<PAGE>
===========================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-K/A
(Amendment No. 1)
_________________________________
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
_____ THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
_____ THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission File No. 1-7657
American Express Company
(Exact name of registrant as specified in its charter)
New York State 13-4922250
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification no.)
American Express Tower
World Financial Center
New York, New York 10285
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212) 640-2000
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
___________________ ___________________
Common Shares (par value $.60 per Share) New York Stock Exchange
Boston Stock Exchange
Midwest Stock Exchange
Pacific Stock Exchange
6-1/4% Exchangable Notes New York Stock Exchange
Due October 15, 1996
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days.
X
Yes _____ No _____
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein and will not be
contained, to the best of the registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K _____.
Common shares of the registrant outstanding at March 7, 1994 were
491,387,952. The aggregate market value, as of March 7, 1994, of such
common shares held by non-affiliates of the registrant was approximately
$14.1 billion. (Aggregate market value estimated solely for the purposes
of this report. This shall not be construed as an admission for the
purposes of determining affiliate status.)
Documents Incorporated By Reference
____________________________________
Parts I, II and IV: Portions of Registrant's 1993 Annual Report to
Shareholders.
Part III: Portions of Registrant's Proxy Statement dated March 14, 1994.
===========================================================================
PAGE
<PAGE>
This amendment to the Registrant's Annual Report on Form
10-K for the fiscal year ended December 31, 1993 is being filed
to add as exhibits the following Annual Reports on Form 11-K:
Exhibit 99.1 - Annual Report on Form 11-K for the American
Express Incentive Savings Plan
Exhibit 99.2 - Annual Report on Form 11-K for the IDS Savings
Plan
Exhibit 99.3 - Annual Report on Form 11-K for the IDS DVP Savings
Plan
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this amendment to be
signed on its behalf by the undersigned, thereunto duly
authorized.
AMERICAN EXPRESS COMPANY
Date: June 27, 1994 By:/s/ Michael P. Monaco
________________________________
Michael P. Monaco
Executive Vice President, Chief
Financial Officer and Treasurer
<PAGE>
EXHIBIT INDEX
______________
Exhibit No.
___________
99.1 - Annual Report on Form 11-K for the American Express
Incentive Savings Plan.
99.2 - Annual Report on Form 11-K for the IDS Savings Plan.
99.3 - Annual Report on Form 11-K for the IDS DVP Savings
Plan.
<PAGE>
Exhibit 99.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
____________________
FORM 11-K
____________________
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 30, 1993
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______
_________________________________
Commission file number 1-7657
_________________________________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
AMERICAN EXPRESS INCENTIVE SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
American Express Tower
World Financial Center
New York, New York 10285
<PAGE>
AMERICAN EXPRESS INCENTIVE SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
Pages
Report of Independent Auditors 1
Financial Statements:
Statement of Net Assets Available for Benefits as of:
December 30, 1993 2
December 30, 1992 3
Statement of Changes in Net Assets Available for
Benefits for the years ended:
December 30, 1993 4
December 30, 1992 5
Notes to the Financial Statements 6-11
Supplemental Schedules:
Assets Held for Investment as of
December 30, 1993 13-14
Transactions or Series of Transactions in
Excess of 5% of the Fair Value of Plan Assets 15
Schedules of party-in-interest transactions for the years ended
December 30, 1993 and 1992 have not been presented because there
were no party-in-interest transactions which were prohibited by
ERISA Section 406 and for which there are no statutory or
administrative exemptions.
<PAGE>
REPORT OF INDEPENDENT AUDITORS
American Express Company Employee Benefits Administration Committee
We have audited the accompanying statements of net assets
available for benefits of the American Express Incentive Savings
Plan (the Plan) as of December 30, 1993 and 1992, and the related
statements of changes in net assets available for benefits for the
years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan at December 30, 1993 and 1992,
and the changes in its net assets available for benefits for the
years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of
December 30, 1993, and transactions or series of transactions in
excess of 5% of the fair value of plan assets for the year
then ended, are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974, as amended, and are not a required part of the basic
financial statements. The supplemental schedules have been
subjected to the auditing procedures applied in our audit of the
1993 financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 1993 basic financial
statements taken as a whole.
/s/ Ernst & Young
New York, New York
June 24, 1994
-1-
<PAGE>
<TABLE>
American Express
Incentive Savings Plan
Statement of Net Assets Available for Benefits
December 30, 1993
<CAPTION>
Investment Accounts
________________________________________________
Company General Income Fixed
Stock Stock Yield Interest
Account Account Account Account Loan Account Total
Assets _______ _______ _______ _______ ____________ _____
<S> <C> <C> <C> <C> <C> <C>
Investment contracts, at
cost plus accrued interest $175,360,518 $175,360,518
Investments, at market:
American Express Company
common shares - 6,569,494
shares (cost: $155,609,775) $206,117,889 206,117,889
IDS New Dimensions Fund,
Inc. - 5,962,075
shares (cost: $74,855,275) $85,615,402 85,615,402
IDS Selective Fund, Inc.
- 2,855,549 shares
(cost: $26,068,948) $27,436,111 27,436,111
IDS Trust Collective
Income Fund - 1,021,406
shares (cost: $35,800,381) 35,933,061 35,933,061
IDS Trust Collective Cash
Fund 1,983,105 399,319 2,382,424
___________ __________ __________ ___________
Total investments 208,100,994 85,615,402 27,436,111 211,692,898 532,845,405
Cash and cash equivalents 30,907 7,654 77,914 116,475
Investment income receivable 4,319,064 837 4,319,901
Promissory notes from
participants $30,415,261 30,415,261
Net receivable on securities
transactions not settled 14,526 4,567 19,093
Net transfers between
accounts in (out) 6,300 (6,300)
Other 28,121 21,105 7,397 28,158 84,781
___________ __________ __________ ___________ __________ ___________
Total assets 208,129,115 90,007,304 27,455,729 211,793,507 30,415,261 567,800,916
___________ __________ __________ ___________ __________ ___________
Liabilities
Withdrawals payable 49,079 30,739 9,815 11,920 101,553
Net loans payable to
participants 7,696 1,672 39,108 48,476
___________ __________ __________ __________ ___________ ___________
Total liabilities 56,775 32,411 9,815 51,028 150,029
___________ __________ __________ __________ ___________ ___________
Net assets available for
benefits $208,072,340 $89,974,893 $27,445,914 $211,742,479 $30,415,261 $567,650,887
=========== ========== ========== =========== ========== ===========
See notes to the financial statements
</TABLE/
-2-
<PAGE>
</TABLE>
<TABLE>
American Express
Incentive Savings Plan
Statement of Net Assets Available for Benefits
December 30, 1992
<CAPTION>
Investment Accounts
________________________________________________
Company General Income Fixed
Stock Stock Yield Interest
Account Account Account Account Loan Account Total
Assets _______ _______ _______ ________ ____________ _____
<S> <C> <C> <C> <C> <C> <C>
Investment contracts, at
cost plus accrued interest $184,718,288 $184,718,288
Investments, at market:
American Express Company
common shares - 6,307,223
shares (cost: $140,435,709) $158,468,976 158,468,976
IDS New Dimensions Fund,
Inc. - 4,816,794 shares
(cost: $60,512,031) $67,482,708 67,482,708
IDS Selective Fund, Inc.
