11-K
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

 

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

For the fiscal year ended December 31, 2012

 

     or

 

¨   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

    For the transition period from              to             

Commission file number 1-7657

 

A.   Full title of the plan and the address of the plan, if different from that of the issuer named below:

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

 

B.   Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

AMERICAN EXPRESS COMPANY

World Financial Center

200 Vesey Street

New York, New York 10285

 

 

 


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule

Table of Contents

 

         Page    

Report of Independent Registered Public Accounting Firm

  

FINANCIAL STATEMENTS

  

Statements of Net Assets Available for Benefits as of December 31, 2012 and 2011

   1

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2012

   2

Notes to Financial Statements

   3

SUPPLEMENTAL SCHEDULE*

  

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2012

   17

Signature

   37

Exhibit Index

   E-1

 

*

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


Table of Contents

Report of Independent Registered Public Accounting Firm

To the Participants and Employee Benefits Administration Committee of

American Express Retirement Savings Plan:

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of American Express Retirement Savings Plan (the “Plan”) at December 31, 2012 and 2011, and the changes in net assets available for benefits for the year ended December 31, 2012 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2012 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 28, 2013


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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

as of December 31, 2012 and 2011

 

 

 

(Thousands)

                      2012                       2011  

Assets

       

Investments, at fair value:

       

Money market funds

     $ 44,078       $ 36,040   

Common stocks

       1,615,256         1,410,079   

Fixed income securities

       603         344   

Common/collective trusts

       541,944         418,121   

Mutual funds

       920,739         744,481   

Stable Value Fund

       652,700         665,003   

 

    

 

 

    

 

 

 

Total investments, at fair value

       3,775,320         3,274,068   

Due from brokers

       5,853         1,830   

Cash (non-interest bearing)

       5,796         145   

Receivables:

       

Notes receivable from participants

       101,139         102,610   

Investment income accrued

       198         1,434   

Employer contributions:

       

Profit sharing

       43,996         58,694   

Other than profit sharing

       28,140         26,944   

Employee contributions

               3,857   

 

    

 

 

    

 

 

 

Total Assets

       3,960,442         3,469,582   

 

    

 

 

    

 

 

 

Liabilities

       

Accrued expenses

       1,251         2,446   

Due to brokers

       26,276         40,392   

 

    

 

 

    

 

 

 

Total Liabilities

       27,527         42,838   

 

    

 

 

    

 

 

 

Net assets reflecting investments at fair value

       3,932,915         3,426,744   

 

    

 

 

    

 

 

 

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

       (16,214)         (21,906)   

 

    

 

 

    

 

 

 

Net assets available for benefits

     $ 3,916,701       $ 3,404,838   

 

 

See accompanying notes to the financial statements.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

for the Year Ended December 31, 2012

 

 

 

(Thousands)

                    2012  

Contributions

  

Employer

  

Profit sharing

   $ 44,007   

Other than profit sharing

     126,203   

Employee

     148,344   

Rollovers

     10,284   

 

  

 

 

 

Total contributions

     328,838   

 

  

 

 

 

Investment income

  

Net appreciation in fair value of investments

     410,326   

Interest and dividends

     73,351   

Other income

     1,112   

 

  

 

 

 

Total investment income

     484,789   

 

  

 

 

 

Interest on notes receivable from participants

     3,499   

 

  

 

 

 

Total additions to net assets

     817,126   

 

  

 

 

 

Withdrawal payments

     (305,263)   

 

  

 

 

 

Net increase in net assets available for benefits

     511,863   

 

  

 

 

 

Net assets available for benefits at beginning of year

     3,404,838   

 

  

 

 

 

Net assets available for benefits at end of year

   $ 3,916,701   

 

 

See accompanying notes to the financial statements.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

1. Description of the Plan

General

The American Express Retirement Savings Plan (the “Plan”), which became effective June 11, 1973, is a defined contribution pension plan. Under the terms of the Plan, regular full-time and certain part-time employees of American Express Company and its participating subsidiaries (the “Company”) can make elective contributions to the Plan beginning as soon as practicable after their date of hire and are eligible to receive Company contributions, if any, upon completion of six months of service.

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

Administration

Wells Fargo Bank, N.A. is the Trustee and Recordkeeper for the Plan. The Plan is administered by the Company’s Employee Benefits Administration Committee (“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. RSPIC has the power to select the other investment options available under the Plan and the manner in which certain investments of the Plan are invested. Subject to Plan limits, RSPIC has the power to appoint investment managers to make investment decisions. The members of EBAC are appointed by the Chief Executive Officer as authorized by the Compensation and Benefits Committee of the Board of Directors of the Company. Under the terms of the Plan Document, the members of RSPIC are appointed by the Vice President, Global Benefits.

Compensation

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

For purposes of the Plan, compensation is limited to a participant’s regular cash remuneration up to a maximum of $250,000 and $245,000 in 2012 and 2011, respectively, before tax deductions and certain other withholdings.

Contributions

The Plan currently provides for the following contributions:

Elective Contributions

Each pay period, participants may make Before-Tax Contributions and/or Roth Contributions, and/or After-Tax Contributions up to 10% of eligible compensation, or a combination, not to exceed 80% of their Total Pay, to the Plan through payroll deductions. Roth Contributions were introduced to the Plan as a special type of after-tax contribution that is subject to most of the same rules as pre-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 2012 and 2011, this limit was $17,000 and $16,500, respectively, for participants under age 50 and $22,500 and $22,000, respectively, for participants age 50 or older. The Plan complied with nondiscrimination requirements under the Code during 2012 and 2011 by utilizing the safe harbor design for deferrals and matching contributions in accordance with Sections 401(k)(12) and 401(m)(11) of the Code.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Company Matching Contributions

The Company matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 5% of Total Pay after a participant’s completion of six months of service.

Profit Sharing Contributions

Upon a participant’s completion of six months of service, additional Company contributions up to 5% of a participant’s Total Pay may be made annually at the Company’s discretion which can be based, in part, on the Company’s performance. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Profit Sharing Contributions made for that plan year. Profit Sharing Contributions to eligible participants are made regardless of whether the eligible participant contributes to the Plan. Profit Sharing Contributions for employees other than eligible Global Business Travel participants comprised 2.25% and 3.25% of participant Total Pay in 2012 and 2011, respectively. Eligible Global Business Travel participants received Profit Sharing Contributions equal to 1.00% of their Total Pay in 2012 and 2.00% of their Total Pay in 2011.

Qualified Non-elective Contributions

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

Conversion Contributions

For eligible employees on the Company’s United States payroll or on unpaid leave of absence on July 1, 2007 and who generally commenced service prior to April 1, 2007, the Company makes Conversion Contributions equal to a percentage of compensation. The amount of the participant’s Conversion Contributions is based on his/her projected attained age plus completed years of service with the Company as of December 31, 2008 and varies depending on the division of employment. Conversion Contributions range from 0-8% of Total Pay.

Disability Contributions

Certain qualifying participants who become disabled, as defined in the Plan, are eligible to receive contributions similar to Company Conversion, Profit Sharing and/or Matching Contributions.

Transfer of Account Balances

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

Participant Rollovers

A rollover contribution is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers are accepted into the Plan, but are not subject to Company contributions. The Plan also allows in-Plan Roth conversion rollovers.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Vesting

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

Company Matching Contributions

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

Profit Sharing Contributions

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

Qualified Non-elective Contributions

QNECs are immediately 100% vested.

Conversion Contributions

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

Disability Contributions

Disability Contributions are always 100% vested as soon as they are deposited into the Plan.

Forfeitures

2012 Profit Sharing Contributions made to the Plan in March 2013 were reduced by $1.7 million from forfeited account balances. Forfeitures of terminated participants’ non-vested accounts are used to pay Plan expenses or to reduce future Company contributions. Forfeited non-vested balances were $1.2 million as of both December 31, 2012 and 2011.

Plan Termination

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

Notes Receivable from Participants

Notes Receivable from Participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest. Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants’ investment accounts in accordance with the election in effect for new contributions at the time of repayment.

Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed based on the prime rate for the month prior to the month in which the loan request is processed. In the event of a loan default, EBAC may direct the Trustee to treat the outstanding loan balance as an early withdrawal of funds from the Plan, thereby subjecting the participant to income tax plus any penalties imposed by the Code based on the loan balance. Loans outstanding to participants at December 31, 2012 carried interest rates varying from 3.25% to 9.50% and will mature at various dates through October 2042. Effective September 1, 2012, there was a change in the interest rate determination from prime rate to prime rate plus one percent.

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Tax Deferrals

As long as the Plan remains qualified and the related Trust (the “Trust”) remains tax exempt, amounts invested in the Plan through pre-tax participant and Company contributions and rollovers, as well as the investment earnings on such amounts, are not subject to federal income tax until distributed to the participant. After-tax contributions are taxed when contributed, with earnings taxed upon distribution. Roth contributions are taxed when contributed, and earnings on Roth contributions qualify for tax-free distribution if a participant (i) reaches age 59-1/2, dies or becomes disabled (as defined by federal law) and (ii) has a Roth contribution account with the Plan (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.

Distributions and Withdrawals

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

Expenses

The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan. Expenses related to investment funds, such as investment management fees, brokerage commissions, stock transfer, or other taxes and charges incurred in the purchase or sale of investments, are generally paid out of the applicable investment funds. Fees, commissions, and other charges and administrative expenses that are attributable to the investment funds as a whole are generally paid from the Trust. These expenses are included within net appreciation (depreciation) in fair value of investments on the Statement of Changes in Net Assets Available for Benefits. These expenses were $14.5 million for the year ended December 31, 2012. Additional expenses are associated with the SDA and participants electing to invest through the SDA are charged directly for these fees through their SDA. The Trust does not pay any fees or expenses associated with the SDA.

 

2. Summary of Significant Accounting Policies

Use of Estimates

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Accounting estimates are an integral part of the financial statements. These estimates are based, in part, on management’s assumptions concerning future events. Among the more significant assumptions are those that relate to fair value measurements. These accounting estimates reflect the best judgment of management, but actual results could differ.

Investment Valuation and Income Recognition

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

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

and agency securities, municipal bonds and foreign bonds are valued at closing bid quotations at the financial statement date or the latest available date. When quoted prices of identical investment securities in active markets are not available, the fair values for the Plan’s fixed income securities are obtained primarily from pricing services engaged by the Plan’s Trustee, and the Plan receives one price for each security.

Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. As required by the Plan, all dividend and interest income is reinvested into the same investment funds in which the dividends and interest income arose with the exception of the American Express Company Stock Fund (the “Fund”) which is an Employee Stock Ownership Plan (“ESOP”). The ESOP holds shares of American Express Company stock on behalf of participants. Dividends are automatically reinvested in the Fund, unless participants elect that the dividends paid with respect to their interest in the Fund be distributed in cash in the form of withdrawal payments.

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

Recent Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) recent accounting standards applicable to the Plan are as follows:

The rollforward of Level 3 activity on a gross basis is a clarification of existing disclosure requirements related to the level of disaggregation to be used for assets and liabilities as well as disclosures on the inputs and valuation techniques used to measure fair value. The standard is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosure requirements related to the Level 3 rollforward, which are effective for interim and annual periods beginning after December 15, 2010. The Plan adopted the standard October 1, 2010, except for the additional disclosures related to the Level 3 rollforward, which the Plan adopted October 1, 2011. The adoption did not impact the Plan’s Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits.

In January 2010, the FASB updated the accounting standards related to disclosures on fair value measurements. The standard expands the current disclosure requirements to include additional detail about significant transfers between Levels 1 and 2 within the fair value hierarchy.

In May 2011, the FASB updated the accounting standards related to fair value measurement and disclosure requirements. The standard requires entities, for assets and liabilities measured at fair value in the Statement of Net Assets Available for Benefits which are Level 3 fair value measurements, to disclose quantitative information about unobservable inputs and assumptions used in the measurements, a description of the valuation processes in place, and a qualitative discussion about the sensitivity of the measurements to changes in unobservable inputs and interrelationships between those inputs if a change in those inputs would result in a significantly different fair value measurement. The standard is effective for annual periods beginning on or after December 15, 2011. The adoption did not have a material effect on the Plan’s Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits.

Classification of Various Items

Certain reclassifications of prior period amounts have been made to conform to the current presentation. These other reclassifications did not have an impact on the Plan’s financial position or change in net assets available for benefits.

Subsequent Events

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

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

3. Fair Value Measurements

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

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

 

   

Level 1 – Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan can access.

 

   

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:

   

Quoted prices for similar assets or liabilities in active markets;

   

Quoted prices for identical or similar assets or liabilities in markets that are not active;

   

Inputs other than quoted prices that are observable for the asset or liability; and

   

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

   

Level 3 – Inputs that are unobservable and reflect the Plan’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

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

Financial Assets Carried at Fair Value

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, 2012:

 

 

 

Description (Thousands)

     Total      Level 1      Level 2      Level 3  

Money market funds

     $ 44,078       $ 44,078       $       $   

Common stocks

       1,615,256         1,615,256                   

Fixed income securities

       603                 603           

Common/collective trusts

             

Bond funds

       155,595                 155,595           

Domestic equity funds

       386,349                 386,349           

Mutual funds

             

Fixed income funds

       312,022         312,022                   

Domestic equity funds

       136,803         136,803                   

International equity funds

       471,914         471,914                   

Stable Value Fund

             

Fixed income funds

       404,432                 404,432           

Common/collective trusts

             

Fixed income funds

       248,098                 248,098           

Wrap agreements

       170                         170   

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     $         3,775,320       $         2,580,073       $         1,195,077       $                 170   

 

 

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2011:

 

 

 

Description (Thousands)

   Total      Level 1      Level 2      Level 3  

Money market funds

   $ 36,040       $ 36,040       $       $   

Common stocks

     1,410,079         1,410,079                   

Fixed income securities

     344                 344           

Common/collective trusts

           

Bond funds

     123,342                 123,342           

Domestic equity funds(a)

     294,779                 294,779           

Mutual funds

           

Fixed income funds

     242,119         242,119                   

Domestic equity funds(a)

     133,170         133,170                   

International equity fund

     369,192         369,192                   

Stable Value Fund

           

Fixed income funds

     512,152                 512,152           

Common/collective trusts

           

Fixed income funds

     149,948                 149,948           

Wrap agreements

     2,903                         2,903   

 

  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $         3,274,068       $         2,190,600       $           1,080,565       $               2,903   

 

 

(a) During 2011, the Vanguard Employee Benefit Index Fund was changed from a mutual fund to a common/collective trust, resulting in a transfer of approximately $230 million from a Level 1 asset to a Level 2 asset of the fair value hierarchy.

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 financial instruments for the years ended December 31, 2012 and 2011:

 

 

 

(Thousands)

   2012      2011  

Balance, beginning of year

   $ 2,903       $ 2,367   

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

     (2,733)         536   

 

  

 

 

    

 

 

 

Balance, end of year

   $                   170       $                2,903   

 

 

Unrealized gains included in changes in fair value above are reported in the net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Benefits. There were no transfers in and/or out of the Plan’s Level 3 assets for the periods ended December 31, 2012 and 2011.

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:

 

   

Money market funds are valued by the net asset value (the “NAV”), which represents the exit price.

 

   

Overnight investments are valued at the redemption price, which approximates fair value.

 

   

Investments in American Express Company common stock, other stock and active publicly traded equity securities are valued at the official closing price of U.S. public exchanges or, if there is no official closing price that day, at the last reported trade price at that date or the latest available date. These investments are classified in Level 1 of the fair value hierarchy.

 

   

Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940. These investments are required to make publicly available the daily NAV of the fund and to transact at this price. Hence, open-end mutual

 

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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

 

funds transact at quoted prices. In addition, the mutual funds held by the Plan are actively traded. These investments are classified within Level 1 of the fair value hierarchy.

 

   

Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective. These investments, however, are non-registered (with the SEC, unlike mutual funds which are registered) and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular daily trading. These investments are classified within Level 2 of the fair value hierarchy. When measuring the fair value of such funds, the NAV, as provided by the fund sponsor, is corroborated with observable inputs provided by pricing services for the securities. In certain instances, NAVs may require adjustments to more appropriately reflect the fair value.

