
AMSR TRUST
2.153 %6/17/2038545 490
AMUR EQUIP FIN RECEIVABLES 6.090 %12/20/2029790 801
APIDOS CLO LTD 5.740 %7/25/2037259 260
AXIS EQUIPMENT FINANCE RECEIVA 1.640 %10/20/202794 93
BANK CMO 3.254 %7/15/2060245 236
BANK5 CMO6.656 %6/15/2028365 382
BENCHMARK MORTGAGE TRUST 5.812 %5/17/2055360 367
BRIDGECREST LENDING AUTO SECUR 5.700 %7/16/20291,251 1,264
BRIDGECREST LENDING AUTO SECUR 6.070 %2/15/20301,490 1,517
BX TRUST 5.748 %2/15/2039458 460
BX TRUST 5.798 %7/15/2029342 343
BX TRUST 6.068 %12/9/2040280 281
BXP TRUST 3.379 %6/13/20391,000 954
CARMAX AUTO OWNER TRUST 4.750 %10/15/2027580 581
CARMAX AUTO OWNER TRUST 5.720 %11/16/2026221 221
CASCADE MH ASSET TRUST 1.753 %2/25/2046708 630
CF HIPPOLYTA ISSUER LLC 1.530 %3/15/20611,002 950
CIFC FUNDING LTD 5.893 %1/20/2037468 470
COLONY AMERICAN FINANCE LTD 1.358 %8/15/205363 60
COMM MORTGAGE TRUST 3.759 %8/10/2048313 310
COMM MORTGAGE TRUST 3.902 %7/10/2050684 681
COREVEST AMERICAN FINANCE LTD 4.744 %6/15/2055879 878
CPS AUTO TRUST 4.880 %4/15/203070 70
CREDIT ACCEPT AUTO LOAN TRUST 5.680 %3/15/2034910 922
CREDIT ACCEPTANCE AUTO LOAN TR 6.700 %10/16/20341,200 1,228
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

51
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
CREDIT ACCEPTANCE AUTO LOAN TR 7.020 %5/16/20331,000 1,024
CREDIT ACCEPTANCE AUTO LOAN TRUST 5.700 %10/15/2032990 993
CREDIT ACCEPTANCE AUTO LOAN TRUST 6.390 %8/15/2033820 834
CREDIT SUISSE MORTGAGE TRUST 4.072 %9/27/2060925 922
DB MASTER FINANCE LLC 2.045 %11/20/2051219 208
DB MASTER FINANCE LLC 2.493 %11/20/2051507 458
DBWF 2015-LCM MTG TR 1.000 %6/10/203464 62
DIAMOND RESORTS OWNER TRUST 1.510 %11/21/203370 69
DOMINOS PIZZA MASTER ISSUER LL 2.662 %4/25/2051204 186
DRIVE AUTO RECEIVABLES TRUST 4.670 %5/17/2032235 233
DT AUTO OWNER TRUST 6.070 %3/15/2028800 807
EXETER AUTOMOBILE RECEIVABLES 5.300 %9/15/2027387 388
EXETER AUTOMOBILE RECEIVABLES 5.410 %5/15/2030480 484
EXETER AUTOMOBILE RECEIVABLES 5.610 %9/15/2027343 344
EXETER AUTOMOBILE RECEIVABLES 5.750 %7/17/2028323 325
EXETER AUTOMOBILE RECEIVABLES 5.970 %3/15/2027123 123
EXETER AUTOMOBILE RECEIVABLES 6.110 %9/15/2027190 190
EXETER AUTOMOBILE RECEIVABLES 6.580 %4/17/2028865 876
FANNIEMAE-ACES 1.200 %8/25/2028212 197
FANNIEMAE-ACES 2.980 %8/25/2029692 642
FANNIEMAE-ACES
VR12/25/2026123 118
FANNIEMAE-ACES
VR6/25/2027489 472
FANNIEMAE-ACES
VR9/25/2028576 554
FED HOME LN MTG CORP 3.350 %9/25/2028307 303
FED HOME LN MTG CORP 3.500 %3/15/20351,517 1,444
FED HOME LN MTG CORP 3.500 %6/15/202636 36
FED HOME LN MTG CORP 7.000 %5/15/2037537 566
FED HOME LN MTG CORP 7.000 %12/15/203642 44
FED HOME LN MTG CORP
VR2/15/2043108 105
FED HOME LN MTG CORP
VR9/15/203617 17
FED NATL MTG ASSN 2.500 %8/25/2042153 134
FED NATL MTG ASSN 3.000 %1/25/2046188 171
FED NATL MTG ASSN 3.500 %5/25/2049849 757
FED NATL MTG ASSN 3.500 %11/25/2057691 652
FED NATL MTG ASSN 4.500 %12/25/2040706 694
FED NATL MTG ASSN 5.500 %6/25/2035103 105
FED NATL MTG ASSN 6.000 %3/25/203633 34
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

