axp-20260617

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(Mark One)

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

For the fiscal year ended December 31, 2025

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

For the transition period from to

Commission file number 1-7657

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

AMERICAN EXPRESS COMPANY

200 Vesey Street

New York, New York 10285

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedules

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024			1

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025			2

Notes to Financial Statements			3

SUPPLEMENTAL SCHEDULES*




Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025			16

Schedule H, Line 4i - Schedule of Assets (Acquired and Disposed of Within Year) for the Year Ended December 31, 2025			60

Schedule H, Line 4j - Schedule of Reportable Transactions for the Year Ended December 31, 2025			61

Signature			62

Exhibit Index			E-1

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Administrator and Plan Participants of the

American Express Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the American Express Retirement Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

Supplemental Schedules

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2025, Schedule of Assets (Acquired and Disposed of Within the Year) for the year ended December 31, 2025, and Schedule of Reportable Transactions for the year ended December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the financial statements. The supplemental schedules are the responsibility of Management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

McConnell & Jones LLP

Houston, Texas

June 17, 2026

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

as of December 31, 2025 and 2024


(Thousands)	2025		2024
Assets
Investments, at fair value	$	9,493,205	$	8,137,170
Fully benefit responsive investment contracts, at contract value	790,237		762,784
Due from brokers for investments sold	3,997		2,027
Cash (non-interest bearing)	10,239		7,741
Receivables:
Notes receivable from participants	80,431		73,860
Investment income accrued	10,578		8,798
Employer contributions	122,947		112,605
Total Assets	10,511,634		9,104,985
Liabilities
Accrued expenses	3,101		2,957
Due to brokers for investments purchased	153,909		143,537
Total Liabilities	157,010		146,494
Net assets available for benefits	$	10,354,624	$	8,958,491

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, 2025


(Thousands)	2025
Additions:
Contributions:
Employer	$	290,416
Employee	337,060
Rollovers	74,082
Total contributions	701,558

Investment income:
Net appreciation of investments	1,338,630
Interest and dividends	111,661
Other income	1,993
Total investment income	1,452,284

Interest on notes receivable from participants	5,993
Total additions to net assets	2,159,835

Deductions:
Withdrawal payments	(749,319)
Administrative expenses	(14,383)
Total deductions	(763,702)

Net increase in net assets available for benefits	1,396,133

Net assets available for benefits at beginning of year	$	8,958,491
Net assets available for benefits at end of year	$	10,354,624

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 plan. Under the terms of the Plan, regular full-time and certain part-time U.S.-paid employees of American Express Company and its participating subsidiaries (the “Company”) can make elective contributions to the Plan beginning as soon as practicable after their date of hire, and eligible employees hired for the first time on or after January 1, 2017 as well as those rehired on or after January 1, 2022 are covered by the Plan’s automatic enrollment provisions. Eligible employees can qualify to receive Company contributions, if any, upon completion of six months of service.

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

Administration

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

Compensation

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

For purposes of the Plan, compensation is subject to applicable limits under the Internal Revenue Code (the “Code”).

Contributions

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

Elective Contributions

Each pay period, participants may make contributions to the Plan through payroll deductions, including Before-Tax Contributions and/or Roth Contributions up to 80% of their Total Pay, After-Tax Contributions up to 10% of Total Pay or a combination of all three contribution types provided the aggregate does not exceed 80% of their Total Pay or applicable limits under the Code. Roth Contributions are a special type of after-tax contribution and are subject to most of the same rules as Before-Tax Contributions. Participant contributions are subject to limitations imposed by the Code, including limitations on the amount of elective deferrals and catch-up contributions that may be made during the plan year. The Plan complied with non-discrimination requirements under the Code during 2025 and 2024 through its safe harbor design for deferrals and matching contributions.

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Company Matching Contributions

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

Fixed Rate Contributions

The Company may make a Fixed Rate Contribution annually, typically comprised of 2% or 3% of eligible participants’ Total Pay (with the applicable percentage determined by a participant’s pay band level) for participants who have completed six months of service. Such percentages were applied to calculate the Fixed Rate Contribution for 2025 and 2024. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Fixed Rate Contributions made for that Plan year. Fixed Rate Contributions to eligible participants are made regardless of whether the participant contributes to the Plan.

Discretionary Profit Sharing Contributions

Additional Discretionary Profit Sharing Contributions by the Company are permitted under the Plan; no Discretionary Profit Sharing Contributions were made in 2025 or 2024.

Qualified Non-Elective Contributions

The Company may make Qualified Non-Elective Contributions (“QNEC”). A QNEC is a discretionary, fully vested contribution allocated in accordance with the Company’s direction at the time the QNEC is approved. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of Before-Tax Contributions or Roth Contributions. No QNECs were made in 2025 or 2024.

Disability Contributions

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

Allocation of Account Balances

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

Participant Rollovers

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

In-Plan Roth Conversions

The Plan allows for in-Plan Roth conversions.

Vesting

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

Company Matching Contributions

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

Fixed Rate Contributions

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

Discretionary Profit Sharing Contributions

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

Qualified Non-Elective Contributions

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

Disability Contributions

Disability Contributions are immediately 100% vested.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Forfeitures

Forfeitures of terminated participants’ non-vested accounts, as well as amounts attributable to outstanding checks as to which the payee cannot be located, are used at the discretion of the Company, as Plan Sponsor, to reduce future Company contributions, restore forfeitures for participants who are rehired and reissue checks for any missing payees who are subsequently located. Forfeiture amounts not used for the above purposes may be used to pay Plan expenses as directed by the Plan Administrator. Forfeited non-vested balances were $2.2 million and $2.7 million as of December 31, 2025 and 2024, respectively. Accrued Fixed Rate Contributions for 2025 and 2024 were reduced by $2.3 million and $2.6 million, respectively, from forfeited account balances. An additional $0.4 million from the forfeited account balances reduced Company contributions during the 2024 plan year. In 2025, $0.6 million from the forfeited account balances was used to pay Plan expenses.

Plan Termination

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

Notes Receivable from Participants

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

Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed for the life of the loan. The interest rate determination is based on the prime rate plus one percentage point. In the event of a loan default, the loan is treated as a distribution (i.e., as an early withdrawal of funds from the Plan for tax purposes), which subjects the participant to income tax plus any penalties imposed by the Code based on the loan balance. If the participant is still employed, the loan balance is taxed as a “deemed distribution” but remains outstanding as an obligation of the participant until it is either repaid or the participant terminates employment. In the event of a termination, either voluntary or involuntary, the loan balance is treated as an actual distribution and deducted from the participant’s Plan account balance. Loans outstanding to participants at December 31, 2025, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through February 12, 2056.

Tax Deferrals

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Distributions and Withdrawals

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

Expenses

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

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Amounts presented in this report may not sum due to rounding.

Amounts Based on Estimates and Assumptions

Accounting estimates are an integral part of the financial statements. These estimates are based, in part, on management’s assumptions concerning future events. Among the more significant assumptions are those that relate to fair value measurements. These accounting estimates reflect the best judgment of management, but actual results could differ.

Investment Valuation and Income Recognition

Investments are generally reported at fair value, with the exception of fully benefit responsive investment contracts, which are reported at contract value. Investments traded on securities exchanges, including common and preferred stocks, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan’s corporate debt instruments, U.S. Government and agency securities, municipal bonds and foreign bonds, is valued using a variety of observable market inputs, depending on the type of security being priced, and are obtained from pricing services engaged by Principal Bank for the years ended December 31, 2025 and 2024. The fair value of the Plan’s Stable Value Fund assets, described in Note 4 (Investments), is valued using pricing services engaged by Ameriprise Trust Company. See Note 3 (Fair Value Measurements) for a detailed discussion of the valuation techniques.

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

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

Distributions and Withdrawals

Distributions and withdrawals are recorded when paid.

Subsequent Events

The Plan has evaluated subsequent events or transactions for potential recognition or disclosure through June 17, 2026, the date the financial statements were issued. The Plan determined that there are no subsequent events or transactions that require additional disclosure.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

3. Fair Value Measurements

Fair value is defined as the price that would be required 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 principal, most advantageous market for the specific asset or liability.

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

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

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

–Quoted prices for similar assets or liabilities in active markets;

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

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

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

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

The Plan, in conjunction with the Company, monitors market conditions and evaluates the fair value hierarchy levels at least annually. There were no transfers between levels of the fair value hierarchy during the years presented.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

Financial Assets Carried at Fair Value

The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2025:


Description (Thousands)	Total		Level 1		Level 2
Money market funds	$	77,166	$	77,166	$	—
Corporate debt instruments	145,940		—		145,940
Common stocks	3,427,888		3,427,888		—
Common/Collective trusts	2,420,759		—		2,420,759
U.S. Government and agency obligations	423,470		—		423,470
Mutual funds	212,084		212,084		—
Self-directed brokerage accounts	265,767		265,767		—
Other investments	147,272		—		147,272
Total assets in the fair value hierarchy	$	7,120,346	$	3,982,905	$	3,137,441
Common/collective trusts measured at net asset value (“NAV”)	2,372,859
Total investments, at fair value	$	9,493,205

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


Description (Thousands)	Total		Level 1		Level 2
Money market funds	$	45,210	$	45,210	$	—
Corporate debt instruments	133,447		—		133,447
Common stocks	3,058,448		3,058,448		—
Common/Collective trusts	1,344,724		—		1,344,724
U.S. Government and agency obligations	311,175		—		311,175
Mutual funds	76,274		76,274		—
Self-directed brokerage accounts	215,114		215,114		—
Other investments	154,433		—		154,433
Total assets in the fair value hierarchy	$	5,338,825	$	3,395,046	$	1,943,779
Common/collective trusts measured at NAV	2,798,345
Total investments, at fair value	$	8,137,170

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

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

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

Level 1:

Level 1 investments are valued using quoted prices in active markets for identical assets and include common stocks, mutual funds, money market funds and investments held in self-directed brokerage accounts.

Level 2:

Level 2 investments are valued using observable inputs other than quoted market prices and include fixed income securities and certain common/collective trusts. These investments are valued using pricing models, recent trades of similar securities and other valuation methodologies that incorporate observable market data, such as interest rates, yield curves and credit spreads.

Level 3:

The Plan did not hold any Level 3 investments during the years presented.

Investments Measured at NAV:

Certain common/collective trusts are measured at fair value using the NAV per share (or its equivalent) as a practical expedient when the inputs used to determine fair value are not readily observable. These investments are not categorized within the fair value hierarchy. The NAV is determined by the investment managers or trustees and reflects the fair value of the underlying net assets.

The Plan’s policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period, and as of the end of 2025, $830 million of common/collective trust investments previously measured using NAV as a practical expedient were classified within Level 2 of the fair value hierarchy due to the availability of observable market inputs. The change in classification did not have a material impact on the measurement of fair value.

Fair Value of Investments Using NAV as Practical Expedient

The following tables summarize investments measured at fair value based on NAV per share/unit as of December 31, 2025 and 2024, respectively:

Fair Value as of December 31, 2025

(Thousands)

Fair Value as of December 31, 2024

(Thousands)

Redemption Frequency

Redemption Notice Period

Common/collective trusts(a)

$2,372,859

$2,798,345

As needed

Up to 5 business days(b)

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

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

4. Investments

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

A brief description of the investment options available to participants at December 31, 2025, is set forth below:

Core Investment Options

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

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

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

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

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

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

•Premature termination of the contracts;

•Plan termination or merger;

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

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

Plan Management believes no such events are probable of occurring.

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

•An uncured violation of the Plan’s investment guidelines;

•A breach of material obligation under the contract;

•A material misrepresentation; and

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

Plan Management believes no such events are probable of occurring.

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

Self-Directed Brokerage Accounts

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

American Express Company Stock Fund

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

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

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

5. Risks and Uncertainties

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

On May 15, 2026, a putative class action, captioned Rivetti v. American Express Company, et al., was filed in the United States District Court for the Southern District of New York against the Company and certain fiduciaries of the Plan alleging violations of ERISA. The complaint alleges that the defendants violated certain ERISA obligations by: allowing the investment of Plan assets in certain funds that underperformed benchmarks and comparator funds; selecting and retaining an investment manager that also had business relationships with the Company; and breaching certain fiduciary obligations. The suit seeks, among other remedies, an unspecified amount of damages. The Company intends to vigorously defend against these claims.

6. Income Tax Status

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

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan Management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions.

7. Reconciliation of Financial Statements to Form 5500

Beginning in 2025, fully benefit-responsive investment contracts are reported at contract value in the Form 5500. Prior year amounts continue to reflect presentation at fair value.

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2025 and 2024:


(Thousands)	2025		2024
Net assets available for benefits per the financial statements	$	10,354,624	$	8,958,491
Difference between contract value and fair value of fully benefit-responsive investment contracts	—		(36,552)
Loans deemed distributed	(153)		(205)
Net assets per the Form 5500	$	10,354,472	$	8,921,734

The following is a reconciliation of net income per the financial statements to the Form 5500 for the year ended December 31, 2025:


(Thousands)	2025
Net increase in net assets available for benefits per the financial statements	$	1,396,133
Change in difference between contract value and fair value of fully benefit-responsive investment contracts	36,552
Change in deemed distributions of participant loans	52
Net income per the Form 5500	$	1,432,738

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Notes to Financial Statements

8. Related Parties and Parties-In-Interest Transactions

The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Principal Financial Group and its affiliates and Charles Schwab and Co., Inc. and its affiliates, as well as investment managers appointed by RSPIC. Transactions with these parties are considered party-in-interest transactions, but not considered prohibited transactions under ERISA. As noted in Supplemental Schedule H, Line 4i, the Plan held investments with parties-in-interest in Ameriprise Financial, Inc. and its affiliates, BlackRock Institutional Trust Company, N.A. and its affiliates, Charles Schwab and Co. Inc. and its affiliates, Fidelity Investment Management and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, Morgan Stanley Investment Management and its affiliates, Principal Financial Group and its affiliates, Vanguard Fiduciary Trust Company and its affiliates and Willis Towers Watson and its affiliates as of December 31, 2025. Additionally, the self-directed brokerage account includes certain investments considered to be party-in-interest investments. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered party-in-interest transactions.

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

Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2025 and 2024, the Plan held 3,575,257 shares of American Express Company common stock valued at $1,323 million and 3,941,171 shares valued at $1,170 million, respectively. During the 2025 plan year the Plan acquired 38,507 shares of American Express Company common stock valued at $12 million through dividend reinvestments and sold 282,011 shares valued at $87 million. The Plan reimburses the Company for direct expenses (salary and benefits costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent coordinating certain services, validating reporting by Plan vendors and providing services to the Plan that are not performed by the Plan’s other service providers.

SUPPLEMENTAL SCHEDULES

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	Money Market Funds
	ALLSPRING TREASURY PLUS	3.681	%		77,166		77,166
	Total Money Market Funds						$	77,166


	Corporate Debt Instruments
	ABBVIE INC	4.400	%	11/6/2042	395		351
	ABBVIE INC	4.500	%	5/14/2035	160		157
	ABBVIE INC	4.050	%	11/21/2039	485		433
	ABBVIE INC	5.050	%	3/15/2034	150		154
	ABBVIE INC	5.400	%	3/15/2054	67		65
	ABN AMRO BANK	5.515	%	12/3/2035	300		310
	ACCENTURE CAPITAL INC	4.250	%	10/4/2031	195		195
	ACCENTURE CAPITAL INC	4.500	%	10/4/2034	135		133
	AEP TRANSMISSION CO LLC	3.150	%	9/15/2049	120		81
	AERCAP GLOBAL AVIATION TR	4.375	%	11/15/2030	400		399
	AERCAP IRELAND CAP	5.000	%	11/15/2035	155		153
	AERCAP IRELAND CAP/GLOBA	2.450	%	10/29/2026	180		178
	AERCAP IRELAND CAP/GLOBA	3.300	%	1/30/2032	210		194
	AERCAP IRELAND CAPITAL LTD	6.100	%	1/15/2027	290		295
	AES CORP	5.800	%	3/15/2032	275		282
	AFLAC INC	3.600	%	4/1/2030	1,565		1,539
	AGREE LTD PARTNERSHIP	4.800	%	10/1/2032	147		148
	AIB GROUP PLC	6.608	%	9/13/2029	400		425
	AIB GROUP PLC	5.320	%	5/15/2031	565		583
	AIG GLOBAL FDG	5.200	%	1/12/2029	450		462
	AIG GLOBAL FUNDING	4.900	%	8/21/2032	70		70
	AIRCASTLE LTD	5.250	%	3/15/2030	195		199
	ALABAMA POWER CO	5.700	%	2/15/2033	200		213
	ALTRIA GROUP INC	2.450	%	2/4/2032	260		230
	AMAZON.COM INC	3.250	%	5/12/2061	65		42
	AMAZON.COM INC	3.950	%	4/13/2052	285		222
	AMAZON.COM INC	4.100	%	4/13/2062	84		65
	AMER AIRLINE 16-2 AA PTT	3.200	%	6/15/2028	117		114
	AMER AIRLINE 16-3 AA PTT	3.000	%	4/15/2030	73		70
	AMER AIRLN 14-1 A PTT	3.700	%	10/1/2026	66		66
	AMER AIRLN 15-1 A PTT	3.375	%	5/1/2027	474		468

