Edgar Filing: AMERICAN EXPRESS CO

Form 11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(Mark One)

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

For the fiscal year ended December 31, 2015

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

For the transition period from to

Commission file number 1-7657

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

AMERICAN EXPRESS COMPANY

200 Vesey Street

New York, New York 10285

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule

Table of Contents


	Page
Report of Independent Registered Public Accounting Firm

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits as of December 31, 2015 and 2014		1

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2015		2

Notes to Financial Statements		3

SUPPLEMENTAL SCHEDULES*

Schedule H, Line 4a - Schedule of Delinquent Participant Contributions for the year ended December 31,2015		17

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2015		18

Signature		59

Exhibit Index		E-1

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

Report of Independent Registered Public Accounting Firm

To the Administrator of the

American Express Retirement Savings Plan

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of American Express Retirement Savings Plan (the “Plan”) at December 31, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

The supplemental schedule of assets (held at end of year) as of December 31, 2015 and the schedule of delinquent participant contributions for the year then ended have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of delinquent participant contributions and schedule of assets (held at end of year) are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 28, 2016

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

as of December 31, 2015 and 2014



(Thousands)	2015		2014
Assets
Investments, at fair value:
Money market funds	$	56,157	$	33,929
Corporate debt instruments		55,244		—
Common stocks		1,805,722		2,123,018
U.S. Government and agency obligations		181,742		—
Common/collective trusts		796,700		818,513
Mutual funds		686,769		991,406
Self-directed brokerage accounts		136,764		148,594
Other investments		76,028		—

Total investments, at fair value		3,795,126		4,115,460

Fully benefit responsive investment contracts, at contract value		546,319		549,231
Due from brokers		2,045		6,440
Cash (non-interest bearing)		5		902
Receivables:
Notes receivable from participants		81,596		85,599
Investment income accrued		2,366		1,236
Employer contributions:
Profit sharing		38,296		56,278
Other than profit sharing		25,171		25,092

Total Assets		4,490,924		4,840,238

Liabilities
Accrued expenses		2,753		2,910
Due to brokers		2,254		18,764

Total Liabilities		5,007		21,674

Net assets available for benefits	$	4,485,917	$	4,818,564

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, 2015



(Thousands)	2015
Contributions
Employer
Profit sharing	$	38,302
Other than profit sharing		115,342
Employee		152,236
Rollovers		15,304

Total contributions		321,184

Investment income (loss)
Net depreciation of investments		(272,977	)
Interest and dividends		61,850
Other income		1,336

Total investment loss		(209,791	)

Interest on notes receivable from participants		3,418

Total additions to net assets		114,811

Withdrawal payments		(435,420	)
Administrative expenses		(12,038	)

Total deductions to net assets		(447,458	)

Net decrease in net assets available for benefits		(332,647	)

Net assets available for benefits at beginning of year		4,818,564

Net assets available for benefits at end of year	$	4,485,917

See accompanying notes to the financial statements.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

1.	Description of the Plan

General

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

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

Administration

Wells Fargo Bank, N.A. is the Trustee and Recordkeeper for the Plan. The Plan is administered by the Company’s Employee Benefits Administration Committee (“EBAC”) and the Company’s Retirement Savings Plan Investment Committee (“RSPIC”). The Plan Document requires that the American Express Company Stock Fund be offered as an investment option, 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 Benefits.

Compensation

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

For purposes of the Plan, compensation is limited to a participant’s regular cash remuneration up to a maximum of $265,000 and $260,000 in 2015 and 2014, respectively, before tax deductions and certain other withholdings.

Contributions

The Plan currently provides for the following contributions:

Elective Contributions

Each pay period, participants may make Before-Tax Contributions, 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 2015 and 2014, this limit was $18,000 and $17,500, respectively, for participants under age 50 and $24,000 and $23,000, respectively, for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2015 and 2014 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.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Company Matching Contributions

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

Profit Sharing Contributions

Upon a participant’s completion of six months of service, additional Company contributions up to 5% of a participant’s Total Pay may be made annually at the Company’s discretion which can be based, in part, on the Company’s performance. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Profit Sharing Contributions made for that Plan year. Profit Sharing Contributions to eligible participants are made regardless of whether the eligible participant contributes to the Plan. Profit Sharing Contributions comprised 2.00% of participants’ Total Pay in 2015 and 3.00% of Total Pay in 2014.

Qualified Non-Elective Contributions

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

Conversion Contributions

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

Disability Contributions

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

Transfer of Account Balances

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

Participant Rollovers

A rollover contribution is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers are accepted into the Plan, but are not subject to Company contributions.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

In-Plan Roth Conversions

The Plan allows for in-Plan Roth conversions.

Vesting

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

Company Matching Contributions

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

Profit Sharing Contributions

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

Qualified Non-Elective Contributions

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

Conversion Contributions

Conversion 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.

Disability Contributions

Disability Contributions are immediately 100% vested.

Forfeitures

Forfeitures of terminated participants’ non-vested accounts, as well as amounts attributable to outstanding checks not cashed within 180 days with respect to which the payee cannot be located, are used to pay Plan expenses or to reduce future Company contributions. Amounts attributable to uncashed checks may, in accordance with EBAC’s direction, be allocated wholly or partly to a reserve to cover future claims for these benefits or be treated in accordance with the normal rules for forfeitures. Forfeited non-vested balances were $1.3 million and $1.5 million as of December 31, 2015 and 2014, respectively. Accrued 2015 Profit Sharing Contributions made to the Plan in March 2016 were reduced by $1 million from forfeited account balances.

Plan Termination

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

Notes Receivable from Participants

Notes receivable from participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest. Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code. General purpose loans are limited to terms of 59 months. Loans to purchase a principal residence have a maximum term of 359 months. Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants’ investment accounts in accordance with the election in effect for new contributions at the time of repayment. Terminated participants who have an outstanding loan may default and not repay the loan, subject to income tax regulations, or make arrangements with the Recordkeeper to pay the loan off in full, or make installment payments.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed for the life of the loan. Effective September 1, 2012, the interest rate determination is based on the prime rate (as reported in the Wall Street Journal on the last business day of the month prior to the month in which the loan is issued) plus one percentage point. In the event of a loan default, EBAC may direct the Trustee to treat the outstanding loan balance as an early withdrawal of funds from the Plan, thereby subjecting the participant to income tax plus any penalties imposed by the Code based on the loan balance. Loans outstanding to participants at December 31, 2015, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through October 2045.

Tax Deferrals

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

Distributions and Withdrawals

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

Expenses

The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan. Expenses related to separately managed investment funds, such as investment management fees, brokerage commissions, stock transfer, or other taxes and charges incurred in the purchase or sale of investments, are generally paid out of the applicable investment funds, and are included in the Statement of Changes in Net Assets Available for Benefits. 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. The expenses reported on the Statement of Changes in Net Assets Available for Benefits do not include fees and expenses incurred indirectly by the Plan from the underlying mutual funds and collective trusts in which the Plan may invest. 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 does not pay any fees or expenses specifically associated with the SDA from general plan assets.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Effective January 1, 2016, Wells Fargo Institutional Retirement & Trust reduced fees charged to the Plan for recordkeeping of participant accounts, as well as trust and custody of plan assets, and the Plan’s fee structure was changed to provide for a flat per-participant fee rather than an asset-based fee for recordkeeping services. Also effective January 1, 2016, the Plan’s investment adviser, NEPC, LLC restructured its fees to receive a higher proportion of its compensation in the form of a flat fee and reduced the asset-based fees charged to the Plan’s Retirement Funds.

2.	Summary of Significant Accounting Policies

Use of Estimates

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

Investment Valuation and Income Recognition

Investments are reported at fair value. Investments traded on securities exchanges, including common stocks, preferred stocks and corporate debt instruments, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan’s U.S. Government and agency securities, municipal bonds and foreign bonds, are valued at closing bid quotations at the financial statement date or the last available date that the security was traded and are obtained from pricing services engaged by the Plan’s Trustee.

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

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Subsequent Events

The Plan has evaluated subsequent events for potential recognition and disclosure through the date the financial statements were issued. Changes in certain fee structures effective January 1, 2016 are discussed in Note 1 (Expenses).

Recently Issued Accounting Standards

In July 2015, the Financial Accounting Standards Board (FASB) issued new accounting guidance on defined contribution plan accounting. The guidance provides a number of changes aimed to simplify the accounting and disclosure requirements of retirement plan financial statements. The guidance is summarized into three parts:

•

Part I, Fully Benefit-Responsive Investment Contracts (FBRICs) – FBRICs will now be measured at contract value and will no longer be required to be reconciled from fair value to contract value. In addition, since these investments are no longer disclosed at fair value, they are no longer required to be disclosed on the fair value tables.

•

Part II, Plan Investment Disclosure – Plan assets are no longer required to be disaggregated in the fair value tables and can be disclosed by general type. In addition there is no longer a requirement to disclose a detailed reconciliation of net appreciation/depreciation or net assets five percent or greater.

•

Part III, Measurement Date Practical Expedient – Plan assets will be allowed to be measured on a month-end date that is closest to a plan’s fiscal year-end when its year-end does not coincide with a month-end.

The guidance requires retrospective application and will be effective for the plan year beginning January 1, 2016, with early adoption permitted. The Plan elected to early adopt Part I and Part II, which did not have a material impact on the Plan’s financial statements and related disclosures. The Plan has elected not to early adopt Part III for this plan year and does not expect it to have a material impact on the Plan’s financial statements as the Plan year-end coincides with a month-end.

In May 2015, the FASB issued new guidance on fair value measurement. The guidance eliminates the requirement for the Plan to categorize investments using the Net Asset Value practical expedient in the fair value hierarchy table; however, the fair value of these investments must still be disclosed separately. The guidance, which is to be retrospectively applied, will be effective for the plan year beginning on January 1, 2016. Early adoption is permitted; however, the Plan has elected not to early adopt for this plan year. The standard will impact the Plan’s disclosures around investments using the Net Asset Value practical expedient, but will not have an impact on its Statements of Net Assets Available for Benefits or Statement of Changes in Net Assets Available for Benefits.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

3.	Fair Value Measurements

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

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

•

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

•

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

–

Quoted prices for similar assets or liabilities in active markets;

–

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

–

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

–

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

•

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

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

The Plan, in partnership with a third-party, corroborates the prices provided by its Trustee’s pricing services to test their reasonableness by comparing their prices to valuations from different pricing sources as well as comparing prices to the sale prices received from sold securities. In instances where price discrepancies are identified between different pricing sources, the Plan would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities.

Financial Assets Carried at Fair Value

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

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, 2015:



Description (Thousands)	Total		Level 1		Level 2
Money market funds	$	56,157	$	56,157	$	—
Corporate debt instruments		55,244		—		55,244
Common stocks		1,805,722		1,805,722		—
U.S. Government and agency obligations		181,742		—		181,742
Common/collective trusts		796,700		—		796,700
Mutual funds		686,769		686,769		—
Self-directed brokerage accounts		136,764		136,762		2
Other investments		76,028		—		76,028

Total	$	3,795,126	$	2,685,410	$	1,109,716

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, 2014:



Description (Thousands)	Total		Level 1		Level 2
Money market funds	$	33,929	$	33,929	$	—
Common stocks		2,123,018		2,123,018		—
Common/collective trusts		818,513		—		818,513
Mutual funds		991,406		991,406		—
Self-directed brokerage accounts		148,594		148,594		—

Total	$	4,115,460	$	3,296,947	$	818,513

There were no transfers in and/or out of the Plan’s Level 3 assets for the years ended December 31, 2015 and 2014.

Valuation Techniques Used in the Fair Value Measurement of Financial Assets Carried at Fair Value

For the financial assets measured at fair value on a recurring basis (categorized in the valuation hierarchy table above), the Plan applies the following valuation techniques:

Level 1:

•

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

•

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

•

Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission 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.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

•

Self-directed brokerage accounts are primarily comprised of Common stock, Mutual funds and Corporate debt instruments and are valued at fair value using the corresponding valuation techniques as previously described.

Level 2:

•

The fair values for the Plan’s Corporate debt instruments, U.S. Government and agency obligations (which also include state and local government obligations) and Other investments (asset-backed securities, foreign sovereign debt and private placement bonds), are obtained primarily from pricing services engaged by the Plan’s Trustee. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, and broker-dealer quotes, all with reasonable levels of transparency. The pricing service does not apply any adjustments to the pricing models used. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2015 and 2014. The Plan reaffirms its understanding of the valuation techniques used by its pricing services at least annually. The Plan classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets. However, the pricing models used do entail a certain amount of subjectivity, and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.

•

Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective. These investments, however, are not registered with the SEC (unlike mutual funds, which are registered) and participation is not open to the public. The NAV is measured by the custodian or investment manager as of the close of regular daily trading. These investments are classified within Level 2 of the fair value hierarchy. When measuring the fair value of such funds, the NAV, as provided by the fund sponsor, is corroborated with observable inputs provided by pricing services for the securities. In certain instances, NAVs may require adjustments to more appropriately reflect the fair value. No adjustments to NAVs were required.

Level 3:

•

There are no Level 3 securities held by the Plan.

The fair values of the financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2015 and 2014, 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.