52
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FED NATL MTG ASSN
VR4/25/204430 30
FED NATL MTG ASSN
VR9/25/204123 23
FEDERAL HOME LOAN MORTGAGE CORP 3.710 %9/25/20321,000 923
FEDERAL HOME LOAN MORTGAGE CORP 4.940 %11/25/2030730 732
FEDERAL HOME LOAN MORTGAGE CORP 3.500 %11/25/2049790 625
FEDERAL HOME LOAN MORTGAGE CORP 2.500 %2/25/20521,033 924
FEDERAL HOME LOAN MORTGAGE CORP 2.500 %11/25/2038603 512
FEDERAL HOME LOAN MORTGAGE CORP 4.614 %2/25/20332,000 1,963
FEDERAL NATIONAL MORTGAGE ASSN 3.751 %5/25/2032804 775
FEDERAL NATIONAL MORTGAGE ASSN 2.250 %6/25/2045620 504
FEDERAL NATIONAL MORTGAGE ASSN 4.500 %7/25/2052761 661
FEDERAL NATIONAL MORTGAGE ASSN 2.083 %4/25/20321,018 845
FEDERAL NATIONAL MORTGAGE ASSN 1.707 %11/25/20311,051 857
FHLMC MULTIFAMILY STRUCTURED P 2.982 %11/25/202568 67
FHLMC MULTIFAMILY STRUCTURED P
3.364 %12/25/2027680 654
FIRST INVESTORS AUTO OWNER TRU 1.170 %3/15/2027154 154
FIRSTKEY HOMES 2020-SFR1 TRUST 1.266 %10/19/20371,007 981
FIRSTKEY HOMES 2020-SFR1 TRUST 1.339 %9/17/2025570 559
FIRSTKEY HOMES 2020-SFR1 TRUST 1.538 %8/19/20381,532 1,458
FIRSTKEY HOMES 2020-SFR1 TRUST 1.567 %10/19/20371,185 1,153
FIRSTKEY HOMES 2020-SFR1 TRUST 1.607 %9/17/20261,370 1,294
FIRSTKEY HOMES 2020-SFR1 TRUST 1.941 %9/17/2025231 226
FLAGSHIP CREDIT AUTO TRUST 1.670 %10/15/20267 7
FLATIRON CLO LTD 1/15/2038268 268
FORD CREDIT AUTO OWNER TRUST 5.070 %1/15/20291,110 1,115
FORD CREDIT AUTO OWNER TRUST/F 1.530 %5/15/2034750 708
FOUNDATION FINANCE TRUST 6.530 %6/15/2049604 622
FREDDIE MAC - SCRT 2.500 %8/25/20591,442 1,312
FREDDIE MAC - SCRT 3.000 %5/25/2060948 838
FREDDIE MAC - SCRT 3.000 %11/25/2057418 350
FREDDIE MAC - SCRT 3.500 %5/25/2057919 848
FREDDIE MAC - SCRT 3.500 %7/25/2058575 519
FREDDIE MAC - SCRT 3.500 %11/25/2057806 767
FREDDIE MAC - SCRT 4.000 %3/25/2059860 788
FREDDIE MAC - SCRT 4.000 %11/25/20571,275 1,183
FREDDIE MAC - SCRT 4.500 %6/25/2057890 848
FREDDIE MAC SCRT 3.500 %5/25/20641,402 1,209
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

53
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FREDDIE MAC SCRT 3.000 %10/25/20621,174 964
FREMF MORTGAGE TRUST
VR1/25/20481,200 1,196
FREMF MORTGAGE TRUST
VR11/25/2049180 175
FREMF MORTGAGE TRUST
VR4/25/20511,600 1,501
FREMF MORTGAGE TRUST
VR12/25/20501,000 948
FRTKL 2.172 %9/17/20381,005 944
GLS AUTO RECEIVABLES TRUST 1.110 %9/15/202639 39
GOODGREEN TRUST 3.260 %10/15/2053233 208
GOODGREEN TRUST 3.740 %10/15/205271 64
GOODGREEN TRUST
VR10/15/2053231 208
GOVERNMENT NATIONAL MORTGAGE ASSN 2.000 %6/20/2051771 643
GOVERNMENT NATIONAL MORTGAGE ASSN 1.000 %8/20/2050541 404
GOVT NATL MTG ASSN 5.218 %5/20/206610 10
GOVT NATL MTG ASSN 5.238 %11/20/2065564 562
GOVT NATL MTG ASSN 3.500 %3/20/2049184 140
GOVT NATL MTG ASSN 3.500 %8/20/2047549 487
GOVT NATL MTG ASSN 4.500 %10/16/2039637 635
GOVT NATL MTG ASSN 5.000 %8/20/2039111 112
GOVT NATL MTG ASSN 5.000 %10/20/2039314 310
GOVT NATL MTG ASSN
VR10/20/2043334 331
GOVT NATL MTG ASSN
VR6/20/2065586 585
GOVT NATL MTG ASSN
VR7/20/2065331 331
GOVT NATL MTG ASSN
VR6/20/2067205 205
GOVT NATL MTG ASSN
VR9/20/2065456 456
GOVT NATL MTG ASSN
VR10/20/2065334 333
GOVT NATL MTG ASSN
VR3/20/2067249 249
GOVT NATL MTG ASSN
VR5/20/2040359 364
GOVT NATL MTG ASSN
VR10/20/2040270 274
GOVT NATL MTG ASSN
VR12/20/2065184 184
GOVT NATL MTG ASSN
VR8/20/2066188 188
GOVT NATL MTG ASSN
VR1/20/2038231 234
GOVT NATL MTG ASSN
VR12/20/206685 85
GOVT NATL MTG ASSN
VR2/20/2061203 203
HERO FUNDING TRUST 3.080 %9/20/2042145 129
HERO FUNDING TRUST 3.950 %9/20/2048200 177
HERO FUNDING TRUST 4.460 %9/20/2047187 169
HERO FUNDING TRUST 4.670 %9/20/2048336 308
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

