10-K 1 acc202310-k.htm 10-K ACC 2023 10-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM10-K
☒ANNUAL REPORT PURSUANT TO SECTION 30 OF THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2023
OR
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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.811-00002
AMERIPRISE CERTIFICATE COMPANY
(Exact name of registrant as specified in its charter)
Delaware 41-6009975
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1099 Ameriprise Financial CenterMinneapolisMinnesota55474
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (612)671-3131
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
 
Name of each exchange on which registered
Common Stock (par value $10 per share)NoneNone
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes
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No
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Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
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No
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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.   Yes
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No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
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Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes
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No
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Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class 
Outstanding at February 22, 2024
Common Stock (par value $10 per share)
150,000 shares
All outstanding shares of the registrant are directly owned by Ameriprise Financial, Inc.
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS I(1)(a) AND (b) OF FORM 10-K AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.


AMERIPRISE CERTIFICATE COMPANY
FORM 10-K
INDEX
F-1


Ameriprise Certificate Company
PART I
Item 1. Business
Overview
Ameriprise Certificate Company (“ACC”) was incorporated on October 28, 1977 under the laws of Delaware. Ameriprise Financial, Inc. (“Ameriprise Financial”, collectively with its subsidiaries and affiliates, “we”, “us” and “our”), a Delaware corporation, owns 100% of the outstanding voting securities of ACC. Ameriprise Financial and its predecessor companies have nearly a 130-year history of providing solutions to help clients confidently achieve their financial objectives.
ACC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. ACC’s certificates are distributed and sold solely by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC and its network of more than 10,000 advisors. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
To ACC’s knowledge, ACC is the largest issuer of face-amount certificates in the United States. However, ACC’s certificate products compete with many other banking and investment products offered by banks, savings and loan associations, asset managers, broker-dealers and others, which may be viewed by potential clients as offering a comparable or superior combination of safety and return on investment. In particular, some of ACC’s products are designed to be competitive with the types of investments offered by banks and thrifts. Since ACC’s face-amount certificates are securities, their offer and sale are subject to regulation under federal and state securities laws. ACC’s certificates are backed by ACC’s qualified assets on deposit and are not insured by any governmental agency or other entity.
ACC’s future profitability is dependent upon changes in the economic, credit and equity environments, as well as the competitive environment.
Products
As of the date of this report, ACC offered the following three types of certificate products to the public:
1.    Ameriprise Cash Reserve Certificate
•Single payment certificate that permits additional payments and on which ACC guarantees interest rates in advance for a three-month term.
•Currently sold without a sales charge.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors’ rates, but is not required to set rates within a specified range.
•Non-Jumbo Deposit National Rates for three-month CDs as published by the Federal Deposit Insurance Corporation (“FDIC”) are used as the guide in setting rates.
•Competes with popular short-term investment and savings vehicles such as certificates of deposit, savings accounts, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
•Twenty year maturity.
2.    Ameriprise Flexible Savings Certificate
•Single payment certificate that permits a limited amount of additional payments and on which ACC guarantees interest rates in advance for a term of three, six, seven, nine, twelve, thirteen, eighteen, twenty-four, thirty or thirty-six months, and potentially other terms, at ACC’s option.
•Currently sold without a sales charge.
•Currently premature surrenders incur surrender charges.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors’ rates, but is not required to set rates within a specified range.
•Non-Jumbo Deposit National Rates as published by the FDIC are used as the guide in setting rates.
•Competes with popular short-term investment vehicles such as certificates of deposit, money market certificates, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
•Twenty year maturity.
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Ameriprise Certificate Company
3.    Ameriprise Installment Certificate
•Installment payment certificate that declares interest rates in advance for a three-month period.
•Currently sold without a sales charge.
•Currently premature surrenders incur surrender charges.
•Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
•Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
•As of the date of this report, ACC has set a fixed rate of 4.41% for new sales.
•Intended to help clients save systematically and may compete with passbook savings and NOW accounts.
•Ten year maturity.
ACC periodically makes changes to the products offered. Effective April 1, 2020, the Ameriprise Step-Up Rate Certificate was closed to new sales and effective August 18, 2023, the Ameriprise Stock Market Certificate was closed to new sales and add-on payments.