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 and four are passively managed (also known as index funds). In addition, target date funds (the “Retirement Funds”) that invest in a mix of the actively managed Core Investment Options based on target retirement dates are also available. Additional investment options include an 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 are only able to allocate 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, 2015, is set forth below:

Core Investment Options

RSPIC has created five actively managed Core Investment Options to provide diversified and actively managed options to participants. Four of these actively managed Core Investment Options (The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund, and The International Equity Fund) represent a broad asset class (e.g., U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, Bonds, etc.) using several active managers 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 their investment management skills.

During the Plan year, RSPIC replaced the PIMCO Total Return Bond Fund, a mutual fund, with J.P. Morgan Investment Management Inc., a separately managed account within the Diversified Bond Fund. The JPMorgan Core Bond strategy account holds fixed income securities directly, including Corporate debt instruments and U.S. Government and agency obligations, among other investments. These investment classes are reported as such in the Statement of Net Assets beginning with the year ended December 31, 2015.

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 of fixed income strategies and a portfolio of actively managed fixed income securities, referred to as the Stable Value Fund assets. Under the book value wrap contracts, the book value wrap provider is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Stable Value Fund assets. A portion of the Stable Value Fund assets are held in a separate account at MetLife as a condition for MetLife to provide their life insurance separate account contract, which provides similar participant benefit payments as a book value wrap contract. The assets in the MetLife separate account are not subject to the liabilities of the general account of MetLife. While the contracts are designed to protect the Stable Value Fund against interest rate risk, the Stable Value Fund is still exposed to risk if issuers of the Stable Value Fund assets default on payment of interest or principal, but this risk is mitigated because all Stable Value Fund assets 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 (its “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 now required to be reported at contract value, rather than fair value on the Statements of Net Assets. Contract value is the relevant measure for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses.

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

•

The Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code or the failure of the trust to be tax-exempt under Section 501(a) of the Internal Revenue Code;

•

Premature termination of the contracts;

•

Plan termination or merger;

•

Changes to the Plan’s administration of competing investment options; and

•

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

The Plan believes no such events are probable of occurring.

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

•

An uncured violation of the Plan’s investment guidelines;

•

A breach of material obligation under the contract;

•

A material misrepresentation; and

•

A material amendment to the agreements without the consent of the issuer.

The Plan believes no such events are probable of occurring.

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

Self-Directed Accounts

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

American Express Company Stock Fund

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

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

5.	Risks and Uncertainties

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

On October 16, 2015, a putative class action, captioned Houssain v. American Express Company, et al., was filed in the United States District Court for the Southern District of New York under the Employee Retirement Income Security Act of 1974 (“ERISA”) relating to disclosures of the Costco cobrand relationship. On May 10, 2016, the plaintiff filed an amended complaint naming certain officers of the Company as defendants and alleging that the defendants violated certain ERISA fiduciary obligations by, among other things, allowing the investment of the Plan assets in American Express common stock when American Express common stock was not a prudent investment and misrepresenting and failing to disclose material facts to Plan participants in connection with the administration of the Plan. The amended complaint seeks, among other remedies, an unspecified amount of damages. The defendants moved to dismiss the amended complaint on May 31, 2016.

6.	Income Tax Status

The Plan has received a favorable determination letter from the Internal Revenue Service (the “IRS”) dated May 16, 2014, stating that the Plan is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and therefore, the related trust is exempt from taxation. The Plan has been amended in accordance with proposed amendments submitted May 6, 2014 and adopted June 17, 2014, as detailed in the determination letter. Additionally, the Plan has been amended after the period covered by the determination letter. The Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code, and therefore, believes that the Plan, as amended, is qualified, the related trust is tax-exempt, and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Company has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, the Plan is no longer subject to examination for tax years prior to 2013, which is the earliest open year for U.S. federal tax purposes.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

7.	Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2015 and 2014:



(Thousands)	2015			2014
Net assets available for benefits per the financial statements	$	4,485,917		$	4,818,564
Plus: Difference between contract value and fair value of fully benefit-responsive investment contracts		1,061			4,510
Less: Loans deemed distributed		(980	)		(950	)

Net assets available for benefits per the Form 5500	$	4,485,998		$	4,822,124

The following is a reconciliation of net (loss) income per the financial statements to Form 5500 for the year ended December 31, 2015:



(Thousands)	2015
Net decrease in net assets available for benefits per the financial statements	$	(332,647	)
Change in deemed distributions of participant loans		(30	)
Adjustment for difference between contract value and fair value of fully benefit- responsive investment contracts		(3,449	)

Net (loss) per the Form 5500	$	(336,126	)

8.	Related Parties and Parties-In-Interest Transactions

The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Wells Fargo Bank, N.A., the Trustee, 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 Wells Fargo Bank, N.A., and its affiliates, Ameriprise Financial, Inc., and its affiliates, the Vanguard Group, and Vanguard Fiduciary Trust as of both December 31, 2015 and 2014, and J.P. Morgan Investment Management, Inc. and its affiliates as of December 31, 2015. Notes Receivable from Participants, as discussed in Footnote 1, are also considered party-in-interest transactions.

Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2015 and 2014, the Plan held 7,348,437 million shares of American Express Company common stock valued at $511 million and 8,114,933 million shares valued at $755 million, respectively. During the 2015 plan year the Plan acquired 108,427 shares of American Express Company common stock valued at $9 million through dividend reinvestments and sold 590,633 shares valued at $47 million.

SUPPLEMENTAL SCHEDULES

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Schedule H, Line 4a – Schedule of Delinquent Participant Contributions

For the year ended December 31, 2015


Participant Contributions Transferred Late to the Plan	Total that Constitute Nonexempt Prohibited Transactions
Check here if Late Participant Loan Repayments are included ¨	Contributions Not Corrected	Contributions Corrected Outside VFCP	Contributions Corrected in VFCP	Total Fully Corrected Under VFCP and PTE 2002-51
$187		$187

In 2015, the Company untimely remitted a contribution deducted from a participant’s paycheck. The Company remitted the delinquent participant contribution to the Plan on December 9, 2015 and restored lost earnings on February 8, 2016.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	American Express Company Stock Fund
	*Money Market*
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106		6,208		6,208
	*Common Stock*
*	AMERICAN EXPRESS COMPANY COMMON STOCK		7,348		511,083

	Total American Express Company Stock Fund				517,291


	Self-Directed Brokerage Accounts
	CASH EQUIVALENTS				13,124
	COMMON STOCK				8,231
	CORPORATE DEBT INSTRUMENTS				2
	MUTUAL FUNDS				115,407

	Total Self-Directed Brokerage Accounts				136,764


	Diversified Bond Index Fund
	*Mutual Funds*
*	VANGUARD TOTAL BOND MARKET INDEX FUND I #222		3,600		38,301


	International Equity Index Fund
	*Mutual Funds*
*	VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND #1869		455		44,153


	U.S. Large Cap Equity Index Fund
	*Common/Collective Trusts*
*	VANGUARD EMPLOYEE BENEFIT INDEX FUND #528		736		166,184


	U.S. Small/Mid Cap Equity Index Fund
	*Mutual Funds*
*	VANGUARD EXT MKT INDX-INST PLUS #1860		622		97,595


	Diversified Bond Fund
	*Common/Collective Trusts*
	FIAM GRP TR CORE PLUS COMM POOL		3,966		72,426

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	LOOMIS SAYLES CORE FULL BOND FUND		4,082		72,491
	*Money Market*
*	WF HERITAGE MM FD-INSTL #3106		23,399		23,399
	*Asset-Backed Securities*
	AMERICAN CREDIT ACCE 1.430% 8/12/19		270		269
	AMERICAN CREDIT ACCE 1.500% 9/12/19		438		437
	AMERICAN CREDIT ACCE 1.570% 6/12/19		450		449
	AMERICAN HOMES 4 REN 3.678% 12/17/36		737		736
	AMERICAN HOMES 4 REN 5.639% 4/17/52		150		145
	AMERICREDIT AUTOMOBI 0.650% 12/08/17		203		203
	AMERICREDIT AUTOMOBI 0.830% 9/10/18		798		796
	AMERICREDIT AUTOMOBI 0.900% 2/08/19		816		814
	AMERICREDIT AUTOMOBI 0.900% 9/10/18		613		612
	AMERICREDIT AUTOMOBI 0.920% 4/09/18		457		456
	AMERICREDIT AUTOMOBI 0.960% 4/09/18		86		86
	AMERICREDIT AUTOMOBI 1.160% 1/08/19		1,223		1,220
	AMERICREDIT AUTOMOBI 1.700% 7/08/20		449		447
	B2R MORTGAGE TRUST 3.336% 11/15/48		404		403
	CABELA’S MASTER CRED 2.250% 7/17/23		185		184
	CALIFORNIA REPUBLIC 0.850% 5/15/18		516		515
	CALIFORNIA REPUBLIC 1.180% 8/15/17		26		26
	CALIFORNIA REPUBLIC 1.330% 4/15/19		600		597
	CAPITAL AUTO RECEIVA 0.960% 4/20/17		268		268
	CAPITAL AUTO RECEIVA 0.970% 1/22/18		800		799
	CAPITAL AUTO RECEIVA 1.260% 5/21/18		1,000		999
	CAPITAL AUTO RECEIVA 1.310% 6/20/18		800		800
	CAPITAL AUTO RECEIVA 1.390% 12/20/17		165		165
	CAPITAL AUTO RECEIVA 1.620% 3/20/19		526		523
	CAPITAL AUTO RECEIVA 1.720% 1/22/19		731		730
	CARMAX AUTO OWNER TR 0.840% 11/15/18		400		397
	CARMAX AUTO OWNER TR 1.250% 6/15/17		58		58
	CARNOW AUTO RECEIVAB 1.690% 1/15/20		593		592
	CFC LLC 1.440% 11/16/20		272		269
	CFC LLC 1.460% 12/17/18		229		229

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	CFC LLC 1.750% 6/15/21		342		340
	CITIGROUP COML 5.7209% 3/15/49		312		312
	CITIGROUP COMMERCIAL 5.425% 10/15/49		564		576
	CITIGROUP/DEUTSCHE 5.617% 10/15/48		220		223
	COLONY AMERICAN FINA 2.896% 10/15/47		349		344
	COMM 2006-C8 MTG TR 5.306% 12/10/46		199		202
	COMM MORTGAGE TRUST 3.759% 8/10/48		313		319
	COMMERCIAL MTG PASS 5.769% 6/10/46		508		512
	CPS AUTO TRUST 1.310% 2/15/19		262		260
	CPS AUTO TRUST 1.650% 11/15/19		606		601
	CREDIT ACCEPTANCE AU 1.500% 4/15/21		291		291
	CREDIT ACCEPTANCE AU 1.550% 10/15/21		500		498
	CREDIT ACCEPTANCE AU 1.880% 3/15/22		800		796
	CREDIT ACCEPTANCE AU 2.400% 2/15/23		685		681
	DBWF 2015-LCM M/MTG 1.000% 6/10/34		385		390
	DRIVE AUTO RECEIVABL 1.300% 2/15/18		494		494
	DRIVE AUTO RECEIVABL 1.380% 10/15/18		425		424
	DRIVE AUTO RECEIVABL 1.430% 7/16/18		820		820
	DRIVE AUTO RECEIVABL 1.590% 12/17/18		477		475
	DRIVE AUTO RECEIVABL 2.590% 12/16/19		1,600		1,593
	DT AUTO OWNER TRUST 1.240% 9/17/18		589		588
	DT AUTO OWNER TRUST 1.660% 3/15/19		957		954
	DT AUTO OWNER TRUST 2.460% 11/15/19		1,100		1,094
	EXETER AUTOMOBILE RE 1.060% 8/15/18		137		137
	EXETER AUTOMOBILE RE 1.540% 11/15/19		296		295
	EXETER AUTOMOBILE RE 2.000% 3/16/20		1,092		1,090
	EXETER AUTOMOBILE RE 3.590% 8/16/21		680		679
	FIRST INVESTORS AUTO 1.210% 4/15/19		695		692
	FIRST INVESTORS AUTO 1.230% 3/15/19		293		293
	FIRST INVESTORS AUTO 1.440% 10/15/19		394		393
	FIRST INVESTORS AUTO 1.490% 1/15/20		1,350		1,348
	FIRST INVESTORS AUTO 1.590% 12/16/19		832		830
	FIRST INVESTORS AUTO 1.670% 11/16/20		200		199
	FLAGSHIP CREDIT AUTO 2.380% 10/15/20		899		894