54
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
HERO FUNDING TRUST 4.070 %9/20/204836 32
HERTZ VEHICLE FINANCING LLC 1.990 %6/25/2026545 541
HILTON GRAND VACATIONS TRUST 5.650 %3/25/2038806 810
INDEPENDENCE PLAZA TRUST 3.763 %7/10/20351,200 1,173
INNOVATION HOMES TRUST 4.000 %9/17/2029320 299
*
JP MORGAN MORTGAGE TRUST
VR10/25/2051386 310
LENDMARK FUNDING TRUST 5.120 %7/20/2032610 611
MARINER FINANCE ISSUANCE TRUST 5.130 %9/22/20361,164 1,164
MARINER FINANCE ISSUANCE TRUST 1.860 %3/20/20361,655 1,576
*
MORGAN STANLEY BAML TRUST 3.531 %11/15/2048413 408
*
MORGAN STANLEY CAPITAL I TRUST 2.782 %8/15/2049373 359
MRCD MORTGAGE TRUST 2.718 %12/15/20361,846 1,361
NRZ EXCESS SPREAD COLLATERALIZ 3.844 %12/25/2025296 291
ONEMAIN DIRECT AUTO RECEIVABLES 3.950 %11/14/20281,500 1,481
PAGAYA AI TECHNOLOGY IN HOUSIN 3.600 %9/25/20281,000 933
PALMER SQUARE CLO LTD 5.663 %7/20/2037258 259
PALMER SQUARE LOAN FUNDING LTD 5.572 %10/15/2030125 125
PFS FINANCING CORP. 2.470 %2/16/2027478 477
PLANET FITNESS MASTER ISSUER 5.765 %6/5/2054174 174
PROGRESS RESIDENTIAL 3.350 %2/17/20411,015 945
PROGRESS RESIDENTIAL TRUST 3.500 %6/17/20411,610 1,463
PROGRESS RESIDENTIAL TRUST 3.100 %7/9/20292,183 2,002
PROGRESS RESIDENTIAL TRUST 3.000 %8/9/20291,563 1,423
PROGRESS RESIDENTIAL TRUST 3.200 %4/17/2039582 558
PROGRESS RESIDENTIAL TRUST 4.896 %6/17/20391,000 989
PROGRESS RESIDENTIAL TRUST 1.524 %7/17/20381,825 1,746
PROGRESS RESIDENTIAL TRUST 1.692 %8/17/2040421 379
PROGRESS RESIDENTIAL TRUST 2.082 %9/17/2038640 607
PROGRESS RESIDENTIAL TRUST 2.197 %4/19/2038775 750
PROGRESS RESIDENTIAL TRUST
3.107 %2/17/20291,100 1,000
RENEW 2017-1 1.671 %9/28/205296 87
RENEW FINANCIAL 3.220 %9/22/205385 75
SABEY DATA CENTER ISSUER LLC 1.881 %6/20/2046453 430
SANTANDER CONSUMER AUTO RECEIV 1.030 %11/16/2026760 750
SANTANDER DRIVE AUTO 6.160 %12/17/20291,010 1,033
SANTANDER DRIVE AUTO RECEIVABL 5.640 %8/15/2030965 978
SANTANDER DRIVE AUTO RECEIVABLES 5.610 %10/15/2027762 764
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

55
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
SBA TOWER TRUST 6.599 %1/15/2028210 215
SCF EQUIPMENT TRUST LLC 6.500 %10/21/20301,002 1,008
SEQUOIA MORTGAGE TRUST 6.000 %7/27/2054218 219
SEQUOIA MORTGAGE TRUST 5.000 %1/25/2053177 173
SFS AUTO RECEIVABLES 4.950 %5/21/2029405 407
SIERRA RECEIVABLES FUNDING CO 5.140 %6/20/2041922 921
SIERRA RECEIVABLES FUNDING CO 4.730 %6/20/2040229 228
SIERRA RECEIVABLES FUNDING CO 1.340 %11/20/203767 65
SIERRA RECEIVABLES FUNDING CO 2.320 %7/20/2037139 137
SMALL BUSINESS ADMINISTRATION 5.035 %3/1/2034409 406
SMALL BUSINESS ADMINISTRATION 5.168 %3/1/2033339 342
SMALL BUSINESS ADMINISTRATION 5.050 %1/1/2049396 395
SMALL BUSINESS ADMINISTRATION 4.480 %4/1/2048310 297
SMALL BUSINESS ADMINISTRATION 4.620 %5/1/2048327 312
SMALL BUSINESS ADMINISTRATION 4.010 %6/1/2047126 117
SMALL BUSINESS ADMINISTRATION 5.040 %6/1/2049436 427
SMALL BUSINESS ADMINISTRATION 1.750 %11/1/2046625 503
SMALL BUSINESS ADMINISTRATION 1.840 %1/1/2042353 297
SOCIAL PROFESSIONAL LOAN PROGR 2.540 %5/15/2046157 149
SUBWAY FUNDING LLC 6.028 %7/30/2054175 177
SUBWAY FUNDING LLC 5.566 %7/30/2054294 286
SYNCHRONY CARD ISSUANCE TRUST 5.540 %7/15/2029733 743
TACO BELL FUNDING, LLC 2.294 %8/25/2051379 336
TESLA AUTO LEASE TRUST 5.940 %7/20/2027840 846
TESLA AUTO LEASE TRUST 5.890 %6/22/2026347 348
TOYOTA AUTO LOAN EXTENDED 4.930 %6/25/2036882 890
TOYOTA AUTO RECEIVABLES 4.880 %3/15/2029875 881
TRICON AMERICAN HOMES 1.499 %7/17/2038238 228
TRICON RESIDENTIAL 4.750 %4/17/2039145 141
TRICON RESIDENTIAL 4.750 %6/17/2040169 167
TRICON RESIDENTIAL 4.849 %7/17/2040361 357
TRICON RESIDENTIAL 1.943 %7/17/2038373 357
UNITED AIRLNS PASS THRU 5.450 %2/15/2037483 484
VANTAGE DATA CENTERS LLC 1.992 %9/15/2045290 265
VENDEE MORTGAGE TRUST 0.417 %5/15/2033158 156
VERDANT RECEIVABLES LLC 5.680 %12/12/2031840 850
VERICREST OPPORTUNITY LOAN TRA
VR5/25/2051889 888
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