- 2,405,962 shares
(cost: $21,193,428) $22,190,186 22,190,186
IDS Trust Collective
Income Fund - 156,698
shares (cost: $5,168,236) $5,178,088 5,178,088
IDS Trust Collective Cash
Fund 1,645,788 403,105 2,048,893
___________ ___________ __________ ___________ ___________ ___________
Total investments 160,114,764 67,482,708 22,190,186 190,299,481 440,087,139
Cash and cash equivalents 36,751 4,447 41,198
Investment income
receivable 3,752 3,713,749 1,496 3,718,997
Promissory notes from
participants $25,522,512 25,522,512
Net transfers between
accounts in (out) (59,256) 32,035 (8,719) 35,940
Other (10,573) 18,783 6,708 39,432 54,350
___________ __________ __________ ___________ ___________ ___________
Total assets 160,048,687 71,284,026 22,192,622 190,376,349 25,522,512 469,424,196
___________ __________ __________ ___________ __________ ___________
Liabilities
Withdrawals payable 58,213 884 1,057 155,251 215,405
Net loans payable to
participants 1,442 1,447 2,889
Net payable on security
transactions not settled 3,761,616 3,761,616
___________ __________ __________ ___________ ___________ ___________
Total liabilities 58,213 3,763,942 1,057 156,698 3,979,910
___________ __________ __________ ___________ ___________ ___________
Net assets available for
benefits $159,990,474 $67,520,084 $22,191,565 $190,219,651 $25,522,512 $465,444,286
=========== ========== ========== =========== ========== ===========
See notes to the financial statements
</TABLE>
-3-
PAGE
<PAGE>
<TABLE>
American Express
Incentive Savings Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 30, 1993
<CAPTION>
Investment Accounts
________________________________________________
Company General Income Fixed
Stock Stock Yield Interest
Account Account Account Account Loan Account Total
_______ _______ _______ ________ ____________ _____
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $20,122,381 $2,701,193 $824,352 $7,539,392 $31,187,318
Employee 5,913,303 12,344,902 4,061,360 19,780,758 42,100,323
Member rollovers or
transfers 69,516 1,637,883 332,752 3,317,903 5,358,054
___________ __________ _________ ___________ ___________ ___________
Total contributions 26,105,200 16,683,978 5,218,464 30,638,053 78,645,695
Investment income:
Interest 57,921 16,204,620 16,262,541
Interest on participant
loans 284,140 397,700 117,048 1,070,575 1,869,463
Dividends 6,336,686 4,319,063 2,063,161 12,718,910
Net realized/unrealized
appreciation 40,299,147 6,064,733 882,830 160,229 47,406,939
___________ __________ _________ ___________ ___________ ___________
Total investment income 46,977,894 10,781,496 3,063,039 17,435,424 78,257,853
Total contributions and
income 73,083,094 27,465,474 8,281,503 48,073,477 156,903,548
Withdrawal payments (21,138,943) (7,085,144) (3,016,412) (23,456,448) (54,696,947)
Net loans to participants (1,006,391) (775,318) (354,775) (2,756,265) $4,892,749
Net transfers between
accounts in (out) (2,855,894) 2,849,797 344,033 (337,936)
___________ __________ _________ ___________ ___________ ___________
Net increase in net assets
available for benefits 48,081,866 22,454,809 5,254,349 21,522,828 4,892,749 102,206,601
Net assets available for
benefits at beginning of
year 159,990,474 67,520,084 22,191,565 190,219,651 25,522,512 465,444,286
___________ __________ __________ ___________ __________ ___________
Net assets available for
benefits at end of year $208,072,340 $89,974,893 $27,445,914 $211,742,479 $30,415,261 $567,650,887
=========== ========== ========== =========== ========== ===========
Number of units outstanding
at end of year 14,867,043 6,262,846 2,855,549 17,301,585
Value per unit $ 13.996 $ 14.366 $ 9.611 $ 12.238
See notes to the financial statements
</TABLE>
-4-
<PAGE>
<TABLE>
American Express
Incentive Savings Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 30, 1992
<CAPTION>
Investment Accounts
__________________________________________________
Company General Income Fixed
Stock Stock Yield Interest
Account Account Account Account Loan Account Total
_______ _______ _______ ________ ____________ _____
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $20,742,007 $2,114,048 $700,900 $7,858,665 $31,415,620
Employee 6,429,014 10,008,153 3,474,350 23,244,913 43,156,430
Member rollovers or
transfers 45,048 332,313 267,254 442,849 1,087,464
___________ __________ _________ ___________ ___________ ___________
Total contributions 27,216,069 12,454,514 4,442,504 31,546,427 75,659,514
Investment income:
Interest 66,960 13,611,146 13,678,106
Interest on participant
loans 315,283 333,199 109,245 1,212,678 1,970,405
Dividends 4,203,455 6,059,287 1,685,413 11,948,155
Net realized/unrealized
appreciation (depreciation) 24,089,741 (141,790) 119,789 18,811 24,086,551
___________ _________ _________ ___________ ___________ ___________
Total investment income 28,675,439 6,250,696 1,914,447 14,842,635 51,683,217
Total contributions and
income 55,891,508 18,705,210 6,356,951 46,389,062 127,342,731
Withdrawal payments (10,618,441) (3,611,388) (1,204,939) (15,103,671) (30,538,439)
Net loans to participants (306,939) (875,518) (380,523) (3,319,558) $4,882,538
Net transfers between
accounts in (out) (3,897,994) 3,606,264 (149,316) 441,046
___________ _________ _________ ___________ __________ ___________
Net increase in net assets
available for benefits 41,068,134 17,824,568 4,622,173 28,406,879 4,882,538 96,804,292
Net assets available for
benefits at beginning of
year 118,922,340 49,695,516 17,569,392 161,812,772 20,639,974 368,639,994
___________ __________ __________ ___________ __________ ___________
Net assets available for
benefits at end of year $159,990,474 $67,520,084 $22,191,565 $190,219,651 $25,522,512 $465,444,286
=========== ========== ========== =========== ========== ===========
Number of units outstanding
at end of year 14,279,735 5,101,065 2,405,962 16,867,147
Value per unit $ 11.204 $ 13.236 $ 9.224 $ 11.278
See notes to the financial statements
</TABLE>
-5-
<PAGE>
American Express Incentive Savings Plan
Notes to the Financial Statements
December 30, 1993
A. Description of the Plan
General
The American Express Incentive Savings Plan (the "Plan"), which
became effective June 11, 1973, is a defined contribution plan.
Under the terms of the Plan, regular full-time and part-time
employees of American Express Company (the "Company") and its
participating subsidiaries are eligible to become Plan
participants upon completion of one year of service.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"). The
provisions of the Plan are contained in the Plan document, which
is available to all participants.
Administration
IDS Trust Company (the "Trustee"), a wholly-owned subsidiary of
IDS Financial Corporation, is the Trustee under the Plan. IDS
Financial Corporation is a wholly-owned subsidiary of the
Company. The Plan is administered by the Company's Employee
Benefits Administration Committee (the "Administrative
Committee"), and investment decisions in connection with the Plan
are made by the Company's Benefit Plans Investment Committee (the
"Investment Committee"). Both Committees are appointed by the
Compensation and Benefits Committee of the Board of Directors of
the Company.
IDS Selective Fund, Inc. and IDS New Dimensions Fund, Inc. are
managed by IDS Financial Corporation and distributed by IDS
Financial Services, Inc. IDS Financial Services, Inc. is a
wholly-owned subsidiary of IDS Financial Corporation. IDS Trust
Company acts as fund investment manager for the Fixed Interest
Account. In addition, the Fixed Interest Account may invest in
the IDS Trust Collective Income Fund and the IDS Trust Collective
Cash Fund, pooled investment vehicles managed by IDS Trust
Company.
Expenses
All administrative expenses incurred with regard to the Plan are
borne by the Company and its participating subsidiaries.
Expenses related to investments, such as brokerage commissions,
stock transfer taxes and other charges, are paid by the Plan
unless paid by the Company or its participating subsidiaries.
Contributions in Shares
During 1991, the Company's Board of Directors approved and
implemented the issuance of common shares to satisfy employer and
certain employee contributions in lieu of cash.
-6-
<PAGE>
Contributions
The Plan currently provides for the following contributions:
Elective Contributions
Participants may contribute before-tax or after-tax dollars to
the Plan through payroll withholding, not to exceed 15% of
their base salary per pay period. The Internal Revenue Code
(the "Code") imposes a limitation (adjusted annually for cost
of living increases) on pre-tax contributions under Section
401(k) plans and other specified tax favored plans. This
limit is $8,994 for 1993 and $9,240 for 1994, except for
participants who earned at least $64,245 in 1993 who are
currently subject to a limit of $5,500 for 1994. The Plan may
change the before-tax and after-tax savings rates later in
1994 to meet the requirements of the Code.
Company Matching Contributions
The Company matches contributions up to 3% of the
participant's base salary in each pay period. For
participants contributing on a before-tax basis, the Company
match is on a dollar-for-dollar basis, while contributions on
an after-tax basis are matched fifty cents for each
contributed dollar. Company matching contributions are
invested exclusively in the Company Stock Account.
Participants eligible for retirement (i.e., the participant
is at least age 55 with ten years of service or at
least age 65) may transfer their vested Company contributions
into the Fixed Interest Account at any time. All Company
contributions are made during the year until the amount of the
employee's base salary reaches a limit set by the Plan. The
base salary limit for Company matching contributions is
$235,840 for 1993 and $150,000 for 1994.
As long as the Plan remains qualified, a participant's before-
tax contributions and the Company's matching contributions to
the Plan, as well as the income and appreciation on amounts
invested in the Plan, will not be subject to Federal income
tax until distributed to the participant.
A participant is fully vested at all times in the value of his
before-tax and after-tax account. Company matching
contributions become fully vested at the earlier of the
completion of two years of participation in the Plan, or
completion of five years of service, retirement, disability or
death.
Company contributions not vested at the time of termination of
employment are forfeited and used to reduce future
contributions. Forfeitures were $373,848 in 1993 and $416,513
in 1992.
-7-
<PAGE>
Service-related Contributions
Employees with more than five but less than ten years of
service, whether or not otherwise enrolled in the Plan, will
receive service-related contributions to their Plan accounts
equal to 1.5% of their base salary each payroll period. For
employees with ten or more years of service, the Company will
make a service-related contribution of 3% of their base salary
each payroll period. Employees are always fully vested in any
service-related contributions made to their accounts under the
Plan.
Rollover Contributions
A rollover contribution is a transfer to the Plan of a
qualified distribution in accordance with the provisions of
the Plan. Rollover contributions under the Plan are not
subject to Company matching contributions. Participants are
always fully vested in their rollover contributions under the
Plan.
Withdrawals
Upon retirement, death or disability, the balance in a
participant's account is paid to the participant (or designated
beneficiary) in a lump sum amount in cash, American Express
common shares or both, in monthly or annual installments as the
participant (or beneficiary) elects. Upon termination of
employment for any other reason, if the account balance in which
the participant is vested is $3,500 or less, the participant will
be paid such vested portion in a lump sum or, if the balance is
greater than $3,500, may elect to maintain it in the Plan until
age 65. In addition, a participant may request a withdrawal of
after-tax savings under the terms of the Plan and, upon severe
financial hardship or attainment of at least age 59 1/2, a
withdrawal of before-tax savings under the terms of the Plan.