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	GLS AUTO RECEIVABLES 2.250% 12/15/20		576		573
	GO FINANCIAL AUTO SE 3.270% 11/15/18		283		283
	GO FINANCIAL AUTO SE 4.800% 8/17/20		160		159
	GREEN TREE AGENCY 2.3019% 10/15/46		254		254
	GREEN TREE AGENCY 3.0949% 10/15/48		400		396
	GS MORTGAGE SECURIT 5.560% 11/10/39		235		234
*	JP MORGAN CHASE COMM 5.546% 5/12/45		1,424		1,441
	MARKETPLACE LOAN TRU 3.250% 8/17/17		245		245
	MARKETPLACE LOAN TRU 3.250% 9/17/17		602		600
	MERCEDES-BENZ AUTO 0.820% 6/15/18		818		816
	MERRILL LYNCH/C 5.90996% 6/12/46		81		81
	MERRILL LYNCH/COUNTR 5.172% 12/12/49		408		414
	MORGAN STANLEY CA 5.332% 12/15/43		186		189
	MORGAN STANLEY CAPIT 5.319% 12/15/43		548		558
	NATIONSTAR HECM LOA 2.8826% 11/25/25		277		276
	NATIONSTAR HECM LOAN 3.844% 5/25/18		116		116
	NEW RESIDENTIAL ADV 3.1956% 11/15/47		820		817
	NEW RESIDENTIAL ADVA 2.315% 8/15/46		1,030		1,029
	OCWEN MASTER ADVANCE 3.211% 11/15/47		551		549
	ONEMAIN FINANCIAL IS 2.430% 6/18/24		370		369
	ONEMAIN FINANCIAL IS 2.470% 9/18/24		700		699
	ONEMAIN FINANCIAL IS 2.570% 7/18/25		500		494
	PRESTIGE AUTO RECEIV 1.090% 2/15/19		382		381
	PROGRESS RESIDENTIAL 3.067% 11/12/32		657		648
	PROGRESS RESIDENTIAL 4.673% 11/12/32		100		99
	PURCHASING POWER FUN 4.750% 12/15/19		400		400
	SANTANDER DRIVE AUTO 0.810% 7/16/18		789		788
	SANTANDER DRIVE AUTO 1.080% 9/17/18		865		865
	SANTANDER DRIVE AUTO 1.400% 11/15/18		1,000		996
	SANTANDER DRIVE AUTO 1.840% 11/18/19		229		229
	SANTANDER DRIVE AUTO 1.930% 9/17/19		916		916
	SANTANDER DRIVE AUTO 1.970% 3/16/21		893		893
	SKOPOS AUTO RECEIVAB 3.550% 2/15/20		193		193
	VNO MORTGAGE TRUST 3.808% 12/13/29		500		519

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	VR ARLP SECURITIZA 3.967% 5/25/55		643		629
	VR BANC OF AMERICA 5.617% 7/10/46		403		406
	VR BANC OF AMERICA 5.634% 7/10/46		521		525
*	VR BEAR STEARNS CO 5.68194% 10/12/41		528		535
*	VR BEAR STEARNS CO 5.74151% 9/11/38		522		524
	VR GCAT 3.750% 7/25/20		549		544
*	VR JP MORGAN CHASE 5.399% 5/15/45		621		625
*	VR JP MORGAN CHASE 5.9296% 4/15/45		222		224
	VR LB-UBS COML MTG 5.85171% 6/15/38		784		791
	VR LB-UBS COMMERCI 5.641% 3/15/39		715		715
	VR MERRILL LYNCH 5.7566% 5/12/39		160		160
	VR MERRILL LYNCH/C 5.414% 7/12/46		548		555
	VR ML-CFC COMMERC 5.166% 12/12/49		1,373		1,400
	VR ML-CFC COMMERCI 5.409% 7/12/46		1,170		1,186
	VR MORGAN STANLEY 5.422% 2/12/44		96		99
	VR MORGAN STANLEY CA 5.447% 2/12/44		330		337
	VR OAK HILL ADVISOR 3.7214% 7/25/55		377		373
	VR PFP III 1.637% 7/14/34		690		690
	VR PRETIUM MORTGAGE 3.750% 5/27/30		556		550
	VR SELENE NON-PERFO 2.9814% 5/25/54		637		630
	VR VERICREST OPPOR 3.500% 6/26/45		1,049		1,033
	VR VERICREST OPPORTU 4.125% 10/25/45		287		285
	VR VERICREST OPPORTU 4.375% 11/27/45		370		370
*	VR WACHOVIA BANK 5.765% 7/15/45		337		337
*	VR WACHOVIA BANK 5.78109% 5/15/43		347		350
*	VR WACHOVIA BK COM 6.011% 6/15/45		478		481
*	WACHOVIA BANK COMMER 5.297% 11/15/48		716		731
	WESTLAKE AUTOMOBILE 1.280% 7/16/18		350		349
	WORLD OMNI AUTOMOBIL 1.060% 5/15/18		429		427
	*Corporate Debt Instruments*
	21ST CENTY FOX AMER 7.625% 11/30/28		300		378
	ABBVIE INC 3.200% 11/06/22		200		197
	ABBVIE INC 4.500% 5/14/35		300		294
	ACE INA HOLDINGS 2.700% 3/13/23		200		195

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	ACE INA HOLDINGS 2.875% 11/03/22		47		47
	ACE INA HOLDINGS 3.350% 5/03/26		30		30
	AGL CAPITAL CORP 5.250% 8/15/19		180		194
	AGRIUM INC 3.375% 3/15/25		230		210
	AGRIUM INC 4.125% 3/15/35		300		255
	ALABAMA POWER CO 5.700% 2/15/33		200		231
	ALLERGAN INC 2.800% 3/15/23		620		584
	AMAZON.COM INC 3.800% 12/05/24		200		208
	AMAZON.COM INC 4.800% 12/05/34		150		158
	AMERICAN HONDA FINAN 2.150% 3/13/20		100		100
	AMERICAN HONDA FINAN 2.450% 9/24/20		99		99
	AMERICAN INTL GROUP 2.300% 7/16/19		200		198
	AMERICAN INTL GROUP 3.875% 1/15/35		200		176
	AMERICAN WATER CAPIT 3.400% 3/01/25		152		154
	AMGEN INC 3.625% 5/15/22		465		478
	ANHEUSER-BUSCH INBEV 2.625% 1/17/23		200		192
	AON PLC 3.500% 6/14/24		100		98
	AON PLC 4.000% 11/27/23		150		154
	APPLE INC 2.700% 5/13/22		516		517
	AT&T INC 3.000% 6/30/22		500		488
	AT&T INC 4.500% 5/15/35		300		277
	BANK OF AMERICA CORP 2.625% 10/19/20		450		444
	BANK OF AMERICA CORP 3.300% 1/11/23		800		787
	BANK OF AMERICA CORP 3.875% 8/01/25		582		591
	BANK OF AMERICA CORP 3.950% 4/21/25		300		292
	BANK OF NOVA SCOTIA 1.700% 6/11/18		450		448
	BANK OF NY MELLON CO 2.450% 11/27/20		78		78
	BANK OF NY MELLON CO 2.600% 8/17/20		229		230
	BARCLAYS PLC 2.875% 6/08/20		317		316
	BB&T CORPORATION 2.625% 6/29/20		350		352
	BECTON DICKINSON AND 2.675% 12/15/19		150		151
	BED BATH & BEYOND IN 4.915% 8/01/34		150		134
	BELLSOUTH CORP 6.550% 6/15/34		300		314
	BELLSOUTH CORP 6.875% 10/15/31		300		328

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	BERKSHIRE HATHAWAY 5.750% 1/15/40		300		350
	BHP FIN USA LTD 6.420% 3/01/26		300		327
	BIOGEN INC 3.625% 9/15/22		80		81
	BIOGEN INC 5.200% 9/15/45		43		43
	BP CAPITAL MARKETS 3.062% 3/17/22		200		196
	BP CAPITAL MARKETS 3.245% 5/06/22		200		198
	BROWN-FORMAN CORP 4.500% 7/15/45		45		47
	BUCKEYE PARTNERS LP 4.150% 7/01/23		74		63
	BUCKEYE PARTNERS LP 4.875% 2/01/21		425		413
	BUCKEYE PARTNERS LP 5.850% 11/15/43		195		151
	BUNGE LTD FINANCE CO 3.500% 11/24/20		81		81
	BURLINGTN NORTH SANT 3.000% 3/15/23		400		394
	BURLINGTN NORTH SANT 3.650% 9/01/25		100		101
	CANADIAN PACIFIC RR 6.125% 9/15/15		34		34
	CAPITAL ONE FINANCIA 4.200% 10/29/25		75		74
	CAPITAL ONE FINANCIA 4.750% 7/15/21		200		217
	CAPITAL ONE NA 2.350% 8/17/18		250		250
	CARDINAL HEALTH INC 3.750% 9/15/25		45		46
	CARDINAL HEALTH INC 4.900% 9/15/45		39		40
	CATERPILLAR FINANCIA 1.700% 6/16/18		250		250
	CATERPILLAR INC 6.050% 8/15/36		300		352
	CBS CORP 4.000% 1/15/26		292		285
	CELGENE CORP 3.625% 5/15/24		173		170
	CELGENE CORP 5.000% 8/15/45		91		91
	CENOVUS ENERGY INC 3.800% 9/15/23		150		136
	CISCO SYSTEMS INC 3.000% 6/15/22		139		141
	CISCO SYSTEMS INC 3.500% 6/15/25		73		75
	CITIGROUP INC 1.800% 2/05/18		600		598
	CITIGROUP INC 2.150% 7/30/18		329		329
	CITIGROUP INC 3.875% 10/25/23		400		413
	CITIGROUP INC 4.400% 6/10/25		118		119
	CITIGROUP INC 4.650% 7/30/45		167		169
	CITIZENS FINANCIAL 4.300% 12/03/25		47		47
	CME GROUP INC 3.000% 3/15/25		200		196

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	CNOOC FINANCE 2013 3.000% 5/09/23		400		374
	CNOOC FINANCE 2014 4.250% 4/30/24		300		302
	COMERICA BANK 4.000% 7/27/25		300		304
	COMMONWEALTH REIT 5.875% 9/15/20		350		376
	CSX CORP 6.000% 10/01/36		175		198
	CVS CAREMARK CORP 2.750% 12/01/22		60		58
	CVS HEALTH CORP 3.500% 7/20/22		111		113
	CVS HEALTH CORP 4.875% 7/20/35		143		148
	DANAHER CORP 2.400% 9/15/20		36		36
	DANAHER CORP 3.900% 6/23/21		150		159
	DEUTSCHE BANK AG 2.950% 8/20/20		380		381
	DEVON FINANCING CORP 7.875% 9/30/31		300		308
	DISCOVER BANK 4.200% 8/08/23		250		255
	DISCOVERY COMMUNICAT 3.450% 3/15/25		120		109
	DOMINION GAS HLDGS 2.800% 11/15/20		112		112
	DOW CHEMICAL CO/THE 3.500% 10/01/24		200		194
	DUKE ENERGY CAROLINA 3.900% 6/15/21		100		106
	DUKE ENERGY PROGRESS 3.250% 8/15/25		53		53
	DUKE ENERGY PROGRESS 4.200% 8/15/45		130		128
	EATON CORP 4.000% 11/02/32		170		162
	EBAY INC 2.600% 7/15/22		451		420
	ECOPETROL SA 5.375% 6/26/26		104		89
	ECOPETROL SA 5.875% 9/18/23		100		92
	EMERSON ELECTRIC CO 6.000% 8/15/32		150		178
	ENERGY TRANSFER PART 4.750% 1/15/26		136		114
	ENLINK MIDSTREAM PAR 4.150% 6/01/25		152		117
	ENLINK MIDSTREAM PAR 5.050% 4/01/45		80		50
	ENTERPRISE PRODUCTS 4.050% 2/15/22		200		196
	ENTERPRISE PRODUCTS 6.650% 10/15/34		300		305
	EXELON GENERATION CO 4.250% 6/15/22		150		152
	FIFTH THIRD BANCORP 2.875% 7/27/20		188		188
	FLORIDA POWER & LIGH 3.125% 12/01/25		250		250
	FORD MOTOR CREDIT CO 2.240% 6/15/18		422		418
	FORD MOTOR CREDIT CO 3.200% 1/15/21		275		273

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FORD MOTOR CREDIT CO 4.134% 8/04/25		212		211
	FREEPORT-MCMORAN C 3.550% 3/01/22		250		145
	FREEPORT-MCMORAN C 5.450% 3/15/43		129		67
	FREEPORT-MCMORAN COR 7.125% 11/01/27		250		156
	FREEPORT-MCMORAN INC 5.400% 11/14/34		169		90
	GENERAL ELEC CAP COR 3.100% 1/09/23		115		117
	GENERAL ELEC CAP COR 3.150% 9/07/22		287		294
	GENERAL ELEC CAP COR 6.750% 3/15/32		115		150
	GENERAL MOTORS FINL 3.100% 1/15/19		30		30
	GENERAL MOTORS FINL 3.200% 7/13/20		182		179
	GILEAD SCIENCES INC 3.250% 9/01/22		45		45
	GILEAD SCIENCES INC 4.600% 9/01/35		35		36
	GLAXOSMITHKLINE CAP 2.800% 3/18/23		150		150
	GOLDMAN SACHS GROUP 2.750% 9/15/20		44		44
	GOLDMAN SACHS GROUP 3.625% 1/22/23		800		809
	GOLDMAN SACHS GROUP 5.750% 1/24/22		500		569
	GOLDMAN SACHS GROUP 5.950% 1/18/18		599		645
	GULF SOUTH PIPELINE 4.000% 6/15/22		300		268
	HALLIBURTON CO 3.375% 11/15/22		49		48
	HALLIBURTON CO 4.850% 11/15/35		43		42
	HALLIBURTON COMPANY 3.500% 8/01/23		150		147
	HCP INC 4.000% 12/01/22		250		249
	HSBC HOLDINGS PLC 7.350% 11/27/32		224		278
	HSBC USA INC 2.350% 3/05/20		400		395
	HSBC USA INC 2.750% 8/07/20		296		296
	HUNTINGTON NATIONAL 2.000% 6/30/18		250		248
	HUSKY ENERGY INC 3.950% 4/15/22		200		185
	INTEL CORP 3.700% 7/29/25		130		134
	INVESCO FINANCE PLC 3.750% 1/15/26		78		79
	JOHN DEERE CAPITAL 1.600% 7/13/18		114		113
	JOHN DEERE CAPITAL 3.400% 9/11/25		179		181
	JOHNSON CONTROLS INC 4.250% 3/01/21		150		154
	KERR MCGEE CORP 7.875% 9/15/31		300		324
	KEYCORP 2.900% 9/15/20		62		62