56
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
VERICREST OPPORTUNITY LOAN TRA
VR3/27/2051218 218
VERICREST OPPORTUNITY LOAN TRA
VR3/27/2051194 194
VERICREST OPPORTUNITY LOAN TRA
VR4/25/2051298 298
VERICREST OPPORTUNITY LOAN TRA
VR2/27/205196 96
VERICREST OPPORTUNITY LOAN TRA
VR3/27/2051357 356
VEROS AUTO RECEIVABLES TRUST 6.280 %11/15/2027335 337
WELLS FARGO COMMERCIAL MORTGAG 3.065 %11/15/2059308 297
WESTLAKE AUTOMOBILE RECEIVABLE 6.020 %9/15/20281,230 1,249
WIND RIVER CLO LTD 5.705 %7/20/2033387 387
WORLD FINANCIAL NETWORK CREDIT 5.020 %3/15/20301,065 1,071
WORLD FINANCIAL NETWORK CREDIT 5.470 %2/17/20311,190 1,210
WORLD OMNI AUTO RECEIVABLES 5.850 %8/15/2029595 611
Total Asset-Backed Securities$134,651 
Foreign Sovereign Debt
REPUBLIC OF CHILE 2.550 %1/27/2032200 167
UNITED MEXICAN STATES 2.659 %5/24/2031301 244
UNITED MEXICAN STATES 3.750 %1/11/2028392 372
UNITED MEXICAN STATES 3.771 %5/24/2061222 126
UNITED MEXICAN STATES 4.350 %1/15/204735 25
UNITED MEXICAN STATES 4.400 %2/12/2052370 250
Total Foreign Sovereign Debt$1,184 
Municipal Bonds
CONNECTICUT STATE 4.060 %6/15/2030370 357
MASSACHUSETTS STATE EDUCTNL FING 4.141 %7/1/2027115 113
MIAMI-DADE CNTY FLORIDA TRANSIT 5.534 %7/1/2032250 252
MICHIGAN STATE UNIV REVENUES 4.165 %8/15/212266 49
OHIO UNIV GEN RECPTS ATHENS 5.590 %12/1/2114195 177
TEXAS NATURAL GAS SECURITIZATION 5.102 %4/1/2035194 194
TEXAS NATURAL GAS SECURITIZATION 5.169 %4/1/2041190 187
UNIV CALIFORNIA REGTS MED 4.563 %5/15/2053220 190
Total Municipal Bonds $1,519 
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

57
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
Private Placement Securities
ABN AMRO BANK NV
VR12/13/2029300 270
AIA GROUP LTD 3.200 %9/16/2040200 149
AIR CANADA 2013-1A PTC 4.125 %11/15/2026461 459
AIR CANADA 2015-1A PTT 3.600 %3/15/2027568 552
AIR CANADA 2017-1A PTT 3.550 %1/15/2030177 163
AIR CANADA 2017-1AA PTT 3.300 %1/15/203052 48
AMERICAN TOWER TRUST I 3.652 %3/23/2028230 219
ASHTEAD CAPITAL INC 2.450 %8/12/2031418 347
ATHENE GLOBAL FUNDING 1.450 %1/8/2026260 251
ATHENE GLOBAL FUNDING 2.500 %1/14/202572 72
AUST & NZ BANKING GROUP 2.570 %11/25/2035210 178
AVIATION CAPITAL GROUP 1.950 %1/30/2026230 223
AVOLON HOLDINGS FNDG LTD 2.528 %11/18/20271,242 1,152
AVOLON HOLDINGS FNDG LTD 4.375 %5/1/2026567 561
AVOLON HOLDINGS FNDG LTD 5.500 %1/15/2026430 431
BAE SYSTEMS PLC 1.900 %2/15/2031292 241
BAE SYSTEMS PLC 3.400 %4/15/2030350 323
BANK OF IRELAND GROUP
VR9/30/2027227 216
BLACKSTONE HOLDINGS FINA 3.500 %9/10/2049200 139
BPCE SA
VR10/6/2026250 243
BPCE SA
VR1/20/2032275 224
BRITISH AIR 18-1 A PTT 4.125 %9/20/2031174 164
BRITISH AIR 18-1 AA PTT 3.800 %9/20/203167 64
BROADCOM INC 3.187 %11/15/2036750 604
BROOKLYN UNION GAS CO 4.273 %3/15/2048100 77
CLEVELAND ELECTRIC ILLUM 3.500 %4/1/202895 90
COX COMMUNICATIONS INC 3.350 %9/15/2026415 405
CVS PASS-THROUGH TR 2014 4.163 %8/10/2036192 173
CVS PASS-THROUGH TRUST 4.704 %1/10/2036239 222
CVS PASS-THROUGH TRUST 5.773 %1/10/2033211 210
CVS PASS-THROUGH TRUST 5.926 %1/10/2034342 340
DUQUESNE LIGHT HOLDINGS 3.616 %8/1/2027230 221
FERGUSON FINANCE PLC 3.250 %6/2/2030350 318
FIDELITY & GUARANTY LIFE 5.500 %5/1/202573 73
GAIF BOND ISSUER P/L 3.400 %9/30/202695 92
GALAXY PIPELINE ASSETS 2.940 %9/30/2040270 213
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