Within the specified maturity periods, most certificates have interest crediting rate terms ranging from three to forty-eight months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at the end of a term. Currently offered ACC certificates (listed above), as well as certain certificates previously issued by ACC (not listed above), contain renewal features which enable certificate owners to renew their certificate term until certificate maturity. Accordingly, certificate products that are currently outstanding in their renewal periods or are exercised for renewal in the future are, and continue to be, liabilities of ACC until their redemption or maturity, whether or not such certificates are available for new sales. ACC guarantees the return of principal, as well as interest once it has been credited, less any penalties that apply, for each of the certificates offered.
Distribution and Marketing Channels
ACC’s certificates are offered solely by AFS and sold pursuant to a distribution agreement which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS or ACC as that term is defined in the 1940 Act. The distribution agreement provides for the payment of distribution fees to AFS for services provided. The distribution agreement with AFS can be terminated by either party on sixty days’ written notice.
Asset Management
ACC has retained Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial, to manage ACC’s investment portfolio under an investment management agreement, which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS, CMIA or ACC. This investment management agreement with CMIA can be terminated by either party on sixty days’ written notice.
Regulation
ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the Securities and Exchange Commission (“SEC”). The amortized cost of such investments must be at least equal to ACC’s net liabilities on all outstanding face-amount certificates plus $250,000. ACC’s qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than U.S. generally accepted accounting principles (“GAAP”). ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC.
Following conversion of ACC’s affiliate Ameriprise National Trust Bank into a federal savings bank (“Ameriprise Bank”), Ameriprise Financial continued to be subject to ongoing supervision by the Board of Governors for the Federal Reserve System (“FRB”). FRB regulation and supervisory oversight of Ameriprise Financial includes examinations, regular financial reporting, and prudential standards, such as capital, liquidity, risk management and parameters for business conduct and internal governance. In order to maintain Ameriprise Financial’s permission under applicable bank holding company laws and regulations to engage in business activities other than banking or activities closely related to banking, each of Ameriprise Financial and Ameriprise Bank, as Ameriprise Financial’s sole insured depository institution subsidiary, must remain “well-capitalized” and “well-managed” under applicable federal banking regulations, and Ameriprise Bank must receive at least a “satisfactory” rating in its most recent examination under the Community Reinvestment Act. Failure to meet one or more of certain requirements and regulations would mean, depending on the
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Ameriprise Certificate Company
requirements not met and any agreement then reached with the FRB, that until cured Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with investment limitations on its portfolio and other limitations under applicable banking laws, including what is commonly referred to as the Volcker Rule.
Item 1A. Risk Factors
ACC’s operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on ACC’s business, financial condition or results of operations. We believe that the following information identifies the material factors affecting ACC based on the information we currently know. However, the risks and uncertainties ACC faces are not limited to those described below. Additional risks and uncertainties which are not presently known or which are currently believed to be immaterial may also adversely affect ACC’s business.
Market Risks
ACC’s financial condition and results of operations may be adversely affected by market fluctuations and by economic, political and other factors.
ACC’s financial condition and results of operations may be materially affected by market fluctuations and by economic and other factors. Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts; (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies (such as the coronavirus disease 2019 (“COVID-19”) pandemic); (vi) technological changes and events; (vii) U.S. and foreign government fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets. These factors also may have an impact on ACC’s ability to achieve its strategic objectives.
ACC’s financial condition and results of operations are affected by the “spread,” or the difference between the returns ACC earns on the investments that support its product obligations and the amounts that ACC must pay certificate holders.
Downturns and volatility in markets (including equity, fixed income and other markets) have had, and may in the future have, an adverse effect on the financial condition and results of operations of ACC. Market downturns and volatility may cause, and have caused, potential new purchasers of ACC’s products to refrain from purchasing or to purchase fewer ACC certificate products. Additionally, downturns and volatility in financial markets can have, and have had, an adverse effect on the performance of ACC’s investment portfolio.
Changes in interest rates may affect ACC’s financial condition and results of operations.
ACC’s investment products are sensitive to interest rate fluctuations and ACC’s future costs associated with such variations may differ from its historical costs. As market interest rates increase, ACC may offer higher crediting rates on existing face-amount certificates to remain competitive with other products in the market. Because yields on invested assets may not increase as quickly as current interest rates, ACC may have to accept a lower spread and thus lower profitability or face a decline in sales and greater loss of existing certificates. In addition, increases in market interest rates may cause increased certificate surrenders or changes in demands of certificate products as certificate holders seek to shift assets to products with perceived higher returns. This process may lead to an earlier than expected outflow of cash from ACC’s business. Also, increases in market interest rates may result in extension of certain cash flows from structured mortgage assets. Certificate withdrawals and surrenders may also require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in realized investment losses to be realized in ACC’s results of operations. If higher market interest rates lead to inflows into interest sensitive face-amount certificates or other changes in product behavior, ACC’s capital requirements may increase as well. Increases in crediting rates, as well as surrenders and withdrawals, could have an adverse effect on ACC’s financial condition and results of operations.