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	KIMBERLY-CLARK CORP 3.050% 8/15/25		50		50
	KRAFT FOODS GROUP IN 6.875% 1/26/39		300		356
	KROGER CO 7.500% 4/01/31		200		255
	LINCOLN NATIONAL COR 4.200% 3/15/22		300		314
	LOCKHEED MARTIN CORP 3.100% 1/15/23		43		43
	LOCKHEED MARTIN CORP 4.500% 5/15/36		53		54
	LOUISVILLE GAS & ELE 3.300% 10/01/25		71		71
	LOWE’S COMPANIES INC 6.875% 2/15/28		200		255
	LOWE’S COS INC 3.375% 9/15/25		42		43
	MACYS RETAIL HLDGS 4.500% 12/15/34		300		251
	MACYS RETAIL HLDGS 6.790% 7/15/27		420		483
	MAGELLAN MIDSTREAM 4.250% 2/01/21		250		250
	MARATHON OIL CORP 6.600% 10/01/37		150		129
	MARSH & MCLENNAN COS 3.750% 3/14/26		175		175
	MCDONALD’S CORP 4.700% 12/09/35		21		21
	MCDONALD’S CORP 6.300% 10/15/37		38		45
	MEAD JOHNSON NUTRITI 4.125% 11/15/25		120		121
	MERRILL LYNCH & CO 6.875% 4/25/18		600		662
	METLIFE INC 3.600% 11/13/25		109		110
	METLIFE INC 4.368% 9/15/23		300		322
	MICROSOFT CORP 4.000% 2/12/55		120		108
	MICROSOFT CORP 4.200% 11/03/35		77		79
	MICROSOFT CORP 4.750% 11/03/55		109		113
	MIDAMERICAN ENERGY 3.500% 10/15/24		146		149
	MORGAN STANLEY 2.375% 7/23/19		800		797
	MORGAN STANLEY 2.800% 6/16/20		757		759
	MORGAN STANLEY 4.875% 11/01/22		500		531
	MOSAIC CO 4.250% 11/15/23		330		327
	NATIONAL AUSTRALIA 1.875% 7/23/18		350		349
	NATIONAL RETAIL PROP 4.000% 11/15/25		218		214
	NBCUNIVERSAL MEDIA 4.375% 4/01/21		150		163
	NEW ENGLAND TEL & TE 7.875% 11/15/29		221		273
	NOBLE ENERGY INC 5.625% 5/01/21		139		136
	NOBLE ENERGY INC 5.875% 6/01/22		106		101

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	NUCOR CORP 4.000% 8/01/23		140		136
	OCCIDENTAL PETROLEUM 2.700% 2/15/23		80		75
	OCCIDENTAL PETROLEUM 3.500% 6/15/25		45		44
	OCCIDENTAL PETROLEUM 4.625% 6/15/45		26		25
	ONEOK PARTNERS LP 3.375% 10/01/22		100		81
	ORACLE CORP 2.950% 5/15/25		200		195
	ORACLE CORP 3.900% 5/15/35		300		281
	ORACLE CORP 5.750% 4/15/18		100		109
	PACIFIC GAS & ELECTR 3.250% 6/15/23		190		190
	PACIFIC GAS & ELECTR 3.500% 6/15/25		109		110
	PACIFIC GAS & ELECTR 6.050% 3/01/34		100		118
	PEMEX PROJ FDG MASTE 6.625% 6/15/35		250		223
	PENTAIR FINANCE SA 2.900% 9/15/18		141		140
	PEPSICO INC 3.100% 7/17/22		104		107
	PEPSICO INC 4.600% 7/17/45		67		71
	PETROBRAS GLOBAL FIN 6.850% 6/05/15		15		10
	PETRO-CANADA 5.950% 5/15/35		300		301
	PFIZER INC. 6.200% 3/15/19		150		169
	PHILIPS ELECTRONICS 3.750% 3/15/22		200		205
	PLAINS ALL AMER PIPE 4.650% 10/15/25		450		393
	PNC BANK NA 2.950% 1/30/23		505		490
	POTASH CORP-SASKATCH 3.000% 4/01/25		150		141
	PRECISION CASTPARTS 3.250% 6/15/25		80		79
	PRECISION CASTPARTS 4.375% 6/15/45		80		80
	PROLOGIS LP 3.750% 11/01/25		38		38
	RABOBANK NEDERLAND 3.875% 2/08/22		150		158
	RABOBANK NEDERLAND 3.950% 11/09/22		250		253
	REALTY INCOME CORP 3.875% 7/15/24		250		245
	REPUBLIC SERVICES IN 3.550% 6/01/22		150		153
	RIO TINTO FIN USA LT 3.500% 3/22/22		100		94
	ROGERS CABLE INC 8.750% 5/01/32		170		230
	ROPER TECHNOLOGIES 3.000% 12/15/20		25		25
	ROYAL BANK OF CANADA 1.800% 7/30/18		250		249
	RYDER SYSTEM INC 2.650% 3/02/20		150		148

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	RYDER SYSTEM INC 2.875% 9/01/20		57		56
	SANTANDER ISSUANCES 5.179% 11/19/25		200		197
	SANTANDER UK GROUP 2.875% 10/16/20		170		169
	SHELL INTERNATIONAL 2.250% 11/10/20		89		88
	SHELL INTERNATIONAL 4.125% 5/11/35		250		239
	SIMON PROPERTY GROUP 3.500% 9/01/25		110		111
	SIMON PROPERTY GROUP 3.750% 2/01/24		150		156
	SOUTHERN CALIF GAS 3.200% 6/15/25		150		150
	SPECTRA ENERGY CAPIT 3.300% 3/15/23		200		171
	STARBUCKS CORP 4.300% 6/15/45		60		62
	STATE STREET CORP 3.550% 8/18/25		235		242
	STATOIL ASA 2.450% 1/17/23		300		284
	SUMITOMO MITSUI BANK 1.950% 7/23/18		350		348
	SUNOCO LOGISTICS PAR 4.250% 4/01/24		250		216
	SUNOCO LOGISTICS PAR 5.950% 12/01/25		160		152
	SVENSKA HANDELSBANKE 2.400% 10/01/20		250		248
	SYSCO CORPORATION 3.750% 10/01/25		44		45
	THOMSON REUTERS CORP 4.300% 11/23/23		120		123
	TIME WARNER CO INC 7.570% 2/01/24		250		306
	TIME WARNER INC 6.625% 5/15/29		250		293
	TORONTO-DOMINION BAN 1.750% 7/23/18		210		210
	TORONTO-DOMINION BAN 2.500% 12/14/20		180		180
	TOTAL CAPITAL INTL 2.700% 1/25/23		400		383
	TOYOTA MOTOR CREDIT 1.550% 7/13/18		133		133
	TOYOTA MOTOR CREDIT 2.800% 7/13/22		200		199
	TYCO INTERNATIONAL 3.900% 2/14/26		16		16
	TYCO INTERNATIONAL 5.125% 9/14/45		27		28
	TYSON FOODS INC 4.875% 8/15/34		120		123
	UNION CARBIDE CORP 7.750% 10/01/96		110		132
	UNITEDHEALTH GROUP 1.900% 7/16/18		73		73
	UNITEDHEALTH GROUP 3.350% 7/15/22		84		86
	UNITEDHEALTH GROUP 4.625% 7/15/35		84		87
	VENTAS REALTY LP 4.125% 1/15/26		34		34
	VENTAS REALTY LP/CAP 3.250% 8/15/22		200		195

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	VERIZON COMMUNICATIO 1.350% 6/09/17		350		349
	VERIZON COMMUNICATIO 5.050% 3/15/34		470		468
	VERIZON COMMUNICATIO 5.150% 9/15/23		700		770
	VERIZON COMMUNICATIO 6.400% 9/15/33		500		570
	VIACOM INC 4.850% 12/15/34		150		123
	VODAFONE GROUP PLC 2.500% 9/26/22		85		79
	VODAFONE GROUP PLC 2.950% 2/19/23		85		80
	VR FRANCE TELECOM 8.500% 3/01/31		147		207
	WALGREENS BOOTS ALLI 4.500% 11/18/34		380		347
	WALT DISNEY COMPANY/ 3.150% 9/17/25		300		303
*	WELLS FARGO & COMPAN 2.125% 4/22/19		325		325
*	WELLS FARGO & COMPAN 2.600% 7/22/20		109		109
*	WELLS FARGO & COMPAN 3.300% 9/09/24		600		597
*	WELLS FARGO & COMPAN 3.550% 9/29/25		500		505
*	WELLS FARGO & COMPAN 4.300% 7/22/27		184		188
*	WELLS FARGO & COMPAN 4.900% 11/17/45		67		68
	WISCONSIN ENERGY COR 3.550% 6/15/25		238		239
	WW GRAINGER INC 4.600% 6/15/45		41		43
	XEROX CORPORATION 5.625% 12/15/19		100		106
	ZOETIS INC 3.250% 2/01/23		160		153
	ZOETIS INC 3.450% 11/13/20		30		30
	ZOETIS INC 4.500% 11/13/25		62		63
	*Foreign Sovereign Debt*
	REPUBLIC OF COLOMBIA 4.500% 1/28/26		200		191
	*Private Placement Bonds*
	P/P ABN AMRO BANK NV 2.450% 6/04/20		250		248
	P/P ANZ NEW ZEALAND 2.850% 8/06/20		250		252
	P/P BAE SYSTEMS HOLD 3.800% 10/07/24		130		129
	P/P BAXALTA INC 3.600% 6/23/22		50		50
	P/P BAXALTA INC 5.250% 6/23/45		22		22
	P/P BK TOKYO-MITSUBI 2.150% 9/14/18		200		199
	P/P BNP PARIBAS 4.375% 9/28/25		200		196
	P/P CANADIAN IMPERIA 2.250% 7/21/20		200		199
	P/P CCO SAFARI II LL 4.464% 7/23/22		182		181

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	P/P CCO SAFARI II LL 6.384% 10/23/35		52		53
	P/P CCO SAFARI II LL 6.834% 10/23/55		70		69
	P/P COMMONWEALTH BAN 4.500% 12/09/25		200		198
	P/P COX COMMUNICATIO 4.800% 2/01/35		120		99
	P/P CRED SUIS GP FUN 3.125% 12/10/20		250		249
	P/P CRED SUIS GP FUN 3.800% 9/15/22		348		348
	P/P DTE ENERGY COMPA 3.300% 6/15/22		119		119
	P/P ERAC USA FINANCE 3.850% 11/15/24		150		150
	P/P GE CAPITAL INTL 3.373% 11/15/25		1,044		1,063
	P/P GE CAPITAL INTL 4.418% 11/15/35		394		402
	P/P HJ HEINZ CO 3.950% 7/15/25		200		202
	P/P HYUNDAI CAPITAL 2.400% 10/30/18		134		134
	P/P JACKSON NATL LIF 1.875% 10/15/18		167		166
	P/P MACQUARIE BANK 2.850% 7/29/20		300		301
	P/P MACQUARIE BANK 4.000% 7/29/25		300		304
	P/P MITSUBISHI UFJ 2.650% 10/19/20		200		200
	P/P NORDEA BANK AB 2.500% 9/17/20		350		348
	P/P PACIFIC LIFE INS 7.900% 12/30/23		300		370
	P/P PENSKE TRUCK LEA 3.375% 2/01/22		350		340
	P/P PRICOA GLOBAL FU 1.900% 9/21/18		150		149
	P/P PRINCIPAL LFE GL 2.625% 11/19/20		114		114
	P/P PROTECTIVE LIFE 2.700% 11/25/20		200		200
	P/P PRUDENTIAL INSUR 8.300% 7/01/25		300		383
	P/P SCHLUMBERGER HLD 3.625% 12/21/22		209		207
	P/P SIEMENS FINANCIE 2.900% 5/27/22		250		250
	P/P SINOPEC GRP OVER 1.750% 4/10/17		200		199
	P/P SINOPEC GRP OVER 3.900% 5/17/22		200		203
	VR P/P WESTPAC BAN 0.920% 7/16/18		300		300
	*US Government and Agency Obligations*
	FED HOME LN MTG CORP 2.770% 5/25/25		1,500		1,475
	FED HOME LN MTG CORP 3.500% 6/15/26		493		515
	FED HOME LN MTG CORP 6.000% 11/15/23		83		91
	FED NATL MTG ASSN 6.000% 3/25/36		87		96
	FHLMC MULTIFAMILY ST 2.597% 9/25/20		371		376