Loan Program
Participants are also entitled to apply to the Administrative
Committee for a loan from the Plan, subject to certain
restrictions as defined in the Plan. Repayments of the loan,
including interest, are allocated to a participant's investment
accounts in accordance with the election in effect at the time of
the repayment. In the event of a participant's default, the
Administrative Committee may direct the Trustee to deduct the
amount due and payable from the participant's account balance
under the Plan, subject to certain restrictions, pursuant to
Section 401(k) of the Code.
B. Significant Accounting Policies
Valuation of Investments
Investments are carried at fair value. Investments in American
Express common shares are valued at the quoted last sales price
on the last business day of the Plan year. Investments in IDS
mutual funds are valued at the quoted redemption prices on the
last business day of the Plan year. Short-term investments and
contracts with insurance companies are valued at cost plus
accrued interest, which approximates market value.
-8-
<PAGE>
Valuation of Participant's Account
An interest in the Plan is represented by the number of "units"
credited to a participant's account. The value of a unit is
determined by dividing the net assets of each investment account
by the total number of outstanding units of each investment
account. The number of units credited to or deducted from a
participant's account due to contributions or withdrawals is
determined by unit valuation on the transaction date. For
purposes of unit calculations, securities are included in the net
assets of the investment accounts at their fair market value.
Other
Purchases and sales of securities are reflected on a trade-date
basis. The cost of securities sold is determined using the
average cost method. Dividend income is recorded on the ex-
dividend date. Income from other investments is recorded on the
accrual basis. As required by the Plan, all dividends and
interest income are reinvested into the same investment accounts
in which the dividends and interest arose.
C. Investments
Investment Elections
A participant currently may elect to invest his entire
contribution in any one investment account (except the Company
Stock Account) or 50% of his contribution in each of two
investment accounts. No more than 50% of a participant's
elective contribution may be invested in the Company Stock
Account.
Investment Accounts
A brief description of the investment accounts at December 30,
1993 is set forth below:
Company Stock Account - Contributions to this account are
invested in the Company's common shares, purchased in either
the open market or directly from the Company.
General Stock Account - Contributions to this account are
invested in the IDS New Dimensions Fund, Inc. The goal of
this fund is to provide long-term growth capital through
investments in common stocks of U.S. and foreign companies
with potential for significant growth.
Income Yield Account - Contributions to this account are
invested in the IDS Selective Fund, Inc. The goal of this
fund is to provide current income and preservation of capital
by investing in investment grade debt securities.
-9-
<PAGE>
Fixed Interest Account - Contributions to this account are
invested in the IDS Trust Collective Income Fund and a
diversified portfolio of investment contracts. The goal of
this account is to maximize current income consistent with
the preservation of principal.
The IDS New Dimensions Fund, Inc. and IDS Selective Fund, Inc.
also may use derivative instruments to achieve their investment
goals. Derivative instruments include futures, options and
forward contracts. Such instruments may be used to maintain cash
reserves while remaining fully invested, offset anticipated
declines in values of investments, facilitate trading, reduce
transaction costs, or pursue higher investment returns.
The number of participants in each investment account at December
30, 1993 was:
Company Stock Account 21,456
General Stock Account 9,979
Income Yield Account 4,644
Fixed Interest Account 18,554
The total number of participants in the Plan is less than the sum
of the number of participants shown above because most
participants are participating in at least two accounts.
At December 30, 1993, investments with a fair value representing
5% or more of the Plan's net assets were as follows:
Number of
Description Shares Cost Fair Value
-------------------------------------------------------------------
Common Shares
American Express Company 6,569,494 $155,609,775 $206,117,889
Mutual Funds
IDS New Dimensions Fund,
Inc. 5,962,075 $74,855,275 $85,615,402
IDS Selective Fund, Inc. 2,855,549 26,068,948 27,436,111
----------- -----------
$100,924,223 $113,051,513
----------- -----------
Pooled Fixed Income Fund
IDS Trust Collective Income
Fund 1,021,406 $35,800,381 $35,933,061
-10-
<PAGE>
D. Income Tax Status
The Company received a determination from the Internal Revenue
Service in a letter dated June 6, 1986, that the Plan, as
amended, qualifies under Section 401(a) and 401(k) of the Code,
and the trust fund (the "Fund") created as part of the Plan is
exempt from Federal income tax under Section 501(a) of the Code.
Changes in the Plan since receipt of the latest determination
letter are not expected to affect the qualified and tax exempt
status of the Plan and the Fund, respectively. The Company is
operating the Plan in accordance with Internal Revenue Service
procedures which generally provide that a qualified plan need not
be amended to conform to the Tax Reform Act of 1986, and certain
relevant tax acts thereafter, until the last day of its plan year
beginning after December 31, 1993 if it operates in accordance
with such acts and plan amendments apply retroactively to the
date when a change in the law under such acts is effective.
E. Subsequent Event
It is anticipated that effective July 1, 1994, the IDS Incentive
Savings Plan will be merged into the Plan and the Plan will be
amended to, among other things, add a variety of new investment
vehicles, provide for immediate vesting of Company matching
contributions, add a discretionary profit sharing contribution
and an additional Company stock contribution and eliminate
service-related contributions.
-11-
<PAGE>
Supplemental Schedules
-12-
<PAGE>
American Express
Incentive Savings Plan
Assets Held for Investment
December 30, 1993
Number of
Shares or
Face/Par
Description Value Cost Fair Value
______________________________________________________________________
Annuity Contracts
Northwestern National Life
Insurance
Contract #24072-9 10,420,567 $10,420,567 $10,420,567
Commonwealth Life Insurance
Contract #ADA00395FR 5,210,532 5,210,532 5,210,532
Confederation Life Insurance
Contract #62516 10,435,251 10,435,251 10,435,251
Contract $62764 5,174,650 5,174,650 5,174,650
Allstate Life Insurance Company
Contract #GA-5364 10,153,009 10,153,009 10,153,009
New York Life Insurance Co.
Contract #GA-06340 14,717,514 14,717,514 14,717,514
Prudential Life Insurance
Contract #GA-7204 13,320,612 13,320,612 13,320,612
Contract #GA-7204-212 5,347,337 5,347,337 5,347,337
Contract #GA-7204-213 3,021,762 3,021,762 3,021,762
Great-Western Life Assurance
Contract #735060GP 2,099,620 2,099,620 2,099,620
Contract #7350064GP 5,229,492 5,229,492 5,229,492
Metropolitan Life Insurance 15,800,353 15,800,353 15,800,353
John Hancock Mutual Life
Contract #GA-6366 2,027,899 2,027,899 2,027,899
Contract #GA-7027 10,465,413 10,465,413 10,465,413
Contract #7162 5,089,538 5,089,538 5,089,538
Hartford Life Insurance
Contract #GA-9821 7,554,123 7,554,123 7,554,123
Projective Life Insurance Co.
Contract #GA-853 2,608,377 2,608,377 2,608,377
Contract #GA-813 2,526,599 2,526,599 2,526,599
Contract #GA-898 5,088,898 5,088,898 5,088,898
Canada Life Assurance Company
Contract #P45644 6,205,005 6,205,005 6,205,005
Contract #P45694 5,344,742 5,344,742 5,344,742
Contract #P45788 4,028,514 4,028,514 4,028,514
Provident Life & Accident
Insurance
Contract #627-05304-02A 2,672,288 2,672,288 2,672,288
Contract #627-05304 9,270,829 9,270,829 9,270,829
Contract #627-05304-03A 5,337,995 5,337,995 5,337,995
Contract #627-05304-04A 6,209,599 6,209,599 6,209,599
____________ ____________
$175,360,518 $175,360,518
____________ ____________
-13-
<PAGE>
American Express
Incentive Savings Plan
Assets Held for Investment (Cont'd)
December 30, 1993
Number of
Shares or
Face/Par
Description Value Cost Fair Value
________________________________________________________________________
Common Shares
American Express Company 6,569,494 $155,609,775 $206,117,889
____________ ____________
Mutual Fund
IDS New Dimensions Fund, Inc. 5,962,075 $74,855,275 $85,615,402
IDS Selective Fund, Inc. 2,855,549 26,068,948 27,436,111
____________ ____________
$100,924,223 $113,051,513
____________ ____________
Pooled Fixed Income Fund
IDS Trust Collective Income
Fund 1,021,406 $35,800,381 $35,933,061
____________ ___________
Interest Bearing Deposits
IDS Trust Collective Cash Fund 2,382,424 $2,382,424 $2,382,424
____________ ___________
$470,077,321 $532,845,405
============ ============
Loan to participants
various, 6% - 10% due 1/94 - 12/08 $30,415,261 $30,415,261
=========== ===========
-14-
<PAGE>
<TABLE>
American Express
Incentive Savings Plan
Transactions or Series of Transactions
in Excess of 5% of the Fair Value of Plan Assets
Year Ended December 30, 1993
<CAPTION>
Number of Purchase Selling Cost Net
Description of Assets Transactions Price Price of Assets Gain/(Loss)
_____________________ ____________ ________ _______ _________ ___________
<S> <C> <C> <C> <C> <C>
Category (ii) - series of
transactions with same broker in
excess of 5% of the fair value of
plan assets
Aetna Life Insurance Company 50 $74,015,670 $74,015,670 -
Category (iii) - series of
transactions in excess of 5% of
the fair value of plan assets
American Express Company common 29 $41,080,895
shares 99 $33,731,126 $25,906,827 $7,824,299
IDS New Dimensions Fund, Inc. 290 $33,957,066
272 $18,132,243 $15,861,401 $2,270,842
IDS Trust Collective Cash Fund 303 $92,341,814
364 $99,321,962 $99,321,962 -
IDS Trust Collective Income Fund 50 $64,361,490
61 $33,766,746 $33,729,345 $37,401
Note: There were no category (i) or (iv) reportable transactions during the Plan year
ended 1993.