If there is a return to a period of prolonged low interest rates, ACC’s spread may be reduced or could become negative primarily because ACC may adjust the interest rates it credits on most of the products downward only at limited, pre-established intervals. Interest rate fluctuations also could have an adverse effect on the results of ACC’s investment portfolio. During periods of declining market interest rates or stagnancy of low interest rates, the interest ACC receives on variable interest rate investments decreases. In addition, during those periods, ACC is forced to reinvest the cash it receives as interest or return of principal on its investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable returns. Issuers of certain callable fixed income securities also may decide to prepay their obligations in order to borrow at lower market rates which increase the risk that ACC may have to reinvest the cash proceeds of these securities in lower-yielding or lower-credit instruments. Offsetting some of these risks is the fact that a significant portion of certificate balances do not have a minimum guaranteed interest crediting rate.
For additional information regarding the sensitivity of the fixed income securities in ACC’s investment portfolio to interest rate fluctuations, see Part II, Item 7A of this Annual Report on Form 10-K —“Quantitative and Qualitative Disclosures About Market Risk.”
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Ameriprise Certificate Company
Business Risks
Intense competition could negatively affect ACC’s ability to maintain or increase its market share and profitability.
ACC’s business operates in an intensely competitive industry segment. ACC competes based on a number of factors including name recognition, service, interest rates, product features and perceived financial strength. ACC’s competitors include broker-dealers, banks, asset managers and other financial institutions. ACC’s business faces competitors that have greater market share, offer a broader range of products, greater investments in technology and analytics or have greater financial resources. Furthermore, ACC’s competitors may be better able to address trends, structural changes, or movement of assets resulting from industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.
ACC’s affiliated distributor may be unable to attract and retain key talent.
ACC is dependent on the financial advisors of AFS for all of the sales of its certificate products. A significant number of such financial advisors operate as independent contractors under a franchise agreement with AFS. The market for financial advisors is highly competitive, and there can be no assurance that AFS will be successful in its efforts to maintain its current network of financial advisors or to recruit and retain new advisors to its network. If AFS is unable to attract and retain quality financial advisors, fewer advisors would be available to sell ACC’s certificate products and ACC’s financial condition and results of operations could be materially adversely affected.
The determination of the amount of allowances taken on certain loans and investments is subject to management’s evaluation and judgment and could materially impact ACC’s results of operations or financial position.
The determination of the amount of allowances varies by investment type and is based upon ACC’s periodic evaluation and assessment of inherent and known risks associated with the respective asset class.
Management uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. The determination of the amount of allowances on loans is based upon the asset’s expected life, considering past events, current conditions and reasonable and supportable economic forecasts. Such evaluations and assessments are revised as conditions change and new information becomes available. Historical trends may not be indicative of future impairments or allowances.
Some of ACC’s investments are relatively illiquid, and ACC may have difficulty selling these investments.
ACC invests a portion of its assets in privately placed fixed income securities and commercial mortgage loans, which are relatively illiquid. ACC’s investment manager periodically reviews ACC’s private placement investment using adopted standards to categorize the investment as liquid or illiquid. As of December 31, 2023, commercial mortgage loans and private placement fixed income securities that have been categorized as illiquid represented approximately 1% of the carrying value of ACC’s investment portfolio. If ACC requires significant amounts of cash on short notice in excess of its normal cash requirements, ACC may have difficulty selling its investment in a timely manner or be forced to sell them for an amount less than it would otherwise have been able to realize, or both, which could have an adverse effect on ACC’s financial condition and results of operations.
Failure of ACC’s service providers to perform their responsibilities could adversely affect ACC’s business.
ACC’s business operations, including investment management, transfer agent, custody and distribution services, are performed by affiliated service providers, or in some cases their subcontractors, pursuant to formal contracts. The failure of a service provider to fulfill its responsibilities could have an adverse effect on ACC’s financial condition and results of operations that could be material.
