Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
American Express Certificate Company
We have audited the financial statements of American Express Certificate Company
as of December 31, 2004 and 2003, and for each of three years in the period
ended December 31, 2004, and have issued our report thereon dated February 18,
2005 (included elsewhere in this Registration Statement). Our audits also
included the financial statement schedules listed in Item 16(b) of Form S-1 of
this Registration Statement. These schedules are the responsibility of the
Company's management. Our responsibility is to express an opinion based on our
audits.
In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
---------------------
Ernst & Young LLP
Minneapolis, Minnesota
February 18, 2005
AmEx Certificate Company Schedule 1
Investments of Securities in Unaffiliated Issuers
At December 31, 2004
(Thousands)
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
BONDS AND NOTES
U.S. Government
U.S. Government-Direct Obligations
FNMA COLLATERAL - MUNI 2008 4.000% 15,000 14,992 15,048
FNMA COLLATERAL - MUNI 2012 4.450% 10,000 10,000 9,881
US TREASURY 2006 5.625% 200 200 206
US TREASURY 2014 4.750% 165 173 172
-------------------------------------------------------------------------------
Total - U.S. Government-Direct Obligations 25,365 25,365 25,307
-------------------------------------------------------------------------------
Total - U.S. Government 25,365 25,365 25,307
Mortgage Backed Securities
Mortgage Backed Securities
AESOP FUNDING II LLC AESOP_03- 2009 3.720% 7,500 7,625 7,433 (d)
AMCAR_04-BM 2011 2.670% 4,200 4,123 4,102
ARG FUNDING CORP 2007 2.860% 3,500 3,500 3,502 (d)
ARMT_2004-2 2035 5.287% 7,429 7,579 7,542
BAA_2003-1 2033 5.000% 7,558 7,607 7,630
BACM_03-1 2036 3.878% 9,465 9,401 9,385
BACM_2004-5 2041 4.176% 12,000 12,038 12,071
BALL_01-7WTC 2011 3.237% 8,213 8,213 6,708
BALL_01-FM 2016 6.119% 3,574 3,574 3,820 (d)
BANK OF AMERICA MORTGAGE SECUR 2034 3.998% 9,431 9,401 9,190
BANK OF AMERICA MORTGAGE SECUR 2033 4.202% 15,000 14,932 15,038
BANK ONE ISSUANCE TRUST BOIT 2011 2.723% 10,000 10,049 10,047
BANK ONE ISSUANCE TRUST BOIT 2011 3.860% 13,400 13,397 13,444
BOAMS_04-F_2A6 2034 4.179% 10,000 9,743 9,809
BOAMS_04G 2034 4.629% 8,649 8,458 8,606
BOAMS_2004-E 2034 4.128% 15,000 14,879 14,784
BOAMS_2004-E 2034 4.051% 5,970 5,671 5,644
BOIT_2003-B1 2010 2.773% 9,750 9,806 9,809
BSARM_2003-2 2033 3.990% 10,000 10,098 10,032 (d)
BSCMS_03-TOP10 2040 4.000% 8,182 8,217 8,102
BSCMS_2004-PWR5 2042 4.254% 7,200 7,238 7,210
CARAT_2004-2 2007 3.120% 10,000 9,999 10,003
CDCSC_02-FX1 2019 5.252% 8,972 9,001 9,317
CENTEX HOME EQUITY CHECK_03-A 2031 3.750% 14,000 13,740 13,977
CENTEX HOME EQUITY CHEC_01-A 2029 6.470% 4,015 4,004 4,078
CFHE_03-2 2024 2.864% 10,000 9,991 9,967
CHASE_99-AS2 2029 6.500% 1,142 1,142 1,164
CIT EQUIPMENT COLLATERAL 2004- 2008 3.500% 5,000 4,999 4,964
CMAC_98-C1 2031 6.490% 10,000 10,841 10,751
COAFT_02-B 2009 3.320% 10,000 10,114 10,009
COMM_04-LNB3 2037 4.713% 7,500 7,533 7,680
COPAR_2004-3 2007 3.040% 10,000 9,999 10,005
COUNTRYWIDE HOME EQUITY LOAN C 2034 2.683% 9,081 9,077 9,097
CSFBMSC_04-C2 2036 3.819% 6,692 6,515 6,543
CWA_2004-33 2034 5.017% 9,579 9,744 9,719
CWA_2004-J7 2034 4.673% 10,000 9,996 9,929
F-31
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
CWHEL_04-R 2030 2.687% 10,000 10,000 10,000
CWHEL_04-U 2035 2.690% 10,000 10,000 10,000
CWHEL_2004-N 2034 2.683% 9,163 9,159 9,179
CWHEL_2004-S 2030 2.678% 10,000 10,000 9,998
CWHL_04-12 2034 4.671% 7,509 7,388 7,469
DLJCMC_99-CG3 2032 7.120% 5,441 5,448 5,759
DRAT_04-1 2008 3.500% 5,000 5,000 5,012 (d)
EQUITY ONE EQABS_2004-3 2034 4.265% 10,000 10,060 9,983
EQUITY ONE EQABS_2004-3 2034 5.099% 10,000 10,224 10,168
FANNIE MAE FNMA_01-22 2011 6.000% 4,608 4,590 4,622
FANNIE MAE FNMA_02-9 2042 5.000% 11,508 11,489 11,561
FANNIE MAE FNMA_03-28 2022 5.000% 11,222 11,355 11,338
FANNIE MAE FNMA_99-8 2014 6.000% 6,502 6,461 6,732
FHAT_2004-A4 2034 5.459% 9,496 9,707 9,689
FHLMC_2382 2030 5.500% 7,623 7,566 7,897
FHLMC_2473 2030 5.500% 3,955 3,944 3,981
FHLMC_2478 2021 5.250% 10,469 10,456 10,478
FHLMC_2619 2022 5.000% 23,293 23,736 23,220
FHLMC_2835 2032 4.500% 11,773 11,761 11,705
FHLMC_2872 2022 4.500% 10,000 10,024 9,891
FHLMC_2901 2033 4.500% 10,000 9,994 10,041
FHLMC_2907 2019 4.500% 10,000 9,997 10,100
FMGT_03-T5 2013 4.055% 7,604 7,604 7,623
FNMA COLLATERAL - MUNI 2019 6.075% 16,222 16,631 16,818
FNMA COLLATERAL - MUNI 2034 3.750% 10,000 10,149 9,891
FNMA COLLATERAL - MUNI 2033 4.538% 12,487 12,307 12,339
FNMA COLLATERAL - MUNI 105989 2020 5.811% 334 350 345
FNMA COLLATERAL - MUNI 190726 2033 4.825% 1,307 1,336 1,353
FNMA COLLATERAL - MUNI 249907 2024 3.750% 1,248 1,266 1,241
FNMA COLLATERAL - MUNI 250670 2011 7.000% 448 450 477
FNMA COLLATERAL - MUNI 250671 2011 7.500% 1,410 1,411 1,500
FNMA COLLATERAL - MUNI 250857 2012 7.000% 1,248 1,245 1,330
FNMA COLLATERAL - MUNI 252259 2014 5.500% 88 86 91
FNMA COLLATERAL - MUNI 252344 2014 5.500% 6,279 6,136 6,526
FNMA COLLATERAL - MUNI 252381 2014 5.500% 5,998 5,853 6,213
FNMA COLLATERAL - MUNI 254010 2008 5.500% 1,672 1,668 1,708
FNMA COLLATERAL - MUNI 254195 2017 5.500% 9,304 9,279 9,631
FNMA COLLATERAL - MUNI 254508 2012 5.000% 17,348 17,710 17,907
FNMA COLLATERAL - MUNI 254584 2012 5.000% 26,721 27,153 27,583
FNMA COLLATERAL - MUNI 254586 2013 5.000% 41,237 42,211 42,568
FNMA COLLATERAL - MUNI 254590 2018 5.000% 31,022 31,273 31,558
FNMA COLLATERAL - MUNI 254591 2018 5.500% 17,459 18,067 18,063
FNMA COLLATERAL - MUNI 254663 2013 5.000% 5,836 5,926 6,024
FNMA COLLATERAL - MUNI 254719 2018 4.500% 111,003 111,985 110,922
FNMA COLLATERAL - MUNI 254720 2018 4.500% 85,504 85,931 85,441
FNMA COLLATERAL - MUNI 303259 2025 3.853% 1,164 1,197 1,158
FNMA COLLATERAL - MUNI 303445 2009 5.500% 2,601 2,534 2,692
FNMA COLLATERAL - MUNI 303970 2024 6.000% 4,685 4,623 4,868
FNMA COLLATERAL - MUNI 313042 2011 7.000% 1,016 1,018 1,078
FNMA COLLATERAL - MUNI 313522 2012 7.000% 2,431 2,440 2,578
FNMA COLLATERAL - MUNI 313561 2012 8.000% 1,432 1,454 1,524
FNMA COLLATERAL - MUNI 323290 2013 6.000% 223 222 234
FNMA COLLATERAL - MUNI 323748 2014 6.500% 3,681 3,606 3,907
FNMA COLLATERAL - MUNI 323833 2014 6.000% 1,885 1,867 1,978
FNMA COLLATERAL - MUNI 36225 2016 9.000% 12 13 14
FNMA COLLATERAL - MUNI 367005 2012 7.000% 982 977 1,042
F-32
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
FNMA COLLATERAL - MUNI 386642 2008 3.930% 11,791 12,133 11,752
FNMA COLLATERAL - MUNI 40877 2017 9.000% 19 19 21
FNMA COLLATERAL - MUNI 50973 2009 6.000% 3,951 3,895 4,115
FNMA COLLATERAL - MUNI 509806 2014 6.500% 1,571 1,556 1,667
FNMA COLLATERAL - MUNI 51617 2017 10.000% 12 12 14
FNMA COLLATERAL - MUNI 545249 2016 5.500% 11,331 11,375 11,729
FNMA COLLATERAL - MUNI 545303 2016 5.000% 11,942 11,772 12,157
FNMA COLLATERAL - MUNI 545400 2017 5.500% 14,913 14,839 15,437
FNMA COLLATERAL - MUNI 545492 2022 5.500% 4,290 4,246 4,393
FNMA COLLATERAL - MUNI 545679 2022 5.500% 9,005 8,767 9,222
FNMA COLLATERAL - MUNI 545786 2032 5.580% 2,961 2,974 2,931
FNMA COLLATERAL - MUNI 555366 2018 4.500% 133,185 134,363 133,211
FNMA COLLATERAL - MUNI 555724 2018 4.500% 12,689 12,627 12,685
FNMA COLLATERAL - MUNI 566074 2031 5.777% 1,572 1,570 1,597
FNMA COLLATERAL - MUNI 584507 2031 5.709% 1,505 1,498 1,571
FNMA COLLATERAL - MUNI 584829 2016 6.000% 3,651 3,624 3,828
FNMA COLLATERAL - MUNI 585743 2016 5.500% 10,377 10,428 10,742
FNMA COLLATERAL - MUNI 616220 2016 5.000% 9,347 9,171 9,516
FNMA COLLATERAL - MUNI 617270 2017 5.000% 10,151 10,026 10,334
FNMA COLLATERAL - MUNI 620293 2032 5.487% 4,468 4,428 4,560
FNMA COLLATERAL - MUNI 622462 2016 5.500% 8,139 8,040 8,425
FNMA COLLATERAL - MUNI 623866 2017 5.000% 11,176 11,145 11,378
FNMA COLLATERAL - MUNI 625943 2017 5.000% 16,104 16,060 16,381
FNMA COLLATERAL - MUNI 626925 2018 4.500% 4,764 4,807 4,760
FNMA COLLATERAL - MUNI 651629 2032 5.181% 2,849 2,854 2,884
FNMA COLLATERAL - MUNI 653342 2032 5.305% 1,970 1,978 2,004
FNMA COLLATERAL - MUNI 654158 2032 4.962% 4,995 5,004 5,140
FNMA COLLATERAL - MUNI 654195 2032 4.918% 5,190 5,194 5,189
FNMA COLLATERAL - MUNI 655646 2032 5.783% 3,132 3,137 3,149
FNMA COLLATERAL - MUNI 655798 2032 5.245% 7,152 7,137 7,254
FNMA COLLATERAL - MUNI 661349 2032 5.428% 2,616 2,623 2,657
FNMA COLLATERAL - MUNI 661501 2032 5.118% 3,028 3,042 3,077
FNMA COLLATERAL - MUNI 661744 2032 5.346% 5,039 5,062 5,124
FNMA COLLATERAL - MUNI 664521 2032 5.117% 6,292 6,319 6,403
FNMA COLLATERAL - MUNI 664750 2032 4.966% 3,611 3,620 3,666
FNMA COLLATERAL - MUNI 670731 2032 5.308% 7,213 7,242 7,488
FNMA COLLATERAL - MUNI 670779 2032 5.135% 7,278 7,326 7,186
FNMA COLLATERAL - MUNI 670890 2032 4.731% 9,009 9,043 9,266
FNMA COLLATERAL - MUNI 670912 2032 5.069% 6,985 7,008 7,247
FNMA COLLATERAL - MUNI 670947 2032 4.685% 9,539 9,583 9,810
FNMA COLLATERAL - MUNI 677680 2018 4.500% 35,312 35,628 35,319
FNMA COLLATERAL - MUNI 685479 2018 4.500% 28,724 28,920 28,697
FNMA COLLATERAL - MUNI 694852 2033 5.037% 8,875 9,035 8,941
FNMA COLLATERAL - MUNI 70007 2017 3.553% 252 255 251
FNMA COLLATERAL - MUNI 701161 2018 4.500% 21,676 21,826 21,656
FNMA COLLATERAL - MUNI 70117 2017 3.418% 95 96 95
FNMA COLLATERAL - MUNI 701269 2018 4.500% 21,679 21,830 21,659
FNMA COLLATERAL - MUNI 703991 2018 4.500% 23,190 23,347 23,168
FNMA COLLATERAL - MUNI 704592 2018 5.000% 14,037 14,509 14,275
FNMA COLLATERAL - MUNI 70694 2005 9.500% 32 32 33
FNMA COLLATERAL - MUNI 708635 2018 5.000% 10,116 10,452 10,288
FNMA COLLATERAL - MUNI 708646 2018 4.500% 13,272 13,311 13,259
FNMA COLLATERAL - MUNI 722779 2033 4.408% 14,402 14,433 14,664
FNMA COLLATERAL - MUNI 725558 2034 4.589% 5,293 5,242 5,313
FNMA COLLATERAL - MUNI 725694 2034 4.802% 7,103 6,957 7,114
FNMA COLLATERAL - MUNI 725719 2033 4.854% 10,060 10,019 10,144
F-33
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
FNMA COLLATERAL - MUNI 730652 2018 4.500% 21,178 21,501 21,158
FNMA COLLATERAL - MUNI 73227 2005 6.700% 369 369 391
FNMA COLLATERAL - MUNI 733525 2033 3.949% 15,861 15,200 15,358
FNMA COLLATERAL - MUNI 739194 2033 5.092% 5,840 5,858 5,898
FNMA COLLATERAL - MUNI 743856 2033 4.723% 4,056 4,062 4,035
FNMA COLLATERAL - MUNI 758873 2033 4.497% 8,682 8,582 8,572
FNMA COLLATERAL - MUNI 774968 2034 4.763% 4,562 4,617 4,509
FNMA COLLATERAL - MUNI 794787 2034 5.219% 14,993 15,191 15,210
FNMA COLLATERAL - MUNI 799733 2034 5.050% 7,499 7,634 7,619
FNMA COLLATERAL - MUNI 804561 2034 4.444% 9,463 9,486 9,478
FNMA COLLATERAL - MUNI 88879 2019 4.924% 362 368 366
FNMA COLLATERAL - MUNI 89125 2019 3.500% 1,044 1,066 1,065
FNMA_02-10 2042 5.000% 11,871 11,866 11,958
FNMA_03-18 2043 4.610% 15,000 15,135 15,083
FNMA_04-81 2020 4.350% 12,500 12,523 12,385
FNMA_04-89 2022 4.500% 10,000 9,937 10,121
FNMA_2004-W8 2044 4.572% 9,000 9,034 9,046
FREDDIE MAC 2034 5.200% 58,386 59,110 58,901
FREDDIE MAC 2032 3.750% 10,000 9,956 9,753
FREDDIE MAC 1B0183 2031 5.458% 3,623 3,579 3,645
FREDDIE MAC 350190 2022 3.375% 529 550 533
FREDDIE MAC 405014 2019 3.837% 135 135 136
FREDDIE MAC 405092 2019 3.740% 279 277 282
FREDDIE MAC 405185 2018 3.346% 377 377 381
FREDDIE MAC 405243 2019 3.385% 152 154 153
FREDDIE MAC 405360 2019 3.503% 52 53 52
FREDDIE MAC 405437 2019 4.150% 149 148 151
FREDDIE MAC 405455 2019 3.970% 128 128 129
FREDDIE MAC 405615 2019 3.900% 272 276 275
FREDDIE MAC 605041 2019 3.267% 26 26 26
FREDDIE MAC 605048 2018 3.545% 150 150 151
FREDDIE MAC 605432 2017 3.961% 151 152 152
FREDDIE MAC 605433 2017 3.154% 299 301 301
FREDDIE MAC 605454 2017 3.141% 650 648 650
FREDDIE MAC 606024 2019 3.085% 378 375 381
FREDDIE MAC 606025 2019 3.377% 1,078 1,080 1,083
FREDDIE MAC 630074 2018 3.750% 103 102 103
FREDDIE MAC 780514 2033 5.030% 18,482 18,979 18,637