</TABLE>
-15-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Employee Benefits Administration Committee has duly
caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN EXPRESS INCENTIVE SAVINGS PLAN
By /s/ Michael P. Monaco
___________________________________
MICHAEL P. MONACO, MEMBER
Employee Benefits Administration
Committee
Date: June 27, 1994
-16-
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the
Registration Statements (Form S-8, No. 2-46918, No. 2-59230, No.
33-02980, No. 33-17133, No. 33-32876, No. 33-43671 and No. 33-
53801) pertaining to the American Express Incentive Savings Plan
and in the related Prospecti of our report dated June 24, 1994
with respect to the financial statements of the American Express
Incentive Savings Plan included in this Annual Report on Form 11-
K for the year ended December 30, 1993.
/s/ Ernst & Young
ERNST & YOUNG
New York, New York
June 28, 1994
-17-
<PAGE>
Exhibit 99.2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
________________________
FORM 11-K
________________________
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1993
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to __________.
___________________________________
Commission file number 1-7657
___________________________________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
IDS SAVINGS PLAN
IDS Tower 10
Minneapolis, Minnesota 55440
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
American Express Tower
World Financial Center
New York, New York 10285
<PAGE>
IDS SAVINGS PLAN
Index to Financial Statements
Pages
Report of independent auditors 1
Statement of net assets available for plan benefits
December 31, 1993 2
December 31, 1992 3
Statement of changes in net assets available for plan benefits:
Year ended December 31, 1993 4
Year ended December 31, 1992 5
Notes to financial statements 6-9
Supplemental Schedules
Assets Held for Investment 11
Reportable Transactions 12
<PAGE>
Report of Independent Auditors
IDS Savings Plan Committee
We have audited the accompanying statements of net assets available
for plan benefits of the IDS Savings Plan as of December 31, 1993
and 1992, and the related statements of changes in net assets
available for plan benefits for the years then ended. These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for plan
benefits of the Plan at December 31, 1993 and 1992, and the changes
in net assets available for plan benefits for the years then ended,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of December
31, 1993 and reportable transactions for the year then ended are
presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, and are not a
required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in
our audit of the 1993 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.
/s/ Ernst & Young
May 13, 1994
-1-<PAGE>
IDS SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1993
<TABLE>
<CAPTION>
Investment Funds
American IDS Trust
Express Collective Funds
Common __________________________________________
Stock Income Balanced Equity
Fund Fund Fund A Fund A Total
ASSETS
Investments, at fair value:
<S> <C> <C> <C> <C> <C>
American Express Company common
shares - 699,031 shares
(cost $18,172,567) $21,582,568 $21,582,568
IDS Trust Collective Income
Fund - 528,943 shares
(cost $18,615,022) $18,610,875 18,610,875
IDS Trust Collective Balanced
Fund A - 400,160 shares
(cost $18,473,180) $22,524,441 22,524,441
IDS Trust Collective Equity
Fund A - 298,600 shares
(cost $17,096,764) $22,156,434 22,156,434
IDS Trust Collective
Cash Fund - 1,297,283 shares
(cost $1,297,283) 70,655 336,240 433,846 456,542 1,297,283
____________ ____________ ___________ ___________ ___________
Total investments 21,653,223 18,947,115 22,958,287 22,612,976 86,171,601
Interest and dividends
receivable 747 844 1,088 1,184 3,863
Loans to participants 1,738,009 2,671,513 1,656,570 905,228 6,971,320
___________ ___________ ___________ ___________ ___________
Net assets available for
plan benefits $23,391,979 $21,619,472 $24,615,945 $23,519,388 $93,146,784
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-2-
<PAGE>
IDS SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1992
<TABLE>
<CAPTION>
Investment Funds
American IDS Trust
Express Collective Funds
Common ________________________________________
Stock Income Balanced Equity
Fund Fund Fund A Fund A Total
ASSETS
Investments, at fair value:
<S> <C> <C> <C> <C> <C>
American Express Company common
shares - 619,960 shares
(cost $15,191,904) $15,421,502 $15,421,502
IDS Trust Collective Income
Fund - 514,835 shares
(cost $17,017,956) $17,016,316 $17,016,316
IDS Trust Collective Balanced
Fund A - 321,017 shares
(cost $13,357,666) $16,295,014 16,295,014
IDS Trust Collective Equity
Fund A - 236,334 shares
(cost $12,267,704) $16,070,745 16,070,745
IDS Trust Collective
Cash Fund - 1,185,383 shares
(cost $1,185,383) 171,406 314,663 336,905 362,409 1,185,383
___________ ___________ ___________ ___________ __________
Total investments 15,592,908 17,330,979 16,631,919 16,433,154 65,988,960
Interest and dividends
receivable 911 1,094 1,189 1,295 4,489
Loans to participants 1,268,375 2,229,219 1,234,423 555,627 5,278,644
__________ ___________ ___________ ___________ ___________
$16,862,194 $19,561,292 $17,867,531 $16,990,076 71,281,093
=========== =========== =========== ===========
Unallocated contributions:
American Express common
shares - 5,738 shares
(cost $143,445) 143,445
IDS Trust Collective
Cash Fund - 436,909 shares
(cost $436,909) 436,909
___________
Net assets available for
Plan benefits $71,861,447
===========
See notes to financial statements.
</TABLE>
-3-
<PAGE>
IDS SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1993
<TABLE>
<CAPTION>
Investment Funds
American IDS Trust
Express Collective Funds
Common __________________________________________
Stock Income Balanced Equity
Fund Fund Fund A Fund A Total
<S> <C> <C> <C> <C> <C>
Net Assets available for
plan benefits:
Contributions:
Employer $ 776,829 $ 1,007,807 $ 1,142,201 $ 1,250,510 $ 4,177,347
Participants 2,007,325 2,559,312 3,122,334 3,421,909 11,110,880
___________ ___________ ___________ ___________ ___________
Total Contributions 2,784,154 3,567,119 4,264,535 4,672,419 15,288,227
Interest and dividends 753,142 1,221,687 946,092 520,796 3,441,717
Net realized and unrealized
appreciation (depreciation) 3,897,595 (420) 1,116,236 1,259,520 6,272,931
___________ ___________ ___________ ___________ ___________
Total contributions and
income 7,434,891 4,788,386 6,326,863 6,452,735 25,002,875
Withdrawal payments (664,010) (893,862) (817,932) (761,380) (3,137,184)
Net transfers in (out) (241,096) (1,836,344) 1,239,483 837,957 0
___________ ___________ ___________ ___________ ___________
Net change 6,529,785 2,058,180 6,748,414 6,529,312 21,865,691
Balance at beginning of year 16,862,194 19,561,292 17,867,531 16,990,076 *71,861,447
___________ ___________ ___________ ___________
1992 Unallocated contributions
allocated to applicable funds
during 1993 (580,354)
___________
Balance at end of year $23,391,979 $21,619,472 $24,615,945 $23,519,388 $93,146,784
=========== =========== =========== =========== ===========
</TABLE>
*Includes $140,174 and $440,180 of unallocated employer and
participant contributions, respectively.
See notes to financial statements.
-4-
<PAGE>
IDS SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1992
<TABLE>
<CAPTION>
Investment Funds
American IDS Trust
Express Collective Funds
Common __________________________________________
Stock Income Balanced Equity
Fund Fund Fund A Fund A Total
Net Assets available for
plan benefits:
<S> <C> <C> <C> <C> <C>
Contributions:
Employer $ 825,603 $ 987,576 $ 908,251 $ 990,141 $ 3,711,571
Participants 2,105,948 2,382,033 2,352,231 2,594,556 9,434,768
___________ ___________ ___________ ___________ __________
Total Contributions 2,931,551 3,369,609 3,260,482 3,584,697 13,146,339
Interest and dividends 519,319 1,180,697 719,618 353,949 2,773,583
Net realized and unrealized
appreciation 2,548,688 278 716,629 997,757 4,263,352
___________ ___________ ___________ ___________ ___________
Total contributions and
income 5,999,558 4,550,584 4,696,729 4,936,403 20,183,274
Withdrawal payments (447,324) (858,949) (657,788) (614,868) (2,578,929)
Net transfers in (out) (519,763) (883,078) 748,708 654,133 0
___________ ___________ ___________ ___________ ___________
Net change 5,032,471 2,808,557 4,787,649 4,975,668 17,604,345
Balance at beginning of year 11,829,723 16,752,735 13,079,882 12,014,408 53,676,748
___________ ___________ ___________ ___________
Unallocated contributions* 580,354
___________
Balance at end of year $16,862,194 $19,561,292 $17,867,531 $16,990,076 $71,861,447
=========== =========== =========== =========== ===========
</TABLE>
*Includes $140,174 and $440,180 of employer and participant
contributions, respectively.