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FHLMC-GNMA 8.000% 12/25/22		52		58
	FNMA POOL #465787 4.009% 8/01/20		921		980
	FNMA POOL #467725 3.720% 4/01/18		284		295
	FNMA POOL #468066 4.438% 6/01/21		966		1,053
	FNMA POOL #468542 4.650% 8/01/21		500		552
	FNMA POOL #958500 5.177% 4/01/19		994		1,085
	FNMA POOL #AM6602 2.717% 9/01/21		1,500		1,516
	FNMA POOL #AM7514 3.172% 2/01/25		2,900		2,946
	FNMA POOL #AM7619 3.038% 1/01/23		1,974		2,017
	FNMA POOL #AM8141 2.872% 3/01/27		293		286
	FNMA POOL #AM8572 2.841% 4/01/25		3,953		3,918
	FNMA POOL #AM8856 3.017% 6/01/30		4,800		4,604
	FNMA POOL #AM8993 2.810% 5/01/25		5,177		5,140
	FNMA POOL #AM9014 3.306% 6/01/30		5,000		4,930
	FNMA POOL #AM9169 3.182% 6/01/27		2,140		2,141
	FNMA POOL #AM9320 3.410% 7/01/30		2,579		2,556
	FNMA POOL #AM9333 3.182% 11/01/22		1,386		1,428
	FNMA POOL #AM9335 3.162% 8/01/22		957		985
	FNMA POOL #AM9336 3.182% 11/01/22		2,769		2,853
	FNMA POOL #AM9397 3.058% 6/01/23		2,586		2,640
	FNMA POOL #AM9432 3.224% 12/01/22		1,989		2,054
	FNMA POOL #AM9466 3.255% 2/01/22		1,444		1,493
	FNMA POOL #AM9567 3.069% 7/01/24		1,496		1,510
	FNMA POOL #AM9573 3.327% 4/01/23		2,140		2,214
	FNMA POOL #AM9615 2.769% 9/01/22		3,526		3,552
	FNMA POOL #AM9620 3.348% 1/01/24		747		770
	FNMA POOL #AM9633 3.492% 5/01/23		1,295		1,351
	FNMA POOL #AM9642 2.676% 1/01/22		1,592		1,599
	FNMA POOL #AM9658 2.914% 1/01/22		1,493		1,517
	FNMA POOL #AM9686 2.635% 4/01/22		1,990		1,996
	FNMA POOL #AN0193 3.100% 8/01/24		600		607
	GNMA POOL #784044 4.990% 11/20/37		3,370		3,711
	GNMA POOL #784045 4.500% 7/20/45		2,984		3,213
	GOVT NATL MTG ASSN 4.000% 2/20/37		372		379

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	GOVT NATL MTG ASSN 5.500% 5/16/35		68		70
	TENN VALLEY AUTH 4.250% 9/15/65		194		190
	U S TREASURY SEC STRIPPED		2,500		2,072
	U S TREASURY SEC STRIPPED 2/15/20		2,300		2,142
	U S TREASURY SEC STRIPPED 2/15/22		1,200		1,053
	U S TREASURY SEC STRIPPED 2/15/25		4,500		3,607
	U S TREASURY SEC STRIPPED 2/15/30		1,300		878
	U S TREASURY SEC STRIPPED 5/15/19		1,100		1,046
	U S TREASURY SEC STRIPPED 5/15/20		5,700		5,262
	U S TREASURY SEC STRIPPED 5/15/21		5,400		4,848
	U S TREASURY SEC STRIPPED 5/15/23		2,400		2,031
	U S TREASURY SEC STRIPPED 5/15/24		2,800		2,301
	U S TREASURY SEC STRIPPED 5/15/25		4,500		3,575
	U S TREASURY SEC STRIPPED 5/15/28		2,000		1,437
	U S TREASURY SEC STRIPPED 5/15/30		2,050		1,375
	U S TREASURY SEC STRIPPED 8/15/21		1,000		892
	U S TREASURY SEC STRIPPED 8/15/29		750		517
	U S TREASURY SEC STRIPPED 11/15/19		4,000		3,750
	U S TREASURY SEC STRIPPED 11/15/24		3,500		2,828
	U S TREASURY SEC STRIPPED 11/15/28		2,500		1,766
	U S TREASURY SEC STRIPPED 11/15/29		1,750		1,193
	US TREAS SEC STRIPPED		1,300		766
	US TREAS SEC STRIPPED 5/15/33		900		542
	US TREAS SEC STRIPPED 11/15/30		1,550		1,019
	US TREAS SEC STRIPPED 11/15/32		1,000		612
	US TREASURY BOND 3.500% 2/15/39		1,000		1,106
	US TREASURY BOND 3.875% 8/15/40		700		818
	US TREASURY BOND STRIPPED		300		177
	US TREASURY NOTE 0.625% 5/31/17		900		896
	US TREASURY NOTE 0.875% 1/15/18		1,000		995
	US TREASURY NOTE 0.875% 8/15/17		2,000		1,996
	US TREASURY NOTE 1.000% 11/30/19		1,500		1,466
	US TREASURY NOTE 1.500% 12/31/18		2,800		2,813
	US TREASURY NOTE 1.750% 5/15/23		200		195

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	US TREASURY NOTE 1.750% 9/30/19		5,500		5,537
	US TREASURY NOTE 2.125% 1/31/21		2,100		2,131
	US TREASURY NOTE 2.375% 8/15/24		500		505
	US TREASURY NOTE 2.625% 11/15/20		2,500		2,597
	US TREASURY NOTE 3.125% 5/15/19		3,700		3,903
	US TREASURY NOTE 3.375% 11/15/19		2,500		2,669
	US TREASURY NOTE 3.500% 5/15/20		3,500		3,763
	US TREASURY NOTE 4.250% 11/15/17		1,800		1,906
	US TREASURY SEC STRIPPED		4,200		2,642
	VR FANNIEMAE-ACES 1.376% 11/25/22		1,125		1,124
	VR FANNIEMAE-ACES 3.092% 4/25/27		3,577		3,631
	VR FED HOME LN MTG 0.775% 2/15/43		384		383
	VR FED HOME LN MTG 0.845% 9/15/36		94		94
	VR FED NATL MTG AS 2.88531% 4/25/44		165		173
	VR FHLMC MULTIFAMILY 0.900% 9/25/22		849		846
	VR FHLMC MULTIFAMILY 3.284% 6/25/25		1,000		1,023
	VR FNMA POOL #AL7395 5.567% 9/01/55		4,735		5,284
	VR GOVT NATL MTG 4.756% 10/20/43		1,684		1,852
	VR GOVT NATL MTG 5.242% 5/20/40		1,580		1,747
	VR GOVT NATL MTG 5.483% 1/20/38		1,356		1,516
	VR GOVT NATL MTG 5.554% 10/20/40		1,995		2,226
	VR GOVT NATL MTG AS 0.691% 6/20/65		1,964		1,931
	VR GOVT NATL MTG AS 0.691% 7/20/65		1,007		990
	VR GOVT NATL MTG AS 0.701% 2/20/61		1,483		1,475
	VR GOVT NATL MTG AS 0.771% 9/20/65		1,489		1,477
	VR GOVT NATL MTG AS 0.771% 10/20/65		1,031		1,023
	VR GOVT NATL MTG AS 0.792% 11/20/65		1,989		1,975
	VR GOVT NATL MTG AS 0.911% 12/20/65		585		583

	Total Diversified Bond Fund				481,330


	U.S. Large-Cap Equity Fund
	*Common/Collective Trusts*
*	VANGUARD EMPLOYEE BENEFIT INDEX FUND #528		1,987		448,442
	*Money Market*

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (SANDS)		2,978		2,979
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (TCW)		3,228		3,228
*	WF HERITAGE MM FD-INSTL #3106 (ICAP)		3,554		3,554
*	WF HERITAGE MM FD-INSTL #3106 (BRANDYWINE)		4,261		4,261
	*Common Stock*
	ABBVIE INC		63		3,740
	ACE LIMITED		33		3,862
	ADOBE SYS INC		136		12,776
	AECOM		92		2,774
	ALEXION PHARMACEUTICALS INC		86		16,239
	ALIBABA GROUP HOLDING LTD		202		16,417
	ALLERGAN PLC		34		10,620
	ALLY FINANCIAL INC		241		4,485
	ALPHABET INC CL A		20		15,716
	ALPHABET INC CL C		18		13,810
	AMAZON COM INC COM		23		15,296
	AMERICAN AIRLS GROUP INC		172		7,287
	AMERICAN TOWER CORP		92		8,950
*	AMERIPRISE FINL INC		44		4,680
	APACHE CORP		47		2,108
	APPLE INC		50		5,306
	APPLIED MATERIALS INC		164		3,053
	ARM HOLDINGS PLC - ADR		54		2,457
	AT & T INC		81		2,793
	ATHENAHEALTH INC		65		10,391
	BAIDU INC ADR		88		16,636
	BANK OF AMERICA CORP		789		13,284
	BERKSHIRE HATHAWAY INC.		49		6,429
	BIOGEN INC		24		7,352
	BIOMARIN PHARMACEUTICAL INC		109		11,461
	BOEING CO		31		4,547
	BP PLC - ADR		341		10,650
	CANADIAN NAT RES LTD		227		4,962
	CATERPILLAR INC		46		3,157

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	CELGENE CORP COM		34		4,086
	CERNER CORP COM		172		10,357
	CHEVRON CORP		80		7,240
	CHICAGO BRIDGE & IRON COMPANY N.V.		73		2,840
	CHIPOTLE MEXICAN GRILL INC		21		10,088
	CIMAREX ENERGY CO		36		3,218
	CISCO SYSTEMS INC		227		6,176
	CITIGROUP INC.		329		16,987
	COMCAST CORP CLASS A		81		4,573
	COSTCO WHOLESALE CORP		18		2,834
	COVANTA HLDG CORP		144		2,232
	CROWN CASTLE INTL CORP		40		3,438
	CVS HEALTH CORPORATION		26		2,493
	DELTA AIR LINES INC		203		10,253
	DEVON ENERGY CORPORATION		62		1,991
	DILLARDS INC CL A		34		2,254
	DISCOVERY COMMUNICATIONS-C		141		3,550
	DOLLAR GENERAL CORP		32		2,294
	DOW CHEMICAL CO		69		3,533
	DPS CHINA MOBILE LIMITED ADR		86		4,870
	DSW INC		55		1,305
	EASTMAN CHEM CO COM		61		4,119
	EATON CORP PLC		44		2,274
	EDWARDS LIFESCIENCES CORP		78		6,160
	ENDO INTERNATIONAL PLC		27		1,641
	EQUINIX INC		11		3,258
	EXPRESS SCRIPTS HOLDING CO		33		2,874
	FACEBOOK INC		275		28,799
	FMC TECHNOLOGIES INC		146		4,235
	GENERAL ELECTRIC CO		139		4,325
	GENERAL MOTORS CO		318		10,810
	GOLDMAN SACHS GROUP INC		21		3,824
	GOODYEAR TIRE & RUBR CO		113		3,701
	GRUPO TELEVISA, S.A. - ADR		88		2,406

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	HATTERAS FINANCIAL CORP		264		3,473
	HONEYWELL INTERNATIONAL INC		45		4,694
	HORIZON PHARMA PLC		101		2,185
	HP INC		153		1,808
	ILLUMINA INC		65		12,520
	INCYTE CORPORATION, INC.		47		5,097
	INTEL CORP		78		2,680
	INTERCONTINENTAL EXCHANGE, INC		28		7,155
	JAZZ PHARMACEUTICALS PLC		11		1,498
	JOHNSON CONTROLS INC		110		4,336
*	JPMORGAN CHASE & CO		112		7,403
	KOHLS CORP		61		2,901
	LAM RESEARCH CORP COM		41		3,270
	LAS VEGAS SANDS CORP		86		3,761
	LENDINGCLUB CORP		457		5,050
	LIBERTY MEDIA CORP		51		1,955
	LINKEDIN CORP		82		18,443
	LOUISIANA PAC CORP		210		3,784
	MAGNA INTL INC CL A		57		2,312
	MALLINCKRODT PLC		71		5,235
	MCKESSON CORP		28		5,544
	MEAD JOHNSON NUTRITION CO		26		2,033
	MEDTRONIC PLC		64		4,902
	MERCK & CO INC NEW		49		2,576
	METLIFE INC		232		11,196
	MICHAEL KORS HOLDINGS LTD		171		6,855
	MICRON TECHNOLOGY INC		413		5,847
	MOBILEYE NV		200		8,429
	MONSANTO CO NEW		143		14,071
	MONSTER BEVERAGE CORP		17		2,549
	MOSAIC CO/THE		87		2,388
	MYLAN N V		46		2,512
	NETFLIX.COM INC		79		9,036
	NOMURA HOLDINGS, INC. - ADR		669		3,715