FREDDIE MAC 780845 2033 4.555% 8,933 8,679 8,894
FREDDIE MAC 780903 2033 4.561% 8,838 8,754 8,717
FREDDIE MAC 785363 2025 3.878% 563 571 585
FREDDIE MAC 785619 2026 4.250% 267 268 275
FREDDIE MAC 785634 2026 4.500% 315 316 326
FREDDIE MAC 788941 2031 5.611% 917 904 931
FREDDIE MAC 840031 2019 3.500% 12 13 13
FREDDIE MAC 840035 2019 4.040% 134 133 136
FREDDIE MAC 840036 2019 4.127% 311 315 318
FREDDIE MAC 840072 2019 3.182% 411 410 416
FREDDIE MAC 845154 2022 3.856% 417 434 429
FREDDIE MAC 845523 2023 3.947% 393 405 402
FREDDIE MAC 845654 2024 4.161% 1,026 1,041 1,046
FREDDIE MAC 845730 2023 3.917% 1,676 1,735 1,729
FREDDIE MAC 845733 2024 3.581% 1,431 1,458 1,471
FREDDIE MAC 846072 2029 3.810% 558 572 568
FREDDIE MAC 846107 2025 4.008% 589 603 606
FREDDIE MAC 865008 2018 5.928% 733 748 757
F-34
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
FREDDIE MAC FHLMC_2393 2030 5.500% 4,176 4,163 4,196
FREDDIE MAC FHLMC_2542 2022 5.500% 16,505 16,808 16,989
FREDDIE MAC FHLMC_2548 2022 5.500% 43,508 44,096 44,574
FREDDIE MAC FHLMC_2550 2022 5.500% 12,238 12,417 12,489
FREDDIE MAC FHLMC_2556 2022 5.500% 53,350 54,190 54,243
FREDDIE MAC FHLMC_2558 2022 5.500% 15,799 16,013 16,202
FREDDIE MAC FHLMC_2574 2022 5.000% 11,872 12,037 12,026
FREDDIE MAC FHLMC_2586 2023 5.500% 16,186 16,489 16,562
FREDDIE MAC FHLMC_2595 2022 5.500% 110,244 112,338 113,323
FREDDIE MAC FHLMC_2597 2022 5.500% 47,464 48,392 48,286
FREDDIE MAC FHLMC_2603 2022 5.500% 40,789 41,587 41,698
FREDDIE MAC GOLD C90581 2022 5.500% 4,825 4,788 4,939
FREDDIE MAC GOLD C90582 2022 5.500% 3,173 3,150 3,248
FREDDIE MAC GOLD E00151 2007 7.500% 321 324 335
FREDDIE MAC GOLD E00383 2010 7.000% 1,235 1,232 1,309
FREDDIE MAC GOLD E00388 2010 7.000% 750 742 795
FREDDIE MAC GOLD E00426 2011 6.500% 771 765 817
FREDDIE MAC GOLD E00484 2012 6.500% 622 610 660
FREDDIE MAC GOLD E01140 2017 6.000% 14,455 14,952 15,142
FREDDIE MAC GOLD E76761 2014 6.500% 2,937 2,893 3,115
FREDDIE MAC GOLD E77557 2014 6.500% 228 224 242
FREDDIE MAC GOLD E80594 2014 6.500% 332 325 352
FREDDIE MAC GOLD E90153 2017 6.000% 3,806 3,959 3,987
FREDDIE MAC GOLD E90154 2017 6.000% 9,328 9,702 9,771
FREDDIE MAC GOLD E91041 2017 5.000% 10,853 10,871 11,034
FREDDIE MAC GOLD E91491 2012 5.000% 6,721 6,864 6,870
FREDDIE MAC GOLD E93341 2012 5.000% 20,435 21,078 20,821
FREDDIE MAC GOLD E95403 2018 5.000% 9,767 10,108 9,930
FREDDIE MAC GOLD E95556 2013 4.500% 6,824 7,041 6,823
FREDDIE MAC GOLD E95562 2013 4.500% 12,069 12,445 12,068
FREDDIE MAC GOLD E95671 2018 5.000% 14,309 14,768 14,543
FREDDIE MAC GOLD E96172 2013 4.500% 37,368 38,615 37,751
FREDDIE MAC GOLD G10364 2010 7.000% 1,296 1,290 1,371
FREDDIE MAC GOLD G10369 2010 6.500% 3,383 3,352 3,577
FREDDIE MAC GOLD G10439 2011 6.500% 385 378 409
FREDDIE MAC GOLD G10665 2012 7.000% 4,807 4,795 5,095
FREDDIE MAC GOLD G10949 2014 6.500% 1,903 1,878 2,018
FREDDIE MAC GOLD G11004 2015 7.000% 648 645 688
FREDDIE MAC GOLD G11193 2016 5.000% 7,594 7,485 7,727
FREDDIE MAC GOLD G11298 2017 5.000% 10,988 11,009 11,171
FREDDIE MAC GOLD G30227 2023 5.500% 11,842 12,319 12,115
GCCF_02-C1 2013 3.357% 3,820 3,818 3,791
GCCF_03-C2 2036 4.022% 6,000 6,099 5,991
GECAF_2003-1A 2015 2.967% 10,000 10,116 9,997 (d)
GECAF_2004-1A 2013 2.587% 10,000 10,000 10,000 (d)
GECCMC_04-C2 2040 4.119% 12,700 12,527 12,652
GINNIE MAEII 8157 2023 3.375% 746 759 742
GINNIE MAEII 8206 2017 3.375% 325 321 324
GINNIE MAEII 8240 2017 3.750% 130 125 131
GINNIE MAEII 8251 2017 3.750% 12 11 12
GINNIE MAEII 8274 2017 4.625% 422 415 430
GINNIE MAEII 8283 2017 4.625% 57 56 58
GINNIE MAEII 8293 2017 4.625% 110 108 113
GINNIE MAEII 8341 2018 3.375% 28 28 28
GINNIE MAEII 8353 2018 3.375% 240 235 239
GINNIE MAEII 8365 2018 3.375% 317 307 316
F-35
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
GINNIE MAEII 8377 2018 3.750% 111 107 112
GINNIE MAEII 8428 2018 4.625% 45 44 46
GINNIE MAEII 8440 2018 4.625% 171 169 175
GINNIE MAEII 8638 2025 3.375% 793 800 789
GMACCMSI_2004-C3 2041 4.207% 8,000 8,039 7,993
GMHE_2004-AR2 2034 4.449% 9,162 9,195 9,091
GMHE_2004-AR2 2034 5.287% 12,302 12,336 12,584
GNMA_02-48 2030 5.750% 2,433 2,427 2,453
GNMA_02-81 2025 3.815% 13,568 13,486 13,403
GNMA_03-17 2018 2.578% 9,254 9,202 8,969
GNMA_04-10 2031 4.043% 9,852 9,805 9,760
GNMA_04-19 2034 4.500% 14,199 14,267 14,349
GNMA_04-77 2020 4.585% 9,899 10,134 10,070
GNMA_2004-23 2027 3.629% 14,776 14,774 14,405
GNMA_2004-45 2021 4.020% 9,830 9,763 9,763
GNMA_2004-60 2018 4.104% 9,833 9,833 9,888
GNMA_2004-XX 2020 2.913% 11,598 11,254 11,281
GSMS_2004-GG2 2038 4.602% 7,000 7,142 7,138
GSR_04-10F 2019 4.500% 6,673 6,731 6,721
HARBORVIEW MORTGAGE LOAN TRUST 2034 4.870% 9,214 9,291 9,114
HERTZ CORP 2009 3.230% 15,000 14,995 14,514 (d)
HLMLT_2004-2 2035 2.670% 10,000 10,000 10,013
HOND_2004-3 2008 2.910% 7,500 7,499 7,416
HVMLT_04-11 2035 2.770% 15,000 15,000 15,000
HVMLT_04-5 2034 4.059% 10,000 9,617 9,855
HVMLT_2004-10 2035 5.304% 7,500 7,607 7,602
HVMLT_2004-6 2034 4.781% 7,080 7,026 7,068
HVML_2004-4 2034 2.975% 7,890 7,789 7,812
JPMCCMSC_03-CIBC6 2037 4.393% 9,167 9,054 9,233
JPMCC_02-CIB5 2037 4.372% 9,159 9,248 9,262
JPMCC_04-C2 2041 4.278% 9,644 9,642 9,731
JPMCMFC_04-C1 2038 3.053% 6,216 6,088 6,062
JPMCMFC_99-C7 2035 6.180% 4,353 4,355 4,539
LB COMM CONDUIT MORT TRUST LBC 2035 5.870% 2,018 2,017 2,050
LB-UBS COMM MORT TRUST LBUBSCM 2026 5.969% 7,500 7,518 7,935
LB-UBS COMM MORT TRUST LBUBSCM 2026 4.904% 7,500 7,521 7,726
LB-UBS COMM MORT TRUST LBUBSCM 2026 4.023% 5,500 5,514 5,523
LB-UBS COMM MORT TRUST LBUBSCM 2026 4.071% 8,888 8,948 8,887
LB-UBS COMM MORT TRUST LBUBSCM 2027 4.064% 10,000 10,033 10,004
LB-UBS COMM MORT TRUST LBUBSCM 2027 3.636% 13,638 13,689 13,551
LB-UBS COMM MORT TRUST LBUBSCM 2027 4.207% 7,000 7,034 7,051
LBUBSCMT_2004-C4 2029 4.567% 10,000 10,120 10,190
LBUBSCMT_2004-C7 2029 3.625% 7,311 7,346 7,280
LIFT - LEASE INVESTMENT FLIGHT 2016 2.833% 3,525 3,525 3,249
MBNA CREDIT CARD MASTER NOTE T 2010 2.843% 10,000 10,070 10,091
MERRILL LYNCH MORT INVEST INC 2033 4.086% 10,000 9,980 10,013
MLCC_2004-1 2034 4.779% 4,970 4,987 4,998
MORGAN STANLEY CAPITAL I MSDWC 2040 3.270% 8,903 8,939 8,561
MSAC_2004-OP1 2034 2.997% 10,000 10,000 10,014
MSALT_2004-HB2 2009 2.940% 4,670 4,670 4,630
MSC 2004-IQ8 A3 2040 4.500% 7,000 7,032 7,047
MSCI_00-HG 2005 7.563% 2,500 2,499 2,596 (d)
MSCI_04-HQ4 2040 4.220% 7,000 7,007 7,012
MSCI_97-XL1 2030 6.590% 1,133 1,133 1,133
MSDWCI_02-IQ2 2035 4.090% 2,115 2,113 2,130
MSDWCI_02-IQ2 2035 5.160% 2,500 2,506 2,590
F-36
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
MSDWCI_02-TOP7 2039 5.380% 4,548 4,585 4,770
MSDWCI_04-T13 2045 3.940% 15,000 14,690 14,789
MSM_2004-10AR 2049 4.831% 9,447 9,618 9,588
MSM_2004-10AR 2034 5.148% 9,947 10,136 10,064
MSM_2004-6AR 2034 4.443% 7,486 7,420 7,498
NPF XII INC NPF12_00-2 2006 2.700% 10,000 669 669 (b)(d)(e)
PROVIDIAN GATEWAY MASTER TRUST 2011 3.350% 5,000 4,999 4,945 (d)
RALI_2004-QR1 2034 5.250% 9,844 9,937 9,909
RALI_2004-QS5 2034 4.750% 7,847 7,819 7,883
RASC_04-KS12 2035 2.940% 7,000 7,000 7,019
RASC_2004-KS11 2034 3.417% 10,750 10,750 10,785
RESTRUCTURED ASSET SECURITIES 2030 4.000% 8,732 8,695 8,608
RFMSI_03-QS2 2033 4.500% 9,230 9,140 9,080
RFMSI_04-KS9 2034 4.620% 11,000 10,999 10,961
SASC_2003-24A 2033 5.564% 4,339 4,425 4,394
SASC_2004-18H 2034 4.750% 10,000 10,144 10,018
SAST_2004-3 2034 2.597% 9,575 9,575 9,577
SMALL BUSINESS ADMIN 2022 4.750% 4,407 4,497 4,438
SMALL BUSINESS ADMIN 2013 3.900% 3,244 3,289 3,228
SMALL BUSINESS ADMIN 2014 3.870% 6,637 6,718 6,603
STRUCTURED ADJUSTABLE RATE MOR 2034 4.935% 9,964 10,208 10,010
TOPT_01-TZH 2013 6.522% 5,000 4,997 5,290 (d)
WAMU_2004-AR4 2034 3.812% 10,000 9,752 9,865
WASHINGTON MUTUAL WAMU_03-A11 2033 3.985% 7,500 7,495 7,459
WASHINGTON MUTUAL WAMU_03-A12 2034 3.961% 12,500 12,493 12,300
WASHINGTON MUTUAL WAMU_03-AR3 2033 3.927% 10,000 10,000 9,954
WASHINGTON MUTUAL WAMU_04-AR5- 2034 3.862% 10,000 9,626 9,866
WASHINGTON MUTUAL WAMU_04-AR7 2034 3.957% 10,000 9,661 9,882
WASHINGTON MUTUAL WAMU_04-S3 2034 5.500% 17,367 17,860 17,714
WASHINGTON MUTUAL WAMU_05-AR1 2045 2.630% 15,000 15,000 15,000
WBCMT_2004-C11 2041 3.333% 9,001 8,925 8,917
WFMBS_04-DD 2035 4.548% 5,761 5,773 5,761
WFMBS_04-P 2034 4.304% 7,908 7,702 7,698
WFMBS_2004-0 2034 4.941% 9,355 9,260 9,362
WFMBS_2004-CC 2035 4.977% 10,000 10,052 10,050
WFMBS_2004-W 2030 4.634% 20,000 20,162 20,009
WFOT_03-4 2008 2.390% 5,000 5,000 4,975
-------------------------------------------------------------------------------
Total - Mortgage Backed Securities 3,215,883 3,226,417 3,232,296
-------------------------------------------------------------------------------
Total - Mortgage Backed Securities 3,215,883 3,226,417 3,232,296
Municipal Bonds
New Jersey
NEW JERSEY STATE TRNPK AUTH 2009 3.140% 4,000 4,000 3,850
-------------------------------------------------------------------------------
Total - New Jersey 4,000 4,000 3,850
New York
NEW YORK CITY GO - LT 2008 3.000% 5,000 5,003 4,859
-------------------------------------------------------------------------------
Total - New York 5,000 5,003 4,859
Pennsylvania
WYOMING VALLEY PA SANI AUTH WT 2007 5.125% 45 45 47
-------------------------------------------------------------------------------
Total - Pennsylvania 45 45 47
-------------------------------------------------------------------------------
F-37
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
Total - Municipal Bonds 9,045 9,048 8,756
Corporate Debt Securities
Corporate - Finance
ALLIANCE CAPITAL MGMT -LP 2006 5.625% 12,500 12,476 12,929
ALLSTATE CORP 2006 5.375% 5,000 4,993 5,179
ALLSTATE FINANCIAL GLOBAL FUND 2008 4.250% 5,000 4,993 5,052 (d)
AMB PROPERTY CORP 2005 7.200% 5,000 4,998 5,172
AMERICAN GENERAL FINANCE CORP 2007 4.500% 7,500 7,487 7,654
AMERICAN GENERAL FINANCE CORP 2008 2.750% 7,500 7,429 7,212
ASSOCIATED BK GREEN BAY 2007 3.700% 6,000 5,962 6,092
BANK OF AMERICA CORP 2010 7.800% 5,000 5,773 5,815
BANK OF AMERICA CORP 2009 5.875% 5,000 5,341 5,368
BANK OF NEW YORK/NEW YORK 2007 5.200% 7,000 7,058 7,278
BANK OF NEW YORK/NEW YORK 2009 3.625% 10,000 9,978 9,937
BANK ONE NA 2008 3.700% 19,000 19,152 19,030
BANKNORTH GROUP INC 2008 3.750% 8,650 8,706 8,606
BEAR STEARNS COMPANIES INC 2008 4.000% 10,000 10,375 10,074
BERKSHIRE HATHAWAY 2008 3.375% 17,500 17,453 17,300
CAMDEN PROPERTY TRUST 2009 4.700% 3,750 3,745 3,793
CAMDEN PROPERTY TRUST 2010 4.375% 10,000 10,017 9,968
CAPITAL ONE BANK 2006 6.875% 8,800 9,049 9,129
CLOROX COMPANY 2010 4.200% 27,660 27,657 27,800 (d)
COUNTRYWIDE HOME LOANS 2006 5.500% 5,000 4,991 5,157
CREDIT SUISSE FIRST BOSTON USA 2008 4.625% 15,000 15,287 15,371
CREDIT SUISSE FIRST BOSTON USA 2009 3.875% 2,000 2,000 1,988
DEX WEST 2011 5.875% 1,250 1,250 1,244 (d)
DIAGEO CAPITAL PLC 2007 3.500% 4,000 3,995 3,987
DIAGEO CAPITAL PLC 2008 3.375% 10,000 9,950 9,901
EOP OPERATING LP 2007 7.750% 10,762 11,882 11,878
ERP OPERATING LP 2009 4.750% 12,500 12,480 12,779
FIFTH THIRD BANCORP 2008 3.375% 12,000 11,918 11,839
FLEETBOSTON FINANCIAL CORP 2007 4.200% 11,000 11,119 11,191
FLEETBOSTON FINANCIAL CORP 2005 7.250% 2,900 3,004 2,984
FORD MOTOR CREDIT CO 2006 6.875% 5,000 5,026 5,151
GOLDMAN SACHS 2005 7.625% 10,000 10,102 10,295
GOLDMAN SACHS 2012 6.600% 10,000 10,144 11,160
GREAT WESTERN FINL CORP 2006 7.500% 1,400 1,397 1,490
GREAT WESTERN FINL CORP 2008 4.375% 12,980 13,207 13,182
HOUSEHOLD FINANCE CORP 2006 6.500% 2,000 1,999 2,068
HOUSEHOLD FINANCE CORP 2007 5.750% 5,000 4,950 5,219
HOUSEHOLD FINANCE CORP 2008 4.625% 12,000 12,253 12,287
HSBC BANK USA 2009 3.875% 7,500 7,492 7,435
JP MORGAN CHASE & COMPANY 2008 4.000% 10,000 10,035 10,066
JP MORGAN CHASE & COMPANY 2009 3.500% 10,000 9,949 9,798