If the counterparties to the derivative instruments ACC uses to hedge certain certificate liabilities default, ACC may be exposed to risks it had sought to mitigate, which could adversely affect ACC’s financial condition and results of operations.
ACC uses derivative instruments to hedge certain certificate liabilities. ACC enters into a variety of derivative instruments with a number of counterparties. If ACC’s counterparties become insolvent or fail to honor their obligations under the contracts governing such instruments, ACC’s hedges of the related risk may be ineffective. That failure could have a material adverse effect on ACC’s financial condition and results of operations. The risk of counterparty default may increase during periods of capital market volatility.
If ACC’s reserves for future certificate redemptions and maturities are inadequate, ACC may be required to increase its reserve liabilities, which could adversely affect ACC’s results of operations and financial condition.
Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to investment certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves are also maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.
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Ameriprise Certificate Company
Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected in Provision for certificate reserves.
ACC monitors its reserve levels continually. If ACC concluded its reserves were insufficient to cover actual or expected redemptions or maturities, ACC would be required to increase its reserves and incur charges for the period in which it makes the determination. Such a determination could adversely affect ACC’s financial condition and results of operations.
Operations Risks
A failure to protect the reputation of ACC or its affiliates could adversely affect the business of ACC.
The ability of ACC to market and sell its products is highly dependent upon external perceptions of ACC’s and its affiliates’ level of service, business practices and financial condition. Damage to the reputation of ACC or its affiliates could cause significant harm to the business and prospects of ACC. Reputational damage may arise from numerous sources, including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, any perceived or actual weaknesses in ACC’s financial strength or liquidity, clients’ or potential clients’ perceived failure of how ACC addresses certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted breaches, breaches impacting ACC’s vendors or their subcontractors or inadvertent disclosures) resulting in system unavailability, improper disclosure or loss of data integrity relating to client information, unethical or improper behavior and the misconduct or error of employees of its affiliates, AFS’s advisors and counterparties. Additionally, a failure to develop new products and services, or successfully manage associated operational risks, could harm ACC’s reputation and potentially expose ACC to additional costs, or negative public relations or social media campaigns. Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental audits or investigations or litigation. Adverse developments with respect to the financial industry may also, by association, negatively impact ACC’s reputation or result in greater regulatory or legislative scrutiny or litigation against ACC.
Misconduct by employees of ACC’s affiliates may be difficult to detect and deter and may damage ACC’s reputation. This can include improper use of their authorized access to sensitive information. Misconduct or errors by employees of ACC’s affiliates, AFS’s advisors or counterparties could result in violations of law, regulatory sanctions and/or serious reputational or financial harm. Misconduct or mistakes can occur in ACC’s business. ACC and its affiliates cannot always prevent misconduct of employees of ACC’s affiliates, and the precautions its affiliates take to prevent and detect this activity may not be effective in all cases. Preventing and detecting misconduct among ACC’s affiliates franchisee advisors presents additional challenges in that they control their own technology environment on a day-to-day basis and could have an adverse effect on ACC’s business. ACC’s reputation depends on its continued identification of and mitigation against conflicts of interest. ACC has procedures and controls that are designed to identify, address and appropriately disclose perceived conflicts of interest, though ACC’s reputation could be damaged if ACC fails, or appears to fail, to address conflicts of interest appropriately.
The direct and indirect effects of climate change could adversely affect ACC’s business and operations, both directly and as a result of impacts on ACC’s clients, counterparties and entities whose securities it holds.
ACC operates in many regions and communities where ACC’s business, and the activities of ACC’s clients and counterparties, could be adversely affected by climate change. Climate change may increase the severity and frequency of weather-related catastrophes, or adversely affect ACC’s investment portfolio or investor sentiment. This includes the potential for an increase in the frequency and severity of weather-related disasters and pandemics. In addition, climate change regulation may affect the prospects of companies and other entities whose securities ACC’s holds, or ACC’s willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to ACC and investments in ACC’s portfolio. Climate risks can also arise from the inconsistencies and conflicts in the manner in which climate policy and financial regulation is implemented in the many regions where ACC operates, including initiatives to apply and enforce policy and regulation with extraterritorial effect. Transition risks may arise from societal adjustment to a lower-carbon economy, such as changes in public policy, adoption of new technologies or changes in consumer preferences towards low-carbon goods and services. These risks could also be influenced by changes in the physical climate. Overall, ACC cannot predict or estimate the long-term impacts from climate change or related regulation.