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	NORTHERN TRUST CORP		77		5,573
	NOVARTIS AG - ADR		62		5,299
	OCCIDENTAL PETE CORP		101		6,824
	OMNICOM GROUP		69		5,205
	ORACLE CORPORATION		144		5,252
	OSHKOSH CORPORATION		71		2,774
	PALO ALTO NETWORKS INC		37		6,517
	PENTAIR PLC		84		4,144
	PFIZER INC		80		2,579
	PNC FINANCIAL SERVICES GROUP		79		7,535
	PTC THERAPEUTICS INC		31		1,002
	REGENERON PHARMACEUTICALS INC		28		15,363
	RELIANCE STL & ALUM CO COM		79		4,548
	SALESFORCE COM INC		377		29,528
	SANTANDER CONSUMER USA HOLDING		198		3,130
	SCHLUMBERGER LTD		159		11,068
	SCHWAB CHARLES CORP NEW		335		11,018
	SERVICENOW INC		41		3,579
	SPLUNK INC		178		10,454
	STARBUCKS CORP COM		66		3,939
	SYNCHRONY FINANCIAL		92		2,810
	TEREX CORP NEW		83		1,538
	TEVA PHARMACEUTICAL INDUSTRIES - ADR		54		3,514
	TEXAS INSTRUMENTS INC		34		1,879
	THE PRICELINE GROUP INC.		12		15,842
	TIFFANY & CO NEW		22		1,711
	TOYOTA MOTOR CORPORATION - ADR		38		4,663
	TRIBUNE MEDIA COMPANY CLASS A		86		2,917
	TUPPERWARE BRANDS CORPORATION		37		2,068
	TWO HARBORS INVESTMENT CORP		397		3,215
	UNDER ARMOUR INC		99		7,957
	VALEANT PHARMACEUTICALS		41		4,147
	VERIZON COMMUNICATIONS		137		6,319
	VISA INC-CLASS A SHRS		439		34,049

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	VODAFONE GROUP PLC-SP ADR		114		3,674
*	WELLS FARGO & CO		84		4,574
	WHIRLPOOL CORP		38		5,621

	Total U.S. Large-Cap Equity Fund				1,321,782


	International Equity Fund
	*Mutual Funds*
	AMERICAN FUNDS EUROPACIFIC GROWTH R6 #2616		4,198		190,269
	DFA EMERGING MARKETS VALUE FUND #5095		4,812		98,172
	DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO #5066		2,783		51,996
	GMO INTERNATIONAL CORE EQUITY FUND IV		6,500		166,283

	Total International Equity Fund				506,720


	U.S. Small/Mid-Cap Equity Fund
	*Money Market*
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (TIMES CAP)		4,632		4,633
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (WESTWOOD)		2,128		2,128
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (WMC)		1,969		1,969
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (Integrity)		955		955
*	WELLS FARGO ADV HERITAGE MONEY MARKET FUND #3106 (Wells Fargo)		2,843		2,843

	*Common Stock*
	ABERCROMBIE & FITCH CO CL A		17		470
	ACADIA HEALTHCARE CO INC		31		1,936
	ACCO BRANDS CORP		85		607
	ACI WORLDWIDE INC		58		1,237
	ACUITY BRANDS (HOLDING CO) INC RR.		7		1,524
	ADT CORP/THE		13		423
	ADVISORY BRD CO		36		1,801
	AERCAP HOLDINGS NV		39		1,662
	AEROJET ROCKETDYNE HOLDINGS IN		26		405
	AIR LEASE CORP		38		1,266
	ALBANY INTL CORP NEW CL A		25		918
	ALBEMARLE CORP COM		24		1,336

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	ALERE INC		48		1,890
	ALEXANDRIA REAL ESTATE EQUITIES		32		2,928
	ALIGN TECHNOLOGY INC		28		1,817
	ALLEGHANY CORP DEL NEW		2		980
	ALLEGIANT TRAVEL CO		9		1,510
	ALLEGION PLC		27		1,782
	ALLETE INC		11		555
	ALLIANT ENERGY CORPORATION		7		430
	ALLSCRIPTS HEALTHCARE SOLUTIONS INC		67		1,031
	ALNYLAM PHARMACEUTICALS INC		15		1,396
	AMC NETWORKS INC		32		2,352
	AMDOCS LIMITED COM		52		2,843
	AMERICAN CAMPUS CMNTYS INC		12		490
	AMERICAN FINL GROUP INC OHIO COM		14		1,001
	AMSURG CORP		6		435
	AMTRUST FINANCIAL SERVICES INC		10		621
	APARTMENT INVT & MGMT CO CL A		14		549
	APOGEE ENTERPRISES INC		38		1,671
	APOLLO GLOBAL MANAGEMENT LLC		96		1,450
	APTARGROUP INC COM		29		2,089
	ARAMARK		56		1,803
	ARCH CAPITAL GROUP LTD		16		1,095
	ARES CAP CORP		33		464
	ARRIS GROUP INC		39		1,189
	ARROW ELECTRS INC		11		615
	ARTISAN PARTNERS ASSET MANAGEM		46		1,659
	ASBURY AUTOMOTIVE GROUP INC		22		1,477
	ASCENA RETAIL GROUP INC		97		955
	ASHLAND INC NEW		4		419
	ASPEN TECHNOLOGY INC COM		36		1,359
	ASSURANT INC		6		450
	ASSURED GUARANTY LTD USD 1.0		17		445
	ATMOS ENERGY CORP		17		1,050
	AVERY DENNISON CORP		8		527

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	AVG TECHNOLOGIES		117		2,344
	AVIS BUDGET GROUP		44		1,579
	AXALTA COATING SYSTEMS LTD		48		1,286
	B/E AEROSPACE, INC.		26		1,089
	BABCOCK & WILCOX ENTERPRISES I		31		653
	BANCORPSOUTH INC		24		584
	BANKUNITED INC		66		2,376
	BELDEN INC		21		1,008
	BERRY PLASTICS GROUP INC		13		470
	BLACK KNIGHT FINANCIAL SERVICE		24		785
	BLUE BUFFALO PET PRODUCTS INC		38		702
	BLUEBIRD BIO INC		8		513
	BOISE CASCADE CO		56		1,437
	BOOZ ALLEN HAMILTON HOLDING CO		127		3,908
	BRIGHT HORIZONS FAMILY SOLUTIO		57		3,842
	BROADRIDGE FINANCIAL SOLUTIONS		64		3,449
	BROCADE COMMUNICATIONS SYSTEMS		189		1,737
	BRUKER CORPORATION		23		550
	BRUNSWICK CORP		63		3,202
	BWX TECHNOLOGIES INC		16		520
	CABLE ONE INC		3		1,084
	CACI INTL INC FORMERLY CACI INC TO		5		455
	CALATLANTIC GROUP INC		14		533
	CALERES INC		51		1,369
	CARDTRONICS INC		86		2,901
	CARLISLE COS INC		25		2,230
	CASEYS GEN STORES INC		4		479
	CATALENT INC		40		996
	CATO CORP NEW CL A		22		795
	CAVIUM INC		37		2,438
	CBRE GROUP INC		42		1,450
	CEB INC		18		1,105
	CEMPRA INC		27		850
	CEPHEID		38		1,381

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	CHARLES RIVER LABORATORIES		18		1,500
	CIENA CORP USD 0.01		24		500
	CINEMARK HOLDINGS INC		47		1,567
	CIRCOR INTERNATIONAL INC -WI		10		433
	CIT GROUP INC.		54		2,152
	CLARCOR INC		25		1,242
	CLEAN HARBORS INC		12		486
	CLUBCORP HOLDINGS INC		108		1,968
	CNO FINANCIAL GROUP INC		37		699
	COGNEX CORP		25		853
	COHERENT INC		9		585
	COLUMBIA SPORTSWEAR CO COM		27		1,326
	COMERICA INC		19		806
	COMMSCOPE HOLDING CO INC		43		1,106
	CONMED CORP		23		1,000
	CONSTELLATION BRANDS INC		9		1,250
	CONTINENTAL BUILDING PRODUCTS		60		1,049
	COOPER COS INC COM NEW		17		2,241
	CORELOGIC INC		31		1,033
	CORNERSTONE ONDEMAND INC		51		1,768
	COSTAR GROUP, INC		27		5,711
	CST BRANDS INC		22		869
	CTS CORP		28		492
	CUBESMART		14		441
	CUBIC CORP		22		1,047
	CYBER-ARK SOFTWARE LTD/ISRAE		29		1,300
	CYPRESS SEMICONDUCTOR CORP		55		540
	D R HORTON INC COM		15		475
	DARDEN RESTAURANTS INC		8		510
	DARLING INGREDIENTS INC		76		804
	DAVE & BUSTER’S ENTERTAINMENT		38		1,598
	DBV TECHNOLOGIES SA-SPON ADR		11		392
	DDR CORP		26		440
	DEAN FOODS CO		63		1,077

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	DELTIC TIMBER CORP COM		11		655
	DELUXE CORP		9		501
	DEXCOM INC		19		1,556
	DIAMONDBACK ENERGY INC		24		1,611
	DIAMONDROCK HOSPITALITY CO		71		682
	DICKS SPORTING GOODS INC		61		2,153
	DIEBOLD INC		25		746
	DILLARDS INC CL A		12		795
	DORIAN LPG LTD		38		447
	DSW INC		20		474
	DUKE REALTY CORPORATION		30		627
	DUN & BRADSTREET CORP DEL NEW		12		1,216
	DUNKIN’ BRANDS GROUP INC		33		1,423
	EAST WEST BANCORP INC		29		1,222
	EDGEWELL PERSONAL CARE CO		14		1,097
	EDUCATION REALTY TRUST INC		17		631
	EMCOR GROUP INC COM		11		524
	ENERGIZER SPINCO INC		66		2,251
	ENERSYS		5		264
	ENVISION HEALTHCARE HOLDINGS I		93		2,402
	EPAM SYSTEMS INC		18		1,450
	EQUIFAX INC		18		2,038
	ERA GROUP INC		23		255
	ESCO TECHNOLOGIES INC		17		601
	ESSENDANT INC		29		938
	EURONET WORLDWIDE INC.		23		1,653
	EVERCORE PARTNERS INC		23		1,268
	FIRST BANCORP PUERTO RICO		52		168
	FIRST FINL BANCORP		60		1,086
	FIRST MIDWEST BANCORP INC DEL		45		821
	FIRST NIAGARA FINL GROUP INC NEW		63		684
	FIRST REPUBLIC BANK/SAN FRANCI		7		477
	FIVE BELOW INC		21		681
	FLEETMATICS GROUP PLC		15		767

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FLIR SYS INC COM		82		2,294
	FNF GROUP		18		612
	FORRESTER RESEARCH INC COM		20		564
	FORUM ENERGY TECHNOLOGIES INC		61		760
	FORWARD AIR CORP		1		43
	FREDS INC CL A		45		730
	FTI CONSULTING INC COM		25		878
	G & K SVCS INC CL A		16		982
	GATX CORP		16		662
	GENESEE & WYOMING INC-CL A		39		2,110
	GENTHERM INC		59		2,777
	GLOBAL PMTS INC W/I		23		1,503
	GOODYEAR TIRE & RUBR CO		19		632
	GRACO INC		17		1,240
	GRAND CANYON EDUCATION INC		33		1,324
	GRAPHIC PACKAGING HLDGCO		32		411
	GREAT WESTERN BANCORP INC		26		761
	GREIF INC-CL A		16		502
	GUIDEWIRE SOFTWARE INC		25		1,515
	HAEMONETICS CORP MASS		95		3,040
	HAIN CELESTIAL GROUP INC		10		406
	HALYARD HEALTH INC		61		2,051
	HANCOCK HOLDING CO		25		629
	HANOVER INS GROUP INC		6		521
	HARMAN INTL INDS INC NEW COM		11		1,030
	HARRIS CORP DEL		10		908
	HD SUPPLY HOLDINGS INC		50		1,508
	HEADWATERS INC		24		403
	HEALTHEQUITY INC		24		602
	HEALTHSOUTH REHABILITATION CORPORAT		9		321
	HELEN OF TROY LIMITED		26		2,398
	HENRY JACK & ASSOC INC COM		45		3,513
	HILL ROM HLDGS		10		459
	HILLENBRAND INC		15		441

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	HOLOGIC INC COM		41		1,591
	HOME BANCSHARES INC/CONWAY AR		28		1,118
	HORIZON GLOBAL CORP		9		90
	HORIZON PHARMA PLC		58		1,246
	HSN INC		25		1,241
	HUNTINGTON BANCSHARES INC		90		1,001
	HUNTINGTON INGALLS INDUSTRIES		7		862
	HURON CONSULTING GROUP INC		29		1,697
	IAC/INTERACTIVECORP		33		1,982
	ICU MED INC COM		4		447
	IMAX CORP COM		35		1,244
	IMPERVA INC		16		1,006
	INC RESEARCH HOLDINGS INC		38		1,829
	INOVALON HOLDINGS INC		64		1,091
	INTEGRA LIFESCIENCES HOLDING		36		2,448
	INTERNATIONAL BANCSHARES CRP		32		810
	INTERSECT ENT INC		29		649
	INTERSIL CORPORATION		37		467
	INTRA-CELLULAR THERAPIES INC		20		1,070
	INVESTMENT TECHNOLOGY GROUP INC NEW		18		308
	IPG PHOTONICS CORP		14		1,204
	J2 GLOBAL INC		60		4,865
	JANUS CAP GROUP INC		26		369
	JARDEN CORP		35		1,988
	JETBLUE AWYS CORP		21		472
	KAISER ALUMINUM CORP		5		420
	KAPSTONE PAPER AND PACKAGING C		121		2,731
	KAR AUCTION SERVICES INC		49		1,819
	KEYCORP NEW		55		721
	KEYSIGHT TECHNOLOGIES INC		16		457
	KITE REALTY GROUP TRUST		18		470
	KOHLS CORP		10		491
	LACLEDE GROUP INC		10		611
	LANDSTAR SYS INC COM		15		868