See notes to financial statements.
-5-
<PAGE>
IDS SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) Description of the Plan
The IDS Savings Plan (Plan) is a defined contribution plan of
IDS Financial Corporation (IDS). IDS is a wholly owned
subsidiary of American Express Company.
Administration
Administration of the Plan is carried out by the IDS Savings
Plan Committee (Committee) which is composed of not less than
three (3) nor more than six (6) members appointed by the
President of IDS.
Eligibility
The Plan provides that all employees (other than members of
the field sales force) who have attained age 21 and completed
one year of service with IDS Financial Corporation or any
subsidiary that adopts the Plan are eligible to participate
in the Plan. Participation in the Plan commences on January
2 or July 1 following attainment of eligibility.
Contributions
The Plan provides that participants may elect to have IDS
withhold any whole percentage amount up to 10 percent of
their compensation (as defined in the Plan), subject to
certain limitations, to be placed in the Plan each payroll
period. Concurrent with the payment to the Trustee of the
participants' contributions, IDS makes matching contributions
to the Plan on behalf of the participants. Prior to January
1, 1994, IDS matched the participant's contribution dollar
for dollar up to 2.5 percent of a participant's compensation.
Beginning January 1, 1994, IDS matches the participant's
contribution dollar for dollar up to 3 percent of the
participant's compensation.
Employer and certain employee contributions are made in the
form of American Express common shares. The dollar amount of
American Express common shares contributed during 1993 and
1992 was $4,606,237 and $4,954,357, respectively. These
shares are held in trust and may be sold in order to
reallocate the funds in accordance with the investment
options selected by the participants. Due to the timing of
payroll periods, and the timing of disposition of American
Express common shares, there may be amounts included in the
assets of the Plan that were not allocated to the various
investment funds as of the end of the Plan year.
Contributions are credited to individual accounts of the
participants. Contributions, both employee and employer, and
all income and gains thereon are 100 percent vested and not
subject to forfeiture.
Investments
Contributions made under the Plan's terms are invested in
four investment funds:
o American Express Common Stock Fund (Stock Fund) -
contributions to this fund are invested in common
shares of American Express Company (Amexco) purchased
in either the open market or directly from Amexco.
-6-
<PAGE>
Investments (continued)
o IDS Trust Collective Income Fund (Income Fund) -
contributions to this fund are invested in a portfolio
of investment contracts, collective investment funds
that invest primarily in such contracts and money
market instruments and pooled funds that invest
primarily in such instruments. The goal of this fund
is to preserve principal while maximizing current
income.
o IDS Trust Collective Balanced Fund A (Balanced Fund
A) - contributions to this fund are invested primarily
in equity securities and fixed income securities.
o IDS Trust Collective Equity Fund A (Equity Fund A) -
contributions to this fund are invested primarily in
common stocks and to a lesser extent in short-term
money market securities.
A participant may elect to invest his contributions under
procedures established by the Committee. Current procedures
allow participants to designate investments in one percent
increments in any one or more of the four funds mentioned
above. Company contributions are allocated in the same
manner as the participants' contributions.
Participants may elect in writing to transfer the assets in
their account(s) among the funds in increments of one
percent. These transfers can be made monthly.
The investments of the Plan are held by IDS Trust (Trustee)
under a trust agreement dated July 1, 1985. The Trustee is a
wholly owned subsidiary of IDS.
The number of participants in each investment fund at
December 31, 1993 was as follows:
Stock Fund 2,727
Income Fund 3,071
Balanced Fund A 3,528
Equity Fund A 3,483
The total number of participants in the Plan was less than
the sum of the number of participants shown above because
many participants participate in two or more funds.
Distributions
Distributions from the Plan will be made upon a participant's
termination, retirement, disability or death. A participant
may apply for a withdrawal from the Plan while employed based
on financial hardship. Hardship withdrawals are subject to
the approval of the Committee.
Costs and Expenses
All administrative expenses incurred with regard to the Plan
are borne by the Company. Expenses related to investments,
such as brokerage commissions, stock transfer taxes and other
charges, are paid by the Plan unless paid by the Company.
-7-
<PAGE>
Loans to Participants
Participants are also entitled to apply to the Administrative
Committee for a loan from the Plan, subject to certain
restrictions as defined in the Plan. Repayments of the loan,
including interest, are allocated to a participant's
investment accounts in accordance with the election in effect
at the time of the repayment. In the event of a
participant's default, the Administrative Committee may
direct the Trustee to deduct the amount due and payable from
the participant's account balance under the Plan, subject to
certain restrictions, pursuant to Section 401(k) of the Code.
(2) Summary of Significant Accounting Policies
The accompanying financial statements have been prepared on
the accrual basis of accounting.
Investments are carried at fair value. Fair value represents
quoted market price for American Express Company common
shares. Fair value for shares of the IDS Trust Collective
Funds (Funds) represents the net asset value per share which
is calculated based on the valuation of the Funds' underlying
portfolio investments at market value at the end of the year.
Certain prior year's amounts have been reclassified to
conform to the current year's presentation.
(3) Investments
Individual investments which represent 5% or more of the net
assets of the Plan as of December 31 are as follows:
Number Fair
1993 of Shares Value
American Express Common Stock 699,031 $21,582,568
IDS Trust Collective Income Fund 528,943 18,610,875
IDS Trust Collective Balanced Fund A 400,160 22,524,441
IDS Trust Collective Equity Fund A 298,600 22,156,434
(4) Plan Termination
Although the Plan is intended to be permanent, IDS reserves
the right to amend, modify, suspend, or terminate the Plan at
any time. Upon termination of the Plan, any expenses are
paid and the participants' accounts are adjusted
proportionately to reflect such expenses. Distribution of a
participant's account from the Collective Funds will be in
cash and from the American Express Stock Fund may be in cash
or American Express Company common shares, as the Committee
shall direct.
(5) Federal Income Tax Status
IDS has received a determination letter from the Internal
Revenue Service stating that the Plan, as amended through May
30, 1990, meets the requirements for qualification under Code
Section 401(a) and 401(k) and therefore the Trust is exempt
from Federal income taxes under Section 501(a) of the Code.
IDS expects the Plan to remain qualified under the Internal
Revenue Code.
-8-
<PAGE>
(6) Federal Income Tax Consequences to the Participant
That part of a participant's salary contributed to the Plan
pursuant to Section 401(k) of the Code (before-tax
contributions) will not be subject to tax until distributed;
participant's after-tax contributions do not result in a
deferral of tax. IDS' matching contributions on behalf of a
participant, as well as the income and appreciation on all
amounts invested in the trust fund are not includable in a
participant's taxable income until distributed.
(7) Subsequent Event
It is anticipated that effective July 1, 1994 the assets of
the Plan will be merged into the American Express Incentive
Savings Plan (ISP). The ISP plan will have a savings
component, a company contribution component and a profit
sharing component. The ISP will have nine investment
options. The current maximum participant contribution under
the IDS Savings Plan percentage will be increased from 10
percent to 15 percent of base salary under the new Plan,
subject to limits under the Internal Revenue Code of 1986, as
amended. IDS will continue to match the participant's
contribution up to 3 percent of the participant's
compensation.
-9-
<PAGE>
SUPPLEMENTAL SCHEDULES
-10-
<PAGE>
IDS SAVINGS PLAN
ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1993
Name of Issuer and Number of
Description of Investment Shares Cost Fair Value
Pooled Funds
IDS Trust Collective
Income Fund 528,943 $18,615,022 $18,610,875
IDS Trust Collective
Balanced Fund A 400,160 18,473,180 22,524,441
IDS Trust Collective
Equity Fund A 298,600 17,096,764 22,156,434
IDS Trust Collective
Cash Fund 1,297,283 1,297,283 1,297,283
___________ ___________
55,482,249 64,589,033
Common Shares
American Express Company 699,031 18,172,567 21,582,568
___________ ___________
$73,654,816 $86,171,601
=========== ===========
Note
Prepared from information certified as complete and accurate
by IDS Trust.
-11-<PAGE>
IDS SAVINGS PLAN
REPORTABLE TRANSACTIONS
SERIES OF RELATED TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Purchases Sales
Total Total
Name of Issuer and Total Dollar Total Dollar
Description of Investment Number Value Number Value Net Gain
<S> <C> <C> <C> <C> <C>
Pooled Funds
IDS Trust Collective
Balanced Fund A 26 $ 5,125,648 3 $ 12,456 $ 2,323
IDS Trust Collective
Equity Fund A 26 4,839,037 3 12,869 2,891
IDS Trust Collective
Cash Fund 130 16,877,386 39 17,202,395 0
Common Stock
American Express Company 47 4,195,889 71 6,681,949 654,972
</TABLE>
Note
Amounts shown above as purchases and sales also represent
current values of assets on transaction date. There were no
expenses incurred by the Plan in connection with the
transaction.
Prepared from information certified as complete and accurate
by IDS Trust.