ACC’s operational systems and networks (as well as those of third parties) are subject to evolving cybersecurity or other technological risks, which could result in the disclosure of confidential information, loss of ACC’s proprietary information, damage to ACC’s reputation, additional costs to ACC, regulatory penalties and other adverse impacts.
The business of ACC and its affiliates is reliant upon internal and third-party controlled, developed and operated software (which includes open source software), technology systems and networks to process, transmit and store information, including current, potential and former clients’, advisors’ personal information, as well as proprietary information, and to conduct many business activities and transactions. Maintaining the security and integrity of the software, information and these systems and networks, and appropriately responding to any cybersecurity and privacy incidents (including attempts), is critical to the success of ACC’s business operations, including ACC’s reputation, to the retention of AFS’s advisors and clients, and to the protection of ACC’s proprietary information and clients’ personal information.
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ACC and its affiliates rely on the third parties with whom it does business to identify and remediate software and other vulnerabilities before they can be exploited by bad actors, but they cannot always do so. For example, zero-day vulnerabilities in software and other technology solutions are immediately exploitable by bad actors as occasionally happens with certain of ACC’s affiliates’ vendors in the industry. ACC and its affiliates routinely face attacks and seek to address evolving threats of which we become aware. ACC and its affiliates have been able to identify, protect, detect, respond to and recover from these attacks to date without a material loss of client financial assets or information through the use of ongoing internal and external threat monitoring and by making continual adjustments to ACC’s security and incident response capabilities.
Employees of ACC’s affiliates, as well as service providers and clients, have also been threatened by, among others, phishing, vishing, and spear phishing scams, social engineering attacks (such as direct voice contact and any technology or communication mechanism to contact a person), account takeovers, introductions of malware, attempts at electronic break-ins, and the submission of fraudulent payment requests. The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of artificial intelligence makes these attempts look more legitimate. Attempted or successful breaches or interference by third parties or by insiders that may occur in the future could have a material adverse impact on ACC’s business, reputation, financial condition or results of operations.
On a corporate basis, various laws and regulations, and in some cases contractual obligations, require ACC’s affiliates to establish and maintain corporate policies and technical and operational measures designed to protect sensitive client, contractor and vendor information, and to respond to cybersecurity incidents in certain ways and timeframes. ACC’s affiliates have established policies and implemented such technical and operational measures and have in place policies that require AFS’s service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The increase in hybrid working among ACC’s affiliates’ employees adds complexity to monitoring and processing procedures. Changes in ACC’s business or technological advancements may also require corresponding changes in ACC’s systems, networks and data security and response measures. While accessing ACC and its affiliates products and services, ACC’s customers may use computers and other devices that sit outside of ACC and its affiliates security control environment. In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks (including in recent well-publicized security breaches at other companies), both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer. As these threats, and government and regulatory oversight of associated risks, continue to evolve, ACC may be required to expend additional resources (both direct financial resources and indirect costs like people) to enhance or expand upon the technical and operational security and response measures ACC and its affiliates currently maintain. These regulator-driven changes may adversely impact the client experience by, for example, requiring multiple means of verifying the identity of a client before they can interact with ACC.
Despite the measures ACC has taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, ACC cannot be certain that ACC and its affiliates systems and networks, or those used by its vendors, will not be subject to successful attacks, breaches or interference. Nor can ACC guarantee that AFS franchise advisors will comply with ACC and its affiliates policies and procedures in this regard, or that clients will engage in safe and secure online practices. Furthermore, human error occurs from time to time and such mistakes can lead to the inadvertent disclosure of sensitive information. ACC and its affiliates have a vendor management process, but at times, ACC and its affiliates’ software or service providers could push through updates that are not fully disclosed to us (or tested by them) and that could alter the control posture of their products. Any such event may result in operational disruptions, as well as unauthorized access to or the disclosure or loss of, ACC’s proprietary information or ACC’s affiliates’ client, employee, vendor or advisor personal information, which in turn may result in legal claims, regulatory scrutiny and liability, reputational damage, the incurrence of costs to respond to, eliminate, or mitigate further exposure, the loss of clients or AFS advisors, or other damage to ACC’s business. While ACC and its affiliates maintain cyber liability insurance that provides both third-party liability and first-party liability coverages, it may not protect ACC against all cybersecurity- and privacy-related losses. Furthermore, ACC may be subject to indemnification costs and liability to third parties if ACC breaches any confidentiality or security obligations regarding vendor data or for losses related to the data. In addition, the trend toward broad consumer and general-public notification of such incidents, including those where ACC and its affiliates’ vendors are the party being breached, could exacerbate the harm to ACC’s business, reputation, financial condition or results of operations in the event of a breach. Even if ACC and its affiliates successfully protect ACC’s technology infrastructure and the confidentiality of sensitive data and conduct appropriate incident response, ACC may incur significant expenses in connection with ACC’s responses to any such attacks, as well as the adoption, implementation and maintenance of appropriate security measures. In addition, ACC and its affiliates regulators may seek to hold ACC’s affiliate responsible for the acts, mistakes or omissions of vendors or AFS franchise advisors even where they procure and control much of the physical office space and technology infrastructure they use to operate their businesses locally.