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	AMERICAN HONDA FINANCE	5.150	%	7/9/2032	273		281
	AMERICAN TOWER CORP	3.700	%	10/15/2049	220		163
	AMERICAN TOWER CORP	2.100	%	6/15/2030	150		136
	AMERICAN TOWER CORP	3.100	%	6/15/2050	139		91
	AMERICAN TOWER CORP	5.900	%	11/15/2033	170		182
	AMGEN INC	3.150	%	2/21/2040	339		267
	AMGEN INC	5.650	%	3/2/2053	611		598
	AMPHENOL CORP	5.300	%	11/15/2055	290		277
	AMRIZE FINANCE US LLC	4.950	%	4/7/2030	283		289
	ANALOG DEVICES INC	2.800	%	10/1/2041	250		184
	ANGLO AMERICAN CAPITAL	5.750	%	4/5/2034	410		430
	AON NORTH AMERICA INC	5.450	%	3/1/2034	300		312
	AON NORTH AMERICA INC	5.750	%	3/1/2054	100		99
	ARES STRATEGIC INCOME FUND	4.850	%	1/15/2029	193		191
	ASTRAZENECA PLC	6.450	%	9/15/2037	70		80
	ASTRAZENECA PLC	4.000	%	9/18/2042	60		52
	AT&T INC	2.300	%	6/1/2027	725		708
	AT&T INC	3.500	%	6/1/2041	154		121
	AT&T INC	2.250	%	2/1/2032	350		307
	AT&T INC	3.550	%	9/15/2055	638		425
	ATLAS WAREHOUSE LEND	4.625	%	11/15/2028	326		327
	ATMOS ENERGY CORP	5.500	%	6/15/2041	100		102
	AUTOZONE INC	1.650	%	1/15/2031	190		166
	AVIATION CAPITAL GROUP	5.125	%	4/10/2030	195		198
	AVIATION CAPITAL GROUP	4.800	%	10/24/2030	489		489
	AVOLON HLDGS FDG LTD	4.950	%	1/15/2028	223		226
	AVOLON HOLDINGS FNDG LTD	4.700	%	1/30/2031	175		174
	AVOLON HOLDINGS FUNDING LTD	5.150	%	1/15/2030	585		595
	BALTIMORE GAS & ELECTRIC	3.500	%	8/15/2046	70		52
	BALTIMORE GAS & ELECTRIC	2.900	%	6/15/2050	110		70
	BALTIMORE GAS & ELECTRIC	5.400	%	6/1/2053	265		255
	BANCO SANTANDER	5.127	%	11/6/2035	200		200
	BANCO SANTANDER S.A.	6.607	%	11/7/2028	600		640
	BANCO SANTANDER S.A.	4.551	%	11/6/2030	200		200
	BANCO SANTANDER SA	VR		9/14/2027	200		197
	BANCO SANTANDER SA	5.588	%	8/8/2028	200		207
	BANK AMERICA CORP	5.872	%	9/15/2034	280		299

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	BANK NEW YORK MELLON CORP	6.474	%	10/25/2034	180		201
	BANK NEW ZEALAND	5.076	%	1/30/2029	250		257
	BANK OF AMERICA CORP	VR		6/19/2041	675		498
	BANK OF AMERICA CORP	VR		7/22/2027	450		444
	BANK OF AMERICA CORP	VR		4/22/2042	151		119
	BANK OF AMERICA CORP	VR		10/20/2032	1,125		1,015
	BANK OF AMERICA CORP	5.015	%	7/22/2033	300		306
	BANK OF AMERICA CORP	5.511	%	1/24/2036	460		480
	BANK OF NOVA SCOTIA	4.850	%	2/1/2030	78		80
	BANQUE FED DU CRED MUTUEL	5.538	%	1/22/2030	365		379
	BARCLAYS PLC	VR		11/24/2032	200		182
	BARCLAYS PLC	6.224	%	5/9/2034	270		290
	BARCLAYS PLC	5.690	%	3/12/2030	200		208
	BARCLAYS PLC	4.942	%	9/10/2030	236		241
	BARCLAYS PLC	5.785	%	2/25/2036	200		209
	BAT CAPITAL CORP	4.540	%	8/15/2047	172		143
	BAXALTA INC	5.250	%	6/23/2045	7		7
*	BERKSHIRE HATHAWAY ENERG	4.450	%	1/15/2049	235		196
*	BERKSHIRE HATHAWAY FIN	3.850	%	3/15/2052	165		127
	BIOGEN INC	5.750	%	5/15/2035	185		195
	BNP PARIBAS	5.176	%	1/9/2030	975		999
	BNP PARIBAS	5.497	%	5/20/2030	200		207
	BNP PARIBAS	5.786	%	1/13/2033	260		273
	BOEING CO	3.250	%	3/1/2028	251		246
	BOEING CO	5.705	%	5/1/2040	175		179
	BOEING CO	5.150	%	5/1/2030	210		216
	BOEING CO/THE	6.388	%	5/1/2031	130		141
	BOEING CO/THE	6.528	%	5/1/2034	440		487
	BOSTON GAS COMPANY	5.843	%	1/10/2035	436		460
	BP CAP MARKETS AMERICA	2.939	%	6/4/2051	345		220
	BPCE FR	5.936	%	5/30/2035	750		782
	BPCE SA	6.293	%	1/14/2036	250		267
	BPCE SA	5.389	%	5/28/2031	375		385
	BPCE SA	6.027	%	5/28/2036	470		493
	BRISTOL-MYERS SQUIBB CO	4.125	%	6/15/2039	122		111
	BRISTOL-MYERS SQUIBB CO	4.250	%	10/26/2049	203		166
	BRISTOL-MYERS SQUIBB CO	3.700	%	3/15/2052	159		117

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	BRISTOL-MYERS SQUIBB CO	5.550	%	2/22/2054	24		24
	BRIXMOR OPERATING PART	2.250	%	4/1/2028	220		211
	BRIXMOR OPERATING PART	2.500	%	8/16/2031	115		103
	BROADCOM INC	5.050	%	7/12/2029	500		515
	BROADCOM INC	4.800	%	2/15/2036	91		90
	BROOKFIELD FINANCE INC	4.700	%	9/20/2047	13		11
	BROOKFIELD FINANCE INC	3.900	%	1/25/2028	297		296
	BROOKFIELD FINANCE INC	4.850	%	3/29/2029	96		98
	BROWN & BROWN INC	2.375	%	3/15/2031	100		90
	BUNGE LTD FIN CORP	3.200	%	4/21/2031	300		282
	BUNGE LTD FINANCE CORP	2.750	%	5/14/2031	260		239
	BUNGE LTD FINANCE CORP	4.650	%	9/17/2034	242		237
	BURLINGTN NORTH SANTA FE	4.375	%	9/1/2042	130		115
	CADENCE DESIGN SYSTEM INC	4.700	%	9/10/2034	314		314
	CAIXABANK	5.581	%	7/3/2036	555		570
	CAIXABANK SA	6.840	%	9/13/2034	420		468
	CANADIAN PAC RY CO	4.700	%	5/1/2048	217		191
	CANADIAN PACIFIC RR CO	5.750	%	3/15/2033	70		74
	CAPITAL ONE FINANCIAL CO	VR		11/2/2027	34		33
	CAPITAL ONE FINANCIAL CO	4.927	%	5/10/2028	29		29
	CAPITAL ONE FINANCIAL CO	6.312	%	6/8/2029	145		152
	CAPITAL ONE FINANCIAL CO	7.624	%	10/30/2031	427		483
	CAPITAL ONE FINANCIAL CO	5.197	%	9/11/2036	210		209
	CAPITAL ONE FINL CORP	5.700	%	2/1/2030	190		198
	CARDINAL HEALTH INC	5.450	%	2/15/2034	100		104
	CB RICHARD ELLIS SVCS INC	4.800	%	6/15/2030	52		53
	CENCORA INC	5.125	%	2/15/2034	280		287
	CENTERPOINT ENER HOUSTON	3.000	%	2/1/2027	91		90
	CF INDS INC	5.300	%	11/26/2035	125		125
	CGI INC	2.300	%	9/14/2031	200		177
	CHARTER COMM OPT LLC/CAP	6.384	%	10/23/2035	390		403
	CHARTER COMM OPT LLC/CAP	6.834	%	10/23/2055	70		67
	CHARTER COMM OPT LLC/CAP	5.375	%	4/1/2038	48		44
	CHARTER COMM OPT LLC/CAP	3.700	%	4/1/2051	130		82
	CHARTER COMM OPT LLC/CAP	3.500	%	3/1/2042	375		260
	CHENIERE ENERGY INC	5.650	%	4/15/2034	130		135
	CHENIERE ENERGY PARTNERS	5.550	%	10/30/2035	115		118

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	CIGNA CORP	3.400	%	3/1/2027	270		268
	CIGNA GROUP/THE	5.125	%	5/15/2031	200		207
	CINCINNATI FINL CORP	6.920	%	5/15/2028	50		53
	CITIGROUP INC	4.450	%	9/29/2027	21		21
	CITIGROUP INC	VR		7/24/2028	290		288
	CITIGROUP INC	4.412	%	3/31/2031	200		200
	CITIGROUP INC	5.449	%	6/11/2035	350		362
	CITIGROUP INC	4.503	%	9/11/2031	455		456
	CITIGROUP INC	5.174	%	9/11/2036	275		278
	CITIGROUP INC	VR		1/25/2033	183		168
	CITIGROUP INC	4.542	%	9/19/2030	328		331
	CLEVELAND ELECTRIC ILLUM	5.950	%	12/15/2036	40		42
	CMS ENERGY CORP	2.950	%	2/15/2027	39		38
	CNO GLOBAL FUNDING	5.875	%	6/4/2027	500		511
	COCA-COLA FEMSA SAB CV	1.850	%	9/1/2032	205		173
	CODELCO INC	6.440	%	1/26/2036	200		217
	COLUMBIA PIPELINE HOLDCO	5.097	%	10/1/2031	83		84
	COLUMBIA PIPELINES OPCO	5.927	%	8/15/2030	350		370
	COLUMBIA PIPELINES OPCO	6.036	%	11/15/2033	423		453
	COLUMBIA PIPELINES OPCO	5.439	%	2/15/2035	385		393
	COLUMBIA PIPELINES OPCO	5.962	%	2/15/2055	275		271
	COMCAST CORP	4.250	%	1/15/2033	150		147
	COMCAST CORP	3.200	%	7/15/2036	200		171
	COMCAST CORP	3.900	%	3/1/2038	55		48
	COMCAST CORP	3.400	%	4/1/2030	1,375		1,334
	COMCAST CORP	2.887	%	11/1/2051	669		391
	COMCAST CORP	2.937	%	11/1/2056	143		80
	COMCAST CORP	5.168	%	1/15/2037	216		213
	COMMONSPIRIT HEALTH	2.782	%	10/1/2030	545		507
	COMMONWEALTH EDISON CO	3.650	%	6/15/2046	45		34
	COMMONWEALTH EDISON CO	3.750	%	8/15/2047	70		54
	CONNECTICUT LT & PWR CO	4.950	%	8/15/2034	428		432
	CONOCOPHILLIPS COMPANY	5.550	%	3/15/2054	62		60
	CONOCOPHILLIPS COMPANY	5.500	%	1/15/2055	320		306
	CONSTELLATION ENERGY	6.500	%	10/1/2053	220		240
	CONSTELLATION ENERGY GEN LLC	5.800	%	3/1/2033	45		48
	CONSTELLATION SOFTWARE	5.158	%	2/16/2029	144		147

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	CONSTELLATION SOFTWARE INC	5.461	%	2/16/2034	106		107
	CONSUMERS ENERGY CO	4.625	%	5/15/2033	265		266
	COOPERATIEVE RABOBANK	4.990	%	5/27/2031	250		256
	COOPERATIEVE RABOBANK UA	5.564	%	2/28/2029	400		412
	COREBRIDGE FINANCIAL INC	3.650	%	4/5/2027	145		144
	COREBRIDGE FINANCIAL INC	3.850	%	4/5/2029	105		103
	CORPORATE OFFICE PROP LP	2.750	%	4/15/2031	362		330
	CORPORATE OFFICE PROP LP	2.000	%	1/15/2029	90		84
	COTERRA ENERGY INC	5.400	%	2/15/2035	210		213
	CREDIT AGRICOLE SA	5.862	%	1/9/2036	535		564
	CREDIT AGRICOLE SA	4.818	%	9/25/2033	250		250
	CSL FINANCE PLC	3.850	%	4/27/2027	215		215
	CSX CORP	6.000	%	10/1/2036	175		190
	DANSKE BANK	5.705	%	3/1/2030	400		416
	DANSKE BANK	4.613	%	10/2/2030	200		202
	DANSKE BANK	5.019	%	3/4/2031	245		250
	DELL INT LLC / EMC CORP	5.300	%	4/1/2032	555		571
	DELL INT LLC/EMC CORP	5.250	%	2/1/2028	146		149
	DELL INTL L L C / EMC CORP	6.020	%	6/15/2026	17		17
	DELTA AIR LINES 2015-1AA	3.625	%	7/30/2027	789		780
	DELTA AIR LINES 2020-AA	2.000	%	6/10/2028	41		39
	DEUTSCHE BANK	6.720	%	1/18/2029	239		250
	DEUTSCHE BANK	6.819	%	11/20/2029	190		203
	DEUTSCHE BANK	7.146	%	7/13/2027	245		249
	DEUTSCHE BANK	5.373	%	1/10/2029	210		214
	DEUTSCHE BANK AG	5.414	%	5/10/2029	150		156
	DEUTSCHE BANK AG	4.950	%	8/31/2031	425		429
	DEUTSCHE BANK AG	4.469	%	12/10/2031	150		149
	DEUTSCHE BANK NY	5.297	%	5/9/2031	360		369
	DEVON ENERGY CORP	5.750	%	9/15/2054	80		74
	DH EUROPE FINANCE II	3.250	%	11/15/2039	80		66
	DOMINION ENERGY INC	3.375	%	4/1/2030	210		203
	DOMINION RESOURCES INC	2.850	%	8/15/2026	76		75
	DOWDUPONT INC	5.319	%	11/15/2038	602		603
	DTE ELECT SECUR FND II	6.090	%	9/1/2038	300		324
	DTE ELECTRIC CO	3.650	%	3/1/2052	160		118
	DTE ELECTRIC CO	5.400	%	4/1/2053	130		126

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	DTE ENERGY CO	5.850	%	6/1/2034	412		439
	DUKE ENERGY CORP	2.650	%	9/1/2026	43		43
	DUKE ENERGY CORP	6.100	%	9/15/2053	250		259
	DUKE ENERGY CORP	5.700	%	9/15/2055	180		175
	DUKE ENERGY FLA LLC	6.200	%	11/15/2053	180		193
	DUKE ENERGY FLORIDA LLC	3.800	%	7/15/2028	200		200
	DUKE ENERGY FLORIDA LLC	2.500	%	12/1/2029	300		283
	DUKE ENERGY OHIO INC	4.300	%	2/1/2049	60		49
	DUKE ENERGY PROGRESS INC	4.200	%	8/15/2045	130		108
	DUKE ENERGY PROGRESS LLC	2.900	%	8/15/2051	180		113
	EASTERN GAS TRAN	3.900	%	11/15/2049	206		150
	EIDP INC	5.125	%	5/15/2032	350		359
	EL PASO ENERGY CORP MED TERM NOTE	7.800	%	8/1/2031	150		174
	ELECTRICITE DE FRANCE	5.950	%	4/22/2034	200		213
	ELEMENT FLEET MANAGEMENT	6.319	%	12/4/2028	530		559
	ELEMENT FLEET MANAGEMENT	5.643	%	3/13/2027	149		152
	ELEVANCE HEALTH INC	4.750	%	2/15/2033	143		143
	ELI LILLY & CO	5.000	%	2/9/2054	270		252
	EMERA US FINANCE LP	3.550	%	6/15/2026	70		70
	EMERA US FINANCE LP	4.750	%	6/15/2046	150		128
	ENBRIDGE INC	5.700	%	3/8/2033	180		190
	ENBRIDGE INC	5.625	%	4/5/2034	245		256
	ENERGY TRANSFER LP	5.600	%	9/1/2034	434		447
	ENERGY TRANSFER OPERATNG	6.250	%	4/15/2049	209		207
	ENERGY TRANSFER PARTNERS	6.000	%	6/15/2048	268		260
	ENI SPA	5.950	%	5/15/2054	200		198
	ENTERGY LA LLC	5.800	%	3/15/2055	225		226
	ENTERGY LOUISIANA LLC	3.050	%	6/1/2031	57		53
	ENTERGY LOUISIANA LLC	2.400	%	10/1/2026	59		58
	ENTERGY LOUISIANA LLC	3.120	%	9/1/2027	40		40
	ENTERGY LOUISIANA LLC	2.900	%	3/15/2051	140		88
	ENTERGY MISSISSIPPI INC	3.850	%	6/1/2049	190		145
	ENTERPRISE PRODUCTS OPER	4.900	%	5/15/2046	180		163
	ENTERPRISE PRODUCTS OPER	4.950	%	2/15/2035	200		202
	EQUINIX EUROPE 2 FI COR LLC	4.600	%	11/15/2030	390		391
	ESSEX PORTFOLIO LP	1.650	%	1/15/2031	200		175
	EVERGY INC	2.900	%	9/15/2029	125		119

