# EDGAR Filing Document

**Accession Number:** 0000004962
**File Stem:** 0000004962-25-000071
**Filing Date:** 2025-6
**Character Count:** 218489
**Document Hash:** a5e2051739e6374eff535e48f15eeb90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004962-25-000071.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000004962-25-000071

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS CO
- **CENTRAL INDEX KEY:** 0000004962
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134922250
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07657
- **FILM NUMBER:** 251057199

**BUSINESS ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10285
- **BUSINESS PHONE:** 2126402000

**MAIL ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10285

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 11-K**

**(Mark One)**

☑**&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2024**

**or**

**&nbsp;&nbsp;&nbsp;&nbsp;**☐**&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

Commission file number **1-7657**

A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**AMERICAN EXPRESS COMPANY**

**200 Vesey Street**

**New York, New York 10285**

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

**Financial Statements and Supplemental Schedules**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#i22530be888cc450aa960c9a41d1d8e5e_7)</u> |  |
| **<u>FINANCIAL STATEMENTS</u>**  |  |
| <u>[Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023](#i22530be888cc450aa960c9a41d1d8e5e_10)</u> | [1](#i22530be888cc450aa960c9a41d1d8e5e_10) |
| <u>[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024](#i22530be888cc450aa960c9a41d1d8e5e_13)</u> | [2](#i22530be888cc450aa960c9a41d1d8e5e_13) |
| <u>[Notes to Financial Statements](#i22530be888cc450aa960c9a41d1d8e5e_16)</u> | [3](#i22530be888cc450aa960c9a41d1d8e5e_16) |
| **SUPPLEMENTAL SCHEDULES\***  |  |
| <u>[Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024](#i22530be888cc450aa960c9a41d1d8e5e_46)</u> | [17](#i22530be888cc450aa960c9a41d1d8e5e_46) |
| <u>[Schedule H, Line 4i - Schedule of Assets (Acquired and Disposed of Within Year) for the Year Ended December 31, 2024](#i22530be888cc450aa960c9a41d1d8e5e_49)</u> | [68](#i22530be888cc450aa960c9a41d1d8e5e_49) |
| <u>[Schedule H, Line 4j - Schedule of Reportable Transactions for the Year Ended December 31, 2024](#i22530be888cc450aa960c9a41d1d8e5e_52)</u> | [69](#i22530be888cc450aa960c9a41d1d8e5e_52) |
| <u>[Signature](#i22530be888cc450aa960c9a41d1d8e5e_55)</u> | [70](#i22530be888cc450aa960c9a41d1d8e5e_55) |
| <u>[Exhibit Index](#i22530be888cc450aa960c9a41d1d8e5e_58)</u> | E-1 |

---

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

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Plan Administrator and Plan Participants of the

American Express Retirement Savings Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the American Express Retirement Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of Plan's management (Management). Our responsibility is to express an opinion on the financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedule**

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2024, Schedule of Assets (Acquired and Disposed of Within Year) for the year ended December 31, 2024, and Schedule of Reportable Transactions for the year ended December 31, 2024, has been subjected to audit procedures performed in conjunction with the audits of the financial statements. The supplemental schedules are the responsibility of Management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ McConnell & Jones LLP

McConnell & Jones LLP

Houston, Texas

June 18, 2025

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

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Statements of Net Assets Available for Benefits

as of December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| ***(Thousands)*** | **2024** | 2023 |
| **Assets** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $**45210** | $54554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt instruments | **133447** | 108503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks | **3058448** | 2371145 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and agency obligations | **311175** | 274132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common/collective trusts | **4143069** | 3699783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | **76274** | 70091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-directed brokerage accounts | **215114** | 171774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | **154433** | 155695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments, at fair value** | **8137170** | 6905677 |
| Fully benefit responsive investment contracts, at contract value | **762784** | 807696 |
| Due from brokers | **2027** | 16154 |
| Cash (non-interest bearing) | **7741** | 6306 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | **73860** | 67333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income accrued | **8798** | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | **112605** | 112917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **9104985** | 7924148 |
| **Liabilities** |  |  |
| Accrued expenses | **2957** | 2193 |
| Due to brokers | **143537** | 166547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **146494** | 168740 |
| **Net assets available for benefits** | $**8958491** | $7755408 |

---

*See accompanying notes to the financial statements*.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Statement of Changes in Net Assets Available for Benefits

for the Year Ended December 31, 2024

---

| | |
|:---|:---|
| ***(Thousands)*** | **2024** |
| **Additions:** |  |
| **Contributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | $**268070** |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee | **304465** |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | **43191** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total contributions** | **615726** |
| &nbsp;&nbsp;**Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation of investments | **1226005** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | **100126** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | **2156** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | **1328287** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on notes receivable from participants | **5178** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total additions to net assets** | **1949191** |
| **Deductions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawal payments | **(732266)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | **(13842)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deductions** | **(746108)** |
| **Net increase in net assets available for benefits** | **1203083** |
| **Net assets available for benefits at beginning of year** | $**7755408** |
| **Net assets available for benefits at end of year** | $**8958491** |

---

*See accompanying notes to the financial statements*.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**1. Description of the Plan**

**<u>General</u>**

The American Express Retirement Savings Plan (the "Plan"), which became effective June 11, 1973, is a defined contribution plan. Under the terms of the Plan, regular full-time and certain part-time U.S.-paid employees of American Express Company and its participating subsidiaries (the "Company") can make elective contributions to the Plan beginning as soon as practicable after their date of hire, and eligible employees hired for the first time on or after January 1, 2017 as well as those rehired on or after January 1, 2022 are covered by the Plan's automatic enrollment provisions. Eligible employees can qualify to receive Company contributions, if any, upon completion of six months of service.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The following is not a comprehensive description of the Plan, and therefore does not include all situations and limitations covered by the Plan. The Plan Document ("Plan Document") is the exclusive governing document and should be referred to for more complete information.

**<u>Administration</u>**

Principal Life Insurance Company is the recordkeeper and Delaware Charter Guarantee & Trust Company, d/b/a Principal Trust Company, is the Trustee and custodian for the Plan, and uses Principal Bank as its sub-custodian. The Plan is administered by the Company's Employee Benefits Administration Committee ("EBAC") and the Company's Retirement Savings Plan Investment Committee ("RSPIC"). The Plan Document requires that the American Express Company Stock Fund be offered as an investment option, subject to compliance with ERISA. RSPIC has the power to select the other investment options available under the Plan and the manner in which these investment options are invested. Subject to Plan limits, RSPIC also has the power to appoint investment managers to make investment decisions. Under the terms of the Plan Document, the members of EBAC and RSPIC are appointed by the Company's Vice President, Global Well-Being and Benefits.

**<u>Compensation</u>**

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

For purposes of the Plan, compensation is limited to a participant's regular cash remuneration up to a maximum of $345,000 in 2024 and $330,000 in 2023, before tax deductions and certain other withholdings.

**<u>Contributions</u>**

Cash contributions received by the Plan but not yet invested are presented as Cash (non-interest bearing) on the Statement of Net Assets Available for Benefits. The Plan currently provides for the following contributions:

*Elective Contributions*

Each pay period, participants may make Before-Tax Contributions, Roth Contributions, and/or After-Tax Contributions up to 10% of eligible compensation, or a combination thereof, not to exceed 80% of their Total Pay, to the Plan through payroll deductions. Roth Contributions are a special type of after-tax contribution and are subject to most of the same rules as Before-Tax Contributions. The Internal Revenue Code of 1986, as amended (the "Code") imposes a limitation that is adjusted annually for cost of living increases on participants' pre-tax and Roth contributions to plans which are qualified under Code Section 401(k) and other specified tax-favored plans. For 2024 and 2023, this limit was $23,000 and $22,500, respectively, for participants under age 50 and $30,500 and $30,000, respectively, for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2024 and 2023 by utilizing the safe harbor design for deferrals and matching contributions in accordance with Sections 401(k)(12) and 401(m)(11) of the Code.

Eligible employees hired for the first time on or after January 1, 2017 as well as eligible employees rehired on or after January 1, 2022 are automatically enrolled to make Before-Tax Contributions equal to 6% of Total Pay, with a 1% automatic increase each year until the rate reaches 10%, unless the employee makes an alternative election to contribute at a different rate or opt out of automatic enrollment.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

*Company Matching Contributions*

The Company matches 100% of a participant's Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after a participant's completion of six months of service.

*Fixed Rate Contributions*

The Company may make a Fixed Rate Contribution annually, typically comprised of 2% or 3% of eligible participants' Total Pay (with the applicable percentage determined by a participant's pay band level) for participants who have completed six months of service. Such percentages were applied to calculate the Fixed Rate Contribution for 2024 and 2023. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Fixed Rate Contributions made for that Plan year. Fixed Rate Contributions to eligible participants are made regardless of whether the participant contributes to the Plan.

*Discretionary Profit Sharing Contributions*

Additional Discretionary Profit Sharing Contributions by the Company are permitted under the Plan; no Discretionary Profit Sharing Contributions were made in 2024 or 2023.

*Qualified Non-Elective Contributions*

The Company may make Qualified Non-Elective Contributions ("QNEC"). A QNEC is a discretionary, fully vested contribution allocated in accordance with the Company's direction at the time the QNEC is approved. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of Before-Tax Contributions or Roth Contributions.

*Disability Contributions*

Certain qualifying participants who become disabled, as defined by the Plan Document, are eligible to receive contributions similar to Fixed Rate Contributions, Discretionary Profit Sharing Contributions (if applicable) and Matching Contributions.

**<u>Allocation of Account Balances</u>**

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

**<u>Participant Rollovers</u>**

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.

**<u>In-Plan Roth Conversions</u>**

The Plan allows for in-Plan Roth conversions.

**<u>Vesting</u>**

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

*Company Matching Contributions*

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

*Fixed Rate Contributions*

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

*Discretionary Profit Sharing Contributions*

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

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

*Qualified Non-Elective Contributions*

QNECs are immediately 100% vested and investment earnings thereon are immediately 100% vested.

*Disability Contributions*

Disability Contributions are immediately 100% vested.

**<u>Forfeitures</u>**

Forfeitures of terminated participants' non-vested accounts, as well as amounts attributable to outstanding checks as to which the payee cannot be located, are used at the discretion of the Company, as Plan Sponsor, to reduce future Company contributions, restore forfeitures for participants who are rehired and reissue checks for any missing payees who are subsequently located. Forfeiture amounts not used for the above purposes may be used to pay Plan expenses as directed by the Plan Administrator. Forfeited non-vested balances were $2.7 million and $2.6 million as of December 31, 2024 and 2023, respectively. Accrued 2024 and 2023 Fixed Rate Contributions made to the Plan in March 2025 and March 2024, were reduced by $2.6 million and $2.2 million, respectively, from forfeited account balances. An additional $0.4 million from the forfeited account balances reduced Company contributions during the 2024 plan year. Of the remaining forfeitures, $0.1 million will be used in 2025 and $0.6 million was used in 2024 to pay Plan expenses.

**<u>Plan Termination</u>**

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

**<u>Notes Receivable from Participants</u>**

Notes receivable from participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest. Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code, and to potentially higher limits in the event a participant has experienced a loss due to a qualifying natural disaster. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Extensions may apply in the event a participant is absent on military leave or is affected by a qualifying natural disaster. Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants' investment accounts in accordance with the election in effect for new contributions at the time of repayment. Terminated participants who have an outstanding loan may make arrangements with the Plan's recordkeeper to pay the loan in full, or make installment payments. If arrangements are not made for the payment of the outstanding loan balance, the loan amount will be considered in default and the outstanding loan balance will be offset from the account balance, subject to income tax regulations.

Loans are collateralized by the participant's remaining vested account balance and the interest rate is fixed for the life of the loan. The interest rate determination is based on the prime rate plus one percentage point. In the event of a loan default, the loan is treated as a distribution (i.e., as an early withdrawal of funds from the Plan for tax purposes), which subjects the participant to income tax plus any penalties imposed by the Code based on the loan balance. If the participant is still employed, the loan balance is taxed as a "deemed distribution" but remains outstanding as an obligation of the participant until it is either repaid or the participant terminates employment. In the event of a termination, either voluntary or involuntary, the loan balance is treated as an actual distribution and deducted from the participant's Plan account balance. Loans outstanding to participants at December 31, 2024, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through February 23, 2052.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**<u>Tax Deferrals</u>**

As long as the Plan remains qualified and the related Trust (the "Trust") remains tax exempt, amounts invested in the Plan through Before-Tax Contributions and Company contributions and rollovers, as well as the investment earnings on such amounts, are not subject to federal income tax until distributed to the participant. After-Tax Contributions are taxed when contributed, with earnings taxed upon distribution. Roth Contributions are taxed when contributed, and earnings on Roth Contributions and rolled-in Roth amounts qualify for tax-free distribution if a participant (i) reaches age 59-1/2, dies or becomes disabled (as defined by federal law) and (ii) has a Roth account with the Plan (or another plan from which a direct rollover of Roth contributions is received) for at least five taxable years. If those conditions are not met, earnings on Roth Contributions are taxed when distributed. Amounts that are converted to Roth status through an in-plan Roth conversion are taxed when converted (with the exception of After-Tax Contributions; however, earnings on After-Tax Contributions are subject to tax when converted), and thereafter are subject to the Roth taxation rules.

**<u>Distributions and Withdrawals</u>**

Upon termination of employment due to disability, death or retirement at or after attainment of the Plan's normal retirement age (65), participants or their beneficiaries are fully vested and eligible to receive a distribution of the full value of their accounts. If employment ends for other reasons, participants are eligible to receive a distribution of their vested account balance. When employment ends, participants (or their beneficiaries) may elect to receive their vested balance as a cash amount, American Express Company common shares, if applicable, shares of any investment available through self-directed brokerage accounts ("SDA"), if applicable, or a combination of cash and shares. If the account balance is greater than $1,000, a participant may elect to defer distribution until the participant's "required beginning date" as defined by Section 401(a)(9) of the Code, at which point distributions must be made at least annually in at least the minimum amount required by federal law. If the account balance is $1,000 or less, a distribution will be made in a lump sum following the end of employment. Participants may request a withdrawal of all or a portion of their vested account balances subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Distributions (other than required minimum distributions and hardship withdrawals) may be rolled over to a qualified Individual Retirement Account ("IRA") or other qualified employer retirement plan, if that plan allows rollovers.

**<u>Expenses</u>**

The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan. Expenses related to separately managed investment funds are generally paid out of the applicable investment funds. Fees, commissions and other charges and administrative expenses that are attributable to the investment funds as a whole are generally paid from the Plan. All such expenses that are paid by the Plan are included within the administrative expenses on the Statement of Changes in Net Assets Available for Benefits. Fees and expenses incurred indirectly by the Plan from the underlying mutual funds and collective trusts in which the Plan may invest are not included in the Statement of Changes in Net Assets Available for Benefits as expenses, but reduce the asset value of that mutual fund or collective trust. Additional expenses are associated with the SDA, and participants electing to invest through the SDA are charged directly for these fees through their SDA.

The Plan's recordkeeper charges the Plan for recordkeeping of participant accounts, as well as trust and custody of plan assets. The Plan's fee structure provides for a flat per-participant fee. The Plan's investment adviser, NEPC, LLC, receives its compensation primarily in the form of a flat fee for its investment advisory services, which is paid by the Plan, plus an additional flat fee related to the oversight of the asset allocation of the Retirement Funds, as discussed in Note 4 (Investments), which is charged to the Plan's Retirement Funds on a pro rata basis. Additionally, as described in Note 8 (Related Parties and Parties-In-Interest Transactions), the Plan reimburses the Company for direct expenses (salary and benefit costs) associated with a Company employee dedicated to servicing the Company's qualified retirement plans for time spent coordinating certain services, validating reporting by Plan vendors and providing services to the Plan that are not performed by the Plan's other service providers.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**2. Summary of Significant Accounting Policies**

**<u>Basis of Accounting</u>**

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").

**<u>Amounts Based on Estimates and Assumptions</u>**

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.

**<u>Investment Valuation and Income Recognition</u>**

Investments are generally reported at fair value, with the exception of fully benefit responsive investment contracts, which are reported at contract value. Investments traded on securities exchanges, including common and preferred stocks, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan's corporate debt instruments, U.S. Government and agency securities, municipal bonds and foreign bonds, is valued using a variety of observable market inputs, depending on the type of security being priced, and are obtained from pricing services engaged by Principal Bank for the years ended December 31, 2024 and 2023. The fair value of the Plan's Stable Value Fund assets, described in Note 4 (Investments), is valued using pricing services engaged by Ameriprise Trust Company. See Note 3 (Fair Value Measurements) for a detailed discussion of the valuation techniques.

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

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

**<u>Distributions and Withdrawals</u>**

Distributions and withdrawals are recorded when paid.

**<u>Subsequent Events</u>**

The Plan has evaluated subsequent events or transactions for potential recognition or disclosure through June 18, 2025, the date the financial statements were issued. The Plan determined that there are no subsequent events or transactions that require additional disclosure.

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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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

Plan Management monitors the market conditions and evaluates the fair value hierarchy levels at least annually.

Plan Management's practice is to review the inputs, assumptions and valuation techniques of pricing services used by the Plan's asset custodians at least annually and to corroborate the prices provided by the Plan's asset custodians to test their reasonableness by comparing their prices to valuations from a different pricing source. In instances where price discrepancies are identified between different pricing sources, Plan Management would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities. There were no price discrepancies identified for the years ended December 31, 2024 and 2023.

**<u>Financial Assets Carried at Fair Value</u>**

Financial assets disclosed in the tables below represent two types of assets. Assets held in funds (either mutual funds or common/collective trusts) are disclosed in the table according to the appropriate fund category (the underlying securities of those funds are not disclosed separately). Assets held in separate accounts (which are wholly owned by the Plan) are disclosed according to the appropriate category of the individual securities of those separately managed accounts; these individual securities include common stocks and fixed income securities. As such, the classification of financial assets in the table does not correspond to the classification of the investment options available to Plan participants, as discussed in Note 4 (Investments).

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

The following table summarizes the Plan's financial assets measured at fair value on a recurring basis, categorized by GAAP's valuation hierarchy (as described above), as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Description *(Thousands)*** | **Total** | **Level 1** | **Level 2** |
| Money market funds | $**45210** | $**45210** | $**—** |
| Corporate debt instruments | **133447** | **—** | **133447** |
| Common stocks | **3058448** | **3058448** | **—** |
| Common/Collective trusts | **1344724** | **—** | **1344724** |
| U.S. Government and agency obligations | **311175** | **—** | **311175** |
| Mutual funds | **76274** | **76274** | **—** |
| Self-directed brokerage accounts | **215114** | **215114** | **—** |
| Other investments | **154433** | **—** | **154433** |
| **Total assets in the fair value hierarchy** | $**5338825** | $**3395046** | $**1943779** |
| Common/collective trusts measured at net asset value ("NAV") | **2798345** |  |  |
| **Total investments, at fair value** | $**8137170** |  |  |

---

The following table summarizes the Plan's financial assets measured at fair value on a recurring basis, categorized by GAAP's valuation hierarchy (as described above), as of December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Description *(Thousands)*** | **Total** | **Level 1** | **Level 2** |
| Money market funds | $54554 | $54554 | $— |
| Corporate debt instruments | 108503 |  | 108503 |
| Common stocks | 2371145 | 2371145 |  |
| Common/Collective trusts | 998229 |  | 998229 |
| U.S. Government and agency obligations | 274132 |  | 274132 |
| Mutual funds | 70091 | 70091 |  |
| Self-directed brokerage accounts | 171774 | 171774 |  |
| Other investments | 155695 |  | 155695 |
| **Total assets in the fair value hierarchy** | $4204123 | $2667564 | $1536559 |
| Common/collective trusts measured at NAV | 2701554 |  |  |
| **Total investments, at fair value** | $6905677 |  |  |

---

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**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**<u>Valuation Techniques Used in the Fair Value Measurement of Financial Assets Carried at Fair Value</u>**

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:

*<u>Level 1:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds are valued at NAV, which represents the exit price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in American Express Company common stock, other stock and active publicly traded equity securities are valued at the official closing price of U.S. public exchanges or, if there is no official closing price that day, at the last reported trade price at the financial statement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940. These investments are required to make publicly available the daily NAV of the fund and to transact at this price. Hence, open-end mutual funds transact at quoted prices. In addition, the mutual funds held by the Plan are actively traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Plan's self-directed brokerage accounts are primarily comprised of mutual funds and are valued using the corresponding valuation techniques as previously described.

*<u>Level 2:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair values for the Plan's corporate debt instruments, U.S. Government and agency obligations and Other investments (asset-backed securities, foreign sovereign debt, municipal bonds and private placement securities) are obtained primarily from pricing services engaged by Principal Bank for the years ended December 31, 2024 and 2023 and with respect to Stable Value Fund assets, Ameriprise Trust Company for the years ended December 31, 2024 and 2023. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades and broker-dealer quotes, all with reasonable levels of transparency. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2024 and 2023. Plan Management reaffirms its understanding of the valuation techniques used by the pricing services at least annually. The Plan classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets. However, the pricing models used do entail a certain amount of subjectivity, and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective. These investments, however, are not registered with the SEC (unlike mutual funds, which are registered with the SEC), and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular daily trading and is corroborated with observable inputs provided by pricing services for the securities. To the extent the NAV is made publicly available, these common/collective trusts are classified within Level 2 of the fair value hierarchy and the NAVs represent the exit price for the funds.

*<u>Level 3:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no Level 3 securities held by the Plan.

*<u>Assets Measured at NAV:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For common/collective trusts whose NAVs are communicated only to investors in the trusts and are not publicly available, the NAVs are being used as practical expedient for fair value and represent the exit price for the funds.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

The fair values of the financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2024 and 2023 and require management judgment. The Plan's valuation techniques used to measure the fair value of its investments may produce fair values that may not be indicative of a future sale, or reflective of future fair values. The use of different techniques to determine the fair value of these types of investments could result in different estimates of fair value at the reporting date. There were no transfers among the levels of fair value hierarchy during the years ended December 31, 2024 and 2023.

*<u>Fair Value of Investments Using NAV as Practical Expedient</u>*

The following tables summarize investments measured at fair value based on NAV per share/unit as of December 31, 2024 and 2023, respectively:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024** | **Fair Value**<br>***(Thousands)*** | **Redemption Frequency** | **Redemption Notice Period** |
| Common/collective trusts<sup>(a)</sup> | **$2798345** | As needed | Up to 5 business days<sup>(b)</sup> |
| **As of December 31, 2023** | **Fair Value**<br>***(Thousands)*** | **Redemption Frequency** | **Redemption Notice Period** |
| Common/collective trusts<sup>(a)</sup> | $2701554 | As needed | Up to 5 business days<sup>(b)</sup> |

---

a.Common/collective trusts are invested to gain exposure to broad public indices, including U.S., international developed and emerging market equity securities and fixed income securities.

b.Fund trustees have the discretion to impose a longer notice period for the redemption of all or substantially all of the Plan's investment in the funds.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**4. Investments**

The investment options available to participants include nine core investment options (the "Core Investment Options"), of which five are actively managed (although in some cases, an actively managed option may also include a passively managed component) and four are passively managed (also known as index funds). In addition, target date funds (the "Retirement Funds") based on target retirement dates are also available. The Retirement Funds invest in a mix of the actively managed Core Investment Options (and in some cases, also include an allocation to a Treasury inflation-protected securities strategy not available as a Core Investment Option). The Retirement Fund associated with the year in which a participant turns 65 generally serves as the Plan's "default investment" to the extent a participant does not have a valid investment election on file. Additional investment options include the SDA and the American Express Company Stock Fund. A participant may currently elect to invest contributions in any combination of investment options in increments of 1% and change investment elections for future contributions on any business day the New York Stock Exchange is open. Participants may allocate up to 10% of their future contributions to the American Express Company Stock Fund, and transfers of balances from other investment options into the American Express Company Stock Fund are only permitted to the extent the participant's investment in the American Express Company Stock Fund after the transfer does not exceed 10% of the participant's overall Plan balance. Special rules and restrictions may apply to the SDA.

A brief description of the investment options available to participants at December 31, 2024, is set forth below:

**<u>Core Investment Options</u>**

RSPIC has created five actively managed Core Investment Options to provide diversified and actively managed options to participants. Four of these actively managed Core Investment Options (The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund and The International Equity Fund) represent a broad asset class (e.g., Bonds, U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, etc.) using several managers (and in some cases, also including a passively managed component) within each Fund. These actively managed Core Investment Options seek to outperform a broad market index by buying and selling a limited number of investments (stocks, bonds or other investments) using the underlying investment managers' investment management skills.

The actively managed Stable Value Fund invests in diversified pools of U.S. Government and agency fixed income securities together with book value wrap agreements issued by creditworthy insurance companies or banks with the objective to protect a participant's original investment while offering a competitive rate of interest with minimum risk.

The Stable Value Fund holds a portfolio of book value wrap contracts that are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of units of common/collective trusts and a fixed income portfolio employing active management investment strategies, collectively referred to as the Stable Value Fund assets. Under the book value wrap contracts, the book value wrap provider is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Stable Value Fund assets. While the contracts are designed to protect the Stable Value Fund against interest rate risk, the Stable Value Fund is still exposed to risk if issuers of the Stable Value Fund assets default on payment of interest or principal, but this risk is mitigated because the underlying Stable Value Fund assets in the Stable Value Fund bond portfolio are backed by the U.S. Government. The contracts may not cover participant benefit payments at contract value upon the occurrence of certain events, described below, involving the Stable Value Fund, American Express as its plan sponsor ("Plan Sponsor") or Ameriprise Trust Company, an affiliate of Ameriprise Financial, Inc., its investment manager.

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are required to be reported at contract value, rather than fair value, on the Statements of Net Assets Available for Benefits. Contract value is the relevant measure for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.

Certain events might limit the ability of the Plan to transact at contract value with the contract issuer and therefore also limit the ability of the Plan to transact at contract value with the participants of the Plan. These events may be different under each contract. Examples of such events include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Plan's failure to qualify under Section 401(a) of the Code or the failure of the trust to be tax-exempt under Section 501(a) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premature termination of the contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plan termination or merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the Plan's administration of competing investment options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spinoffs of a subsidiary) that significantly affect the Plan's normal operations.

Plan Management believes no such events are probable of occurring.

In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Those events may be different under each contract. Examples of such events include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An uncured violation of the Plan's investment guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A breach of material obligation under the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A material misrepresentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A material amendment to the agreements without the consent of the issuer.

Plan Management believes no such events are probable of occurring.

RSPIC has also created four passively-managed (index) Core Investment Options: The Diversified Bond Index Fund, The U.S. Large-Cap Equity Index Fund, The U.S. Small/Mid-Cap Equity Index Fund and The International Equity Index Fund, which currently use a single index fund as the underlying investment in each Fund. Each passively-managed Core Investment Option seeks to mirror the investments and track the performance of a broad market index that includes hundreds or thousands of stocks or bonds.

**<u>Self-Directed Brokerage Accounts</u>**

The SDA gives participants the opportunity to invest in a wide variety of mutual funds in addition to the specific investment options mentioned above. Participants may request a prospectus for any of the funds available through the SDA.