KEY BANK OF NY 2008 7.500% 9,000 10,391 10,070
LA QUINTA PROPERTIES 2012 7.000% 2,501 2,674 2,645
LABRANCHE & CO 2009 9.500% 1,500 1,500 1,530
LUBRIZOL CORP 2009 4.625% 2,000 1,998 1,997
M & I MARSHALL & ILSLEY BANK 2009 3.950% 21,500 21,468 21,402
MARSHALL & ILSLEY CORP 2006 5.750% 10,000 9,998 10,387
MBNA AMERICA BANK NA 2005 7.750% 6,000 5,996 6,183 (d)
MBNA CORP 2008 4.625% 5,000 4,994 5,084
MERLONI ELETTRODOMESTICI SPA 2009 5.170% 19,000 19,000 19,292 (d)
MERRILL LYNCH & CO INC 2009 4.750% 10,000 9,985 10,237
F-38
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
MERRILL LYNCH & CO INC 2008 3.700% 7,500 7,669 7,480
MERRILL LYNCH & CO INC 2010 4.500% 2,000 2,009 2,013
MERRILL LYNCH AIG CBO 2010 0.000% 6,500 0 0 (b)(e)
MERRILL LYNCH ELLIOTT & PAIGE 2010 0.000% 11,000 0 0 (b)(d)(e)
METLIFE INC 2005 3.911% 10,000 10,038 10,045
MGIC INVESTMENT CORP/WI 2005 7.500% 7,000 6,995 7,222
MORGAN STANLEY 2006 6.100% 5,000 4,999 5,177
MORGAN STANLEY 2007 5.800% 5,000 4,993 5,248
MORGAN STANLEY 2009 3.875% 14,000 13,899 13,938
NATIONWIDE BLDG SOCIETY 2009 4.000% 5,000 4,991 4,979
NATWEST - NATIONAL WESTMINSTER 2009 7.375% 12,650 14,566 14,373
NEWS AMERICA INC 2008 6.625% 15,750 17,263 16,998
NEWS AMERICA INC 2010 4.750% 2,000 2,035 2,038
NEWS AMERICA INC 2014 5.300% 5,000 4,996 5,059 (d)
NISOURCE INC 2006 3.628% 10,000 10,046 9,988
OLD NATIONAL BANCORP 2008 3.500% 7,000 6,984 6,945
POPULAR NA INC 2008 4.250% 12,500 12,469 12,622
POPULAR NA INC 2008 3.875% 2,500 2,503 2,497
PRICOA GLOBAL FUNDING I 2008 4.350% 35,000 35,128 35,554 (d)
PRICOA GLOBAL FUNDING I 2010 2.700% 15,000 15,000 14,978 (d)
ROGERS WIRELESS INC 2010 5.525% 1,500 1,557 1,571 (d)
SAFECO CORP 2010 4.875% 6,000 5,976 6,144
SHEAR LEH HUTT HLDG 2006 6.250% 10,000 9,994 10,407
SHEAR LEH HUTT HLDG 2008 4.000% 5,000 5,147 5,042
SHEAR LEH HUTT HLDG 2010 4.375% 8,500 8,439 8,518
SIMON PROPERTY GROUP INC 2007 7.125% 10,000 10,133 10,819
SIMON PROPERTY GROUP L.P. 2009 3.750% 9,000 8,900 8,857
SLM CORP 2008 3.625% 15,000 15,029 14,928
SOVEREIGN BANK 2005 10.200% 2,647 2,647 2,695 (d)
ST PAUL COMPANIES 2007 5.750% 7,000 6,989 7,303
SUNTRUST BANK 2011 6.375% 3,500 3,931 3,878
SUNTRUST BANKS INC 2007 5.050% 7,500 7,498 7,756
TEXAS GENCO HOLDINGS 2014 6.875% 2,250 2,335 2,326 (d)
TIAA GLOBAL MARKETS 2008 3.875% 7,500 7,495 7,554 (d)
TRAVELERS PROPERTY CASUALTY 2008 3.750% 5,000 4,992 4,959
UNION PLANTERS NATIONAL BANK 2007 5.125% 5,000 4,999 5,186
US BANCORP 2008 3.125% 5,000 4,913 4,912
US BANK NA 2009 3.400% 4,000 3,988 3,895
US BANK NA 2011 6.375% 11,455 12,549 12,721
WACHOVIA CORP 2005 7.450% 5,000 5,000 5,116
WACHOVIA CORP 2006 4.950% 6,000 5,995 6,167
WACHOVIA CORP 2009 3.625% 10,000 9,981 9,885
WASHINGTON MUTUAL BANK FA 2011 6.875% 1,500 1,673 1,688
WELLS FARGO & CO 2007 5.125% 5,000 5,000 5,172
WELLS FARGO & CO 2008 3.500% 5,000 4,996 4,969
WELLS FARGO BANK NA 2011 6.450% 14,000 15,623 15,569
WESTFIELD GROUP 2010 4.375% 12,500 12,454 12,363 (d)
WORLD SAVINGS BANK FSB 2009 4.125% 15,000 14,954 15,003
WORLD SAVINGS BANK FSB 2009 4.500% 30,000 30,124 30,575
-------------------------------------------------------------------------------
Total - Corporate - Finance 859,905 854,970 861,817
Corporate - Industrial
ABITIBI CONSOLIDATED INC 2005 8.300% 3,250 3,250 3,327
AINSWORTH LUMBER CO LTD 2014 6.750% 700 651 681
ALCOA INC 2007 4.250% 10,000 9,982 10,174
F-39
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
AMERICAN STANDARD COMPANIES 2008 7.375% 2,000 1,953 2,190
ANADARKO PETRO CORP 2008 3.250% 10,000 10,096 9,828
ARCH WESTERN FINANCE LLC 2013 6.750% 500 508 516
ARGOSY GAMING 2014 7.000% 455 456 503
ASHLAND INC 2005 7.830% 1,100 1,100 1,130
BALL CORP 2012 6.875% 2,000 2,057 2,150
BCP CAYLUX HLDG LUX SCA 2014 9.625% 500 505 564 (d)
BEAZER HOMES USA INC 2013 6.500% 750 770 759
BOISE CASCADE LLC 2012 5.005% 1,000 1,020 1,038 (d)
BOISE CASCADE 2013 7.000% 1,500 1,584 1,727
BOISE CASCADE LLC 2014 7.125% 500 526 529 (d)
BOYD GAMING CORP 2014 6.750% 750 753 786
BRITISH SKY BROADCASTING 2009 6.875% 1,500 1,467 1,646
BURLINGTON NORTHERN SANTA FE C 2005 6.375% 5,000 5,000 5,147
BURLINGTON NORTHERN SANTA FE C 2010 7.125% 5,000 5,696 5,710
CADBURY SCHWEPPES US 2008 3.875% 12,500 12,472 12,456 (d)
CAESARS ENTERTAINMENT INC 2013 7.000% 1,000 1,079 1,103
CALIFORNIA STEEL INDUSTRIES 2014 6.125% 1,500 1,492 1,489
CAMPBELL SOUP CO. 2008 5.875% 6,000 6,606 6,417
CANADIAN NATL RAILWAY COMPANY 2009 4.250% 15,250 15,207 15,398
CANADIAN NATURAL RESOURCES LTD 2005 7.690% 9,000 9,000 9,319 (d)
CARNIVAL PLC 2007 3.750% 10,000 9,974 10,012
CASCADES INC 2013 7.250% 435 446 461
CASE CORP 2005 7.250% 1,000 1,011 1,018
CASE NEW HOLLAND INC 2009 6.000% 500 475 495 (d)
CHESAPEAKE ENERGY CORP 2013 7.500% 1,500 1,579 1,633
CHESAPEAKE ENERGY CORP 2016 6.875% 750 801 786
CHESAPEAKE ENERGY CORP 2014 7.500% 1,000 1,024 1,093
CHESAPEAKE ENERGY CORP 2015 6.375% 300 304 308 (d)
CHURCH & DWIGHT 2012 6.000% 1,500 1,515 1,526 (d)
CINTAS CORP 2007 5.125% 2,000 2,000 2,077
COCA-COLA ENTERPRISES INC 2007 5.250% 10,000 9,973 10,387
COMCAST CORP 2011 5.500% 7,500 7,911 7,924
COMMUNITY HEALTH SYSTEMS INC 2012 6.500% 2,350 2,376 2,368
CONOCO FINANCIAL 2006 5.450% 3,000 3,063 3,107
COTT BEVERAGES INC 2011 8.000% 1,750 1,739 1,905
CSC HOLDINGS INC 2007 7.875% 2,500 2,434 2,681
CSC HOLDINGS INC 2012 6.750% 500 514 514 (d)
CSX CORP 2007 7.450% 3,600 3,911 3,902
CSX CORP 2009 4.875% 8,000 8,094 8,200
CVS CORP 2009 4.000% 17,500 17,582 17,418
DAIMLERCHRYSLER NA HLDG 2006 6.400% 6,000 6,086 6,244
DAIMLERCHRYSLER NA HLDG 2008 4.750% 9,000 9,340 9,185
DAIMLERCHRYSLER NA HLDG 2008 4.050% 10,000 10,110 9,973
DENBURY RESOURCES INC 2013 7.500% 500 516 540
DEX MEDIA WEST 2010 8.500% 890 936 990
DISNEY COMPANY - THE WALT 2006 5.500% 10,000 10,029 10,427
DISNEY COMPANY - THE WALT 2007 5.375% 5,000 4,994 5,202
DOMINOS INC 2011 8.250% 500 523 546
DONNELLEY - RR & SONS 2009 3.750% 7,500 7,491 7,401
DOW CHEMICAL 2009 4.027% 22,500 22,500 21,606 (d)
DRS TECHNOLOGIES INC 2013 6.875% 1,800 1,821 1,881
ECHOSTAR DBS CORP 2008 5.750% 1,750 1,756 1,772
ECHOSTAR DBS CORP 2011 6.375% 1,000 1,000 1,023
EMMIS COMMUNICATIONS CORP 2012 6.875% 1,000 1,004 1,046
ENCORE ACQUISITION CO 2012 8.375% 1,000 1,054 1,113
F-40
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
ENCORE ACQUISITION CO 2014 6.250% 1,000 951 1,005
ENERGIZER HOLDINGS INC 2007 3.440% 6,000 6,000 5,956 (d)
EQUIFAX INC 2007 4.950% 4,000 3,995 4,137
EQUISTAR CHEMICALS LP 2009 8.750% 1,500 1,559 1,680
EURAMAX INTERNATIONAL INC 2011 8.500% 1,000 1,041 1,068
EXCO RESOURCES INC 2011 7.250% 750 769 803
FEDEX CORP 2009 3.500% 27,000 26,951 26,436
FISHER SCIENTIFIC INTL INC 2013 8.000% 1,000 1,057 1,135
FLEXTRONICS INTERNATIONAL 2013 6.500% 1,050 1,061 1,076
FOREST OIL CORP 2014 7.750% 500 536 544
GANNETT CO INC 2007 5.500% 9,445 9,413 9,839
GENERAL ELECTRIC CAP CORP 2008 3.500% 7,500 7,495 7,444
GENERAL ELECTRIC CAP CORP 2010 4.250% 2,000 1,991 1,997
GENERAL ELECTRIC CAP CORP 2007 5.375% 5,000 4,991 5,198
GENERAL ELECTRIC CAP CORP 2008 4.250% 4,000 3,985 4,067
GENERAL MILLS 2007 5.125% 7,300 7,491 7,495
GENERAL MOTORS ACCEPTANCE CORP 2011 6.875% 12,500 13,341 12,810
GEORGIA GULF CORP 2013 7.125% 1,950 2,023 2,106
GRAPHIC PKG INTL CORP 2011 8.500% 1,000 1,093 1,093
HALLIBURTON CO 2010 5.500% 17,500 18,069 18,432
HALLMARK CARDS INC 2008 4.220% 10,000 10,000 9,931 (d)
HARRAHS OPERATING CO 2005 7.875% 2,000 2,018 2,080
HCA INC 2012 6.300% 1,800 1,825 1,826
HCA INC 2009 5.500% 500 502 500
HILTON HOTELS CORP 2009 7.200% 1,500 1,546 1,673
HOME DEPOT INC 2009 3.750% 33,500 33,483 33,200 (d)
HORTON D R INC 2009 8.000% 2,000 1,995 2,233
HOST MARRIOTT L.P. 2013 7.125% 1,500 1,541 1,603
INTERNATIONAL PAPER COMPANY 2008 3.800% 15,000 15,076 14,938
INTERNATIONAL PAPER COMPANY 2009 4.250% 2,000 1,997 2,008
INTERNATIONAL PAPER COMPANY 2010 4.000% 7,500 7,494 7,360
JAMES RIVER CORP 2007 6.875% 1,000 1,021 1,063
JC PENNEY INC 2015 6.875% 500 523 541
JEAN COUTU GROUP 2012 7.625% 500 508 529 (d)
JOHN DEERE CAPITAL CORPORATION 2008 3.900% 15,000 15,116 15,105
JONES APPAREL GROUP INC 2006 7.875% 2,000 1,998 2,116
JONES APPAREL GROUP INC 2009 4.250% 18,750 18,752 18,684 (d)
K HOVNANIAN ENTERPRISES INC 2014 6.375% 1,000 1,030 1,003
K HOVNANIAN ENTERPRISES INC 2015 6.250% 750 750 737 (d)
KB HOME 2014 5.750% 1,250 1,244 1,238
KB HOME 2015 5.875% 750 736 743
KELLOGG CO. 2006 6.000% 5,150 5,325 5,310
KELLOGG CO. 2008 2.875% 5,000 4,999 4,862
KELLOGG UK HOLDING CO LIMITED 2006 4.490% 5,600 5,600 5,663 (d)
KENDALL-JACKSON WINE ESTATES L 2009 3.360% 12,000 12,000 11,402 (d)
KEY ENERGY GROUP INC 2013 6.375% 820 778 834
KIRBY CORPORATION 2013 3.581% 12,000 12,000 12,139 (d)
KRAFT FOODS INC 2006 4.625% 15,000 14,991 15,304
KRAFT FOODS INC 2008 4.000% 4,000 3,982 4,001
KROGER COMPANY 2006 8.150% 4,000 4,001 4,271
L-3 COMMUNICATIONS CORP 2013 6.125% 2,750 2,751 2,839
LAMAR MEDIA CORP 2013 7.250% 1,745 1,855 1,885
LEAR CORP 2005 7.960% 1,500 1,500 1,524
LIN TELEVISION CORP 2013 6.500% 1,000 980 1,029
LOCKHEED CORP 2009 8.200% 16,000 18,949 18,863
LOUISIANA PACIFIC 2005 8.500% 1,000 998 1,027
F-41
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
MANITOWOC CO 2013 7.125% 1,575 1,607 1,705
MASCO CORP 2007 4.625% 5,000 4,993 5,120
MAY DEPT STORES 2009 4.800% 17,500 17,579 17,794
MEDIA GENERAL 2006 6.950% 5,000 4,999 5,211
MEDIANEWS GROUP INC 2013 6.875% 1,500 1,494 1,538 (d)
MERITOR AUTOMOTIVE INC 2009 6.800% 500 516 525
MGM MIRAGE INC 2009 6.000% 2,250 2,261 2,318
MOHEGAN TRIBAL GAMING AUTHORIT 2009 6.375% 1,500 1,515 1,541
NALCO COMPANY 2011 7.750% 1,500 1,546 1,620
NEIGHBORCARE INC 2013 6.875% 500 505 524
NEWFIELD EXPLORATION CO 2011 7.625% 2,500 2,579 2,813
NEWFIELD EXPLORATION CO 2014 6.625% 200 210 212 (d)
NORAMPAC INC 2013 6.750% 2,500 2,487 2,631
NORTHROP GRUMMAN 2011 7.125% 5,000 5,583 5,738
NOVA CHEMICALS CORPORATION 2012 6.500% 1,300 1,355 1,378
OCCIDENTAL PETROLEUM CORP 2008 7.375% 7,500 8,180 8,411
OFFSHORE LOGISTICS INC. 2013 6.125% 500 479 508
OMNICARE INC 2013 6.125% 1,750 1,780 1,759
OWENS-BROCKWAY 2011 7.750% 1,500 1,556 1,624
PACIFIC ENERGY PARTNERS 2014 7.125% 500 508 533
PACKAGING CORP OF AMERICA 2008 4.375% 3,250 3,239 3,247
PEABODY ENERGY CORP 2013 6.875% 2,500 2,586 2,706
PEABODY ENERGY CORP 2016 5.875% 1,000 1,007 995
PRAXAIR INC. 2008 2.750% 15,000 14,955 14,456
QUEBECOR WORLD INC 2006 7.200% 10,000 10,000 10,304 (d)
RAYTHEON COMPANY 2010 6.550% 1,655 1,862 1,821
RAYTHEON COMPANY 2010 6.000% 638 703 690
RAYTHEON COMPANY 2007 4.500% 2,995 3,028 3,064
RIO TINTO LTD 2008 2.625% 12,500 12,498 11,974
ROGERS CABLE SYSTEMS 2013 6.250% 1,500 1,522 1,504
RUSSEL METALS 2014 6.375% 865 854 878
SAFEWAY INC 2007 4.800% 5,000 4,995 5,098
SARA LEE CORP 2008 2.750% 15,000 14,964 14,527
SCHULER HOMES INC 2009 9.375% 1,000 1,000 1,075
SCOTTS COMPANY 2013 6.625% 1,500 1,529 1,579
SEAGATE TECHNOLOGY 2009 8.000% 250 267 270
SHAW COMMUNICATIONS INC 2011 7.250% 1,250 1,302 1,378
SILGAN HOLDING 2013 6.750% 1,000 1,001 1,040
SINCLAIR BROADCAST GROUP INC. 2012 8.000% 500 526 531
SPEEDWAY MOTOR SPORT 2013 6.750% 1,000 1,012 1,055
SPX CORP 2011 6.250% 250 252 264
STANDARD PACIFIC CP 2008 6.500% 1,500 1,505 1,573
STANLEY WORKS 2007 3.500% 2,500 2,494 2,492
STARWOOD HOTELS AND RESORTS WO 2012 7.875% 500 551 571
STATION CASINOS INC. 2012 6.000% 1,000 956 1,019
SUSQUEHANNA MEDIA CO 2013 7.375% 1,000 1,035 1,070
TARGET CORP 2009 5.375% 6,150 6,347 6,510
TEREX CORPORATION 2014 7.375% 500 495 536
THOMSON CORP 2009 4.250% 7,500 7,448 7,513
TIME WARNER INC 2006 6.125% 8,000 7,995 8,284
TIME WARNER INC 2007 6.150% 8,000 8,472 8,464
TRANS OCEAN CONTAINER CORP 2007 6.670% 277 277 279 (d)
TRANSDIGM INC 2011 8.375% 750 793 804
TRIAD HOSPITALS 2013 7.000% 500 514 511