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	EVERGY METRO	5.400	%	4/1/2034	110		114
	EVERGY METRO INC	4.950	%	4/15/2033	284		289
	EVERGY MISSOURI W STORM	5.104	%	12/1/2040	266		272
	EXELON CORP	5.100	%	6/15/2045	170		157
	EXELON GENERATION CO LLC	6.250	%	10/1/2039	180		195
	EXTRA SPACE STORAGE	4.000	%	6/15/2029	214		212
	EXXON MOBIL CORPORATION	2.995	%	8/16/2039	400		320
	F&G ANNUITIES & LIFE INC	6.500	%	6/4/2029	115		120
	FISERV INC	5.150	%	8/12/2034	305		303
	FLORIDA POWER & LIGHT	5.000	%	8/1/2034	1,970		2,015
	FLORIDA PWR & LT CO	5.300	%	4/1/2053	140		134
	FORD FOUNDATION/THE	2.815	%	6/1/2070	90		51
	FORTIS INC	3.055	%	10/4/2026	106		105
	GA GLOBAL FUNDING TRUST	5.200	%	12/9/2031	150		152
	GA GLOBAL FUNDING TRUST	5.500	%	4/1/2032	254		260
	GALLAGHER ARTHUR J & CO	5.750	%	7/15/2054	90		88
	GENPACT LUXEMBOURG SA	6.000	%	6/4/2029	209		218
	GILEAD SCIENCES INC	2.600	%	10/1/2040	379		280
	GLENCORE FUNDING LLC	5.634	%	4/4/2034	190		199
	GLOBAL PAYMENTS INC	3.200	%	8/15/2029	186		177
	GLOBAL PAYMENTS INC	2.900	%	5/15/2030	67		62
	GLOBAL PAYMENTS INC	2.900	%	11/15/2031	129		116
	GLOBAL PMTS INC	5.550	%	11/15/2035	570		567
	GOLDMAN SACHS GROUP INC	6.484	%	10/24/2029	250		265
	GOLDMAN SACHS GROUP INC	5.049	%	7/23/2030	315		323
	GOLDMAN SACHS GROUP INC	5.330	%	7/23/2035	665		683
	GOLDMAN SACHS GROUP INC	5.218	%	4/23/2031	467		482
	GOLDMAN SACHS GROUP INC	4.939	%	10/21/2036	400		397
	GOLDMAN SACHS GROUP INC	VR		1/27/2032	400		355
	GOLDMAN SACHS GROUP INC	VR		7/21/2032	290		260
	GOLDMAN SACHS GROUP INC	VR		10/21/2027	61		60
	GOLDMAN SACHS GROUP INC	VR		2/24/2028	234		230
	GOLDMAN SACHS GROUP INC	VR		2/24/2033	320		295
	GOLUB CAPITAL BDC	7.050	%	12/5/2028	287		303
	GOODMAN US FINANCE SIX	5.125	%	10/7/2034	100		100
	HACKENSACK MERIDIAN HLTH	2.675	%	9/1/2041	445		323
	HACKENSACK MERIDIAN HLTH	2.875	%	9/1/2050	250		161

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	HALLIBURTON CO	4.850	%	11/15/2035	43		42
	HALLIBURTON COMPANY	6.700	%	9/15/2038	50		55
	HANOVER INSURANCE GROUP	2.500	%	9/1/2030	140		127
	HARRIS CORPORATION	4.854	%	4/27/2035	40		40
	HARTFORD FINL SVCS GRP	4.300	%	4/15/2043	90		77
	HCA INC	5.500	%	6/15/2047	105		99
	HCA INC	5.125	%	6/15/2039	175		169
	HCA INC	3.500	%	7/15/2051	92		62
	HCA INC	3.625	%	3/15/2032	90		85
	HCA INC	5.600	%	4/1/2034	570		594
	HCA INC	6.100	%	4/1/2064	130		129
	HCA INC	5.750	%	3/1/2035	215		226
	HCA INC	4.900	%	11/15/2035	160		158
	HCA INC.	5.950	%	9/15/2054	100		99
	HEALTH CARE REIT INC	6.500	%	3/15/2041	140		156
	HEALTH CARE SERVICE CORP	5.450	%	6/15/2034	455		466
	HEALTHPEAK PROPERTIES	2.125	%	12/1/2028	271		256
	HOME DEPOT INC	3.625	%	4/15/2052	170		124
	HONEYWELL INTERNATIONAL	5.250	%	3/1/2054	210		198
	HSBC HLDGS PLC	4.619	%	11/6/2031	285		286
	HSBC HLDGS PLC	5.133	%	11/6/2036	330		331
	HSBC HOLDINGS PLC	VR		8/18/2031	320		291
	HSBC HOLDINGS PLC	5.286	%	11/19/2030	420		433
	HSBC HOLDINGS PLC	5.130	%	3/3/2031	200		205
	HUNTINGTON BANCSHARES INC	5.272	%	1/15/2031	150		154
	HYUNDAI CAPITAL AMERICA	5.300	%	6/24/2029	430		443
	ING GROEP NV	3.950	%	3/29/2027	200		200
	ING GROEP NV	6.114	%	9/11/2034	242		261
	INTEL CORP	3.734	%	12/8/2047	120		85
	INTEL CORP	3.250	%	11/15/2049	100		64
	INTEL CORP	3.050	%	8/12/2051	100		61
	INTERSTATE PWR & LT CO	4.950	%	9/30/2034	100		100
	INTERSTATE PWR & LT CO	5.450	%	9/30/2054	115		109
	INTUIT SR NT	5.500	%	9/15/2053	70		69
	ITC HOLDINGS CORP	5.400	%	6/1/2033	500		515
	JB HUNT TRANSPRT SVCS	4.900	%	3/15/2030	371		379
	JBS USA HOLDING LUX	5.500	%	1/15/2036	315		320

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	JBS USA HOLDING LUX	6.375	%	4/15/2066	360		358
	JBS USA LUX	6.750	%	3/15/2034	251		277
	JBS USA LUX SA	3.750	%	12/1/2031	245		233
	JBS USA LUX SA	6.500	%	12/1/2052	80		82
	JBS USA SARL/FOOD/GRP	5.950	%	4/20/2035	90		95
	JERSEY CENTRAL PWR & LT	6.150	%	6/1/2037	30		32
*	JPMORGAN CHASE & CO	VR		7/23/2029	600		602
*	JPMORGAN CHASE & CO	5.766	%	4/22/2035	275		293
	KANSAS CITY POWER & LT	4.200	%	3/15/2048	60		49
	KBC GROUP	6.324	%	9/21/2034	350		382
	KBC GROUP	4.454	%	9/23/2031	420		419
	KEYCORP	4.789	%	6/1/2033	45		45
	KEYCORP FR	5.121	%	4/4/2031	250		257
	KINDER MORGAN INC	5.850	%	6/1/2035	81		86
	KINDER MORGAN INC/DELAWA	5.050	%	2/15/2046	40		36
	KKR & CO INC	5.100	%	8/7/2035	522		522
	KLA CORP	3.300	%	3/1/2050	100		69
	KRAFT HEINZ FOODS CO	4.375	%	6/1/2046	120		99
	KRAFT HEINZ FOODS CO	4.625	%	10/1/2039	155		142
	KROGER CO	5.000	%	9/15/2034	90		90
	KROGER CO	5.500	%	9/15/2054	70		67
	L3HARRIS TECHNOLOGIES INC	5.400	%	7/31/2033	203		211
	L3HARRIS TECHNOLOGIES INC	5.250	%	6/1/2031	200		208
	LASMO USA INC DTD 11/12/97	7.300	%	11/15/2027	70		74
	LEIDOS INC	5.750	%	3/15/2033	110		117
	LLOYDS BANKING GROUP	5.679	%	1/5/2035	215		226
	LLOYDS BANKING GROUP	5.462	%	1/5/2028	200		203
	LLOYDS BANKING GROUP PLC	4.375	%	3/22/2028	200		201
	LLOYDS BANKING GROUP PLC	4.425	%	11/4/2031	621		619
	LLOYDS BANKING GROUP PLC	4.943	%	11/4/2036	325		322
	LOUISVILLE GAS & ELEC	4.650	%	11/15/2043	100		88
	LOWES COS INC	4.850	%	10/15/2035	242		240
	LOWE'S COS INC	3.000	%	10/15/2050	225		143
	LOWE'S COS INC	5.625	%	4/15/2053	124		120
	LUBRIZOL CORP	6.500	%	10/1/2034	193		218
	MACQUARIE AIRFINANCE HLDGS LTD	5.150	%	3/17/2030	555		563
	MACQUARIE GROUP LIMITED	6.255	%	12/7/2034	270		294

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	MARS INC	5.650	%	5/1/2045	400		403
	MARSH & MCLENNAN COS INC	4.375	%	3/15/2029	325		328
	MARVELL TECHNOLOGY INC	2.950	%	4/15/2031	300		278
	MARVELL TECHNOLOGY INC	5.750	%	2/15/2029	250		261
	MARVELL TECHNOLOGY INC	5.450	%	7/15/2035	500		515
	MASCO CORP	6.500	%	8/15/2032	110		120
	MASCO CORP	2.000	%	10/1/2030	57		51
	MASS MUTUAL LIFE INS CO	5.672	%	12/1/2052	154		149
	MCDONALD'S CORP	6.300	%	10/15/2037	38		42
	MCDONALD'S CORP	4.700	%	12/9/2035	101		100
	MCDONALD'S CORP	4.200	%	4/1/2050	125		101
	MEAD JOHNSON NUTRITION C	4.600	%	6/1/2044	35		31
	MEMORIAL HEALTH SERVICES	3.447	%	11/1/2049	310		220
	MERCK & CO INC	4.000	%	3/7/2049	160		128
	MERCK & CO INC	2.900	%	12/10/2061	170		99
	MET LIFE GLOB FUNDING I	3.300	%	3/21/2029	542		528
	META PLATFORMS INC	5.600	%	5/15/2053	235		225
	META PLATFORMS INC	5.400	%	8/15/2054	140		130
	META PLATFORMS INC	5.500	%	11/15/2045	410		398
	META PLATFORMS INC	4.875	%	11/15/2035	410		409
	META PLATFORMS INC	5.625	%	11/15/2055	175		168
	MICROSOFT CORP	3.041	%	3/17/2062	46		29
	MID-AMERICA APARTMENTS	1.700	%	2/15/2031	160		140
	MIDAMERICAN ENERGY	5.850	%	9/15/2054	110		113
	MIDMICHIGAN HEALTH	3.409	%	6/1/2050	90		62
	MITSUBISHI UFJ FIN GROUP	5.422	%	2/22/2029	420		432
	MITSUBISHI UFJ FINANCIAL	5.159	%	4/24/2031	200		206
	MITSUBISHI UFJ FINANCIAL GROUP	5.188	%	9/12/2036	200		203
	MIZUHO FINANCIAL GROUP	5.739	%	5/27/2031	280		295
	MIZUHO FINANCIAL GROUP INC	4.711	%	7/8/2031	310		314
	MIZUHO FINANCIAL GROUP INC	5.323	%	7/8/2036	535		550
	MOLSON COORS BREWING CO	4.200	%	7/15/2046	139		112
	MOODY'S CORPORATION	3.250	%	5/20/2050	210		143
*	MORGAN STANLEY	4.431	%	1/23/2030	137		138
*	MORGAN STANLEY	VR		4/1/2031	200		194
*	MORGAN STANLEY	VR		2/13/2032	470		413
*	MORGAN STANLEY	VR		4/22/2039	135		127

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
*	MORGAN STANLEY	VR		1/21/2028	211		208
*	MORGAN STANLEY	5.164	%	4/20/2029	340		348
*	MORGAN STANLEY	5.250	%	4/21/2034	580		597
*	MORGAN STANLEY	5.424	%	7/21/2034	60		62
*	MORGAN STANLEY	5.042	%	7/19/2030	150		154
*	MORGAN STANLEY	5.320	%	7/19/2035	407		419
*	MORGAN STANLEY BANK	5.449	%	7/20/2029	85		88
*	MORGAN STANLEY BK	5.466	%	1/18/2035	159		165
*	MORGAN STANLEY SR	5.656	%	4/18/2030	280		292
*	MORGAN STANLEY SR	4.356	%	10/22/2031	475		473
*	MORGAN STANLEY SR	4.892	%	10/22/2036	215		213
	MPLX LP	5.500	%	6/1/2034	370		377
	MPLX LP SR GLBL	5.400	%	4/1/2035	75		75
	NASDAQ INC	5.550	%	2/15/2034	74		78
	NATIONAL RETAIL PROP INC	3.600	%	12/15/2026	62		62
	NATIONAL SECS CLEARING	5.000	%	5/30/2028	284		291
	NATIONWIDE BLDG SOC GLOBAL	5.537	%	7/14/2036	415		429
	NATL BANK OF CANADA	5.600	%	12/18/2028	285		297
	NATL BANK OF CANADA	4.500	%	10/10/2029	450		455
	NATWEST GROUP PLC	5.115	%	5/23/2031	285		293
	NATWEST MKTS PLC	5.410	%	5/17/2029	485		503
	NEVADA POWER CO	6.000	%	3/15/2054	110		113
	NEXTERA ENERGY CAP HLDGS INC	5.550	%	3/15/2054	420		406
	NIAGARA MOHAWK POWER	5.996	%	7/3/2055	90		91
	NIAGARA MOHAWK POWER	5.664	%	1/17/2054	400		387
	NISOURCE INC	5.200	%	7/1/2029	200		206
	NNN REIT INC	5.600	%	10/15/2033	150		157
	NNN REIT INC	5.500	%	6/15/2034	130		135
	NNN REIT INC	4.600	%	2/15/2031	286		288
	NOMURA HOLDINGS INC	2.679	%	7/16/2030	200		185
	NORFOLK SOUTHERN CORP	4.837	%	10/1/2041	235		222
	NORFOLK SOUTHERN CORP	3.942	%	11/1/2047	151		119
	NORINCHUKIN BANK LTD	5.359	%	9/9/2035	500		507
	NORTHEASTERN UNIVERSITY	2.894	%	10/1/2050	400		267
	NORTHERN STATE PWR- MINN	6.200	%	7/1/2037	50		55
	NORTHERN STATES PWR-MINN	5.100	%	5/15/2053	190		176
	NORTHERN STS PWR CO	4.500	%	6/1/2052	217		184

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	NORTHERN TRUST CORP	VR		5/8/2032	38		37
	NORTHROP GRUMMAN CORP	5.250	%	5/1/2050	260		245
	NRG ENERGY INC	5.407	%	10/15/2035	360		360
	NTT FINANCE CORP	5.171	%	7/16/2032	340		349
	NUTRIEN LTD	4.125	%	3/15/2035	100		92
	NVENT FINANCE SARL	4.550	%	4/15/2028	98		99
	NXP BV / NXP FDG LLC	3.250	%	5/11/2041	425		322
	NXP BV / NXP FDG LLC	2.500	%	5/11/2031	178		161
	NXP BV/NXP FDG LLC	3.150	%	5/1/2027	350		346
	OGE ENERGY CORP	5.450	%	5/15/2029	70		72
	OHIO POWER COMPANY	2.900	%	10/1/2051	240		148
	ONCOR ELECTRIC DELIVERY	3.100	%	9/15/2049	215		143
	ONEOK INC	4.750	%	10/15/2031	215		216
	OPT DEFENSE PROPERTIES LP	4.500	%	10/15/2030	300		299
	ORACLE CORP	3.850	%	7/15/2036	267		223
	ORACLE CORP	4.000	%	7/15/2046	120		83
	ORACLE CORP	3.600	%	4/1/2050	565		352
	ORACLE CORP	3.950	%	3/25/2051	174		114
	ORACLE CORP	4.900	%	2/6/2033	220		212
	ORACLE CORP SR	4.800	%	9/26/2032	215		208
	ORACLE CORP SR	5.875	%	9/26/2045	155		140
	PACIFIC GAS & ELECTRIC	4.450	%	4/15/2042	200		165
	PACIFIC GAS & ELECTRIC	3.750	%	8/15/2042	50		38
	PACIFIC GAS & ELECTRIC	4.300	%	3/15/2045	85		67
	PACIFIC GAS & ELECTRIC	2.950	%	3/1/2026	105		105
	PACIFIC GAS & ELECTRIC	6.750	%	1/15/2053	10		11
	PACIFIC GAS & ELECTRIC	6.400	%	6/15/2033	205		221
	PACIFIC GAS & ELECTRIC	5.800	%	5/15/2034	351		365
	PACIFIC GAS & ELECTRIC	5.900	%	10/1/2054	30		29
	PACIFIC GAS & ELECTRIC	6.000	%	8/15/2035	650		682
	PECO ENERGY CO	2.800	%	6/15/2050	100		63
	PENSKE TRUCK LEASING CO	5.700	%	2/1/2028	276		284
	PEPPERDINE UNIV	3.301	%	12/1/2059	150		95
	PFIZER INVT ENTERPRISES	5.300	%	5/19/2053	360		341
	PG&E RECOVERY FDG	5.231	%	6/1/2042	200		202
	PG&E RECOVERY FDG LLC	5.529	%	6/1/2051	240		240
	PG&E RECOVERY FND LLC	5.536	%	7/15/2047	180		180

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	PG&E WILDFIRE RECOVERY	4.263	%	6/1/2038	125		122
	PG&E WILDFIRE RECOVERY	5.212	%	12/1/2049	80		77
	PG&E WILDFIRE RECOVERY	5.099	%	6/1/2054	150		140
	PHYSICIANS REALTY LP	2.625	%	11/1/2031	140		126
	PIEDMONT HEALTHCARE INC	2.864	%	1/1/2052	245		155
	PIONEER NATURAL RESOURCE	1.900	%	8/15/2030	230		208
	PLAINS ALL AMERN PIPELINE	5.950	%	6/15/2035	245		255
	PNC FINANCIAL SERVICES	5.068	%	1/24/2034	253		259
	PNC FINANCIAL SERVICES	5.939	%	8/18/2034	255		274
	PNC FINANCIAL SERVICES	5.401	%	7/23/2035	256		265
	PNC FINANCIAL SERVICES	4.812	%	10/21/2032	200		204
	PNC FINANCIAL SERVICES	5.373	%	7/21/2036	330		339
	PPL ELECTRIC UTILITIES	5.250	%	5/15/2053	160		153
	PRECISION CASTPARTS CORP	3.900	%	1/15/2043	250		208
	PRECISION CASTPARTS CORP	4.375	%	6/15/2045	80		70
*	PRINCIPAL FINANCIAL GROUP INC	4.111	%	2/15/2028	149		149
*	PRINCIPAL FINANCIAL GRP	3.700	%	5/15/2029	105		103
*	PRINCIPAL LIFE GLOBAL FDG II	5.100	%	1/25/2029	150		154
	PROGRESS ENERGY INC	7.000	%	10/30/2031	50		56
	PROLOGIS LP	2.875	%	11/15/2029	90		86
	PSI ENERGY INC	6.120	%	10/15/2035	50		54
	PUBLIC SERVICE COLORADO	3.550	%	6/15/2046	27		20
	PUBLIC SVC CO	5.200	%	1/15/2035	55		56
	PUGET ENERGY INC	5.725	%	3/15/2035	105		108
	QUANTA SERVICES INC	2.350	%	1/15/2032	200		176
	QUANTA SERVICES INC	5.100	%	8/9/2035	250		251
	QUEST DIAGNOSTICS INC	6.400	%	11/30/2033	150		166
	REGENCY CENTERS LP	4.125	%	3/15/2028	200		200
	REGENERON PHARMACEUTICAL	1.750	%	9/15/2030	290		259
	RELX CAPITAL INC	5.250	%	3/27/2035	471		486
	RIO TINTO FIN USA PLC	5.000	%	3/14/2032	467		482
	ROPER TECHNOLOGIES INC	4.900	%	10/15/2034	130		130
	ROYAL BANK OF CANADA	4.650	%	10/18/2030	320		324
	ROYAL BK SCOTLND GRP PLC	VR		5/8/2030	235		236
	ROYAL BK SCOTLND GRP PLC	VR		1/27/2030	400		409
	RTX CORPORATION	4.350	%	4/15/2047	17		14
	RTX CORPORATION	2.375	%	3/15/2032	273		243