**<u>American Express Company Stock Fund</u>**

The Plan Document requires that this Fund be offered as an investment option under the Plan, subject to compliance with ERISA. The American Express Company Stock Fund is an ESOP. This Fund invests primarily in American Express Company common shares and holds a small amount of cash or other short-term cash equivalents to meet requests for investment transfers, withdrawals and distributions. Participants have full voting rights for the common shares underlying the units that are allocated to the American Express Company Stock Fund.

A full, detailed description of the Plan's investment options, and associated terms and conditions, is available to all participants.

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**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**5. Risks and Uncertainties**

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

**6. Income Tax Status**

The Plan has received a favorable determination letter from the Internal Revenue Service ("IRS") dated August 10, 2022, stating that the Plan is qualified under Section 401(a) of the Code, and therefore, the related trust is exempt from taxation. The Plan has been amended after the period covered by the determination letter. Although the Plan has been amended since receiving the determination letter, the Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code, and therefore, believes that the Plan, as amended, is qualified, the related trust is tax-exempt, and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan Management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions.

**7. Reconciliation of Financial Statements to Form 5500**

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| ***(Thousands)*** | **2024** | 2023 |
| Net assets available for benefits per the financial statements | $**8958491** | $7755408 |
| Difference between contract value and fair value of fully benefit-responsive investment contracts | **(36552)** | (37110) |
| Loans deemed distributed | **(205)** | (239) |
| **Net assets per the Form 5500** | $**8921734** | $7718059 |

---

The following is a reconciliation of net income per the financial statements to the Form 5500 for the year ended December 31, 2024:

---

| | |
|:---|:---|
| ***(Thousands)*** | **2024** |
| Net increase in net assets available for benefits per the financial statements | $**1203083** |
| Adjustment for difference between contract value and fair value of fully benefit-responsive investment contracts | **558** |
| Change in deemed distributions of participant loans | **34** |
| **Net income per the Form 5500** | $**1203675** |

---

------

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

**8. Related Parties and Parties-In-Interest Transactions**

The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Principal Financial Group and its affiliates and Charles Schwab and Co., Inc. and its affiliates, as well as investment managers appointed by RSPIC. Transactions with these parties are considered party-in-interest transactions, but not considered prohibited transactions under ERISA. As noted in Supplemental Schedule H, Line 4i, the Plan held investments with parties-in-interest in Ameriprise Financial, Inc. and its affiliates, BlackRock Institutional Trust Company, N.A. and its affiliates, Charles Schwab and Co. Inc. and its affiliates, Fidelity Investment Management and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, Morgan Stanley Investment Management and its affiliates, Principal Financial Group and its affiliates, Vanguard Fiduciary Trust Company and its affiliates and Willis Towers Watson and its affiliates as of December 31, 2024. Additionally, the self-directed brokerage account includes certain investments considered to be party-in-interest investments. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered party-in-interest transactions.

Berkshire Hathaway, Inc. and its affiliates are considered parties-in-interest due to ownership interests in the Company. The Plan holds certain securities in Berkshire Hathaway in accordance with investment strategies directed by its qualified professional asset managers.

Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2024 and 2023, the Plan held 3,941,171 shares of American Express Company common stock valued at $1,170 million and 4,272,748 shares valued at $800 million, respectively. During the 2024 plan year the Plan acquired 45,894 shares of American Express Company common stock valued at $11 million through dividend reinvestments and sold 271,136 shares valued at $66 million. The Plan reimburses the Company for direct expenses (salary and benefits costs) associated with a Company employee dedicated to servicing the Company's qualified retirement plans for time spent coordinating certain services, validating reporting by Plan vendors and providing services to the Plan that are not performed by the Plan's other service providers.