 

   

When quoted prices of identical investment securities in active markets are not available, the fair values for the Plan’s fixed income securities are obtained primarily from pricing services engaged by the Plan’s Trustee, and the Plan receives one price for each security. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, and broker-dealer quotes, all with reasonable levels of transparency. The pricing service did not apply any adjustments to the pricing models used. In addition, the Plan did not apply any adjustments to the prices received from the pricing services. The Plan reaffirms its understanding of the valuation techniques used by its pricing services at least annually. In addition, the Plan corroborates the prices provided by its pricing services for reasonableness by comparing the prices from the respective pricing services to valuations obtained from different pricing sources as well as comparing prices to the sale prices received from sold securities. In instances where price discrepancies are identified between different pricing sources, the Plan evaluates such discrepancies to ensure that the prices used for its valuation represent the fair value of the underlying investment securities. As of December 31, 2012, the Plan’s fixed income securities are classified within Level 2 of the fair value hierarchy.

 

   

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

The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2012, 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.

 

10


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

4. Investments

Investment Elections

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

A brief description of the investments available to participants at December 31, 2012 is set forth below:

Core Investment Funds

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

The Stable Value Fund

The Fund’s primary return source is the interest earned on diversified pools of U.S. government and agency fixed income securities together with book value wrap agreements issued by creditworthy insurance companies or banks. The book value wrap agreements provide that participants may withdraw their money from the Fund based on their initial deposits plus the accrued interest, without regard to the market value of the underlying fixed income securities. The strategy may also invest in collective investment funds that have substantially similar investment guidelines and underlying assets. This Fund is diversified by book value wrap issuer and by security type.

The average yield on investment contracts was 2.50% and 3.16% for December 31, 2012 and 2011, respectively. The weighted average crediting rates on investment contracts was 2.11% and 2.71% as of December 31, 2012 and 2011, respectively. The goal of this fund is to protect original investment while offering a competitive rate of interest with minimum risk.

The Diversified Bond Fund

The Fund’s current objective is to maximize interest income by investing in a portfolio of investment-grade debt securities and other fixed income instruments. The Fund is constructed to have risk characteristics comparable to those of the Barclays Capital U.S. Aggregate Bond Index TR. The Fund normally invests in U.S. Treasuries and agencies, asset-backed securities, mortgage-backed securities and investment-grade corporate bonds.

The Diversified Bond Index Fund

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

 

11


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

The U.S. Large-Cap Equity Fund

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

The U.S. Large-Cap Equity Index Fund

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

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

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

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

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

The International Equity Fund

The goal of this fund is to provide long-term capital appreciation from investments in non-U.S. stocks.

The International Equity Index Fund

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

Retirement Funds

The current objective of each Retirement Fund is to provide the highest total return over time consistent with an emphasis on both capital growth and income. As each Fund approaches its maturity date, the allocation to fixed income increases to help preserve capital, generate income, and reduce risk. The Retirement Funds utilize a mix of the actively managed Core Investment Funds to provide a diversification of investments based on the expected number of years until the participant’s retirement.

American Express Company Stock Fund

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

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

 

12


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

Self-Directed Brokerage Account (“SDA”)

The SDA gives participants the opportunity to invest in a wide variety of mutual funds in addition to the specific investment options listed earlier. Participants are provided a list of several thousand mutual funds from which to make choices and investment selections of their own design.

Additional Investment Details

As of December 31, 2012 and 2011, investments with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

 

 

Description (Thousands)

   2012      2011  

American Express Company common stock

   $            572,593       $            509,985   

Vanguard Employee Benefit Index #528

     386,349         310,141   

PIMCO Total Return Fund

     285,479         228,244   

 

 

There were no other individual securities held within the Core Investment Funds or SDA that exceeded 5% of the Plan’s net assets as of December 31, 2012 or 2011.

As of December 31, 2012 and 2011, investment options with a fair value representing 5% or more of the Plan’s net assets were as follows:

 

 

 

Description (Thousands)

   2012      2011  

The U.S. Large-Cap Equity Fund

   $         1,028,012       $            877,019   

The Stable Value Fund

     652,700         665,003   

American Express Company Stock Fund

     577,946         514,915   

The International Equity Fund

     456,597         362,363   

The Diversified Bond Fund

     441,074         351,586   

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

     379,451         329,888   

 

 

During 2012, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated/(depreciated) in fair value as follows:

 

 

 

Description (Thousands)

   2012  

Common stocks

   $ 256,444   

Mutual funds

     71,305   

Common/collective trusts

     85,310   

Wrap agreements

     (2,733)   

 

  

 

 

 

Net appreciation in fair value of investments

   $            410,326   

 

 

 

5. Risks and Uncertainties

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

 

13


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

6. Income Tax Status

The Plan has received a favorable determination letter from the Internal Revenue Service (the “IRS”) dated February 20, 2004, stating that the Plan is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and, therefore, the related trust is exempt from taxation. The Plan has been amended after the period covered by the determination letter. The Plan filed in November 2010 for an updated determination letter which is pending with the IRS. The Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code and, therefore believes that the Plan, as amended, is qualified, the related trust is tax-exempt and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Company has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, the Plan is no longer subject to examination for tax years prior to 2005, which is the earliest open year for U.S. federal income tax purposes.

 

7. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2012 and 2011:

 

 

 

(Thousands)

   2012      2011  

Net assets available for benefits per the financial statements

   $ 3,916,701       $ 3,404,838   

Less: Loans deemed distributed

     (1,230)         (1,430)   

 

  

 

 

    

 

 

 

Net assets available for benefits per the Form 5500

   $           3,915,471       $           3,403,408   

 

 

The following is a reconciliation of withdrawal payments per the financial statements to Form 5500 for the year ended December 31, 2012:

 

 

 

(Thousands)

   2012  

Withdrawal payments per the financial statements

   $ 305,263   

Plus: Certain deemed distributions of participant loans

     251   

Less: Deemed loans offset by distributions

     (474)   

 

  

 

 

 

Withdrawal payments per the Form 5500

   $              305,040   

 

 

The following is a reconciliation of interest on participant loans per the financial statements to Form 5500 for the year ended December 31, 2012:

 

 

 

(Thousands)

   2012  

Interest on notes receivable from participants per the financial statements

   $ 3,499   

Interest on deemed distributed loans

     4   

 

  

 

 

 

Interest on participant loans per the Form 5500

   $                  3,503   

 

 

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

 

14


Table of Contents

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

8. Related Party Transactions

Certain Plan investments are shares of American Express Company common stock and money market funds managed by the Plan’s Trustee. In addition, the Core Investment Funds may hold common stock and/or fixed income securities of the Plan’s Trustee/custodians. These transactions represent investments in related parties and, therefore, qualify as exempt party-in-interest transactions. The following table summarizes the Plan’s investment in related parties as of December 31, 2012 and 2011.

 

 

 
(Thousands)              

 

 

Wells Fargo Advantage Heritage Money Market Fund

   2012      2011  

Balance, beginning of year

   $ 23,170       $ 25,233   

Purchases

     525,056         512,208   

Sales

             (520,523)                 (514,271)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 27,703       $ 23,170   

 

 
     

 

 

American Express Company Common Stock

   2012      2011  

Balance, beginning of year

   $ 509,985       $ 504,049   

Realized gains

     8,118         5,102   

Unrealized gains

     101,453         45,083   

Purchases

     8,238         10,553   

Sales / Distributions

     (55,201)         (54,802)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 572,593       $ 509,985   

 

 
     

 

 

Wells Fargo and Company Common Stock

   2012      2011  

Balance, beginning of year

   $ 1,307       $ 1,382   

Realized gains / (losses)

     3         (27)   

Unrealized gains / (losses)

     343         (146)   

Purchases

     4,822         370   

Sales

     (30)         (272)   

 

  

 

 

    

 

 

 

Balance, end of year

   $ 6,445       $ 1,307   

 

 

 

15


Table of Contents

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

 

 

 

 

 

 

 

 

 

16


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

(a)

 

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

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

thousands)  
 
 

American Express Company Stock Fund

     
 

 

Money Market

     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106

    5,353            5,353     
 

 

Common Stock

     
*    

AMERICAN EXPRESS COMPANY COMMON STOCK

    9,962            572,593     
       

 