TRIAD HOSPITALS 2012 7.000% 1,500 1,500 1,579
TYCO INTL GROUP SA 2009 6.125% 13,500 14,190 14,567
F-42
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
UNION PACIFIC CORP 2009 3.875% 6,000 5,988 5,953
UNION PACIFIC CORP 2010 3.625% 3,000 2,984 2,891
UNION PACIFIC RAILROAD COMPANY 2012 3.860% 15,000 15,000 14,789 (d)
UNION TANK 2008 6.500% 2,203 2,202 2,306
UNITED AIRLINES PASS THROUGH T 2010 7.032% 3,920 3,528 3,528
UNITED HEALTHCARE 2005 7.500% 6,000 5,996 6,193
UNITED RENTALS - NORTH AMERICA 2012 6.500% 915 914 892
UNITED STATES STEEL 2010 9.750% 1,500 1,576 1,718
UNIVERSAL COMPRESSION INC 2010 7.250% 500 521 534
VAIL RESORTS INC 2014 6.750% 500 509 509
VALERO ENERGY CORP 2007 6.125% 3,500 3,497 3,682
VALMONT INDUSTRIES 2014 6.875% 1,500 1,503 1,560
VALSPAR CORP 2007 6.000% 10,000 9,975 10,390
VIACOM INC 2007 5.625% 10,000 10,085 10,455
VIDEOTRON - LE GRPE LTD 2014 6.875% 1,000 1,020 1,034
VIN & SPIRIT AB - V&S 2008 3.570% 15,000 15,000 14,688 (d)
VIVENDI UNIVERSAL 2008 6.250% 1,070 1,096 1,161
VWR INTERNATIONAL INC 2012 6.875% 1,000 1,033 1,045 (d)
WABTEC 2013 6.875% 1,000 1,016 1,050
WALMART STORES 2006 5.450% 10,000 10,110 10,343
WALMART STORES 2011 4.125% 20,000 20,101 20,067
WCI COMMUNITIES 2013 7.875% 1,810 1,855 1,905
WEYERHAEUSER CO 2008 5.950% 10,000 10,275 10,709
XTO ENERGY INC 2013 6.250% 1,500 1,540 1,636
XTO ENERGY INC 2014 4.900% 1,000 994 998
-------------------------------------------------------------------------------
Total - Corporate - Industrial 884,063 896,516 903,503
Corporate - Utility
AMERICAN ELECTRIC POWER 2006 6.125% 2,500 2,498 2,591
AMERICAN ELECTRIC POWER 2010 5.375% 6,000 6,291 6,279
AMERICAN ELECTRIC POWER 2009 3.550% 15,000 15,000 14,117 (d)
AMERITECH CAPITAL FUNDING CORP 2008 6.150% 7,000 7,624 7,472
BELLSOUTH CAP FUNDING 2010 7.750% 15,000 17,203 17,377
BRITISH TELECOMM/PP 2005 7.875% 12,500 12,774 13,037
BROADWING (CINCINNATI BELL) 2013 7.250% 1,250 1,272 1,284
CAROLINA PWR & LT 2009 5.950% 4,000 4,250 4,274
CINGULAR WIRELESS LLC 2006 5.625% 5,000 4,992 5,193
COMCAST CABLE COMMUNICATIONS I 2008 6.200% 15,000 16,128 16,198
COMCAST CABLE COMMUNICATIONS I 2006 6.375% 1,300 1,299 1,342
CONSOLIDATED EDISON CO OF NEW 2008 6.250% 6,000 6,493 6,421
CONSOLIDATED EDISON INC 2008 3.625% 9,000 8,979 8,923
CONSOLIDATED NAT GAS CO 2008 6.625% 5,700 6,246 6,219
CONSUMERS ENERGY 2008 6.375% 2,500 2,707 2,673
CONSUMERS ENERGY 2008 4.250% 9,500 9,738 9,593
DETROIT ENERGY 2009 6.650% 5,000 5,457 5,463
DEUTSCHE TELEKOM INTERNATIONAL 2010 8.500% 15,750 18,848 18,764
DEUTSCHE TELEKOM INTERNATIONAL 2008 3.875% 5,000 5,002 4,993
DPL INC 2011 6.875% 1,250 1,293 1,365
DUKE ENERGY CORP. 2008 3.750% 4,500 4,501 4,494
DUKE ENERGY CORP. 2008 4.200% 10,000 10,067 10,076
ENERGY EAST CORP 2006 5.750% 7,500 7,483 7,796
FIRSTENERGY CORP. 2006 5.500% 10,000 9,995 10,333
FPL FUELS INC 2006 2.340% 5,370 5,370 5,283 (d)
FPL FUELS INC 2006 2.340% 4,630 4,630 4,555 (d)
FPL GROUP CAPITAL INC. 2007 4.086% 15,000 15,174 15,159
F-43
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
FRANCE TELECOM 2006 7.950% 14,301 14,937 15,016
GULF STATE UTILITIES 2009 2.800% 10,000 10,000 9,993
KANSAS CITY POWER & LIGHT 2005 7.125% 10,000 10,107 10,360
KANSAS CITY POWER & LIGHT 2007 6.000% 4,000 3,996 4,161
MIDAMERICAN ENERGY HLDGS 2008 3.500% 9,500 9,490 9,306
NISOURCE FINANCE CORPORATION 2010 7.875% 7,500 8,737 8,817
NISOURCE FINANCE CORPORATION 2006 3.200% 3,000 3,001 2,982
NORTHERN STATES POWER 2010 4.750% 3,500 3,493 3,562
PACIFIC GAS AND ELECTRIC COMPA 2009 3.600% 17,500 17,116 17,257
PACIFIC GAS AND ELECTRIC COMPA 2011 4.200% 6,250 6,235 6,152
PACIFICORP 2008 4.300% 6,500 6,493 6,564
PECO ENERGY COMPANY 2008 3.500% 20,000 20,000 19,842
PLAINS EXPLOR & PROD 2014 7.125% 895 905 976
PPL CORPORATION 2005 7.750% 3,000 3,000 3,038
PPL ELECTRIC UTILITIES CORPORA 2007 5.875% 6,135 6,593 6,449
PROGRESS ENERGY INC 2006 6.750% 2,100 2,100 2,179
PROGRESS ENERGY INC 2008 5.850% 10,000 9,997 10,546
PUB SERV CO OF COLORADO 2008 4.375% 8,730 8,903 8,874
PUGET ENERGY INC 2008 3.363% 3,500 3,500 3,437
RELIANT RESOURCES INC 2014 6.750% 1,500 1,525 1,500
SBC COMMUNICATIONS INC 2011 6.250% 7,000 7,568 7,680
SBC COMMUNICATIONS INC 2006 5.750% 5,000 5,052 5,160
SBC COMMUNICATIONS INC 2009 4.125% 5,000 4,967 4,991
SEMPRA ENERGY 2009 4.750% 11,000 10,995 11,213
SOUTHERN CA EDISON 2007 2.545% 15,000 14,978 14,995
SOUTHERN CA GAS CO 2009 2.630% 10,000 10,000 9,998
SOUTHERN COMPANY CAPITAL FUNDI 2007 5.300% 6,500 6,495 6,797
SOUTHWESTERN PUB SRV CO 2006 5.125% 7,000 6,992 7,184
SPRINT CAPITAL CORP 2011 7.625% 10,000 11,350 11,610
TAMPA ELECTRIC CO 2007 5.375% 3,785 4,017 3,937
TELECOM ITALIA CAPITAL 2008 4.000% 10,000 10,090 9,962
TELEFONICA EUROPE 2005 7.350% 8,000 7,999 8,237
TELUS CORP ORD 2007 7.500% 9,000 9,675 9,779
TOYO COMMUNICATION EQUIPMENT 2008 2.875% 20,000 19,925 19,476
TRANS CONTINENTAL GAS PIPELINE 2011 7.000% 750 794 822
VERIZON NEW YORK INC 2012 6.875% 4,000 4,380 4,490
VIRGINIA ELEC & PWR CO 2006 5.750% 4,675 4,671 4,813
VODAFONE GROUP PLC 2005 7.625% 10,000 10,008 10,053
VODAFONE GROUP PLC 2010 7.750% 4,400 5,204 5,114
VODAFONE GROUP PLC 2008 3.950% 3,500 3,533 3,524
WESTERN RESOURCES 2007 7.875% 2,448 2,637 2,662
WISCONSIN ENERGY 2008 5.500% 2,500 2,596 2,632
XCEL ENERGY 2008 3.400% 2,500 2,438 2,443
-------------------------------------------------------------------------------
Total - Corporate - Utility 511,219 527,806 529,857
-------------------------------------------------------------------------------
Total - Corporate Debt Securities 2,255,188 2,279,295 2,295,179
-------------------------------------------------------------------------------
Total - BONDS AND NOTES 5,505,480 5,540,125 5,561,538
PREFERRED STOCK
Preferred Stock - Stated Maturity
Corporate - Industrial
BHP OPERATIONS 2006 6.760% 50 5,000 5,184 (d)
WHIRLPOOL CORP 2008 6.550% 9 902 970 (d)
-------------------------------------------------------------------------------
Total - Corporate - Industrial 59 5,902 6,154
F-44
Bal Held at
12/31/04
Principal
Amt of Bonds Value at
& Notes or # Cost 12/31/04
Issuer Name and Issuer Title of Shares (Notes a & c) (Note a)
- ---------------------------------------------------- -------------- --------------- ---------------
Corporate - Utility
AMERENCILCO 2008 5.850% 33 3,315 3,331
INDIANA MICHIGAN PWR CO 2009 6.300% 52 5,224 5,225
INDIANA MICHIGAN PWR CO 2009 6.250% 20 2,000 2,000
INDIANA MICHIGAN PWR CO 2009 5.900% 28 2,768 2,822
LOUISVILLE GAS & ELECTRIC CO 2008 5.875% 11 1,079 1,082
OHIO POWER CO 2009 5.900% 25 2,461 2,483
SAN DIEGO GAS & ELEC COMPANY 2008 7.050% 51 1,294 1,285
-------------------------------------------------------------------------------
Total - Corporate - Utility 220 18,141 18,228
-------------------------------------------------------------------------------
Total - Preferred Stock - Stated Maturity 279 24,043 24,383
Preferred Stock - Perpetual
Corporate - Finance
CITIBANK-NEW YORK NY 0.000% 100 10,000 10,075
CITIGROUP INC 5.860% 150 7,782 7,793
-------------------------------------------------------------------------------
Total - Corporate - Finance 250 17,782 17,868
-------------------------------------------------------------------------------
Total - Preferred Stock - Perpetual 250 17,782 17,868
-------------------------------------------------------------------------------
Total - PREFERRED STOCK 529 41,825 42,251
-------------------------------------------------------------------------------
TOTAL Investments in Securities of
Unaffiliated Issuers 5,506,009 5,581,950 5,603,789
NOTES:
a) See Notes 1 and 3 to the financial statements regarding determination of cost
and fair values. All available-for-sale securities are carried at fair value
on the balance sheet.
b) In the absence of market quotations, securities are valued by AmEx
Certificate Company at fair value
c) Aggregate cost of investment in securities of unaffiliated issuers for
federal income tax purposes was $4,990,644.
d) Securities acquired in private negotiation which may require registration
under federal securities law if they were to be publicly sold. Also see note
3b to financial statements
e) Non-income producing securities
F-45
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE II
Investments in and Advances to Affiliates and Income Thereon
December 31, 2004, 2003 and 2002
($ in thousands)
Balance December 31, 2004
--------------------------------------------------
Interest
Dividends
Principal Carrying Credited
Amount or Cost Value to Income
Name of Issuer and Title of Issue No. of Shares (a) (b) (c)
- ---------------------------------- ----------------- ------------ -------------- ---------------
Wholly Owned Subsidiary (b):
Real Estate Investment Company:
Investors Syndicate Development Corporation:
Capital Stock..................................... 100 ($41) ($41) $0
=================
Investors Syndicate Development Corporation:
Undistributed Net Income.......................... $0 0
=================
Other Affiliates (as defined in Sec. 2(a)(3) of the
Investment Company Act of 1940)......................... $0 0 0 0
================= ------------ -------------- ---------------
Total affiliates.................................... ($41) ($41) $0
============ ============== ===============
Balance December 31, 2003
--------------------------------------------------
Interest
Dividends
Principal Carrying Credited
Amount or Cost Value to Income
Name of Issuer and Title of Issue No. of Shares (a) (b) (c)
- ---------------------------------- ----------------- ------------ -------------- ---------------
Wholly Owned Subsidiary (b):
Real Estate Investment Company:
Investors Syndicate Development Corporation:
Capital Stock..................................... 100 ($45) ($45) $0
=================
Other Controlled Companies: $0 4 4 0
=================
Other Affiliates (as defined in Sec. 2(a)(3) of the
Investment Company Act of 1940)......................... $0 0 0 0
================= ------------ -------------- ---------------
Total affiliates.................................... ($41) ($41) $0
============ ============== ===============
F-46
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE II
Investments in and Advances to Affiliates and Income Thereon
December 31, 2004, 2003 and 2002
($ in thousands)
Balance December 31, 2002
--------------------------------------------------
Interest
Dividends
Principal Carrying Credited
Amount or Cost Value to Income
Name of Issuer and Title of Issue No. of Shares (a) (b) (c)
- ---------------------------------- ----------------- ------------ -------------- ---------------
Wholly Owned Subsidiary (b):
Real Estate Investment Company:
Investors Syndicate Development Corporation:
Capital Stock..................................... 100 $422 $422 $0
=================
Other Controlled Companies: $0 (467) (467) 0
=================
Other Affiliates (as defined in Sec. 2(a)(3) of the
Investment Company Act of 1940)......................... $0 0 0 0
================= ------------ -------------- ---------------
Total affiliates.................................... ($45) ($45) $0
============ ============== ===============
NOTES:
(a) The aggregate cost for federal income tax purposes was $(41), ($41) and
($45) at December 31, 2004, 2003 and 2002, subject to possible
adjustment in certain circumstances under consolidated income tax return
regulations.
(b) Investments in stocks of wholly owned subsidiaries are carried at cost
adjusted for equity in undistributed net income since organization or
acquisition of the subsidiaries.
(c) There were no dividends or interest earned which were not credited to
income.