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**SUPPLEMENTAL SCHEDULES**

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
| | **Money Market Funds** | | | | |
|  | ALLSPRING TREASURY PLUS |  |  | 45210 | 45210 |
|  | **Total Money Market Funds** |  |  |  | $**45210** |
|  | **Corporate Debt Instruments** |  |  |  |  |
|  | ABBVIE INC | 4.050% | 11/21/2039 | 485 | 414 |
|  | ABBVIE INC | 4.400% | 11/6/2042 | 395 | 342 |
|  | ABBVIE INC | 4.500% | 5/14/2035 | 160 | 150 |
|  | ABBVIE INC | 5.050% | 3/15/2034 | 150 | 148 |
|  | ABN AMRO BANK | 5.515% | 12/3/2035 | 300 | 293 |
|  | ACCENTURE CAPITAL INC | 4.500% | 10/4/2034 | 135 | 128 |
|  | ACCENTURE CAPITAL INC | 4.250% | 10/4/2031 | 195 | 187 |
|  | AEP TRANSMISSION CO LLC | 3.150% | 9/15/2049 | 120 | 79 |
|  | AERCAP IRELAND CAP/GLOBA | 2.450% | 10/29/2026 | 180 | 172 |
|  | AERCAP IRELAND CAP/GLOBA | 3.300% | 1/30/2032 | 210 | 183 |
|  | AERCAP IRELAND CAPITAL LTD | 6.100% | 1/15/2027 | 290 | 297 |
|  | AFLAC INC | 3.600% | 4/1/2030 | 1565 | 1470 |
|  | AIB GROUP PLC | 6.608% | 9/13/2029 | 400 | 418 |
|  | AIR LEASE CORP | 2.200% | 1/15/2027 | 218 | 207 |
|  | AIR LEASE CORP | 5.200% | 7/15/2031 | 220 | 217 |
|  | AKER BP ASA | 5.125% | 10/1/2034 | 150 | 141 |
|  | AKER BP ASA | 5.800% | 10/1/2054 | 150 | 136 |
|  | ALABAMA POWER CO | 5.700% | 2/15/2033 | 200 | 204 |
|  | ALBEMARLE CORP | 5.450% | 12/1/2044 | 50 | 45 |
|  | ALEXANDRIA REAL ESTATE | 5.250% | 5/15/2036 | 211 | 205 |
|  | ALEXANDRIA REAL ESTATE E | 1.875% | 2/1/2033 | 140 | 108 |
|  | ALEXANDRIA REAL ESTATE E | 2.000% | 5/18/2032 | 310 | 247 |
|  | ALTRIA GROUP INC | 2.450% | 2/4/2032 | 260 | 214 |
|  | AMAZON.COM INC | 3.250% | 5/12/2061 | 65 | 42 |
|  | AMAZON.COM INC | 3.875% | 8/22/2037 | 110 | 97 |
|  | AMAZON.COM INC | 3.950% | 4/13/2052 | 285 | 225 |
|  | AMAZON.COM INC | 4.100% | 4/13/2062 | 84 | 66 |
|  | AMER AIRLINE 16-2 AA PTT | 3.200% | 6/15/2028 | 126 | 119 |
|  | AMER AIRLINE 16-3 AA PTT | 3.000% | 4/15/2030 | 79 | 74 |
|  | AMER AIRLN 14-1 A PTT | 3.700% | 10/1/2026 | 72 | 70 |
|  | AMER AIRLN 15-1 A PTT | 3.375% | 5/1/2027 | 525 | 501 |
|  | AMERICAN TOWER CORP | 2.100% | 6/15/2030 | 150 | 129 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | AMERICAN TOWER CORP | 3.100% | 6/15/2050 | 139 | 89 |
|  | AMERICAN TOWER CORP | 3.700% | 10/15/2049 | 220 | 159 |
|  | AMERICAN TOWER CORP | 5.900% | 11/15/2033 | 170 | 175 |
|  | AMERICAN WATER CAPITAL C | 3.450% | 6/1/2029 | 150 | 141 |
|  | AMGEN INC | 3.150% | 2/21/2040 | 200 | 149 |
|  | ANALOG DEVICES INC | 2.800% | 10/1/2041 | 250 | 177 |
|  | ANZ NATIONAL INTL LTD | 5.355% | 8/14/2028 | 210 | 213 |
|  | AON NORTH AMERICA INC | 5.450% | 3/1/2034 | 300 | 299 |
|  | AON NORTH AMERICA INC | 5.750% | 3/1/2054 | 250 | 244 |
|  | APA INFRASTRUCTURE LTD | 5.125% | 9/16/2034 | 345 | 329 |
|  | APPLOVIN CORP | 5.375% | 12/1/2031 | 381 | 381 |
|  | APTIV IRISH HOLDINGS LIMITED | 3.250% | 3/1/2032 | 239 | 206 |
|  | ASTRAZENECA PLC | 4.000% | 9/18/2042 | 60 | 50 |
|  | ASTRAZENECA PLC | 6.450% | 9/15/2037 | 70 | 77 |
|  | AT&T INC | 2.250% | 2/1/2032 | 350 | 289 |
|  | AT&T INC | 2.300% | 6/1/2027 | 725 | 684 |
|  | AT&T INC | 2.750% | 6/1/2031 | 180 | 157 |
|  | AT&T INC | 3.500% | 6/1/2041 | 154 | 118 |
|  | AT&T INC | 3.550% | 9/15/2055 | 638 | 429 |
|  | ATMOS ENERGY CORP | 5.500% | 6/15/2041 | 100 | 99 |
|  | AUTOZONE INC | 1.650% | 1/15/2031 | 190 | 156 |
|  | AVOLON HLDGS FDG LTD | 4.950% | 1/15/2028 | 55 | 55 |
|  | AVOLON HLDGS FDG LTD | 6.375% | 5/4/2028 | 265 | 272 |
|  | AVOLON HOLDINGS FNDG | 5.750% | 3/1/2029 | 199 | 201 |
|  | AVOLON HOLDINGS FNDG LTD | 5.750% | 11/15/2029 | 260 | 263 |
|  | AVOLON HOLDINGS FUNDING LTD | 5.150% | 1/15/2030 | 85 | 83 |
|  | BALTIMORE GAS & ELECTRIC | 5.400% | 6/1/2053 | 265 | 252 |
|  | BALTIMORE GAS & ELECTRIC | 2.900% | 6/15/2050 | 110 | 69 |
|  | BALTIMORE GAS & ELECTRIC | 3.500% | 8/15/2046 | 70 | 51 |
|  | BANCO SANTANDER S.A. | 6.607% | 11/7/2028 | 600 | 631 |
|  | BANCO SANTANDER SA | 5.588% | 8/8/2028 | 400 | 405 |
|  | BANCO SANTANDER SA  | VR | 9/14/2027 | 200 | 189 |
|  | BANK AMERICA CORP | 5.819% | 9/15/2029 | 460 | 471 |
|  | BANK AMERICA CORP | 5.872% | 9/15/2034 | 280 | 288 |
|  | BANK NEW YORK MELLON CORP | 6.474% | 10/25/2034 | 180 | 194 |
|  | BANK NEW ZEALAND | 5.076% | 1/30/2029 | 250 | 251 |
|  | BANK NOVA SCOTIA | 4.740% | 11/10/2032 | 145 | 140 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | BANK OF AMERICA | 5.202% | 4/25/2029 | 410 | 412 |
|  | BANK OF AMERICA | 5.468% | 1/23/2035 | 240 | 240 |
|  | BANK OF AMERICA CORP | 5.288% | 4/25/2034 | 440 | 436 |
|  | BANK OF AMERICA CORP | 5.425% | 8/15/2035 | 206 | 201 |
|  | BANK OF AMERICA CORP  | VR | 7/22/2027 | 450 | 429 |
|  | BANK OF AMERICA CORP  | VR | 7/23/2031 | 160 | 135 |
|  | BANK OF AMERICA CORP  | VR | 6/14/2029 | 219 | 199 |
|  | BANK OF AMERICA CORP  | VR | 10/20/2032 | 345 | 291 |
|  | BANK OF AMERICA CORP  | VR | 6/19/2041 | 675 | 469 |
|  | BANK OF AMERICA CORP  | VR | 4/22/2042 | 151 | 113 |
|  | BANK OF AMERICA CORP  | VR | 3/5/2029 | 81 | 79 |
|  | BANK OF AMERICA CORP  | VR | 2/7/2030 | 1395 | 1337 |
|  | BANK OF IRELAND GROUP | 6.253% | 9/16/2026 | 420 | 423 |
|  | BANK OF MONTREAL | 4.640% | 9/10/2030 | 136 | 133 |
|  | BANK OF NOVA SCOTIA | 4.850% | 2/1/2030 | 273 | 271 |
|  | BANK OF NY MELLON CORP | 6.317% | 10/25/2029 | 215 | 226 |
|  | BARCLAYS PLC | 4.942% | 9/10/2030 | 236 | 231 |
|  | BARCLAYS PLC | 5.690% | 3/12/2030 | 200 | 202 |
|  | BARCLAYS PLC | 6.224% | 5/9/2034 | 270 | 277 |
|  | BARCLAYS PLC  | VR | 11/24/2032 | 200 | 169 |
|  | BAT CAPITAL CORP | 4.540% | 8/15/2047 | 172 | 136 |
|  | BAT INTL FINANCE PLC | 1.668% | 3/25/2026 | 145 | 140 |
|  | BAXALTA INC | 5.250% | 6/23/2045 | 7 | 6 |
| \* | BERKSHIRE HATHAWAY ENERG | 4.450% | 1/15/2049 | 235 | 194 |
| \* | BERKSHIRE HATHAWAY FIN | 3.850% | 3/15/2052 | 165 | 125 |
|  | BNP PARIBAS | 5.176% | 1/9/2030 | 975 | 972 |
|  | BNP PARIBAS | 5.283% | 11/19/2030 | 840 | 831 |
|  | BNP PARIBAS | 5.497% | 5/20/2030 | 200 | 200 |
|  | BOARDWALK PIPELINES LP | 3.400% | 2/15/2031 | 100 | 89 |
|  | BOEING CO | 3.250% | 3/1/2028 | 251 | 236 |
|  | BOEING CO | 5.150% | 5/1/2030 | 210 | 207 |
|  | BOEING CO | 5.705% | 5/1/2040 | 175 | 167 |
|  | BOEING CO/THE | 6.388% | 5/1/2031 | 130 | 136 |
|  | BOEING CO/THE | 6.528% | 5/1/2034 | 215 | 225 |
|  | BP CAP MARKETS AMERICA | 2.939% | 6/4/2051 | 345 | 214 |
|  | BP CAP MARKETS AMERICA | 4.812% | 2/13/2033 | 220 | 213 |
|  | BP CAP MKTS AMER INC | 4.893% | 9/11/2033 | 180 | 174 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | BPCE FR | 5.936% | 5/30/2035 | 250 | 248 |
|  | BPCE SA | 5.716% | 1/18/2030 | 500 | 503 |
|  | BPCE SA | 5.975% | 1/18/2027 | 250 | 252 |
|  | BRISTOL-MYERS SQUIBB CO | 5.550% | 2/22/2054 | 24 | 23 |
|  | BRISTOL-MYERS SQUIBB CO | 5.650% | 2/22/2064 | 225 | 217 |
|  | BRISTOL-MYERS SQUIBB CO | 3.700% | 3/15/2052 | 159 | 116 |
|  | BRISTOL-MYERS SQUIBB CO | 4.125% | 6/15/2039 | 122 | 105 |
|  | BRIXMOR OPERATING PART | 2.250% | 4/1/2028 | 220 | 201 |
|  | BRIXMOR OPERATING PART | 2.500% | 8/16/2031 | 115 | 97 |
|  | BROADCOM INC | 4.750% | 4/15/2029 | 330 | 328 |
|  | BROADCOM INC | 5.050% | 7/12/2029 | 500 | 502 |
|  | BROOKFIELD FINANCE INC | 3.900% | 1/25/2028 | 297 | 289 |
|  | BROOKFIELD FINANCE INC | 4.700% | 9/20/2047 | 13 | 11 |
|  | BROOKFIELD FINANCE INC | 4.850% | 3/29/2029 | 96 | 95 |
|  | BROWN & BROWN INC | 2.375% | 3/15/2031 | 100 | 84 |
|  | BUNGE LTD FINANCE CORP | 4.650% | 9/17/2034 | 242 | 228 |
|  | BUNGE LTD FINANCE CORP | 2.750% | 5/14/2031 | 260 | 225 |
|  | BURLINGTN NORTH SANTA FE | 4.375% | 9/1/2042 | 130 | 113 |
|  | BURLINGTON NORTH SANTA F | 6.150% | 5/1/2037 | 60 | 64 |
|  | BURLINGTON NORTHN SANTA FE CORP | 5.500% | 3/15/2055 | 160 | 157 |
|  | CADENCE DESIGN SYSTEM INC | 4.700% | 9/10/2034 | 314 | 301 |
|  | CAIXABANK SA | 6.684% | 9/13/2027 | 255 | 262 |
|  | CAMPBELL SOUP CO | 3.125% | 4/24/2050 | 66 | 42 |
|  | CANADIAN IMPERIAL BANK | 4.631% | 9/11/2030 | 450 | 441 |
|  | CANADIAN PAC RY CO | 4.700% | 5/1/2048 | 217 | 188 |
|  | CANADIAN PACIFIC RR CO | 5.750% | 3/15/2033 | 70 | 71 |
|  | CAPITAL ONE FINANCIAL CO | 6.312% | 6/8/2029 | 145 | 150 |
|  | CAPITAL ONE FINANCIAL CO | 4.927% | 5/10/2028 | 29 | 29 |
|  | CAPITAL ONE FINANCIAL CO | 4.985% | 7/24/2026 | 50 | 50 |
|  | CAPITAL ONE FINANCIAL CO | 7.624% | 10/30/2031 | 427 | 471 |
|  | CAPITAL ONE FINANCIAL CO  | VR | 11/2/2027 | 34 | 32 |
|  | CAPITAL ONE FINL CORP | 5.700% | 2/1/2030 | 190 | 193 |
|  | CARDINAL HEALTH INC | 5.450% | 2/15/2034 | 100 | 100 |
|  | CELANESE US HOLDINGS LLC | 6.050% | 3/15/2025 | 32 | 32 |
|  | CENCORA INC | 5.125% | 2/15/2034 | 280 | 275 |
|  | CENTERPOINT ENER HOUSTON | 3.000% | 2/1/2027 | 91 | 88 |
|  | CGI INC | 2.300% | 9/14/2031 | 200 | 166 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | CHARTER COMM OPT LLC/CAP | 3.500% | 3/1/2042 | 375 | 255 |
|  | CHARTER COMM OPT LLC/CAP | 3.700% | 4/1/2051 | 130 | 81 |
|  | CHARTER COMM OPT LLC/CAP | 5.375% | 4/1/2038 | 48 | 43 |
|  | CHARTER COMM OPT LLC/CAP | 6.384% | 10/23/2035 | 500 | 499 |
|  | CHARTER COMM OPT LLC/CAP | 6.834% | 10/23/2055 | 70 | 68 |
|  | CHENIERE ENERGY INC | 5.650% | 4/15/2034 | 130 | 131 |
|  | CIGNA CORP | 3.400% | 3/1/2027 | 270 | 263 |
|  | CIGNA GROUP/THE | 5.125% | 5/15/2031 | 200 | 199 |
|  | CINCINNATI FINL CORP | 6.920% | 5/15/2028 | 50 | 53 |
|  | CITIGROUP INC | 4.450% | 9/29/2027 | 21 | 21 |
|  | CITIGROUP INC | 4.542% | 9/19/2030 | 328 | 319 |
|  | CITIGROUP INC | 5.449% | 6/11/2035 | 350 | 347 |
|  | CITIGROUP INC  | VR | 1/28/2027 | 500 | 480 |
|  | CITIGROUP INC  | VR | 11/3/2032 | 385 | 321 |
|  | CITIGROUP INC  | VR | 1/25/2033 | 183 | 157 |
|  | CITIGROUP INC  | VR | 7/24/2028 | 290 | 281 |
|  | CITIGROUP INC  | VR | 3/31/2031 | 1390 | 1336 |
|  | CLEVELAND ELECTRIC ILLUM | 5.950% | 12/15/2036 | 40 | 40 |
|  | CMS ENERGY CORP | 2.950% | 2/15/2027 | 39 | 38 |
|  | CNO GLOBAL FUNDING | 5.875% | 6/4/2027 | 500 | 509 |
|  | COCA-COLA FEMSA SAB CV | 1.850% | 9/1/2032 | 205 | 161 |
|  | CODELCO INC | 6.440% | 1/26/2036 | 200 | 204 |
|  | COLUMBIA PIPELINE HOLDCO | 5.097% | 10/1/2031 | 83 | 81 |
|  | COLUMBIA PIPELINES OPCO | 5.927% | 8/15/2030 | 350 | 360 |
|  | COLUMBIA PIPELINES OPCO | 6.036% | 11/15/2033 | 423 | 434 |
|  | COMCAST CORP | 2.887% | 11/1/2051 | 244 | 147 |
|  | COMCAST CORP | 2.937% | 11/1/2056 | 143 | 83 |
|  | COMCAST CORP | 3.200% | 7/15/2036 | 200 | 162 |
|  | COMCAST CORP | 3.400% | 4/1/2030 | 1375 | 1276 |
|  | COMCAST CORP | 3.900% | 3/1/2038 | 55 | 46 |
|  | COMCAST CORP | 4.250% | 1/15/2033 | 150 | 140 |
|  | COMMONSPIRIT HEALTH | 2.782% | 10/1/2030 | 545 | 482 |
|  | COMMONWEALTH EDISON CO | 3.650% | 6/15/2046 | 45 | 34 |
|  | COMMONWEALTH EDISON CO | 3.750% | 8/15/2047 | 70 | 52 |
|  | CONNECTICUT LT & PWR CO | 4.950% | 8/15/2034 | 428 | 417 |
|  | CONOCOPHILLIPS COMPANY | 5.500% | 1/15/2055 | 255 | 243 |
|  | CONSTELLATION ENERGY | 6.500% | 10/1/2053 | 220 | 233 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | CONSTELLATION ENERGY GEN LLC | 5.800% | 3/1/2033 | 208 | 213 |
|  | CONSTELLATION SOFTWARE | 5.158% | 2/16/2029 | 224 | 225 |
|  | CONSTELLATION SOFTWARE INC | 5.461% | 2/16/2034 | 110 | 110 |
|  | CONSUMERS ENERGY CO | 4.625% | 5/15/2033 | 265 | 256 |
|  | COOPERATIEVE RABOBANK UA | 5.564% | 2/28/2029 | 400 | 405 |
|  | COREBRIDGE FINANCIAL INC | 3.850% | 4/5/2029 | 105 | 100 |
|  | COREBRIDGE FINANCIAL INC | 3.650% | 4/5/2027 | 145 | 141 |
|  | COREBRIDGE GLOB FUNDING | 5.900% | 9/19/2028 | 180 | 185 |
|  | CORPORATE OFFICE PROP LP | 2.000% | 1/15/2029 | 90 | 79 |
|  | CORPORATE OFFICE PROP LP | 2.750% | 4/15/2031 | 362 | 309 |
|  | COTERRA ENERGY INC | 5.400% | 2/15/2035 | 210 | 204 |
|  | CREDIT AGRICOLE | 6.316% | 10/3/2029 | 250 | 258 |
|  | CSL FINANCE PLC | 3.850% | 4/27/2027 | 215 | 210 |
|  | CSX CORP | 6.000% | 10/1/2036 | 175 | 184 |
|  | DANSKE BANK | 4.613% | 10/2/2030 | 200 | 194 |
|  | DANSKE BANK | 5.705% | 3/1/2030 | 400 | 406 |
|  | DELL INT LLC / EMC CORP | 4.900% | 10/1/2026 | 146 | 146 |
|  | DELL INT LLC/EMC CORP | 5.250% | 2/1/2028 | 146 | 148 |
|  | DELL INTL L L C / EMC CORP | 6.020% | 6/15/2026 | 87 | 88 |
|  | DELTA AIR LINES 2015-1AA | 3.625% | 7/30/2027 | 851 | 825 |
|  | DELTA AIR LINES 2020-AA | 2.000% | 6/10/2028 | 45 | 41 |
|  | DEUTSCHE BANK | 6.720% | 1/18/2029 | 700 | 727 |
|  | DEUTSCHE BANK | 7.146% | 7/13/2027 | 245 | 252 |
|  | DEUTSCHE BANK | 6.819% | 11/20/2029 | 190 | 199 |
|  | DEUTSCHE BANK AG | 5.414% | 5/10/2029 | 150 | 152 |
|  | DEUTSCHE BANK NY  | VR | 11/24/2026 | 220 | 214 |
|  | DEVON ENERGY CORP | 5.750% | 9/15/2054 | 225 | 204 |
|  | DH EUROPE FINANCE II | 3.250% | 11/15/2039 | 80 | 62 |
|  | DOMINION ENERGY INC | 3.375% | 4/1/2030 | 210 | 193 |
|  | DOMINION RESOURCES INC | 2.850% | 8/15/2026 | 76 | 74 |
|  | DOWDUPONT INC | 5.319% | 11/15/2038 | 61 | 61 |
|  | DTE ELECT SECUR FND II | 6.090% | 9/1/2038 | 300 | 319 |
|  | DTE ELECTRIC CO | 3.650% | 3/1/2052 | 160 | 117 |
|  | DTE ELECTRIC CO | 5.400% | 4/1/2053 | 130 | 126 |
|  | DTE ENERGY CO | 5.850% | 6/1/2034 | 412 | 423 |
|  | DUKE ENERGY CORP | 2.650% | 9/1/2026 | 43 | 42 |
|  | DUKE ENERGY CORP | 6.100% | 9/15/2053 | 250 | 254 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | DUKE ENERGY FLA LLC | 6.200% | 11/15/2053 | 180 | 190 |
|  | DUKE ENERGY FLORIDA LLC | 3.800% | 7/15/2028 | 200 | 194 |
|  | DUKE ENERGY OHIO INC | 4.300% | 2/1/2049 | 60 | 48 |
|  | DUKE ENERGY PROGRESS INC | 4.200% | 8/15/2045 | 130 | 105 |
|  | DUKE ENERGY PROGRESS LLC | 2.900% | 8/15/2051 | 180 | 111 |
|  | EASTERN GAS TRAN | 3.900% | 11/15/2049 | 206 | 150 |
|  | EL PASO ENERGY CORP MED TERM NOTE | 7.800% | 8/1/2031 | 150 | 169 |
|  | ELECTRICITE DE FRANCE | 5.950% | 4/22/2034 | 200 | 204 |
|  | ELEMENT FLEET MANAGEMENT | 5.643% | 3/13/2027 | 149 | 151 |
|  | ELEMENT FLEET MANAGEMENT | 6.319% | 12/4/2028 | 530 | 552 |
|  | ELEVANCE HEALTH INC | 4.750% | 2/15/2033 | 143 | 137 |
|  | ELI LILLY & CO | 5.000% | 2/9/2054 | 270 | 248 |
|  | EMERA US FINANCE LP | 3.550% | 6/15/2026 | 70 | 69 |
|  | EMERA US FINANCE LP | 4.750% | 6/15/2046 | 150 | 124 |
|  | ENBRIDGE INC | 5.625% | 4/5/2034 | 245 | 246 |
|  | ENBRIDGE INC | 5.700% | 3/8/2033 | 180 | 182 |
|  | ENERGY TRANSFER LP | 5.250% | 7/1/2029 | 300 | 301 |
|  | ENERGY TRANSFER LP | 5.600% | 9/1/2034 | 434 | 434 |
|  | ENERGY TRANSFER OPERATNG | 6.250% | 4/15/2049 | 209 | 209 |
|  | ENERGY TRANSFER PARTNERS | 6.000% | 6/15/2048 | 268 | 259 |
|  | ENI SPA | 5.950% | 5/15/2054 | 200 | 192 |
|  | ENTERGY LOUISIANA LLC | 2.400% | 10/1/2026 | 59 | 57 |
|  | ENTERGY LOUISIANA LLC | 2.900% | 3/15/2051 | 140 | 86 |
|  | ENTERGY LOUISIANA LLC | 3.050% | 6/1/2031 | 57 | 51 |
|  | ENTERGY LOUISIANA LLC | 3.120% | 9/1/2027 | 40 | 38 |
|  | ENTERGY MISSISSIPPI INC | 3.850% | 6/1/2049 | 190 | 141 |
|  | ENTERPRISE PRODUCTS OPER | 4.950% | 2/15/2035 | 400 | 387 |
|  | ENTERPRISE PRODUCTS OPER | 4.900% | 5/15/2046 | 180 | 160 |
|  | EQUINIX INC | 2.900% | 11/18/2026 | 305 | 294 |
|  | ESSEX PORTFOLIO LP | 1.650% | 1/15/2031 | 200 | 163 |
|  | EVERGY INC | 2.900% | 9/15/2029 | 235 | 214 |
|  | EVERGY METRO INC | 4.950% | 4/15/2033 | 284 | 277 |
|  | EVERGY MISSOURI W STORM | 5.104% | 12/1/2040 | 280 | 278 |
|  | EXELON CORP | 5.100% | 6/15/2045 | 170 | 154 |
|  | EXELON GENERATION CO LLC | 6.250% | 10/1/2039 | 180 | 188 |
|  | EXTRA SPACE STORAGE | 2.400% | 10/15/2031 | 135 | 112 |
|  | EXTRA SPACE STORAGE | 4.000% | 6/15/2029 | 214 | 205 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | EXTRA SPACE STORAGE LP | 5.900% | 1/15/2031 | 190 | 196 |
|  | EXXON MOBIL CORPORATION | 2.995% | 8/16/2039 | 400 | 303 |
|  | F&G ANNUITIES & LIFE INC | 6.500% | 6/4/2029 | 115 | 117 |
|  | F&G GLOBAL FUNDING | 5.875% | 6/10/2027 | 300 | 304 |
|  | FED CAISSES DESJARDINS | 5.700% | 3/14/2028 | 200 | 204 |
|  | FISERV INC | 4.400% | 7/1/2049 | 90 | 73 |
|  | FISERV INC | 5.150% | 8/12/2034 | 440 | 430 |
|  | FLORIDA POWER & LIGHT | 5.000% | 8/1/2034 | 1970 | 1957 |
|  | FLORIDA PWR & LT CO | 5.300% | 4/1/2053 | 140 | 133 |
|  | FORD FOUNDATION/THE | 2.815% | 6/1/2070 | 90 | 51 |
|  | FORD MOTOR CREDIT CO LLC | 2.900% | 2/10/2029 | 541 | 485 |
|  | FORTIS INC | 3.055% | 10/4/2026 | 155 | 150 |
|  | FOUNDRY JV HOLDCO LLC | 6.250% | 1/25/2035 | 345 | 347 |
|  | GA GLOBAL FUNDING TRUST | 5.200% | 12/9/2031 | 150 | 146 |
|  | GALLAGHER ARTHUR J & CO | 5.750% | 7/15/2054 | 90 | 88 |
|  | GATX CORP | 6.050% | 6/5/2054 | 345 | 354 |
|  | GENERAL MOTORS FINL CO | 5.400% | 5/8/2027 | 135 | 136 |
|  | GENERAL MOTORS FINL CO | 5.450% | 9/6/2034 | 155 | 150 |
|  | GENERAL MOTORS FINL CO | 2.350% | 1/8/2031 | 157 | 131 |
|  | GENERAL MOTORS FINL CO | 2.700% | 6/10/2031 | 115 | 97 |
|  | GENERAL MTRS FINL CO | 5.950% | 4/4/2034 | 160 | 161 |
|  | GENPACT LUXEMBOURG SA | 6.000% | 6/4/2029 | 209 | 214 |
|  | GILEAD SCIENCES INC | 2.600% | 10/1/2040 | 300 | 207 |
|  | GLENCORE FUNDING LLC | 5.634% | 4/4/2034 | 190 | 189 |
|  | GLOBAL PAYMENTS INC | 2.900% | 5/15/2030 | 67 | 60 |
|  | GLOBAL PAYMENTS INC | 2.900% | 11/15/2031 | 129 | 110 |
|  | GLOBAL PAYMENTS INC | 3.200% | 8/15/2029 | 186 | 170 |
|  | GOLDMAN SACHS GROUP INC | 6.484% | 10/24/2029 | 250 | 262 |
|  | GOLDMAN SACHS GROUP INC | 3.800% | 3/15/2030 | 200 | 188 |
|  | GOLDMAN SACHS GROUP INC | 5.049% | 7/23/2030 | 315 | 313 |
|  | GOLDMAN SACHS GROUP INC | 5.330% | 7/23/2035 | 665 | 653 |
|  | GOLDMAN SACHS GROUP INC  | VR | 10/21/2027 | 61 | 58 |
|  | GOLDMAN SACHS GROUP INC  | VR | 1/27/2032 | 400 | 330 |
|  | GOLDMAN SACHS GROUP INC  | VR | 7/21/2032 | 290 | 242 |
|  | GOLDMAN SACHS GROUP INC  | VR | 2/24/2028 | 234 | 223 |
|  | GOLDMAN SACHS GROUP INC  | VR | 6/5/2028 | 639 | 621 |
|  | GOODMAN US FINANCE SIX | 5.125% | 10/7/2034 | 100 | 96 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | HACKENSACK MERIDIAN HLTH | 2.675% | 9/1/2041 | 445 | 308 |
|  | HACKENSACK MERIDIAN HLTH | 2.875% | 9/1/2050 | 250 | 157 |
|  | HALLIBURTON CO | 4.850% | 11/15/2035 | 43 | 41 |
|  | HALLIBURTON COMPANY | 6.700% | 9/15/2038 | 50 | 54 |
|  | HANOVER INSURANCE GROUP | 2.500% | 9/1/2030 | 140 | 121 |
|  | HARRIS CORPORATION | 4.854% | 4/27/2035 | 40 | 38 |
|  | HARTFORD FINL SVCS GRP | 4.300% | 4/15/2043 | 90 | 76 |
|  | HCA INC | 3.500% | 7/15/2051 | 92 | 60 |
|  | HCA INC | 5.125% | 6/15/2039 | 175 | 159 |
|  | HCA INC | 5.500% | 6/15/2047 | 105 | 95 |
|  | HCA INC | 5.600% | 4/1/2034 | 570 | 562 |
|  | HCA INC | 6.100% | 4/1/2064 | 130 | 124 |
|  | HCA INC. | 5.950% | 9/15/2054 | 100 | 95 |
|  | HCP INC | 3.250% | 7/15/2026 | 350 | 342 |
|  | HEALTH CARE REIT INC | 6.500% | 3/15/2041 | 140 | 150 |
|  | HEALTHCARE TRUST OF AMER | 3.100% | 2/15/2030 | 500 | 449 |
|  | HEALTHPEAK PROPERTIES | 2.125% | 12/1/2028 | 271 | 244 |
|  | HEWLETT PACKARD ENTERPRISE | 5.000% | 10/15/2034 | 370 | 356 |
|  | HF SINCLAIR CORP | 5.875% | 4/1/2026 | 155 | 156 |
|  | HIGH STREET FNDG TRUST I | 4.111% | 2/15/2028 | 149 | 143 |
|  | HOME DEPOT INC | 3.625% | 4/15/2052 | 170 | 123 |
|  | HONEYWELL INTERNATIONAL | 5.250% | 3/1/2054 | 210 | 197 |
|  | HSBC HOLDINGS PLC | 5.286% | 11/19/2030 | 420 | 417 |
|  | HSBC HOLDINGS PLC | 5.733% | 5/17/2032 | 250 | 253 |
|  | HSBC HOLDINGS PLC | 7.390% | 11/3/2028 | 200 | 212 |
|  | HSBC HOLDINGS PLC  | VR | 8/17/2029 | 220 | 198 |
|  | HSBC HOLDINGS PLC  | VR | 8/18/2031 | 320 | 272 |
|  | HUNTINGTON BANCSHARES INC | 5.272% | 1/15/2031 | 150 | 150 |
|  | HYUNDAI CAP SVCS INC | 5.125% | 2/5/2029 | 200 | 199 |
|  | HYUNDAI CAPITAL AMERICA | 5.300% | 6/24/2029 | 430 | 431 |
|  | HYUNDAI CAPITAL AMERICA | 4.550% | 9/26/2029 | 200 | 194 |
|  | IBM CORP | 3.500% | 5/15/2029 | 1350 | 1279 |
|  | ING GROEP NV | 6.114% | 9/11/2034 | 242 | 251 |
|  | ING GROEP NV | 3.950% | 3/29/2027 | 200 | 197 |
|  | INTEL CORP | 3.050% | 8/12/2051 | 100 | 57 |
|  | INTEL CORP | 3.250% | 11/15/2049 | 100 | 60 |
|  | INTEL CORP | 3.734% | 12/8/2047 | 120 | 79 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | INTEL CORP | 4.875% | 2/10/2028 | 356 | 354 |
|  | INTEL CORP | 5.700% | 2/10/2053 | 100 | 88 |
|  | INTERSTATE PWR & LT CO | 4.950% | 9/30/2034 | 100 | 96 |
|  | INTERSTATE PWR & LT CO | 5.450% | 9/30/2054 | 115 | 109 |
|  | INTUIT INC | 5.200% | 9/15/2033 | 230 | 230 |
|  | INTUIT SR NT | 5.500% | 9/15/2053 | 70 | 69 |
|  | ITC HOLDINGS CORP | 5.400% | 6/1/2033 | 500 | 496 |
|  | JBS USA LUX | 6.750% | 3/15/2034 | 251 | 265 |
|  | JBS USA LUX SA | 3.750% | 12/1/2031 | 245 | 217 |
|  | JERSEY CENTRAL PWR & LT | 6.150% | 6/1/2037 | 30 | 31 |
|  | JM SMUCKER CO | 6.200% | 11/15/2033 | 95 | 100 |
|  | JM SMUCKER CO | 6.500% | 11/15/2053 | 85 | 91 |
| \* | JPMORGAN CHASE & CO | 5.766% | 4/22/2035 | 275 | 281 |
| \* | JPMORGAN CHASE & CO  | VR | 7/23/2029 | 600 | 584 |
|  | KANSAS CITY POWER & LT | 4.200% | 3/15/2048 | 60 | 48 |
|  | KBC GROUP | 6.324% | 9/21/2034 | 350 | 362 |
|  | KELLOGG CO | 5.250% | 3/1/2033 | 196 | 196 |
|  | KEYCORP | 4.789% | 6/1/2033 | 45 | 43 |
|  | KINDER MORGAN INC | 5.000% | 2/1/2029 | 230 | 229 |
|  | KINDER MORGAN INC/DELAWA | 5.050% | 2/15/2046 | 40 | 35 |
|  | KLA CORP | 3.300% | 3/1/2050 | 100 | 69 |
|  | KRAFT HEINZ FOODS CO | 4.375% | 6/1/2046 | 120 | 97 |
|  | KRAFT HEINZ FOODS CO | 4.625% | 10/1/2039 | 155 | 139 |
|  | KROGER CO | 5.000% | 9/15/2034 | 90 | 87 |
|  | KROGER CO | 5.500% | 9/15/2054 | 70 | 66 |
|  | L3HARRIS TECHNOLOGIES INC | 5.250% | 6/1/2031 | 200 | 200 |
|  | L3HARRIS TECHNOLOGIES INC | 5.400% | 7/31/2033 | 203 | 203 |
|  | L3HARRIS TECHNOLOGIES INC | 5.500% | 8/15/2054 | 178 | 171 |
|  | LASMO USA INC DTD 11/12/97 | 7.300% | 11/15/2027 | 70 | 75 |
|  | LEAR CORP | 2.600% | 1/15/2032 | 85 | 71 |
|  | LEIDOS INC | 5.750% | 3/15/2033 | 110 | 112 |
|  | LLOYDS BANKING GROUP | 5.679% | 1/5/2035 | 215 | 214 |