58
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
GLOBAL ATLANTIC FIN CO 4.400 %10/15/2029158 150
GOODMAN US FIN THREE 3.700 %3/15/202886 82
GRAY OAK PIPELINE LLC 3.450 %10/15/2027415 395
GREAT-WEST LIFECO FIN 18 4.581 %5/17/2048130 109
GTP ACQUISITION PARTNERS 3.482 %6/16/2025190 189
JERSEY CENTRAL PWR & LT 4.300 %1/15/202650 50
KEYSPAN GAS EAST CORP 2.742 %8/15/2026200 193
KKR GROUP FINAN CO VIII 3.500 %8/25/2050200 138
MACQUARIE BANK LTD
VR3/3/2036200 171
MACQUARIE GROUP LTD
VR1/12/2027380 366
MACQUARIE GROUP LTD
VR1/14/2033200 169
MASS MUTUAL LIFE INS CO 3.375 %4/15/2050210 140
MET LIFE GLOB FUNDING I 3.000 %9/19/2027180 172
MID-ATLANTIC INTERSTATE 4.100 %5/15/202850 49
NATIONWIDE BLDG SOCIETY
VR2/16/2028215 206
NATIONWIDE BLDG SOCIETY
VR3/8/2029260 252
NBN CO LTD 2.625 %5/5/2031400 346
NEW ENGLAND POWER CO 3.800 %12/5/204750 37
NEW YORK LIFE GLOBAL FDG 3.000 %1/10/202881 77
NEW YORK LIFE INSURANCE 4.450 %5/15/206990 69
NGPL PIPECO LLC 3.250 %7/15/2031240 207
NRG ENERGY INC 2.450 %12/2/2027225 209
NRG ENERGY INC 4.450 %6/15/2029155 148
PENNSYLVANIA ELECTRIC CO 3.250 %3/15/202826 25
PRUDENTIAL INSURANCE CO 8.300 %7/1/2025300 305
SAUDI INTERNATIONAL BOND 2.250 %2/2/2033200 159
SCHLUMBERGER HLDGS CORP 3.900 %5/17/2028416 404
SOCIETE GENERALE
VR6/9/2032440 367
STANDARD CHARTERED PLC
VR1/14/2027200 193
STELLANTIS FIN US INC 2.691 %9/15/2031209 171
SWISS RE FINANCE LUX
VR4/2/2049200 198
TEACHERS INSUR & ANNUITY 4.270 %5/15/204770 56
TEACHERS INSUR & ANNUITY 4.900 %9/15/204440 36
TEXAS EASTERN TRANSMISSI 3.500 %1/15/202833 32
UBS GROUP AG 1.305 %2/2/2027250 240
UBS GROUP AG 3.869 %1/12/2029250 241
UBS GROUP FUNDING 4.125 %4/15/2026400 396
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

59
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
UNICREDIT SPA 2.569 %9/22/2026350 343
VITERRA FINANCE BV 3.200 %4/21/2031300 262
Total Private Placement Securities$17,079 
Total Other Investments$154,433 
Total Investments, at Fair Value$8,137,170 
Fully Benefit Responsive Investment Contracts
U.S. Government and Agency Obligations
FEDERAL HOME LOAN BANKS0.500 %4/14/202510,000 9,891
FEDERAL HOME LOAN MORTGAG0.375 %7/21/202512,825 12,551
FGOLD 15YR3.500 %10/1/20251 1
FGOLD 15YR3.500 %11/1/20252 2
FGOLD 15YR3.500 %9/1/20256 6
FGOLD 15YR4.000 %7/1/202512 11
FGOLD 15YR4.000 %8/1/20257 7
FGOLD 15YR3.000 %1/1/2027202 199
FGOLD 15YR3.000 %1/1/2032215 206
FGOLD 15YR3.000 %1/1/2033176 168
FGOLD 15YR3.000 %11/1/202518 17
FGOLD 15YR3.000 %11/1/202629 29
FGOLD 15YR3.000 %3/1/2027182 179
FGOLD 15YR3.000 %3/1/2033295 281
FGOLD 15YR3.000 %8/1/20263 3
FGOLD 15YR3.500 %10/1/202551 51
FGOLD 15YR3.500 %11/1/20254 4
FGOLD 15YR3.500 %12/1/202544 44
FGOLD 15YR3.500 %2/1/20263 3
FGOLD 15YR3.500 %3/1/20268 8
FGOLD 15YR3.500 %4/1/20265 5
FGOLD 15YR3.500 %5/1/20263 3
FGOLD 15YR3.500 %5/1/2032487 473
FGOLD 15YR3.500 %6/1/202643 43
FGOLD 15YR3.500 %7/1/202656 56
FGOLD 15YR3.500 %8/1/202647 47
FGOLD 15YR3.500 %9/1/20267 7
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

60
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FGOLD 15YR4.000 %3/1/20264 4
FGOLD 15YR4.000 %5/1/202627 27
FGOLD 15YR4.000 %6/1/20251 1
FGOLD 15YR4.000 %6/1/2026120 119
FGOLD 15YR GIANT3.000 %1/1/202753 53
FGOLD 15YR GIANT3.000 %3/1/2031294 282
FGOLD 15YR GIANT3.000 %3/1/2032454 435
FGOLD 15YR GIANT3.000 %4/1/203312 12
FGOLD 15YR GIANT3.000 %6/1/202770 69
FGOLD 15YR GIANT3.000 %9/1/2030163 157
FGOLD 15YR GIANT3.000 %9/1/2031158 151
FGOLD 15YR GIANT3.500 %1/1/202759 58
FGOLD 15YR GIANT3.500 %10/1/20297 7
FGOLD 15YR GIANT3.500 %11/1/20257 7
FGOLD 15YR GIANT3.500 %11/1/2029112 110
FGOLD 15YR GIANT3.500 %11/1/2033120 116
FGOLD 15YR GIANT3.500 %12/1/202933 32
FGOLD 15YR GIANT3.500 %12/1/2033104 100
FGOLD 15YR GIANT3.500 %3/1/203058 57
FGOLD 15YR GIANT3.500 %4/1/20269 9
FGOLD 15YR GIANT3.500 %4/1/202935 34
FGOLD 15YR GIANT3.500 %4/1/2030153 149
FGOLD 15YR GIANT3.500 %6/1/202975 73
FGOLD 15YR GIANT3.500 %7/1/202613 13
FGOLD 15YR GIANT3.500 %7/1/2029176 172
FGOLD 15YR GIANT3.500 %8/1/202612 12
FGOLD 15YR GIANT3.500 %8/1/2029241 237
FGOLD 15YR GIANT3.500 %8/1/2032547 533
FGOLD 15YR GIANT3.500 %9/1/20257 7
FGOLD 15YR GIANT3.500 %9/1/20265 5
FGOLD 15YR GIANT4.000 %10/1/20251 1
FGOLD 15YR GIANT4.000 %12/1/20253 3
FGOLD 15YR GIANT4.000 %12/1/202612 12
FGOLD 15YR GIANT4.000 %5/1/20267 7
FGOLD 15YR GIANT4.000 %7/1/20251 1
FGOLD 15YR GIANT4.000 %7/1/20265 5
FH 5/1 CONS 12M SOFR NF A6.468 %12/1/203647 48
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