F-47
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE III
Mortgage Loans on Real Estate and Interest
Earned on Mortgages
Year Ended December 31, 2004
(Thousands)
Mortgage loans on real estate at Part 2 - Interest
Part 1 - end of period earned on mortgages
-------- --------------------------------------- ---------------------
Amount of principal
unpaid at end of
period
--------------------
Average
gross
rate of
Carrying Interest interest
amount of Subject Amount due and on
mortgages to of accrued mortgages
Number Prior (c),(g), delinquent mortgages at end of held at end
of liens (h) and interest being period of period
Loan No. Description (a) Property Location loans (b) (i) Total (d) foreclosed (e) (f)
- ----------------------------------- ------------------ ------ ------ --------- ------ ----------- ---------- ---------- -----------
First mortgages:
Insured by Federal Housing
Administration - liens on:
Residential - under $100 0 $0 $0 $0 $0 0.000%
Apartment and business -
under $100 0 0 0 0 0 0.000%
------ --------- ------ ----------- ---------- -----------
Total 0 0 0 0 0 0.000%
------ --------- ------ ----------- ---------- -----------
Partially guaranteed under
Serviceman's Readjustment Act of 1944,
as amended - liens on:
Residential - under $100 0 0 0 0 0 0.000%
Apartment and business -
under $100 0 0 0 0 0 0.000%
------ --------- ------ ----------- ---------- -----------
Total 0 0 0 0 0 0.000%
------ --------- ------ ----------- ---------- -----------
Other - liens on:
Residential 0 0 0 0 0 0.000%
------ --------- ------ ----------- ---------- -----------
Apartment and business:
Under $100 0 0 0 0 0 0.000%
$100 to $150 0 0 0 0 0 0.000%
$150 to $200 0 0 0 0 0 0.000%
$200 to $250 0 0 0 0 0 0.000%
$250 to $300 1 255 255 0 0 8.500%
$300 to $350 0 0 0 0 0 0.000%
$350 to $400 0 0 0 0 0 0.000%
$400 to $450 0 0 0 0 0 0.000%
$450 to $500 0 0 0 0 0 0.000%
Over $500:
21-47139 Eagan, MN 1 1,087 1,087 0 0 8.25000
21-47157 Tampa, FL 1 2,484 2,484 0 0 7.65000
21-47167 Ruskin, FL 1 5,367 5,367 0 0 7.44000
21-47168 Riverview, FL 1 2,877 2,877 0 0 7.44000
21-47173 Fairfield, NJ 1 3,467 3,467 0 0 7.26000
21-47187 Mebane, NC 1 2,523 2,523 0 0 7.22000
21-47195 Pharr, TX 1 1,873 1,873 0 0 3.80000
21-47196 Pharr, TX 1 4,192 4,192 0 0 3.80000
21-47197 Alamo, TX 1 960 960 0 0 3.80000
21-47204 Mary Esther, FL 1 2,586 2,586 0 0 7.04000
21-47205 Tucson, AZ 1 3,513 3,513 0 0 7.05000
21-47206 Albuquerque, NM 1 3,608 4,608 0 0 6.00000
21-47209 Brandeton, FL 1 5,131 5,131 0 0 6.40000
21-47210 West Haven, CT 1 3,658 3,658 0 0 6.60000
21-47214 Plymouth, MN 1 9,830 9,830 0 0 7.45000
21-47215 Urbandale, IA 1 2,894 2,894 0 0 6.25000
21-47216 Urbandale, IA 1 2,279 2,279 0 0 6.25000
21-47223 Houston, TX 1 5,390 5,390 0 0 6.15000
21-47224 Plano, TX 1 2,457 2,457 0 0 6.00000
21-47226 Austin, TX 1 2,435 2,435 0 0 5.50000
21-47228 Bridgeport, CT 1 3,812 3,812 0 0 7.14000
21-47230 Houston, TX 1 1,794 1,794 0 0 7.08000
21-47232 Milwaukee, WI 1 3,577 3,577 0 0 7.40000
21-47233 Jefferson City, MO 1 1,809 1,809 0 0 7.15000
21-47234 Littleton, CO 1 2,920 2,920 0 0 7.18000
21-47235 Southport, CT 1 2,439 2,439 0 0 7.02000
21-47237 Roanoke, VA 1 1,319 1,319 0 0 5.25000
21-47238 Cicero, IN 1 3,073 3,073 0 0 7.00000
21-47240 Baltimore, MD 1 3,553 3,553 0 0 7.02000
21-47241 Sioux Falls, SD 1 917 917 0 0 7.05000
21-47242 San Antonio, TX 1 3,997 3,997 0 0 7.33000
21-47243 Chesapeake. VA 1 2,711 2,711 0 0 6.96000
21-47245 Southport, CT 1 2,219 2,219 0 0 6.98000
21-47246 Dallas, TX 1 856 856 0 0 7.01000
21-47248 Moorehead, MN 1 5,034 5,034 0 0 6.96000
21-47249 Ventura, CA 1 4,439 4,439 0 0 6.75000
21-47250 Alexandria, VA 1 2,472 2,472 0 0 6.90000
21-47251 Phoenix, AZ 1 2,534 2,534 0 0 6.80000
21-47252 Broken Arrow, OK 1 3,016 3,016 0 0 6.80000
21-47253 Phoenix, AZ 1 1,511 1,511 0 0 6.80000
21-47254 Tulsa, OK 1 3,149 3,149 0 0 6.80000
21-47255 Forest Lake/
Stillwater, MN 1 4,419 4,419 0 0 6.83000
21-47256 Rapid City, SD 1 881 881 0 0 6.75000
21-47259 Santa Clarita, CA 1 1,740 1,740 0 0 6.95000
21-47260 Ann Arbor, MI 1 2,559 2,559 0 0 6.98000
21-47261 Bloomington, MN 1 989 989 0 0 7.06000
21-47262 Fargo, ND 1 5,220 5,220 0 0 6.90000
21-47263 Columbus, OH 1 1,979 1,979 0 0 6.95000
F-48
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE III
Mortgage Loans on Real Estate and Interest
Earned on Mortgages
Year Ended December 31, 2004
(Thousands)
Mortgage loans on real estate at Part 2 - Interest
Part 1 - end of period earned on mortgages
-------- --------------------------------------- ---------------------
Amount of principal
unpaid at end of
period
--------------------
Average
gross
rate of
Carrying Interest interest
amount of Subject Amount due and on
mortgages to of accrued mortgages
Number Prior (c),(g), delinquent mortgages at end of held at end
of liens (h) and interest being period of period
Loan No. Description (a) Property Location loans (b) (i) Total (d) foreclosed (e) (f)
- ----------------------------------- ------------------ ------ ----- --------- ------- ----------- ---------- --------- -----------
21-47264 Orem, UT 1 1,760 1,760 0 0 6.81000
21-47266 Clarkston, MI 1 3,701 3,701 0 0 6.89000
21-47267 Charlotte, NC 1 1,232 1,232 0 0 6.91000
21-47268 Seebring, FL 1 5,693 5,693 0 0 6.85000
21-47269 Spokane, WA 1 3,484 3,484 0 0 7.15000
21-47270 Houston, TX 1 2,528 2,528 0 0 6.80000
21-47271 Wilsonville, OR 1 1,529 1,529 0 0 6.85000
21-47272 Aurora, CO 1 1,779 1,779 0 0 6.44000
21-47273 Rapid City, SD 1 721 721 0 0 6.85000
21-47274 Towson, MD 1 1,065 1,065 0 0 6.85000
21-47277 Tucson, AZ 1 2,042 2,042 0 0 7.00000
21-47278 Kennewick, WA 1 6,028 6,028 0 0 6.75000
21-47279 Chetek, WI 1 1,876 1,876 0 0 7.25000
21-47281 Shaker Heights, OH 1 2,128 2,128 0 0 7.00000
21-47282 Springfield, VA 1 2,002 2,002 0 0 6.85000
21-47285 Fort Meyers, FL 1 3,622 3,622 0 0 6.75000
21-47286 Las Vegas, NV 1 2,341 2,341 0 0 7.00000
21-47287 Rogers, MN 1 4,874 4,874 0 0 7.30000
21-47288 Plymouth, MN 1 1,783 1,783 0 0 6.85000
21-47289 Newport News, VA 1 2,194 2,194 0 0 6.90000
21-47290 Doraville, GA 1 2,763 2,763 0 0 7.00000
21-47291 Liverpool, NY 1 2,731 2,731 0 0 7.00000
21-47292 Las Vegas, NV 1 7,419 7,419 0 0 6.84000
21-47293 Corvallis, OR 1 4,006 4,006 0 0 6.75000
21-47294 Hope Mills, NC 1 1,319 1,319 0 0 7.00000
21-47295 Concord, OH 1 1,026 1,026 0 0 7.00000
21-47296 Painesville, OH 1 987 987 0 0 7.00000
21-47297 Concord, OH 1 1,660 1,660 0 0 7.00000
21-47298 Rock Hill, SC 1 741 741 0 0 7.25000
21-47299 Escondido, CA 1 2,064 2,064 0 0 7.00000
21-47303 Santa Monica, CA 1 6,183 6,183 0 0 3.21375
21-47304 Houston, TX 1 6,814 6,814 0 0 6.40000
21-47306 FairviewPrk/ 1 4,229 4,229 0 0 3.23000
Cuyahoga Falls, OH
21-47308 Clearwater, FL 1 5,949 5,949 0 0 6.18000
21-47310 Sacramento, CA 1 5,363 5,363 0 0 3.11938
21-47311 Sacramento, CA 1 3,521 3,521 0 0 3.11938
21-47312 Boxborough, MA 1 7,534 7,534 0 0 3.36375
21-47313 Orchard Park, NY 1 4,036 4,036 0 0 3.23000
21-47315 Humble, TX 1 6,546 6,546 0 0 3.36938
21-47317 Oak Lawn, IL 1 1,528 1,528 0 0 5.00000
21-47318 Silverdale, WA 1 4,595 4,595 0 0 4.41000
21-47319 Pittsburgh, PA 1 2,548 2,548 0 0 4.93000
21-47320 Kirland, WA 1 3,222 3,222 0 0 4.66000
21-47321 Clinton
Township, MI 1 6,829 6,829 0 0 3.81000
21-47322 Colleyville, TX 1 2,417 2,417 0 0 3.94000
21-47323 Alameda, CA 1 6,054 6,054 0 0 3.62750
21-47330 Meriden, CT 1 4,300 4,300 0 0 5.39000
21-87316 Huson, MA 1 1,442 1,442 0 0 4.46250
21-87324 Falls Church, VA 1 2,250 2,250 0 0 4.79000
21-87325 Austin, TX 1 3,930 3,930 0 0 4.85000
21-873256 Austin, TX 1 2,270 2,270 0 0 4.31250
21-87327 Marietta, GA 1 2,483 2,483 0 0 4.80000
21-87328 Charlotte, NC 1 3,300 3,300 0 0 4.99000
21-87329 Omaha, NE 1 1,141 1,141 0 0 5.40000
21-87331 Omaha, NE 1 4,125 4,125 0 0 4.49000
21-87332 Denver, CO 1 5,191 5,191 0 0 4.80000
Total Other 104 328,452 329,452 0 0 6.242%
------ --------- ------- ----------- ---------- -----------
Unallocated Reserve for Losses 4,036
--------
Total First Mortgage Loans on Real Estate 104 $324,416 $329,452 $0 $0 6.242%
====== ========= ======== ========== ========== ===========
F-49
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE III
Mortgage Loans on Real Estate and Interest
Earned on Mortgages
Year Ended December 31, 2004
(Thousands)
Part 3 - Location of mortgaged properties Amount of principal
- ----------------------------------------- unpaid at end of period
-----------------------
Carrying Subject
amount of to Amount of
State in Number Prior mortgages delinquent mortgages
which mortgaged of liens (c), (g), interest being
property is located loans (b) (h) and (i) Total (d) foreclosed
- --------------------------------------------- ---------- ------- ------------ --------- ------------ -------------
Arizona 4 9,601 9,601 0 0
California 7 29,363 29,363 0 0
Colorado 3 9,891 9,891 0 0
Connecticut 5 16,429 16,429 0 0
Florida 8 33,708 33,708 0 0
Georgia 2 5,245 5,245 0 0
Iowa 2 5,173 5,173 0 0
Ilinois 1 1,528 1,528 0 0
Indiana 1 3,073 3,073 0 0
Massachusetts 2 8,976 8,976 0 0
Maryland 2 4,619 4,619 0 0
Michigan 3 13,090 13,090 0 0
Minnesota 7 28,017 28,017 0 0
Missouri 1 1,809 1,809 0 0
Nevada 2 9,760 9,760 0 0
New Jersey 1 3,467 3,467 0 0
New Mexico 1 3,608 4,608 0 0
New York 2 6,767 6,767 0 0
North Carolina 5 9,401 9,401 0 0
North Dakota 1 5,220 5,220 0 0
Nebraska 2 5,266 5,266
Ohio 5 10,983 10,983 0 0
Oklahoma 2 6,165 6,165 0 0
Oregon 2 5,535 5,535 0 0
Pennsylvania 1 2,548 2,548 0 0
South Carolina 1 741 741 0 0
South Dakota 3 2,520 2,520 0 0
Texas 15 48,460 48,460 0 0
Utah 1 1,760 1,760 0 0
Virginia 6 12,948 12,948 0 0
Washington 4 17,328 17,328 0 0
Wisconsin 2 5,453 5,453 0 0
-------- ---------- --------- ---------- -----------
Total 104 328,452 329,452 0 0
-------- ---------- --------- ---------- -----------
Unallocated Reserve
for Losses 4,036
----------
Total 104 $324,416 $329,452 $0 $0
======== ========== ========= ========== ===========
F-50
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE III
Mortgage Loans on Real Estate and Interest
Earned on Mortgages
Year Ended December 31, 2004
(Thousands)
NOTES:
(a) The classification "residential" includes single dwellings only.
Residential multiple dwellings are included in "apartment and business".
(b) Real estate taxes and easements, which in the opinion of the Company are
not undue burden on the properties, have been excluded from the
determination of "prior liens".
(c) In this schedule III, carrying amount of mortgage loans represents unpaid
principal balances plus unamortized premiums less unamortized discounts and
reserve for loss.
(d) Interest in arrears for less than three months has been disregarded in
computing the total amount of principal subject to delinquent interest. The
amounts of mortgage loans being foreclosed are also included in amounts
subject to delinquent interest.
(e) Information as to interest due and accrued for the various classes within
the types of mortgage loans is not readily available and the obtaining
thereof would involve unreasonable effort and expense. The Company does not
accrue interest on loans which are over three months delinquent.
(f) Information as to interest income by type and class of loan has been
omitted because it is not readily available and the obtaining thereof would
involve unreasonable effort and expense. In lieu thereof, the average gross
interest rates (exclusive of amortization of discounts and premiums) on
mortgage loans held at December 31, 2004 are shown by type and class of
loan.
The average gross interest rates on mortgage loans held at December 31, 2004,
2003 and 2002 are summarized as follows:
2004 2003 2002
-------- -------- --------
First mortgages:
Insured by Federal Housing Administration 0.000% 0.000% 0.000%
Partially guaranteed under Servicemen's
Readjustment Act of 1944, as amended 0.000 0.000 0.000
Other 6.242 6.108 6.613
-------- -------- --------
Combined average 6.242% 6.108% 6.613%
======== ======== ========
(g) Following is a reconciliation of the carrying amount of mortgage loans for the
years ended December 31, 2004, 2003 and 2002.
2004 2003 2002
-------- -------- --------
Balance at beginning of period $330,953 $338,924 $343,434
New loans acquired:
Nonaffiliated companies 34,507 43,030 45,128
Reserve for loss reversal 0 0 0
-------- -------- --------
Total additions 34,507 43,030 45,128
-------- -------- --------
365,460 381,954 388,562
-------- -------- --------
Deductions during period:
Collections of principal 37,544 47,688 48,349
Reserve for loss 3,500 3,313 1,289
-------- -------- --------
Total deductions 41,044 51,001 49,638
--------------------------------------
Balance at end of period $324,416 $330,953 $338,924
======== ======== ========
(h) The aggregate cost of mortgage loans for federal income tax purposes at
December 31, 2004 was $329,452.
(i) At December 31, 2004, an unallocated reserve for loss on first mortgage
loans of $4,036 is recorded.
F-51
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE V
Qualified Assets on Deposit
December 31, 2004
($ thousands)
Investment Securities
----------------------------
Bonds and Mortgage
Notes Stocks Loans Other
Name of Depositary (a) (b) (c) (d) Total
- ------------------------------ ----------- -------- --------- -------- ----------
Deposits with states or their depositories to
meet requirements of statutes and
agreements:
Illinois - Secretary of
State of Illinois $52 $0 $0 $0 $52
New Jersey - Commissioner
of Banking and Insurance
of New Jersey 50 0 0 0 50
Pennsylvania - Treasurer
of the State of
Pennsylvania 150 0 0 0 150
Texas - Treasurer of the
State of Texas 120 0 0 0 120
----------- -------- --------- -------- ----------
Total deposits with states or their
depositories to meet requirements of
statues and agreements 372 0 0 0 372
Central depository - American
Express Trust Company 5,675,917 41,825 325,416 90,745 6,133,903
----------- -------- --------- -------- ----------
Total $5,676,289 $41,825 $325,416 $90,745 $6,134,275
=========== ======== ========= ======== ==========
Notes:
(a) Represents amortized cost of bonds and notes.
(b) Represents average cost of individual issues of stocks.
(c) Represents unpaid principal balance of mortgage loans less unamortized
discounts and reserve for losses.
(d) Represents cost of purchased call options and accounts payable purchased.