These transactions constitute transactions with parties in
interest as the term "party in interest" in defined in
Section 3 (14) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"). However, the transactions
fall within an available exception to the ERISA prohibition
on plan transactions with parties in interest.
-12-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the IDS Savings Plan Committee has duly caused this annual
report to be signed by the undersigned hereunto duly authorized.
IDS SAVINGS PLAN
By: /s/ Susan Kinder
Susan Kinder
Chair
IDS Savings Plan Committee
Date: June 21, 1994
-13-<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 33-34005) pertaining to the
IDS Savings Plan and in the related Prospectus of our report dated
May 13, 1994, with respect to the financial statements and
schedules of the IDS Savings Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1993.
/s/ Ernst & Young
Minneapolis, Minnesota
June 22, 1994
-14-
<PAGE>
Exhibit 99.3
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
______________________
FORM 11-K
______________________
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1993
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______.
_________________________________
Commission file number 1-7657
_________________________________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
IDS DVP SAVINGS PLAN
IDS Tower 10
Minneapolis, Minnesota 55440
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
AMERICAN EXPRESS COMPANY
American Express Tower
World Financial Center
New York, New York 10285
<PAGE>
IDS DVP SAVINGS PLAN
Index to Financial Statements
Pages
Report of Independent Auditors 1
Financial Statements
Statement of Net Assets Available for
Plan Benefits
December 31, 1993 2
December 31, 1992 3
Statement of Changes in Net Assets Available
for Plan Benefits
Year ended December 31, 1993 4
Year ended December 31, 1992 5
Notes to Financial Statements 6 - 11
Supplemental Schedules
Assets Held for Investment 13
Reportable Transactions
Series of Related Transactions 14
Individual Transactions 15
<PAGE>
Report of Independent Auditors
IDS DVP Savings Plan Committee
We have audited the accompanying statements of net assets available
for plan benefits of the IDS DVP Savings Plan as of December 31,
1993 and 1992, and the related statements of changes in net assets
available for plan benefits for the years then ended. These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for plan
benefits of the Plan at December 31, 1993 and 1992, and the changes
in net assets available for plan benefits for the years then ended,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of December
31, 1993 and reportable transactions for the year then ended are
presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, and are not a
required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in
our audit of the 1993 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.
/s/ Ernst & Young
May 13, 1994
-1-<PAGE>
IDS DVP SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1993
<TABLE>
<CAPTION>
Investment in IDS American
IDS Mutual Series D-1 Express Net Assets
Funds Group, Investment Common Shares, Available for
Investment at fair value Certificate at fair value Plan Benefits
<S> <C> <C> <C> <C>
IDS International Fund, Inc.
shares - 116,519 shares
(cost $1,036,969) $1,202,135 $1,202,135
IDS New Dimensions Fund, Inc.
shares - 156,320 shares
(cost $1,973,157) 2,241,628 2,241,628
IDS Bond Fund, Inc.
shares - 246,555 shares
(cost $1,319,091) 1,320,796 1,320,796
IDS Mutual
shares - 50,285 shares
(cost $620,870) 626,698 626,698
IDS Discovery Fund, Inc.
shares - 71,052 shares
(cost $735,550) 857,172 857,172
IDS Federal Income Fund, Inc.
shares - 18,634 shares
(cost $96,577) 94,365 94,365
IDS Stock Fund, Inc.
shares - 71,616 shares
(cost $1,459,751) 1,411,918 1,411,918
IDS Series D-1 Investment Certificate
shares - 10,730 shares
(cost $110,860) $110,860 110,860
American Express
Company Common Stock Fund
units - 75,365 units
(cost $953,065) $836,173 836,173
__________ ________ ________ __________
$7,754,712 $110,860 $836,172 $8,701,745
========== ======== ======== ==========
See accompanying notes to financial statements.
</TABLE>
-2-
<PAGE>
IDS DVP SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1992
<TABLE>
<CAPTION>
Investment in American
IDS Mutual Express IDS Trust Net Assets
Fund Group, Common Shares, Collective Dividends Available for
Investment at fair value at fair value Cash Fund Receivable Plan Benefits
<S> <C> <C> <C> <C> <C>
IDS Managed Retirement Fund, Inc.
shares - 89,221 shares
(cost $829,046) $1,000,974 $1,000,974
IDS Extra Income Fund, Inc.
shares - 185,156 shares
(cost $781,835) 767,287 $1,132 768,419
IDS International Fund, Inc.
shares - 63,951 shares
(cost $539,715) 511,990 511,990
IDS Growth Fund, Inc.
shares - 39,363 shares
(cost $722,522) 706,681 706,681
IDS New Dimensions Fund, Inc.
shares - 98,698 shares
(cost $1,093,179) 1,303,607 1,303,607
IDS Bond Fund, Inc.
shares - 59,047 shares
(cost $282,959) 298,602 204 298,806
IDS Cash Management Fund, Inc.
shares - 211,724 shares
(cost $211,724) 211,724 45 211,769
IDS Precious Metals Fund, Inc.
shares - 13,532 shares
(cost $85,286) 66,170 66,170
IDS Mutual
shares - 29,446 shares
(cost $354,111) 352,879 352,879
IDS Discovery Fund, Inc.
shares - 31,770 shares
(cost - $290,861) 363,635 363,635
IDS Federal Income Fund, Inc.
shares - 20,342 shares
(cost $104,562) 105,941 56 105,997
IDS Progressive Fund, Inc.
shares - 62,409 shares
(cost $377,929) 419,266 419,266
IDS Selective Fund, Inc.
shares - 20,109 shares
(cost $175,486) 185,244 116 185,360
IDS Stock Fund, Inc.
shares - 9,425 shares
(cost $183,100) 179,454 179,454
IDS Equity Plus Fund, Inc.
shares - 8,295 shares
(cost $82,379) 91,356 91,356
American Express
Company Common Shares
shares - 16,571 shares
(cost $364,425) $412,202 $20 21 412,243
__________ ________ ___ ______ __________
$6,564,810 $412,202 $20 $1,574 $6,978,606
========== ======== === ====== ==========
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
<PAGE>
IDS DVP SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1993
<TABLE>
<CAPTION>
Net Realized
& Unrealized
Appreciation Total Distributions
Participant Dividend (Depreciation) Contributions to
Investment Contributions Income on Investments and Income Participants
<S> <C> <C> <C> <C> <C>
IDS Managed Retirement Fund, Inc. $ 80,891 $ 7,505 $ 45,923 $ 134,319 (24,820)
IDS Extra Income Fund, Inc. 27,041 56,405 49,229 132,675 (6,591)
IDS International Fund, Inc. 74,579 28,109 194,472 297,160 (10,961)
IDS Growth Fund, Inc. 64,938 0 36,806 101,744 (1,181)
IDS New Dimensions Fund, Inc. 171,950 110,537 98,547 381,034 (79,105)
IDS Bond Fund, Inc. 30,121 62,218 (572) 91,767 (138,684)
IDS Cash Management Fund, Inc. 3,823 2,006 0 5,829 (692)
IDS Precious Metals Fund, Inc. 5,679 0 21,336 27,015 (8,457)
IDS Mutual 38,184 56,134 13,582 107,900 (7,792)
IDS Discovery Fund, Inc. 101,367 32,558 55,851 189,776 0
IDS Federal Income Fund, Inc. 12,097 8,271 (2,618) 17,750 0
IDS Progressive Fund, Inc. 39,829 0 19,782 59,611 0
IDS Selective Fund, Inc. 8,853 9,723 15,396 33,972 (14,012)
IDS Stock Fund, Inc. 47,002 141,946 (43,925) 145,023 0
IDS Equity Plus Fund, Inc. 13,822 1,150 15,224 30,196 0
IDS Series D-1 Certificate 3,217 0 1,480 4,697
American Express Company
Common Stock Fund 99,426 21,622 134,868 255,916 (950)
________ ________ ________ __________ __________
$822,819 $538,184 $655,381 $2,016,384 ($293,245)
======== ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Increase
(Decrease) in
Net Assets
Available Net Assets - Net Assets -
Net For Plan Beginning End
Investment Transfers Benefits Of Year Of Year
<S> <C> <C> <C> <C>
IDS Managed Retirement Fund, Inc. ($1,110,473) ($1,000,974) $1,000,974 $ 0
IDS Extra Income Fund, Inc. (894,503) (768,419) 768,419 0
IDS International Fund, Inc. 403,946 690,145 511,990 1,202,135
IDS Growth Fund, Inc. (807,244) (706,681) 706,681 0
IDS New Dimensions Fund, Inc. 636,092 938,021 1,303,607 2,241,628
IDS Bond Fund, Inc. 1,068,907 1,021,990 298,806 1,320,796
IDS Cash Management Fund, Inc. (216,906) (211,769) 211,769 0
IDS Precious Metals Fund, Inc. (84,728) (66,170) 66,170 0
IDS Mutual 173,711 273,819 352,879 626,698
IDS Discovery Fund, Inc. 303,761 493,537 363,635 857,172
IDS Federal Income Fund, Inc. (29,382) (11,632) 105,997 94,365
IDS Progressive Fund, Inc. (478,877) (419,266) 419,266 0
IDS Selective Fund, Inc. (205,320) (185,360) 185,360 0
IDS Stock Fund, Inc. 1,087,441 1,232,464 179,454 1,411,918
IDS Equity Plus Fund, Inc. (121,552) (91,356) 91,356 0
IDS Series D-1 Certificate 106,163 110,860 0 110,860
American Express Company
Common Stock Fund 168,964 423,930 412,243 836,173
____________ ___________ __________ __________
$0 $1,723,139 $6,978,606 $8,701,745
============ =========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
<PAGE>
IDS DVP SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1992
<TABLE>
<CAPTION>
Net Realized
& Unrealized
Appreciation Total Distributions