61
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FHLB2.125 %12/11/20262,150 2,063
FHLB2.375 %3/14/202510,150 10,107
FHLMC0.375 %9/23/202515,275 14,851
FHLMC 15YR UMBS2.000 %8/1/20356,514 5,799
FHLMC 15YR UMBS3.000 %12/1/20344,130 3,880
FHLMC 15YR UMBS MIRROR2.500 %11/1/2032649 608
FHLMC 15YR UMBS MIRROR2.500 %5/1/2033702 657
FHLMC 15YR UMBS MIRROR2.500 %7/1/2032308 289
FHLMC 15YR UMBS MIRROR3.000 %4/1/2034269 253
FHLMC 15YR UMBS SUPER2.000 %10/1/20355,805 5,168
FHLMC 15YR UMBS SUPER2.000 %5/1/20351,506 1,341
FHLMC 15YR UMBS SUPER2.000 %6/1/20351,247 1,111
FHLMC 15YR UMBS SUPER2.000 %9/1/20355,424 4,829
FHLMC 15YR UMBS SUPER2.500 %2/1/20352,738 2,511
FHLMC 15YR UMBS SUPER2.500 %8/1/2034794 729
FHLMC 15YR UMBS SUPER3.000 %1/1/2034170 161
FHLMC 15YR UMBS SUPER3.000 %9/1/20372,438 2,268
FHLMC 15YR UMBS SUPER3.500 %6/1/20372,085 1,972
FHLMC 15YR UMBS SUPER3.500 %7/1/20378,991 8,500
FHLMC 15YR UMBS SUPER3.500 %7/1/20387,137 6,749
FHLMC 15YR UMBS SUPER4.000 %8/1/20371,193 1,147
FHLMC 15YR UMBS SUPER4.500 %11/1/2037690 676
FHLMC 15YR UMBS SUPER4.500 %9/1/20392,060 2,016
FHLMC 15YR UMBS SUPER5.000 %12/1/20374,923 4,900
FHLMC 15YR UMBS SUPER5.000 %7/1/20383,378 3,362
FHLMC 15YR UMBS SUPER5.500 %11/1/20383,541 3,565
FHLMC 15YR UMBS SUPER5.500 %8/1/20396,218 6,260
FHLMC_K0442.811 %1/25/2025845 844
FHLMC_K0473.329 %5/25/20251,843 1,832
FHLMC_K0483.284 %6/25/20251,062 1,055
FHLMC_K0493.010 %7/25/20258,901 8,823
FHLMC_K0503.334 %8/25/20252,042 2,025
FHLMC_K0523.151 %11/25/20251,668 1,649
FHLMC_K0532.995 %12/25/20256,185 6,102
FHLMC_K0562.525 %5/25/202611,265 10,983
FHLMC_K0633.430 %1/25/20274,700 4,598
FHLMC_K0662.797 %12/25/2026853 840
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

62
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FHLMC_K0673.194 %7/25/20274,231 4,088
FHLMC_K0743.600 %1/25/2028850 825
FHLMC_K0783.854 %6/25/20282,575 2,509
FHLMC_K7333.750 %8/25/20253,039 3,019
FHLMC_K7372.525 %10/25/20263,675 3,553
FNMA0.625 %4/22/202511,850 11,716
FNMA0.875 %8/5/203038,500 31,776
FNMA 15YR3.500 %1/1/202627 27
FNMA 15YR3.500 %10/1/202522 20
FNMA 15YR3.500 %11/1/202572 71
FNMA 15YR3.500 %12/1/202512 12
FNMA 15YR3.500 %12/1/20261 1
FNMA 15YR3.500 %2/1/202632 32
FNMA 15YR3.500 %3/1/20268 8
FNMA 15YR3.500 %7/1/20261 1
FNMA 15YR3.500 %8/1/202614 14
FNMA 15YR3.500 %9/1/20254 4
FNMA 15YR3.500 %9/1/20261 1
FNMA 15YR4.000 %2/1/20262 2
FNMA 15YR4.000 %4/1/20253 3
FNMA 15YR4.000 %5/1/20253 3
FNMA 15YR4.000 %6/1/20251 1
FNMA 15YR4.000 %9/1/20252 2
FNMA 10/1 HYBRID ARM6.569 %12/1/20331 2
FNMA 10/1 HYBRID ARM7.045 %10/1/20343 3
FNMA 15YR2.500 %2/1/2033858 805
FNMA 15YR3.000 %1/1/203111 11
FNMA 15YR3.000 %1/1/2032326 312
FNMA 15YR3.000 %1/1/2033955 905
FNMA 15YR3.000 %1/1/2034677 642
FNMA 15YR3.000 %10/1/20301,242 1,196
FNMA 15YR3.000 %10/1/203128 27
FNMA 15YR3.000 %10/1/2033722 686
FNMA 15YR3.000 %11/1/2030260 250
FNMA 15YR3.000 %11/1/2031421 403
FNMA 15YR3.000 %11/1/2033459 435
FNMA 15YR3.000 %2/1/2030203 196
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