|  | LLOYDS BANKING GROUP | 5.462% | 1/5/2028 | 200 | 202 |
|  | LLOYDS BANKING GROUP PLC | 5.087% | 11/26/2028 | 426 | 426 |
|  | LLOYDS BANKING GROUP PLC | 4.375% | 3/22/2028 | 200 | 195 |
|  | LOUISVILLE GAS & ELEC | 4.650% | 11/15/2043 | 100 | 85 |
|  | LOWE'S COS INC  | 3.000% | 10/15/2050 | 225 | 140 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | LOWE'S COS INC  | 5.625% | 4/15/2053 | 124 | 119 |
|  | LUBRIZOL CORP | 6.500% | 10/1/2034 | 193 | 212 |
|  | LYB INTL FINANCE BV | 4.875% | 3/15/2044 | 170 | 146 |
|  | MARSH & MCLENNAN COS INC | 4.375% | 3/15/2029 | 325 | 319 |
|  | MARVELL TECHNOLOGY INC | 5.750% | 2/15/2029 | 250 | 256 |
|  | MASCO CORP | 2.000% | 10/1/2030 | 90 | 76 |
|  | MASCO CORP | 6.500% | 8/15/2032 | 110 | 116 |
|  | MASS MUTUAL LIFE INS CO | 5.672% | 12/1/2052 | 154 | 147 |
|  | MCDONALD'S CORP  | 4.200% | 4/1/2050 | 125 | 99 |
|  | MCDONALD'S CORP  | 4.700% | 12/9/2035 | 101 | 96 |
|  | MCDONALD'S CORP  | 6.300% | 10/15/2037 | 38 | 41 |
|  | MEAD JOHNSON NUTRITION C | 4.600% | 6/1/2044 | 35 | 31 |
|  | MEMORIAL HEALTH SERVICES | 3.447% | 11/1/2049 | 310 | 220 |
|  | MERCK & CO INC | 2.900% | 12/10/2061 | 170 | 98 |
|  | MERCK & CO INC | 4.000% | 3/7/2049 | 160 | 125 |
|  | MET LIFE GLOB FUNDING I | 3.300% | 3/21/2029 | 542 | 508 |
|  | META PLATFORMS INC | 5.400% | 8/15/2054 | 140 | 136 |
|  | META PLATFORMS INC | 5.600% | 5/15/2053 | 235 | 235 |
|  | MICROSOFT CORP | 3.041% | 3/17/2062 | 46 | 29 |
|  | MID-AMERICA APARTMENTS | 1.700% | 2/15/2031 | 160 | 132 |
|  | MIDAMERICAN ENERGY | 5.850% | 9/15/2054 | 110 | 112 |
|  | MIDMICHIGAN HEALTH | 3.409% | 6/1/2050 | 90 | 63 |
|  | MITSUBISHI UFJ FIN GROUP | 5.422% | 2/22/2029 | 420 | 426 |
|  | MITSUBISHI UFJ FIN GRP | 2.048% | 7/17/2030 | 360 | 308 |
|  | MITSUBISHI UFJ FIN GRP | 3.751% | 7/18/2039 | 290 | 243 |
|  | MITSUBISHI UFJ FIN GRP  | VR | 7/20/2027 | 310 | 295 |
|  | MIZUHO FINANCIAL GROUP | 5.778% | 7/6/2029 | 425 | 435 |
|  | MIZUHO FINANCIAL GROUP | 5.739% | 5/27/2031 | 280 | 288 |
|  | MIZUHO FINANCIAL GROUP  | VR | 5/22/2027 | 284 | 270 |
|  | MOLSON COORS BREWING CO | 4.200% | 7/15/2046 | 139 | 111 |
|  | MOODY'S CORPORATION  | 3.250% | 5/20/2050 | 210 | 140 |
| \* | MORGAN STANLEY | 5.320% | 7/19/2035 | 407 | 401 |
| \* | MORGAN STANLEY | 3.125% | 7/27/2026 | 500 | 488 |
| \* | MORGAN STANLEY | 5.042% | 7/19/2030 | 150 | 149 |
| \* | MORGAN STANLEY | 5.164% | 4/20/2029 | 340 | 341 |
| \* | MORGAN STANLEY | 5.424% | 7/21/2034 | 60 | 60 |
| \* | MORGAN STANLEY  | VR | 2/13/2032 | 470 | 383 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
| \* | MORGAN STANLEY  | VR | 1/21/2028 | 211 | 201 |
| \* | MORGAN STANLEY  | VR | 4/1/2031 | 200 | 186 |
| \* | MORGAN STANLEY  | VR | 1/23/2030 | 137 | 133 |
| \* | MORGAN STANLEY  | VR | 4/22/2039 | 135 | 121 |
| \* | MORGAN STANLEY BANK | 5.449% | 7/20/2029 | 85 | 86 |
| \* | MORGAN STANLEY BK | 5.466% | 1/18/2035 | 159 | 158 |
| \* | MORGAN STANLEY SR | 5.656% | 4/18/2030 | 280 | 285 |
|  | MPLX LP | 5.500% | 6/1/2034 | 470 | 463 |
|  | MUTUAL OMAHA GLOBAL | 5.800% | 7/27/2026 | 200 | 203 |
|  | NASDAQ INC | 5.550% | 2/15/2034 | 85 | 86 |
|  | NATIONAL RETAIL PROP INC | 3.600% | 12/15/2026 | 62 | 61 |
|  | NATIONAL SECS CLEARING | 5.000% | 5/30/2028 | 284 | 285 |
|  | NATL BANK OF CANADA | 5.600% | 12/18/2028 | 285 | 291 |
|  | NATL BANK OF CANADA | 4.500% | 10/10/2029 | 450 | 438 |
|  | NATWEST GROUP PLC | 7.472% | 11/10/2026 | 200 | 204 |
|  | NATWEST MKTS PLC | 5.410% | 5/17/2029 | 485 | 491 |
|  | NEVADA POWER CO | 6.000% | 3/15/2054 | 110 | 112 |
|  | NEXTERA ENERGY CAP HLDGS INC | 5.550% | 3/15/2054 | 420 | 402 |
|  | NISOURCE INC | 5.200% | 7/1/2029 | 200 | 202 |
|  | NNN REIT INC | 5.500% | 6/15/2034 | 130 | 129 |
|  | NNN REIT INC | 5.600% | 10/15/2033 | 150 | 151 |
|  | NOMURA HOLDINGS INC | 2.679% | 7/16/2030 | 200 | 174 |
|  | NORDEA BANK ABP | 5.375% | 9/22/2027 | 200 | 203 |
|  | NORFOLK SOUTHERN CORP | 3.942% | 11/1/2047 | 151 | 116 |
|  | NORFOLK SOUTHERN CORP | 4.837% | 10/1/2041 | 235 | 214 |
|  | NORTHEASTERN UNIVERSITY | 2.894% | 10/1/2050 | 400 | 265 |
|  | NORTHERN NAT GAS CO | 5.625% | 2/1/2054 | 40 | 38 |
|  | NORTHERN STATE PWR- MINN | 6.200% | 7/1/2037 | 50 | 54 |
|  | NORTHERN STATES PWR-MINN | 5.100% | 5/15/2053 | 190 | 176 |
|  | NORTHERN STS PWR CO | 4.500% | 6/1/2052 | 217 | 182 |
|  | NORTHERN TRUST CORP  | VR | 5/8/2032 | 38 | 36 |
|  | NORTHROP GRUMMAN CORP | 5.250% | 5/1/2050 | 335 | 314 |
|  | NUTRIEN LTD | 4.125% | 3/15/2035 | 100 | 89 |
|  | NVENT FINANCE SARL | 4.550% | 4/15/2028 | 98 | 97 |
|  | NXP BV / NXP FDG LLC | 2.500% | 5/11/2031 | 300 | 256 |
|  | NXP BV / NXP FDG LLC | 3.250% | 5/11/2041 | 425 | 311 |
|  | NXP BV/NXP FDG LLC | 3.150% | 5/1/2027 | 350 | 337 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | OCCIDENTAL PETE CORP | 5.200% | 8/1/2029 | 90 | 89 |
|  | OCCIDENTAL PETE CORP | 5.375% | 1/1/2032 | 85 | 83 |
|  | OGE ENERGY CORP | 5.450% | 5/15/2029 | 70 | 71 |
|  | OHIO POWER COMPANY | 2.900% | 10/1/2051 | 240 | 144 |
|  | ONCOR ELECTRIC DELIVERY | 3.100% | 9/15/2049 | 215 | 141 |
|  | ONEOK INC | 4.750% | 10/15/2031 | 400 | 387 |
|  | ONEOK INC | 5.700% | 11/1/2054 | 350 | 329 |
|  | ORACLE CORP | 1.650% | 3/25/2026 | 300 | 289 |
|  | ORACLE CORP | 3.600% | 4/1/2050 | 160 | 112 |
|  | ORACLE CORP | 3.850% | 7/15/2036 | 267 | 229 |
|  | ORACLE CORP | 3.950% | 3/25/2051 | 174 | 129 |
|  | ORACLE CORP | 4.000% | 7/15/2046 | 120 | 92 |
|  | ORACLE CORP | 4.900% | 2/6/2033 | 220 | 214 |
|  | OTIS WORLDWIDE CORP | 2.565% | 2/15/2030 | 200 | 178 |
|  | PACIFIC GAS & ELECTRIC | 2.950% | 3/1/2026 | 105 | 103 |
|  | PACIFIC GAS & ELECTRIC | 5.800% | 5/15/2034 | 351 | 359 |
|  | PACIFIC GAS & ELECTRIC | 5.900% | 10/1/2054 | 30 | 30 |
|  | PACIFIC GAS & ELECTRIC | 6.750% | 1/15/2053 | 10 | 11 |
|  | PACIFIC GAS & ELECTRIC | 3.750% | 8/15/2042 | 50 | 38 |
|  | PACIFIC GAS & ELECTRIC | 4.300% | 3/15/2045 | 85 | 68 |
|  | PACIFIC GAS & ELECTRIC | 4.450% | 4/15/2042 | 200 | 166 |
|  | PACIFIC GAS & ELECTRIC | 6.400% | 6/15/2033 | 205 | 216 |
|  | PACIFIC GAS AND ELECTRIC COMPANY | 3.450% | 7/1/2025 | 170 | 169 |
|  | PECO ENERGY CO | 2.800% | 6/15/2050 | 100 | 62 |
|  | PENSKE TRUCK LEASING CO | 5.700% | 2/1/2028 | 276 | 281 |
|  | PENSKE TRUST LEASING CO | 5.875% | 11/15/2027 | 132 | 135 |
|  | PEPPERDINE UNIV | 3.301% | 12/1/2059 | 150 | 93 |
|  | PFIZER INVT ENTERPRISES | 5.300% | 5/19/2053 | 360 | 337 |
|  | PG&E RECOVERY FDG | 5.231% | 6/1/2042 | 200 | 198 |
|  | PG&E RECOVERY FDG LLC | 5.529% | 6/1/2051 | 240 | 238 |
|  | PG&E RECOVERY FND LLC | 5.536% | 7/15/2047 | 180 | 179 |
|  | PG&E WILDFIRE RECOVERY | 4.263% | 6/1/2038 | 125 | 117 |
|  | PG&E WILDFIRE RECOVERY | 5.099% | 6/1/2054 | 150 | 142 |
|  | PG&E WILDFIRE RECOVERY | 5.212% | 12/1/2049 | 80 | 77 |
|  | PHILLIPS 66 | 4.900% | 10/1/2046 | 50 | 43 |
|  | PHILLIPS 66 | 5.300% | 6/30/2033 | 180 | 178 |
|  | PHILLIPS 66 CO | 3.150% | 12/15/2029 | 105 | 96 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | PHILLIPS 66 CO | 3.550% | 10/1/2026 | 15 | 15 |
|  | PHYSICIANS REALTY LP | 2.625% | 11/1/2031 | 140 | 118 |
|  | PIEDMONT HEALTHCARE INC | 2.864% | 1/1/2052 | 245 | 151 |
|  | PIONEER NATURAL RESOURCE | 1.900% | 8/15/2030 | 230 | 196 |
|  | PNC FINANCIAL SERVICES | 5.068% | 1/24/2034 | 253 | 246 |
|  | PNC FINANCIAL SERVICES | 4.812% | 10/21/2032 | 200 | 195 |
|  | PNC FINANCIAL SERVICES | 5.401% | 7/23/2035 | 256 | 254 |
|  | PNC FINANCIAL SERVICES | 5.939% | 8/18/2034 | 255 | 263 |
|  | PPL ELECTRIC UTILITIES | 5.250% | 5/15/2053 | 160 | 153 |
|  | PRECISION CASTPARTS CORP | 3.900% | 1/15/2043 | 250 | 201 |
|  | PRECISION CASTPARTS CORP | 4.375% | 6/15/2045 | 80 | 68 |
| \* | PRINCIPAL FINANCIAL GRP | 3.700% | 5/15/2029 | 105 | 100 |
| \* | PRINCIPAL LIFE GLOBAL FDG II | 5.100% | 1/25/2029 | 150 | 150 |
|  | PROGRESS ENERGY INC | 7.000% | 10/30/2031 | 50 | 55 |
|  | PROLOGIS LP | 2.875% | 11/15/2029 | 90 | 82 |
|  | PSI ENERGY INC | 6.120% | 10/15/2035 | 50 | 53 |
|  | PUBLIC SERVICE COLORADO | 3.550% | 6/15/2046 | 27 | 19 |
|  | PUBLIC STORAGE | 1.950% | 11/9/2028 | 124 | 112 |
|  | PUBLIC STORAGE | 2.250% | 11/9/2031 | 104 | 87 |
|  | PUBLIC SVC CO | 5.200% | 1/15/2035 | 55 | 53 |
|  | QUALCOMM INC | 4.500% | 5/20/2052 | 115 | 96 |
|  | QUANTA SERVICES INC | 2.350% | 1/15/2032 | 200 | 165 |
|  | QUEST DIAGNOSTICS INC | 6.400% | 11/30/2033 | 150 | 161 |
|  | REALTY INCOME CORP | 1.800% | 3/15/2033 | 145 | 111 |
|  | REALTY INCOME CORP | 4.850% | 3/15/2030 | 200 | 199 |
|  | REGENCY CENTERS LP | 2.950% | 9/15/2029 | 180 | 165 |
|  | REGENCY CENTERS LP | 4.125% | 3/15/2028 | 200 | 195 |
|  | REGENERON PHARMACEUTICAL | 1.750% | 9/15/2030 | 290 | 241 |
|  | ROPER TECHNOLOGIES INC | 2.000% | 6/30/2030 | 130 | 111 |
|  | ROYAL BANK OF CANADA | 4.650% | 10/18/2030 | 320 | 313 |
|  | ROYAL BK SCOTLND GRP PLC | 4.800% | 4/5/2026 | 200 | 200 |
|  | ROYAL BK SCOTLND GRP PLC  | VR | 5/8/2030 | 235 | 227 |
|  | ROYAL BK SCOTLND GRP PLC  | VR | 1/27/2030 | 400 | 396 |
|  | RTX CORPORATION | 2.375% | 3/15/2032 | 273 | 227 |
|  | RTX CORPORATION | 4.350% | 4/15/2047 | 17 | 14 |
|  | RTX CORPORATION | 5.150% | 2/27/2033 | 154 | 153 |
|  | RYDER SYSTEM INC | 1.750% | 9/1/2026 | 271 | 258 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | S&P GLOBAL INC | 2.900% | 3/1/2032 | 151 | 132 |
|  | SABRA HEALTH CARE LP | 3.200% | 12/1/2031 | 230 | 197 |
|  | SAFEHOLD OPERATING PARTN | 2.800% | 6/15/2031 | 245 | 209 |
|  | SAN DIEGO G & E | 2.950% | 8/15/2051 | 195 | 125 |
|  | SAN DIEGO G & E | 6.125% | 9/15/2037 | 80 | 83 |
|  | SANTANDER HOLDINGS USA | 6.174% | 1/9/2030 | 265 | 270 |
|  | SANTANDER UK GROUP HLDGS | 6.833% | 11/21/2026 | 200 | 203 |
|  | SANTANDER UK GROUP HLDGS  | VR | 6/14/2027 | 270 | 257 |
|  | SANTANDER UK GROUP HOLDINGS | 4.858% | 9/11/2030 | 230 | 224 |
|  | SANTANDER UK GROUP HOLDINGS | 6.534% | 1/10/2029 | 350 | 361 |
|  | SCE RECOVERY FUNDING LLC | 4.697% | 6/15/2040 | 166 | 160 |
|  | SHELL INTERNATIONAL FIN | 5.500% | 3/25/2040 | 165 | 165 |
|  | SIGECO SECURITIZATION I LLC | 5.026% | 11/15/2038 | 160 | 157 |
|  | SKANDINAVISKA ENSKILDA | 5.375% | 3/5/2029 | 325 | 328 |
|  | SOCIETE GENERALE | 5.250% | 2/19/2027 | 235 | 235 |
|  | SOCIETE GENERALE | 5.634% | 1/19/2030 | 341 | 340 |
|  | SOLVENTUM CORP | 5.600% | 3/23/2034 | 275 | 274 |
|  | SOUTHERN CAL EDISON | 3.650% | 3/1/2028 | 100 | 96 |
|  | SOUTHERN CAL EDISON | 4.050% | 3/15/2042 | 150 | 121 |
|  | SOUTHERN CAL EDISON | 4.125% | 3/1/2048 | 140 | 109 |
|  | SOUTHERN CAL EDISON | 5.700% | 3/1/2053 | 80 | 78 |
|  | SOUTHERN CAL EDISON | 5.875% | 12/1/2053 | 201 | 200 |
|  | SOUTHERN CALIF EDISON CO | 5.450% | 6/1/2031 | 340 | 345 |
|  | SOUTHERN CALIF EDISON CO | 5.550% | 1/15/2036 | 100 | 99 |
|  | SOUTHERN CO | 5.200% | 6/15/2033 | 277 | 274 |
|  | SOUTHERN CO GAS CAP | 5.750% | 9/15/2033 | 170 | 174 |
|  | SOUTHERN CO GAS CAPITAL | 3.150% | 9/30/2051 | 165 | 107 |
|  | SOUTHERN CO GAS CAPITAL | 3.950% | 10/1/2046 | 26 | 20 |
|  | SOUTHERN POWER CO | 5.150% | 9/15/2041 | 70 | 65 |
|  | SOUTHWEST GAS CORP | 3.800% | 9/29/2046 | 49 | 36 |
|  | SOUTHWESTERN PUBLIC SERV | 4.500% | 8/15/2041 | 30 | 26 |
|  | SPRINT CAP CORP DTD 11/16/98 | 6.875% | 11/15/2028 | 105 | 111 |
|  | STANDARD CHARTERED PLC | 5.688% | 5/14/2028 | 235 | 238 |
|  | STANDARD CHARTERED PLC | 5.905% | 5/14/2035 | 685 | 686 |
|  | STANDARD CHARTERED PLC | 6.187% | 7/6/2027 | 200 | 203 |
|  | STARBUCKS CORP | 4.800% | 2/15/2033 | 310 | 302 |
|  | STARBUCKS CORP | 4.900% | 2/15/2031 | 160 | 160 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | STEEL DYNAMICS INC | 1.650% | 10/15/2027 | 101 | 93 |
|  | SUMITOMO MITSUI FIN | 5.520% | 1/13/2028 | 385 | 391 |
|  | SUMITOMO MITSUI FIN | 5.710% | 1/13/2030 | 385 | 395 |
|  | T MOBILE USA INC | 5.150% | 4/15/2034 | 442 | 435 |
|  | T MOBILE USA INC | 5.500% | 1/15/2055 | 94 | 88 |
|  | TAKEDA PHARMACEUTICAL | 3.025% | 7/9/2040 | 315 | 228 |
|  | TAKEDA PHARMACEUTICAL | 3.175% | 7/9/2050 | 500 | 324 |
|  | TAMPA ELEC CO | 4.900% | 3/1/2029 | 377 | 377 |
|  | TAMPA ELECTRIC CO | 4.450% | 6/15/2049 | 225 | 185 |
|  | TEXAS HEALTH RESOURCES | 2.328% | 11/15/2050 | 200 | 113 |
|  | TEXAS INSTRUMENTS INC | 5.050% | 5/18/2063 | 192 | 173 |
|  | THERMO FISHER SCIENTIFIC | 2.000% | 10/15/2031 | 90 | 75 |
|  | TIME WARNER CABLE INC | 5.500% | 9/1/2041 | 200 | 170 |
|  | TIME WARNER CABLE INC | 5.875% | 11/15/2040 | 250 | 224 |
|  | T-MOBILE USA INC | 3.375% | 4/15/2029 | 350 | 327 |
|  | T-MOBILE USA INC | 5.050% | 7/15/2033 | 790 | 774 |
|  | TOLEDO EDISON COMPANY | 6.150% | 5/15/2037 | 50 | 53 |
|  | TORONTO DOMINION BANK | 5.523% | 7/17/2028 | 145 | 147 |
|  | TOTAL CAPITAL INTL SA | 2.986% | 6/29/2041 | 780 | 559 |
|  | TRANE TECH FIN LTD | 5.250% | 3/3/2033 | 130 | 130 |
|  | TRANS-CANADA PIPELINES | 6.200% | 10/15/2037 | 60 | 62 |
|  | TRUIST FINANCIAL CORP | 5.122% | 1/26/2034 | 130 | 126 |
|  | TRUIST FINANCIAL CORP | 5.711% | 1/24/2035 | 145 | 146 |
|  | TRUIST FINANCIAL CORP | 6.047% | 6/8/2027 | 150 | 152 |
|  | TRUIST FINANCIAL GROUP | 7.161% | 10/30/2029 | 205 | 219 |
|  | TUCSON ELECTRIC POWER CO | 4.850% | 12/1/2048 | 125 | 109 |
|  | TYSON FOODS INC | 5.700% | 3/15/2034 | 160 | 162 |
|  | UBER TECHNOLOGIES INC | 4.800% | 9/15/2034 | 120 | 115 |
|  | UBS GROUP AG | 5.610% | 9/13/2030 | 200 | 203 |
|  | UBS GROUP AG | 6.537% | 8/12/2033 | 300 | 318 |
|  | UBS GROUP AG | 5.699% | 2/8/2035 | 200 | 201 |
|  | UDR INC | 2.100% | 8/1/2032 | 250 | 198 |
|  | UDR INC | 2.950% | 9/1/2026 | 32 | 31 |
|  | UNION CARBIDE CORP | 7.750% | 10/1/2096 | 110 | 128 |
|  | UNION ELEC CO | 5.450% | 3/15/2053 | 170 | 163 |
|  | UNITED AIR 2013-1 A PTT | 4.300% | 2/15/2027 | 126 | 125 |
|  | UNITED AIR 2016-1 AA PTT | 3.100% | 7/7/2028 | 126 | 120 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | UNITED AIR 2016-1 B PTT | 3.650% | 1/7/2026 | 36 | 36 |
|  | UNITED AIR 2016-2 A PTT | 3.100% | 10/7/2028 | 226 | 205 |
|  | UNITED AIR 2018-1 A PTT | 3.700% | 3/1/2030 | 316 | 288 |
|  | UNITED AIR 2018-1 AA PTT | 3.500% | 3/1/2030 | 93 | 87 |
|  | UNITED AIR 2018-1 B PTT | 4.600% | 3/1/2026 | 89 | 88 |
|  | UNITED AIR 2019-1 A PTT | 4.550% | 8/25/2031 | 205 | 190 |
|  | UNITED AIR 2019-1 AA PTT | 4.150% | 8/25/2031 | 191 | 182 |
|  | UNITED AIR 2020-1 A PTT | 5.875% | 10/15/2027 | 195 | 199 |
|  | UNITED TECHNOLOGIES CORP | 3.750% | 11/1/2046 | 105 | 79 |
|  | UNITEDHEALTH GROUP INC | 3.250% | 5/15/2051 | 200 | 132 |
|  | UNITEDHEALTH GROUP INC | 5.875% | 2/15/2053 | 105 | 105 |
|  | UNIV OF SOUTHERN CALIFOR | 3.226% | 10/1/2120 | 200 | 115 |
|  | US BANCORP | 5.384% | 1/23/2030 | 175 | 176 |
|  | US BANCORP | 5.678% | 1/23/2035 | 275 | 277 |
|  | VALERO ENERGY CORP | 2.150% | 9/15/2027 | 134 | 125 |
|  | VALERO ENERGY CORP | 7.500% | 4/15/2032 | 21 | 24 |
|  | VENTAS REALTY LP | 3.250% | 10/15/2026 | 25 | 24 |
|  | VERISK ANALYTICS INC | 3.625% | 5/15/2050 | 141 | 98 |
|  | VERISK ANALYTICS INC | 5.750% | 4/1/2033 | 170 | 175 |
|  | VERIZON COMMUNICATIONS | 3.550% | 3/22/2051 | 200 | 141 |
|  | VERIZON COMMUNICATIONS INC | 5.050% | 5/9/2033 | 360 | 356 |
|  | VIRGINIA ELEC & POWER CO | 5.700% | 8/15/2053 | 300 | 296 |
|  | VIRGINIA ELEC & POWER CO | 3.800% | 9/15/2047 | 50 | 37 |
|  | VISTRA OPERATIONS CO LLC | 6.000% | 4/15/2034 | 159 | 161 |
|  | VMWARE INC | 1.400% | 8/15/2026 | 680 | 644 |
|  | WELLS FARGO & COMPANY | 4.300% | 7/22/2027 | 148 | 146 |
|  | WELLS FARGO & COMPANY | 5.557% | 7/25/2034 | 220 | 220 |
|  | WELLS FARGO & COMPANY | 5.211% | 12/3/2035 | 525 | 511 |
|  | WELLS FARGO & COMPANY | 5.499% | 1/23/2035 | 465 | 463 |
|  | WELLS FARGO & COMPANY | 5.574% | 7/25/2029 | 650 | 660 |
|  | WELLS FARGO & COMPANY | 6.491% | 10/23/2034 | 335 | 356 |
|  | WELLS FARGO & COMPANY | 5.198% | 1/23/2030 | 325 | 326 |
|  | WELLTOWER INC | 4.250% | 4/1/2026 | 100 | 100 |
|  | WESTPAC NEW ZEALAND LTD | 4.902% | 2/15/2028 | 390 | 389 |
|  | WILLIAMS COMPANIES INC | 5.650% | 3/15/2033 | 140 | 141 |
|  | WISCONSIN ENERGY CORP | 3.550% | 6/15/2025 | 29 | 29 |
|  | WORKDAY INC | 3.500% | 4/1/2027 | 225 | 219 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | WP CAREY INC | 2.450% | 2/1/2032 | 180 | 148 |
|  | WP CAREY INC | 4.250% | 10/1/2026 | 300 | 297 |
|  | WW GRAINGER INC | 4.600% | 6/15/2045 | 91 | 81 |
|  | YALE-NEW HAVEN HLTH SRVC | 2.496% | 7/1/2050 | 210 | 121 |
|  | ZOETIS INC | 2.000% | 5/15/2030 | 190 | 164 |
|  | **Total Corporate Debt Instruments** |  |  |  | $**133447** |
|  | **Common Stocks** |  |  |  |  |
|  | AAR CORP |  |  | 73 | 4477 |
|  | ACADEMY SPORTS & OUTDOORS INC |  |  | 70 | 4005 |
|  | ACADIA HEALTHCARE CO INC |  |  | 85 | 3363 |
|  | ACV AUCTIONS INC |  |  | 136 | 2940 |
|  | ADOBE INC |  |  | 14 | 6017 |
|  | ADVANCED DRAINAGE SYSTEMS INC |  |  | 18 | 2125 |
|  | AERCAP HOLDINGS NV |  |  | 113 | 10832 |
|  | AGCO CORP COM |  |  | 22 | 2030 |
|  | AIR LEASE CORP |  |  | 52 | 2517 |
|  | AIR PRODS & CHEMS INC COM |  |  | 88 | 25500 |
|  | ALAMO GROUP INC COM |  |  | 7 | 1274 |
|  | ALLEGRO MICROSYSTEMS INC |  |  | 86 | 1884 |
|  | ALLIANT ENERGY CORPORATION |  |  | 23 | 1336 |
|  | ALLSTATE CORP |  |  | 46 | 8936 |
|  | ALPHABET INC CL A |  |  | 26 | 4848 |
|  | ALPHABET INC CL C |  |  | 166 | 31568 |
|  | ALTRIA GROUP INC |  |  | 239 | 12474 |
|  | AMBEV SA |  |  | 2001 | 3703 |
|  | AMDOCS LIMITED COM |  |  | 47 | 3948 |
| \* | AMERICAN EXPRESS CO |  |  | 3941 | 1169700 |
|  | AMERICAN HEALTHCARE REIT INC |  |  | 111 | 3149 |
|  | AMERICAN TOWER CORP |  |  | 76 | 13926 |
|  | AMERICAN WOODMARK CORP COM |  |  | 18 | 1469 |
|  | AMERICOLD REALTY TRUST INC |  |  | 91 | 1951 |
|  | AMICUS THERAPEUTICS INC |  |  | 243 | 2288 |
|  | AMKOR TECHNOLOGIES INC COM |  |  | 137 | 3508 |
|  | AMPHENOL CORP CL A |  |  | 244 | 16973 |
|  | ANNALY CAPITAL MANAGEMENT INC |  |  | 325 | 5943 |
|  | ANTERO RESOURCES CORP |  |  | 63 | 2194 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | APPLE INC |  |  | 131 | 32708 |
|  | ARAMARK |  |  | 56 | 2077 |
|  | ARCHER DANIELS MIDLAND CO |  |  | 75 | 3766 |
|  | ASSURED GUARANTY LTD USD 1.0 |  |  | 22 | 1944 |
|  | ASTRAZENECA PLC |  |  | 50 | 3296 |
|  | AT & T INC |  |  | 669 | 15237 |
|  | ATLANTIC UNION BANKSHARES CORP |  |  | 105 | 3972 |
|  | AVANTOR INC |  |  | 269 | 5664 |
|  | AXALTA COATING SYSTEMS LTD. |  |  | 159 | 5441 |
|  | AZEK CO INC/THE |  |  | 58 | 2738 |
|  | BANC OF CALIFORNIA INC |  |  | 103 | 1585 |
|  | BANK OF AMERICA CORP |  |  | 292 | 12830 |
|  | BANK OZK |  |  | 51 | 2279 |
|  | BATH & BODY WORKS INC |  |  | 60 | 2309 |
|  | BELDEN INC |  |  | 16 | 1818 |
| \* | BERKSHIRE HATHAWAY INC. |  |  | 71 | 31949 |
|  | BIO RAD LABS INC CL A |  |  | 6 | 2073 |
|  | BIO-TECHNE CORP |  |  | 21 | 1542 |
|  | BJ'S WHOLESALE CLUB HOLDINGS, INC.  |  |  | 34 | 3033 |
| \* | BLACKROCK INC |  |  | 26 | 26506 |
|  | BLUE BIRD CORP |  |  | 56 | 2151 |
|  | BLUEPRINT MEDICINES CORP |  |  | 32 | 2761 |
|  | BOISE CASCADE CO |  |  | 23 | 2684 |
|  | BP PLC - ADR |  |  | 223 | 6582 |
|  | BRADY CORPORATION |  |  | 27 | 2029 |
|  | BREAD FINANCIAL HOLDINGS INC |  |  | 33 | 2031 |
|  | BRIGHT HORIZONS FAMILY SOLUTIO |  |  | 36 | 3991 |
|  | BRINKS CO |  |  | 30 | 2812 |
|  | BRISTOL MYERS SQUIBB CO |  |  | 77 | 4368 |
|  | BURLINGTON STORES INC |  |  | 7 | 1988 |
|  | BWX TECHNOLOGIES INC |  |  | 54 | 6018 |
|  | CACI INTL INC FORMERLY CACI INC TO |  |  | 5 | 2108 |
|  | CADENCE BANK |  |  | 47 | 1602 |
|  | CAMECO CORP COM |  |  | 85 | 4332 |
|  | CANADIAN NAT RES LTD |  |  | 148 | 4555 |
|  | CARLYLE GROUP INC/THE |  |  | 100 | 5039 |
|  | CASELLA WASTE SYS INC CL A |  |  | 30 | 3153 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | CELANESE CORP |  |  | 99 | 6837 |
|  | CENTURY COMMUNITIES INC |  |  | 11 | 809 |
|  | CF INDS HLDGS INC |  |  | 37 | 3188 |
|  | CHART INDUSTRIES INC |  |  | 13 | 2496 |
|  | CHEMED CORP NEW |  |  | 8 | 3984 |
|  | CHEVRON CORP |  |  | 124 | 17953 |
|  | CHORD ENERGY CORPORATION |  |  | 42 | 4821 |
|  | CHURCHILL DOWNS INC |  |  | 21 | 2810 |
|  | CINCINNATI FINANCIAL CORP |  |  | 92 | 13202 |
|  | CISCO SYSTEMS INC |  |  | 269 | 15933 |
|  | CITIGROUP INC. |  |  | 326 | 22943 |
|  | CLEARWATER ANALYTICS HLDGS INC |  |  | 133 | 3655 |
|  | COGENT COMMUNICATIONS HOLDINGS,INC |  |  | 29 | 2255 |
|  | COGNEX CORP |  |  | 91 | 3280 |
|  | COHERENT CORP |  |  | 18 | 1704 |
|  | COMCAST CORP CLASS A |  |  | 396 | 14872 |
|  | CONAGRA BRANDS INC |  |  | 233 | 6474 |
|  | CONFLUENT INC |  |  | 153 | 4276 |
|  | CONOCOPHILLIPS |  |  | 44 | 4373 |
|  | CONSTELLIUM SE |  |  | 297 | 3047 |
|  | COOPER COMPANIES INC |  |  | 40 | 3657 |
|  | COPT DEFENSE PROPERTIES |  |  | 105 | 3253 |
|  | CREDO TECHNOLOGY GROUP HOLDING |  |  | 26 | 1718 |
|  | CROWN CASTLE INC |  |  | 106 | 9657 |
|  | CROWN HLDGS INC |  |  | 101 | 8340 |
|  | CULLEN FROST BANKERS INC COM |  |  | 32 | 4233 |
|  | CURTISS WRIGHT CORP COM |  |  | 6 | 2209 |
|  | CVS HEALTH CORPORATION |  |  | 283 | 12687 |
|  | DANAHER CORP |  |  | 95 | 21720 |
|  | DELTA AIR LINES INC |  |  | 218 | 13185 |
|  | DEVON ENERGY CORPORATION |  |  | 79 | 2579 |
|  | DIAGEO PLC - ADR |  |  | 87 | 11088 |
|  | DIAMONDROCK HOSPITALITY CO |  |  | 198 | 1791 |
|  | DIGITALBRIDGE GROUP INC CL A |  |  | 278 | 3139 |
|  | DOLLAR GENERAL CORP |  |  | 197 | 14905 |
|  | DOMINION ENERGY INC |  |  | 292 | 15712 |
|  | DOMINOS PIZZA INC |  |  | 10 | 4221 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | DOXIMITY INC |  |  | 83 | 4456 |
|  | DYNATRACE INC |  |  | 81 | 4394 |
|  | EAGLE MATLS INC |  |  | 7 | 1702 |
|  | ECOLAB INC |  |  | 64 | 14990 |
|  | EDISON INTL COM |  |  | 77 | 6174 |
|  | ELEMENT SOLUTIONS INC |  |  | 80 | 2039 |
|  | ELF BEAUTY INC |  |  | 37 | 4641 |
|  | ENCOMPASS HEALTH CORP |  |  | 26 | 2422 |
|  | EPAM SYSTEMS INC |  |  | 12 | 2734 |