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	RTX CORPORATION	5.150	%	2/27/2033	154		159
	RYDER SYSTEM INC	1.750	%	9/1/2026	271		267
	SAFEHOLD OPERATING PARTN	2.800	%	6/15/2031	81		74
	SAN DIEGO G & E	6.125	%	9/15/2037	80		87
	SAN DIEGO G & E	2.950	%	8/15/2051	195		124
	SANTANDER HOLDINGS USA	6.174	%	1/9/2030	265		276
	SANTANDER UK GROUP	5.694	%	4/15/2031	485		506
	SANTANDER UK GROUP HLDGS	VR		6/14/2027	270		267
	SANTANDER UK GROUP HOLDINGS	6.534	%	1/10/2029	350		366
	SANTANDER UK GROUP HOLDINGS	4.858	%	9/11/2030	230		233
	SCE RECOVERY FUNDING LLC	4.697	%	6/15/2040	158		157
	SCE RECOVERY FUNDING LLC	5.341	%	3/15/2045	190		190
	SHELL FINANCE US INC	5.500	%	3/25/2040	165		169
	SIGECO SECURITIZATION I LLC	5.026	%	11/15/2038	150		154
	SKANDINAVISKA ENSKILDA	5.375	%	3/5/2029	325		336
	SKANDINAVISKA ENSKILDA BANKEN	4.500	%	9/3/2030	225		226
	SOCIETE GENERALE	6.691	%	1/10/2034	200		218
	SOCIETE GENERALE	5.512	%	5/22/2031	341		351
	SOCIETE GENERALE FR	6.100	%	4/13/2033	710		750
	SOLVENTUM CORP	5.600	%	3/23/2034	275		286
	SOUTHERN CAL EDISON	4.050	%	3/15/2042	150		119
	SOUTHERN CAL EDISON	3.650	%	3/1/2028	100		99
	SOUTHERN CAL EDISON	4.125	%	3/1/2048	140		106
	SOUTHERN CAL EDISON	5.700	%	3/1/2053	80		74
	SOUTHERN CAL EDISON	5.875	%	12/1/2053	201		192
	SOUTHERN CAL EDISON	5.900	%	3/1/2055	130		126
	SOUTHERN CALIF EDISON CO	5.550	%	1/15/2036	100		100
	SOUTHERN CALIF EDISON CO	5.450	%	6/1/2031	340		352
	SOUTHERN CO	5.200	%	6/15/2033	277		285
	SOUTHERN CO GAS CAP	5.750	%	9/15/2033	170		180
	SOUTHERN CO GAS CAP	4.950	%	9/15/2034	390		391
	SOUTHERN CO GAS CAPITAL	3.950	%	10/1/2046	26		20
	SOUTHERN CO GAS CAPITAL	3.150	%	9/30/2051	165		107
	SOUTHERN POWER CO	5.150	%	9/15/2041	70		67
	SOUTHWEST GAS CORP	3.800	%	9/29/2046	49		37
	SOUTHWESTERN PUBLIC SERV	4.500	%	8/15/2041	30		27
	STANDARD CHARTERED PLC	5.688	%	5/14/2028	235		240

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	STARBUCKS CORP	4.900	%	2/15/2031	160		165
	STATE STR CORP	4.784	%	10/23/2036	150		149
	STEEL DYNAMICS INC	1.650	%	10/15/2027	101		97
	SUMITOMO MITSUI FIN	5.710	%	1/13/2030	385		406
	SUMITOMO MITSUI FIN GRP INC	5.240	%	4/15/2030	400		415
	SYNOPSYS INC	5.700	%	4/1/2055	240		238
	T MOBILE USA INC	5.150	%	4/15/2034	296		303
	T MOBILE USA INC	5.500	%	1/15/2055	94		89
	T MOBILE USA INC	5.875	%	11/15/2055	20		20
	TAKEDA PHARMACEUTICAL	3.025	%	7/9/2040	315		241
	TAKEDA PHARMACEUTICAL	3.175	%	7/9/2050	500		333
	TAMPA ELECTRIC CO	4.450	%	6/15/2049	225		188
	TEXAS HEALTH RESOURCES	2.328	%	11/15/2050	200		114
	THE CIGNA GROUP	5.250	%	1/15/2036	465		473
	TIME WARNER CABLE INC	5.875	%	11/15/2040	250		231
	TIME WARNER CABLE INC	5.500	%	9/1/2041	200		176
	T-MOBILE USA INC	3.375	%	4/15/2029	350		341
	TOLEDO EDISON COMPANY	6.150	%	5/15/2037	50		54
	TORONTO DOMINION BANK	5.298	%	1/30/2032	235		245
	TOTAL CAPITAL INTL SA	2.986	%	6/29/2041	780		590
	TRANE TECH FIN LTD	5.250	%	3/3/2033	130		135
	TRITON CONTAINER/TAL INT	3.250	%	3/15/2032	329		299
	TRUIST FINANCIAL CORP	5.122	%	1/26/2034	130		132
	TRUIST FINANCIAL CORP	6.047	%	6/8/2027	150		151
	TRUIST FINANCIAL CORP	5.711	%	1/24/2035	335		352
	TRUIST FINANCIAL CORP	5.071	%	5/20/2031	230		236
	TRUIST FINANCIAL GROUP	7.161	%	10/30/2029	155		167
	TRUIST FINL CORP	4.964	%	10/23/2036	335		331
	TUCSON ELECTRIC POWER CO	4.850	%	12/1/2048	125		110
	TYSON FOODS INC	5.700	%	3/15/2034	160		169
	UBER TECHNOLOGIES INC	4.800	%	9/15/2034	120		120
	UBS GROUP AG	4.398	%	9/23/2031	200		199
	UBS GROUP AG	5.010	%	3/23/2037	360		357
	UBS GROUP AG	4.844	%	11/6/2033	852		853
	UDR INC	2.950	%	9/1/2026	32		32
	UDR INC	2.100	%	8/1/2032	250		214
	UNION ELEC CO	5.450	%	3/15/2053	170		164

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	UNITED AIR 2016-1 AA PTT	3.100	%	7/7/2028	116		113
	UNITED AIR 2016-1 B PTT	3.650	%	1/7/2026	29		29
	UNITED AIR 2016-2 A PTT	3.100	%	10/7/2028	211		201
	UNITED AIR 2018-1 A PTT	3.700	%	3/1/2030	290		276
	UNITED AIR 2018-1 AA PTT	3.500	%	3/1/2030	85		82
	UNITED AIR 2018-1 B PTT	4.600	%	3/1/2026	70		70
	UNITED AIR 2019-1 A PTT	4.550	%	8/25/2031	191		185
	UNITED AIR 2019-1 AA PTT	4.150	%	8/25/2031	178		174
	UNITED AIR 2020-1 A PTT	5.875	%	10/15/2027	146		150
	UNITED TECHNOLOGIES CORP	3.750	%	11/1/2046	580		449
	UNITEDHEALTH GROUP INC	3.250	%	5/15/2051	200		135
	UNITEDHEALTH GROUP INC	5.875	%	2/15/2053	105		106
	UNIV OF SOUTHERN CALIFOR	3.226	%	10/1/2120	200		115
	US BANCORP	5.384	%	1/23/2030	175		181
	US BANCORP	5.678	%	1/23/2035	275		290
	US BANCORP	5.083	%	5/15/2031	205		211
	VENTAS REALTY LP	3.250	%	10/15/2026	25		25
	VERISK ANALYTICS INC	3.625	%	5/15/2050	141		102
	VERIZON COMMUNICATIONS	3.550	%	3/22/2051	200		142
	VERIZON COMMUNICATIONS INC	5.050	%	5/9/2033	360		369
	VIRGINIA ELEC & POWER CO	3.800	%	9/15/2047	50		38
	VIRGINIA ELEC & POWER CO	5.700	%	8/15/2053	300		295
	VISTRA OPERATIONS CO LLC	6.000	%	4/15/2034	159		167
	VMWARE INC	1.400	%	8/15/2026	380		374
	VOYA GLOBAL FUNDING	4.600	%	11/24/2030	414		416
	WELLS FARGO & CO	5.605	%	4/23/2036	1,219		1,278
	WELLS FARGO & COMPANY	4.300	%	7/22/2027	148		149
	WELLS FARGO & COMPANY	4.897	%	7/25/2033	201		204
	WELLS FARGO & COMPANY	5.389	%	4/24/2034	243		253
	WELLS FARGO & COMPANY	5.557	%	7/25/2034	220		231
	WELLS FARGO & COMPANY	5.198	%	1/23/2030	325		335
	WELLS FARGO & COMPANY	5.211	%	12/3/2035	745		761
	WESTPAC NEW ZEALAND LTD	4.902	%	2/15/2028	390		397
	WILLIAMS COMPANIES INC	5.650	%	3/15/2033	140		147
	WILLIAMS COMPANIES INC	5.600	%	3/15/2035	165		172
	WILLIAMS COS INC	6.000	%	3/15/2055	45		46
	WORKDAY INC	3.500	%	4/1/2027	225		224

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	WP CAREY INC	2.450	%	2/1/2032	180		159
	WW GRAINGER INC	4.600	%	6/15/2045	91		82
	YALE-NEW HAVEN HLTH SRVC	2.496	%	7/1/2050	210		123
	Total Corporate Debt Instruments						$	145,940









	Common Stocks
	AAR CORP				48		3,944
	ABERCROMBIE & FITCH CO CL A				58		7,360
	ACADEMY SPORTS & OUTDOORS INC				59		2,944
	ACV AUCTIONS INC				144		1,156
	ADOBE INC				25		8,659
	ADVANCED DRAINAGE SYSTEMS INC				46		6,746
	AERCAP HOLDINGS NV				75		10,830
	AIR PRODS & CHEMS INC COM				86		21,336
	ALAMO GROUP INC COM				11		1,885
	ALLSTATE CORP				25		5,227
	ALPHABET INC CL A				62		19,531
	ALPHABET INC CL C				134		42,098
	ALTRIA GROUP INC				234		13,516
	AMDOCS LIMITED COM				56		4,470
*	AMERICAN EXPRESS CO				3,575		1,322,666
	AMERICAN TOWER CORP				71		12,552
	AMICUS THERAPEUTICS INC				258		3,669
	AMKOR TECHNOLOGIES INC COM				64		2,507
	AMPHENOL CORP CL A				104		14,119
	ANNALY CAPITAL MANAGEMENT INC				275		6,159
	ANTERO RESOURCES CORP				62		2,144
	APPFOLIO INC				13		3,113
	APPLE INC				128		34,892
	ARAMARK				63		2,332
	ARCHER DANIELS MIDLAND CO				137		7,863
	ASSURED GUARANTY LTD USD 1.0				20		1,773
	AT & T INC				616		15,294
	AVANTOR INC				152		1,740
	AVISTA CORP				104		3,999
	AXALTA COATING SYSTEMS LTD.				125		4,024

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	BANC OF CALIFORNIA INC			139		2,676
	BANK OF AMERICA CORP			292		16,055
	BANK OZK			50		2,306
	BATH & BODY WORKS INC			64		1,285
	BELDEN INC			11		1,287
	BELLRING BRANDS INC			63		1,689
	BENTLEY SYSTEMS INC			60		2,303
*	BERKSHIRE HATHAWAY INC.			46		23,110
	BIOMARIN PHARMACEUTICAL INC			91		5,386
	BIO-TECHNE CORP			48		2,845
	BJ'S WHOLESALE CLUB HOLDINGS, INC.			40		3,567
	BLACKLINE INC			40		2,185
*	BLACKROCK INC			25		27,209
	BLUE BIRD CORP			58		2,709
	BOISE CASCADE CO			33		2,454
	BP PLC - ADR			140		4,857
	BRADY CORPORATION			32		2,470
	BREAD FINANCIAL HOLDINGS INC			42		3,112
	BRIGHT HORIZONS FAMILY SOLUTIO			26		2,615
	BRINKS CO			25		2,874
	BRIXMOR PROPERTY GROUP INC			76		1,992
	BWX TECHNOLOGIES INC			34		5,927
	CAMECO CORP COM			44		3,985
	CANADIAN NAT RES LTD			218		7,373
	CARETRUST REIT INC			70		2,539
	CARLYLE GROUP INC/THE			64		3,803
	CARPENTER TECHNOLOGY CORP			9		2,777
	CASELLA WASTE SYS INC CL A			24		2,395
	CAVA GROUP INC			30		1,748
	CELANESE CORP			133		5,605
	CENTURY COMMUNITIES INC			23		1,358
	CHEESECAKE FACTORY INC COM			59		2,994
	CHEMED CORP NEW			7		3,128
	CHESAPEAKE UTILS CORP			14		1,780
	CHEVRON CORP			136		20,713
	CHORD ENERGY CORPORATION			55		5,077
	CHUBB LIMITED			39		12,080

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	CHURCHILL DOWNS INC			33		3,787
	CIENA CORP USD 0.01			25		5,746
	CINCINNATI FINANCIAL CORP			90		14,741
	CISCO SYSTEMS INC			264		20,371
	CITIGROUP INC.			211		24,628
	CLEAN HARBORS INC			10		2,255
	CLEARWATER ANALYTICS HLDGS INC			108		2,602
	CNH INDUSTRIAL NV			477		4,399
	COHERENT CORP			35		6,483
	COMCAST CORP CLASS A			406		12,130
	CONAGRA BRANDS INC			252		4,368
	CONOCOPHILLIPS			63		5,879
	COOPER COMPANIES INC			24		1,995
	COPT DEFENSE PROPERTIES			117		3,246
	CORNING INC			410		35,906
	CRANE NXT CO			36		1,703
	CROWN CASTLE INC			105		9,291
	CROWN HLDGS INC			29		3,031
	CULLEN FROST BANKERS INC COM			40		5,091
	CUMMINS INC.			44		22,629
	CURTISS WRIGHT CORP COM			6		3,254
	CVS HEALTH CORPORATION			215		17,074
	DANAHER CORP			138		31,631
	DELTA AIR LINES INC			134		9,285
	DEVON ENERGY CORPORATION			79		2,887
	DIAGEO PLC - ADR			67		5,798
	DIAMONDROCK HOSPITALITY CO			226		2,028
	DICKS SPORTING GOODS INC			11		2,227
	DOLLAR GENERAL CORP			174		23,086
	DOMINION ENERGY INC			385		22,556
	DOMINOS PIZZA INC			7		3,072
	DONALDSON CO INC			37		3,279
	DOXIMITY INC			101		4,462
	DYNATRACE INC			66		2,846
	EAGLE MATLS INC			31		6,463
	ECOLAB INC			66		17,427
	EDISON INTL COM			124		7,415

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	ELEMENT SOLUTIONS INC			76		1,902
	ENCOMPASS HEALTH CORP			20		2,110
	EPLUS INC			24		2,107
	EQUIFAX INC			52		11,258
	ESTEE LAUDER COMPANIES INC			53		5,527
	EVERCORE INC			19		6,461
	EVEREST GROUP LTD			12		4,069
	EVERSOURCE ENERGY COM			99		6,690
	EXLSERVICE HOLDINGS INC			60		2,548
	F5 INC			12		2,982
	FASTENAL CO			398		15,968
	FEDERAL REALTY INVESTMENT TRUS			37		3,718
	FEDEX CORPORATION			26		7,385
	FIDELIS INSURANCE HOLDINGS LTD			115		2,257
	FIRST BANCORP			109		2,257
	FIRST HORIZON CORP			151		3,616
	FIRSTENERGY CORP COM			111		4,961
	FIRSTSERVICE CORPORTION			10		1,501
	FORTUNE BRANDS INNOVATIONS INC			34		1,704
	FRESHPET INC			34		2,067
	FULLER H B CO			25		1,481
	GARTNER INC			31		7,864
	GENEDX HOLDINGS CORP CL A			15		1,923
	GENERAL MOTORS CO			87		7,100
	GENMAB A/S			106		3,273
	GLACIER BANCORP INC MONTANA			90		3,971
	GLAUKOS CORP			23		2,612
	GLOBAL PMTS INC W/I			193		14,932
	GLOBUS MEDICAL, INC.			57		4,948
	GOODYEAR TIRE & RUBR CO			217		1,900
	GSK PLC SPONSORED			144		7,075
	GUIDEWIRE SOFTWARE INC			10		2,042
	GULFPORT ENERGY CORP			10		1,979
	HA SUSTAINABLE INFRASTRUCTRE CAP INC			74		2,328
	HAEMONETICS CORP MASS			33		2,630
	HALOZYME THERAPEUTICS INC			32		2,152
	HANCOCK WHITNEY CORPORATION			34		2,157