63
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FNMA 15YR3.000 %2/1/20311,221 1,175
FNMA 15YR3.000 %2/1/2032312 297
FNMA 15YR3.000 %2/1/2034414 389
FNMA 15YR3.000 %3/1/2031160 154
FNMA 15YR3.000 %3/1/2032149 142
FNMA 15YR3.000 %3/1/2033215 205
FNMA 15YR3.000 %4/1/2031189 182
FNMA 15YR3.000 %4/1/20321,232 1,191
FNMA 15YR3.000 %5/1/2031607 583
FNMA 15YR3.000 %6/1/2034163 153
FNMA 15YR3.000 %7/1/202729 29
FNMA 15YR3.000 %7/1/203080 77
FNMA 15YR3.000 %7/1/2032593 565
FNMA 15YR3.000 %8/1/2031237 228
FNMA 15YR3.000 %9/1/2029276 268
FNMA 15YR3.000 %9/1/2031340 326
FNMA 15YR3.000 %9/1/2032446 425
FNMA 15YR3.000 %9/1/2033325 308
FNMA 15YR3.500 %1/1/202618 17
FNMA 15YR3.500 %1/1/202787 86
FNMA 15YR3.500 %1/1/20297 6
FNMA 15YR3.500 %1/1/2030277 270
FNMA 15YR3.500 %1/1/2034140 135
FNMA 15YR3.500 %10/1/2026110 109
FNMA 15YR3.500 %10/1/2028112 110
FNMA 15YR3.500 %10/1/202915 15
FNMA 15YR3.500 %11/1/20268 8
FNMA 15YR3.500 %11/1/20273 3
FNMA 15YR3.500 %11/1/202879 78
FNMA 15YR3.500 %11/1/202971 69
FNMA 15YR3.500 %12/1/202530 29
FNMA 15YR3.500 %12/1/202620 20
FNMA 15YR3.500 %12/1/202852 51
FNMA 15YR3.500 %12/1/2029376 368
FNMA 15YR3.500 %12/1/2032399 387
FNMA 15YR3.500 %2/1/202621 21
FNMA 15YR3.500 %2/1/20277 7
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

64
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FNMA 15YR3.500 %2/1/20281 0
FNMA 15YR3.500 %2/1/2029229 224
FNMA 15YR3.500 %2/1/2031237 231
FNMA 15YR3.500 %2/1/2032705 686
FNMA 15YR3.500 %2/1/203425 23
FNMA 15YR3.500 %3/1/20262 2
FNMA 15YR3.500 %4/1/202634 33
FNMA 15YR3.500 %4/1/202717 17
FNMA 15YR3.500 %4/1/2030142 138
FNMA 15YR3.500 %4/1/2034624 595
FNMA 15YR3.500 %5/1/20262 2
FNMA 15YR3.500 %5/1/202725 24
FNMA 15YR3.500 %5/1/202952 51
FNMA 15YR3.500 %6/1/202753 52
FNMA 15YR3.500 %6/1/2029144 141
FNMA 15YR3.500 %6/1/2030148 145
FNMA 15YR3.500 %7/1/2029380 371
FNMA 15YR3.500 %8/1/202612 12
FNMA 15YR3.500 %8/1/202746 46
FNMA 15YR3.500 %8/1/2029273 267
FNMA 15YR3.500 %8/1/2032325 316
FNMA 15YR3.500 %8/1/2033113 108
FNMA 15YR3.500 %9/1/2026126 125
FNMA 15YR3.500 %9/1/202853 52
FNMA 15YR3.500 %9/1/2029498 486
FNMA 15YR3.500 %9/1/2033250 241
FNMA 15YR4.000 %1/1/202996 92
FNMA 15YR4.000 %11/1/202613 13
FNMA 15YR4.000 %5/1/20271 1
FNMA 15YR4.000 %7/1/20251 1
FNMA 15YR4.000 %8/1/20262 2
FNMA 15YR4.000 %9/1/20275 5
FNMA 15YR4.500 %6/1/202613 13
FNMA 15YR5.000 %7/1/20251 1
FNMA 15YR UMBS2.000 %7/1/20354,081 3,634
FNMA 15YR UMBS2.000 %7/1/20377,276 6,427
FNMA 15YR UMBS2.500 %10/1/20341,382 1,269
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

65
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
FNMA 15YR UMBS2.500 %12/1/20341,485 1,360
FNMA 15YR UMBS2.500 %2/1/20352,998 2,752
FNMA 15YR UMBS2.500 %5/1/2035841 767
FNMA 15YR UMBS2.500 %8/1/20342,884 2,645
FNMA 15YR UMBS3.000 %6/1/20379,190 8,552
FNMA 15YR UMBS3.000 %7/1/2034713 670
FNMA 15YR UMBS3.000 %8/1/203428 26
FNMA 15YR UMBS3.500 %7/1/20371,761 1,665
FNMA 15YR UMBS3.500 %9/1/20372,455 2,321
FNMA 15YR UMBS4.000 %11/1/20393,747 3,597
FNMA 15YR UMBS4.000 %3/1/20382,535 2,434
FNMA 15YR UMBS4.000 %8/1/20372,898 2,783
FNMA 15YR UMBS4.500 %11/1/2037727 711
FNMA 15YR UMBS4.500 %12/1/20372,901 2,841
FNMA 15YR UMBS4.500 %4/1/203812,802 12,540
FNMA 15YR UMBS5.000 %11/1/203712,088 12,030
FNMA 15YR UMBS5.000 %12/1/203710,940 10,899
FNMA 15YR UMBS SUPER2.000 %7/1/20351,725 1,535
FNMA 15YR UMBS SUPER2.000 %8/1/20352,582 2,299
FNMA 15YR UMBS SUPER2.000 %9/1/20355,508 4,904
FNMA 15YR UMBS SUPER3.000 %1/1/20362,498 2,338
FNMA 15YR UMBS SUPER4.000 %9/1/20372,202 2,117
FNMA 15YR UMBS SUPER4.500 %6/1/20382,842 2,780
FNMA 6M LIBOR ARM6.290 %12/1/203240 40
FNMA 6M LIBOR ARM6.540 %11/1/203220 20
FNMA 6M LIBOR ARM6.643 %4/1/203561 62
FNMA 6M LIBOR ARM6.669 %3/1/203462 62
FNMA 6M LIBOR ARM6.922 %9/1/203552 52
FNMA 7/1 HYBRID ARM6.245 %3/1/203610 10
FNMA 7/1 HYBRID ARM6.459 %1/1/203427 27
FNMA BENCHMARK NOTE0.375 %8/25/202512,500 12,190
FNMA BENCHMARK NOTES7.250 %5/15/20301,100 1,245
TREASURY NOTE2.250 %11/15/20275,900 5,579
TREASURY NOTE2.875 %4/30/2029100,225 94,352
UMBS 15YR TBA(REG B)3.000 %1/16/204060,125 55,936
UMBS 15YR TBA(REG B)3.500 %1/16/204042,800 40,449
UMBS 15YR TBA(REG B)4.000 %1/16/204012,700 12,191
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