|  | EPLUS INC |  |  | 20 | 1458 |
|  | EQUITY LIFESTYLE PPTYS INC |  |  | 33 | 2178 |
|  | ESTEE LAUDER COMPANIES INC |  |  | 43 | 3187 |
|  | EVEREST GROUP LTD |  |  | 14 | 5170 |
|  | EVOLENT HEALTH INC |  |  | 95 | 1071 |
|  | EXACT SCIENCES CORP |  |  | 53 | 2988 |
|  | EXELON CORPORATION |  |  | 153 | 5754 |
|  | EXLSERVICE HOLDINGS INC |  |  | 84 | 3740 |
|  | EXPAND ENERGY CORP |  |  | 23 | 2279 |
|  | FASTENAL CO |  |  | 202 | 14560 |
|  | FEDERAL REALTY INVESTMENT TRUS |  |  | 27 | 3028 |
|  | FEDEX CORPORATION |  |  | 32 | 9109 |
|  | FIDELIS INSURANCE HOLDINGS LTD |  |  | 91 | 1656 |
|  | FIDELITY NATL INFORMATION SVCS INC |  |  | 233 | 18822 |
|  | FIRSTENERGY CORP COM |  |  | 152 | 6036 |
|  | FIRSTSERVICE CORPORTION |  |  | 10 | 1780 |
|  | FIVE BELOW INC |  |  | 14 | 1419 |
|  | FLYWIRE CORP |  |  | 163 | 3370 |
|  | FMC CORP COM NEW |  |  | 165 | 8017 |
|  | FORTUNE BRANDS INNOVATIONS INC |  |  | 30 | 2057 |
|  | FOX FACTORY HOLDING CORP |  |  | 37 | 1114 |
|  | FREEPORT-MCMORAN INC. |  |  | 162 | 6161 |
|  | FRESHPET INC |  |  | 18 | 2609 |
|  | FTAI AVIATION LTD |  |  | 18 | 2599 |
|  | FULLER H B CO |  |  | 22 | 1477 |
|  | GARTNER INC |  |  | 30 | 14554 |
|  | GENERAL MOTORS CO |  |  | 257 | 13675 |
|  | GENMAB A/S |  |  | 145 | 3028 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | GIBRALTAR INDS INC |  |  | 17 | 1022 |
|  | GLACIER BANCORP INC MONTANA |  |  | 77 | 3854 |
|  | GLAUKOS CORP |  |  | 16 | 2408 |
|  | GLOBAL PMTS INC W/I |  |  | 131 | 14695 |
|  | GLOBUS MEDICAL, INC. |  |  | 17 | 1388 |
|  | GOODYEAR TIRE & RUBR CO |  |  | 176 | 1581 |
|  | GSK PLC SPONSORED |  |  | 180 | 6100 |
|  | GUIDEWIRE SOFTWARE INC |  |  | 12 | 2101 |
|  | H & E EQUIP SVCS INC |  |  | 39 | 1904 |
|  | HA SUSTAINABLE INFRASTRUCTRE CAP INC |  |  | 64 | 1722 |
|  | HAEMONETICS CORP MASS |  |  | 28 | 2178 |
|  | HANCOCK WHITNEY CORPORATION |  |  | 33 | 1814 |
|  | HEXCEL CORP NEW COM |  |  | 68 | 4260 |
|  | HOWARD HUGHES HOLDINGS INC |  |  | 51 | 3931 |
|  | HUBBELL INCORPORATED |  |  | 10 | 4253 |
|  | HUMANA INC |  |  | 23 | 5739 |
|  | HURON CONSULTING GROUP INC |  |  | 16 | 1952 |
|  | ICON PLC |  |  | 7 | 1503 |
|  | ICU MED INC COM |  |  | 7 | 1100 |
|  | IDACORP INC |  |  | 66 | 7220 |
|  | INDEPENDENCE REALTY TRUST INC |  |  | 102 | 2022 |
|  | INGRAM MICRO HOLDING CORP |  |  | 9 | 182 |
|  | INSMED INC |  |  | 37 | 2532 |
|  | INSPIRE MEDICAL SYSTEMS INC |  |  | 14 | 2617 |
|  | INSULET CORP |  |  | 12 | 3064 |
|  | INTEGER HOLDINGS CORP |  |  | 33 | 4422 |
|  | INTERCONTINENTAL EXCHANGE, INC |  |  | 55 | 8256 |
|  | INTERNATIONAL GENERAL INSURANC |  |  | 117 | 2769 |
|  | INTERPARFUMS INC |  |  | 18 | 2335 |
|  | INTUIT COM |  |  | 27 | 17139 |
|  | J & J SNACK FOODS CORP |  |  | 19 | 2946 |
|  | JANUS INTERNATIONAL GROUP INC |  |  | 164 | 1208 |
|  | JAZZ PHARMACEUTICALS PLC |  |  | 43 | 5337 |
|  | JBT MAREL CORPORATION |  |  | 18 | 2253 |
|  | JOHNSON & JOHNSON |  |  | 154 | 22287 |
| \* | JPMORGAN CHASE & CO |  |  | 37 | 8987 |
|  | KEMPER CORP |  |  | 24 | 1611 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | KENNAMETAL INC |  |  | 43 | 1035 |
|  | KIMCO REALTY CORP |  |  | 92 | 2151 |
|  | KNIGHT-SWIFT TRANSPORTATION HOLDINGS |  |  | 23 | 1216 |
|  | KNOWLES CORP |  |  | 94 | 1876 |
|  | KOSMOS ENERGY LTD |  |  | 371 | 1270 |
|  | KRATOS DEFENSE & SECURITY SOLUTIONS |  |  | 174 | 4591 |
|  | KROGER CO |  |  | 279 | 17033 |
|  | LANCASTER COLONY CORP |  |  | 13 | 2239 |
|  | LATTICE SEMICONDUCTOR CORP |  |  | 27 | 1536 |
|  | LINDE PLC |  |  | 32 | 13288 |
|  | LITHIA MOTORS INC CL A COM |  |  | 11 | 4086 |
|  | LITTELFUSE INC COM |  |  | 18 | 4315 |
|  | LKQ CORPORATION |  |  | 37 | 1364 |
|  | LOUISIANA PAC CORP |  |  | 17 | 1725 |
|  | LOWES COS INC |  |  | 86 | 21198 |
|  | LPL FINANCIAL HOLDINGS INC |  |  | 11 | 3731 |
|  | LXP INDUSTRIAL TRUST |  |  | 122 | 993 |
|  | MACERICH CO COM |  |  | 68 | 1364 |
|  | MADRIGAL PHARMACEUTICALS INC |  |  | 6 | 1758 |
|  | MAGNA INTL INC CL A |  |  | 152 | 6349 |
|  | MANHATTAN ASSOCIATES, INC COM |  |  | 14 | 3665 |
|  | MARKETAXESS HOLDINGS INC |  |  | 8 | 1849 |
|  | MARSH & MCLENNAN COS INC |  |  | 33 | 6987 |
|  | MASTERCARD INC |  |  | 44 | 23118 |
|  | MATIV HOLDINGS INC |  |  | 62 | 673 |
|  | MAXIMUS INC COM |  |  | 7 | 556 |
|  | MEDTRONIC, PLC |  |  | 66 | 5264 |
|  | MERCHANTS BANCORP/IN |  |  | 70 | 2550 |
|  | MERCK & CO INC NEW |  |  | 159 | 15844 |
|  | MERCURY SYSTEMS INC |  |  | 86 | 3606 |
|  | MERIT MEDICAL SYSTEMS INC |  |  | 2 | 181 |
|  | MICRON TECHNOLOGY INC |  |  | 31 | 2584 |
|  | MICROSOFT CORP |  |  | 106 | 44800 |
|  | MIDDLEBY CORP |  |  | 16 | 2186 |
|  | MONRO INC |  |  | 43 | 1077 |
|  | MOOG INC CL A |  |  | 12 | 2321 |
|  | MUELLER INDS INC |  |  | 44 | 3531 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | NEOGEN CORP |  |  | 206 | 2500 |
|  | NESTLE S.A. REGISTERED SHARES - ADR |  |  | 114 | 9278 |
|  | NEW FORTRESS ENERGY INC. |  |  | 219 | 3319 |
|  | NICE LTD |  |  | 15 | 2620 |
|  | NINTENDO CO., LTD. - ADR |  |  | 1252 | 18322 |
|  | NORFOLK SOUTHERN CORP |  |  | 86 | 20125 |
|  | NORTHERN OIL AND GAS INC |  |  | 81 | 3025 |
|  | NORTHROP GRUMMAN CORP |  |  | 31 | 14648 |
|  | NOVANTA, INC. |  |  | 14 | 2174 |
|  | NRG ENERGY INC |  |  | 88 | 7969 |
|  | NVENT ELECTRIC PLC |  |  | 46 | 3105 |
|  | ON SEMICONDUCTOR CORP |  |  | 100 | 6315 |
|  | ONE GAS INC |  |  | 30 | 2053 |
|  | ORGANON & CO |  |  | 169 | 2525 |
|  | OXFORD INDS INC |  |  | 24 | 1861 |
|  | PARSONS CORP |  |  | 13 | 1231 |
|  | PATRICK INDUSTRIES INC |  |  | 13 | 1112 |
|  | PAYCHEX INC |  |  | 119 | 16684 |
|  | PAYPAL HOLDINGS INC |  |  | 89 | 7614 |
|  | PEGASYSTEMS INC |  |  | 31 | 2911 |
|  | PENUMBRA INC |  |  | 12 | 2805 |
|  | PERMIAN RESOURCES CORP CL A |  |  | 154 | 2217 |
|  | PFIZER INC |  |  | 137 | 3623 |
|  | PHILIP MORRIS INTERNATIONAL IN |  |  | 202 | 24251 |
|  | PHILLIPS EDISON & CO INC |  |  | 48 | 1797 |
|  | PIPER SANDLER COS |  |  | 10 | 2980 |
|  | PLANET FITNESS INC |  |  | 32 | 3121 |
|  | POOL CORPORATION |  |  | 9 | 3134 |
|  | POST HOLDINGS INC |  |  | 16 | 1779 |
|  | POTLATCHDELTIC CORPORATION |  |  | 156 | 6126 |
|  | PRIMO BRANDS CORPORATION CL A |  |  | 163 | 5026 |
|  | PROASSURANCE CORPORATION |  |  | 81 | 1282 |
|  | PROGRESS SOFTWARE CORP |  |  | 32 | 2094 |
|  | PROGRESSIVE CORP OHIO |  |  | 97 | 23344 |
|  | PURE STORAGE INC |  |  | 47 | 2872 |
|  | Q2 HOLDINGS INC |  |  | 32 | 3210 |
|  | RAMBUS INC DEL COM |  |  | 81 | 4279 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | RANGE RES CORP |  |  | 32 | 1155 |
|  | REGAL REXNORD CORP |  |  | 17 | 2625 |
|  | REINSURANCE GROUP AMERICA CLASS A |  |  | 7 | 1468 |
|  | RENAISSANCERE HOLDINGS COM |  |  | 11 | 2844 |
|  | REVOLVE GROUP INC |  |  | 50 | 1673 |
|  | REXFORD INDUSTRIAL REALTY INC |  |  | 91 | 3525 |
|  | ROYAL DUTCH SHELL PLC ADR |  |  | 97 | 6073 |
|  | ROYAL GOLD INC |  |  | 16 | 2096 |
|  | ROYALTY PHARMA PLC |  |  | 182 | 4652 |
|  | RYDER SYS INC |  |  | 12 | 1955 |
|  | S&P GLOBAL INC |  |  | 39 | 19639 |
|  | SABRA HEALTH CARE REIT, INC. |  |  | 92 | 1596 |
|  | SANOFI-AVENTIS |  |  | 95 | 4558 |
|  | SAREPTA THERAPEUTICS INC |  |  | 21 | 2510 |
|  | SCHLUMBERGER LTD |  |  | 99 | 3788 |
| \* | SCHWAB CHARLES CORP NEW |  |  | 257 | 19046 |
|  | SCIENCE APPLICATIONS INTERNATI |  |  | 12 | 1303 |
|  | SEACOAST BANKING CORPORATION OF |  |  | 65 | 1801 |
|  | SHARKNINJA INC |  |  | 44 | 4242 |
|  | SIRIUS XM HOLDINGS INC |  |  | 205 | 4680 |
|  | SITIO ROYALTIES CORP CL A |  |  | 84 | 1619 |
|  | SM ENERGY CO |  |  | 73 | 2825 |
|  | SONOS INC |  |  | 114 | 1719 |
|  | SPECTRUM BRANDS HLDGS INC NEW |  |  | 24 | 2008 |
|  | STARBUCKS CORP COM |  |  | 171 | 15636 |
|  | STIFEL FINANCIAL CORP |  |  | 15 | 1637 |
|  | STRIDE INC |  |  | 38 | 3907 |
|  | SYNOVUS FINANCIAL CORP |  |  | 37 | 1874 |
|  | TALEN ENERGY CORP |  |  | 22 | 4355 |
|  | TARGET CORP |  |  | 29 | 3900 |
|  | TE CONNECTIVITY PLC |  |  | 104 | 14798 |
|  | TELEFLEX INC |  |  | 17 | 3042 |
|  | TENABLE HOLDINGS INC |  |  | 53 | 2069 |
|  | TEXAS INSTRUMENTS INC |  |  | 121 | 22764 |
|  | TEXAS ROADHOUSE, INC COMMON STOCK |  |  | 17 | 3117 |
|  | THE BALDWIN INSURANCE GRP INC CL A |  |  | 106 | 4108 |
|  | THERMO FISHER SCIENTIFIC INC |  |  | 42 | 22108 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | TIMKEN CO |  |  | 44 | 3117 |
|  | TJX COMPANIES INC |  |  | 147 | 17797 |
|  | TOPBUILD CORP |  |  | 10 | 3208 |
|  | TPG INC |  |  | 38 | 2402 |
|  | TRI POINTE GROUP, INC. |  |  | 30 | 1099 |
|  | TRIMAS CORP |  |  | 102 | 2501 |
|  | TWIST BIOSCIENCE CORP |  |  | 42 | 1951 |
|  | TXNM ENERGY INC |  |  | 74 | 3651 |
|  | TYSON FOODS INC CL A DEL |  |  | 136 | 7807 |
|  | UNITED PARCEL SERVICE-CL B |  |  | 93 | 11735 |
|  | US FOODS HOLDING CORP |  |  | 37 | 2514 |
|  | VARONIS SYSTEMS INC |  |  | 31 | 1356 |
|  | VERISIGN INC COM |  |  | 53 | 10893 |
|  | VERISK ANALYTICS INC |  |  | 54 | 14998 |
|  | VERRA MOBILITY CORP |  |  | 243 | 5871 |
|  | VESTIS CORPORATION |  |  | 135 | 2059 |
|  | VIATRIS INC |  |  | 321 | 3998 |
|  | VISA INC-CLASS A SHRS |  |  | 118 | 37140 |
|  | VISTEON CORP/NEW |  |  | 18 | 1637 |
|  | VONTIER CORP |  |  | 153 | 5592 |
|  | WALT DISNEY CO |  |  | 84 | 9326 |
|  | WEATHERFORD INTL LTD |  |  | 26 | 1883 |
|  | WEBSTER FINL CORP WATERBURY CONN |  |  | 43 | 2378 |
|  | WELLS FARGO & CO |  |  | 90 | 6311 |
|  | WESTERN ALLIANCE BANCORPORATION |  |  | 28 | 2360 |
|  | WHITE MOUNTAINS INSURANCE GROUP INC |  |  | 1 | 1914 |
|  | WHITECAP RESOURCES INC |  |  | 344 | 2437 |
| \* | WILLIS TOWERS WATSON PUB LTDCO |  |  | 29 | 8955 |
|  | WILLSCOT HOLDINGS CORP CL A |  |  | 71 | 2368 |
|  | WINTRUST FINL CORP |  |  | 33 | 4062 |
|  | WYNDHAM HOTELS & RESORTS INC |  |  | 15 | 1466 |
|  | XCEL ENERGY INC |  |  | 110 | 7399 |
|  | XPO INC |  |  | 22 | 2904 |
|  | XYLEM INC/NY |  |  | 93 | 10768 |
|  | ZOETIS INC |  |  | 102 | 16640 |
|  | **Total Common Stocks** |  |  |  | $**3058448** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
| | **U.S. Government and Agency Obligations** | | | | |
|  | FED HOME LN MTG CORP POOL #841090 | 6.718% | 10/1/2046 | 168 | 172 |
|  | FED HOME LN MTG CORP POOL #G60722 | 3.000% | 10/1/2046 | 274 | 238 |
|  | FED HOME LN MTG CORP POOL #J36413 | 3.000% | 2/1/2032 | 568 | 542 |
|  | FED HOME LN MTG CORP POOL #Q42018 | 3.500% | 7/1/2046 | 155 | 139 |
|  | FED HOME LN MTG CORP POOL #QD0878 | 2.500% | 11/1/2051 | 1191 | 985 |
|  | FED HOME LN MTG CORP POOL #SB0378 | 3.500% | 4/1/2034 | 342 | 329 |
|  | FED HOME LN MTG CORP POOL #SD0397 | 2.500% | 7/1/2050 | 1097 | 910 |
|  | FED HOME LN MTG CORP POOL #SD8037 | 2.500% | 1/1/2050 | 1005 | 829 |
|  | FED HOME LN MTG CORP POOL #SD8194 | 2.500% | 1/1/2052 | 4529 | 3705 |
|  | FED HOME LN MTG CORP POOL #ZA5297 | 4.000% | 3/1/2048 | 180 | 167 |
|  | FED HOME LN MTG CORP POOL #ZM0724 | 4.000% | 1/1/2046 | 603 | 560 |
|  | FED HOME LN MTG CORP POOL #ZM6956 | 4.500% | 6/1/2048 | 585 | 558 |
|  | FED HOME LN MTG CORP POOL #ZS4735 | 3.500% | 9/1/2047 | 274 | 246 |
|  | FED HOME LOAN MTGE CORP POOL #QA7633 | 3.000% | 3/1/2050 | 527 | 455 |
|  | FED HOME LOAN MTGE CORP POOL #QA9122 | 2.500% | 5/1/2050 | 626 | 518 |
|  | FED HOME LOAN MTGE CORP POOL #QC3244 | 3.000% | 6/1/2051 | 711 | 611 |
|  | FED HOME LOAN MTGE CORP POOL #QN1779 | 2.500% | 3/1/2035 | 182 | 166 |
|  | FED HOME LOAN MTGE CORP POOL #RA5276 | 2.500% | 5/1/2051 | 723 | 596 |
|  | FED HOME LOAN MTGE CORP POOL #RA7937 | 5.000% | 9/1/2052 | 582 | 564 |
|  | FED HOME LOAN MTGE CORP POOL #SB0307 | 2.500% | 2/1/2035 | 245 | 225 |
|  | FED HOME LOAN MTGE CORP POOL #SD0728 | 2.500% | 10/1/2051 | 1017 | 837 |
|  | FED HOME LOAN MTGE CORP POOL #SD0780 | 2.500% | 12/1/2051 | 764 | 628 |
|  | FED HOME LOAN MTGE CORP POOL #SD0809 | 3.000% | 1/1/2052 | 1566 | 1345 |
|  | FED HOME LOAN MTGE CORP POOL #SD1100 | 2.500% | 5/1/2052 | 235 | 194 |
|  | FED HOME LOAN MTGE CORP POOL #SD1217 | 2.000% | 3/1/2052 | 362 | 286 |
|  | FED HOME LOAN MTGE CORP POOL #SD1658 | 2.500% | 4/1/2052 | 1691 | 1389 |
|  | FED HOME LOAN MTGE CORP POOL #SD3283 | 5.000% | 5/1/2053 | 331 | 323 |
|  | FED HOME LOAN MTGE CORP POOL #SD3567 | 4.500% | 5/1/2053 | 1786 | 1684 |
|  | FED HOME LOAN MTGE CORP POOL #SD3952 | 2.500% | 3/1/2052 | 1900 | 1573 |
|  | FED HOME LOAN MTGE CORP POOL #SD4342 | 5.500% | 11/1/2053 | 396 | 397 |
|  | FED HOME LOAN MTGE CORP POOL #SD4432 | 2.500% | 2/1/2052 | 939 | 778 |
|  | FED HOME LOAN MTGE CORP POOL #SD5624 | 5.500% | 6/1/2054 | 410 | 405 |
|  | FED HOME LOAN MTGE CORP POOL #SD5779 | 3.500% | 2/1/2048 | 366 | 328 |
|  | FED HOME LOAN MTGE CORP POOL #SD7568 | 5.500% | 2/1/2054 | 360 | 360 |
|  | FED HOME LOAN MTGE CORP POOL #SD8205 | 2.500% | 4/1/2052 | 1272 | 1040 |
|  | FED HOME LOAN MTGE CORP POOL #SD8219 | 2.500% | 6/1/2052 | 1351 | 1102 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FED HOME LOAN MTGE CORP POOL #SD8235 | 3.000% | 8/1/2052 | 2632 | 2238 |
|  | FED HOME LOAN MTGE CORP POOL #SD8255 | 3.500% | 10/1/2052 | 4647 | 4114 |
|  | FED HOME LOAN MTGE CORP POOL #SD8265 | 4.000% | 11/1/2052 | 1884 | 1725 |
|  | FED HOME LOAN MTGE CORP POOL #WA1626 | 3.450% | 8/1/2032 | 986 | 902 |
|  | FED HOME LOAN MTGE CORP POOL #WN3233 | 3.190% | 7/1/2033 | 1500 | 1337 |
|  | FED HOME LOAN MTGE CORP POOL #ZA6116 | 4.500% | 1/1/2049 | 482 | 463 |
|  | FED NATL MTG ASSN POOL #AL7395  | 5.544% | 9/1/2055 | 954 | 968 |
|  | FED NATL MTG ASSN POOL #AM8856 | 2.920% | 6/1/2030 | 4222 | 3873 |
|  | FED NATL MTG ASSN POOL #AN5935 | 3.130% | 7/1/2027 | 870 | 840 |
|  | FED NATL MTG ASSN POOL #AN6850 | 3.220% | 9/1/2032 | 1000 | 884 |
|  | FED NATL MTG ASSN POOL #AS5469 | 4.000% | 7/1/2045 | 773 | 717 |
|  | FED NATL MTG ASSN POOL #AS8984 | 4.500% | 3/1/2047 | 222 | 213 |
|  | FED NATL MTG ASSN POOL #BF0219 | 3.500% | 9/1/2057 | 1348 | 1190 |
|  | FED NATL MTG ASSN POOL #BK8753 | 4.500% | 6/1/2049 | 215 | 204 |
|  | FED NATL MTG ASSN POOL #BL0907 | 3.880% | 12/1/2028 | 1350 | 1303 |
|  | FED NATL MTG ASSN POOL #BL3217 | 3.330% | 7/1/2034 | 2113 | 1884 |
|  | FED NATL MTG ASSN POOL #BL4333 | 2.520% | 11/1/2029 | 1388 | 1260 |
|  | FED NATL MTG ASSN POOL #BL4791 | 2.710% | 11/1/2029 | 967 | 885 |
|  | FED NATL MTG ASSN POOL #BM3375 | 4.000% | 1/1/2048 | 405 | 377 |
|  | FED NATL MTG ASSN POOL #BM3499 | 4.000% | 3/1/2048 | 1245 | 1154 |
|  | FED NATL MTG ASSN POOL #BM6347 | 6.766% | 2/1/2041 | 186 | 192 |
|  | FED NATL MTG ASSN POOL #BR0999 | 2.500% | 5/1/2051 | 2465 | 2009 |
|  | FED NATL MTG ASSN POOL #BU0992 | 3.000% | 11/1/2051 | 1058 | 905 |
|  | FED NATL MTG ASSN POOL #BU0993 | 3.000% | 11/1/2051 | 1018 | 883 |
|  | FED NATL MTG ASSN POOL #CB1878 | 3.000% | 10/1/2051 | 663 | 568 |
|  | FED NATL MTG ASSN POOL #FM1000 | 3.000% | 4/1/2047 | 76 | 66 |
|  | FED NATL MTG ASSN POOL #FM1218 | 3.500% | 7/1/2034 | 88 | 84 |
|  | FED NATL MTG ASSN POOL #FM2096 | 3.500% | 11/1/2049 | 1503 | 1348 |
|  | FED NATL MTG ASSN POOL #FM5819 | 4.000% | 2/1/2048 | 336 | 311 |
|  | FED NATL MTG ASSN POOL #FM7372 | 3.500% | 4/1/2040 | 1070 | 996 |
|  | FED NATL MTG ASSN POOL #FM8599 | 3.500% | 1/1/2035 | 297 | 287 |
|  | FED NATL MTG ASSN POOL #FM9427 | 4.000% | 7/1/2049 | 501 | 465 |
|  | FED NATL MTG ASSN POOL #FM9461 | 3.500% | 11/1/2051 | 361 | 321 |
|  | FED NATL MTG ASSN POOL #FM9473 | 3.000% | 8/1/2041 | 1334 | 1205 |
|  | FED NATL MTG ASSN POOL #FM9559 | 3.000% | 1/1/2040 | 1406 | 1272 |
|  | FED NATL MTG ASSN POOL #FM9728 | 2.500% | 11/1/2051 | 346 | 285 |
|  | FED NATL MTG ASSN POOL #MA2868 | 2.500% | 12/1/2031 | 174 | 164 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FED NATL MTG ASSN POOL #MA3305 | 3.500% | 3/1/2048 | 438 | 392 |
|  | FED NATL MTG ASSN POOL #MA4306 | 2.500% | 3/1/2051 | 693 | 570 |
|  | FEDL NATL MTGE ASSN POOL #AM6760 | 3.689% | 10/1/2029 | 603 | 576 |
|  | FEDL NATL MTGE ASSN POOL #AM6828 | 3.530% | 10/1/2029 | 412 | 393 |
|  | FEDL NATL MTGE ASSN POOL #BF0537 | 3.000% | 3/1/2061 | 969 | 808 |
|  | FEDL NATL MTGE ASSN POOL #BF0655 | 3.500% | 6/1/2062 | 1100 | 956 |
|  | FEDL NATL MTGE ASSN POOL #BF0669 | 4.000% | 6/1/2052 | 848 | 787 |
|  | FEDL NATL MTGE ASSN POOL #BK7697 | 4.500% | 10/1/2048 | 261 | 250 |
|  | FEDL NATL MTGE ASSN POOL #BL2313 | 3.360% | 5/1/2034 | 452 | 402 |
|  | FEDL NATL MTGE ASSN POOL #BM5172 | 4.500% | 8/1/2047 | 666 | 639 |
|  | FEDL NATL MTGE ASSN POOL #BM6492 | 1.507% | 11/1/2032 | 1402 | 1112 |
|  | FEDL NATL MTGE ASSN POOL #BM6531 | 4.000% | 6/1/2057 | 1062 | 968 |
|  | FEDL NATL MTGE ASSN POOL #BM6734 | 4.000% | 8/1/2059 | 812 | 747 |
|  | FEDL NATL MTGE ASSN POOL #BM7037 | 1.755% | 3/1/2032 | 898 | 738 |
|  | FEDL NATL MTGE ASSN POOL #BM7075 | 3.000% | 3/1/2061 | 986 | 828 |
|  | FEDL NATL MTGE ASSN POOL #BS2933 | 1.820% | 9/1/2033 | 1130 | 885 |
|  | FEDL NATL MTGE ASSN POOL #BS3634 | 1.770% | 11/1/2031 | 1000 | 819 |
|  | FEDL NATL MTGE ASSN POOL #BS4030 | 1.960% | 1/1/2032 | 1200 | 1006 |
|  | FEDL NATL MTGE ASSN POOL #BS4375 | 2.110% | 1/1/2032 | 1000 | 848 |
|  | FEDL NATL MTGE ASSN POOL #BS4525 | 1.940% | 1/1/2032 | 1000 | 825 |
|  | FEDL NATL MTGE ASSN POOL #BS4563 | 2.010% | 1/1/2032 | 1000 | 836 |
|  | FEDL NATL MTGE ASSN POOL #BS4650 | 2.020% | 1/1/2032 | 1500 | 1259 |
|  | FEDL NATL MTGE ASSN POOL #BS4654 | 2.390% | 3/1/2032 | 853 | 731 |
|  | FEDL NATL MTGE ASSN POOL #BS4793 | 2.440% | 2/1/2034 | 1123 | 930 |
|  | FEDL NATL MTGE ASSN POOL #BS6258 | 3.823% | 8/1/2032 | 365 | 337 |
|  | FEDL NATL MTGE ASSN POOL #BS6339 | 3.800% | 9/1/2032 | 673 | 625 |
|  | FEDL NATL MTGE ASSN POOL #BS6518 | 3.520% | 9/1/2032 | 680 | 621 |
|  | FEDL NATL MTGE ASSN POOL #BS6742 | 3.585% | 11/1/2029 | 1306 | 1241 |
|  | FEDL NATL MTGE ASSN POOL #BS7415 | 4.840% | 1/1/2033 | 1500 | 1489 |
|  | FEDL NATL MTGE ASSN POOL #BS7576 | 4.860% | 12/1/2027 | 482 | 484 |
|  | FEDL NATL MTGE ASSN POOL #BS7661 | 5.020% | 12/1/2030 | 1279 | 1291 |
|  | FEDL NATL MTGE ASSN POOL #BS7966 | 5.010% | 8/1/2033 | 976 | 976 |
|  | FEDL NATL MTGE ASSN POOL #BS7992 | 4.630% | 9/1/2029 | 1956 | 1946 |
|  | FEDL NATL MTGE ASSN POOL #BS8252 | 4.360% | 4/1/2030 | 874 | 859 |
|  | FEDL NATL MTGE ASSN POOL #BV5578 | 3.000% | 5/1/2052 | 2218 | 1890 |
|  | FEDL NATL MTGE ASSN POOL #BW6304 | 5.000% | 8/1/2052 | 230 | 223 |
|  | FEDL NATL MTGE ASSN POOL #BW6309 | 5.000% | 8/1/2052 | 272 | 263 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FEDL NATL MTGE ASSN POOL #BW9918 | 5.000% | 10/1/2052 | 254 | 246 |
|  | FEDL NATL MTGE ASSN POOL #BX0426 | 5.500% | 11/1/2052 | 560 | 555 |
|  | FEDL NATL MTGE ASSN POOL #BY4714 | 5.000% | 6/1/2053 | 1445 | 1396 |
|  | FEDL NATL MTGE ASSN POOL #BZ0217 | 5.220% | 8/1/2035 | 1488 | 1502 |
|  | FEDL NATL MTGE ASSN POOL #BZ1818 | 4.420% | 9/1/2031 | 1000 | 975 |
|  | FEDL NATL MTGE ASSN POOL #BZ2413 | 4.575% | 6/1/2034 | 500 | 485 |
|  | FEDL NATL MTGE ASSN POOL #CA5702 | 2.500% | 5/1/2050 | 695 | 576 |
|  | FEDL NATL MTGE ASSN POOL #CA5969 | 2.500% | 6/1/2050 | 238 | 197 |
|  | FEDL NATL MTGE ASSN POOL #CA6412 | 2.500% | 7/1/2050 | 519 | 428 |
|  | FEDL NATL MTGE ASSN POOL #CA6635 | 2.500% | 8/1/2050 | 322 | 267 |
|  | FEDL NATL MTGE ASSN POOL #CA6989 | 2.500% | 9/1/2050 | 1126 | 933 |
|  | FEDL NATL MTGE ASSN POOL #CA7743 | 2.500% | 11/1/2050 | 1317 | 1075 |
|  | FEDL NATL MTGE ASSN POOL #CB1874 | 3.000% | 10/1/2051 | 1201 | 1032 |
|  | FEDL NATL MTGE ASSN POOL #CB1908 | 2.500% | 10/1/2051 | 797 | 656 |
|  | FEDL NATL MTGE ASSN POOL #CB2066 | 3.000% | 11/1/2051 | 973 | 836 |
|  | FEDL NATL MTGE ASSN POOL #CB2097 | 3.000% | 11/1/2051 | 1951 | 1665 |
|  | FEDL NATL MTGE ASSN POOL #CB2857 | 2.500% | 2/1/2052 | 246 | 203 |
|  | FEDL NATL MTGE ASSN POOL #CB3175 | 3.500% | 3/1/2052 | 955 | 850 |
|  | FEDL NATL MTGE ASSN POOL #CB3265 | 3.000% | 4/1/2052 | 1449 | 1232 |
|  | FEDL NATL MTGE ASSN POOL #CB3378 | 4.000% | 4/1/2052 | 903 | 827 |
|  | FEDL NATL MTGE ASSN POOL #CB3629 | 4.000% | 5/1/2052 | 1560 | 1430 |
|  | FEDL NATL MTGE ASSN POOL #CB4352 | 5.000% | 8/1/2052 | 376 | 367 |
|  | FEDL NATL MTGE ASSN POOL #CB5666 | 4.000% | 2/1/2053 | 1013 | 928 |
|  | FEDL NATL MTGE ASSN POOL #CB6899 | 5.000% | 8/1/2053 | 266 | 261 |
|  | FEDL NATL MTGE ASSN POOL #CB7336 | 5.500% | 10/1/2053 | 400 | 395 |
|  | FEDL NATL MTGE ASSN POOL #FM3041 | 5.500% | 8/1/2049 | 141 | 141 |
|  | FEDL NATL MTGE ASSN POOL #FM7957 | 2.500% | 7/1/2051 | 889 | 737 |
|  | FEDL NATL MTGE ASSN POOL #FM8216 | 4.000% | 11/1/2048 | 249 | 231 |
|  | FEDL NATL MTGE ASSN POOL #FM8361 | 2.500% | 8/1/2051 | 1368 | 1131 |
|  | FEDL NATL MTGE ASSN POOL #FM8603 | 4.000% | 9/1/2049 | 151 | 140 |
|  | FEDL NATL MTGE ASSN POOL #FS0795 | 3.000% | 1/1/2042 | 823 | 730 |
|  | FEDL NATL MTGE ASSN POOL #FS0882 | 2.500% | 3/1/2052 | 1211 | 1001 |
|  | FEDL NATL MTGE ASSN POOL #FS1507 | 3.000% | 2/1/2052 | 3925 | 3336 |
|  | FEDL NATL MTGE ASSN POOL #FS1590 | 2.500% | 4/1/2052 | 296 | 244 |
|  | FEDL NATL MTGE ASSN POOL #FS1938 | 2.500% | 2/1/2052 | 339 | 279 |
|  | FEDL NATL MTGE ASSN POOL #FS2707 | 3.500% | 4/1/2052 | 1397 | 1244 |
|  | FEDL NATL MTGE ASSN POOL #FS3669 | 4.000% | 3/1/2046 | 229 | 216 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FEDL NATL MTGE ASSN POOL #FS3907 | 4.500% | 1/1/2053 | 354 | 338 |
|  | FEDL NATL MTGE ASSN POOL #FS4050 | 4.000% | 3/1/2038 | 264 | 255 |
|  | FEDL NATL MTGE ASSN POOL #FS4069 | 4.000% | 5/1/2035 | 272 | 266 |
|  | FEDL NATL MTGE ASSN POOL #FS4223 | 4.500% | 5/1/2047 | 252 | 244 |
|  | FEDL NATL MTGE ASSN POOL #FS5384 | 2.500% | 6/1/2051 | 1350 | 1117 |
|  | FEDL NATL MTGE ASSN POOL #FS5625 | 5.000% | 8/1/2053 | 354 | 346 |
|  | FEDL NATL MTGE ASSN POOL #FS5829 | 5.500% | 9/1/2053 | 224 | 225 |
|  | FEDL NATL MTGE ASSN POOL #FS5986 | 2.500% | 2/1/2052 | 1263 | 1047 |
|  | FEDL NATL MTGE ASSN POOL #FS6323 | 3.500% | 5/1/2052 | 1373 | 1224 |