Participant Dividend (Depreciation) Contributions to
Investment Contributions Income on Investments and Income Participants
<S> <C> <C> <C> <C> <C>
IDS Managed Retirement Fund, Inc. $101,183 $84,813 $14,111 $200,107 ($136,818)
IDS Extra Income Fund, Inc. 35,115 77,346 45,973 158,434 (65,262)
IDS International Fund, Inc. 49,168 12,705 (40,493) 21,380 (29,687)
IDS Growth Fund, Inc. 76,737 100,676 (50,402) 127,011 (42,951)
IDS New Dimensions Fund, Inc. 212,679 71,906 (19,250) 265,335 (131,468)
IDS Bond Fund, Inc. 11,467 23,223 4,396 39,086 (4,526)
IDS Cash Management Fund, Inc. 4,798 7,460 (189) 12,069 (12,470)
IDS Precious Metals Fund, Inc. 10,215 359 (10,601) (27) (13,341)
IDS Mutual 30,208 39,195 (4,567) 64,836 (14,472)
IDS Discovery Fund, Inc. 72,380 7,094 23,669 103,143 (22,090)
IDS Federal Income Fund, Inc. 11,416 8,174 1,392 20,982 (9,289)
IDS Progressive Fund, Inc. 25,437 7,892 48,851 82,180 (6,795)
IDS Selective Fund, Inc. 9,664 15,440 (592) 24,512 (13,103)
IDS Stock Fund, Inc. 16,253 19,293 (8,551) 26,995 (6,715)
IDS Equity Plus Fund, Inc. 11,952 4,466 4,608 21,026 (1,231)
American Express Company
Common Stock Fund 111,375 12,433 67,156 190,964 (70,115)
________ ________ ________ __________ __________
$790,047 $492,475 $75,511 $1,358,033 ($580,333)
======== ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Increase
(Decrease) in
Net Assets
Available Net Assets - Net Assets -
Net For Plan Beginning End
Investment Transfers Benefits Of Year Of Year
<S> <C> <C> <C> <C>
IDS Managed Retirement Fund, Inc. ($40,730) $22,559 $978,415 $1,000,974
IDS Extra Income Fund, Inc. 66,529 159,701 608,718 768,419
IDS International Fund, Inc. 1,326 (6,981) 518,971 511,990
IDS Growth Fund, Inc. (77,787) 6,273 700,408 706,681
IDS New Dimensions Fund, Inc. (255,104) (121,237) 1,424,844 1,303,607
IDS Bond Fund, Inc. 1,189 35,749 263,057 298,806
IDS Cash Management Fund, Inc. (50,784) (51,185) 262,954 211,769
IDS Precious Metals Fund, Inc. (8,883) (22,251) 88,421 66,170
IDS Mutual 24,004 74,368 278,511 352,879
IDS Discovery Fund, Inc. (7,875) 73,178 290,457 363,635
IDS Federal Income Fund, Inc. 64,596 76,289 29,708 105,997
IDS Progressive Fund, Inc. 209,532 284,917 134,349 419,266
IDS Selective Fund, Inc. (14,522) (3,113) 188,473 185,360
IDS Stock Fund, Inc. 54,146 74,426 105,028 179,454
IDS Equity Plus Fund, Inc. 24,692 44,487 46,869 91,356
American Express Company
Common Stock Fund 9,671 130,520 281,723 412,243
_________ _________ __________ __________
$0 $777,700 $6,200,906 $6,978,606
========= ========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
-5-
PAGE
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan
The IDS DVP Savings Plan (Plan) is a defined contribution plan
of IDS Financial Services, Inc. (the Company). The Company is
a wholly owned subsidiary of IDS Financial Corporation (IDS).
IDS is a wholly owned subsidiary of American Express Company.
Administration
Administration of the Plan is carried out by the DVP Savings
Plan Committee (Committee) which consists of five (5) members
designated by the Company's president.
Eligibility
Any person employed by the Company as a Division Vice
President, who has attained age 21 and completed one year of
service with IDS or an affiliated company, is eligible to
participate in the Plan. Participation in the Plan commences
as of the first payroll period following the Company's receipt
of the participant's enrollment form. Participants reenter
the Plan each year they wish to remain in the Plan.
Contributions
Participants may elect to have the Company withhold a fixed
amount per payroll period, or any whole percentage amount, up
to ten percent (10%) of their aggregate compensation (as
defined in the Plan), subject to certain limitations, to be
placed in the Plan each payroll period.
All contributions are held in trust and invested by IDS Trust
Company (the Trustee) under a trust agreement. The Trustee is
a wholly owned subsidiary of IDS. Contributions are initially
deposited in the IDS Trust Collective Cash Fund and are later
reallocated to the investment funds in accordance with the
options selected by the participant.
Contributions are credited to the individual account of the
participant. Contributions and all income and gains thereon
are 100 percent vested and not subject to forfeiture.
-6-
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan (continued)
Investments
Contributions made under the Plan's terms are invested in
eight investment funds and the IDS Series D-1 Investment
Certificate:
o American Express Company Common Stock Fund, a fund
consisting of common shares of American Express Company.
o IDS Bond Fund Inc. Contributions to the funds are
invested in bonds and other debt securities issued by
U.S. and foreign corporations and governments. At least
50% of the fund's net assets will be invested in
investment grade corporate bonds (i.e. bonds rated in the
four highest ratings by independent rating agencies),
unrated corporate bonds the investment manager believes
have the same investment grade quality, and government
bonds. The goal of the fund is to provide shareholders
with a high level of current income while attempting to
conserve the value of the investment and to continue a
high level of income for the longest period of time.
o IDS Federal Income Fund, Inc. Contributions to the fund
are invested in U.S. government and government agency
securities, including mortgage-backed securities issued
by the Government National Mortgage Association, the
Federal National Mortgage Association the Federal Home
Loan Mortgage Corporation and U.S. Treasury bonds, notes
and bills. The goal of the fund is to provide
shareholders with a high level of current income and
safety of principal consistent with such investments.
o IDS Discovery Fund, Inc. Contributions to the fund are
invested primarily in common stocks of small and medium
size growth companies. Many of these companies are in
businesses involving technological innovation or
experiencing rapidly improving productivity. The goal of
the fund is long-term growth of capital.
o IDS International Fund, Inc. Contributions to the fund
are invested primarily in common stocks and securities
convertible into common stocks of foreign issuers. Under
normal market conditions, at least 80% of the fund's
total assets will be invested in common stocks or
securities convertible into common stock of foreign
issuers having a potential for superior growth. The goal
of the fund is long-term growth of capital.
o IDS Mutual. Contributions to the fund are invested in a
balance between common stocks and senior securities
(e.g., preferred stocks and bonds) issued by U.S. and
foreign companies. No more than 65% of its total assets
will be in common stocks and no less than 35% will be in
senior securities, convertible securities, derivative
instruments (e.g., futures, options and forward
contracts) and money market instruments. The goal of the
fund is to provide a balance of growth of capital and
current income.
-7-
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan (continued)
o IDS New Dimensions Fund, Inc. Contributions to the fund
are invested in common stocks of U.S. and foreign
companies that the investment manager believes show
potential for significant growth. These companies have
usually operated in areas where dynamic economic and
technological changes are occurring. They also may
exhibit excellence in technology, marketing or
management. The goal of the fund is long-term growth of
capital.
o IDS Stock Fund, Inc. Contributions to the fund are
invested primarily in common stocks and securities
convertible into common stock. It may also invest in
preferred stocks, bonds, foreign securities, derivative
instruments and money market instruments. The goals of
the fund are current income and growth of capital.
o IDS Series D-1 Investment Certificate, a face-amount
certificate issued by IDS Certificate Company (IDSC), a
wholly owned subsidiary of IDS, that is offered only in
connection with certain plans sponsored by IDS or the
Company. The Series D-1 Certificate matures 20 years
from its issue date. Its value at maturity will be equal
to total contributions made plus interest earned and less
any withdrawals. IDSC guarantees a specific rate of
interest for each calendar quarter, and also guarantees
the principal of the certificate.
A participant may elect to invest his contribution under
procedures established by the Committee. Current procedures
allow participants to designate investments in one percent
increments in any one or a combination of the nine
investments mentioned above. Prior to January 1, 1994, the
Plan allowed investment designations in five percent
increments.
Participants may elect to transfer the assets in their
account(s) among the funds in increments of one percent.
Prior to January 1, 1994, the Plan allowed transfers in five
percent increments. Current procedures allow such transfers
to be made on any business day.
The investments of the Plan are held by the Trustee under a
trust agreement, effective January 1, 1984.