66
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, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party
(c) Description of Investment
(e) Current Value
Number of Shares/ Units or Face Amount
Interest Rate
Maturity Date
(in thousands)
(in thousands)
UMBS 15YR TBA(REG B)4.500 %1/16/204014,050 13,742
UMBS 15YR TBA(REG B)5.000 %1/16/20407,850 7,810
UMBS 15YR TBA(REG B)6.000 %1/16/20404,325 4,397
Total U.S. Government and Agency Obligations$582,559 
Common/Collective Trusts
*
COLUMBIA TR GOVT MM FUND142,703 142,703
Total Common/Collective Trusts$142,703 
Cash Collateral
*
MS TBA CASH COLLATERAL3/20/2050700 700
WFB TBA CASH COLLATERAL3/20/2050270 270
Total Cash Collateral
$970 
Total Fully Benefit Responsive Investment Contracts, at Fair Value $726,232 
Adjustment from Fair Value to Contract Value
AMERICAN UNITED LIFE - S000162.410 %12/31/20504,465 
*
JP MORGAN - #AISP01 2.820 %12/31/20504,994 
LINCOLN NATIONAL LIFE 2.330 %12/31/20504,588 
MET TOWER LIFE - #381653.120 %12/31/20503,745 
PACIFIC LIFE - # 267552.540 %12/31/20504,244 
PRUDENTIAL GA-636902.420 %12/31/20505,193 
RBC - Ameriprise Amex012.750 %12/31/20503,327 
TRANSAMERICA MDA00375TR, MATURES2.620 %12/31/20505,996 
Total Adjustments $36,552 
Total Fully Benefit Responsive Investment Contracts, at Contract Value$762,784 
TOTAL INVESTMENTS$8,899,954 
Loan to Participants
*
Various Loans (cost $0)
3.250% - 9.500%
Through 2/23/2052
73,860
Loans to Participants Total$73,860 
*    Indicates party-in-interest
VR: Variable Rate
Column (d) cost, has been omitted, as all investments are participant directed

67
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Acquired and Disposed of Within Year)
For the Year Ended December 31, 2024
(a)
(b) Identity of Issue, Borrower, Lessor, or Similar Party


(c) Description of Investment


 (e) Proceeds of dispositions
Rate of interestMaturity date
Number of Shares / Units or Face Amount
(in thousands)(in thousands)
CORPORATE DEBT INSTRUMENTS
ASTRAZENECA FINANCE5.000 %2/26/2034240 236 
CAMPBELL SOUP CO 5.400 %3/21/2034200 198 
CISCO SYSTEMS INC5.050 %2/26/2034145 144 
DEUTSCHE BANK
VR2/8/2028200 205 
FOUNDRY JV HOLDC6.250 %1/25/2035490 505 
GA GLOBAL FNDING5.500 %1/8/2029208 213 
PLANET FITNESS MASTE4.666 %9/5/2048247 247 
STANDARD CHARTER
VR1/11/2035220 229 
TAKEDA PHARMA CO LTD5.650 %7/5/2044300 300 
UBS GROUP CONV
VR2/8/2030300 298 
WARNERMEDIA HLDG5.141 %3/15/2052260 198 

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

68
EIN 13-4922250
Plan #: 002
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4j – Schedule of Reportable Transactions
for the Year Ended December 31, 2024
(Thousands, except where indicated)

(a)(b)(c)(d)(g)(h)(i)
Identity of Party InvolvedDescription of AssetPurchase PriceSelling PriceCost of AssetCurrent Value of Asset on Transaction DateNet Gain (Loss)







Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets
*FIDELITY MM GOVT PORTFOLIO #57
Money Market Funds
627,366—627,366627,366—
—681,920681,920681,920—
AS TREAS PLUS MM FD - SELECT #3803
Money Market Funds
471,412—471,412471,412—
—426,202426,202426,202—
TREASURY NOTE 2.875% 4/30/2029
U.S. Government and Agency Obligations
410,706—410,706410,706—
—405,521517,543405,521(112,022)
TREASURY NOTE 4.125% 8/31/2030
U.S. Government and Agency Obligations
242,264—242,264242,264—
—239,752242,264239,752(2,512)
There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024.
Non-applicable columns are not included in this presentation.

*    Indicates party-in-interest



69

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






Date: June 18, 2025

By/s/ Rita Pang



Rita Pang



Employee Benefits Administration Committee
70

EXHIBIT INDEX
Exhibit
Number

Description

How Filed
23Electronically filed herewith
E-1


EXHIBIT 23


CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We hereby consent to the incorporation by reference in Registration Statement Nos. 033-53801 and 333-281038 on Form S-8 of American Express Company of our report dated June 18, 2025, appearing in the Annual Report on Form 11-K of American Express Retirement Savings Plan for the year ended December 31, 2024.

/s/ McConnell & Jones LLP

McConnell & Jones LLP

Houston, Texas
June 18, 2025