 

 
 

American Express Company Stock Fund Total

        577,946     
       

 

 

 
 

Self Directed Account

     
 

 

Cash Equivalents

     
 

CASH EQUIVALENTS

        16,376     
 

 

Common Stock

     
 

COMMON STOCK

        6,796     
 

 

Mutual Funds

     
 

MUTUAL FUNDS

        110,802     
       

 

 

 
 

Self Directed Account Total

        133,974     
       

 

 

 
 

The Diversified Bond Index Fund

     
 

 

Mutual Funds

     
       

 

 

 
 

VANGUARD TOTAL BOND INDEX FUND I #222

    2,393            26,543     
       

 

 

 
 

The International Equity Index Fund

     
 

 

Mutual Funds

     
       

 

 

 
 

VANGUARD TOTAL INTERNATIONAL STOCK INDEX

    153            15,318     
       

 

 

 
 

The U.S. Large-Cap Equity Index Fund

     
 

 

Mutual Funds

     
       

 

 

 
 

VANGUARD EMPLOYEE BENEFIT INDEX #528

    262            38,783     
       

 

 

 
 

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

     
 

 

Mutual Funds

     
       

 

 

 
 

VANGUARD EXTENDED MARKET INDEX FUND #856

    543            24,922     
       

 

 

 
 

The Diversified Bond Fund

     
 

 

Common/Collective Trusts

     
 

LOOMIS SAYLES CORE FULL BOND FUND

    9,470            155,595     
 

 

Mutual Funds

     
 

PIMCO TOTAL RETURN FUND-INST #35

    25,398            285,479     
       

 

 

 
 

The Diversified Bond Fund Total

        441,074     
       

 

 

 
 

The U.S. Large-Cap Equity Fund

     
 

 

Mutual Funds

     
 

VANGUARD EMPLOYEE BENEFIT INDEX #528

    2,351            347,566     
 

 

Money Market

     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (COLUMBIA)

    5,573            5,572     
       

 

 

 

  * Indicates party-in-interest

 

17


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (SANDS)

    936            936     
 

 

Fixed Income

     
 

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

    531            603     
 

 

Common Stock

     
 

ABB LTD - ADR

    74            1,546     
 

ACCENTURE PLC

    27            1,793     
 

ACE LIMITED

    110            8,775     
 

ADT CORP/THE

    35            1,610     
 

AFLAC INC

    31            1,657     
 

AGILENT TECHNOLOGIES INC

    61            2,479     
 

ALEXION PHARMACEUTICALS INC

    110            10,311     
 

ALLERGAN INC

    144            13,209     
 

ALLSTATE CORP

    107            4,298     
 

ALTRIA GROUP INC

    94            2,957     
 

AMAZON COM INC COM

    95            23,833     
 

AMERICAN ELECTRIC POWER INC

    22            934     
 

AMERICAN INTERNATIONAL GROUP, INC

    16            550     
 

AMGEN INC

    25            2,155     
 

ANADARKO PETROLEUM CORP

    27            1,994     
 

APPLE INC

    46            24,214     
 

ASTRAZENECA PLC ADR

    39            1,832     
 

AT & T INC

    227            7,656     
 

ATHENAHEALTH INC

    44            3,225     
 

BIOMARIN PHARMACEUTICAL INC

    105            5,166     
 

BLACKROCK INC

    7            1,406     
 

BOEING CO

    60            4,485     
 

BOSTON SCIENTIFIC CORP COM

    166            953     
 

BP PLC - ADR

    52            2,174     
 

BRISTOL MYERS SQUIBB CO

    122            3,982     
 

C&J ENERGY SERVICES INC

    33            700     
 

CAMERON INTL CORP

    20            1,140     
 

CATERPILLAR INC

    42            3,734     
 

CENTURYLINK, INC

    105            4,117     
 

CERNER CORP COM

    113            8,759     
 

CHEVRON CORP

    57            6,163     
 

CHIPOTLE MEXICAN GRILL INC

    32            9,370     
 

CISCO SYSTEMS INC

    300            5,891     
 

CITIGROUP, INC.

    150            5,919     
 

COACH INC

    147            8,160     
 

COMCAST CORP CLASS A

    68            2,528     
 

DEEMED REDEEMED ASML HOLDING NV

    164            10,560     
 

DELL INC

    122            1,239     
 

DELTA AIR LINES INC

    93            1,099     
 

DEUTSCHE TELEKOM AG - ADR

    133            1,511     
 

DOMINION RES INC VA

    44            2,266     
 

DOW CHEMICAL CO

    144            4,663     

 

 

 

  * Indicates party-in-interest

 

18


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

DU PONT E I DE NEMOURS & CO

    42            1,900     
 

DUKE ENERGY HOLDING CORP. COM

    22            1,379     
 

EATON CORP PLC

    92            4,987     
 

EBAY INC

    41            2,076     
 

ENBRIDGE INC

    100            4,347     
 

ENDURANCE SPECIALTY HOLDINGS

    21            837     
 

ENTERGY CORP NEW COM

    25            1,571     
 

EQT CORPORATION

    36            2,103     
 

EXXON MOBIL CORPORATION

    33            2,871     
 

F5 NETWORKS INC

    88            8,438     
 

FACEBOOK INC

    317            6,724     
 

FIRSTENERGY CORP COM

    33            1,369     
 

FMC TECHNOLOGIES INC

    157            8,549     
 

FORD MOTOR COMPANY

    468            6,058     
 

GENERAL ELECTRIC CO

    373            7,839     
 

GOLDMAN SACHS GROUP INC

    43            5,452     
 

GOOGLE INC

    31            22,070     
 

HOME DEPOT INC

    106            6,587     
 

HONEYWELL INTERNATIONAL INC

    34            2,156     
 

HUBBELL INC CL B

    26            2,193     
 

ILLINOIS TOOL WORKS INC

    50            3,042     
 

INTEL CORP

    160            3,292     
 

INTERCONTINENTALEXCHANGE INC

    55            6,810     
 

INTERNATIONAL PAPER CO

    48            1,896     
 

INTUITIVE SURGICAL INC

    13            6,375     
 

JOHNSON & JOHNSON

    81            5,652     
 

JPMORGAN CHASE & CO

    227            9,981     
 

KELLOGG CO

    30            1,670     
 

KIMBERLY CLARK CORP COM

    38            3,224     
 

KOHLS CORP

    34            1,457     
 

KRAFT FOODS GROUP INC

    29            1,302     
 

LAS VEGAS SANDS CORP

    165            7,616     
 

LOCKHEED MARTIN CORP

    34            3,159     
 

LORILLARD INC

    39            4,596     
 

MACY S INC

    100            3,914     
 

MASTERCARD INC

    13            6,500     
 

MCDONALDS CORP

    51            4,477     
 

MERCK & CO INC NEW

    184            7,520     
 

METLIFE INC

    63            2,063     
 

MICROCHIP TECHNOLOGY INC COM

    77            2,514     
 

MICROSOFT CORP

    132            3,537     
 

MONDELEZ INTERNATIONAL INC

    86            2,187     
 

MORGAN STANLEY

    152            2,901     
 

MOSAIC CO/THE

    58            3,262     
 

NATIONAL OILWELL INC COM

    18            1,208     
 

NATIONAL OILWELL INC COM

    109            7,450     

 

 

 

  * Indicates party-in-interest

 

19


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

NEWS CORP

    78            1,987     
 

NEXTERA ENERGY INC

    28            1,931     
 

NIKE INC CL B

    176            9,082     
 

NOVARTIS AG - ADR

    66            4,177     
 

NYSE EURONEXT INC

    33            1,047     
 

OCCIDENTAL PETE CORP

    37            2,844     
 

ORACLE CORPORATION

    73            2,437     
 

PARKER HANNIFIN CORP

    36            3,101     
 

PARTNERRE LTD COM

    4            339     
 

PENTAIR, LTD.