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	HCP, INC.			313		5,037
	HEALTHEQUITY INC			32		2,905
	HOST HOTELS & RESORTS, INC.			374		6,635
	HOWARD HUGHES HOLDINGS INC			51		4,076
	HUBBELL INCORPORATED			7		2,953
	HUMANA INC			23		5,794
	HURON CONSULTING GROUP INC			11		1,825
	ICF INTERNATIONAL INC			23		1,953
	ICON PLC			49		8,949
	ICU MED INC COM			17		2,463
	IDACORP INC			55		6,972
	INDEPENDENCE REALTY TRUST INC			125		2,187
	INGRAM MICRO HOLDING CORP			95		2,032
	INSMED INC			35		6,039
	INSPIRE MEDICAL SYSTEMS INC			22		2,044
	INSULET CORP			4		1,165
	INTEGER HOLDINGS CORP			38		3,004
	INTERCONTINENTAL EXCHANGE, INC			48		7,768
	INTERPARFUMS INC			41		3,470
	INTUIT COM			21		13,937
	JOHNSON & JOHNSON			147		30,491
	KILROY REALTY CORP COM			47		1,742
	KIMBERLY CLARK CORP COM			70		7,016
	KIRBY CORP			23		2,482
	KNIGHT-SWIFT TRANSPORTATION HOLDINGS			30		1,580
	KNOWLES CORP			8		161
	KRATOS DEFENSE & SECURITY SOLUTIONS			39		2,989
	KROGER CO			254		15,888
	KRYSTAL BIOTECH INC			6		1,462
	LANDBRIDGE CO LLC CL A			20		960
	LATTICE SEMICONDUCTOR CORP			87		6,407
	LINCOLN ELECTRIC HOLDINGS COM			13		3,104
	LINDE PLC			33		14,042
	LITHIA MOTORS INC CL A COM			12		3,938
	LITTELFUSE INC COM			12		2,962
	LOUISIANA PAC CORP			18		1,427
	LOWES COS INC			84		20,358

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	LXP INDUSTRIAL TRUST			20		1,007
	M & T BANK CORPORATION COM			46		9,353
	MADRIGAL PHARMACEUTICALS INC			8		4,554
	MAGNA INTL INC CL A			90		4,804
	MANHATTAN ASSOCIATES, INC COM			19		3,245
	MAPLEBEAR INC			47		2,109
	MAREX GROUP PLC			76		2,898
	MARSH & MCLENNAN COS INC			64		11,829
	MASTERCARD INC			49		27,822
	MAXIMUS INC COM			15		1,324
	MEDTRONIC, PLC			73		7,038
	MERCURY GEN CORP NEW			32		3,001
	MICROSOFT CORP			108		52,076
	MIDDLEBY CORP			45		6,818
	MODINE MFG CO			37		4,887
	MOOG INC CL A			8		1,961
	MSA SAFETY INCORPORATED			25		3,942
	MUELLER INDS INC			41		4,750
	NATIONAL FUEL GAS CO N J			49		3,948
	NATIONAL VISION HOLDINGS INC			74		1,914
	NEWMARK GROUP INC			144		2,505
	NEXTPOWER INC CL A			29		2,512
	NINTENDO CO., LTD. - ADR			1,231		20,747
	NORFOLK SOUTHERN CORP			107		30,996
	NORTHROP GRUMMAN CORP			31		17,487
	NOVANTA, INC.			15		1,796
	NRG ENERGY INC			29		4,559
	NVENT ELECTRIC PLC			32		3,292
	O-I GLASS INC			205		3,020
	ON SEMICONDUCTOR CORP			156		8,466
	ONE GAS INC			23		1,780
	ONTO INNOVATION INC			46		7,181
	OXFORD INDS INC			36		1,227
	PACKAGING CORP OF AMERICA			19		3,970
	PAN AMERICAN SILVER CORP			39		2,031
	PARSONS CORP			44		2,735
	PATRICK INDUSTRIES INC			15		1,673

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	PAYCHEX INC			117		13,116
	PAYPAL HOLDINGS INC			93		5,404
	PEGASYSTEMS INC			49		2,897
	PENUMBRA INC			10		3,040
	PERMIAN RESOURCES CORP CL A			289		4,056
	PFIZER INC			187		4,645
	PHILIP MORRIS INTERNATIONAL IN			167		26,779
	PHILLIPS EDISON & CO INC			48		1,708
	PIPER SANDLER COS			10		3,399
	PLANET FITNESS INC			34		3,636
	POOL CORPORATION			11		2,522
	POST HOLDINGS INC			19		1,838
	POTLATCHDELTIC CORPORATION			123		4,888
	PRIMO BRANDS CORPORATION CL A			233		3,803
	PROGRESSIVE CORP OHIO			96		21,798
	PURE STORAGE INC			84		5,642
	Q2 HOLDINGS INC			50		3,625
	RAMBUS INC DEL COM			32		2,958
	REGAL REXNORD CORP			57		7,931
	REGENCY CENTERS CORP			25		1,696
	REINSURANCE GROUP AMERICA CLASS A			8		1,641
	RELIANCE INC			8		2,250
	RENAISSANCERE HOLDINGS COM			11		3,025
	REXFORD INDUSTRIAL REALTY INC			108		4,168
	ROYAL DUTCH SHELL PLC ADR			97		7,122
	ROYAL GOLD INC			14		3,035
	ROYALTY PHARMA PLC			129		4,985
	RYDER SYS INC			14		2,732
	S&P GLOBAL INC			40		20,980
	SABRA HEALTH CARE REIT, INC.			128		2,424
	SALESFORCE INC			40		10,567
	SANOFI-AVENTIS			144		6,972
	SCHEIN HENRY INC			26		1,988
*	SCHWAB CHARLES CORP NEW			253		25,264
	SEACOAST BANKING CORPORATION OF			75		2,343
	SEMPRA ENERGY			104		9,189
	SENSATA TECHNOLOGIES HOLDING PLC			68		2,259

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment		(e) Current Value
					Number of Shares/ Units or Face Amount
		Interest Rate	Maturity Date	(in thousands)		(in thousands)
	SENSIENT TECHNOLOGIES CORP			50		4,683
	SHARKNINJA INC			26		2,914
	SILGAN HLDGS INC COM			30		1,220
	SIMPLY GOOD FOODS CO/THE			35		708
	SLB LIMITED			117		4,472
	SMURFIT WESTROCK PLC			181		6,987
	SOUTHSTATE BANK CORP			53		4,973
	STARBUCKS CORP COM			168		14,177
	STEVEN MADDEN LTD			60		2,514
	STIFEL FINANCIAL CORP			24		2,985
	SYNOVUS FINANCIAL CORP			45		2,239
	TALEN ENERGY CORP			13		5,051
	TE CONNECTIVITY PLC			102		23,139
	TELEFLEX INC			20		2,398
	TERADYNE INC			19		3,758
	TEREX CORP NEW			64		3,419
	TEXAS INSTRUMENTS INC			119		20,694
	TEXAS ROADHOUSE, INC COMMON STOCK			18		2,959
	THE BALDWIN INSURANCE GRP INC CL A			123		2,950
	THE MARZETTI COMPANY			12		2,043
	THERMO FISHER SCIENTIFIC INC			64		37,171
	TIMKEN CO			54		4,544
	TJX COMPANIES INC			122		18,679
	TPG INC			41		2,597
	TRANSUNION			23		1,976
	TREX COMPANY INC			72		2,512
	TRI POINTE GROUP, INC.			15		484
	TRIMAS CORP			56		2,001
	TWIST BIOSCIENCE CORP			103		3,278
	TYSON FOODS INC CL A DEL			65		3,792
	UNITED THERAPEUTICS CORP DEL			7		3,487
	UNITEDHEALTH GROUP INC			52		17,004
	US FOODS HOLDING CORP			73		5,493
	VAIL RESORTS INC COM			16		2,188
	VERISIGN INC COM			60		14,548
	VERISK ANALYTICS INC			90		20,178
	VERRA MOBILITY CORP			298		6,677

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	VIATRIS INC				451		5,613
	VIPER ENERGY INC CL A				47		1,820
	VISA INC-CLASS A SHRS				110		38,581
	VISTEON CORP/NEW				17		1,605
	VONTIER CORP				153		5,701
	WALT DISNEY CO				46		5,180
	WARNER MUSIC GROUP CORP				100		3,052
	WAYSTAR HOLDING CORP				95		3,110
	WEBSTER FINL CORP WATERBURY CONN				34		2,146
	WELLS FARGO & CO				69		6,459
	WESCO INTL INC				12		2,832
	WESTERN ALLIANCE BANCORPORATION				24		2,042
	WESTLAKE CORP				22		1,626
	WHIRLPOOL CORP				45		3,277
*	WILLIS TOWERS WATSON PUB LTDCO				26		8,431
	WILLSCOT HOLDINGS CORP CL A				75		1,414
	WINTRUST FINL CORP				28		3,948
	WISDOMTREE INC				179		2,187
	WIX COM LTD				13		1,335
	WYNDHAM HOTELS & RESORTS INC				21		1,568
	XCEL ENERGY INC				106		7,816
	XPO INC				25		3,341
	XYLEM INC/NY				96		13,115
	ZOETIS INC				140		17,651
	Total Common Stocks						$	3,427,888


	U.S. Government and Agency Obligations
	FED HOME LN MTG CORP POOL #841090	6.466	%	10/1/2046	132		137
	FED HOME LN MTG CORP POOL #G60722	3.000	%	10/1/2046	249		227
	FED HOME LN MTG CORP POOL #G61748	3.500	%	11/1/2048	483		456
	FED HOME LN MTG CORP POOL #J36413	3.000	%	2/1/2032	450		440
	FED HOME LN MTG CORP POOL #Q42018	3.500	%	7/1/2046	150		142
	FED HOME LN MTG CORP POOL #QD0878	2.500	%	11/1/2051	1,066		921
	FED HOME LN MTG CORP POOL #RA6808	3.000	%	2/1/2052	1,760		1,570
	FED HOME LN MTG CORP POOL #SB0378	3.500	%	4/1/2034	275		272
	FED HOME LN MTG CORP POOL #SD0397	2.500	%	7/1/2050	996		862

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FED HOME LN MTG CORP POOL #SD8037	2.500	%	1/1/2050	928		794
	FED HOME LN MTG CORP POOL #SD8182	2.000	%	12/1/2051	602		488
	FED HOME LN MTG CORP POOL #ZA5297	4.000	%	3/1/2048	164		158
	FED HOME LN MTG CORP POOL #ZM6956	4.500	%	6/1/2048	534		531
	FED HOME LN MTG CORP POOL #ZS4735	3.500	%	9/1/2047	249		233
	FED HOME LOAN MTGE CORP POOL #QA7633	3.000	%	3/1/2050	489		438
	FED HOME LOAN MTGE CORP POOL #QA9122	2.500	%	5/1/2050	576		496
	FED HOME LOAN MTGE CORP POOL #QC3244	3.000	%	6/1/2051	677		604
	FED HOME LOAN MTGE CORP POOL #QF5465	5.000	%	12/1/2052	635		635
	FED HOME LOAN MTGE CORP POOL #QN1779	2.500	%	3/1/2035	152		146
	FED HOME LOAN MTGE CORP POOL #RA5276	2.500	%	5/1/2051	658		564
	FED HOME LOAN MTGE CORP POOL #RA7506	4.500	%	7/1/2052	1,345		1,318
	FED HOME LOAN MTGE CORP POOL #RA7937	5.000	%	9/1/2052	533		535
	FED HOME LOAN MTGE CORP POOL #SB0307	2.500	%	2/1/2035	201		191
	FED HOME LOAN MTGE CORP POOL #SD0291	5.000	%	3/1/2050	307		311
	FED HOME LOAN MTGE CORP POOL #SD0728	2.500	%	10/1/2051	942		810
	FED HOME LOAN MTGE CORP POOL #SD0780	2.500	%	12/1/2051	716		617
	FED HOME LOAN MTGE CORP POOL #SD0809	3.000	%	1/1/2052	1,437		1,275
	FED HOME LOAN MTGE CORP POOL #SD0907	3.000	%	2/1/2052	1,404		1,245
	FED HOME LOAN MTGE CORP POOL #SD1100	2.500	%	5/1/2052	215		185
	FED HOME LOAN MTGE CORP POOL #SD1217	2.000	%	3/1/2052	335		275
	FED HOME LOAN MTGE CORP POOL #SD1658	2.500	%	4/1/2052	1,574		1,340
	FED HOME LOAN MTGE CORP POOL #SD2000	4.500	%	11/1/2052	472		464
	FED HOME LOAN MTGE CORP POOL #SD3567	4.500	%	5/1/2053	1,535		1,515
	FED HOME LOAN MTGE CORP POOL #SD3952	2.500	%	3/1/2052	1,734		1,492
	FED HOME LOAN MTGE CORP POOL #SD4432	2.500	%	2/1/2052	867		743
	FED HOME LOAN MTGE CORP POOL #SD5779	3.500	%	2/1/2048	330		311
	FED HOME LOAN MTGE CORP POOL #SD7552	2.500	%	1/1/2052	507		437
	FED HOME LOAN MTGE CORP POOL #SD7565	5.500	%	9/1/2053	637		655
	FED HOME LOAN MTGE CORP POOL #SD7568	5.500	%	2/1/2054	321		331
	FED HOME LOAN MTGE CORP POOL #SD8184	3.000	%	12/1/2051	472		421
	FED HOME LOAN MTGE CORP POOL #SD8194	2.500	%	2/1/2052	4,193		3,566
	FED HOME LOAN MTGE CORP POOL #SD8205	2.500	%	4/1/2052	2,827		2,403
	FED HOME LOAN MTGE CORP POOL #SD8219	2.500	%	6/1/2052	3,672		3,122
	FED HOME LOAN MTGE CORP POOL #SD8235	3.000	%	8/1/2052	2,751		2,438
	FED HOME LOAN MTGE CORP POOL #SD8255	3.500	%	10/1/2052	4,305		3,990
	FED HOME LOAN MTGE CORP POOL #SD8265	4.000	%	11/1/2052	1,735		1,655

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FED HOME LOAN MTGE CORP POOL #SL1355	2.500	%	1/1/2052	695		596
	FED HOME LOAN MTGE CORP POOL #WA1626	3.450	%	8/1/2032	967		919
	FED HOME LOAN MTGE CORP POOL #WN3233	3.190	%	7/1/2033	1,490		1,386
	FED HOME LOAN MTGE CORP POOL #ZA6116	4.500	%	1/1/2049	424		423
	FED NATL MTG ASSN POOL #AM8856	2.920	%	6/1/2030	4,118		3,942
	FED NATL MTG ASSN POOL #AN5935	3.130	%	7/1/2027	849		840
	FED NATL MTG ASSN POOL #AN6850	3.220	%	9/1/2032	996		925
	FED NATL MTG ASSN POOL #AS5469	4.000	%	7/1/2045	680		658
	FED NATL MTG ASSN POOL #AS8984	4.500	%	3/1/2047	206		204
	FED NATL MTG ASSN POOL #BF0219	3.500	%	9/1/2057	1,235		1,133
	FED NATL MTG ASSN POOL #BK8753	4.500	%	6/1/2049	190		188
	FED NATL MTG ASSN POOL #BL0907	3.880	%	12/1/2028	1,350		1,341
	FED NATL MTG ASSN POOL #BL3217	3.330	%	7/1/2034	1,446		1,345
	FED NATL MTG ASSN POOL #BL4333	2.520	%	11/1/2029	1,358		1,287
	FED NATL MTG ASSN POOL #BL4791	2.710	%	11/1/2029	950		907
	FED NATL MTG ASSN POOL #BM3375	4.000	%	1/1/2048	354		343
	FED NATL MTG ASSN POOL #BM6347	6.568	%	2/1/2041	155		163
	FED NATL MTG ASSN POOL #BR0999	2.500	%	5/1/2051	2,321		1,963
	FED NATL MTG ASSN POOL #BU0992	3.000	%	11/1/2051	962		860
	FED NATL MTG ASSN POOL #BU0993	3.000	%	11/1/2051	910		820
	FED NATL MTG ASSN POOL #CB1878	3.000	%	10/1/2051	595		534
	FED NATL MTG ASSN POOL #CB2094	3.000	%	11/1/2051	1,398		1,248
	FED NATL MTG ASSN POOL #FM1000	3.000	%	4/1/2047	70		63
	FED NATL MTG ASSN POOL #FM1218	3.500	%	7/1/2034	69		68
	FED NATL MTG ASSN POOL #FM2096	3.500	%	11/1/2049	1,323		1,236
	FED NATL MTG ASSN POOL #FM5819	4.000	%	2/1/2048	291		280
	FED NATL MTG ASSN POOL #FM8599	3.500	%	1/1/2035	217		214
	FED NATL MTG ASSN POOL #FM9427	4.000	%	7/1/2049	456		441
	FED NATL MTG ASSN POOL #FM9461	3.500	%	11/1/2051	327		305
	FED NATL MTG ASSN POOL #FM9728	2.500	%	11/1/2051	314		271
	FED NATL MTG ASSN POOL #MA3305	3.500	%	3/1/2048	400		376
	FEDL NATL MTGE ASSN POOL #AL7395	5.545	%	3/1/2038	839		872
	FEDL NATL MTGE ASSN POOL #AM6760	3.570	%	10/1/2029	585		577
	FEDL NATL MTGE ASSN POOL #BF0301	4.500	%	8/1/2058	784		765
	FEDL NATL MTGE ASSN POOL #BF0537	3.000	%	3/1/2061	870		761
	FEDL NATL MTGE ASSN POOL #BF0655	3.500	%	6/1/2062	1,006		914
	FEDL NATL MTGE ASSN POOL #BF0669	4.000	%	6/1/2052	770		742