Protection from system interruptions and operating errors is important to ACC’s business. If ACC experiences a sustained interruption to ACC’s telecommunications or data processing systems, or other failure in operational execution, it could harm ACC’s business.
Operating errors and system or network interruptions could delay and disrupt ACC’s operations. Interruptions could be caused by mistake, malfeasance or other operational failures by service provider staff or ACC’s affiliates’ employee error or malfeasance, interference by third parties, including hackers, ACC’s implementation of new technology, maintenance of existing technology or natural disasters, each of which may impact ACC’s ability to run its systems or encounter varying downtime. Though ACC plans for
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resiliency in its systems and test these capabilities, it could face additional downtime or data loss if its plans do not work as expected during a real event. ACC’s financial, accounting, human resources, data processing or other operating systems and facilities may fail to operate or report data properly, experience connectivity disruptions or otherwise become disabled as a result of events that are wholly or partially beyond ACC’s control, adversely affecting ACC’s ability to process transactions or provide products and services to clients (some of which have regulatory required response times).
ACC and its affiliates rely on third-party service providers and vendors for certain communications, technology and business functions and other services, and ACC and its affiliates face the risk of their operational failure (including, without limitation, loss of staff due to widespread illness, failure caused by an inaccuracy, untimeliness or other deficiency in data reporting), technical or security failures, termination or capacity constraints of any of the third-party service providers that ACC or its affiliates use to facilitate or are component providers to ACC’s activities. Any such failure, termination or constraint or flawed execution or response could adversely impact ACC’s ability to effect transactions, service clients, manage exposure to risk, or otherwise achieve desired outcomes.
Risk management policies and procedures may not be fully effective in identifying or mitigating risk exposure in all market environments, products, vendors or against all types of risk, including ACC’s affiliates’ financial advisor misconduct.
ACC’s policies and procedures to identify, monitor and manage risks may not be fully effective in mitigating ACC’s risk exposure in all market environments or against all types of risk. Many of ACC’s methods of managing risk and the associated exposures are based upon observed historical market behavior or statistics based on historical models. Experience may not emerge as expected and during periods of market volatility or due to unforeseen events, the historically derived experience and correlations may not be valid. As a result, these methods may not predict future exposures accurately, which could be significantly greater than what ACC’s models indicate. Further, some controls are manual and are subject to inherent limitations. This could cause ACC to incur investment losses or cause ACC’s hedging and other risk management strategies to be ineffective. Other risk management methods depend upon the evaluation of information regarding markets, clients, catastrophe occurrence or other matters that are publicly available or otherwise accessible to ACC, which may not always be accurate, complete, up-to-date or properly evaluated.
ACC’s financial performance also requires ACC to develop, effectively manage, and market new or existing products and services that appropriately anticipate or respond to changes in the industry and evolving client demands. The development and introduction of new products and services require continued innovative effort and may require significant time, resources, and ongoing support. Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support these products. Substantial risk and uncertainties are associated with the introduction and ongoing maintenance of new products and services, including the implementation of new and appropriate operational controls and procedures, shifting and sometimes contradictory client and market preferences, the introduction of competing products or services and compliance with regulatory requirements.
Artificial intelligence (including generative artificial intelligence) presents many benefits in terms of operating efficiency, but also new risks that ACC needs to seek to mitigate through its strategic and risk management policies, such as reliance on information that may be inaccurate or biased results. In addition, the regulatory framework and expectations relating to the use of artificial intelligence are in their early stages as is the use (and how ACC and its affiliates manage the use) of artificial intelligence in its business.
Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions and events, and these policies and procedures may not be fully effective in mitigating ACC’s risk exposure in all market environments or against all types of risk, including those associated with ACC’s or its affiliates’ key vendors. Insurance and other traditional risk-shifting tools may be held by or available to ACC in order to manage certain exposures, but they are subject to terms such as deductibles, coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency.
The occurrence of natural or man-made disasters and catastrophes could adversely affect the results of operations and financial condition of ACC.
The occurrence of natural disasters and catastrophes, including earthquakes, hurricanes, floods, tornadoes, fires, blackouts, severe winter weather, explosions, pandemic disease and global health emergencies (such as COVID-19) and man-made disasters, including acts of terrorism, riots, civil unrest including large-scale protests, insurrections and military actions, could adversely affect the results of operations or financial condition of ACC. Such disasters and catastrophes may impact ACC directly by damaging its facilities, preventing service providers or employees of its affiliates from performing their roles or otherwise disturbing its ordinary business operations. These impacts could be particularly severe to the extent they affect access to physical facilities or the physical well-being of large numbers of employees of ACC’s affiliates, ACC’s computer-based data processing, transmission, storage and retrieval systems and destroy or release valuable data. Such disasters and catastrophes may also impact ACC indirectly by changing the condition and behaviors of its customers, business counterparties and regulators, as well as by causing declines or volatility in the economic and financial markets, which could in turn have an adverse effect on ACC’s investment portfolio.
ACC cannot predict the impact that changing climate conditions may have on the frequency and severity of natural disasters or on overall economic stability and sustainability. As such, ACC cannot be sure that its actions to identify and mitigate the risks associated with such disasters and catastrophes will be effective.
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Legal, Regulatory and Tax Risks
ACC’s business is regulated and changes in legislation or regulation may reduce ACC’s profitability and limit its growth.
ACC operates in a regulated industry. As a registered investment company, ACC must observe certain governance, disclosure, record-keeping, marketing, privacy, data protection and other operating requirements. Various regulatory and governmental bodies have the authority to review ACC’s products and business practices and to bring regulatory or other legal actions against ACC if, in their view, ACC’s practices are improper. Any enforcement actions, investigations or other proceedings brought against ACC or its directors or employees of its affiliates by its regulators may result in fines, injunctions or other disciplinary actions that could harm ACC’s reputation or impact ACC’s results of operations. Further, any future legislation or changes to the laws and regulations applicable to ACC’s business such as possible changes brought about by any U.S. Department of Labor applicable regulation as well as state and other fiduciary rules, the SEC best interest standards, or similar standards such as the Certified Financial Planner Board standards pertaining to the fiduciary status of investment advice providers to retirement investors (primarily account holders in 401(k) plans and IRAs and other types of Employee Retirement Income Security Act of 1974, as amended (“ERISA”) clients) and related issues. Each of these has a potential impact regarding how ERISA investment advice fiduciaries and others can provide products manufactured by affiliates to, or engage in certain principal transactions with, retirement investors, including incremental requirements, costs and risks that may be imposed on ACC as a result of such changes, may affect the operations and financial condition of ACC. In addition, after the conversion of Ameriprise Bank into a federal savings bank, Ameriprise Financial became subject to ongoing supervision by the FRB. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with certain limits on its activity, including investment limitations on its portfolio and other limitations under applicable banking laws. Failure to meet one or more of certain requirements and regulations would mean, depending on the violation and any agreement then reached with the FRB, Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions until such violation is cured.
ACC’s business is subject to comprehensive legal requirements concerning the use and protection of personal information, including client information, from a multitude of different functional regulators and law enforcement bodies. This regulatory framework is rapidly changing through an ever-increasing patchwork of state laws and regulation (such as the California Consumer Privacy Act and the California Privacy Rights Act). Further developments could negatively impact ACC’s business and operations.
Changes in corporate tax laws and regulations and changes in the interpretation of such laws and regulations, as well as adverse determinations regarding the application of such laws and regulations, could adversely affect ACC’s earnings.
ACC is subject to the income tax laws of the U.S., its states and municipalities. ACC must make judgments and interpretations about the application of these inherently complex tax laws when determining the provision for income taxes and must also make estimates about when in the future certain items affect taxable income in the various tax jurisdictions. In addition, changes to the Internal Revenue Code, administrative rulings or court decisions could increase ACC’s provision for income taxes and reduce ACC’s earnings. Furthermore, guidance issued by the U.S. Department of Treasury and others can be critical to the application and impact of new laws and in avoiding unintended impacts from legislation. The jurisdictions ACC operates in may not always provide clear guidance that is responsive to industry questions and concerns. If guidance is unclear, it could increase ACC’s taxes or create a potential for disagreement about interpretation of the tax code.