|  | FEDL NATL MTGE ASSN POOL #FS6514 | 2.500% | 9/1/2051 | 908 | 754 |
|  | FEDL NATL MTGE ASSN POOL #FS6854 | 1.500% | 4/1/2052 | 2108 | 1559 |
|  | FEDL NATL MTGE ASSN POOL #FS6890 | 1.500% | 4/1/2052 | 5566 | 4125 |
|  | FEDL NATL MTGE ASSN POOL #FS7594 | 2.500% | 9/1/2052 | 1580 | 1299 |
|  | FEDL NATL MTGE ASSN POOL #FS7749 | 3.000% | 2/1/2052 | 1234 | 1063 |
|  | FEDL NATL MTGE ASSN POOL #FS7980 | 4.500% | 12/1/2050 | 423 | 403 |
|  | FEDL NATL MTGE ASSN POOL #MA4623 | 2.500% | 5/1/2052 | 2859 | 2334 |
|  | FEDL NATL MTGE ASSN POOL #MA4782 | 3.500% | 10/1/2052 | 2413 | 2137 |
|  | FEDL NATL MTGE ASSN POOL #MA4783 | 4.000% | 10/1/2052 | 1800 | 1649 |
|  | GOVT NATL MTG ASSN II POOL #784044 | 4.990% | 11/20/2037 | 689 | 672 |
|  | GOVT NATL MTG ASSN II POOL #784045 | 4.500% | 7/20/2045 | 361 | 346 |
|  | GOVT NATL MTG ASSN II POOL #784602 | 4.000% | 5/20/2038 | 657 | 630 |
|  | GOVT NATL MTG ASSN II POOL #BA7567 | 4.500% | 5/20/2048 | 156 | 147 |
|  | GOVT NATL MTG ASSN II POOL #BI0416 | 4.500% | 11/20/2048 | 216 | 206 |
|  | GOVT NATL MTG ASSN II POOL #BJ1318 | 5.000% | 5/20/2049 | 420 | 418 |
|  | GOVT NATL MTG ASSN II POOL #BK7169 | 5.000% | 12/20/2048 | 153 | 151 |
|  | GOVT NATL MTG ASSN II POOL #BL7729 | 5.000% | 5/20/2049 | 365 | 363 |
|  | GOVT NATL MTG ASSN II POOL #BM9692 | 4.500% | 7/20/2049 | 344 | 327 |
|  | GOVT NATL MTG ASSN II POOL #CA0265 | 2.986% | 12/20/2070 | 1162 | 1021 |
|  | GOVT NATL MTG ASSN II POOL #MA7534 | 2.500% | 8/20/2051 | 3186 | 2662 |
|  | GOVT NATL MTG ASSN II POOL #MA7589 | 2.500% | 9/20/2051 | 769 | 643 |
|  | GOVT NATL MTG ASSN II POOL #MA7649 | 2.500% | 10/20/2051 | 819 | 684 |
|  | RFCSP STRIP PRINCIPAL ZERO CPN |  | 1/15/2030 | 500 | 396 |
|  | TENN VAL AUTH CPN STRIP ZERO CPN |  | 3/15/2032 | 300 | 210 |
|  | TENN VALLEY AUTH | 4.250% | 9/15/2065 | 124 | 101 |
|  | TENN VALLEY AUTH | 4.625% | 9/15/2060 | 70 | 63 |
|  | TVA PRIN STRIP ZERO CPN |  | 6/15/2035 | 500 | 293 |
|  | UNITED STATES TREASURY BONDS | 2.250% | 2/15/2052 | 20270 | 12289 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | UNITED STATES TREASURY BONDS | 3.000% | 8/15/2052 | 1240 | 890 |
|  | UNITED STATES TREASURY BONDS | 3.375% | 8/15/2042 | 1852 | 1529 |
|  | UNITED STATES TREASURY BONDS | 3.625% | 5/15/2053 | 571 | 464 |
|  | UNITED STATES TREASURY BONDS | 3.875% | 5/15/2043 | 1363 | 1200 |
|  | UNITED STATES TREASURY BONDS | 4.125% | 8/15/2053 | 84 | 75 |
|  | UNITED STATES TREASURY BONDS | 4.125% | 11/30/2029 | 852 | 842 |
|  | UNITED STATES TREASURY BONDS | 4.250% | 2/15/2054 | 988 | 901 |
|  | UNITED STATES TREASURY BONDS | 4.250% | 8/15/2054 | 697 | 637 |
|  | UNITED STATES TREASURY BONDS | 4.375% | 8/15/2043 | 2849 | 2681 |
|  | UNITED STATES TREASURY BONDS | 4.500% | 2/15/2044 | 1071 | 1022 |
|  | UNITED STATES TREASURY BONDS | 4.625% | 5/15/2044 | 389 | 377 |
|  | UNITED STATES TREASURY NOTES | 2.750% | 5/31/2029 | 1195 | 1117 |
|  | UNITED STATES TREASURY NOTES | 3.500% | 2/15/2033 | 11060 | 10289 |
|  | UNITED STATES TREASURY NOTES | 3.875% | 8/15/2033 | 119 | 113 |
|  | UNITED STATES TREASURY NOTES | 3.875% | 8/15/2034 | 7684 | 7265 |
|  | UNITED STATES TREASURY NOTES | 4.000% | 2/15/2034 | 4236 | 4055 |
|  | UNITED STATES TREASURY NOTES | 4.000% | 7/31/2029 | 2882 | 2836 |
|  | UNITED STATES TREASURY NOTES | 4.125% | 11/15/2032 | 1500 | 1463 |
|  | UNITED STATES TREASURY NOTES | 4.500% | 11/15/2033 | 2520 | 2509 |
|  | UNITED STATES TREASURY NOTES | 4.625% | 4/30/2029 | 2408 | 2431 |
|  | US TREAS SEC STRIPPED |  | 5/15/2033 | 900 | 606 |
|  | US TREAS SEC STRIPPED |  | 11/15/2032 | 1000 | 691 |
|  | US TREAS SEC STRIPPED ZERO CPN |  | 11/15/2033 | 900 | 591 |
|  | US TREASURY BOND | 1.125% | 5/15/2040 | 200 | 120 |
|  | US TREASURY BOND | 1.250% | 5/15/2050 | 1962 | 930 |
|  | US TREASURY BOND | 1.625% | 11/15/2050 | 390 | 203 |
|  | US TREASURY BOND | 1.875% | 2/15/2051 | 1839 | 1023 |
|  | US TREASURY BOND | 1.875% | 11/15/2051 | 3285 | 1812 |
|  | US TREASURY BOND | 2.000% | 2/15/2050 | 95 | 55 |
|  | US TREASURY BOND | 2.000% | 8/15/2051 | 1779 | 1016 |
|  | US TREASURY BOND | 2.250% | 8/15/2046 | 5184 | 3347 |
|  | US TREASURY BOND | 2.250% | 8/15/2049 | 1130 | 700 |
|  | US TREASURY BOND | 2.375% | 2/15/2042 | 3265 | 2325 |
|  | US TREASURY BOND | 2.375% | 11/15/2049 | 185 | 118 |
|  | US TREASURY BOND | 2.500% | 2/15/2045 | 6055 | 4201 |
|  | US TREASURY BOND | 2.500% | 5/15/2046 | 2640 | 1798 |
|  | US TREASURY BOND | 2.750% | 8/15/2042 | 910 | 684 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | US TREASURY BOND | 2.750% | 11/15/2042 | 2022 | 1511 |
|  | US TREASURY BOND | 3.000% | 2/15/2047 | 74 | 55 |
|  | US TREASURY BOND | 3.000% | 2/15/2048 | 80 | 59 |
|  | US TREASURY BOND | 3.000% | 5/15/2042 | 470 | 369 |
|  | US TREASURY BOND | 3.000% | 8/15/2048 | 4770 | 3484 |
|  | US TREASURY BOND | 3.000% | 11/15/2044 | 119 | 90 |
|  | US TREASURY BOND | 3.125% | 2/15/2043 | 1840 | 1453 |
|  | US TREASURY BOND | 3.125% | 11/15/2041 | 1500 | 1207 |
|  | US TREASURY BOND | 3.375% | 5/15/2044 | 3779 | 3063 |
|  | US TREASURY BOND | 3.500% | 2/15/2039 | 8520 | 7468 |
|  | US TREASURY BOND | 3.625% | 2/15/2044 | 1000 | 844 |
|  | US TREASURY BOND | 3.625% | 8/15/2043 | 2935 | 2486 |
|  | US TREASURY BOND | 3.750% | 8/15/2041 | 4320 | 3800 |
|  | US TREASURY BOND | 3.750% | 11/15/2043 | 470 | 405 |
|  | US TREASURY BOND | 4.375% | 2/15/2038 | 445 | 433 |
|  | US TREASURY BOND | 4.375% | 5/15/2041 | 1160 | 1105 |
|  | US TREASURY BOND ZERO CPN |  | 2/15/2041 | 139 | 62 |
|  | US TREASURY BOND ZERO CPN |  | 11/15/2040 | 220 | 99 |
|  | US TREASURY BOND/NOTE STRIPPED ZERO |  | 5/15/2032 | 300 | 213 |
|  | US TREASURY INFLATION INDEX BOND | 0.125% | 1/15/2030 | 482 | 438 |
|  | US TREASURY NOTE | 0.625% | 8/15/2030 | 650 | 528 |
|  | US TREASURY NOTE | 0.875% | 11/15/2030 | 990 | 810 |
|  | US TREASURY NOTE | 1.125% | 2/15/2031 | 7520 | 6206 |
|  | US TREASURY NOTE | 1.250% | 3/31/2028 | 3530 | 3206 |
|  | US TREASURY NOTE | 1.250% | 6/30/2028 | 17523 | 15788 |
|  | US TREASURY NOTE | 1.250% | 8/15/2031 | 810 | 661 |
|  | US TREASURY NOTE | 1.375% | 11/15/2031 | 1397 | 1141 |
|  | US TREASURY NOTE | 1.500% | 2/15/2030 | 5450 | 4732 |
|  | US TREASURY NOTE | 1.625% | 5/15/2031 | 3150 | 2657 |
|  | US TREASURY NOTE | 1.875% | 2/15/2032 | 9395 | 7902 |
|  | US TREASURY NOTE | 2.375% | 5/15/2029 | 12200 | 11246 |
|  | US TREASURY SEC STRIPPED |  | 2/15/2031 | 475 | 358 |
|  | **Total U.S. Government and Agency Obligations** |  |  |  | $**311175** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
| | **Common/Collective Trusts** | | | | |
|  | ALLSPRING DISCOVERY SMID CAP GROWTH |  |  | 9437 | 143578 |
| \* | AMEX R/VANGUARD FIDUCIARY EXT MKT  |  |  | 2626 | 439375 |
| \* | AMEX R/VANGUARD FIDUCIARY INTL STK |  |  | 1068 | 142724 |
| \* | AMEX R/VANGUARD FIDUCIARY TOT BD |  |  | 892 | 96434 |
| \* | BLACKROCK INSTL TR CO N A INVT FDS |  |  | 3647 | 107133 |
| \* | BLACKROCK INSTL TR CO N A INVT FDS |  |  | 4149 | 48955 |
|  | CAPITAL GROUP EUROPACIFIC GROWTH |  |  | 33305 | 431629 |
| \* | COLUMBIA TRUST GOV MONEY MKT FUND |  |  | 29425 | 29425 |
| \* | FIAM GROUP TR FOR EMPLOYEE BENEFIT |  |  | 5524 | 131302 |
| \* | FIDELITY BLUE CHIP GROWTH COMMINGLED |  |  | 12792 | 639598 |
|  | LOOMIS SAYLES CORE PLUS FULL |  |  | 5245 | 130916 |
| \* | MORGAN STANLEY INV MGMT |  |  | 8310 | 371239 |
|  | NEUBERGER BERMAN TR CO N A COLLECTIV |  |  | 6312 | 86037 |
| \* | VANGUARD EMPLOYEE BENEFIT INDEX #528 |  |  | 1761 | 1344724 |
|  | **Total Common/Collective Trusts** |  |  |  | $**4143069** |
|  | **Mutual Funds** |  |  |  |  |
|  | DFA EMERGING MARKETS VALUE FUND |  |  | 2467 | 73803 |
| \* | VANGUARD SMALL CAP VIPER |  |  | 10 | 2471 |
|  | **Total Mutual Funds** |  |  |  | $**76274** |
|  | **Self-Directed Brokerage Accounts** |  |  |  |  |
|  | CASH EQUIVALENTS |  |  |  | 45055 |
| \* | COMMON STOCK |  |  |  | 9690 |
|  | MUTUAL FUNDS |  |  |  | 160325 |
|  | UNIT INVESTMENT TRUSTS |  |  |  | 44 |
|  | **Total Self-Directed Brokerage Accounts** |  |  |  | $**215114** |
|  | **Other Investments** |  |  |  |  |
|  | *<u>Asset-Backed Securities</u>* |  |  |  |  |
|  | 20 TSQ GROUNDCO LLC | 3.100% | 5/15/2035 | 1400 | 1160 |
|  | AMERICAN CREDIT ACCEPTANCE REC | 5.590% | 4/12/2029 | 1170 | 1173 |
|  | AMERICAN CREDIT ACCEPTANCE REC | 6.990% | 9/12/2030 | 895 | 915 |
|  | AMERICAN HOMES 4 RENT | 3.467% | 4/17/2052 | 325 | 323 |
|  | AMERICAN HOMES 4 RENT | 4.407% | 4/17/2052 | 720 | 717 |
|  | AMERICAN HOMES 4 RENT | 5.639% | 4/17/2052 | 150 | 150 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | AMERICAN HOMES 4 RENT | 6.070% | 10/17/2045 | 142 | 142 |
|  | AMERICAN TOWER TRUST | 5.490% | 3/15/2028 | 218 | 220 |
|  | AMERICREDIT AUTOMOBILE RECEIVA | 5.380% | 6/18/2029 | 1170 | 1184 |
|  | AMERICREDIT AUTOMOBILE RECEIVA | 6.000% | 7/18/2029 | 660 | 679 |
|  | AMERICREDIT AUTOMOBILE RECEIVA | 5.320% | 4/18/2028 | 285 | 287 |
|  | AMSR TRUST | 1.355% | 11/17/2037 | 215 | 210 |
|  | AMSR TRUST | 1.527% | 8/17/2026 | 1390 | 1323 |
|  | AMSR TRUST | 1.806% | 9/17/2037 | 1845 | 1807 |
|  | AMSR TRUST | 1.953% | 6/17/2038 | 395 | 359 |
|  | AMSR TRUST | 3.950% | 6/17/2040 | 1000 | 960 |
|  | AMSR TRUST | 4.150% | 11/17/2041 | 1360 | 1297 |
|  | AMSR TRUST | 4.290% | 7/17/2041 | 376 | 363 |
|  | AMSR TRUST  | 2.153% | 6/17/2038 | 545 | 490 |
|  | AMUR EQUIP FIN RECEIVABLES | 6.090% | 12/20/2029 | 790 | 801 |
|  | APIDOS CLO LTD | 5.740% | 7/25/2037 | 259 | 260 |
|  | AXIS EQUIPMENT FINANCE RECEIVA | 1.640% | 10/20/2027 | 94 | 93 |
|  | BANK CMO | 3.254% | 7/15/2060 | 245 | 236 |
|  | BANK5 CMO | 6.656% | 6/15/2028 | 365 | 382 |
|  | BENCHMARK MORTGAGE TRUST | 5.812% | 5/17/2055 | 360 | 367 |
|  | BRIDGECREST LENDING AUTO SECUR | 5.700% | 7/16/2029 | 1251 | 1264 |
|  | BRIDGECREST LENDING AUTO SECUR | 6.070% | 2/15/2030 | 1490 | 1517 |
|  | BX TRUST | 5.748% | 2/15/2039 | 458 | 460 |
|  | BX TRUST | 5.798% | 7/15/2029 | 342 | 343 |
|  | BX TRUST | 6.068% | 12/9/2040 | 280 | 281 |
|  | BXP TRUST | 3.379% | 6/13/2039 | 1000 | 954 |
|  | CARMAX AUTO OWNER TRUST | 4.750% | 10/15/2027 | 580 | 581 |
|  | CARMAX AUTO OWNER TRUST | 5.720% | 11/16/2026 | 221 | 221 |
|  | CASCADE MH ASSET TRUST | 1.753% | 2/25/2046 | 708 | 630 |
|  | CF HIPPOLYTA ISSUER LLC | 1.530% | 3/15/2061 | 1002 | 950 |
|  | CIFC FUNDING LTD | 5.893% | 1/20/2037 | 468 | 470 |
|  | COLONY AMERICAN FINANCE LTD | 1.358% | 8/15/2053 | 63 | 60 |
|  | COMM MORTGAGE TRUST | 3.759% | 8/10/2048 | 313 | 310 |
|  | COMM MORTGAGE TRUST | 3.902% | 7/10/2050 | 684 | 681 |
|  | COREVEST AMERICAN FINANCE LTD | 4.744% | 6/15/2055 | 879 | 878 |
|  | CPS AUTO TRUST | 4.880% | 4/15/2030 | 70 | 70 |
|  | CREDIT ACCEPT AUTO LOAN TRUST | 5.680% | 3/15/2034 | 910 | 922 |
|  | CREDIT ACCEPTANCE AUTO LOAN TR | 6.700% | 10/16/2034 | 1200 | 1228 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | CREDIT ACCEPTANCE AUTO LOAN TR | 7.020% | 5/16/2033 | 1000 | 1024 |
|  | CREDIT ACCEPTANCE AUTO LOAN TRUST | 5.700% | 10/15/2032 | 990 | 993 |
|  | CREDIT ACCEPTANCE AUTO LOAN TRUST | 6.390% | 8/15/2033 | 820 | 834 |
|  | CREDIT SUISSE MORTGAGE TRUST | 4.072% | 9/27/2060 | 925 | 922 |
|  | DB MASTER FINANCE LLC | 2.045% | 11/20/2051 | 219 | 208 |
|  | DB MASTER FINANCE LLC | 2.493% | 11/20/2051 | 507 | 458 |
|  | DBWF 2015-LCM MTG TR | 1.000% | 6/10/2034 | 64 | 62 |
|  | DIAMOND RESORTS OWNER TRUST | 1.510% | 11/21/2033 | 70 | 69 |
|  | DOMINOS PIZZA MASTER ISSUER LL | 2.662% | 4/25/2051 | 204 | 186 |
|  | DRIVE AUTO RECEIVABLES TRUST | 4.670% | 5/17/2032 | 235 | 233 |
|  | DT AUTO OWNER TRUST | 6.070% | 3/15/2028 | 800 | 807 |
|  | EXETER AUTOMOBILE RECEIVABLES | 5.300% | 9/15/2027 | 387 | 388 |
|  | EXETER AUTOMOBILE RECEIVABLES | 5.410% | 5/15/2030 | 480 | 484 |
|  | EXETER AUTOMOBILE RECEIVABLES | 5.610% | 9/15/2027 | 343 | 344 |
|  | EXETER AUTOMOBILE RECEIVABLES | 5.750% | 7/17/2028 | 323 | 325 |
|  | EXETER AUTOMOBILE RECEIVABLES | 5.970% | 3/15/2027 | 123 | 123 |
|  | EXETER AUTOMOBILE RECEIVABLES | 6.110% | 9/15/2027 | 190 | 190 |
|  | EXETER AUTOMOBILE RECEIVABLES | 6.580% | 4/17/2028 | 865 | 876 |
|  | FANNIEMAE-ACES | 1.200% | 8/25/2028 | 212 | 197 |
|  | FANNIEMAE-ACES | 2.980% | 8/25/2029 | 692 | 642 |
|  | FANNIEMAE-ACES  | VR | 12/25/2026 | 123 | 118 |
|  | FANNIEMAE-ACES  | VR | 6/25/2027 | 489 | 472 |
|  | FANNIEMAE-ACES  | VR | 9/25/2028 | 576 | 554 |
|  | FED HOME LN MTG CORP | 3.350% | 9/25/2028 | 307 | 303 |
|  | FED HOME LN MTG CORP | 3.500% | 3/15/2035 | 1517 | 1444 |
|  | FED HOME LN MTG CORP | 3.500% | 6/15/2026 | 36 | 36 |
|  | FED HOME LN MTG CORP | 7.000% | 5/15/2037 | 537 | 566 |
|  | FED HOME LN MTG CORP | 7.000% | 12/15/2036 | 42 | 44 |
|  | FED HOME LN MTG CORP  | VR | 2/15/2043 | 108 | 105 |
|  | FED HOME LN MTG CORP  | VR | 9/15/2036 | 17 | 17 |
|  | FED NATL MTG ASSN | 2.500% | 8/25/2042 | 153 | 134 |
|  | FED NATL MTG ASSN | 3.000% | 1/25/2046 | 188 | 171 |
|  | FED NATL MTG ASSN | 3.500% | 5/25/2049 | 849 | 757 |
|  | FED NATL MTG ASSN | 3.500% | 11/25/2057 | 691 | 652 |
|  | FED NATL MTG ASSN | 4.500% | 12/25/2040 | 706 | 694 |
|  | FED NATL MTG ASSN | 5.500% | 6/25/2035 | 103 | 105 |
|  | FED NATL MTG ASSN | 6.000% | 3/25/2036 | 33 | 34 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FED NATL MTG ASSN  | VR | 4/25/2044 | 30 | 30 |
|  | FED NATL MTG ASSN  | VR | 9/25/2041 | 23 | 23 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 3.710% | 9/25/2032 | 1000 | 923 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 4.940% | 11/25/2030 | 730 | 732 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 3.500% | 11/25/2049 | 790 | 625 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 2.500% | 2/25/2052 | 1033 | 924 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 2.500% | 11/25/2038 | 603 | 512 |
|  | FEDERAL HOME LOAN MORTGAGE CORP | 4.614% | 2/25/2033 | 2000 | 1963 |
|  | FEDERAL NATIONAL MORTGAGE ASSN | 3.751% | 5/25/2032 | 804 | 775 |
|  | FEDERAL NATIONAL MORTGAGE ASSN | 2.250% | 6/25/2045 | 620 | 504 |
|  | FEDERAL NATIONAL MORTGAGE ASSN | 4.500% | 7/25/2052 | 761 | 661 |
|  | FEDERAL NATIONAL MORTGAGE ASSN | 2.083% | 4/25/2032 | 1018 | 845 |
|  | FEDERAL NATIONAL MORTGAGE ASSN | 1.707% | 11/25/2031 | 1051 | 857 |
|  | FHLMC MULTIFAMILY STRUCTURED P | 2.982% | 11/25/2025 | 68 | 67 |
|  | FHLMC MULTIFAMILY STRUCTURED P  | 3.364% | 12/25/2027 | 680 | 654 |
|  | FIRST INVESTORS AUTO OWNER TRU | 1.170% | 3/15/2027 | 154 | 154 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.266% | 10/19/2037 | 1007 | 981 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.339% | 9/17/2025 | 570 | 559 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.538% | 8/19/2038 | 1532 | 1458 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.567% | 10/19/2037 | 1185 | 1153 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.607% | 9/17/2026 | 1370 | 1294 |
|  | FIRSTKEY HOMES 2020-SFR1 TRUST | 1.941% | 9/17/2025 | 231 | 226 |
|  | FLAGSHIP CREDIT AUTO TRUST | 1.670% | 10/15/2026 | 7 | 7 |
|  | FLATIRON CLO LTD |  | 1/15/2038 | 268 | 268 |
|  | FORD CREDIT AUTO OWNER TRUST | 5.070% | 1/15/2029 | 1110 | 1115 |
|  | FORD CREDIT AUTO OWNER TRUST/F | 1.530% | 5/15/2034 | 750 | 708 |
|  | FOUNDATION FINANCE TRUST | 6.530% | 6/15/2049 | 604 | 622 |
|  | FREDDIE MAC - SCRT | 2.500% | 8/25/2059 | 1442 | 1312 |
|  | FREDDIE MAC - SCRT | 3.000% | 5/25/2060 | 948 | 838 |
|  | FREDDIE MAC - SCRT | 3.000% | 11/25/2057 | 418 | 350 |
|  | FREDDIE MAC - SCRT | 3.500% | 5/25/2057 | 919 | 848 |
|  | FREDDIE MAC - SCRT | 3.500% | 7/25/2058 | 575 | 519 |
|  | FREDDIE MAC - SCRT | 3.500% | 11/25/2057 | 806 | 767 |
|  | FREDDIE MAC - SCRT | 4.000% | 3/25/2059 | 860 | 788 |
|  | FREDDIE MAC - SCRT | 4.000% | 11/25/2057 | 1275 | 1183 |
|  | FREDDIE MAC - SCRT | 4.500% | 6/25/2057 | 890 | 848 |
|  | FREDDIE MAC SCRT | 3.500% | 5/25/2064 | 1402 | 1209 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FREDDIE MAC SCRT | 3.000% | 10/25/2062 | 1174 | 964 |
|  | FREMF MORTGAGE TRUST  | VR | 1/25/2048 | 1200 | 1196 |
|  | FREMF MORTGAGE TRUST  | VR | 11/25/2049 | 180 | 175 |
|  | FREMF MORTGAGE TRUST  | VR | 4/25/2051 | 1600 | 1501 |
|  | FREMF MORTGAGE TRUST  | VR | 12/25/2050 | 1000 | 948 |
|  | FRTKL | 2.172% | 9/17/2038 | 1005 | 944 |
|  | GLS AUTO RECEIVABLES TRUST | 1.110% | 9/15/2026 | 39 | 39 |
|  | GOODGREEN TRUST | 3.260% | 10/15/2053 | 233 | 208 |
|  | GOODGREEN TRUST | 3.740% | 10/15/2052 | 71 | 64 |
|  | GOODGREEN TRUST  | VR | 10/15/2053 | 231 | 208 |
|  | GOVERNMENT NATIONAL MORTGAGE ASSN | 2.000% | 6/20/2051 | 771 | 643 |
|  | GOVERNMENT NATIONAL MORTGAGE ASSN | 1.000% | 8/20/2050 | 541 | 404 |
|  | GOVT NATL MTG ASSN | 5.218% | 5/20/2066 | 10 | 10 |
|  | GOVT NATL MTG ASSN | 5.238% | 11/20/2065 | 564 | 562 |
|  | GOVT NATL MTG ASSN | 3.500% | 3/20/2049 | 184 | 140 |
|  | GOVT NATL MTG ASSN | 3.500% | 8/20/2047 | 549 | 487 |
|  | GOVT NATL MTG ASSN | 4.500% | 10/16/2039 | 637 | 635 |
|  | GOVT NATL MTG ASSN | 5.000% | 8/20/2039 | 111 | 112 |
|  | GOVT NATL MTG ASSN | 5.000% | 10/20/2039 | 314 | 310 |
|  | GOVT NATL MTG ASSN  | VR | 10/20/2043 | 334 | 331 |
|  | GOVT NATL MTG ASSN  | VR | 6/20/2065 | 586 | 585 |
|  | GOVT NATL MTG ASSN  | VR | 7/20/2065 | 331 | 331 |
|  | GOVT NATL MTG ASSN  | VR | 6/20/2067 | 205 | 205 |
|  | GOVT NATL MTG ASSN  | VR | 9/20/2065 | 456 | 456 |
|  | GOVT NATL MTG ASSN  | VR | 10/20/2065 | 334 | 333 |
|  | GOVT NATL MTG ASSN  | VR | 3/20/2067 | 249 | 249 |
|  | GOVT NATL MTG ASSN  | VR | 5/20/2040 | 359 | 364 |
|  | GOVT NATL MTG ASSN  | VR | 10/20/2040 | 270 | 274 |
|  | GOVT NATL MTG ASSN  | VR | 12/20/2065 | 184 | 184 |
|  | GOVT NATL MTG ASSN  | VR | 8/20/2066 | 188 | 188 |
|  | GOVT NATL MTG ASSN  | VR | 1/20/2038 | 231 | 234 |
|  | GOVT NATL MTG ASSN  | VR | 12/20/2066 | 85 | 85 |
|  | GOVT NATL MTG ASSN  | VR | 2/20/2061 | 203 | 203 |
|  | HERO FUNDING TRUST | 3.080% | 9/20/2042 | 145 | 129 |
|  | HERO FUNDING TRUST | 3.950% | 9/20/2048 | 200 | 177 |
|  | HERO FUNDING TRUST | 4.460% | 9/20/2047 | 187 | 169 |
|  | HERO FUNDING TRUST | 4.670% | 9/20/2048 | 336 | 308 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | HERO FUNDING TRUST | 4.070% | 9/20/2048 | 36 | 32 |
|  | HERTZ VEHICLE FINANCING LLC | 1.990% | 6/25/2026 | 545 | 541 |
|  | HILTON GRAND VACATIONS TRUST | 5.650% | 3/25/2038 | 806 | 810 |
|  | INDEPENDENCE PLAZA TRUST | 3.763% | 7/10/2035 | 1200 | 1173 |
|  | INNOVATION HOMES TRUST | 4.000% | 9/17/2029 | 320 | 299 |
| \* | JP MORGAN MORTGAGE TRUST  | VR | 10/25/2051 | 386 | 310 |
|  | LENDMARK FUNDING TRUST | 5.120% | 7/20/2032 | 610 | 611 |
|  | MARINER FINANCE ISSUANCE TRUST | 5.130% | 9/22/2036 | 1164 | 1164 |
|  | MARINER FINANCE ISSUANCE TRUST | 1.860% | 3/20/2036 | 1655 | 1576 |
| \* | MORGAN STANLEY BAML TRUST | 3.531% | 11/15/2048 | 413 | 408 |
| \* | MORGAN STANLEY CAPITAL I TRUST | 2.782% | 8/15/2049 | 373 | 359 |
|  | MRCD MORTGAGE TRUST | 2.718% | 12/15/2036 | 1846 | 1361 |
|  | NRZ EXCESS SPREAD COLLATERALIZ | 3.844% | 12/25/2025 | 296 | 291 |
|  | ONEMAIN DIRECT AUTO RECEIVABLES | 3.950% | 11/14/2028 | 1500 | 1481 |
|  | PAGAYA AI TECHNOLOGY IN HOUSIN | 3.600% | 9/25/2028 | 1000 | 933 |
|  | PALMER SQUARE CLO LTD | 5.663% | 7/20/2037 | 258 | 259 |
|  | PALMER SQUARE LOAN FUNDING LTD | 5.572% | 10/15/2030 | 125 | 125 |
|  | PFS FINANCING CORP. | 2.470% | 2/16/2027 | 478 | 477 |
|  | PLANET FITNESS MASTER ISSUER | 5.765% | 6/5/2054 | 174 | 174 |
|  | PROGRESS RESIDENTIAL | 3.350% | 2/17/2041 | 1015 | 945 |
|  | PROGRESS RESIDENTIAL TRUST | 3.500% | 6/17/2041 | 1610 | 1463 |
|  | PROGRESS RESIDENTIAL TRUST | 3.100% | 7/9/2029 | 2183 | 2002 |
|  | PROGRESS RESIDENTIAL TRUST | 3.000% | 8/9/2029 | 1563 | 1423 |
|  | PROGRESS RESIDENTIAL TRUST | 3.200% | 4/17/2039 | 582 | 558 |
|  | PROGRESS RESIDENTIAL TRUST | 4.896% | 6/17/2039 | 1000 | 989 |
|  | PROGRESS RESIDENTIAL TRUST | 1.524% | 7/17/2038 | 1825 | 1746 |
|  | PROGRESS RESIDENTIAL TRUST | 1.692% | 8/17/2040 | 421 | 379 |
|  | PROGRESS RESIDENTIAL TRUST | 2.082% | 9/17/2038 | 640 | 607 |
|  | PROGRESS RESIDENTIAL TRUST | 2.197% | 4/19/2038 | 775 | 750 |
|  | PROGRESS RESIDENTIAL TRUST  | 3.107% | 2/17/2029 | 1100 | 1000 |
|  | RENEW 2017-1 | 1.671% | 9/28/2052 | 96 | 87 |
|  | RENEW FINANCIAL | 3.220% | 9/22/2053 | 85 | 75 |
|  | SABEY DATA CENTER ISSUER LLC | 1.881% | 6/20/2046 | 453 | 430 |
|  | SANTANDER CONSUMER AUTO RECEIV | 1.030% | 11/16/2026 | 760 | 750 |
|  | SANTANDER DRIVE AUTO | 6.160% | 12/17/2029 | 1010 | 1033 |
|  | SANTANDER DRIVE AUTO RECEIVABL | 5.640% | 8/15/2030 | 965 | 978 |
|  | SANTANDER DRIVE AUTO RECEIVABLES | 5.610% | 10/15/2027 | 762 | 764 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | SBA TOWER TRUST | 6.599% | 1/15/2028 | 210 | 215 |
|  | SCF EQUIPMENT TRUST LLC | 6.500% | 10/21/2030 | 1002 | 1008 |
|  | SEQUOIA MORTGAGE TRUST | 6.000% | 7/27/2054 | 218 | 219 |
|  | SEQUOIA MORTGAGE TRUST | 5.000% | 1/25/2053 | 177 | 173 |
|  | SFS AUTO RECEIVABLES | 4.950% | 5/21/2029 | 405 | 407 |
|  | SIERRA RECEIVABLES FUNDING CO | 5.140% | 6/20/2041 | 922 | 921 |
|  | SIERRA RECEIVABLES FUNDING CO | 4.730% | 6/20/2040 | 229 | 228 |
|  | SIERRA RECEIVABLES FUNDING CO | 1.340% | 11/20/2037 | 67 | 65 |
|  | SIERRA RECEIVABLES FUNDING CO | 2.320% | 7/20/2037 | 139 | 137 |
|  | SMALL BUSINESS ADMINISTRATION | 5.035% | 3/1/2034 | 409 | 406 |
|  | SMALL BUSINESS ADMINISTRATION | 5.168% | 3/1/2033 | 339 | 342 |
|  | SMALL BUSINESS ADMINISTRATION | 5.050% | 1/1/2049 | 396 | 395 |
|  | SMALL BUSINESS ADMINISTRATION | 4.480% | 4/1/2048 | 310 | 297 |
|  | SMALL BUSINESS ADMINISTRATION | 4.620% | 5/1/2048 | 327 | 312 |
|  | SMALL BUSINESS ADMINISTRATION | 4.010% | 6/1/2047 | 126 | 117 |
|  | SMALL BUSINESS ADMINISTRATION | 5.040% | 6/1/2049 | 436 | 427 |
|  | SMALL BUSINESS ADMINISTRATION | 1.750% | 11/1/2046 | 625 | 503 |