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FEDL NATL MTGE ASSN POOL #BF0695	3.500	%	12/1/2062	1,272		1,166
	FEDL NATL MTGE ASSN POOL #BK7697	4.500	%	10/1/2048	233		232
	FEDL NATL MTGE ASSN POOL #BL2313	3.360	%	5/1/2034	442		413
	FEDL NATL MTGE ASSN POOL #BL9455	1.400	%	12/1/2030	1,750		1,538
	FEDL NATL MTGE ASSN POOL #BM3499	4.000	%	12/1/2047	1,128		1,090
	FEDL NATL MTGE ASSN POOL #BM5172	4.500	%	8/1/2047	594		594
	FEDL NATL MTGE ASSN POOL #BM6492	1.508	%	11/1/2032	1,392		1,171
	FEDL NATL MTGE ASSN POOL #BM6531	4.000	%	6/1/2057	972		924
	FEDL NATL MTGE ASSN POOL #BM6734	4.000	%	8/1/2059	724		687
	FEDL NATL MTGE ASSN POOL #BM7037	1.755	%	3/1/2032	895		780
	FEDL NATL MTGE ASSN POOL #BM7075	3.000	%	3/1/2061	887		776
	FEDL NATL MTGE ASSN POOL #BS2933	1.820	%	9/1/2033	1,130		939
	FEDL NATL MTGE ASSN POOL #BS3634	1.770	%	11/1/2031	1,000		871
	FEDL NATL MTGE ASSN POOL #BS4030	1.960	%	1/1/2032	1,179		1,041
	FEDL NATL MTGE ASSN POOL #BS4375	2.110	%	1/1/2032	983		877
	FEDL NATL MTGE ASSN POOL #BS4525	1.940	%	1/1/2032	1,000		876
	FEDL NATL MTGE ASSN POOL #BS4563	2.010	%	1/1/2032	1,000		883
	FEDL NATL MTGE ASSN POOL #BS4650	2.020	%	1/1/2032	1,500		1,330
	FEDL NATL MTGE ASSN POOL #BS4654	2.390	%	3/1/2032	834		750
	FEDL NATL MTGE ASSN POOL #BS4793	2.440	%	2/1/2034	1,100		952
	FEDL NATL MTGE ASSN POOL #BS6258	3.700	%	8/1/2032	365		350
	FEDL NATL MTGE ASSN POOL #BS6339	3.800	%	9/1/2032	673		651
	FEDL NATL MTGE ASSN POOL #BS6518	3.520	%	9/1/2032	680		648
	FEDL NATL MTGE ASSN POOL #BS6742	3.585	%	11/1/2029	1,292		1,273
	FEDL NATL MTGE ASSN POOL #BS7415	4.840	%	1/1/2033	1,500		1,533
	FEDL NATL MTGE ASSN POOL #BS7661	5.020	%	12/1/2030	1,279		1,322
	FEDL NATL MTGE ASSN POOL #BS7966	5.010	%	8/1/2033	967		996
	FEDL NATL MTGE ASSN POOL #BS8252	4.360	%	4/1/2030	874		883
	FEDL NATL MTGE ASSN POOL #BT2033	2.500	%	2/1/2052	933		791
	FEDL NATL MTGE ASSN POOL #BU1436	2.500	%	1/1/2052	159		136
	FEDL NATL MTGE ASSN POOL #BV5578	3.000	%	5/1/2052	2,058		1,825
	FEDL NATL MTGE ASSN POOL #BW6309	5.000	%	8/1/2052	242		242
	FEDL NATL MTGE ASSN POOL #BW9918	5.000	%	10/1/2052	220		222
	FEDL NATL MTGE ASSN POOL #BX0426	5.500	%	11/1/2052	449		459
	FEDL NATL MTGE ASSN POOL #BY4714	5.000	%	6/1/2053	1,396		1,396
	FEDL NATL MTGE ASSN POOL #BZ0217	5.220	%	8/1/2035	1,475		1,536
	FEDL NATL MTGE ASSN POOL #BZ1818	4.420	%	9/1/2031	1,000		1,008

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FEDL NATL MTGE ASSN POOL #BZ2413	4.575	%	6/1/2034	500		504
	FEDL NATL MTGE ASSN POOL #CA5702	2.500	%	5/1/2050	632		545
	FEDL NATL MTGE ASSN POOL #CA5969	2.500	%	6/1/2050	217		187
	FEDL NATL MTGE ASSN POOL #CA6412	2.500	%	7/1/2050	471		403
	FEDL NATL MTGE ASSN POOL #CA6635	2.500	%	8/1/2050	289		250
	FEDL NATL MTGE ASSN POOL #CA6989	2.500	%	9/1/2050	1,024		884
	FEDL NATL MTGE ASSN POOL #CA7028	2.500	%	9/1/2050	541		468
	FEDL NATL MTGE ASSN POOL #CA7743	2.500	%	11/1/2050	1,216		1,030
	FEDL NATL MTGE ASSN POOL #CB1874	3.000	%	10/1/2051	1,096		974
	FEDL NATL MTGE ASSN POOL #CB1908	2.500	%	10/1/2051	737		632
	FEDL NATL MTGE ASSN POOL #CB2066	3.000	%	11/1/2051	865		768
	FEDL NATL MTGE ASSN POOL #CB2097	3.000	%	11/1/2051	2,741		2,432
	FEDL NATL MTGE ASSN POOL #CB2857	2.500	%	2/1/2052	225		194
	FEDL NATL MTGE ASSN POOL #CB3175	3.500	%	3/1/2052	854		796
	FEDL NATL MTGE ASSN POOL #CB3265	3.000	%	4/1/2052	1,374		1,217
	FEDL NATL MTGE ASSN POOL #CB3369	3.500	%	4/1/2052	1,541		1,429
	FEDL NATL MTGE ASSN POOL #CB3378	4.000	%	4/1/2052	813		776
	FEDL NATL MTGE ASSN POOL #CB3494	3.000	%	5/1/2052	1,487		1,327
	FEDL NATL MTGE ASSN POOL #CB3629	4.000	%	5/1/2052	1,430		1,365
	FEDL NATL MTGE ASSN POOL #CB4352	5.000	%	8/1/2052	332		336
	FEDL NATL MTGE ASSN POOL #CB4354	5.000	%	8/1/2052	728		736
	FEDL NATL MTGE ASSN POOL #CB4765	5.000	%	9/1/2052	387		389
	FEDL NATL MTGE ASSN POOL #CB5281	5.000	%	11/1/2052	1,384		1,388
	FEDL NATL MTGE ASSN POOL #CB5666	4.000	%	2/1/2053	913		871
	FEDL NATL MTGE ASSN POOL #CB6030	4.500	%	4/1/2053	536		525
	FEDL NATL MTGE ASSN POOL #CB6899	5.000	%	8/1/2053	240		244
	FEDL NATL MTGE ASSN POOL #FA2603	2.500	%	3/1/2052	589		507
	FEDL NATL MTGE ASSN POOL #FA3215	1.500	%	6/1/2052	1,595		1,231
	FEDL NATL MTGE ASSN POOL #FM3041	5.500	%	8/1/2049	121		126
	FEDL NATL MTGE ASSN POOL #FM7957	2.500	%	7/1/2051	810		697
	FEDL NATL MTGE ASSN POOL #FM8216	4.000	%	11/1/2048	223		215
	FEDL NATL MTGE ASSN POOL #FM8361	2.500	%	8/1/2051	1,216		1,036
	FEDL NATL MTGE ASSN POOL #FM8603	4.000	%	9/1/2049	137		132
	FEDL NATL MTGE ASSN POOL #FS0795	3.000	%	1/1/2042	717		668
	FEDL NATL MTGE ASSN POOL #FS0882	2.500	%	3/1/2052	1,101		948
	FEDL NATL MTGE ASSN POOL #FS1507	3.000	%	2/1/2052	3,673		3,251
	FEDL NATL MTGE ASSN POOL #FS1590	2.500	%	4/1/2052	274		235

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FEDL NATL MTGE ASSN POOL #FS1938	2.500	%	2/1/2052	313		269
	FEDL NATL MTGE ASSN POOL #FS2707	3.500	%	4/1/2052	1,198		1,117
	FEDL NATL MTGE ASSN POOL #FS3907	4.500	%	1/1/2053	307		304
	FEDL NATL MTGE ASSN POOL #FS4050	4.000	%	3/1/2038	218		219
	FEDL NATL MTGE ASSN POOL #FS4069	4.000	%	5/1/2035	221		221
	FEDL NATL MTGE ASSN POOL #FS4223	4.500	%	5/1/2047	222		223
	FEDL NATL MTGE ASSN POOL #FS5155	5.000	%	7/1/2053	498		505
	FEDL NATL MTGE ASSN POOL #FS5384	2.500	%	6/1/2051	1,255		1,083
	FEDL NATL MTGE ASSN POOL #FS5625	5.000	%	8/1/2053	321		325
	FEDL NATL MTGE ASSN POOL #FS5986	2.500	%	2/1/2052	1,159		997
	FEDL NATL MTGE ASSN POOL #FS6323	3.500	%	5/1/2052	1,205		1,122
	FEDL NATL MTGE ASSN POOL #FS6514	2.500	%	9/1/2051	834		720
	FEDL NATL MTGE ASSN POOL #FS6854	1.500	%	4/1/2052	2,233		1,724
	FEDL NATL MTGE ASSN POOL #FS6890	1.500	%	4/1/2052	5,858		4,530
	FEDL NATL MTGE ASSN POOL #FS7594	2.500	%	9/1/2052	1,487		1,262
	FEDL NATL MTGE ASSN POOL #FS7749	3.000	%	2/1/2052	1,128		1,008
	FEDL NATL MTGE ASSN POOL #FS7980	4.500	%	12/1/2050	378		374
	FEDL NATL MTGE ASSN POOL #MA2868	2.500	%	1/1/2032	137		133
	FEDL NATL MTGE ASSN POOL #MA4306	2.500	%	4/1/2051	641		547
	FEDL NATL MTGE ASSN POOL #MA4468	3.500	%	11/1/2051	379		353
	FEDL NATL MTGE ASSN POOL #MA4623	2.500	%	6/1/2052	2,684		2,283
	FEDL NATL MTGE ASSN POOL #MA4782	3.500	%	10/1/2052	5,276		4,890
	FEDL NATL MTGE ASSN POOL #MA4783	4.000	%	10/1/2052	1,655		1,577
	FEDL NATL MTGE ASSN POOL #MA4807	5.500	%	11/1/2052	343		351
	GOVT NATL MTG ASSN II POOL #784044	4.990	%	11/20/2037	544		549
	GOVT NATL MTG ASSN II POOL #784045	4.500	%	7/20/2045	330		326
	GOVT NATL MTG ASSN II POOL #784602	4.000	%	5/20/2038	563		554
	GOVT NATL MTG ASSN II POOL #BA7567	4.500	%	5/20/2048	136		132
	GOVT NATL MTG ASSN II POOL #BI0416	4.500	%	11/20/2048	185		182
	GOVT NATL MTG ASSN II POOL #BJ1318	5.000	%	5/20/2049	412		421
	GOVT NATL MTG ASSN II POOL #BK7169	5.000	%	12/20/2048	136		138
	GOVT NATL MTG ASSN II POOL #BL7729	5.000	%	5/20/2049	357		367
	GOVT NATL MTG ASSN II POOL #BM9692	4.500	%	7/20/2049	305		298
	GOVT NATL MTG ASSN II POOL #CA0265	2.987	%	12/20/2070	1,194		1,088
	GOVT NATL MTG ASSN II POOL #MA7534	2.500	%	8/20/2051	2,894		2,498
	GOVT NATL MTG ASSN II POOL #MA7589	2.500	%	9/20/2051	1,163		1,004
	GOVT NATL MTG ASSN II POOL #MA7649	2.500	%	10/20/2051	744		642

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	GOVT NATL MTGE ASSN II POOL #MA7257	3.500	%	3/20/2051	845		779
	GOVT NATL MTGE ASSN II POOL #MA7880	2.000	%	2/20/2052	587		486
	GOVT NATL MTGE ASSN II POOL #MA8044	3.500	%	5/20/2052	456		420
	GOVT NATL MTGE ASSN II POOL #MA8147	2.500	%	7/20/2052	557		481
	GOVT NATL MTGE ASSN II POOL #MA8200	4.000	%	8/20/2052	444		422
	GOVT NATL MTGE ASSN II POOL #MA8486	3.000	%	12/20/2052	1,157		1,042
	GOVT NATL MTGE ASSN II POOL #MA8801	5.500	%	4/20/2053	427		433
	GOVT NATL MTGE ASSN II POOL #MA8943	3.000	%	6/20/2053	741		667
	GOVT NATL MTGE ASSN II POOL #MA9011	2.500	%	7/20/2053	1,501		1,297
	GOVT NATL MTGE ASSN II POOL #MA9240	5.000	%	10/20/2053	495		497
	GOVT NATL MTGE ASSN II POOL #MA9301	3.500	%	11/20/2053	630		581
	GOVT NATL MTGE ASSN II POOL #MA9663	3.000	%	4/20/2054	1,264		1,142
	GOVT NATL MTGE ASSN II POOL #MB0618	3.000	%	9/20/2055	1,357		1,221
	RFCSP STRIP PRINCIPAL ZERO CPN			1/15/2030	500		428
	TENN VAL AUTH CPN STRIP ZERO CPN			3/15/2032	300		233
	TENN VALLEY AUTH	4.625	%	9/15/2060	70		62
	TENN VALLEY AUTH	4.250	%	9/15/2065	124		102
	TVA PRIN STRIP ZERO CPN			6/15/2035	500		325
	UNITED STATES TREASURY BONDS	2.250	%	2/15/2052	16,525		10,026
	UNITED STATES TREASURY BONDS	3.000	%	8/15/2052	1,240		888
	UNITED STATES TREASURY BONDS	3.375	%	8/15/2042	1,701		1,437
	UNITED STATES TREASURY BONDS	3.625	%	5/15/2053	571		462
	UNITED STATES TREASURY BONDS	3.875	%	5/15/2043	1,363		1,223
	UNITED STATES TREASURY BONDS	4.375	%	8/15/2043	2,849		2,721
	UNITED STATES TREASURY BONDS	4.250	%	2/15/2054	970		877
	UNITED STATES TREASURY BONDS	4.500	%	2/15/2044	887		858
	UNITED STATES TREASURY BONDS	4.625	%	5/15/2044	369		362
	UNITED STATES TREASURY BONDS	4.250	%	8/15/2054	1,339		1,211
	UNITED STATES TREASURY BONDS	4.625	%	11/15/2044	1,263		1,238
	UNITED STATES TREASURY BONDS	4.625	%	2/15/2055	1,203		1,159
	UNITED STATES TREASURY BONDS	4.750	%	5/15/2055	160		157
	UNITED STATES TREASURY BONDS	5.000	%	5/15/2045	2,000		2,053
	UNITED STATES TREASURY BONDS	4.750	%	8/15/2055	223		219
	UNITED STATES TREASURY BONDS	4.875	%	8/15/2045	881		890
	UNITED STATES TREASURY BONDS	4.250	%	11/15/2034	21,270		21,494
	UNITED STATES TREASURY BONDS	4.625	%	2/15/2035	10,130		10,515
	UNITED STATES TREASURY NOTES	4.125	%	11/15/2032	15,685		15,865

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	UNITED STATES TREASURY NOTES	3.500	%	2/15/2033	9,240		8,980
	UNITED STATES TREASURY NOTES	4.000	%	6/30/2028	5,060		5,119
	UNITED STATES TREASURY NOTES	4.500	%	11/15/2033	2,520		2,602
	UNITED STATES TREASURY NOTES	4.000	%	2/15/2034	11,040		11,006
	UNITED STATES TREASURY NOTES	3.875	%	8/15/2034	11,270		11,097
	UNITED STATES TREASURY NOTES	4.500	%	12/31/2031	330		341
	UNITED STATES TREASURY NOTES	4.250	%	5/15/2035	1,262		1,272
	UNITED STATES TREASURY NOTES	4.000	%	5/31/2030	3,886		3,935
	UNITED STATES TREASURY NOTES	3.625	%	8/31/2030	2,889		2,879
	UNITED STATES TREASURY NOTES	3.500	%	10/15/2028	3,965		3,961
	UNITED STATES TREASURY NOTES	3.500	%	12/15/2028	394		394
	US TREAS SEC STRIPPED			11/15/2032	1,000		757
	US TREAS SEC STRIPPED			5/15/2033	900		665
	US TREAS SEC STRIPPED ZERO CPN			11/15/2033	900		649
	US TREASURY BOND	4.375	%	2/15/2038	445		449
	US TREASURY BOND	3.500	%	2/15/2039	8,520		7,763
	US TREASURY BOND	4.375	%	5/15/2041	3,160		3,079
	US TREASURY BOND	3.750	%	8/15/2041	10,360		9,337
	US TREASURY BOND	3.125	%	11/15/2041	1,500		1,240
	US TREASURY BOND	3.000	%	5/15/2042	470		378
	US TREASURY BOND	2.750	%	8/15/2042	910		702
	US TREASURY BOND	2.750	%	11/15/2042	2,022		1,554
	US TREASURY BOND	3.125	%	2/15/2043	1,840		1,488
	US TREASURY BOND	3.625	%	8/15/2043	5,167		4,460
	US TREASURY BOND	3.750	%	11/15/2043	470		412
	US TREASURY BOND	3.625	%	2/15/2044	1,000		858
	US TREASURY BOND	3.375	%	5/15/2044	3,779		3,119
	US TREASURY BOND	3.000	%	11/15/2044	119		92
	US TREASURY BOND	2.500	%	2/15/2045	6,055		4,288
	US TREASURY BOND	3.000	%	11/15/2045	240		183
	US TREASURY BOND	2.500	%	5/15/2046	6,655		4,616
	US TREASURY BOND	2.250	%	8/15/2046	3,854		2,536
	US TREASURY BOND	3.000	%	2/15/2047	74		56
	US TREASURY BOND	3.000	%	2/15/2048	80		60
	US TREASURY BOND	3.000	%	8/15/2048	4,770		3,532
	US TREASURY BOND	2.375	%	11/15/2049	185		119
	US TREASURY BOND	2.000	%	2/15/2050	95		56