F-52
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VI
Certificate Reserves
Part 1 - Summary of Changes
Year ended December 31, 2004
(Thousands)
Balance at beginning of period Additions
------------------------------- ---------------------------------
Number
of Charged
Yield accounts Amount Charged Reserve to other
to maturity with of Amount to profit payments by accounts
on an annual security maturity of and loss certificate (per
Description payment basis holders value reserves or income holders part 2)
- ---------------------------------------------- ------------------ ----------- --------- --------- ---------- ------------ ---------
Installment certificates:
Reserves to mature:
Series 15, includes extended maturities
15, " " " 0 0 0 0 0 0
20, " " " 0 0 0 0 0 0
15A, " " " 0 0 0 0 0 0
22A, " " " 3.09 289 7,076 6,250 165 55 47
I-76, " " " 3.35 294 6,581 4,903 159 109 8
Reserve Plus Flex Payment 24 249 158 0 2 0
IC-Q-Installment 21 328 70 0 11 0
IC-Q-Ins 156 1,813 840 0 108 2
IC-Q-Ins Emp 2 23 17 0 1 0
IC-I 10,841 175,508 92,554 0 15,920 1,655
IC-I-Emp 70 1,092 891 0 269 19
Inst 10,112 0 38,563 0 16,817 250
Inst-E 55 0 164 0 143 3
RP-Q-Installment 39 559 274 0 1 1
RP-Q-Flexible Payment 5 65 48 0 0 0
RP-Q-Ins 5 272 43 0 1 0
RP-Q-Ins Emp 0 0 1 0 0 0
RP-I 32 610 396 0 28 7
RP-I-EMP 0 0 0 0 0 0
Inst-R & RP I95 246 30,766 780 0 467 3
Inst-R-E 4 260 10 0 6 0
----------- --------- --------- ---------- ------------ ---------
Total 22,195 225,202 145,962 324 33,938 1,995
----------- --------- --------- ---------- ------------ ---------
Payments made in advance of certificate
year requirements and accrued interest
thereon:
15, includes ext maturities 2 0 0 0 0 0 0
20, " " " 2 0 0 (1) 0 0 0
15A, " " " 3 0 0 1 0 0 0
22A, " " " 3 0 0 163 4 42 0
I-76, " " " 3.5 0 0 336 12 18 0
----------- --------- --------- ---------- ------------ ---------
Total 0 0 499 16 60 0
----------- --------- --------- ---------- ------------ ---------
Additional credits and accrued interest
thereon:
" 15, includes ext mat 2.5 0 0 0 0 0 0
" 20, " " " 2.5 0 0 0 0 0 0
" 15A, " " " 3 0 0 (1) 0 0 0
" 22A, " " " 3 0 0 1,496 38 0 29
" I-76, " " " 3.5 0 0 1,156 38 0 18
" Res Plus Flex Pay 0 0 0 0 0 0
" IC-Q-Installment 0 0 (1) 0 0 0
" IC-Q-Ins 0 0 0 2 0 0
" IC-Q-Ins Emp 0 0 0 0 0 0
" IC-I 0 0 77 1,645 0 0
" IC-I-Emp 0 0 0 19 0 0
" Inst 0 0 11 252 0 0
" Inst-E 0 0 0 3 0 0
" RP-Q-Installment 0 0 0 1 0 0
" RP-Q-Flexible Pay 0 0 0 0 0 0
" RP-Q-Ins 0 0 0 0 0 0
" RP-Q-Ins Emp 0 0 0 0 0 0
" RP-I 0 0 0 7 0 0
" RP-I-EMP 0 0 0 0 0 0
" Inst-R 0 0 0 3 0 0
" Inst-R-E 0 0 0 0 0 0
----------- --------- --------- ---------- ------------ ---------
Total 0 0 2,738 2,008 0 47
----------- --------- --------- ---------- ------------ ---------
Deductions Balance at close of period
--------------------------------- -----------------------------
Number
Credited of
Cash to other accounts Amount
surrenders accounts with of Amount
prior to (per security maturity of
Description Maturities maturity part 2) holders value reserves
- ---------------------------------------------- ------------ --------- ---------- -------- ---------- ---------
Installment certificates:
Reserves to mature:
Series 15, includes extended maturities
15, " " " 0 0 0 0 0 0
20, " " " 0 0 0 0 0 0
15A, " " " 0 0 0 0 0 0
22A, " " " 272 237 1,221 208 5,270 4,787
I-76, " " " 0 424 148 264 5,816 4,607
Reserve Plus Flex Payment 90 26 0 2 24 43
IC-Q-Installment 20 14 0 13 229 47
IC-Q-Ins 65 163 0 133 1,481 722
IC-Q-Ins Emp 0 0 0 2 23 18
IC-I 21,725 29,152 0 6,786 108,275 59,252
IC-I-Emp 51 265 0 51 888 861
Inst 0 11,231 0 10,541 0 44,399
Inst-E 0 49 0 67 0 261
RP-Q-Installment 20 67 6 26 343 183
RP-Q-Flexible Payment 0 9 0 4 45 39
RP-Q-Ins 0 41 0 3 24 3
RP-Q-Ins Emp 0 0 0 0 0 1
RP-I 83 110 0 19 360 239
RP-I-EMP 0 0 0 0 0 0
Inst-R & RP I95 0 169 0 291 26,098 1,081
Inst-R-E 0 0 0 5 860 16
------------ --------- ---------- -------- ---------- ---------
Total 22,326 41,957 1,375 18,415 149,736 116,559
------------ --------- ---------- -------- ---------- ---------
Payments made in advance of certificate
year requirements and accrued interest
thereon:
15, includes ext maturities 0 0 0 0 0 0
20, " " " 0 0 0 0 0 (1)
15A, " " " 0 0 0 0 0 1
22A, " " " 4 13 64 0 0 128
I-76, " " " 0 13 8 0 0 345
------------ --------- ---------- -------- ---------- ---------
Total 4 26 72 0 0 473
------------ --------- ---------- -------- ---------- ---------
Additional credits and accrued interest
thereon:
" 15, includes ext mat 0 0 0 0 0 0
" 20, " " " 0 0 0 0 0 0
" 15A, " " " 0 0 0 0 0 (1)
" 22A, " " " 71 52 318 0 0 1,122
" I-76, " " " 0 91 30 0 0 1,091
" Res Plus Flex Pay 0 0 0 0 0 0
" IC-Q-Installment 0 0 0 0 0 1
" IC-Q-Ins 0 0 2 0 0 0
" IC-Q-Ins Emp 0 0 0 0 0 0
" IC-I 0 0 1,658 0 0 64
" IC-I-Emp 0 0 19 0 0 0
" Inst 0 0 250 0 0 12
" Inst-E 0 0 3 0 0 0
" RP-Q-Installment 0 0 1 0 0 0
" RP-Q-Flexible Pay 0 0 0 0 0 0
" RP-Q-Ins 0 0 1 0 0 (1)
" RP-Q-Ins Emp 0 0 0 0 0 0
" RP-I 0 0 7 0 0 0
" RP-I-EMP 0 0 0 0 0 0
" Inst-R 0 0 3 0 0 0
" Inst-R-E 0 0 0 0 0 0
------------ --------- ---------- -------- ---------- ---------
Total 71 143 2,292 0 0 2,286
------------ --------- ---------- -------- ---------- ---------
F-53
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VI
Certificate Reserves
Part 1 - Summary of Changes
Year ended December 31, 2004
(Thousands)
Balance at beginning of period Additions
------------------------------- --------------------------------
Number
of Charged
Yield accounts Amount Charged Reserve to other
to maturity with of Amount to profit payments by accounts
on an annual security maturity of and loss certificate (per
Description payment basis holders value reserves or income holders part 2)
- ----------------------------------------------- ------------------ ----------- --------- --------- ---------- ------------ --------
Res for accrued 3rd year 2113 - Installment
Prod only. 0 0 837 594 (572) 0
Res for accrued 6th year 2114 0 0 0 0 0 0
Acc int - default I-76 2003/2025 3.5 0 0 0 4 0 0
Res for add'l credits to be allowed 0 0 0 0 0 0
Installment Cert-Special Add'l 0 0 0 0 0 0
Credits I-76 (2105) 0 0 0 0 0 0
Accrued for add'l credits to 0 0 0 0 0 0
be allowed at next anni (2102) 0 0 25 43 0 0
Reserve for death & disab (2111) 0 0 0 0 0 0
Res for reconversion (2104) 0 0 36 0 (32) 0
----------- --------- --------- ---------- ------------ --------
Total 0 0 898 641 (604) 0
----------- --------- --------- ---------- ------------ --------
Total installment certificates 22,195 225,202 150,097 2,989 33,394 2,042
----------- --------- --------- ---------- ------------ --------
Fully paid certificates:
Single-Payment certificates:
SP 74 (C2740-10 Prod 40) 3.5 0 0 0 0 0 0
SP 75 - 50 3.5 0 0 0 0 0 0
SP 76 - 60 3.5 0 0 0 0 0 0
SP 77 - 70 3.5 0 0 0 0 0 0
SP 78 - 80 3.5 0 0 0 0 0 0
SP 79 - 90 3.5 2 15 15 0 0 0
SP 80 - 100 3.5 0 0 2 0 0 0
SP 81A - 110 3.5 1 10 10 0 0 0
SP 82A - 111 3.5 2 22 22 0 0 0
SP 82B - 112 3.5 4 30 29 0 0 0
SP 83A - 113 3.5 0 0 0 0 0 0
SP 83B - 114 3.5 48 427 425 2 0 0
IC-2-84 - 115, 116,117,118,119 3.5 336 3,364 3,262 94 0 0
IC-2-85 - 120,121,122,123,124,125,126,
127,128,129,130 3.5 163 2,249 2,370 0 0 79
IC-2-86 - 131 3.5 95 1,599 1,310 0 0 46
IC-2-87 - 132 3.5 126 2,082 1,878 0 0 62
IC-2-88 - 133 3.5 244 3,822 3,603 0 0 125
Reserve Plus Single Payment - 150 43 239 400 0 0 0
Cash Reserve Single Payment - 160 19 139 150 0 0 0
IC-Flexible Savings (Variable Term) - 165 114,974 1,407,686 1,504,219 0 1,128,631 37,185
IC-Flexible Savings Emp (VT) - 166 554 7,711 10,104 0 181 216
IC-Preferred Investors - 250 17 13,607 13,757 0 27,515 156
IC-Investors - 201, 202,203 473 925,975 960,935 0 1,092,394 12,949
IC-Special Deposits U.K. - 204 31 41,218 43,891 0 8,423 560
IC-Special Deposits HONG KONG - 205 0 0 0 0 0 0
IC-1-84 - 170, 171,172,173,174 27 233 210 0 0 6
Cash Reserve Variable Payment - 660 166 645 953 0 110 2
Cash Reserve Variable PMT-3mo. - 662 29,506 98,723 103,690 0 140,939 516
IC-Future Value - 155 810 9,481 9,481 0 0 0
IC-Future Value Emp - 156 17 126 125 0 0 0
IC-Stock Market - 180 82,167 424,970 472,621 0 215,853 21,521
IC-MSC - 181 22,488 322,900 335,128 0 128,149 12,923
IC-EISC - 185 34 2,468 2,472 0 947 120
IC-AEBI Stock Market - 301, 302,303,304,
305 562 243,486 245,331 0 167,036 11,269
----------- --------- --------- ---------- ------------ --------
Total 252,909 3,513,227 3,716,393 96 2,910,178 97,735
----------- --------- --------- ---------- ------------ --------
Additional credits and accrued interest
thereon:
SP 74 (2030/1 4022) 3.5 0 0 0 0 0 0
SP 75 3.5 0 0 0 0 0 0
SP 76 3.5 0 0 0 0 0 0
SP 77 3.5 0 0 0 0 0 0
SP 78 3.5 0 0 0 0 0 0
SP 79 3.5 0 0 15 0 0 0
SP 80 3.5 0 0 1 0 0 0
SP 81A 3.5 0 0 9 0 0 0
SP 82A 3.5 0 0 19 0 0 0
SP 82B 3.5 0 0 23 0 0 0
SP 83A 3.5 0 0 0 0 0 0
SP 83B 3.5 0 0 248 1 0 0
IC-2-84 3.5 0 0 1,811 52 0 1
IC-2-85 3.5 0 0 35 79 0 0
IC-2-86 3.5 0 0 24 40 0 0
Deductions Balance at close of period
--------------------------------- ------------------------------
Number
Credited of
Cash to other accounts Amount
surrenders accounts with of Amount
prior to (per security maturity of
Description Maturities maturity part 2) holders value reserves
- ----------------------------------------------- ------------ --------- ---------- -------- ---------- ----------
Res for accrued 3rd year 2113 - Installment
Prod only. 0 0 0 0 0 859
Res for accrued 6th year 2114 0 0 0 0 0 0
Acc int - default I-76 2003/2025 0 1 3 0 0 1
Res for add'l credits to be allowed 0 0 0 0 0 0
Installment Cert-Special Add'l 0 0 0 0 0 0
Credits I-76 (2105) 0 0 0 0 0 0
Accrued for add'l credits to 0 0 0 0 0 0
be allowed at next anni (2102) 0 0 47 0 0 22
Reserve for death & disab (2111) 0 0 0 0 0 0
Res for reconversion (2104) 0 0 0 0 0 1
---------- ----------- ---------- -------- ---------- ----------
Total 0 1 50 0 0 883
---------- ----------- ---------- -------- ---------- ----------
Total installment certificates 22,401 42,128 3,790 18,415 149,736 120,205
---------- ----------- ---------- -------- ---------- ----------
Fully paid certificates:
Single-Payment certificates:
SP 74 (C2740-10 Prod 40) 0 0 0 0 0 0
SP 75 - 50 0 0 0 0 0 0
SP 76 - 60 0 0 0 0 0 0
SP 77 - 70 0 0 0 0 0 0
SP 78 - 80 0 0 0 0 0 0
SP 79 - 90 0 0 0 2 15 15
SP 80 - 100 0 0 0 0 0 2
SP 81A - 110 0 0 0 1 10 10
SP 82A - 111 0 0 0 2 22 22
SP 82B - 112 0 0 0 3 20 29
SP 83A - 113 10 0 0 0 0 (10)
SP 83B - 114 319 14 94 0 0 0
IC-2-84 - 115, 116,117,118,119 1,189 251 617 113 1,302 1,298
IC-2-85 - 120,121,122,123,124,125,126,
127,128,129,130 0 301 0 145 2,004 2,148
IC-2-86 - 131 0 253 0 90 1,372 1,102
IC-2-87 - 132 0 312 0 113 1,798 1,628
IC-2-88 - 133 0 576 0 221 3,236 3,153
Reserve Plus Single Payment - 150 113 115 0 9 128 173
Cash Reserve Single Payment - 160 146 5 0 0 0 0
IC-Flexible Savings (Variable Term) - 165 0 647,113 0 136,212 1,922,458 2,022,922
IC-Flexible Savings Emp (VT) - 166 0 1,695 0 483 6,716 8,806
IC-Preferred Investors - 250 0 25,079 0 17 16,152 16,349
IC-Investors - 201, 202,203 0 829,343 0 587 1,209,080 1,236,934
IC-Special Deposits U.K. - 204 0 14,429 0 26 36,405 38,445
IC-Special Deposits HONG KONG - 205 0 0 0 0 0 0
IC-1-84 - 170, 171,172,173,174 88 68 7 7 76 51
Cash Reserve Variable Payment - 660 112 253 0 110 476 701
Cash Reserve Variable PMT-3mo. - 662 0 121,027 0 29,481 119,970 124,118
IC-Future Value - 155 6,554 1,316 0 201 1,612 1,612
IC-Future Value Emp - 156 117 3 0 2 6 5
IC-Stock Market - 180 528 133,985 0 84,759 520,219 575,482
IC-MSC - 181 0 67,681 0 25,206 389,104 408,519
IC-EISC - 185 0 2,036 0 31 1,494 1,503
IC-AEBI Stock Market - 301, 302,303,304,
305 0 147,083 0 741 272,665 276,553
---------- ----------- ---------- -------- ---------- ----------
Total 9,176 1,992,938 718 278,562 4,506,340 4,721,570
---------- ----------- ---------- -------- ---------- ----------
Additional credits and accrued interest
thereon:
SP 74 (2030/1 4022) 0 0 0 0 0 0
SP 75 0 0 0 0 0 0
SP 76 0 0 0 0 0 0
SP 77 0 0 0 0 0 0
SP 78 0 0 0 0 0 0
SP 79 0 0 0 0 0 15
SP 80 0 0 0 0 0 1
SP 81A 0 0 0 0 0 9
SP 82A 0 0 0 0 0 19
SP 82B 8 0 0 0 0 16
SP 83A 0 0 0 0 0 0
SP 83B 190 8 51 0 0 1
IC-2-84 704 139 344 0 0 677
IC-2-85 0 5 78 0 0 30
IC-2-86 0 0 46 0 0 18
F-54
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VI
Certificate Reserves
Part 1 - Summary of Changes
Year ended December 31, 2004
(Thousands)
Balance at beginning of period Additions
------------------------------- --------------------------------
Number
of Charged
Yield accounts Amount Charged Reserve to other
to maturity with of Amount to profit payments by accounts
on an annual security maturity of and loss certificate (per
Description payment basis holders value reserves or income holders part 2)
- ---------------------------------------------- ------------------ ----------- --------- --------- ---------- ------------ --------
IC-2-87 3.5 0 0 35 61 0 0
IC-2-88 3.5 0 0 69 120 0 0
Reserve Plus SP 2004-4061 0 0 0 0 0 0
Cash Reserve SP 0 0 0 0 0 0
IC-Flexible Savings 0 0 1,587 41,000 0 0
IC-Preferred Investors 0 0 6 166 0 0
IC-FS-EMP 0 0 12 260 0 0
IC-Investors 0 0 468 15,893 0 0
IC-Special Deposits U.K. 0 0 22 574 0 0
IC-Special Deposits HONG KONG 0 0 0 0 0 0
IC-1-84 - 2013-4061 0 0 3 6 0 1
Cash Reserve VP 2004-4061 0 0 (0) 2 0 0
Cash Reserve Variable Payment-3mo. 0 0 192 862 (281) 0
IC-Future Value 0 0 9,040 1,005 0 0
IC-Future Value Emp 0 0 137 12 0 0
IC-Stk Mkt, 2004/16/31-4000/16 0 0 506 952 (0) 0
IC-MSC 0 0 143 960 (0) 0
IC - EISC 0 0 1 1 0 0
IC-AEBI Stk Mkt 2004/31/19-4000/16 0 0 284 967 0 0
---------- --------- --------- ---------- ------------ --------
Total 0 0 14,689 63,013 (281) 2
---------- --------- --------- ---------- ------------ --------
Accrued for additional credits to be allowed
at next anniversaries:
SP 74 (2102-4070) 0 0 0 0 0 0
SP 75 0 0 0 0 0 0
SP 76 0 0 0 0 0 0
SP 77 0 0 0 0 0 0
SP 78 0 0 0 0 0 0
SP 79 0 0 0 0 0 0
SP 80 0 0 0 0 0 0
SP 81A 0 0 (1) 0 0 0
SP 82A 0 0 0 0 0 0
SP 82B 0 0 1 0 0 0
SP 83A 0 0 (0) 0 0 0
SP 83B 0 0 (1) 0 0 0
IC-2-84 - 2019-4061 0 0 2 1 0 0
IC-2-85 0 0 (0) 0 0 0
IC-2-86 0 0 1 0 0 0
IC-2-87 0 0 (0) 0 0 0
IC-2-88 0 0 (1) 0 0 0
IC-Stock Mkt - 2019/31-4061 SEC 5 from
C2785-81 0 0 20,443 22,309 0 0
IC-Market Strategy Certificate (SEC 5
from c2785-81) 0 0 11,920 13,230 (1) 0
IC-EISC 0 0 116 71 0 0
IC-AEBI Stock Market 0 0 10,989 11,058 (0) 0
---------- --------- --------- ---------- ------------ --------
Total 0 0 43,468 46,669 (1) 0
---------- --------- --------- ---------- ------------ --------
Total Single Payment - Non Qualified 252,909 3,513,227 3,774,549 109,788 2,909,896 97,739
---------- --------- --------- ---------- ------------ --------
R Series Single-Payment certificates:
R-76 - 900 3.5 3 10 9 0 0 0
R-77 - 910 3.5 14 286 204 0 0 7
R-78 - 911 3.5 32 214 207 0 0 7
R-79 - 912 3.5 45 553 491 0 0 16
R-80 - 913 3.5 34 258 230 0 0 8
R-81 - 914 3.5 15 126 99 0 0 3
R-82A - 915 3.5 99 655 465 0 0 16
RP-Q - 916 193 279 737 0 0 2
R-II - 920 3.5 66 540 292 0 0 10
RP-2-84 - 921,922,923,924,925 3.5 174 2,212 1,056 0 0 31
RP-2-85 - 926,927,928,929,930,931,932,
933,934,935,936 3.5 63 243 315 0 0 11
RP-2-86 - 937 3.5 17 64 75 0 0 3
RP-2-87 - 938 3.5 35 640 246 0 0 9
Deductions Balance at close of period