|  | SMALL BUSINESS ADMINISTRATION | 1.840% | 1/1/2042 | 353 | 297 |
|  | SOCIAL PROFESSIONAL LOAN PROGR | 2.540% | 5/15/2046 | 157 | 149 |
|  | SUBWAY FUNDING LLC | 6.028% | 7/30/2054 | 175 | 177 |
|  | SUBWAY FUNDING LLC | 5.566% | 7/30/2054 | 294 | 286 |
|  | SYNCHRONY CARD ISSUANCE TRUST | 5.540% | 7/15/2029 | 733 | 743 |
|  | TACO BELL FUNDING, LLC | 2.294% | 8/25/2051 | 379 | 336 |
|  | TESLA AUTO LEASE TRUST | 5.940% | 7/20/2027 | 840 | 846 |
|  | TESLA AUTO LEASE TRUST | 5.890% | 6/22/2026 | 347 | 348 |
|  | TOYOTA AUTO LOAN EXTENDED | 4.930% | 6/25/2036 | 882 | 890 |
|  | TOYOTA AUTO RECEIVABLES | 4.880% | 3/15/2029 | 875 | 881 |
|  | TRICON AMERICAN HOMES | 1.499% | 7/17/2038 | 238 | 228 |
|  | TRICON RESIDENTIAL | 4.750% | 4/17/2039 | 145 | 141 |
|  | TRICON RESIDENTIAL | 4.750% | 6/17/2040 | 169 | 167 |
|  | TRICON RESIDENTIAL | 4.849% | 7/17/2040 | 361 | 357 |
|  | TRICON RESIDENTIAL | 1.943% | 7/17/2038 | 373 | 357 |
|  | UNITED AIRLNS PASS THRU | 5.450% | 2/15/2037 | 483 | 484 |
|  | VANTAGE DATA CENTERS LLC | 1.992% | 9/15/2045 | 290 | 265 |
|  | VENDEE MORTGAGE TRUST | 0.417% | 5/15/2033 | 158 | 156 |
|  | VERDANT RECEIVABLES LLC | 5.680% | 12/12/2031 | 840 | 850 |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 5/25/2051 | 889 | 888 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 3/27/2051 | 218 | 218 |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 3/27/2051 | 194 | 194 |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 4/25/2051 | 298 | 298 |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 2/27/2051 | 96 | 96 |
|  | VERICREST OPPORTUNITY LOAN TRA  | VR | 3/27/2051 | 357 | 356 |
|  | VEROS AUTO RECEIVABLES TRUST | 6.280% | 11/15/2027 | 335 | 337 |
|  | WELLS FARGO COMMERCIAL MORTGAG | 3.065% | 11/15/2059 | 308 | 297 |
|  | WESTLAKE AUTOMOBILE RECEIVABLE | 6.020% | 9/15/2028 | 1230 | 1249 |
|  | WIND RIVER CLO LTD | 5.705% | 7/20/2033 | 387 | 387 |
|  | WORLD FINANCIAL NETWORK CREDIT | 5.020% | 3/15/2030 | 1065 | 1071 |
|  | WORLD FINANCIAL NETWORK CREDIT | 5.470% | 2/17/2031 | 1190 | 1210 |
|  | WORLD OMNI AUTO RECEIVABLES | 5.850% | 8/15/2029 | 595 | 611 |
|  | **Total Asset-Backed Securities** |  |  |  | $**134651** |
|  | *<u>Foreign Sovereign Debt</u>* |  |  |  |  |
|  | REPUBLIC OF CHILE | 2.550% | 1/27/2032 | 200 | 167 |
|  | UNITED MEXICAN STATES | 2.659% | 5/24/2031 | 301 | 244 |
|  | UNITED MEXICAN STATES | 3.750% | 1/11/2028 | 392 | 372 |
|  | UNITED MEXICAN STATES | 3.771% | 5/24/2061 | 222 | 126 |
|  | UNITED MEXICAN STATES | 4.350% | 1/15/2047 | 35 | 25 |
|  | UNITED MEXICAN STATES | 4.400% | 2/12/2052 | 370 | 250 |
|  | **Total Foreign Sovereign Debt** |  |  |  | $**1184** |
|  | *<u>Municipal Bonds</u>* |  |  |  |  |
|  | CONNECTICUT STATE | 4.060% | 6/15/2030 | 370 | 357 |
|  | MASSACHUSETTS STATE EDUCTNL FING | 4.141% | 7/1/2027 | 115 | 113 |
|  | MIAMI-DADE CNTY FLORIDA TRANSIT | 5.534% | 7/1/2032 | 250 | 252 |
|  | MICHIGAN STATE UNIV REVENUES | 4.165% | 8/15/2122 | 66 | 49 |
|  | OHIO UNIV GEN RECPTS ATHENS | 5.590% | 12/1/2114 | 195 | 177 |
|  | TEXAS NATURAL GAS SECURITIZATION | 5.102% | 4/1/2035 | 194 | 194 |
|  | TEXAS NATURAL GAS SECURITIZATION | 5.169% | 4/1/2041 | 190 | 187 |
|  | UNIV CALIFORNIA REGTS MED | 4.563% | 5/15/2053 | 220 | 190 |
|  | **Total Municipal Bonds** |  |  |  | $**1519** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | *<u>Private Placement Securities</u>* |  |  |  |  |
|  | ABN AMRO BANK NV  | VR | 12/13/2029 | 300 | 270 |
|  | AIA GROUP LTD | 3.200% | 9/16/2040 | 200 | 149 |
|  | AIR CANADA 2013-1A PTC | 4.125% | 11/15/2026 | 461 | 459 |
|  | AIR CANADA 2015-1A PTT | 3.600% | 3/15/2027 | 568 | 552 |
|  | AIR CANADA 2017-1A PTT | 3.550% | 1/15/2030 | 177 | 163 |
|  | AIR CANADA 2017-1AA PTT | 3.300% | 1/15/2030 | 52 | 48 |
|  | AMERICAN TOWER TRUST I | 3.652% | 3/23/2028 | 230 | 219 |
|  | ASHTEAD CAPITAL INC | 2.450% | 8/12/2031 | 418 | 347 |
|  | ATHENE GLOBAL FUNDING | 1.450% | 1/8/2026 | 260 | 251 |
|  | ATHENE GLOBAL FUNDING | 2.500% | 1/14/2025 | 72 | 72 |
|  | AUST & NZ BANKING GROUP | 2.570% | 11/25/2035 | 210 | 178 |
|  | AVIATION CAPITAL GROUP | 1.950% | 1/30/2026 | 230 | 223 |
|  | AVOLON HOLDINGS FNDG LTD | 2.528% | 11/18/2027 | 1242 | 1152 |
|  | AVOLON HOLDINGS FNDG LTD | 4.375% | 5/1/2026 | 567 | 561 |
|  | AVOLON HOLDINGS FNDG LTD | 5.500% | 1/15/2026 | 430 | 431 |
|  | BAE SYSTEMS PLC | 1.900% | 2/15/2031 | 292 | 241 |
|  | BAE SYSTEMS PLC | 3.400% | 4/15/2030 | 350 | 323 |
|  | BANK OF IRELAND GROUP  | VR | 9/30/2027 | 227 | 216 |
|  | BLACKSTONE HOLDINGS FINA | 3.500% | 9/10/2049 | 200 | 139 |
|  | BPCE SA  | VR | 10/6/2026 | 250 | 243 |
|  | BPCE SA  | VR | 1/20/2032 | 275 | 224 |
|  | BRITISH AIR 18-1 A PTT | 4.125% | 9/20/2031 | 174 | 164 |
|  | BRITISH AIR 18-1 AA PTT | 3.800% | 9/20/2031 | 67 | 64 |
|  | BROADCOM INC | 3.187% | 11/15/2036 | 750 | 604 |
|  | BROOKLYN UNION GAS CO | 4.273% | 3/15/2048 | 100 | 77 |
|  | CLEVELAND ELECTRIC ILLUM | 3.500% | 4/1/2028 | 95 | 90 |
|  | COX COMMUNICATIONS INC | 3.350% | 9/15/2026 | 415 | 405 |
|  | CVS PASS-THROUGH TR 2014 | 4.163% | 8/10/2036 | 192 | 173 |
|  | CVS PASS-THROUGH TRUST | 4.704% | 1/10/2036 | 239 | 222 |
|  | CVS PASS-THROUGH TRUST | 5.773% | 1/10/2033 | 211 | 210 |
|  | CVS PASS-THROUGH TRUST | 5.926% | 1/10/2034 | 342 | 340 |
|  | DUQUESNE LIGHT HOLDINGS | 3.616% | 8/1/2027 | 230 | 221 |
|  | FERGUSON FINANCE PLC | 3.250% | 6/2/2030 | 350 | 318 |
|  | FIDELITY & GUARANTY LIFE | 5.500% | 5/1/2025 | 73 | 73 |
|  | GAIF BOND ISSUER P/L | 3.400% | 9/30/2026 | 95 | 92 |
|  | GALAXY PIPELINE ASSETS | 2.940% | 9/30/2040 | 270 | 213 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | GLOBAL ATLANTIC FIN CO | 4.400% | 10/15/2029 | 158 | 150 |
|  | GOODMAN US FIN THREE | 3.700% | 3/15/2028 | 86 | 82 |
|  | GRAY OAK PIPELINE LLC | 3.450% | 10/15/2027 | 415 | 395 |
|  | GREAT-WEST LIFECO FIN 18 | 4.581% | 5/17/2048 | 130 | 109 |
|  | GTP ACQUISITION PARTNERS | 3.482% | 6/16/2025 | 190 | 189 |
|  | JERSEY CENTRAL PWR & LT | 4.300% | 1/15/2026 | 50 | 50 |
|  | KEYSPAN GAS EAST CORP | 2.742% | 8/15/2026 | 200 | 193 |
|  | KKR GROUP FINAN CO VIII | 3.500% | 8/25/2050 | 200 | 138 |
|  | MACQUARIE BANK LTD  | VR | 3/3/2036 | 200 | 171 |
|  | MACQUARIE GROUP LTD  | VR | 1/12/2027 | 380 | 366 |
|  | MACQUARIE GROUP LTD  | VR | 1/14/2033 | 200 | 169 |
|  | MASS MUTUAL LIFE INS CO | 3.375% | 4/15/2050 | 210 | 140 |
|  | MET LIFE GLOB FUNDING I | 3.000% | 9/19/2027 | 180 | 172 |
|  | MID-ATLANTIC INTERSTATE | 4.100% | 5/15/2028 | 50 | 49 |
|  | NATIONWIDE BLDG SOCIETY  | VR | 2/16/2028 | 215 | 206 |
|  | NATIONWIDE BLDG SOCIETY  | VR | 3/8/2029 | 260 | 252 |
|  | NBN CO LTD | 2.625% | 5/5/2031 | 400 | 346 |
|  | NEW ENGLAND POWER CO | 3.800% | 12/5/2047 | 50 | 37 |
|  | NEW YORK LIFE GLOBAL FDG | 3.000% | 1/10/2028 | 81 | 77 |
|  | NEW YORK LIFE INSURANCE | 4.450% | 5/15/2069 | 90 | 69 |
|  | NGPL PIPECO LLC | 3.250% | 7/15/2031 | 240 | 207 |
|  | NRG ENERGY INC | 2.450% | 12/2/2027 | 225 | 209 |
|  | NRG ENERGY INC | 4.450% | 6/15/2029 | 155 | 148 |
|  | PENNSYLVANIA ELECTRIC CO | 3.250% | 3/15/2028 | 26 | 25 |
|  | PRUDENTIAL INSURANCE CO | 8.300% | 7/1/2025 | 300 | 305 |
|  | SAUDI INTERNATIONAL BOND | 2.250% | 2/2/2033 | 200 | 159 |
|  | SCHLUMBERGER HLDGS CORP | 3.900% | 5/17/2028 | 416 | 404 |
|  | SOCIETE GENERALE  | VR | 6/9/2032 | 440 | 367 |
|  | STANDARD CHARTERED PLC  | VR | 1/14/2027 | 200 | 193 |
|  | STELLANTIS FIN US INC | 2.691% | 9/15/2031 | 209 | 171 |
|  | SWISS RE FINANCE LUX  | VR | 4/2/2049 | 200 | 198 |
|  | TEACHERS INSUR & ANNUITY | 4.270% | 5/15/2047 | 70 | 56 |
|  | TEACHERS INSUR & ANNUITY | 4.900% | 9/15/2044 | 40 | 36 |
|  | TEXAS EASTERN TRANSMISSI | 3.500% | 1/15/2028 | 33 | 32 |
|  | UBS GROUP AG | 1.305% | 2/2/2027 | 250 | 240 |
|  | UBS GROUP AG | 3.869% | 1/12/2029 | 250 | 241 |
|  | UBS GROUP FUNDING | 4.125% | 4/15/2026 | 400 | 396 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | UNICREDIT SPA | 2.569% | 9/22/2026 | 350 | 343 |
|  | VITERRA FINANCE BV | 3.200% | 4/21/2031 | 300 | 262 |
|  | **Total Private Placement Securities** |  |  |  | $**17079** |
|  | **Total Other Investments** |  |  |  | $**154433** |
|  | **Total Investments, at Fair Value** |  |  |  | $**8137170** |
|  | **Fully Benefit Responsive Investment Contracts** |  |  |  |  |
|  | *<u>U.S. Government and Agency Obligations</u>* |  |  |  |  |
|  | FEDERAL HOME LOAN BANKS | 0.500% | 4/14/2025 | 10000 | 9891 |
|  | FEDERAL HOME LOAN MORTGAG | 0.375% | 7/21/2025 | 12825 | 12551 |
|  | FGOLD 15YR | 3.500% | 10/1/2025 | 1 | 1 |
|  | FGOLD 15YR | 3.500% | 11/1/2025 | 2 | 2 |
|  | FGOLD 15YR | 3.500% | 9/1/2025 | 6 | 6 |
|  | FGOLD 15YR | 4.000% | 7/1/2025 | 12 | 11 |
|  | FGOLD 15YR | 4.000% | 8/1/2025 | 7 | 7 |
|  | FGOLD 15YR | 3.000% | 1/1/2027 | 202 | 199 |
|  | FGOLD 15YR | 3.000% | 1/1/2032 | 215 | 206 |
|  | FGOLD 15YR | 3.000% | 1/1/2033 | 176 | 168 |
|  | FGOLD 15YR | 3.000% | 11/1/2025 | 18 | 17 |
|  | FGOLD 15YR | 3.000% | 11/1/2026 | 29 | 29 |
|  | FGOLD 15YR | 3.000% | 3/1/2027 | 182 | 179 |
|  | FGOLD 15YR | 3.000% | 3/1/2033 | 295 | 281 |
|  | FGOLD 15YR | 3.000% | 8/1/2026 | 3 | 3 |
|  | FGOLD 15YR | 3.500% | 10/1/2025 | 51 | 51 |
|  | FGOLD 15YR | 3.500% | 11/1/2025 | 4 | 4 |
|  | FGOLD 15YR | 3.500% | 12/1/2025 | 44 | 44 |
|  | FGOLD 15YR | 3.500% | 2/1/2026 | 3 | 3 |
|  | FGOLD 15YR | 3.500% | 3/1/2026 | 8 | 8 |
|  | FGOLD 15YR | 3.500% | 4/1/2026 | 5 | 5 |
|  | FGOLD 15YR | 3.500% | 5/1/2026 | 3 | 3 |
|  | FGOLD 15YR | 3.500% | 5/1/2032 | 487 | 473 |
|  | FGOLD 15YR | 3.500% | 6/1/2026 | 43 | 43 |
|  | FGOLD 15YR | 3.500% | 7/1/2026 | 56 | 56 |
|  | FGOLD 15YR | 3.500% | 8/1/2026 | 47 | 47 |
|  | FGOLD 15YR | 3.500% | 9/1/2026 | 7 | 7 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FGOLD 15YR | 4.000% | 3/1/2026 | 4 | 4 |
|  | FGOLD 15YR | 4.000% | 5/1/2026 | 27 | 27 |
|  | FGOLD 15YR | 4.000% | 6/1/2025 | 1 | 1 |
|  | FGOLD 15YR | 4.000% | 6/1/2026 | 120 | 119 |
|  | FGOLD 15YR GIANT | 3.000% | 1/1/2027 | 53 | 53 |
|  | FGOLD 15YR GIANT | 3.000% | 3/1/2031 | 294 | 282 |
|  | FGOLD 15YR GIANT | 3.000% | 3/1/2032 | 454 | 435 |
|  | FGOLD 15YR GIANT | 3.000% | 4/1/2033 | 12 | 12 |
|  | FGOLD 15YR GIANT | 3.000% | 6/1/2027 | 70 | 69 |
|  | FGOLD 15YR GIANT | 3.000% | 9/1/2030 | 163 | 157 |
|  | FGOLD 15YR GIANT | 3.000% | 9/1/2031 | 158 | 151 |
|  | FGOLD 15YR GIANT | 3.500% | 1/1/2027 | 59 | 58 |
|  | FGOLD 15YR GIANT | 3.500% | 10/1/2029 | 7 | 7 |
|  | FGOLD 15YR GIANT | 3.500% | 11/1/2025 | 7 | 7 |
|  | FGOLD 15YR GIANT | 3.500% | 11/1/2029 | 112 | 110 |
|  | FGOLD 15YR GIANT | 3.500% | 11/1/2033 | 120 | 116 |
|  | FGOLD 15YR GIANT | 3.500% | 12/1/2029 | 33 | 32 |
|  | FGOLD 15YR GIANT | 3.500% | 12/1/2033 | 104 | 100 |
|  | FGOLD 15YR GIANT | 3.500% | 3/1/2030 | 58 | 57 |
|  | FGOLD 15YR GIANT | 3.500% | 4/1/2026 | 9 | 9 |
|  | FGOLD 15YR GIANT | 3.500% | 4/1/2029 | 35 | 34 |
|  | FGOLD 15YR GIANT | 3.500% | 4/1/2030 | 153 | 149 |
|  | FGOLD 15YR GIANT | 3.500% | 6/1/2029 | 75 | 73 |
|  | FGOLD 15YR GIANT | 3.500% | 7/1/2026 | 13 | 13 |
|  | FGOLD 15YR GIANT | 3.500% | 7/1/2029 | 176 | 172 |
|  | FGOLD 15YR GIANT | 3.500% | 8/1/2026 | 12 | 12 |
|  | FGOLD 15YR GIANT | 3.500% | 8/1/2029 | 241 | 237 |
|  | FGOLD 15YR GIANT | 3.500% | 8/1/2032 | 547 | 533 |
|  | FGOLD 15YR GIANT | 3.500% | 9/1/2025 | 7 | 7 |
|  | FGOLD 15YR GIANT | 3.500% | 9/1/2026 | 5 | 5 |
|  | FGOLD 15YR GIANT | 4.000% | 10/1/2025 | 1 | 1 |
|  | FGOLD 15YR GIANT | 4.000% | 12/1/2025 | 3 | 3 |
|  | FGOLD 15YR GIANT | 4.000% | 12/1/2026 | 12 | 12 |
|  | FGOLD 15YR GIANT | 4.000% | 5/1/2026 | 7 | 7 |
|  | FGOLD 15YR GIANT | 4.000% | 7/1/2025 | 1 | 1 |
|  | FGOLD 15YR GIANT | 4.000% | 7/1/2026 | 5 | 5 |
|  | FH 5/1 CONS 12M SOFR NF A | 6.468% | 12/1/2036 | 47 | 48 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FHLB | 2.125% | 12/11/2026 | 2150 | 2063 |
|  | FHLB | 2.375% | 3/14/2025 | 10150 | 10107 |
|  | FHLMC | 0.375% | 9/23/2025 | 15275 | 14851 |
|  | FHLMC 15YR UMBS | 2.000% | 8/1/2035 | 6514 | 5799 |
|  | FHLMC 15YR UMBS | 3.000% | 12/1/2034 | 4130 | 3880 |
|  | FHLMC 15YR UMBS MIRROR | 2.500% | 11/1/2032 | 649 | 608 |
|  | FHLMC 15YR UMBS MIRROR | 2.500% | 5/1/2033 | 702 | 657 |
|  | FHLMC 15YR UMBS MIRROR | 2.500% | 7/1/2032 | 308 | 289 |
|  | FHLMC 15YR UMBS MIRROR | 3.000% | 4/1/2034 | 269 | 253 |
|  | FHLMC 15YR UMBS SUPER | 2.000% | 10/1/2035 | 5805 | 5168 |
|  | FHLMC 15YR UMBS SUPER | 2.000% | 5/1/2035 | 1506 | 1341 |
|  | FHLMC 15YR UMBS SUPER | 2.000% | 6/1/2035 | 1247 | 1111 |
|  | FHLMC 15YR UMBS SUPER | 2.000% | 9/1/2035 | 5424 | 4829 |
|  | FHLMC 15YR UMBS SUPER | 2.500% | 2/1/2035 | 2738 | 2511 |
|  | FHLMC 15YR UMBS SUPER | 2.500% | 8/1/2034 | 794 | 729 |
|  | FHLMC 15YR UMBS SUPER | 3.000% | 1/1/2034 | 170 | 161 |
|  | FHLMC 15YR UMBS SUPER | 3.000% | 9/1/2037 | 2438 | 2268 |
|  | FHLMC 15YR UMBS SUPER | 3.500% | 6/1/2037 | 2085 | 1972 |
|  | FHLMC 15YR UMBS SUPER | 3.500% | 7/1/2037 | 8991 | 8500 |
|  | FHLMC 15YR UMBS SUPER | 3.500% | 7/1/2038 | 7137 | 6749 |
|  | FHLMC 15YR UMBS SUPER | 4.000% | 8/1/2037 | 1193 | 1147 |
|  | FHLMC 15YR UMBS SUPER | 4.500% | 11/1/2037 | 690 | 676 |
|  | FHLMC 15YR UMBS SUPER | 4.500% | 9/1/2039 | 2060 | 2016 |
|  | FHLMC 15YR UMBS SUPER | 5.000% | 12/1/2037 | 4923 | 4900 |
|  | FHLMC 15YR UMBS SUPER | 5.000% | 7/1/2038 | 3378 | 3362 |
|  | FHLMC 15YR UMBS SUPER | 5.500% | 11/1/2038 | 3541 | 3565 |
|  | FHLMC 15YR UMBS SUPER | 5.500% | 8/1/2039 | 6218 | 6260 |
|  | FHLMC_K044 | 2.811% | 1/25/2025 | 845 | 844 |
|  | FHLMC_K047 | 3.329% | 5/25/2025 | 1843 | 1832 |
|  | FHLMC_K048 | 3.284% | 6/25/2025 | 1062 | 1055 |
|  | FHLMC_K049 | 3.010% | 7/25/2025 | 8901 | 8823 |
|  | FHLMC_K050 | 3.334% | 8/25/2025 | 2042 | 2025 |
|  | FHLMC_K052 | 3.151% | 11/25/2025 | 1668 | 1649 |
|  | FHLMC_K053 | 2.995% | 12/25/2025 | 6185 | 6102 |
|  | FHLMC_K056 | 2.525% | 5/25/2026 | 11265 | 10983 |
|  | FHLMC_K063 | 3.430% | 1/25/2027 | 4700 | 4598 |
|  | FHLMC_K066 | 2.797% | 12/25/2026 | 853 | 840 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FHLMC_K067 | 3.194% | 7/25/2027 | 4231 | 4088 |
|  | FHLMC_K074 | 3.600% | 1/25/2028 | 850 | 825 |
|  | FHLMC_K078 | 3.854% | 6/25/2028 | 2575 | 2509 |
|  | FHLMC_K733 | 3.750% | 8/25/2025 | 3039 | 3019 |
|  | FHLMC_K737 | 2.525% | 10/25/2026 | 3675 | 3553 |
|  | FNMA | 0.625% | 4/22/2025 | 11850 | 11716 |
|  | FNMA | 0.875% | 8/5/2030 | 38500 | 31776 |
|  | FNMA 15YR | 3.500% | 1/1/2026 | 27 | 27 |
|  | FNMA 15YR | 3.500% | 10/1/2025 | 22 | 20 |
|  | FNMA 15YR | 3.500% | 11/1/2025 | 72 | 71 |
|  | FNMA 15YR | 3.500% | 12/1/2025 | 12 | 12 |
|  | FNMA 15YR | 3.500% | 12/1/2026 | 1 | 1 |
|  | FNMA 15YR | 3.500% | 2/1/2026 | 32 | 32 |
|  | FNMA 15YR | 3.500% | 3/1/2026 | 8 | 8 |
|  | FNMA 15YR | 3.500% | 7/1/2026 | 1 | 1 |
|  | FNMA 15YR | 3.500% | 8/1/2026 | 14 | 14 |
|  | FNMA 15YR | 3.500% | 9/1/2025 | 4 | 4 |
|  | FNMA 15YR | 3.500% | 9/1/2026 | 1 | 1 |
|  | FNMA 15YR | 4.000% | 2/1/2026 | 2 | 2 |
|  | FNMA 15YR | 4.000% | 4/1/2025 | 3 | 3 |
|  | FNMA 15YR | 4.000% | 5/1/2025 | 3 | 3 |
|  | FNMA 15YR | 4.000% | 6/1/2025 | 1 | 1 |
|  | FNMA 15YR | 4.000% | 9/1/2025 | 2 | 2 |
|  | FNMA 10/1 HYBRID ARM | 6.569% | 12/1/2033 | 1 | 2 |
|  | FNMA 10/1 HYBRID ARM | 7.045% | 10/1/2034 | 3 | 3 |
|  | FNMA 15YR | 2.500% | 2/1/2033 | 858 | 805 |
|  | FNMA 15YR | 3.000% | 1/1/2031 | 11 | 11 |
|  | FNMA 15YR | 3.000% | 1/1/2032 | 326 | 312 |
|  | FNMA 15YR | 3.000% | 1/1/2033 | 955 | 905 |
|  | FNMA 15YR | 3.000% | 1/1/2034 | 677 | 642 |
|  | FNMA 15YR | 3.000% | 10/1/2030 | 1242 | 1196 |
|  | FNMA 15YR | 3.000% | 10/1/2031 | 28 | 27 |
|  | FNMA 15YR | 3.000% | 10/1/2033 | 722 | 686 |
|  | FNMA 15YR | 3.000% | 11/1/2030 | 260 | 250 |
|  | FNMA 15YR | 3.000% | 11/1/2031 | 421 | 403 |
|  | FNMA 15YR | 3.000% | 11/1/2033 | 459 | 435 |
|  | FNMA 15YR | 3.000% | 2/1/2030 | 203 | 196 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FNMA 15YR | 3.000% | 2/1/2031 | 1221 | 1175 |
|  | FNMA 15YR | 3.000% | 2/1/2032 | 312 | 297 |
|  | FNMA 15YR | 3.000% | 2/1/2034 | 414 | 389 |
|  | FNMA 15YR | 3.000% | 3/1/2031 | 160 | 154 |
|  | FNMA 15YR | 3.000% | 3/1/2032 | 149 | 142 |
|  | FNMA 15YR | 3.000% | 3/1/2033 | 215 | 205 |
|  | FNMA 15YR | 3.000% | 4/1/2031 | 189 | 182 |
|  | FNMA 15YR | 3.000% | 4/1/2032 | 1232 | 1191 |
|  | FNMA 15YR | 3.000% | 5/1/2031 | 607 | 583 |
|  | FNMA 15YR | 3.000% | 6/1/2034 | 163 | 153 |
|  | FNMA 15YR | 3.000% | 7/1/2027 | 29 | 29 |
|  | FNMA 15YR | 3.000% | 7/1/2030 | 80 | 77 |
|  | FNMA 15YR | 3.000% | 7/1/2032 | 593 | 565 |
|  | FNMA 15YR | 3.000% | 8/1/2031 | 237 | 228 |
|  | FNMA 15YR | 3.000% | 9/1/2029 | 276 | 268 |
|  | FNMA 15YR | 3.000% | 9/1/2031 | 340 | 326 |
|  | FNMA 15YR | 3.000% | 9/1/2032 | 446 | 425 |
|  | FNMA 15YR | 3.000% | 9/1/2033 | 325 | 308 |
|  | FNMA 15YR | 3.500% | 1/1/2026 | 18 | 17 |
|  | FNMA 15YR | 3.500% | 1/1/2027 | 87 | 86 |
|  | FNMA 15YR | 3.500% | 1/1/2029 | 7 | 6 |
|  | FNMA 15YR | 3.500% | 1/1/2030 | 277 | 270 |
|  | FNMA 15YR | 3.500% | 1/1/2034 | 140 | 135 |
|  | FNMA 15YR | 3.500% | 10/1/2026 | 110 | 109 |
|  | FNMA 15YR | 3.500% | 10/1/2028 | 112 | 110 |
|  | FNMA 15YR | 3.500% | 10/1/2029 | 15 | 15 |
|  | FNMA 15YR | 3.500% | 11/1/2026 | 8 | 8 |
|  | FNMA 15YR | 3.500% | 11/1/2027 | 3 | 3 |
|  | FNMA 15YR | 3.500% | 11/1/2028 | 79 | 78 |
|  | FNMA 15YR | 3.500% | 11/1/2029 | 71 | 69 |
|  | FNMA 15YR | 3.500% | 12/1/2025 | 30 | 29 |
|  | FNMA 15YR | 3.500% | 12/1/2026 | 20 | 20 |
|  | FNMA 15YR | 3.500% | 12/1/2028 | 52 | 51 |
|  | FNMA 15YR | 3.500% | 12/1/2029 | 376 | 368 |
|  | FNMA 15YR | 3.500% | 12/1/2032 | 399 | 387 |
|  | FNMA 15YR | 3.500% | 2/1/2026 | 21 | 21 |
|  | FNMA 15YR | 3.500% | 2/1/2027 | 7 | 7 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FNMA 15YR | 3.500% | 2/1/2028 | 1 | 0 |
|  | FNMA 15YR | 3.500% | 2/1/2029 | 229 | 224 |
|  | FNMA 15YR | 3.500% | 2/1/2031 | 237 | 231 |
|  | FNMA 15YR | 3.500% | 2/1/2032 | 705 | 686 |
|  | FNMA 15YR | 3.500% | 2/1/2034 | 25 | 23 |
|  | FNMA 15YR | 3.500% | 3/1/2026 | 2 | 2 |
|  | FNMA 15YR | 3.500% | 4/1/2026 | 34 | 33 |
|  | FNMA 15YR | 3.500% | 4/1/2027 | 17 | 17 |
|  | FNMA 15YR | 3.500% | 4/1/2030 | 142 | 138 |
|  | FNMA 15YR | 3.500% | 4/1/2034 | 624 | 595 |
|  | FNMA 15YR | 3.500% | 5/1/2026 | 2 | 2 |
|  | FNMA 15YR | 3.500% | 5/1/2027 | 25 | 24 |
|  | FNMA 15YR | 3.500% | 5/1/2029 | 52 | 51 |
|  | FNMA 15YR | 3.500% | 6/1/2027 | 53 | 52 |
|  | FNMA 15YR | 3.500% | 6/1/2029 | 144 | 141 |
|  | FNMA 15YR | 3.500% | 6/1/2030 | 148 | 145 |
|  | FNMA 15YR | 3.500% | 7/1/2029 | 380 | 371 |
|  | FNMA 15YR | 3.500% | 8/1/2026 | 12 | 12 |
|  | FNMA 15YR | 3.500% | 8/1/2027 | 46 | 46 |
|  | FNMA 15YR | 3.500% | 8/1/2029 | 273 | 267 |
|  | FNMA 15YR | 3.500% | 8/1/2032 | 325 | 316 |
|  | FNMA 15YR | 3.500% | 8/1/2033 | 113 | 108 |
|  | FNMA 15YR | 3.500% | 9/1/2026 | 126 | 125 |
|  | FNMA 15YR | 3.500% | 9/1/2028 | 53 | 52 |
|  | FNMA 15YR | 3.500% | 9/1/2029 | 498 | 486 |
|  | FNMA 15YR | 3.500% | 9/1/2033 | 250 | 241 |
|  | FNMA 15YR | 4.000% | 1/1/2029 | 96 | 92 |
|  | FNMA 15YR | 4.000% | 11/1/2026 | 13 | 13 |
|  | FNMA 15YR | 4.000% | 5/1/2027 | 1 | 1 |
|  | FNMA 15YR | 4.000% | 7/1/2025 | 1 | 1 |
|  | FNMA 15YR | 4.000% | 8/1/2026 | 2 | 2 |
|  | FNMA 15YR | 4.000% | 9/1/2027 | 5 | 5 |
|  | FNMA 15YR | 4.500% | 6/1/2026 | 13 | 13 |
|  | FNMA 15YR | 5.000% | 7/1/2025 | 1 | 1 |
|  | FNMA 15YR UMBS | 2.000% | 7/1/2035 | 4081 | 3634 |
|  | FNMA 15YR UMBS | 2.000% | 7/1/2037 | 7276 | 6427 |
|  | FNMA 15YR UMBS | 2.500% | 10/1/2034 | 1382 | 1269 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | FNMA 15YR UMBS | 2.500% | 12/1/2034 | 1485 | 1360 |
|  | FNMA 15YR UMBS | 2.500% | 2/1/2035 | 2998 | 2752 |
|  | FNMA 15YR UMBS | 2.500% | 5/1/2035 | 841 | 767 |
|  | FNMA 15YR UMBS | 2.500% | 8/1/2034 | 2884 | 2645 |
|  | FNMA 15YR UMBS | 3.000% | 6/1/2037 | 9190 | 8552 |
|  | FNMA 15YR UMBS | 3.000% | 7/1/2034 | 713 | 670 |
|  | FNMA 15YR UMBS | 3.000% | 8/1/2034 | 28 | 26 |
|  | FNMA 15YR UMBS | 3.500% | 7/1/2037 | 1761 | 1665 |
|  | FNMA 15YR UMBS | 3.500% | 9/1/2037 | 2455 | 2321 |
|  | FNMA 15YR UMBS | 4.000% | 11/1/2039 | 3747 | 3597 |
|  | FNMA 15YR UMBS | 4.000% | 3/1/2038 | 2535 | 2434 |
|  | FNMA 15YR UMBS | 4.000% | 8/1/2037 | 2898 | 2783 |
|  | FNMA 15YR UMBS | 4.500% | 11/1/2037 | 727 | 711 |
|  | FNMA 15YR UMBS | 4.500% | 12/1/2037 | 2901 | 2841 |
|  | FNMA 15YR UMBS | 4.500% | 4/1/2038 | 12802 | 12540 |
|  | FNMA 15YR UMBS | 5.000% | 11/1/2037 | 12088 | 12030 |
|  | FNMA 15YR UMBS | 5.000% | 12/1/2037 | 10940 | 10899 |
|  | FNMA 15YR UMBS SUPER | 2.000% | 7/1/2035 | 1725 | 1535 |
|  | FNMA 15YR UMBS SUPER | 2.000% | 8/1/2035 | 2582 | 2299 |
|  | FNMA 15YR UMBS SUPER | 2.000% | 9/1/2035 | 5508 | 4904 |
|  | FNMA 15YR UMBS SUPER | 3.000% | 1/1/2036 | 2498 | 2338 |
|  | FNMA 15YR UMBS SUPER | 4.000% | 9/1/2037 | 2202 | 2117 |
|  | FNMA 15YR UMBS SUPER | 4.500% | 6/1/2038 | 2842 | 2780 |
|  | FNMA 6M LIBOR ARM | 6.290% | 12/1/2032 | 40 | 40 |
|  | FNMA 6M LIBOR ARM | 6.540% | 11/1/2032 | 20 | 20 |
|  | FNMA 6M LIBOR ARM | 6.643% | 4/1/2035 | 61 | 62 |
|  | FNMA 6M LIBOR ARM | 6.669% | 3/1/2034 | 62 | 62 |
|  | FNMA 6M LIBOR ARM | 6.922% | 9/1/2035 | 52 | 52 |
|  | FNMA 7/1 HYBRID ARM | 6.245% | 3/1/2036 | 10 | 10 |
|  | FNMA 7/1 HYBRID ARM | 6.459% | 1/1/2034 | 27 | 27 |
|  | FNMA BENCHMARK NOTE | 0.375% | 8/25/2025 | 12500 | 12190 |
|  | FNMA BENCHMARK NOTES | 7.250% | 5/15/2030 | 1100 | 1245 |
|  | TREASURY NOTE | 2.250% | 11/15/2027 | 5900 | 5579 |
|  | TREASURY NOTE | 2.875% | 4/30/2029 | 100225 | 94352 |
|  | UMBS 15YR TBA(REG B) | 3.000% | 1/16/2040 | 60125 | 55936 |
|  | UMBS 15YR TBA(REG B) | 3.500% | 1/16/2040 | 42800 | 40449 |
|  | UMBS 15YR TBA(REG B) | 4.000% | 1/16/2040 | 12700 | 12191 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