    17            817     
 

PEPSICO INC

    31            2,152     
 

PFIZER INC

    415            10,416     
 

PG&E CORP COM

    51            2,062     
 

PHILIP MORRIS INTERNATIONAL INC

    47            3,902     
 

PHILLIPS 66

    26            1,375     
 

PIONEER NAT RES CO COM

    21            2,270     
 

PPL CORPORATION

    42            1,206     
 

PRAXAIR INC COM

    83            9,084     
 

PRICELINE COM INC

    16            9,926     
 

PROCTER & GAMBLE CO

    69            4,665     
 

PROLOGIS INC

    21            775     
 

QUALCOMM INC

    173            10,702     
 

REGAL ENTERTAINMENT GROUP- CL A

    103            1,439     
 

REGENERON PHARMACEUTICALS INC

    44            7,527     
 

ROCHE HOLDINGS LTD - ADR

    40            2,015     
 

ROYAL DUTCH SHELL PLC ADR

    76            5,207     
 

SALESFORCE COM INC

    130            21,853     
 

SCHLUMBERGER LTD

    31            2,141     
 

SCHLUMBERGER LTD

    143            9,910     
 

SEADRILL LIMITED

    33            1,214     
 

SEMPRA ENERGY COM

    41            2,885     
 

SOUTHWESTERN ENERGY CO COM

    152            5,078     
 

STARBUCKS CORP COM

    150            8,045     
 

SUNCOR ENERGY INC NEW F

    50            1,646     
 

SYSCO CORP

    29            931     
 

TARGET CORP

    131            7,780     
 

TE CONNECTIVITY LTD

    55            2,043     
 

TEVA PHARMACEUTICAL INDUSTRIES

    22            836     
 

THE HERSHEY COMPANY

    13            932     
 

THERMO FISHER SCIENTIFIC INC

    47            2,983     
 

TIME WARNER INC

    48            2,317     
 

TOTAL S.A. - ADR

    18            954     
 

TRAVELERS COMPANIES, INC

    43            3,105     
 

TYCO INTERNATIONAL LTD NEW

    69            2,026     
 

UNILEVER N.V. - ADR

    61            2,339     
 

UNION PACIFIC CORP

    25            3,140     

 

 

 

  * Indicates party-in-interest

 

20


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

UNITED TECHNOLOGIES CORP

    23            1,919     
 

UNITED CONTINENTAL HOLDINGS, INC.

    102            2,377     
 

UNITEDHEALTH GROUP INC

    121            6,541     
 

VALERO ENERGY CORP

    39            1,331     
 

VERIZON COMMUNICATIONS

    160            6,927     
 

VIACOM INC NEW

    35            1,870     
 

VISA INC-CLASS A SHRS

    161            24,404     
 

VODAFONE GROUP PLC NEW ADR

    89            2,242     
 

WAL MART STORES INC

    50            3,422     
 

WALT DISNEY CO

    54            2,705     
*    

WELLS FARGO & CO

    189            6,445     
 

WILLIAMS COS INC

    24            773     
 

WINDSTREAM CORP

    99            817     
 

XL GROUP PLC

    351            8,795     
       

 

 

 
 

The U.S. Large-Cap Equity Fund Total

        1,028,012     
       

 

 

 
 

The International Equity Fund

     
 

 

Mutual Funds

     
 

AMERICAN FUNDS EUROPACIFIC GROWTH R6 #2616

    4,072            167,705     
 

DFA EMERGING MARKETS VALUE FUND #95

    3,093            92,292     
 

DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO #66

    2,906            46,438     
 

GMO INTERNATIONAL CORE EQUITY FUND III

    5,269            150,162     
       

 

 

 
 

The International Equity Fund Total

        456,597     
       

 

 

 
 

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

     
 

 

Money Market

     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (BUCKHEAD)

    4,276            4,276     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (RAINER)

    99            99     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (TIMES CAP)

    4,493            4,493     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (WESTWOOD)

    6,295            6,295     
*    

WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (WMC)

    678            678     
 

 

Mutual Funds

     
 

THL CREDIT INC

    73            1,078     
 

 

Common Stock

     
 

3D SYSTEMS CORPORATION

    12            664     
 

AARON’S INC

    36            1,014     
 

ACCO BRANDS CORP

    104            760     
 

ACI WORLDWIDE INC

    9            402     
 

ACUITY BRANDS (HOLDING COMPANY) INC

    6            427     
 

ADTRAN INC

    30            576     
 

ADVANCE AUTO PARTS INC

    2            166     
 

ADVANCE AUTO PTS INC

    11            803     
 

ADVISORY BRD CO

    18            861     

 

 

 

  * Indicates party-in-interest

 

21


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

AERCAP HOLDINGS NV

    80            1,093     
 

AFFILIATED MANAGERS GROUP, INC COM

    6            789     
 

AGCO CORP COM

    18            899     
 

AIRGAS INC COM

    7            610     
 

AIRIAD PHARMACEUTICALS INC

    21            412     
 

AKAMAI TECHNOLOGIES

    19            779     
 

ALBANY INTL CORP NEW CL A

    41            925     
 

ALEXANDRIA REAL ESTATE EQUITIES

    24            1,629     
 

ALEXION PHARMACEUTICALS INC

    4            372     
 

ALIGN TECHNOLOGY INC

    23            644     
 

ALLEGHANY CORP DEL NEW

    3            936     
 

ALLEGIANT TRAVEL CO

    15            1,064     
 

ALLEGIANT TRAVEL CO

    6            435     
 

ALLETE INC

    4            170     
 

ALLIANCE DATA SYS CORP

    14            2,056     
 

ALLSCRIPTS HEALTHCARE SOLUTIONS INC

    10            94     
 

AMC NETWORKS INC

    13            644     
 

AMDOCS LIMITED COM

    32            1,088     
 

AMERI SOURCEBERGEN CORP

    28            1,210     
 

AMERICAN CAMPUS CMNTYS INC

    9            410     
 

AMERICAN WATER WORKS CO INC/NE

    23            865     
 

AMSURG CORP

    25            741     
 

ANNIE S INC

    20            655     
 

APOLLO GLOBAL MANAGEMENT LLC

    70            1,207     
 

APPROACH RESOURCES INC

    2            50     
 

APTARGROUP INC COM

    10            496     
 

ARBITRON INC

    27            1,237     
 

ARES CAP CORP

    43            758     
 

ARES CAP CORP

    31            547     
 

ARIAD PHARMACEUTICALS INC

    24            451     
 

ARRIS GROUP INC

    76            1,135     
 

ASCENA RETAIL GROUP INC

    43            800     
 

ASPEN INSURANCE HOLDINGS LTDSHS

    57            1,838     
 

ASSURED GUARANTY LTD USD 1.0

    30            423     
 

ATLAS AIR WORLDWIDE HLDGS INC

    12            527     
 

ATMOS ENERGY CORP

    16            544     
 

AVAGO TECHNOLOGIES LTD

    26            809     
 

AVERY DENNISON CORP

    16            559     
 

AXIS CAPITAL HOLDINGS LTD

    46            1,607     
 

B/E AEROSPACE INC

    37            1,843     
 

B/E AEROSPACE INC

    24            1,173     
 

BALLY TECHNOLOGIES INC

    21            952     
 

BANKUNITED INC

    55            1,347     
 

BANNER CORP

    10            304     
 

BELDEN INC

    36            1,597     

 

 

 

  * Indicates party-in-interest

 

22


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

BERKLEY W R CORP

    15            547     
 

BIO RAD LABS INC CL A

    5            525     
 

BIO-REFERENCE LABS INC

    11            316     
 

BLOUNT INTERNATIONAL INC

    64            1,019     
 

BONANZA CREEK ENERGY INC

    14            384     
 

BORG WARNER INC

    19            1,389     
 

BRISTOW GROUP INC

    9            504     
 

BROADRIDGE FINANCIAL SOLUTIONS

    70            1,597     
 

BROOKDALE SR LIVING INC

    35            874     
 

BROWN & BROWN INC

    52            1,315     
 

CABOT MICROELECTRONICS CORP

    23            799     
 

CAREFUSION CORP

    70            1,992     
 

CARLISLE COS INC

    33            1,939     
 

CARPENTER TECHNOLOGY CORP

    21            1,104     
 

CARRIZO OIL & GAS INC

    48            1,012     
 

CASEYS GEN STORES INC

    13            680     
 

CATAMARAN CORP

    13            627     
 

CATHAY BANCORP INC

    46            892     
 

CATO CORP NEW CL A

    36            998     
 

CAVIUM INC

    18            566     
 

CBRE GROUP INC

    42            834     
 

CEC ENTERTAINMENT INC COM

    25            820     
 

CHARLES RIVER LABORATORIES

    32            1,184     
 

CHICAGO BRIDGE & IRON COMPANY N.V.