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	LAREDO PETROLEUM, INC.		64		507
	LA-Z-BOY INC		16		390
	LEXINGTON REALTY TRUST		45		362
	LIGAND PHARMACEUTICALS INC		5		494
	LITHIA MOTORS INC CL A COM		12		1,261
	LITTELFUSE INC COM		5		492
	LUXFER HOLDINGS PLC-ADR		35		345
	MACK CALI RLTY CORP COM		25		583
	MANITOWOC INC		28		431
	MANPOWERGROUP INC		7		570
	MARRIOTT VACATIONS WORLDWIDE C		19		1,065
	MATRIX SVC CO		26		542
	MATTEL INC		52		1,416
	MATTHEWS INTL CORP		16		848
	MAXIM INTEGRATED PRODS INC		31		1,194
	MB FINANCIAL BANK		24		766
	MEDASSETS INC		32		976
	MEDICAL PPTYS TR INC		30		351
	MEDIVATION INC		48		2,327
	MEDNAX INC		23		1,648
	MEMORIAL RESOURCE DEVELOPMEN		110		1,766
	MERITOR INC		41		344
	MICHAELS COS INC/THE		60		1,330
	MID AMERICA APARTMENT COM		7		649
	MILLER HERMAN INC		76		2,181
	MISTRAS GROUP INC		33		637
	MUELLER INDS INC		35		941
	NEUSTAR INC		12		297
	NEW JERSEY RES CORP		10		319
	NEWELL RUBBERMAID INC		15		655
	NICE SYSTEMS LTD. - ADR		21		1,181
	NORTHSTAR REALTY FINANCE		15		249
	NORTHWEST BANCSHARES INC/MD		60		808
	OCH-ZIFF CAPITAL MANAGEMENT GR		142		885

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	OFG BANCORP		61		445
	OLD DOMINION FREIGHT LINES INC		39		2,316
	ON SEMICONDUCTOR CORP		220		2,154
	OPUS BANK		31		1,128
	ORBITAL ATK INC		38		3,327
	OWENS CORNING INC		14		641
	PARSLEY ENERGY INC-CLASS A		25		454
	PATTERSON COS INC		51		2,301
	PAYCOM SOFTWARE INC		46		1,738
	PAYLOCITY HOLDING CORP		19		766
	PDC ENERGY INC		24		1,265
	PERKINELMER, INC		24		1,280
	PHIBRO ANIMAL HEALTH CORP		14		433
	PINNACLE WEST CAP CORP		13		823
	PITNEY BOWES INC		163		3,362
	PLEXUS CORP COM		11		372
	PNM RES INC		16		475
	POLYONE CORP		84		2,656
	POST HOLDINGS INC		13		810
	POTLATCH HLDGS INC		53		1,612
	PREMIER INC		53		1,883
	PRIMERICA INC		18		861
	PRIMORIS SERVIES CORPORATION		30		659
	PRIVATEBANCORP INC		62		2,560
	PROASSURANCE CORPORATION		45		2,160
	PROTHENA CORP PLC		4		279
	PROTO LABS INC		31		1,998
	PTC INC		13		462
	QLIK TECHNOLOGIES INC		50		1,592
	RAYMOND JAMES FINL INC		26		1,518
	REINSURANCE GROUP AMER CLASS A NEW		11		945
	RENAISSANCERE HOLDINGS COM		13		1,449
	REXNORD CORP		75		1,361
	RICE ENERGY INC		24		266

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	RITE AID CORP		76		594
	ROBERT HALF INTL INC		30		1,409
	ROWAN COMPANIES PLC		47		797
	RPM INTERNATIONAL INC		58		2,534
	RSP PERMIAN INC		91		2,231
	RYMAN HOSPITALITY PROPERTIES		10		494
	SCANSOURCE INC COM		24		776
	SCORPIO TANKERS INC		91		729
	SEACOR HOLDINGS INC		13		676
	SEI INVESTMENT COMPANY		35		1,811
	SENSIENT TECHNOLOGIES CORP		13		832
	SERVICEMASTER GLOBAL HOLDINGS		126		4,927
	SMITH A O CORP CL B		29		2,201
	SOLAR CAPITAL LTD		29		483
	SPIRIT AIRLINES INC		21		838
	SPLUNK INC		29		1,703
	STAG INDUSTRIAL INC		59		1,081
	STAGE STORES INC		45		406
	STEELCASE INC CL A		30		453
	STERIS PLC		12		869
	SUMMIT HOTEL PROPERTIES INC		44		528
	SUNSTONE HOTEL INVS INC NEW		41		514
	SUPERIOR ENERGY SERVICES INC		26		355
	SURGERY PARTNERS INC		39		789
	SURGICAL CARE AFFILIATES INC		22		888
	SYNERGY RESOURCES CORP		68		581
	SYNNEX CORP		5		441
	SYNOVUS FINANCIAL CORP		34		1,110
	TABLEAU SOFTWARE INC-CL A		21		1,962
	TAKE-TWO INTERACTIVE SOFTWARE		44		1,532
	TAYLOR MORRISON HOME CORP		59		944
	TEAM HEALTH HOLDINGS INC		30		1,299
	TECH DATA CORP		6		391
	TEGNA INC		27		687

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	TELEFLEX INC		25		3,260
	TEMPUR SEALY INTERNATIONAL		14		986
	TERADYNE INC		22		458
	THERMON GROUP HOLDINGS INC		39		656
	TIME INC		140		2,191
	TRANSUNION		68		1,861
	TREX COMPANY INC		28		1,083
	TRIMAS CORP		50		930
	TRINET GROUP INC		27		522
	TRUEBLUE INC		61		1,571
	TYLER TECHNOLOGIES INC		17		2,952
	UGI CORP NEW COM		42		1,416
	ULTA SALON COSMETICS & FRAGRAN		6		1,191
	ULTIMATE SOFTWARE GROUP INC		14		2,796
	ULTRAGENYX PHARMACEUTICAL INC		7		810
	UNITED NAT FOODS INC		33		1,295
	VAIL RESORTS INC COM		15		1,980
	VANTIV INC		52		2,488
	VCA INC		40		2,166
	VULCAN MATERIALS COMPANY		14		1,310
	WABCO HOLDINGS INC		21		2,122
	WABTEC CORP		18		1,286
	WAGEWORKS INC		37		1,665
	WATSCO INC CL A		8		972
	WATTS WATER TECHNOLOGIES INC		2		114
	WEBSTER FINL CORP WATERBURY CONN		23		869
	WELLCARE HEALTH PLANS, INC		5		404
	WESCO INTL INC		21		919
	WESTAMERICA BANCORPORATION		10		463
	WESTAR ENERGY INC		26		1,093
	WESTERN ALLIANCE BANCORPORATION		29		1,025
	WESTROCK CO		10		466
	WEX INC		34		2,984
	WGL HOLDINGS INC		11		685

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	WHITE MTNS INS GROUP		1		814
	WHITEWAVE FOODS CO		38		1,459
	WHITING PETE CORP NEW		25		235
	WILLIAMS SONOMA INC		20		1,139
	WINTRUST FINL CORP		50		2,411
	WISDOMTREE INVESTMENTS INC		66		1,033
	WNS HOLDINGS LTD ADR		62		1,934
	WOODWARD INC.		82		4,047
	WPX ENERGY INC		51		291
	WYNDHAM WORLDWIDE CORP		6		405
	ZAYO GROUP HOLDINGS INC		97		2,585
	ZIONS BANCORP		85		2,303

	Total Small / Mid Cap Equity Fund				447,848


	Stable Value Fund
	*Common/Collective Trusts*
*	COLUMBIA TRUST GOVERNMENT MONEY MARKET FUND				25,779
*	COLUMBIA TRUST STABLE GOVT FUND				11,378

	Total Stable Value Fund, at Fair Value				37,157



	Total Investments, at Fair Value				3,795,126


	Fully Benefit Responsive Investment Contracts (Stable Value Fund)
	*US Government and Agency Obligations*
	FEDERAL HOME LOAN BANKS 0.625% 5/30/2017		4,260		4,240
	FFCB 0.2119% 8/29/2017		2,000		1,997
	FFCB 0.21675% 3/22/2018		37,665		37,548
	FGOLD 15YR 3.5% 10/01/2020		12		13
	FGOLD 15YR 3.5% 10/01/2025		16		16
	FGOLD 15YR 3.5% 9/01/2025		128		133
	FGOLD 15YR 4% 7/01/2025		277		293
	FGOLD 15YR 4% 7/01/2025		1,208		1,267
	FGOLD 15YR 3% 1/01/2027		2,862		2,954

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FGOLD 15YR 3% 1/01/2027		1,647		1,701
	FGOLD 15YR 3% 11/01/2025		1,054		1,087
	FGOLD 15YR 3% 11/01/2026		776		801
	FGOLD 15YR 3% 3/01/2027		985		1,016
	FGOLD 15YR 3% 3/01/2027		2,865		2,957
	FGOLD 15YR 3.5% 1/01/2021		671		702
	FGOLD 15YR 3.5% 10/01/2025		3,090		3,239
	FGOLD 15YR 3.5% 11/01/2025		156		164
	FGOLD 15YR 3.5% 12/01/2025		57		60
	FGOLD 15YR 3.5% 12/01/2025		370		388
	FGOLD 15YR 3.5% 12/01/2025		1,303		1,366
	FGOLD 15YR 3.5% 2/01/2026		1,899		1,986
	FGOLD 15YR 3.5% 4/01/2021		372		389
	FGOLD 15YR 3.5% 4/01/2021		205		214
	FGOLD 15YR 3.5% 5/01/2026		76		80
	FGOLD 15YR 3.5% 6/01/2026		1,411		1,479
	FGOLD 15YR 3.5% 7/01/2026		168		176
	FGOLD 15YR 3.5% 7/01/2026		261		274
	FGOLD 15YR 3.5% 7/01/2026		344		361
	FGOLD 15YR 3.5% 7/01/2026		467		490
	FGOLD 15YR 3.5% 7/01/2026		982		1,030
	FGOLD 15YR 3.5% 7/01/2026		157		164
	FGOLD 15YR 3.5% 8/01/2026		1,372		1,438
	FGOLD 15YR 4% 10/01/2025		49		52
	FGOLD 15YR 4% 3/01/2026		162		171
	FGOLD 15YR 4% 5/01/2026		560		591
	FGOLD 15YR 4% 6/01/2024		54		57
	FGOLD 15YR 4% 6/01/2024		331		347
	FGOLD 15YR 4% 6/01/2025		57		60
	FGOLD 15YR 4% 6/01/2026		3,364		3,553
	FGOLD 15YR 5% 11/01/2017		34		36
	FGOLD 15YR 5% 6/01/2018		38		40
	FGOLD 15YR 5.5% 10/01/2018		7		7
	FGOLD 15YR 5.5% 2/01/2019		90		94

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FGOLD 15YR GIANT 3% 1/01/2027		1,182		1,220
	FGOLD 15YR GIANT 3% 6/01/2027		1,086		1,122
	FGOLD 15YR GIANT 3% 9/01/2030		1,496		1,543
	FGOLD 15YR GIANT 3.5% 1/01/2027		1,472		1,542
	FGOLD 15YR GIANT 3.5% 1/01/2030		448		469
	FGOLD 15YR GIANT 3.5% 10/01/2026		1,427		1,496
	FGOLD 15YR GIANT 3.5% 10/01/2029		77		80
	FGOLD 15YR GIANT 3.5% 11/01/2025		452		474
	FGOLD 15YR GIANT 3.5% 11/01/2029		770		807
	FGOLD 15YR GIANT 3.5% 11/01/2029		313		328
	FGOLD 15YR GIANT 3.5% 2/01/2030		8,307		8,708
	FGOLD 15YR GIANT 3.5% 3/01/2030		398		417
	FGOLD 15YR GIANT 3.5% 4/01/2029		427		447
	FGOLD 15YR GIANT 3.5% 4/01/2030		897		939
	FGOLD 15YR GIANT 3.5% 6/01/2029		638		668
	FGOLD 15YR GIANT 3.5% 7/01/2021		19		20
	FGOLD 15YR GIANT 3.5% 7/01/2029		1,600		1,674
	FGOLD 15YR GIANT 3.5% 8/01/2026		101		106
	FGOLD 15YR GIANT 3.5% 8/01/2027		1,745		1,828
	FGOLD 15YR GIANT 3.5% 8/01/2029		250		261
	FGOLD 15YR GIANT 3.5% 8/01/2029		2,422		2,535
	FGOLD 15YR GIANT 3.5% 9/01/2025		481		504
	FGOLD 15YR GIANT 3.5% 9/01/2026		945		990
	FGOLD 15YR GIANT 4% 10/01/2025		11		12
	FGOLD 15YR GIANT 4% 10/01/2025		153		162
	FGOLD 15YR GIANT 4% 5/01/2026		724		764
	FGOLD 15YR GIANT 4% 6/01/2026		1,195		1,262
	FHLB 1.125% 4/25/2018		11,760		11,729
	FHLB 1.875% 3/08/2019		4,500		4,554
	FHLMC 3.75% 3/27/2019		5,165		5,530
	FHLMC 5/1 HYBRID ARM 2.49% 1/01/2037		392		414
	FHLMC 5/1 HYBRID ARM 2.511% 12/01/2036		380		405
	FHLMC 5/1 HYBRID ARM 2.614% 9/01/2037		228		244
	FHLMC 5/1 HYBRID ARM 2.653% 10/01/2037		165		175