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	US TREASURY BOND	1.250	%	5/15/2050	1,962		939
	US TREASURY BOND	1.125	%	5/15/2040	200		127
	US TREASURY BOND	1.625	%	11/15/2050	390		205
	US TREASURY BOND	1.875	%	2/15/2051	1,839		1,028
	US TREASURY BOND	2.000	%	8/15/2051	513		294
	US TREASURY BOND ZERO CPN			11/15/2040	220		107
	US TREASURY BOND ZERO CPN			2/15/2041	139		67
	US TREASURY BOND/NOTE STRIPPED ZERO			5/15/2032	300		232
	US TREASURY INFLATION INDEX BOND	0.125	%	1/15/2030	497		472
	US TREASURY NOTE	1.500	%	2/15/2030	16,185		14,866
	US TREASURY NOTE	0.875	%	11/15/2030	6,925		6,054
	US TREASURY NOTE	1.125	%	2/15/2031	3,415		3,007
	US TREASURY NOTE	1.625	%	5/15/2031	2,400		2,150
	US TREASURY NOTE	1.250	%	8/15/2031	5,285		4,604
	US TREASURY NOTE	1.375	%	11/15/2031	562		489
	US TREASURY NOTE	1.875	%	2/15/2032	35,040		31,250
	US TREASURY SEC STRIPPED			2/15/2031	475		390
	Total U.S. Government and Agency Obligations						$	423,470







	Common/Collective Trusts
	ALLSPRING DISCOVERY SMID CAP GROWTH				9,478		152,528
*	BLACKROCK INSTL TR CO N A INVT FDS				3,510		136,712
*	BLACKROCK INSTL TR CO N A INVT FDS				4,393		55,420
	CAPITAL GROUP EUROPACIFIC GROWTH				32,789		549,215
*	COLUMBIA TRUST GOV MONEY MKT FUND ZERO				18,083		18,083
*	FIAM CORE PLUS COMMINGLED POOL				6,290		155,556
*	FIDELITY BLUE CHIP GROWTH COMMINGLED				11,390		681,350
	LOOMIS SAYLES CORE PLUS FULL				5,758		155,632
*	MORGAN STANLEY INV MGMT				8,562		468,363
*	VANGUARD INSTITUTIONAL 500 INDEX				11,434		1,590,711
*	VANGUARD INSTITUTIONAL EXTENDED				3,719		477,624
*	VANGUARD INSTITUTIONAL TOTAL BOND				1,112		122,573
*	VANGUARD INSTITUTIONAL TOTAL INTL				1,633		229,851
	Total Common/Collective Trusts						$	4,793,618

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	Mutual Funds
	DFA EMERGING MARKETS VALUE FUND				2,623		97,620
	RBC EMERGING MARKETS EQUITY FUND				6,582		112,889
*	VANGUARD SMALL CAP VIPER				6		1,575
	Total Mutual Funds						$	212,084


	Self-Directed Brokerage Accounts
	CASH EQUIVALENTS						60,940
*	COMMON STOCK						6,862
	MUTUAL FUNDS						197,846
	UNIT INVESTMENT TRUSTS						120
	Total Self-Directed Brokerage Accounts						$	265,767

	Other Investments
	Asset-Backed Securities
	20 TSQ GROUNDCO LLC	3.100	%	5/15/2035	1,400		1,271
	AMERICAN CREDIT ACCEPTANCE REC	6.990	%	9/12/2030	586		590
	AMERICAN TOWER TRUST	5.490	%	3/15/2028	218		222
	AMERICREDIT AUTOMOBILE RECEIVA	5.380	%	6/18/2029	1,170		1,190
	AMERICREDIT AUTOMOBILE RECEIVA	6.000	%	7/18/2029	660		677
	AMERICREDIT AUTOMOBILE RECEIVA	5.320	%	4/18/2028	285		287
	AMSR TRUST	3.950	%	6/17/2040	1,000		991
	AMSR TRUST	4.290	%	7/17/2041	376		374
	AMSR TRUST	1.953	%	6/17/2038	395		375
	AMSR TRUST	2.153	%	6/17/2038	545		516
	AMSR TRUST	4.150	%	11/17/2041	1,360		1,342
	AMSR TRUST	1.527	%	8/17/2026	1,385		1,361
	AMUR EQUIP FIN RECEIVABLES	6.090	%	12/20/2029	336		339
	ANCHOR MORTGAGE TRUST	5.718	%	5/25/2040	280		281
	APIDOS CLO LTD	5.298	%	7/25/2037	259		260
	AQUA FINANCE TRUST	5.560	%	12/19/2050	407		414
	AQUA FINANCE TRUST	1.540	%	7/17/2046	351		323
	AQUA FINANCE TRUST	2.400	%	7/17/2046	1,695		1,582
	BANK	5.623	%	3/15/2058	283		299
	BANK	3.254	%	7/15/2060	236		234
	BANK	2.470	%	9/15/2064	570		510
	BANK5	6.656	%	6/15/2028	365		384

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	BARCLAYS COMMERCIAL MORTGAGE SECURIT	3.319	%	5/15/2052	448		437
	BARCLAYS COMMERCIAL MORTGAGE SECURIT	5.146	%	11/15/2058	500		514
	BENCHMARK MORTGAGE TRUST	5.812	%	5/17/2055	360		372
	BENCHMARK MORTGAGE TRUST	5.805	%	5/15/2030	411		433
	BLP COMMERCIAL MORTGAGE TRUST	4.950	%	3/15/2042	459		457
	BRIDGECREST LENDING AUTO SEC	5.640	%	11/15/2030	985		1,002
	BRIDGECREST LENDING AUTO SEC	5.620	%	3/17/2031	525		533
	BRIDGECREST LENDING AUTO SECUR	6.070	%	2/15/2030	1,490		1,517
	BRIDGECREST LENDING AUTO SECUR	5.700	%	7/16/2029	1,251		1,268
	BX TRUST	5.192	%	2/15/2039	437		437
	BX TRUST	5.242	%	7/15/2029	342		342
	BX TRUST	5.193	%	3/15/2030	320		320
	BX TRUST	5.512	%	12/9/2040	275		275
	BXP TRUST	3.379	%	6/13/2039	1,000		982
	CARVANA AUTO RECEIVABLES TRUST	5.820	%	9/10/2030	1,210		1,235
	CASCADE MH ASSET TRUST	1.753	%	2/25/2046	611		557
	CF HIPPOLYTA ISSUER LLC	1.530	%	3/15/2061	990		799
	CHASE MORTGAGE FINANCE	5.500	%	9/25/2056	487		489
	CHASE MORTGAGE FINANCE CORPORA	5.500	%	9/25/2055	314		315
	CIFC FUNDING LTD	5.484	%	1/20/2037	468		469
	CITIGROUP MORTGAGE LOAN TRUST	5.500	%	6/25/2055	240		242
	COLONY AMERICAN FINANCE LTD	1.358	%	8/15/2053	11		11
	COMPASS DATACENTERS ISSUER III	5.286	%	7/25/2050	290		292
	COREVEST AMERICAN FINANCE LTD	5.684	%	5/28/2040	180		181
	COREVEST AMERICAN FINANCE LTD	4.744	%	6/15/2055	607		609
	CREDIT ACCEPT AUTO LOAN TRUST	5.680	%	3/15/2034	910		918
	CREDIT ACCEPTANCE AUTO LOAN TR	7.020	%	5/16/2033	1,000		1,008
	CREDIT ACCEPTANCE AUTO LOAN TR	5.380	%	3/17/2036	1,000		1,016
	CREDIT ACCEPTANCE AUTO LOAN TR	5.710	%	7/16/2035	875		888
	CREDIT ACCEPTANCE AUTO LOAN TR	6.700	%	10/16/2034	1,200		1,242
	CREDIT ACCEPTANCE AUTO LOAN TRUST	6.390	%	8/15/2033	479		481
	CREDIT ACCEPTANCE AUTO LOAN TRUST	5.700	%	10/15/2032	300		300
	DB MASTER FINANCE LLC	2.045	%	11/20/2051	217		213
	DB MASTER FINANCE LLC	2.493	%	11/20/2051	502		475
	DBWF 2015-LCM MTG TR	1.000	%	6/10/2034	22		21
	DOMINOS PIZZA MASTER ISSUER LL	2.662	%	4/25/2051	204		194
	DRIVE AUTO RECEIVABLES TRUST	4.670	%	5/17/2032	235		236

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	DT AUTO OWNER TRUST	6.070	%	3/15/2028	196		196
	ELMWOOD CLO 23 LTD	5.244	%	4/16/2036	447		448
	EXETER AUTOMOBILE RECEIVABLES	5.410	%	5/15/2030	480		485
	EXETER AUTOMOBILE RECEIVABLES	5.750	%	7/17/2028	185		186
	EXETER AUTOMOBILE RECEIVABLES	6.580	%	4/17/2028	177		177
	FANNIEMAE-ACES	2.980	%	8/25/2029	605		585
	FANNIEMAE-ACES	VR		12/25/2026	102		101
	FANNIEMAE-ACES	VR		6/25/2027	412		407
	FANNIEMAE-ACES	1.200	%	10/25/2030	197		190
	FED HOME LN MTG CORP	7.000	%	12/15/2036	35		37
	FED HOME LN MTG CORP	3.500	%	6/15/2026	1		1
	FED HOME LN MTG CORP	VR		2/15/2043	98		96
	FED HOME LN MTG CORP	3.500	%	3/15/2035	1,517		1,489
	FED HOME LN MTG CORP	3.350	%	9/25/2028	125		124
	FED HOME LN MTG CORP	VR		9/15/2036	15		15
	FED HOME LN MTG CORP	7.000	%	5/15/2037	456		493
	FED NATL MTG ASSN	VR		9/25/2041	21		21
	FED NATL MTG ASSN	2.500	%	8/25/2042	137		124
	FED NATL MTG ASSN	3.000	%	1/25/2046	163		154
	FED NATL MTG ASSN	3.500	%	11/25/2057	606		591
	FED NATL MTG ASSN	3.500	%	5/25/2049	795		732
	FED NATL MTG ASSN	VR		4/25/2044	27		28
	FED NATL MTG ASSN	5.500	%	6/25/2035	84		87
	FED NATL MTG ASSN	6.000	%	3/25/2036	29		30
	FED NATL MTG ASSN	4.500	%	12/25/2040	544		550
	FEDERAL HOME LOAN MORTGAGE CORP	3.364	%	12/25/2027	680		673
	FEDERAL HOME LOAN MORTGAGE CORP	3.500	%	11/25/2049	790		651
	FEDERAL HOME LOAN MORTGAGE CORP	2.500	%	11/25/2038	566		493
	FEDERAL HOME LOAN MORTGAGE CORP	2.500	%	1/25/2048	1,315		1,210
	FEDERAL HOME LOAN MORTGAGE CORP	2.500	%	2/25/2052	920		854
	FEDERAL HOME LOAN MORTGAGE CORP	3.710	%	9/25/2032	1,000		967
	FEDERAL HOME LOAN MORTGAGE CORP	4.614	%	2/25/2033	2,000		2,026
	FEDERAL HOME LOAN MORTGAGE CORP	4.940	%	11/25/2030	730		754
	FEDERAL HOME LOAN MORTGAGE CORP	3.000	%	8/25/2056	247		236
	FEDERAL HOME LOAN MORTGAGE CORP	3.250	%	11/25/2064	882		767
	FEDERAL NATIONAL MORTGAGE ASSN	2.250	%	6/25/2045	634		551
	FEDERAL NATIONAL MORTGAGE ASSN	1.707	%	11/25/2031	1,051		911

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	FEDERAL NATIONAL MORTGAGE ASSN	2.084	%	4/25/2032	1,018		898
	FEDERAL NATIONAL MORTGAGE ASSN	4.500	%	7/25/2052	796		729
	FEDERAL NATIONAL MORTGAGE ASSN	3.759	%	5/25/2032	2		2
	FIRSTKEY HOMES 2020-SFR1 TRUST	1.607	%	9/17/2038	1,370		1,341
	FLATIRON CLO LTD	5.235	%	1/15/2038	268		269
	FORD CREDIT AUTO OWNER TRUST	5.070	%	1/15/2029	1,110		1,121
	FOUNDATION FINANCE TRUST	6.530	%	6/15/2049	459		479
	FREDDIE MAC - SCRT	4.500	%	6/25/2057	812		802
	FREDDIE MAC - SCRT	3.500	%	5/25/2057	835		781
	FREDDIE MAC - SCRT	3.500	%	11/25/2057	149		146
	FREDDIE MAC - SCRT	4.000	%	11/25/2057	1,167		1,110
	FREDDIE MAC - SCRT	3.000	%	3/25/2058	392		339
	FREDDIE MAC - SCRT	3.500	%	3/25/2058	536		525
	FREDDIE MAC - SCRT	3.500	%	7/25/2058	756		678
	FREDDIE MAC - SCRT	3.500	%	7/25/2058	202		198
	FREDDIE MAC - SCRT	4.000	%	3/25/2059	778		732
	FREDDIE MAC - SCRT	2.500	%	8/25/2059	1,234		1,146
	FREDDIE MAC - SCRT	3.000	%	5/25/2060	860		777
	FREDDIE MAC SCRT	3.000	%	10/25/2062	1,097		926
	FREDDIE MAC SCRT	3.500	%	5/25/2064	1,334		1,171
	FREMF MORTGAGE TRUST	VR		11/25/2049	180		179
	FREMF MORTGAGE TRUST	VR		12/25/2050	1,000		989
	FREMF MORTGAGE TRUST	VR		4/25/2051	1,600		1,573
	FRTKL	2.172	%	9/17/2038	1,005		984
	GLS AUTO RECEIVABLES TRUST	4.740	%	8/15/2031	605		607
	GOLUB CAPITAL PARTNERS CLO LTD	4.864	%	7/20/2034	340		340
	GOLUB CAPITAL PARTNERS CLO, LT	5.214	%	7/20/2038	285		286
	GOODGREEN TRUST	3.740	%	10/15/2052	500		463
	GOODGREEN TRUST	VR		10/15/2053	204		189
	GOODGREEN TRUST	3.260	%	10/15/2053	204		186
	GOVERNMENT NATIONAL MORTGAGE ASSN	1.000	%	8/20/2050	488		379
	GOVERNMENT NATIONAL MORTGAGE ASSN	2.000	%	6/20/2051	709		623
	GOVT NATL MTG ASSN	5.000	%	8/20/2039	98		101
	GOVT NATL MTG ASSN	VR		2/20/2061	109		109
	GOVT NATL MTG ASSN	VR		3/20/2067	135		135
	GOVT NATL MTG ASSN	4.500	%	10/16/2039	364		366
	GOVT NATL MTG ASSN	5.000	%	10/20/2039	279		288

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	GOVT NATL MTG ASSN	VR		6/20/2067	116		116
	GOVT NATL MTG ASSN	VR		6/20/2065	137		137
	GOVT NATL MTG ASSN	VR		6/20/2065	104		104
	GOVT NATL MTG ASSN	VR		7/20/2065	107		107
	GOVT NATL MTG ASSN	VR		9/20/2065	185		185
	GOVT NATL MTG ASSN	VR		10/20/2065	156		156
	GOVT NATL MTG ASSN	4.714	%	11/20/2065	265		265
	GOVT NATL MTG ASSN	VR		12/20/2065	72		73
	GOVT NATL MTG ASSN	VR		12/20/2066	42		43
	GOVT NATL MTG ASSN	4.694	%	5/20/2066	2		2
	GOVT NATL MTG ASSN	VR		8/20/2066	92		93
	GOVT NATL MTG ASSN	VR		5/20/2040	322		334
	GOVT NATL MTG ASSN	VR		10/20/2040	221		227
	GOVT NATL MTG ASSN	VR		1/20/2038	206		214
	GOVT NATL MTG ASSN	VR		10/20/2043	302		308
	GOVT NATL MTG ASSN	3.500	%	8/20/2047	549		512
	GOVT NATL MTG ASSN	3.500	%	3/20/2049	184		147
	GS MORTGAGE-BACKED SECURITIES	5.847	%	11/25/2067	1,061		1,070
	HERO FUNDING TRUST	3.080	%	9/20/2042	120		113
	HERO FUNDING TRUST	3.950	%	9/20/2048	171		161
	HERO FUNDING TRUST	4.070	%	9/20/2048	31		29
	HERO FUNDING TRUST	4.460	%	9/20/2047	161		154
	HERO FUNDING TRUST	4.670	%	9/20/2048	288		280
	HILTON GRAND VACATIONS TRUST	4.560	%	10/25/2044	760		762
	HILTON GRAND VACATIONS TRUST	5.650	%	3/25/2038	552		562
	HILTON GRAND VACATIONS TRUST	6.620	%	9/15/2039	146		150
	HOME PARTNERS OF AMERICA TRUST	2.082	%	1/17/2041	1,599		1,477
	INNOVATION HOMES TRUST	4.000	%	9/17/2029	320		312
*	JP MORGAN MORTGAGE TRUST	5.500	%	7/25/2055	175		176
*	JP MORGAN MORTGAGE TRUST	VR		10/25/2051	361		302
	LENDMARK FUNDING TRUST	4.940	%	9/20/2034	460		465
	MARINER FINANCE ISSUANCE TRUST	5.130	%	9/22/2036	1,164		1,180
	MARINER FINANCE ISSUANCE TRUST	1.860	%	3/20/2036	1,655		1,629
*	MORGAN STANLEY CAPITAL I TRUST	2.782	%	8/15/2049	373		369
	MRCD MORTGAGE TRUST	2.718	%	12/15/2036	1,846		1,366
	MVW OWNER TRUST	4.720	%	10/20/2044	741		741
	NEXTGEAR FLOORPLAN MASTER OWNE	4.230	%	10/15/2030	510		511