    24            1,116     
 

CHILDRENS PL RETAIL STORES INC COM

    28            1,236     
 

CHOICE HOTELS INTL INC COM

    8            262     
 

CHURCH & DWIGHT INC

    9            508     
 

CIT GROUP INC

    16            610     
 

CITRIX SYS INC COM

    11            708     
 

CLARCOR INC

    23            1,113     
 

CLEAN HARBORS INC

    39            2,123     
 

CLOUD PEAK ENERGY INC

    41            785     
 

CMS ENERGY CORP

    49            1,195     
 

COHERENT INC

    10            501     
 

COINSTAR COM

    35            1,830     
 

COLFAX CORPORATION

    45            1,832     
 

COMERICA INC

    18            531     
 

COMMVAULT SYSTEMS INC

    12            801     
 

COMMVAULT SYSTEMS INC

    6            397     
 

CONSOL ENERGY INC

    27            870     
 

CON-WAY INC COM

    32            899     
 

COOPER COS INC COM NEW

    9            804     
 

CORPORATE EXECUTIVE BOARD CO

    37            1,770     
 

CORRECTIONS CORP OF AMER

    16            582     
 

COSTAR GROUP, INC

    18            1,644     
 

CUBESMART

    17            246     

 

 

 

  * Indicates party-in-interest

 

23


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

CUBIC CORP

    10            461     
 

CUBIST PHARMACEUTICALS INC

    15            636     
 

DAVITA HEALTHCARE PARTNERS INC

    13            1,415     
 

DAVITA HEALTHCARE PARTNERS INC

    2            244     
 

DELEK US HLDGS INC

    17            427     
 

DELTIC TIMBER CORP COM

    11            742     
 

DENBURY RESOURCES

    53            854     
 

DENTSPLY INTERNATIONAL

    20            792     
 

DIAMONDROCK HOSPITALITY

    93            835     
 

DIAMONDROCK HOSPITALITY

    48            428     
 

DICKS SPORTING GOODS INC

    12            568     
 

DIEBOLD INC

    19            594     
 

DIGITAL REALTY TRUST

    13            876     
 

DILLARDS INC CL A

    7            561     
 

DR PEPPER SNAPPLE GROUP

    22            985     
 

DRIL-QUIP INC COM

    11            767     
 

DSW INC

    7            488     
 

DUNKIN BRANDS GROUP INC

    26            863     
 

DUNKIN BRANDS GROUP INC

    16            519     
 

DYCOM INDUSTRIES INC

    44            863     
 

EAST WEST BANCORP COM

    24            510     
 

EAST WEST BANCORP COM

    75            1,612     
 

EASTMAN CHEMICAL CO

    17            1,130     
 

EDWARDS LIFESCIENCES CORP

    8            688     
 

ELIZABETH ARDEN INC

    9            399     
 

ENERGY XXI (BERMUDA) LTD

    39            1,256     
 

ENSCO PLC-CL A

    6            361     
 

EQUIFAX INC

    31            1,694     
 

ESCO TECHNOLOGIES INC

    22            827     
 

ESTERLINE CORP

    5            310     
 

EURONET WORLDWIDE INC.

    27            648     
 

EVERCORE PARTNERS INC

    22            677     
 

EZCORP INC

    34            682     
 

F5 NETWORKS INC

    9            829     
 

FABRINET

    24            311     
 

FAMILY DLR STORES INC

    12            780     
 

FIFTH THIRD BANCORP

    55            842     
 

FINISH LINE INCE CL A

    26            486     
 

FIRST MIDWEST BANCORP INC DEL

    61            768     
 

FIRST NIAGARA FINL GROUP INC NEW

    64            504     
 

FIRST FINANCIAL BANCORP

    91            1,332     
 

FIRST HORIZON NATL CORP

    108            1,070     
 

FIRST REPUBLIC BANK/SAN FRANCI

    6            195     
 

FLEETCOR TECHNOLOGIES INC

    18            988     
 

FLEETCOR TECHNOLOGIES INC

    28            1,508     
 

FLOWERS FOODS INC

    17            393     

 

 

 

  * Indicates party-in-interest

 

24


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

FLOWSERVE CORP COM

    7            998     
 

FLUOR CORP NEW

    11            651     
 

FOOT LOCKER INC

    20            630     
 

FORRESTER RESEARCH INC COM

    16            431     
 

FORTINET INC

    35            730     
 

FORTUNE BRANDS HOME & SECURITY

    38            1,112     
 

FORUM ENERGY TECHNOLOGIES INC

    23            579     
 

FOSTER WHEELER AG

    39            951     
 

FREDS INC CL A

    47            624     
 

FRESH DEL MONTE PRODUCE

    43            1,124     
 

FRESH MARKET INC/THE

    11            509     
 

FULTON FIN CORP

    40            382     
 

FUSION-10 INC

    20            450     
 

G & K SVCS INC CL A

    24            803     
 

GARDNER DENVER INC COMMON STOCK

    12            795     
 

GARMIN LTD

    26            1,068     
 

GATX CORP

    22            961     
 

GENESEE & WYOMING INC-CL A

    28            2,130     
 

GENESEE & WYOMING INC-CL A

    9            663     
 

GENESSE & WYOMING INC-CL A

    8            601     
 

GLACIER BANCORP INC MONTANA

    21            311     
 

GLACIER BANCORP INC MONTANA

    8            116     
 

GLOBAL PMTS INC W/I

    24            1,083     
 

GLOBAL PMTS INC W/I

    25            1,152     
 

GLOBAL PMTS INC W/I

    48            2,161     
 

GNC HOLDINGS INC

    32            1,078     
 

GNC HOLDINGS INC

    23            763     
 

GOLUB CAPITAL BDC INC

    23            369     
 

GRACO INC

    18            917     
 

GRAND CANYON EDUCATION INC

    36            833     
 

GREENHILL & CO INC

    10            502     
 

GREIF INC-CL A

    10            441     
 

GROUP 1 AUTOMOTIVE INC

    7            462     
 

HAEMONETICS CORP MASS

    25            1,021     
 

HAEMONETICS CORP MASS

    6            229     
 

HALCON RESOURCES CORPORATION

    28            196     
 

HANCOCK HOLDING CO

    13            412     
 

HANESBRANDS INC

    30            1,060     
 

HANOVER INS GROUP INC

    22            869     
 

HCC INS HLDGS INC COM

    41            1,533     
 

HCC INS HLDGS INC COM

    46            1,704     
 

HEALTHCARE SVCS GROUP INC

    17            403     
 

HEARTWARE INTERNATIONAL INC

    1            42     
 

HELEN OF TROY LIMITED

    15            498     
 

HENRY JACK & ASSOC INC COM

    50            1,951     
 

HENRY JACK & ASSOC INC COM

    21            828     

 

 

 

  * Indicates party-in-interest

 