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FHLMC_3812 2.75% 9/15/2018		628		638
	FHLMC_T-13 6.085% 9/25/2029		1		1
	FNMA 15YR 3.5% 1/01/2026		479		503
	FNMA 15YR 3.5% 1/01/2026		757		794
	FNMA 15YR 3.5% 10/01/2025		289		303
	FNMA 15YR 3.5% 10/01/2025		47		50
	FNMA 15YR 3.5% 10/01/2025		437		458
	FNMA 15YR 3.5% 11/01/2025		1,167		1,224
	FNMA 15YR 3.5% 11/01/2025		1,500		1,574
	FNMA 15YR 3.5% 11/01/2025		1,254		1,316
	FNMA 15YR 3.5% 12/01/2025		311		326
	FNMA 15YR 3.5% 12/01/2025		475		498
	FNMA 15YR 3.5% 12/01/2026		29		30
	FNMA 15YR 3.5% 2/01/2026		194		204
	FNMA 15YR 3.5% 2/01/2026		996		1,045
	FNMA 15YR 3.5% 3/01/2026		370		389
	FNMA 15YR 3.5% 8/01/2026		487		510
	FNMA 15YR 3.5% 9/01/2025		105		110
	FNMA 15YR 4% 1/01/2025		64		68
	FNMA 15YR 4% 4/01/2025		830		880
	FNMA 15YR 4% 5/01/2025		585		620
	FNMA 15YR 4% 9/01/2024		733		775
	FNMA 15YR 4% 9/01/2025		32		34
	FNMA 15YR 4.5% 1/01/2025		10		11
	FNMA 15YR 4.5% 3/01/2023		80		85
	FNMA 15YR 4.5% 7/01/2023		49		52
	FNMA 15YR 5% 1/01/2019		115		120
	FNMA 15YR 5% 10/01/2024		247		265
	FNMA 15YR 5% 11/01/2018		48		50
	FNMA 15YR 5% 12/01/2018		218		227
	FNMA 15YR 5% 3/01/2023		54		59
	FNMA 15YR 5% 4/01/2018		131		135
	FNMA 15YR 5% 8/01/2023		1		1
	FNMA 15YR 5.5% 2/01/2018		24		24

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FNMA 15YR 5.5% 7/01/2018		63		64
	FNMA 15YR 5.5% 7/01/2018		33		34
	FNMA 15YR 5.5% 8/01/2023		57		60
	FNMA 15YR 6% 2/01/2020		14		14
	FNMA 15YR 6% 4/01/2023		280		305
	FNMA 15YR 6% 8/01/2017		4		4
	FNMA BENCH 1% 9/27/2017		8,530		8,511
	FNMA 0.75% 3/14/2017		14,420		14,383
	FNMA 1.625% 1/21/2020		5,945		5,923
	FNMA 10/1 HYBRID ARM 1.915% 11/01/2032		37		38
	FNMA 10/1 HYBRID ARM 1.915% 12/01/2032		212		225
	FNMA 10/1 HYBRID ARM 1.935% 3/01/2034		190		185
	FNMA 10/1 HYBRID ARM 2.008% 8/01/2034		64		63
	FNMA 10/1 HYBRID ARM 2.018% 4/01/2035		98		102
	FNMA 10/1 HYBRID ARM 2.23% 10/01/2034		47		49
	FNMA 10/1 HYBRID ARM 2.339% 12/01/2035		84		85
	FNMA 10/1 HYBRID ARM 2.358% 9/01/2035		368		374
	FNMA 10/1 HYBRID ARM 2.44% 5/01/2035		130		135
	FNMA 10/1 HYBRID ARM 2.577% 12/01/2033		13		14
	FNMA 15YR 3% 7/01/2027		541		560
	FNMA 15YR 3% 7/01/2030		726		748
	FNMA 15YR 3.5% 1/01/2026		720		756
	FNMA 15YR 3.5% 1/01/2026		18		19
	FNMA 15YR 3.5% 1/01/2027		854		896
	FNMA 15YR 3.5% 1/01/2027		1,677		1,759
	FNMA 15YR 3.5% 1/01/2030		3,995		4,188
	FNMA 15YR 3.5% 10/01/2026		1,137		1,193
	FNMA 15YR 3.5% 10/01/2026		1,681		1,763
	FNMA 15YR 3.5% 10/01/2026		40		42
	FNMA 15YR 3.5% 10/01/2026		936		983
	FNMA 15YR 3.5% 10/01/2028		880		922
	FNMA 15YR 3.5% 10/01/2029		247		259
	FNMA 15YR 3.5% 11/01/2027		15		16
	FNMA 15YR 3.5% 11/01/2027		46		48

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FNMA 15YR 3.5% 11/01/2028		986		1,033
	FNMA 15YR 3.5% 11/01/2028		40		42
	FNMA 15YR 3.5% 11/01/2029		351		368
	FNMA 15YR 3.5% 11/01/2029		605		634
	FNMA 15YR 3.5% 12/01/2025		258		271
	FNMA 15YR 3.5% 12/01/2025		644		675
	FNMA 15YR 3.5% 12/01/2026		989		1,038
	FNMA 15YR 3.5% 12/01/2028		414		434
	FNMA 15YR 3.5% 12/01/2029		3,324		3,485
	FNMA 15YR 3.5% 12/01/2029		918		962
	FNMA 15YR 3.5% 2/01/2026		575		605
	FNMA 15YR 3.5% 2/01/2027		172		181
	FNMA 15YR 3.5% 2/01/2028		17		17
	FNMA 15YR 3.5% 2/01/2029		2,263		2,372
	FNMA 15YR 3.5% 4/01/2026		1,038		1,088
	FNMA 15YR 3.5% 4/01/2030		1,269		1,330
	FNMA 15YR 3.5% 5/01/2027		506		532
	FNMA 15YR 3.5% 5/01/2029		605		635
	FNMA 15YR 3.5% 6/01/2027		3,921		4,114
	FNMA 15YR 3.5% 6/01/2029		865		906
	FNMA 15YR 3.5% 7/01/2029		2,809		2,944
	FNMA 15YR 3.5% 7/01/2029		1,744		1,828
	FNMA 15YR 3.5% 8/01/2026		482		506
	FNMA 15YR 3.5% 8/01/2027		513		539
	FNMA 15YR 3.5% 8/01/2027		141		148
	FNMA 15YR 3.5% 8/01/2029		2,791		2,926
	FNMA 15YR 3.5% 9/01/2026		1,650		1,731
	FNMA 15YR 3.5% 9/01/2026		2,045		2,145
	FNMA 15YR 3.5% 9/01/2026		18		19
	FNMA 15YR 3.5% 9/01/2028		2,727		2,861
	FNMA 15YR 3.5% 9/01/2028		4,966		5,207
	FNMA 15YR 3.5% 9/01/2029		387		406
	FNMA 15YR 4% 1/01/2029		798		843
	FNMA 15YR 4% 1/01/2029		798		843

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	FNMA 15YR 4% 1/01/2029		798		843
	FNMA 15YR 4% 1/01/2029		798		843
	FNMA 15YR 4% 11/01/2026		548		582
	FNMA 15YR 4% 5/01/2027		25		27
	FNMA 15YR 4.5% 10/01/2019		137		142
	FNMA 15YR 4.5% 5/01/2024		393		422
	FNMA 15YR 4.5% 6/01/2026		197		204
	FNMA 15YR 5% 3/01/2023		17		19
	FNMA 15YR 5.5% 4/01/2021		127		133
	FNMA 5/1 HYBRID ARM 1.312% 6/01/2037		436		438
	FNMA 5/1 HYBRID ARM 2.695% 12/01/2035		375		401
	FNMA 7/1 HYBRID ARM 2.381% 1/01/2036		23		24
	FNMA 7/1 HYBRID ARM 2.456% 1/01/2034		178		186
	FNMA 7/1 HYBRID ARM 2.983% 3/01/2036		102		105
	FNMA_03-W11 3.60166% 6/25/2033		2		2
	FNMA_04-60 5.5% 4/25/2034		173		181
	FNMA_09-37 4% 3/25/2024		465		476
	FNMA_10-87 4% 2/25/2024		31		31
	FNMA_11-15 5.5% 3/25/2026		807		854
	FNMA_11-16 3.5% 3/25/2026		175		179
	FNMA_11-55 3% 7/25/2025		1,549		1,589
	FNMA_12-31 1.75% 10/25/2022		2,830		2,839
	GNMA_11-143 3.87005% 3/16/2033		158		159
	GNMA_11-161 1.738% 1/16/2034		1,236		1,236
	GNMA_12-142 1.105% 5/16/2037		1,142		1,122
	GNMA_12-55 1.75% 8/16/2033		760		762
	GNMA_12-86 1.55817% 4/16/2040		776		771
	GNMA_13-12 1.41% 10/16/2042		771		756
	GNMA_13-126 1.54% 4/16/2038		699		687
	GNMA_13-146 2% 8/16/2040		919		923
	GNMA_13-17 1.55835% 10/16/2043		959		943
	GNMA_13-179 1.8% 7/16/2037		701		693
	GNMA_13-194 2.25% 5/16/2038		702		704
	GNMA_13-2 1.6% 12/16/2042		777		768

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)		(d) Current Value (in thousands)
	GNMA_13-30 1.5% 5/16/2042		1,726		1,687
	GNMA_13-32 1.9% 1/16/2042		1,533		1,515
	GNMA_13-33 1.061% 7/16/2038		1,532		1,484
	GNMA_13-35 1.618% 2/16/2040		2,260		2,222
	GNMA_13-52 1.15% 6/16/2038		1,370		1,330
	GNMA_13-57 1.35% 6/16/2037		2,359		2,326
	GNMA_13-73 1.35% 1/16/2039		1,555		1,517
	GNMA_13-78 1.62443% 7/16/2039		751		736
	GNMA_14-103 1.742% 6/16/2053		2,367		2,413
	GNMA_14-109 2.325% 1/16/2046		1,759		1,777
	GNMA_14-135 2.4% 8/16/2045		1,637		1,638
	GNMA_14-47 2.25% 8/16/2040		1,489		1,499
	GNMA_14-64 2.2% 11/16/2046		1,893		1,900
	GNMA_14-86 2.65% 11/16/2040		1,663		1,686
	GNMA_15-109 2.5279% 2/16/2040		1,138		1,145
	GNMA_15-2 2.1% 12/16/2044		1,766		1,760
	GNMA_15-21 2.6% 11/16/2042		1,637		1,656
	GNMA_15-5 2.5% 11/16/2039		2,605		2,626
	GNMA_15-78 2.9179% 6/16/2040		1,304		1,327
	PRIVATE EXPORT FUNDING CO 5.45% 9/15/2017		1,920		2,054
	TREASURY NOTE 0.75% 2/28/2018		22,300		22,110
	TREASURY NOTE 0.875% 1/31/2017		28,390		28,392
	TREASURY NOTE 2% 1/31/2016		12,060		12,078
	TREASURY NOTE 2% 11/30/2020		21,950		22,172
	US TII .125 04/15/2018 (T 0.125% 4/15/2018		11,310		11,613
	*Common/Collective Trusts*
*	COLUMBIA TRUST GOV MONEY MKT FUND		4,626		4,626
*	COLUMBIA TRUST DECL DURATION GOVT BOND FUND		9,254		94,757
	*Pooled Separate Accounts*
	MET LIFE SEPARATE ACCOUNT CONTRACT		653		66,912

	Total Stable Value Fund, Excluding Wrappers				547,229


	Wrapper Contracts:
	RBC I - #10903, MATURES 12/31/50, 4.02%				54

*	Indicates party-in-interest

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

December 31, 2015


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Number of Shares / Units or Face Amount (in thousands)	(d) Current Value (in thousands)
	MONUMENT LIFE II - #MDA00633TR, MATURES 12/31/50, 4.11%			1
	MONUMENT LIFE V - #MDS00375TR, MATURES 12/31/50, 4.08%			64
	PACIFIC LIFE - # 26755, MATURES 12/31/50, 4.00%			32

	Total Wrapper Contracts			151


	Adjustment from Fair Value to Contract Value
	RBC I - #10903, MATURES 12/31/50, 4.02%			(1,249	)
	LINCOLN NATIONAL LIFE			(19	)
*	JP MORGAN CHASE I - #AISP01, MATURES 12/31/50, 4.24%			304
	MET LIFE - #28972, MATURES 12/31/50, 3.98%			(51	)
	Met LIFE (SA)- #32745			(11	)
	MONUMENT LIFE II - #MDA00633TR, MATURES 12/31/50, 4.11%			(42	)
	MONUMENT LIFE V - #MDS00375TR, MATURES 12/31/50, 4.08%			48
	PACIFIC LIFE - # 26755, MATURES 12/31/50, 4.00%			(41	)

	Total Adjustments			(1,061	)



	Total Fully Benefit Responsive Investment Contracts, at Contract Value			546,319



	TOTAL INVESTMENTS			4,341,445


	Loans to Participants
*	Various Loans - 3.25% through 9.50% due through October 2045			81,596

	Loans to Participants Total			81,596

*	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
	SAVINGS PLAN

Date: June 28, 2016	By	/s/ Rita Pang
		Rita Pang
		Employee Benefits Administration
		Committee

EXHIBIT INDEX


Exhibit Number	Description	How Filed

23.1	Consent of Independent Registered Public Accounting Firm – PricewaterhouseCoopers LLP	Electronically filed herewith

E-1