The number of participant accounts in each investment at
December 31, 1993 was as follows:
IDS International Fund, Inc. 87
IDS New Dimensions Fund, Inc. 124
IDS Bond Fund, Inc. 71
IDS Mutual 59
IDS Discovery Fund, Inc. 69
IDS Federal Income Fund, Inc. 14
IDS Stock Fund, Inc. 99
American Express Common Stock Fund 52
IDS Series D-1 Investment Certificate 28
-8-
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan (continued)
The total number of participants in the Plan is less than the
sum of the number of participant accounts shown above because
many participants participate in two or more funds.
Distributions
Distributions from the Plan may be made upon the earliest of a
participant's termination, retirement, death, disability or
attainment of age 59 1/2. A participant may apply for a
distribution from the Plan while employed based on financial
hardship. Hardship distributions are subject to the approval
of the Committee.
Loans to Participants
Participants are also entitled to apply to the Administrative
Committee for a loan from the Plan, subject to certain
restrictions as defined in the Plan. Repayments of the loan,
including interest, are allocated to a participant's
investment accounts in accordance with the election in effect
at the time of the repayment. In the event of a
participant's default, the Administrative Committee may direct
the Trustee to deduct the amount due and payable from the
participant's account balance under the Plan, subject to
certain restrictions, pursuant to Section 401(k) of the Code.
Costs and Expenses
All administrative expenses incurred with regard to the Plan
are borne by the Company. Expenses related to investments,
such as brokerage commissions, stock transfer taxes and other
charges, are paid by the Plan unless paid by the Company.
2. Summary of Significant Accounting Policies
The accompanying financial statements have been prepared on
the accrual basis of accounting. Certain prior year's
amounts have been reclassified to conform to the current
year's presentation.
Investments are carried at fair value. Fair value for shares
of Funds in the IDS Mutual Funds Group and American Express
Company Stock Fund represents the net asset value of the
Funds' shares which is determined by dividing the total
market value of each Fund's investments and other assets, less
any liabilities, by the number of outstanding shares of the
Fund. The IDS Series D-1 Investment Certificate is carried at
cash surrender value.
-9-
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
3. Investments
Individual investments which represent 5% or more of the net
assets of the Plan as of December 31 are as follows:
<TABLE>
<CAPTION>
Number Fair
1993 of Shares Value
<S> <C> <C>
IDS New Dimensions Fund, Inc. 156,320 $2,241,628
IDS Stock Fund, Inc. 71,616 1,411,918
IDS Bond Fund, Inc. 246,555 1,320,796
IDS International Fund, Inc. 116,159 1,202,135
IDS Discovery Fund, Inc. 71,052 857,172
American Express Company Common Stock Fund 75,365 836,173
IDS Mutual 50,285 626,698
</TABLE>
4. Amendment
As of October 1, 1993, the following investment options were
discontinued:
IDS Cash Management Fund, Inc.
IDS Selective Fund, Inc.
IDS Extra Income Fund, Inc.
IDS Managed Retirement Fund, Inc.
IDS Equity Plus Fund, Inc.
IDS Progressive Fund, Inc.
IDS Growth Fund, Inc.k
IDS Precious Metals Fund, Inc.
The following investment option was added:
IDS Series D-1 Investment Certificate
As of the same date, account balances in the discontinued
investments were transferred into available investment
vehicles as indicated:
Discontinued Investments ** transferred to ** Available Investments
IDS Cash Management Fund, Inc. Series D-1 Investment Certificate
IDS Precious Metals Fund, Inc. Series D-1 Investment Certificate
IDS Selective Fund, Inc. IDS Bond Fund, Inc.
IDS Extra Income Fund, Inc. IDS Bond Fund, Inc.
IDS Managed Retirement Fund, Inc. IDS Stock Fund, Inc.
IDS Equity Plus Fund, Inc. IDS Stock Fund, Inc.
IDS Growth Fund, Inc. IDS New Dimensions Fund, Inc.
IDS Progressive Fund, Inc. IDS Stock Fund, Inc.
-10-
<PAGE>
IDS DVP SAVINGS PLAN
Notes to Financial Statements
5. Termination of Plan
The Company expects to continue the Plan indefinitely, but
reserves the right to amend, modify, suspend or terminate the
Plan at any time. Upon termination of the Plan, and after
adjustment for all expenses, each participant will be entitled
to receive any amounts then credited to his account.
Distribution of a participant's account will be in cash or in
kind as the Committee shall direct.
6. Federal Income Tax Status
IDS has received a favorable determination letter from the
Internal Revenue Service stating that the Plan, as amended
through June 24, 1986 meets the requirements for qualification
under Code Section 401(a) and therefore the Trust is exempt
from federal income taxes under Section 501(a) of the Code.
IDS expects the Plan to remain qualified under the Internal
Revenue Code.
7. Federal Income Tax Consequences to the Participant
That part of a participant's salary contributed to the Plan
pursuant to Section 401(k) of the Code will not be subject to
tax until distributed. The income and appreciation on amounts
invested in the trust fund are not includable in a
participant's taxable income until distributed.
-11-
<PAGE>
Supplemental Schedules
-12-
<PAGE>
IDS DVP SAVINGS PLAN
Assets Held for Investment
December 31, 1993
<TABLE>
<CAPTION>
Number
Name of Issuer and Description of Investment of Shares Cost Value
<S> <C> <C> <C>
Mutual funds associated with IDS:
IDS International Fund, Inc. 116,519 $1,036,969 $1,202,135
IDS New Dimensions Fund, Inc. 156,320 1,973,157 2,241,628
IDS Bond Fund, Inc. 246,555 1,319,091 1,320,796
IDS Mutual 50,285 620,870 626,698
IDS Discovery Fund, Inc. 71,052 735,550 857,172
IDS Federal Income Fund, Inc. 18,634 96,577 94,365
IDS Stock Fund, Inc. 71,616 1,459,751 1,411,918
__________ __________
7,241,965 7,754,712
American Express Company Common Stock Fund 75,365 953,065 836,173
IDS Series D-1 Investment Certificate 10,730 110,860 110,860
__________ __________
Total assets held for investments $8,305,890 $8,701,745
========== ==========
</TABLE>
-13-
<PAGE>
IDS DVP SAVINGS PLAN
Reportable Transactions
Series of Related Transactions
Year Ended December 31, 1993
<TABLE>
<CAPTION>
Purchases Sales
Total Total Net
Name of Issuer and Total Dollar Total Dollar Gain
Description of Investment Number Value Number Value (Loss)
<S> <C> <C> <C> <C> <C>
Mutual funds associated with IDS:
IDS Bond Fund, Inc.. 47 $1,311,453 8 $ 288,687 $13,366
IDS Stock Fund, Inc. 36 1,306,826 4 30,437 262
IDS New Dimensions Fund, Inc. 32 1,060,130 11 220,656 40,504
IDS International Fund, Inc. 36 524,010 6 28,337 1,581
IDS Discovery Fund, Inc. 30 489,421 5 51,735 7,003
IDS Mutual 30 437,399 8 177,162 6,522
IDS Extra Income Fund, Inc. 30 111,743 7 928,259 34,681
IDS Managed Retirement
Fund, Inc. 21 96,643 9 1,143,541 217,851
IDS Progressive Fund, Inc. 19 76,580 7 515,628 61,119
IDS Growth Fund, Inc. 17 64,937 8 808,424 20,965
IDS Trust Collective Cash Fund 30 324,342 21 324,361 -
</TABLE>
Notes:
Amounts shown above as purchases and sales also represent
current values of assets on transaction date. There were no
expenses incurred by the Plan in connection with the
transactions. Purchase amounts above also represent cost of
assets when sold; cost of assets are the sale amounts plus
loss on sale or minus gain on sale.
Prepared from information certified as complete and accurate
by IDS Trust Company.
These transactions constitute transactions with parties in
interest as the term "party in interest" is defined in Section
3(14) of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"). However, the transactions fall within
an available exception to the ERISA prohibition on plan
transactions with parties in interest.
-14-
<PAGE>
IDS DVP SAVINGS PLAN
Reportable Transactions
Individual Transactions
Year Ended December 31, 1993
Total
Name of Issuer and Dollar
Description of Investment Value
Mutual funds associated with IDS:
IDS Bond Fund, Inc. $ 758,218
IDS Extra Income Fund, Inc. (758,218)
IDS Growth Fund, Inc. (589,995)
IDS New Dimensions Fund, Inc. 589,995
IDS Managed Retirement Fund, Inc. (571,931)
IDS Stock Fund, Inc. 571,931
Notes:
Prepared from information certified as complete and accurate
by IDS Trust Company.
These transactions constitute transactions with parties in
interest as the term "party in interest" is defined in
Section 3(14) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"). However, the transactions
fall within an available exception to the ERISA prohibition on
plan transactions with parties in interest.
-15-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the IDS DVP Savings Plan Committee has duly caused this
annual report to be signed by the undersigned hereunto duly
authorized.
IDS DVP SAVINGS PLAN
By: /s/ Susan Kinder
Susan Kinder
Chair
IDS DVP Savings Plan Committee
Date: June 21, 1994
-16-
<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 33-38777) pertaining to the
IDS DVP Savings Plan and in the related Prospectus of our report dated
May 13, 1994, with respect to the financial statements and
schedules of the IDS DVP Savings Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1993.
/s/ Ernst & Young
Minneapolis, Minnesota
June 22, 1994
-17-
<PAGE>