25


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

HERBALIFE LTD

    8            264     
 

HERBALIFE LTD

    17            553     
 

HILL ROM HLDGS

    17            472     
 

HITTITE MICROWAVE CORP

    4            246     
 

HMS HLDGS CORP

    40            1,029     
 

HOLOGIC INC COM

    80            1,603     
 

HOLOGIC INC COM

    48            966     
 

HOME BANCSHARES INC/CONWAYAR

    13            432     
 

HOMEAWAY INC

    47            1,030     
 

HUBBEL INC

    23            1,930     
 

HURON CONSULTING GROUP INC

    23            775     
 

IBERIABANK CORP

    17            826     
 

ICON PLC - ADR

    48            1,330     
 

IHS INC

    10            960     
 

ILLUMINA INC

    20            1,108     
 

INCYTE CORPORATION, INC

    21            354     
 

INFORMATICA CORP

    38            1,137     
 

INNOSPEC INC

    17            597     
 

INTERNATIONAL BANCSHARES CRP

    42            758     
 

INVESCO LIMITED

    41            1,061     
 

ITC HOLDINGS CORP

    5            391     
 

IXIA

    26            439     
 

J2 GLOBAL INC

    61            1,860     
 

JABIL CIRCUIT INC

    58            1,110     
 

JARDEN CORP

    23            1,194     
 

JAZZ PHARMACEUTICALS INC

    9            505     
 

JM SMUCKER CO

    18            1,587     
 

JONES LANG LASALLE INC

    11            923     
 

JONES LANG LASALLE INC

    16            1,354     
 

JOS A BANK CLOTHIERS INC

    20            852     
 

KELLY SERVICES INC

    73            1,153     
 

KIRBY CORP

    16            959     
 

KLA-TENCOR CORP

    16            759     
 

KOPPERS HLDGS INC

    12            443     
 

LAM RESEARCH CORP COM

    22            777     
 

LAREDO PETROLEUM HOLDINGS IN

    31            558     
 

LASALLE HOTEL PROPERTIES COM

    39            981     
 

LAZARD LTD

    56            1,671     
 

LA-Z-BOY LASALLE INC

    26            371     
 

LEAR CORP

    33            1,560     
 

LKQ CORP

    37            789     
 

LPG PHOTONICS CORP

    4            249     
 

LSI CORPORATION

    152            1,078     
 

MACK CALI RLTY CORP COM

    14            371     
 

MAGELLAN HEALTH SERVICES INC

    16            769     
 

MANITOWOC INC

    45            698     

 

 

 

  * Indicates party-in-interest

 

26


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

MANPOWER INC WIS

    30            1,286     
 

MATTHEWS INTL CORP

    25            799     
 

MAXIM INTEGRATED PRODS INC

    29            846     
 

MAXIMUS INC COM

    14            891     
 

MB FINANCIAL BANK

    25            490     
 

MCGRATH RENTCORP

    3            76     
 

MEDNAX INC

    21            1,638     
 

MEDNAX INC

    16            1,241     
 

MICHAEL KORS HOLDINGS LTD

    11            552     
 

MICROS SYSTEMS INC

    28            1,167     
 

MICROS SYSTEMS INC

    13            549     
 

MICROSEMI CORP COM

    53            1,113     
 

MIDDLEBY CORP

    2            222     
 

MOHAWK INDUSTRIES INC

    1            62     
 

MOLSON COORS BREWING CO

    18            762     
 

MRC GLOBAL INC

    45            1,239     
 

MTS SYS CORP

    14            723     
 

MUELLER INDS INC

    21            1,061     
 

NASDAQ OMX GRP INC

    67            1,684     
 

NEUSTAR INC

    26            1,090     
 

NEW JERSEY RES CORP

    6            226     
 

NEWELL RUBBERMAID INC

    32            705     
 

NICE SYSTEMS LTD - ADR

    35            1,172     
 

NICE SYSTEMS LTD - ADR

    14            477     
 

NISOURCE INC

    26            647     
 

NORDSTROM INC

    14            753     
 

NORTHWEST BANCSHARES INC/MD

    68            828     
 

NU SKIN ENTERPRISES

    16            590     
 

NVIDIA CORP

    119            1,461     
 

OCEANEERING INTL INC

    8            441     
 

OCEANEERING INTL INC

    12            661     
 

OCH-ZIFF CAPITAL MANAGEMENT GR

    119            1,131     
 

OCWEN FINL CORP NEW

    25            862     
 

OIL STATES INTERNATIONAL INC

    11            750     
 

OLD NATL BANCORP

    13            158     
 

OLD REP INTL CORP

    52            554     
 

OM SEMI CONDUCTOR CORP

    159            1,121     
 

ONYX PHARMACEUTICALS INC

    9            664     
 

ORBITAL SCIENCES CORP

    50            688     
 

ORTHOFIX INTL N V

    14            534     
 

ORTHOFIX INTL N V

    13            492     
 

PACKAGING CORP OF AMERICA

    48            1,838     
 

PDC ENERGY INC

    23            773     
 

PDC ENERGY INC

    20            660     
 

PENN VIRGINIA CORP

    20            88     
 

PERKINELMER, INC

    8            242     

 

 

 

  * Indicates party-in-interest

 

27


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

PERRIGO CO

    7            699     
 

PETSMART INC COM

    11            745     
 

PINNACLE FINL PARTNERS INC

    21            390     
 

PLAINS EXPL & PRODTN CO

    11            498     
 

PLATINUM UNDERWRITERS HLDGS

    14            635     
 

POST HOLDINGS INC

    12            396     
 

POTLATCH HLDGS INC

    21            803     
 

POTLATCH HLDGS INC

    17            682     
 

PREMIERE GLOBAL SERVICES

    95            926     
 

PRESTIGE BRANDS HLDS INC

    11            229     
 

PRIMERICA INC

    26            786     
 

PRIVATEBANCORPINC

    50            766     
 

PROASSURANCE CORPORATION

    30            1,266     
 

PROGRESSIVE WASTE SOLUTIONS LTD

    36            771     
 

PULTE GRP INC

    33            607     
 

QLIK TECHNOLOGIES INC

    60            1,303     
 

QUANEX BUILDING PRODUCTS

    45            918     
 

QUANTA SVCS INC COM

    27            743     
 

RALCORP HOLDINGS INC NEW COM

    9            808     
 

RAYMOND JAMES FINL INC

    36            1,380     
 

RAYMOND JAMES FINL INC

    31            1,183     
 

RED HAT INC

    10            527     
 

REGAL BELOIT CORP

    15            1,057     
 

REINSURANCE GROUP AMERICA CLASS A

    17            926     
 

RENAISSANCERE HOLDINGS COM

    26            2,072     
 

REPUBLIC SVCS INC

    20            591     
 

REX ENERGY CORP

    93            1,208     
 

REXNORD CORP

    44            929     
 

RIVERBED TECHNOLOGY

    27            534     
 

ROBERT HALF INTL INC

    42            1,343     
 

ROCK-TENN CO CL A

    21            1,480     
 

ROCK-TENN CO CL A

    12            839     
 

ROCKWELL AUTOMATION INC

    13            1,052     
 

ROVI CORPORATION

    53            816     
 

ROWAN COMPANIES PLC

    28            888     
 

RPM INTERNATIONAL INC

    64            1,879     
 

SAFETY INS GROUP INC

    15            702     
 

SAFEWAY INC NEW

    48            864     
 

SALIX PHARMACEUTICALS LTD

    11            431     
 

SALIX PHARMACEUTICALS LTD

    21            830     
 

SALLY BEAUTY CO INC

    49            1,155     
 

SBA COMMUNICATIONS CORP

    14            1,009     
 

SBA COMMUNICATIONS CORP

    47            3,336     
 

SEACOR HOLDINGS INC

    9            779     
 

SEATTLE GENETICS INC

    21            481     
 

SELECT COMFORT CORPORATION

    47            1,237     

 

 

 

  * Indicates party-in-interest

 