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

as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment** | **(c) Description of Investment** | **(c) Description of Investment** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | | | **Number of Shares/ Units or Face Amount** | **(e) Current Value** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Interest Rate** | **Maturity Date** | **(in thousands)** | **(in thousands)** |
|  | UMBS 15YR TBA(REG B) | 4.500% | 1/16/2040 | 14050 | 13742 |
|  | UMBS 15YR TBA(REG B) | 5.000% | 1/16/2040 | 7850 | 7810 |
|  | UMBS 15YR TBA(REG B) | 6.000% | 1/16/2040 | 4325 | 4397 |
|  | **Total U.S. Government and Agency Obligations** |  |  |  | $**582559** |
|  | *<u>Common/Collective Trusts</u>* |  |  |  |  |
| \* | COLUMBIA TR GOVT MM FUND |  |  | 142703 | 142703 |
|  | **Total Common/Collective Trusts** |  |  |  | $**142703** |
|  | *<u>Cash Collateral</u>* |  |  |  |  |
| \* | MS TBA CASH COLLATERAL |  | 3/20/2050 | 700 | 700 |
|  | WFB TBA CASH COLLATERAL |  | 3/20/2050 | 270 | 270 |
|  | **Total Cash Collateral** |  |  |  | $**970** |
|  | **Total Fully Benefit Responsive Investment Contracts, at Fair Value** |  |  |  | $**726232** |
|  | **Adjustment from Fair Value to Contract Value** |  |  |  |  |
|  | AMERICAN UNITED LIFE - S00016 | 2.410% | 12/31/2050 |  | 4465 |
| \* | JP MORGAN - #AISP01 | 2.820% | 12/31/2050 |  | 4994 |
|  | LINCOLN NATIONAL LIFE | 2.330% | 12/31/2050 |  | 4588 |
|  | MET TOWER LIFE - #38165 | 3.120% | 12/31/2050 |  | 3745 |
|  | PACIFIC LIFE - # 26755 | 2.540% | 12/31/2050 |  | 4244 |
|  | PRUDENTIAL GA-63690 | 2.420% | 12/31/2050 |  | 5193 |
|  | RBC - Ameriprise Amex01 | 2.750% | 12/31/2050 |  | 3327 |
|  | TRANSAMERICA MDA00375TR, MATURES | 2.620% | 12/31/2050 |  | 5996 |
|  | **Total Adjustments** |  |  |  | $**36552** |
|  | **Total Fully Benefit Responsive Investment Contracts, at Contract Value** |  |  |  | $**762784** |
|  | **TOTAL INVESTMENTS** |  |  |  | $**8899954** |
|  | **Loan to Participants** |  |  |  |  |
| **\*** | Various Loans (cost $0) | 3.250% - 9.500% | Through 2/23/2052 |  | 73860 |
|  | **Loans to Participants Total** |  |  |  | $**73860** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN** 

Schedule H, Line 4i – Schedule of Assets (Acquired and Disposed of Within Year)

For the Year Ended December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | <br>**(c) Description of Investment** | <br>**(c) Description of Investment** | <br>**(c) Description of Investment** | <br>**(e) Proceeds of dispositions** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Rate of interest** | **Maturity date** | **Number of Shares / Units or Face Amount** | <br>**(e) Proceeds of dispositions** |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **Rate of interest** | **Maturity date** | **(in thousands)** | **(in thousands)** |
| | **<u>CORPORATE DEBT INSTRUMENTS</u>** | | | | |
|  | ASTRAZENECA FINANCE | 5.000% | 2/26/2034 | 240 | 236 |
|  | CAMPBELL SOUP CO | 5.400% | 3/21/2034 | 200 | 198 |
|  | CISCO SYSTEMS INC | 5.050% | 2/26/2034 | 145 | 144 |
|  | DEUTSCHE BANK | VR | 2/8/2028 | 200 | 205 |
|  | FOUNDRY JV HOLDC | 6.250% | 1/25/2035 | 490 | 505 |
|  | GA GLOBAL FNDING | 5.500% | 1/8/2029 | 208 | 213 |
|  | PLANET FITNESS MASTE | 4.666% | 9/5/2048 | 247 | 247 |
|  | STANDARD CHARTER | VR | 1/11/2035 | 220 | 229 |
|  | TAKEDA PHARMA CO LTD | 5.650% | 7/5/2044 | 300 | 300 |
|  | UBS GROUP CONV | VR | 2/8/2030 | 300 | 298 |
|  | WARNERMEDIA HLDG | 5.141% | 3/15/2052 | 260 | 198 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

VR: Variable Rate

Column (d) cost, has been omitted, as all investments are participant directed

------

EIN 13-4922250

Plan #: 002

**AMERICAN EXPRESS RETIREMENT SAVINGS PLAN**

Schedule H, Line 4j – Schedule of Reportable Transactions

for the Year Ended December 31, 2024

(Thousands, except where indicated)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)** | **(c)** | **(d)** | **(g)** | **(h)** | **(i)** |
| **Identity of Party Involved** | **Description of Asset** | **Purchase Price** | **Selling Price** | **Cost of Asset** | **Current Value of Asset on Transaction Date** | **Net Gain (Loss)** |
| **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** | **Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets** |
| \*FIDELITY MM GOVT PORTFOLIO #57 | Money Market Funds | 627366 |  | 627366 | 627366 |  |
| \*FIDELITY MM GOVT PORTFOLIO #57 | Money Market Funds |  | 681920 | 681920 | 681920 |  |
| AS TREAS PLUS MM FD - SELECT #3803 | Money Market Funds | 471412 |  | 471412 | 471412 |  |
| AS TREAS PLUS MM FD - SELECT #3803 | Money Market Funds |  | 426202 | 426202 | 426202 |  |
| TREASURY NOTE 2.875% 4/30/2029 | U.S. Government and Agency Obligations | 410706 |  | 410706 | 410706 |  |
| TREASURY NOTE 2.875% 4/30/2029 | U.S. Government and Agency Obligations |  | 405521 | 517543 | 405521 | (112022) |
| TREASURY NOTE 4.125% 8/31/2030  | U.S. Government and Agency Obligations | 242264 |  | 242264 | 242264 |  |
| TREASURY NOTE 4.125% 8/31/2030  | U.S. Government and Agency Obligations |  | 239752 | 242264 | 239752 | (2512) |
| There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. | There were no category (i), (ii) or (iv) reportable transactions during the Plan year ended December 31, 2024. |
| Non-applicable columns are not included in this presentation. | Non-applicable columns are not included in this presentation. | Non-applicable columns are not included in this presentation. | Non-applicable columns are not included in this presentation. | Non-applicable columns are not included in this presentation. | Non-applicable columns are not included in this presentation. |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest

------

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
|  | **AMERICAN EXPRESS RETIREMENT**<br>**SAVINGS PLAN** | **AMERICAN EXPRESS RETIREMENT**<br>**SAVINGS PLAN** |
|  | **AMERICAN EXPRESS RETIREMENT**<br>**SAVINGS PLAN** | **AMERICAN EXPRESS RETIREMENT**<br>**SAVINGS PLAN** |
| Date: June 18, 2025 | By | /s/ Rita Pang |
|  |  | Rita Pang |
|  |  | Employee Benefits Administration Committee |

---

------

**EXHIBIT INDEX**

---

| | | |
|:---|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** | <br>**How Filed** |
| 23 | <u>[Consent of Independent Registered Public Accounting Firm –McConnell & Jones LLP](a2024_axp11k20ex23.htm)</u> | Electronically filed herewith |

---

## Ex-23

**EXHIBIT 23**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

/s/ McConnell & Jones LLP

McConnell & Jones LLP

Houston, Texas

June 18, 2025

<br>