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	NMABS ISSUER	5.140	%	11/20/2055	1,150		1,148
	OCP CLO LTD	5.168	%	1/26/2038	460		462
	ONEMAIN DIRECT AUTO RECEIVABLES	3.950	%	11/14/2028	1,423		1,421
	OPORTUN FUNDING LLC	5.300	%	2/8/2033	600		600
	PAGAYA AI TECHNOLOGY IN HOUSIN	3.600	%	9/25/2028	1,000		974
	PALMER SQUARE CLO LTD	5.254	%	7/20/2037	258		259
	PALMER SQUARE CLO LTD	5.227	%	10/20/2038	250		251
	PLANET FITNESS MASTER ISSUER	5.765	%	6/5/2054	172		175
	PROGRESS RESIDENTIAL	3.350	%	2/17/2041	1,006		976
	PROGRESS RESIDENTIAL	3.390	%	7/17/2042	1,149		1,071
	PROGRESS RESIDENTIAL TRUST	3.200	%	4/17/2039	571		563
	PROGRESS RESIDENTIAL TRUST	3.500	%	6/17/2041	1,610		1,536
	PROGRESS RESIDENTIAL TRUST	3.000	%	8/9/2029	1,554		1,481
	PROGRESS RESIDENTIAL TRUST	3.375	%	8/9/2029	1,550		1,460
	PROGRESS RESIDENTIAL TRUST	4.896	%	6/17/2039	1,000		1,001
	PROGRESS RESIDENTIAL TRUST	1.524	%	7/17/2038	1,817		1,794
	PROGRESS RESIDENTIAL TRUST	1.692	%	8/17/2040	419		394
	PROGRESS RESIDENTIAL TRUST	2.082	%	9/17/2038	640		629
	PROGRESS RESIDENTIAL TRUST	3.107	%	2/17/2029	1,100		1,050
	PROGRESS RESIDENTIAL TRUST	3.555	%	4/17/2042	997		932
	PROGRESS RESIDENTIAL TRUST	3.100	%	7/9/2029	1,695		1,621
	PROGRESS RESIDENTIAL TRUST	3.650	%	2/17/2042	215		202
	RENEW 2017-1	1.671	%	9/28/2052	86		80
	RENEW FINANCIAL	3.220	%	9/22/2053	77		70
	SABEY DATA CENTER ISSUER LLC	1.881	%	6/20/2046	453		446
	SANTANDER DRIVE AUTO	6.160	%	12/17/2029	1,010		1,024
	SANTANDER DRIVE AUTO	5.430	%	3/17/2031	1,040		1,056
	SANTANDER DRIVE AUTO RECEIVABL	5.640	%	8/15/2030	965		984
	SBA TOWER TRUST	6.599	%	1/15/2028	275		282
	SCF EQUIPMENT TRUST LLC	4.820	%	6/20/2036	500		500
	SEQUOIA MORTGAGE TRUST	6.000	%	7/27/2054	127		129
	SEQUOIA MORTGAGE TRUST	5.500	%	6/25/2055	207		208
	SEQUOIA MORTGAGE TRUST	5.000	%	1/25/2053	152		152
	SEQUOIA MORTGAGE TRUST	5.000	%	10/25/2055	252		252
	SFS AUTO RECEIVABLES	4.950	%	5/21/2029	300		302
	SIERRA RECEIVABLES FUNDING CO	5.140	%	6/20/2041	523		531
	SIERRA RECEIVABLES FUNDING CO	4.730	%	6/20/2040	143		144

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	SIERRA RECEIVABLES FUNDING CO	1.340	%	11/20/2037	41		41
	SIERRA RECEIVABLES FUNDING CO	5.320	%	4/20/2044	190		190
	SMALL BUSINESS ADMINISTRATION	4.730	%	11/1/2050	508		508
	SMALL BUSINESS ADMINISTRATION	1.750	%	11/1/2046	581		486
	SMALL BUSINESS ADMINISTRATION	1.840	%	1/1/2042	323		280
	SMALL BUSINESS ADMINISTRATION	4.010	%	6/1/2047	118		113
	SMALL BUSINESS ADMINISTRATION	5.168	%	3/1/2033	308		314
	SMALL BUSINESS ADMINISTRATION	4.480	%	4/1/2048	289		284
	SMALL BUSINESS ADMINISTRATION	4.620	%	5/1/2048	309		308
	SMALL BUSINESS ADMINISTRATION	5.050	%	1/1/2049	367		372
	SMALL BUSINESS ADMINISTRATION	5.035	%	3/1/2034	399		404
	SMALL BUSINESS ADMINISTRATION	4.963	%	3/10/2035	310		314
	SOCIAL PROFESSIONAL LOAN PROGR	2.540	%	5/15/2046	115		112
	STREAM INNOVATIONS ISSUER TRUS	5.480	%	9/15/2045	743		751
	SUBWAY FUNDING LLC	6.028	%	7/30/2054	173		176
	SUBWAY FUNDING LLC	5.566	%	7/30/2054	291		289
	TACO BELL FUNDING, LLC	2.294	%	8/25/2051	379		354
	TACO BELL FUNDING, LLC	4.821	%	8/25/2055	349		347
	TOORAK MORTGAGE CORP	5.524	%	2/25/2040	1,190		1,195
	TOYOTA AUTO LOAN EXTENDED	4.930	%	6/25/2036	882		902
	TRICON AMERICAN HOMES	1.499	%	7/17/2038	238		234
	TRICON RESIDENTIAL	1.943	%	7/17/2038	372		367
	TRICON RESIDENTIAL	4.750	%	4/17/2039	145		144
	TRICON RESIDENTIAL	4.849	%	7/17/2040	361		361
	TRICON RESIDENTIAL	4.750	%	6/17/2040	168		169
	UNITED AIRLNS PASS THRU	5.450	%	2/15/2037	466		479
	VENDEE MORTGAGE TRUST	0.417	%	5/15/2033	126		127
	VERDANT RECEIVABLES LLC	5.680	%	12/12/2031	580		591
	VERICREST OPPORTUNITY LOAN TRA	VR		3/27/2051	46		46
	VERIZON MASTER TRUST	3.960	%	8/20/2031	500		501
	VEROS AUTO RECEIVABLES TRUST	6.280	%	11/15/2027	72		72
	WELLS FARGO COML MTG	5.203	%	12/15/2058	504		518
	WELLS FARGO COMMERCIAL MORTGAG	3.065	%	11/15/2059	308		305
	WELLS FARGO COMMERCIAL MORTGAG	2.194	%	6/15/2053	397		371
	WENDYS FUNDING LLC	5.422	%	12/15/2055	350		349
	WESTLAKE AUTOMOBILE RECEIVABLE	6.020	%	9/15/2028	1,230		1,243
	WHEELS FLEET LEASE FUNDING LLC	4.410	%	5/18/2040	510		514

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	WORLD FINANCIAL NETWORK CREDIT	5.470	%	2/17/2031	1,190		1,213
	WORLD OMNI AUTO RECEIVABLES	5.850	%	8/15/2029	595		611
	Total Asset-Backed Securities						$	131,255


	Foreign Sovereign Debt
	REPUBLIC OF CHILE	2.550	%	1/27/2032	200		179
	UNITED MEXICAN	5.850	%	7/2/2032	395		406
	UNITED MEXICAN STATES	4.350	%	1/15/2047	35		26
	UNITED MEXICAN STATES	2.659	%	5/24/2031	301		268
	UNITED MEXICAN STATES	3.771	%	5/24/2061	222		137
	UNITED MEXICAN STATES	4.400	%	2/12/2052	370		270
	UNITED MEXICAN STATES	6.000	%	5/13/2030	200		210
	UNITED MEXICAN STATES	6.875	%	5/13/2037	261		278
	UNITED MEXICAN STATES	5.375	%	3/22/2033	957		948
	Total Foreign Sovereign Debt						$	2,722


	Municipal Bonds
	CONNECTICUT STATE	4.060	%	6/15/2030	370		372
	MASSACHUSETTS STATE EDUCTNL FING	4.141	%	7/1/2027	115		115
	MIAMI-DADE CNTY FLORIDA TRANSIT	5.534	%	7/1/2032	220		225
	OHIO UNIV GEN RECPTS ATHENS	5.590	%	12/1/2114	195		184
	TEXAS NATURAL GAS SECURITIZATION	5.102	%	4/1/2035	640		657
	TEXAS NATURAL GAS SECURITIZATION	5.169	%	4/1/2041	190		194
	Total Municipal Bonds						$	1,747




	Private Placement Securities
	ABN AMRO BANK NV	VR		12/13/2029	300		286
	AIA GROUP LTD	3.200	%	9/16/2040	200		158
	AIR CANADA 2015-1A PTT	3.600	%	3/15/2027	520		514
	AIR CANADA 2017-1A PTT	3.550	%	1/15/2030	164		157
	AIR CANADA 2017-1AA PTT	3.300	%	1/15/2030	48		46
	AMERICAN TOWER TRUST I	3.652	%	3/23/2028	230		228
	ASHTEAD CAPITAL INC	2.450	%	8/12/2031	418		373
	AUST & NZ BANKING GROUP	2.570	%	11/25/2035	210		189

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	AVOLON HOLDINGS FNDG LTD	4.375	%	5/1/2026	567		567
	AVOLON HOLDINGS FNDG LTD	2.528	%	11/18/2027	377		365
	BAE SYSTEMS PLC	3.400	%	4/15/2030	350		338
	BAE SYSTEMS PLC	1.900	%	2/15/2031	292		259
	BANK OF IRELAND GROUP	VR		9/30/2027	227		223
	BLACKSTONE HOLDINGS FINA	3.500	%	9/10/2049	200		143
	BPCE SA	VR		1/20/2032	275		244
	BRITISH AIR 18-1 A PTT	4.125	%	9/20/2031	148		144
	BRITISH AIR 18-1 AA PTT	3.800	%	9/20/2031	56		55
	BROADCOM INC	3.187	%	11/15/2036	750		636
	BROOKLYN UNION GAS CO	4.273	%	3/15/2048	100		80
	CLEVELAND ELECTRIC ILLUM	3.500	%	4/1/2028	95		93
	COX COMMUNICATIONS INC	3.350	%	9/15/2026	415		413
	CVS PASS-THROUGH TR 2014	4.163	%	8/10/2036	179		167
	CVS PASS-THROUGH TRUST	5.773	%	1/10/2033	190		193
	CVS PASS-THROUGH TRUST	5.926	%	1/10/2034	313		321
	CVS PASS-THROUGH TRUST	4.704	%	1/10/2036	223		207
	DUQUESNE LIGHT HOLDINGS	3.616	%	8/1/2027	230		227
	FERGUSON FINANCE PLC	3.250	%	6/2/2030	350		334
	GALAXY PIPELINE ASSETS	2.940	%	9/30/2040	260		221
	GLOBAL ATLANTIC FIN CO	4.400	%	10/15/2029	158		155
	GOODMAN US FIN THREE	3.700	%	3/15/2028	86		85
	GRAY OAK PIPELINE LLC	3.450	%	10/15/2027	415		410
	GREAT-WEST LIFECO FIN 18	4.581	%	5/17/2048	130		112
	KEYSPAN GAS EAST CORP	2.742	%	8/15/2026	200		198
	KKR GROUP FINAN CO VIII	3.500	%	8/25/2050	200		141
	MACQUARIE BANK LTD	3.052	%	3/3/2036	200		182
	MACQUARIE GROUP LTD	VR		1/14/2033	200		181
	MASS MUTUAL LIFE INS CO	3.375	%	4/15/2050	210		142
	NATIONWIDE BLDG SOCIETY	VR		3/8/2029	260		260
	NBN CO LTD	2.625	%	5/5/2031	400		367
	NEW ENGLAND POWER CO	3.800	%	12/5/2047	50		38
	NEW YORK LIFE INSURANCE	4.450	%	5/15/2069	90		70
	NGPL PIPECO LLC	3.250	%	7/15/2031	240		221
	NRG ENERGY INC	4.450	%	6/15/2029	155		154
	NRG ENERGY INC	2.450	%	12/2/2027	225		217
	NUTRITION & BIOSCIENCES	2.300	%	11/1/2030	310		280

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

as of December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Current Value
						Number of Shares/ Units or Face Amount
		Interest Rate		Maturity Date	(in thousands)		(in thousands)
	PENNSYLVANIA ELECTRIC CO	3.250	%	3/15/2028	26		25
	SOCIETE GENERALE	VR		6/9/2032	440		398
	STELLANTIS FIN US INC	2.691	%	9/15/2031	209		183
	SWISS RE FINANCE LUX	VR		4/2/2049	200		201
	TEACHERS INSUR & ANNUITY	4.900	%	9/15/2044	40		36
	TEACHERS INSUR & ANNUITY	4.270	%	5/15/2047	70		57
	UBS GROUP AG	3.869	%	1/12/2029	250		249
	Total Private Placement Securities						$	11,548

	Total Other Investments						$	147,272

	Total Investments, at Fair Value						$	9,493,205


	Total Fully Benefit Responsive Investment Contracts, at Contract Value
	AMERICAN UNITED LIFE - S00016	2.410	%	12/31/2050			74,465
*	COLUMBIA TR GOVT MM FUND				147,120		147,120
*	JP MORGAN - #AISP01	2.820	%	12/31/2050			87,619
	LINCOLN NATIONAL LIFE	2.330	%	12/31/2050			76,697
	MET TOWER LIFE - #38165	3.120	%	12/31/2050			79,188
	PACIFIC LIFE - # 26755	2.540	%	12/31/2050			72,364
	PRUDENTIAL GA-63690	2.420	%	12/31/2050			84,311
	RBC - AMERIPRISE AMEX01	2.750	%	12/31/2050			62,298
	TRANSAMERICA MDA00375TR	2.620	%	12/31/2050			106,176
	Total Fully Benefit Responsive Investment Contracts, at Contract Value						$	790,237

	TOTAL INVESTMENTS						$	10,283,442

*	Loans to Participants	3.250% - 9.500%		Through 2/12/2056			$	80,431

* Indicates party-in-interest

VR: Variable Rate

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

Amounts may not sum due to rounding.

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

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

For the Year Ended December 31, 2025


(a)	(b) Identity of Issue, Borrower, Lessor, or Similar Party	(c) Description of Investment			(e) Proceeds of dispositions
		Rate of interest		Maturity date		Number of Shares / Units or Face Amount
					(in thousands)		(in thousands)
	CORPORATE DEBT INSTRUMENTS
	ARTHUR J GALLAGHER	5.550	%	2/15/2055	28		26
	BARCLAYS BANK V-D	VR		2/25/2031	200		206
	BHP BILLITON FIN	5.125	%	2/21/2032	185		190
	CF INDUSTRIES INC	5.150	%	3/15/2034	125		126
	CREDIT AGR MTN V-D	VR		5/27/2031	520		533
	DOMINION ENERGY GAS	6.200	%	1/15/2055	120		120
	DOMINOS PIZZA MASTER	4.116	%	7/25/2048	464		464
	FISERV INC	5.250	%	8/11/2035	140		140
	HCA INC	5.500	%	3/1/2032	90		92
	MONDELEZ INTERNATION	2.625	%	9/4/2050	135		81
	MPLX LP	5.950	%	4/1/2055	115		109
	ORACLE CORP	6.000	%	8/3/2055	310		286
	P/P HYUNDAI CAPITAL	6.375	%	4/8/2030	590		632
	PNC FINL SVCS V-D	VR		5/13/2031	265		271
	PRUDENTIAL FDG ASIA	3.125	%	4/14/2030	395		378
	SYNOPSYS INC	4.850	%	4/1/2030	364		370
	UNITEDHEALTH GROUP	4.500	%	4/15/2033	238		237
	UNITEDHEALTH GROUP	5.300	%	6/15/2035	360		369
	VERIZON COMM INC	4.780	%	2/15/2035	345		342
	WELLS FARGO MTN V-D	VR		4/23/2029	220		222

* Indicates party-in-interest

VR: Variable Rate

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

EIN 13-4922250

Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

Schedule H, Line 4j – Schedule of Reportable Transactions

for the Year Ended December 31, 2025

(Thousands, except where indicated)


(a)	(b)	(c)	(d)	(g)	(h)	(i)
Identity of Party Involved	Description of Asset	Purchase Price	Selling Price	Cost of Asset	Current Value of Asset on Transaction Date	Net Gain (Loss)

Category (i) – single transactions in excess of 5% of the fair value of plan assets

*VANGUARD INSTL 500 INDEX TRST UNIT B	Common/Collective Trust	648,329	—	648,329	648,329	—
		644,736	—	644,736	644,736	—
*VANGUARD EMPLOYEE BENEFIT INDEX #528	Common/Collective Trust	—	648,329	364,649	648,329	283,681
		—	644,736	360,491	644,736	284,245

Category (iii) – series of transactions in the same security in excess of 5% of the fair value of plan assets**

AS TREAS PLUS MM FD - SELECT #3803	Money Market Funds	983,583	—	983,583	983,583	—
		—	951,628	951,628	951,628	—
*VANGUARD FIDUCIARY EXT MKT	Common/Collective Trust	40,714	—	40,714	40,714	—
		—	527,469	360,051	527,469	167,418
*VANGUARD INSTL EXTEND MKT INDX TR B	Common/Collective Trust	490,718	—	490,718	490,718	—
		—	16,486	16,276	16,486	210
*VANGUARD INSTL 500 INDEX TRST UNIT B	Common/Collective Trust	279,523	—	279,523	279,523	—
		—	37,829	37,139	37,829	690
*VANGUARD EMPLOYEE BENEFIT INDEX #528	Common/Collective Trust	118,267	—	118,267	118,267	—
		—	356,900	173,805	356,900	183,095
TREASURY NOTE 2.875% 4/30/2029	U.S. Government and Agency Obligations	676,056	—	676,056	676,056	—
		—	729,653	668,751	729,653	60,902
TREASURY NOTE 4.125% 8/31/2030	U.S. Government and Agency Obligations	241,107	—	241,107	241,107	—
		—	240,221	241,107	240,221	(886)
TREASURY NOTE 1.125% 8/31/2028	U.S. Government and Agency Obligations	493,886	—	493,886	493,886	—
		—	426,668	424,808	426,668	1,860

There were no category (ii) or (iv) reportable transactions during the Plan year ended December 31, 2025.
Non-applicable columns are not included in this presentation.

* Indicates party-in-interest

** Excluding amounts reported in Category (i)

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.