28


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

SEMTECH CORP COM

    37            1,083     
 

SENSIENT TECHNOLOGIES CORP

    10            357     
 

SENSIENT TECHNOLOGIES CORP

    11            402     
 

SIGNATURE BANK

    3            243     
 

SIGNET JEWELERS LIMITED

    10            547     
 

SIGNET JEWELERS LIMITED

    32            1,698     
 

SIMPSON MFG INC COM

    26            866     
 

SIRONA DENTAL SYSTEMS INC

    10            667     
 

SIRONA DENTAL SYSTEMS INC

    15            967     
 

SMITH A O CORP CL B

    12            732     
 

SODASTREAM INTERNATIONAL LTD

    20            878     
 

SOLARWINDS INC

    20            1,039     
 

SOLERA HOLDINGS INC

    40            2,160     
 

STAGE STORES INC

    32            793     
 

STERICYCLE INC COM

    9            840     
 

STERIS CORP COM

    16            570     
 

STRATEGIC HOTELS & RESORTS INC

    51            328     
 

SVB FINL GROUP

    15            828     
 

SYKES ENTERPRISES INC

    56            845     
 

SYNNEX CORP

    37            1,269     
 

TCF FINANCIAL

    36            439     
 

TEAM HEALTH HOLDINGS INC

    42            1,220     
 

TELETECH HOLDINGS INC

    61            1,091     
 

TELLABS OPERATIONS, INC

    208            474     
 

TENNECO INC

    25            874     
 

TERADYNE INC

    35            591     
 

TEXAS CAP BANCSHARES INC

    25            1,105     
 

TIDEWATER INC

    37            1,650     
 

TIMKEN CO

    45            2,157     
 

TITAN INTERNATIONAL INC COM

    50            1,076     
*    

TOWERS WATSON COMPANY

    24            1,368     
*    

TOWERS WATSON COMPANY CLASS A

    13            755     
 

TRANSDIGM GROUP INC

    11            1,432     
 

TREX COMPANY INC

    22            804     
 

TRIANGLE CAPITAL CORP

    17            431     
 

TRIMAS CORP

    21            594     
 

TRIMBLE NAV LTD

    19            1,140     
 

TRIMBLE NAV LTD

    14            843     
 

TRINITY INDS INC

    25            903     
 

TRIPADVISOR INC

    13            564     
 

TRIUMPH GROUP INC NEW COM

    20            1,294     
 

TRUEBLUE INC

    14            224     
 

TUPPERWARE BRANDS CORPORATION

    32            2,038     
 

TUPPERWARE BRANDS CORPORATION

    7            445     
 

TW TELECOM INC

    20            505     
 

UGI CORP NEW COM

    21            674     

 

 

 

  * Indicates party-in-interest

 

29


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

ULTIMATE SOFTWARE GROUP INC

    14            1,322     
 

ULTRA PETROLEUM CORP

    69            1,255     
 

UMB FINL CORP COM

    13            590     
 

UNDER ARMOUR INC

    14            703     
 

UNITED NAT FOODS INC

    22            1,158     
 

UNITED RENTAL INC COM

    44            1,981     
 

UNITED STATIONERS INC COM

    37            1,148     
 

UNS ENERGY CORPORATION

    13            534     
 

UNUM GROUP

    53            1,108     
 

UTI WORLDWIDE INC

    66            878     
 

UTI WORLDWIDE INC

    32            426     
 

VALMONT INDS INC

    6            804     
 

VALSPAR CORP

    15            906     
 

VALUECLICK INC

    43            827     
 

VANGUARD HEALTH SYSTEMS INC

    37            450     
 

VANTIV INC

    24            499     
 

VANTIV INC

    42            862     
 

VERIFONE SYSTEMS, INC

    27            803     
 

VISHAY INTERCHNOLOGY INC

    57            608     
 

VOLCANO CORP

    25            590     
 

WABCO HOLDINGS INC

    20            1,317     
 

WABTEC CORP

    8            724     
 

WATSCO INC CL A

    10            749     
 

WATSON PHARMACEUTICALS INC COM

    9            797     
 

WATTS WATER TECHNOLOGIES INC

    30            1,281     
 

WEBSENSE INC

    25            382     
 

WEBSTER FINL CORP WATERBURY CONN

    40            818     
 

WEIGHT WATCHERS INTL INC

    14            728     
 

WESCO INTL INC

    20            1,342     
 

WESTAMERICA BANCORPORATION

    5            226     
 

WESTAR ENERGY INC

    16            467     
 

WESTERN DIGITAL CORP

    20            846     
 

WEX INC

    28            2,133     
 

WGL HOLDINGS INC

    10            408     
 

WHITE MOUNTAINS INSURANCE GROUP INC

    1            603     
 

WHITEWAVE FOODS CO

    25            396     
 

WHITEWAVE FOODS CO

    46            707     
 

WHITING PETE CORP NEW

    22            954     
 

WHITING PETE CORP NEW

    8            338     
 

WILEY JOHN & SONS INC

    22            837     
 

WINTRUST FINANCIAL CORP

    30            1,089     
 

WINTRUST FINANCIAL CORP

    32            1,160     
 

WMS INDS CORP

    8            143     
 

WNS HOLDINGS LTD ADR

    76            792     
 

WOODWARD INC.

    28            1,083     
 

ZEBRA TECHNOLOGIES CORP CL A

    14            558     

 

 

 

  * Indicates party-in-interest

 

30


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

ZIONS BANCORP

    44            935     
 

ZIONS BANCORP

    28            605     
       

 

 

 
 

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

        379,451     
       

 

 

 
 

The Stable Value Fund

     
 

 

Fixed Income Obligations

     
 

FFCB, 00.225% 06/22/2015

    10,000            9,997     
 

FFCB, 00.234% 10/26/2015

    6,600            6,596     
 

FFCB, 00.270% 03/04/2015

    8,700            8,708     
 

FFCB, 00.304% 07/15/2016

    2,260            2,254     
 

FGOLD 15YR 3.5%

    416            437     
 

FGOLD 15YR 3.5%

    38            40     
 

FGOLD 15YR 4%

    4,937            5,220     
 

FGOLD 30YR 6%

    416            449     
 

FGOLD 15YR 3%

    1,977            2,079     
 

FGOLD 15YR 3%

    7,383            7,764     
 

FGOLD 15YR 3%

    2,320            2,449     
 

FGOLD 15YR 3%

    2,718            2,856     
 

FGOLD 15YR 3%

    4,338            4,561     
 

FGOLD 15YR 3%

    7,551            7,941     
 

FGOLD 15YR 3.5%

    373            392     
 

FGOLD 15YR 3.5%

    118            124     
 

FGOLD 15YR 3.5%

    2,515            2,644     
 

FGOLD 15YR 3.5%

    410            431     
 

FGOLD 15YR 3.5%

    631            664     
 

FGOLD 15YR 3.5%

    746            785     
 

FGOLD 15YR 3.5%

    431            453     
 

FGOLD 15YR 3.5%

    3,166            3,329     
 

FGOLD 15YR 3.5%

    9,395            9,879     
 

FGOLD 15YR 3.5%

    4,000            4,206     
 

FGOLD 15YR 3.5%

    1,092            1,148     
 

FGOLD 15YR 3.5%

    510            536     
 

FGOLD 15YR 3.5%

    3,255            3,423     
 

FGOLD 15YR 4%

    10,258            10,848     
 

FGOLD 15YR 5%

    178            192     
 

FGOLD 15YR 5%

    193            207     
 

FGOLD 15YR 5.5%

    235            253     
 

FGOLD 15YR 5.5%

    86            93     
 

FGOLD 15YR 5.5%

    253            275     
 

FGOLD 15YR GIANT 3%

    2,448            2,584     
 

FGOLD 15YR GIANT 3%

    2,950            3,102     
 

FGOLD 15YR GIANT 3.5%

    49            52     
 

FGOLD 15YR GIANT 3.5%

    5,150            5,415     
 

FGOLD 15YR GIANT 3.5%

    2,741            2,882     
 

FGOLD 15YR GIANT 4%

    433            458     
 

FGOLD 15YR TBA(REG B) 3%

    14,099            14,804     

 

 

 

  * Indicates party-in-interest

 

31


Table of Contents

EIN 13-4922250            

Plan #: 002            

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2012

 

 

 

  (a)  

 

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

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

FGOLD 30YR 7%

    111            128     
 

FGOLD 30YR 7%

    53            62     
 

FHLMC 10/1 HYBRID ARM 5.113%

    66            70     
 

FHLMC 5/1 HYBRID ARM 2.537%

    594            633     
 

FHLMC 5/1 HYBRID ARM 2.563%

    504            538     
 

FHLMC 5/1 HYBRID ARM 3.006%

    300            314     
 

FHLMC 5/1 HYBRID ARM 3.17%

    286            306     
 

FHLMC 5/1 HYBRID ARM 6.026%

    279            298     
 

FHLMC 7/1 HYBRID ARM 2.828%

    840            894     
 

FHLMC, 01.000% 07/28/2017

    15,400            15,555     
 

FHLMC_06-K1 5.651%

    3,327            3,713     
 

FHLMC_10-K8 2.746%

    2,131            2,273     
 

FHLMC_2843 5%

    9            9     
 

FHLMC_2907 4.5%

    152            158     
 

FHLMC_3812 2.75%

    2,675            2,762     
 

FHLMC_K701 2.776%

    1,595            1,670     
 

FNMA 10YR 5%

    139            145     
 

FNMA 10YR 5%

    35