--------------------------------- ------------------------------
Number
Credited of
Cash to other accounts Amount
surrenders accounts with of Amount
prior to (per security maturity of
Description Maturities maturity part 2) holders value reserves
- ---------------------------------------------- ------------ --------- ---------- -------- ---------- ----------
IC-2-87 0 5 62 0 0 29
IC-2-88 0 6 125 0 0 59
Reserve Plus SP 2004-4061 0 0 0 0 0 0
Cash Reserve SP 0 0 0 0 0 0
IC-Flexible Savings 0 3,171 37,211 0 0 2,205
IC-Preferred Investors 0 7 156 0 0 9
IC-FS-EMP 0 47 216 0 0 10
IC-Investors 0 2,326 12,949 0 0 1,085
IC-Special Deposits U.K. 0 6 560 0 0 30
IC-Special Deposits HONG KONG 0 0 0 0 0 0
IC-1-84 - 2013-4061 0 1 7 0 0 2
Cash Reserve VP 2004-4061 0 0 2 0 0 (0)
Cash Reserve Variable Payment-3mo. 0 6 517 0 0 250
IC-Future Value 7,158 1,422 0 0 0 1,465
IC-Future Value Emp 142 3 0 0 0 4
IC-Stk Mkt, 2004/16/31-4000/16 0 75 831 0 0 552
IC-MSC 0 14 918 0 0 171
IC - EISC 0 0 2 0 0 0
IC-AEBI Stk Mkt 2004/31/19-4000/16 0 99 801 0 0 352
--------- ---------- --------- -------- --------- ----------
Total 8,202 7,340 54,876 0 0 7,009
--------- ---------- --------- -------- --------- ----------
Accrued for additional credits to be allowed
at next anniversaries:
SP 74 (2102-4070) 0 0 0 0 0 0
SP 75 0 0 0 0 0 0
SP 76 0 0 0 0 0 0
SP 77 0 0 0 0 0 0
SP 78 0 0 0 0 0 0
SP 79 0 0 0 0 0 0
SP 80 0 0 0 0 0 0
SP 81A 0 0 0 0 0 (1)
SP 82A 0 0 0 0 0 0
SP 82B 0 0 0 0 0 1
SP 83A 0 0 0 0 0 (0)
SP 83B 0 0 0 0 0 (1)
IC-2-84 - 2019-4061 0 0 1 0 0 1
IC-2-85 0 0 0 0 0 (0)
IC-2-86 0 0 0 0 0 1
IC-2-87 0 0 0 0 0 (0)
IC-2-88 0 0 0 0 0 (1)
IC-Stock Mkt - 2019/31-4061 SEC 5 from
C2785-81 0 618 20,709 0 0 21,425
IC-Market Strategy Certificate (SEC 5
from c2785-81) 0 336 12,017 0 0 12,796
IC-EISC 0 0 119 0 0 68
IC-AEBI Stock Market 0 1,185 10,468 0 0 10,394
--------- ---------- --------- -------- --------- ----------
Total 0 2,139 43,314 0 0 44,683
--------- ---------- --------- -------- --------- ----------
Total Single Payment - Non Qualified 17,377 2,002,417 98,908 278,562 4,506,340 4,773,262
--------- ---------- --------- -------- --------- ----------
R Series Single-Payment certificates:
R-76 - 900 0 0 0 3 10 11
R-77 - 910 0 10 0 13 257 201
R-78 - 911 0 34 0 27 180 180
R-79 - 912 0 53 0 44 501 455
R-80 - 913 0 17 0 30 240 222
R-81 - 914 0 12 0 12 112 91
R-82A - 915 0 25 0 92 621 456
RP-Q - 916 0 166 0 153 217 571
R-II - 920 0 28 0 60 491 275
RP-2-84 - 921,922,923,924,925 315 210 6 109 1,152 557
RP-2-85 - 926,927,928,929,930,931,932,
933,934,935,936 0 32 0 58 219 294
RP-2-86 - 937 0 1 0 17 63 76
RP-2-87 - 938 0 3 0 35 638 252
F-55
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VI
Certificate Reserves
Part 1 - Summary of Changes
Year ended December 31, 2004
(Thousands)
Balance at beginning of period Additions
------------------------------- --------------------------------
Number
of Charged
Yield accounts Amount Charged Reserve to other
to maturity with of Amount to profit payments by accounts
on an annual security maturity of and loss certificate (per
Description payment basis holders value reserves or income holders part 2)
- ---------------------------------------------- ------------------ ----------- --------- --------- ---------- ------------ --------
RP-2-88 - 939 3.5 43 263 210 0 0 7
Cash Reserve RP - 970 4 14 30 0 0 0
RP-Flexible Savings - 971 31,664 478,987 511,320 0 227,337 13,495
RP-Preferred Investors - 950 1 441 496 0 1,791 15
Cash Reserve RP-3 mo. - 972 1,637 12,980 13,629 0 29,739 87
RP-Flexible Savings Emp - 973 203 2,483 3,409 0 18 89
RP-Future Value - 975 680 12,850 12,851 0 0 0
RP-Future Value Emp - 976 29 368 369 0 0 0
RP-Stock Market - 960 12,723 124,162 135,011 0 57,635 6,330
Market Strategy Cert - 961 (section 1-6
from Report 2785-81-RP-STOCK-VB 2001) 3,641 84,337 87,182 0 25,499 3,371
D-1 - sum of SERIES D on Summary page -
400 + 990-993 126 11,108 14,254 0 300 281
----------- --------- --------- ---------- ------------ --------
Total 51,541 734,073 783,187 0 342,319 23,798
----------- --------- --------- ---------- ------------ --------
Additional Interest on R-Series Single
Payment Reserves:
R-76 3.5 0 0 (0) 0 0 0
R-77 3.5 0 0 1 7 0 0
R-78 3.5 0 0 5 7 0 0
R-79 3.5 0 0 7 17 0 0
R-80 3.5 0 0 5 8 0 0
R-81 3.5 0 0 1 3 0 0
R-82A 3.5 0 0 14 16 0 0
RP-Q 0 0 0 2 0 0
R-II 3.5 0 0 5 10 0 0
RP-2-84 3.5 0 0 21 30 0 0
RP-2-85 3.5 0 0 7 11 0 0
RP-2-86 3.5 0 0 2 3 0 0
RP-2-87 3.5 0 0 6 9 0 0
RP-2-88 3.5 0 0 4 7 0 0
Cash Reserve RP 0 0 (0) 0 0 0
RP-Flexible Savings 0 0 579 14,283 0 0
RP-Preferred Investors 0 0 0 17 0 0
Cash Reserve RP-3 mo. Plus 0 0 22 92 0 0
RP-Flexible Savings Emp 0 0 5 91 0 0
RP-Future Value 0 0 11,945 1,431 0 0
RP-Future Value Emp 0 0 371 50 0 0
RP-Stock Market 0 0 132 260 0 0
Market Strategy Cert (2785-81 RP-STOCK VB
2004/4000 & 2016/2031/4016) 0 0 45 238 0 0
D-1 - 400 1 302 0 0
----------- --------- --------- ---------- ------------ --------
Total 0 0 13,178 16,894 0 0
----------- --------- --------- ---------- ------------ --------
Accrued for additional credits to be allowed
at next anniversaries:
RP-Stock Market 0 0 5,916 7,045 0 0
Market Strategy Cert (C2785-81 2019/2102/
4061) 0 0 3,190 3,271 0 0
----------- --------- --------- ---------- ------------ --------
Total 0 0 9,106 10,316 0 0
----------- --------- --------- ---------- ------------ --------
Total Single Payment - Qualified 51,541 734,073 805,471 27,210 342,319 23,798
----------- --------- --------- ---------- ------------ --------
Paid-up certificates:
Series 15 and 20 3.25 3 43 43 0 0 0
" 15A and 22A 3.5 120 2,896 2,668 80 0 278
" I-76 - 640 3.5 465 2,314 1,884 66 (0) 181
----------- --------- --------- ---------- ------------ --------
Total 588 5,253 4,595 146 (0) 459
----------- --------- --------- ---------- ------------ --------
Additional credits and accrued interest
thereon:
Series 15 and 20 2.5 0 0 3 0 0 0
" 15A and 22A 3 0 0 62 1 0 0
" I-76 3.5 0 0 181 6 (0) 0
----------- --------- --------- ---------- ------------ --------
Total 0 0 246 8 (0) 0
----------- --------- --------- ---------- ------------ --------
Deductions Balance at close of period
--------------------------------- ------------------------------
Number
Credited of
Cash to other accounts Amount
surrenders accounts with of Amount
prior to (per security maturity of
Description Maturities maturity part 2) holders value reserves
- ------------------------------------------------ ------------ --------- ---------- -------- ---------- ----------
RP-2-88 - 939 0 37 0 38 173 180
Cash Reserve RP - 970 0 0 0 4 14 30
RP-Flexible Savings - 971 0 176,296 0 35,035 541,885 575,855
RP-Preferred Investors - 950 0 327 0 2 1,906 1,976
Cash Reserve RP-3 mo. - 972 0 28,750 0 1,947 14,251 14,704
RP-Flexible Savings Emp - 973 0 565 0 173 2,099 2,950
RP-Future Value - 975 7,071 1,898 0 204 3,881 3,881
RP-Future Value Emp - 976 175 39 0 9 155 156
RP-Stock Market - 960 668 38,418 0 14,104 147,093 159,890
Market Strategy Cert - 961 (section 1-6
from Report 2785-81-RP-STOCK-VB 2001) 0 16,571 0 3,935 94,386 99,481
D-1 - sum of SERIES D on Summary page -
400 + 990-993 0 2,387 0 113 9,985 12,448
------------ --------- ---------- -------- ---------- ---------
Total 8,229 265,879 6 56,217 820,529 875,192
------------ --------- ---------- -------- ---------- ---------
Additional Interest on R-Series Single
Payment Reserves:
R-76 0 0 0 0 0 (0)
R-77 0 0 7 0 0 1
R-78 0 0 7 0 0 4
R-79 0 1 16 0 0 7
R-80 0 0 8 0 0 5
R-81 0 0 3 0 0 1
R-82A 0 0 16 0 0 13
RP-Q 0 0 2 0 0 0
R-II 0 1 10 0 0 5
RP-2-84 0 4 31 0 0 16
RP-2-85 0 0 11 0 0 6
RP-2-86 0 0 3 0 0 2
RP-2-87 0 0 9 0 0 6
RP-2-88 0 1 7 0 0 4
Cash Reserve RP 0 0 0 0 0 (0)
RP-Flexible Savings 0 717 13,495 0 0 651
RP-Preferred Investors 0 0 15 0 0 2
Cash Reserve RP-3 mo. Plus 0 0 87 0 0 27
RP-Flexible Savings Emp 0 3 89 0 0 4
RP-Future Value 7,713 2,004 0 0 0 3,659
RP-Future Value Emp 221 48 0 0 0 151
RP-Stock Market 0 11 236 0 0 146
Market Strategy Cert (2785-81 RP-STOCK VB
2004/4000 & 2016/2031/4016) 0 1 233 0 0 49
D-1 - 400 0 21 281 1
------------ --------- ---------- -------- ---------- ---------
Total 7,934 2,812 14,566 0 0 4,760
------------ --------- ---------- -------- ---------- ---------
Accrued for additional credits to be allowed
at next anniversaries:
RP-Stock Market 0 58 6,094 0 0 6,810
Market Strategy Cert (C2785-81 2019/2102/
4061) 0 153 3,137 0 0 3,170
------------ --------- ---------- -------- ---------- ---------
Total 0 211 9,231 0 0 9,980
------------ --------- ---------- -------- ---------- ---------
Total Single Payment - Qualified 16,163 268,902 23,802 56,216 820,526 889,932
------------ --------- ---------- -------- ---------- ---------
Paid-up certificates:
Series 15 and 20 33 0 0 2 9 10
" 15A and 22A 203 496 265 95 2,208 2,062
" I-76 - 640 0 87 0 448 2,440 2,043
------------ --------- ---------- -------- ---------- ---------
Total 236 583 265 545 4,657 4,115
------------ --------- ---------- -------- ---------- ---------
Additional credits and accrued interest
thereon:
Series 15 and 20 2 0 0 0 0 1
" 15A and 22A 7 8 7 0 0 43
" I-76 0 9 0 0 0 179
------------ --------- ---------- -------- ---------- ---------
Total 9 17 7 0 0 223
------------ --------- ---------- -------- ---------- ---------
F-56
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VI
Certificate Reserves
Part 1 - Summary of Changes
Year ended December 31, 2004
(Thousands)
Balance at beginning of period Additions
------------------------------- --------------------------------
Number
of Charged
Yield accounts Amount Charged Reserve to other
to maturity with of Amount to profit payments by accounts
on an annual security maturity of and loss certificate (per
Description payment basis holders value reserves or income holders part 2)
- -------------------------------------------- ---------------------- --------- ---------- --------- ---------- ----------- ----------
Accrued for additional credits to be allowed
at next anniversaries 0 0 0 0 0 0
Total paid-up 588 5,253 4,841 153 (0) 459
Optional settlement certificates:
Series IST&G 3 3 0 (1) 0 0 0
Other series and conversions from Single Source 2740-10 0 0 0 0 0 0
Payment certificates 2.5-3-3-3.5 4,292 0 68,316 2,034 (0) 2,970
Series R-76 thru R-82A - Prod 900 3 2 0 24 1 0 0
Series R-II & RP-2-84 thru 88 - Prod 921 3.5 6 0 189 6 0 6
Reserve Plus Single-Payment (Prod 150) 43 0 430 1 0 0
Reserve Plus Flex-Pay & IC-Q-Inst (Prod 650,
651, 652) 13 0 67 0 0 0
Series R-Installment (Prod 980, 981,982) 14 0 82 0 0 6
Series R-Single-Payment (Prod 133) 5 0 0 0 0 0
Add'l credits and accrued int. thereon 2.5-3 0 0 7,854 211 0 6
Add'l credits and accrued int. thereon-IST&G 2.5-3 0 0 0 0 0 0
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries 0 0 4 6 (0) 0
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries-R-76-R-82A & R-II 0 0 (1) 0 0 0
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries-IST&G 0 0 (5) 0 0 0
--------- ---------- --------- ---------- ----------- ----------
Total optional settlement 4,378 0 76,959 2,259 (0) 2,988
--------- ---------- --------- ---------- ----------- ----------
Due to unlocated cert holders 0 0 92 1 2 41
--------- ---------- --------- ---------- ----------- ----------
Total certificate reserves 331,611 4,477,755 4,812,009 142,390 3,285,611 127,065
--------- ---------- --------- ---------- ----------- ----------
Deductions Balance at close of period
--------------------------------- ------------------------------
Number
Credited of
Cash to other accounts Amount
surrenders accounts with of Amount
prior to (per security maturity of
Description Maturities maturity part 2) holders value reserves
- ---------------------------------------------- ------------ --------- ---------- -------- ---------- ----------
Accrued for additional credits to be allowed
at next anniversaries 0 0 0 0 0 (0)
Total paid-up 245 600 272 545 4,657 4,338
Optional settlement certificates:
Series IST&G 0 0 0 1 0 (1)
Other series and conversions from Single 0 0 0 3,933 0 0
Payment certificates 3,498 4,520 0 0 0 65,296
Series R-76 thru R-82A - Prod 900 5 0 0 0 0 19
Series R-II & RP-2-84 thru 88 - Prod 921 15 14 0 0 0 172
Reserve Plus Single-Payment (Prod 150) 2 179 0 32 0 250
Reserve Plus Flex-Pay & IC-Q-Inst (Prod 650,
651, 652) 2 9 0 10 0 57
Series R-Installment (Prod 980, 981,982) 16 4 0 13 0 69
Series R-Single-Payment (Prod 133) 0 0 0 4 0 0
Add'l credits and accrued int. thereon 337 520 312 0 0 6,903
Add'l credits and accrued int. thereon-IST&G 0 0 0 0 0 (0)
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries 0 0 6 0 0 4
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries-R-76-R-82A & R-II 0 0 0 0 0 (1)
Accrued for additional credits to be allowed 0 0 0 0 0 0
at next anniversaries-IST&G 0 0 0 0 0 0
--------- ----------- --------- --------- ---------- -----------
Total optional settlement 3,874 5,246 318 3,993 0 72,768
--------- ----------- --------- --------- ---------- -----------
Due to unlocated cert holders 0 12 77 0 0 46
--------- ----------- --------- --------- ---------- -----------
Total certificate reserves 60,060 2,319,304 127,166 357,731 5,481,259 5,860,548
--------- ----------- --------- --------- ---------- -----------
F-57
Certificate Reserves
(In thousands)
December 31, 2004
Part 2 - Descriptions of Additions to Reserves Charged to Other
Accounts and Deductions from Reserves Credited to Other Accounts
Additional credits on installment certificates and
accrued interest thereon:
Other additions represent:
Transfers from accruals for additional credits to be allowed at next anniversaries $ 47
Reconversions of paid-up certificates-charged to paid-up reserves 0
Transfers from maturities to extended maturities 0
------------
$ 47
============
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-
Payment, IC-Q-Installment and R-Flexible-Payment $ 1,945
Conversions to optional settlement certificates-credited to optional
settlement reserves 264
Conversions to paid-up certificates-credited to paid-up reserves 84
Transfers to extended maturities at maturity 0
------------
$ 2,293
============
Accrual for additional credits to be allowed on installment
certificates at next anniversaries:
Other deductions represent:
Transfers to reserves for additional credits on installment certificates $ 47
============
Reserve for death and disability refund options:
Other deductions represent:
Payments, in excess of installment reserves, made to certificate holders
who exercised the death and disability refund options. $ 0
============
Reserve for reconversions of paid-up certificates:
The amount shown as charged to profit and loss has been deducted from
reserve recoveries in the accompanying Statement of Operations $ 0
============
Other deductions represent:
Amounts credited to installment certificate reserves to mature, on
reconversions of paid-up certificates. $ 0
============
Paid-up certificates:
Other additions represent:
Conversions from installment certificates (charged to installment reserves
less surrender charges) $ 459
Transfers from accrual for additional credits to be allowed at next
anniversaries 0
------------
$ 459
============
Other deductions represent:
Transfers credited to installment reserves on reconversions to installment
certificates $ 0
Transfers for accrual for additional credits and accrued interest thereon 0
Transfers to settlement options 272
------------
$ 272
============
F-58
Certificate Reserves
(In thousands)
December 31, 2004
Part 2 - Descriptions of Additions to Reserves Charged to Other
Accounts and Deductions from Reserves Credited to Other Accounts
Default interest on installment certificates:
Other additions represent:
Reconversions of paid-up certificates charged to paid-up reserves $ 0
============
Other deductions represent:
Conversions to paid-up certificates - credited to paid-up reserves $ 2
Transfers to advance payments as late payments are credited to certificates 1
------------
$ 3
============
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges),
single-payment and Series D certificate reserves upon election of
optional settlement privileges $ 2,383
Transfers from paid-up certificate reserves 600
Transfers from accruals for additional credits to be allowed at next anniversaries 6
------------
$ 2,989
============
Other deductions represent:
Transfers to reserve for additional credits and accrued interest thereon $ 0
Transfers to optional settlement reserves 0
------------
$ 0
============
Single-Payment certificates:
Other additions represent:
Transfers from accruals for additional credits to be allowed at next anniversaries $ 2
Transfers from accruals on a quarterly basis on: 0
Reserve Plus Single-Payment 0
Cash Reserve Single-Payment 0
Flexible Savings 37,185
Flexible Savings-Emp 216
Preferred Investors 156
Investors 12,949
Special Deposits 560
Cash Reserve 2
Cash Reserve-3mo 516
Future Value 0
Stock Market 21,522
Market Strategy 12,923
AEBI Stock Market 11,269
RP-Q 2
Cash Reserve-RP 0
Cash Reserve-RP-3mo 87
Flexible Saving-RP 13,495
Flexible Savings-RP-Emp 89
Preferred Investors-RP 15
Stock Market-RP 6,330
Market Strategy-RP 3,371
Transfers from accruals at anniversaries maintained in a separate
------------
reserve account. $ 120,689
============
F-59
Certificate Reserves
(In thousands)
December 31, 2004
Part 2 - Descriptions of Additions to Reserves Charged to Other
Accounts and Deductions from Reserves Credited to Other Accounts
Single-Payment certificates continued:
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment $ 17,542
R Single-Payment 0
Transfers to reserves for additional credits and accrued interest thereon 726
Transfers to a separate reserve account from the accrual account 2
Transfers to reserves on a quarterly basis:
Reserve Plus Single-Payment 0
Cash Reserve Single-Payment 0
Flexible Savings 37,186
Flexible Savings-Emp 216
Preferred Investors 156
Investors 12,949
Special Deposits 560
Cash Reserve 2
Cash Reserve-3mo 516
Stock Market 21,521
AEBI Stock Market 11,269
RP-Q 2
Cash Reserve-RP 0
Cash Reserve-RP-3mo 87
Flexible Saving-RP 13,495
Flexible Savings-RP-Emp 89
Preferred Investors-RP 15
Stock Market-RP 6,330
Transfers to Federal tax withholding 50
------------
$ 122,713
============
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificate holders who could
not be located $ 41
============
Other deductions represent:
Payments to certificate holders credited to cash $ 77
============
F-60
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
15 INC EXT 61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
217-228 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
20, including
extended maturities 85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
F-61
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
217-228 0 0 0 0 0 0 0 0
229-240 0 0 0 0 0 0 0 0
241-252 0 0 0 0 0 0 0 0
253-264 0 0 0 0 0 0 0 0
265-276 0 0 0 0 0 0 0 0
277-288 0 0 0 0 0 0 0 0
289-300 0 0 0 0 0 0 0 0
301-312 0 0 0 0 0 0 0 0
313-324 0 0 0 0 0 0 0 0
325-336 0 0 0 0 0 0 0 0
337-348 0 0 0 0 0 0 0 0
349-360 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
15 A INC EXT 61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
217-228 0 0 0 0 0 0 0 0
229-240 0 0 0 0 0 0 0 0
241-252 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
F-62
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
<c>
22A INC EXT 25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 1 1 19 19 9 9 0 0
157-168 1 0 13 0 7 0 0 0
169-180 0 1 0 13 0 7 0 0
181-192 1 0 15 0 9 0 0 0
193-204 1 1 38 15 26 10 0 0
205-216 1 0 19 0 14 0 28 0
217-228 1 1 19 19 14 14 0 14
229-240 1 0 19 0 16 0 0 0
241-252 1 2 15 34 14 30 0 0
253-264 1 0 9 0 9 0 0 0
265-276 1 0 16 0 10 0 0 0
277-288 1 1 65 16 42 11 42 0
289-300 1 0 19 0 13 0 0 0
301-312 4 1 146 19 106 14 0 0
313-324 2 4 325 146 246 112 0 0
325-336 15 2 403 325 326 260 0 26
337-348 60 14 1,533 370 1,284 316 22 55
349-360 59 58 1,390 1,461 1,228 1,289 6 43
361-372 72 54 1,663 1,302 1,554 1,211 73 12
373-384 65 68 1,351 1,530 1,323 1,503 67 1,021
----------------------------------------------------------------------------------------------
TOTAL 289 208 7,077 5,269 6,250 4,786 238 1,171
----------------------------------------------------------------------------------------------
F-63
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
I-76 25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 1 0 37 0 13 0 0 14
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
217-228 2 0 40 0 19 0 0 0
229-240 1 2 25 40 13 21 0 0
241-252 0 1 0 25 0 14 0 0
253-264 9 0 197 0 120 0 0 11
265-276 32 8 846 181 546 118 12 40
277-288 44 29 1,159 744 797 513 36 50
289-300 53 41 1,126 1,092 823 800 25 0
301-312 63 44 1,092 941 845 731 111 14
313-324 53 58 1,298 1,015 1,068 833 139 0
325-336 36 47 763 1,064 657 926 101 19
337-348 0 34 0 713 0 651 0 0
----------------------------------------------------------------------------------------------
TOTAL 294 264 6,583 5,815 4,901 4,607 424 148
----------------------------------------------------------------------------------------------
F-64
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
RES+FP 85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
217-228 0 0 0 0 0 0 0 0
229-240 22 0 225 0 115 0 0 0
241-252 1 0 6 0 3 0 26 0
253-264 1 1 18 6 41 3 0 0
265-276 0 1 0 18 0 42 0 0
----------------------------------------------------------------------------------------------
TOTAL 24 2 249 24 159 45 26 0
----------------------------------------------------------------------------------------------
IC-Q-INST 61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 2 0 30 0 3 0 0 0
217-228 13 1 241 24 44 1 2 0
229-240 6 12 57 205 21 44 9 0
241-252 0 0 0 0 0 0 3 0
----------------------------------------------------------------------------------------------
TOTAL 21 13 328 229 68 45 14 0
----------------------------------------------------------------------------------------------
F-65
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
IC-Q-IN 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 18 0 244 0 91 0 0 0
145-156 41 15 439 183 216 74 35 0
157-168 28 37 290 359 198 186 22 0
169-180 23 24 292 234 118 180 35 0
181-192 30 21 380 271 157 89 19 0
193-204 10 23 114 296 47 133 39 0
205-216 6 8 54 90 13 47 8 0
217-228 0 5 0 48 0 13 5 0
----------------------------------------------------------------------------------------------
TOTAL 156 133 1,813 1,481 840 722 163 0
----------------------------------------------------------------------------------------------
IC-IN-EMP 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 1 0 6 0 1 0 0 0
169-180 0 1 0 6 0 2 0 0
181-192 1 0 17 0 16 0 0 0
193-204 0 1 0 17 0 16 0 0
----------------------------------------------------------------------------------------------
TOTAL 2 2 23 23 17 18 0 0
----------------------------------------------------------------------------------------------
F-66
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
IC-I 1-12 3 2 87 25 4 7 0 0
13-24 1 2 12 81 2 10 0 0
25-36 0 1 0 12 0 1 0 0
37-48 2 0 12 0 4 0 0 0
49-60 6 1 52 6 25 3 1 0
61-72 1 6 24 52 16 34 0 0
73-84 1,428 1 23,254 24 10,691 19 0 0
85-96 3,134 1,227 51,397 19,846 25,582 9,829 1,520 0
97-108 3,526 2,647 57,404 42,164 32,027 22,364 3,697 0
109-120 2,682 2,810 42,635 44,873 23,810 26,236 3,725 0
121-132 35 47 331 790 233 446 4,044 0
133-144 23 26 299 246 160 185 9 0
145-156 0 16 0 155 0 117 29 0
----------------------------------------------------------------------------------------------
TOTAL 10,841 6,786 175,507 108,274 92,554 59,251 13,025 0
----------------------------------------------------------------------------------------------
IC-I-EMP 1-12 0 0 0 0 0 0 0 0
13-24 1 0 6 0 4 0 0 0
25-36 0 1 0 6 0 8 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 9 0 102 0 70 0 0 0
85-96 22 7 424 84 248 74 13 0
97-108 22 22 260 424 196 267 0 0
109-120 15 16 180 218 93 111 35 0
121-132 0 4 0 36 0 14 33 0
133-144 1 0 120 0 280 0 0 0
145-156 0 1 0 120 0 385 0 0
----------------------------------------------------------------------------------------------
TOTAL 70 51 1,092 888 891 859 81 0
----------------------------------------------------------------------------------------------
F-67
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
IC-I95 1-12 2,446 2,120 0 0 3,859 3,028 148 0
13-24 1,810 1,952 0 0 5,062 6,167 484 0
25-36 1,187 1,613 0 0 4,322 6,947 476 0
37-48 1,051 1,018 0 0 4,651 5,049 511 0
49-60 1,260 926 0 0 6,767 5,131 468 0
61-72 1,481 1,077 0 0 8,545 6,823 801 0
73-84 877 1,119 0 0 5,358 6,574 2,216 0
85-96 0 716 0 0 0 4,679 877 0
----------------------------------------------------------------------------------------------
TOTAL 10,112 10,541 0 0 38,564 44,398 5,981 0
----------------------------------------------------------------------------------------------
IC-I95-E 1-12 14 22 0 0 18 66 1 0
13-24 11 12 0 0 21 32 2 0
25-36 5 10 0 0 14 40 1 0
37-48 7 4 0 0 24 16 2 0
49-60 6 6 0 0 11 31 1 0
61-72 7 4 0 0 43 8 5 0
73-84 5 5 0 0 34 37 8 0
85-96 0 4 0 0 0 32 2 0
----------------------------------------------------------------------------------------------
TOTAL 55 67 0 0 165 262 22 0
----------------------------------------------------------------------------------------------
RP-Q-INST 73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 0 0 0 0 0 0 0 0
217-228 21 0 290 0 130 0 0 0
229-240 7 18 115 244 30 98 32 0
241-252 6 0 67 0 29 0 4 6
253-264 5 5 86 47 85 21 7 0
265-276 0 3 0 52 0 65 18 0
----------------------------------------------------------------------------------------------
TOTAL 39 26 558 343 274 184 61 6
----------------------------------------------------------------------------------------------
F-68
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
RP-Q-FP 61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 0 0 0 0 0 0 0 0
169-180 0 0 0 0 0 0 0 0
181-192 0 0 0 0 0 0 0 0
193-204 0 0 0 0 0 0 0 0
205-216 4 0 59 0 39 0 0 0
217-228 1 3 6 39 10 30 9 0
229-240 0 1 0 6 0 10 0 0
----------------------------------------------------------------------------------------------
TOTAL 5 4 65 45 49 40 9 0
----------------------------------------------------------------------------------------------
RP-Q-IN 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
121-132 0 0 0 0 0 0 0 0
133-144 0 0 0 0 0 0 0 0
145-156 0 0 0 0 0 0 0 0
157-168 4 0 260 0 43 0 0 0
169-180 1 2 12 12 0 2 37 0
181-192 0 1 0 12 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 5 3 272 24 43 2 37 0
----------------------------------------------------------------------------------------------
RP-IN-EMP 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 0 0 0 0 0 0 0 0
85-96 0 0 0 0 0 0 0 0
97-108 0 0 0 0 0 0 0 0
109-120 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
F-69
PART 3 - Information Regarding Installment Certificates
Classified by Age Groupings
(Thousands)
Year ended December 31, 2004
Deductions from Reserves
----------------------------
Number of Accounts Amount of Cash
with Certificate Maturity Amount of Surrenders
Months Holders Value Reserves Prior to
Certificate Series Paid December 31, December 31, December 31, Maturity Other
--------------------------------------------------------------------------------------------------------
2003 2004 2003 2004 2003 2004 2003 2004
----------------------------------------------------------------------------------------------
RP-I 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
73-84 6 0 48 0 24 0 0 0
85-96 9 5 105 42 72 27 2 0
97-108 8 7 281 66 203 62 25 0
109-120 9 7 177 252 97 150 62 0
121-132 0 0 0 0 0 0 20 0
----------------------------------------------------------------------------------------------
TOTAL 32 19 611 360 396 239 109 0
----------------------------------------------------------------------------------------------
RP-I-EMP 1-12 0 0 0 0 0 0 0 0
13-24 0 0 0 0 0 0 0 0
25-36 0 0 0 0 0 0 0 0
37-48 0 0 0 0 0 0 0 0
49-60 0 0 0 0 0 0 0 0
61-72 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
TOTAL 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
Inst-R (RP-I95) 1-12 109 74 20,700 3,415 287 101 1 0
13-24 86 91 2,260 12,990 206 383 92 0
25-36 16 78 3,652 1,917 91 275 30 0
37-48 9 16 2,105 3,652 47 109 0 0
49-60 13 9 1,237 2,105 90 52 0 0
61-72 10 13 142 1,237 51 109 0 0
73-84 3 8 669 118 10 48 0 0
85-96 0 2 0 663 0 5 6 0
----------------------------------------------------------------------------------------------
TOTAL 246 291 30,765 26,097 782 1,082 129 0
----------------------------------------------------------------------------------------------
Inst-R-E 1-12 1 0 8 0 0 0 0 0
13-24 1 2 240 608 2 6 0 0
25-36 0 1 0 240 0 2 0 0
37-48 0 0 0 0 0 0 0 0
49-60 1 0 6 0 5 0 0 0
61-72 1 1 6 6 3 5 0 0
73-84 0 1 0 6 0 3 0 0
----------------------------------------------------------------------------------------------
TOTAL 4 5 260 860 10 16 0 0
----------------------------------------------------------------------------------------------
TOTAL - ALL SERIES 22,195 18,415 225,203 149,732 145,962 116,556 20,317 1,325
=============================================================================================
F-70
AMERICAN EXPRESS CERTIFICATE COMPANY SCHEDULE VII
Valuation and Qualifying Accounts
Years ended December 31, 2004, 2003, and 2002
($ thousands)
Year ended December 31, 2004
Additions
Reserves Balance Charged Balance
deducted from at to costs Deductions at
assets to beginning and from end
which they apply of period expenses Other reserves/writedowns of period
---------- ------------- ------------- ------------------ -----------
Allowance for losses:
Conventional first
mortgage loans
and other loans 9,536 (2,000) 0 0 7,536
Year ended December 31, 2003
Additions
Reserves Balance Charged Balance
deducted from at to costs Deductions at
assets to beginning and from end
which they apply of period expenses Other reserves/writedowns of period
---------- ------------- ------------- ------------------ -----------
Allowance for losses:
Conventional first
mortgage loans 4,223 5,313 0 0 9,536
Year ended December 31, 2002
Additions
Reserves Balance Charged Balance
deducted from at to costs Deductions at
assets to beginning and from end
which they apply of period expenses Other reserves/writedowns of period
---------- ------------- ------------- ------------------ -----------
Allowance for losses:
Conventional first
mortgage loans 1,935 2,288 0 0 4,223
F-71