Many of the products that ACC or Ameriprise Financial and its affiliates issue or on which these businesses are based receive favorable treatment under current U.S. federal income or estate tax law. Changes in U.S. federal income or estate tax law could reduce or eliminate the tax advantages of certain of Ameriprise Financial’s products and thus make such products or ACC’s products less attractive to clients or cause a change in client demand and activity.
Changes in and the adoption of accounting standards could have a material impact on ACC’s financial statements.
ACC’s accounting policies provide a standard for how it records and reports its financial condition and results of operations. ACC prepares its financial statements in accordance with U.S. generally accepted accounting principles. It is possible that accounting changes could have a material effect on ACC’s financial condition and results of operations. The Financial Accounting Standards Board, the SEC and other regulators often change the financial accounting and reporting standards governing the preparation of ACC’s financial statements. These changes are difficult to predict and could impose additional governance, internal control and disclosure demands. In some cases, ACC could be required to apply a new or revised standard retrospectively, resulting in restating prior period financial statements.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Risk Management and Strategy
Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies. We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks. Our program includes consuming threat intelligence and ongoing monitoring of known
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external threats. We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally. Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities. We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and affiliated advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites. We provide our affiliated advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.
We remain vigilant against cybersecurity risks as part of operating our business. Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies. Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management. Our technology team relies on their enterprise-wide colleagues’ expertise when needed to plan, respond, and mitigate incidents, as needed.
We conduct regular vulnerability scanning and related remediation activities for our applications and systems. We have documented expectations for the patching and updating of our software environment and set similar expectations for our affiliated financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business continuity and risk mitigation. Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary. We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur. Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise. We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations. In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.
Additionally, as part of our formal procurement and vendor management process, we ask our third-party service providers to have and maintain cybersecurity programs that are consistent with our legal and regulatory obligations, and we review cybersecurity risk assessments of those third-party service providers who provide key technology and services. For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our vendor risk management team assigns tiers. The tiers are based on a combination of criteria, including the services provided and the information to which they have access, to focus the most detailed reviews and the most frequent assessments on highest tiered third-party service providers, while also maintaining an appropriate level of review and monitoring on lower tiers. Some third-party service providers contracted outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.
Our Vendor Risk Management Office provides oversight and support to the business teams as end-users of the third-party service providers’ goods and services, while also providing a conduit through which oversight can be conducted by our management and board. When a third-party service provider is off-boarded through our procurement and vendor management process, they are subject to an off-boarding review when the relationship ends that is designed to obtain the return or destruction of our information. Our vendor management teams provide risk assessment reporting to business teams, internal risk management committees and our executive leadership. The reporting structure supports an effective design of the program, provides transparency, and drives regulatory compliance. Third-party service providers that participate in the delivery of services to us, as well as their fourth-parties, are also generally expected to have and maintain cybersecurity defenses, so long as they participate in the delivery of services to us to help protect our systems and our clients from incursions through third-party services’ systems. Should one of our third-party service providers suffer a breach in their or their fourth-party systems, we rely on them to inform us and work with us to protect our systems, remediate breaches, and mitigate the impact to our clients and our technology.
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Governance
Strong ongoing governance practices and policies support our cybersecurity program. The Board of Directors and the Audit Committee are central to the oversight of the Company’s cybersecurity risk management program operated by senior management. In addition to the Board of Directors receiving annual cybersecurity updates, the Audit Committee discusses with management, the General Auditor, and others the company’s enterprise-wide risk assessment and risk management processes. These updates to the Board of Directors and Audit Committee include a review of prevailing material risks and exposures, including cybersecurity and data protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions. These processes and information sharing enable the Board of Directors, the Audit Committee, and our management team to remain informed and aligned about our approach to cybersecurity risk, and the monitoring of these risks and incidents, as appropriate. Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, and other officers regularly review with our Board of Directors and the Audit Committee topics such as the following: the cyber threat landscape; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
During 2023, the Board of Directors reviewed our identity theft prevention and privacy programs and discussed, among other topics: mandatory staff training on fraud prevention, including threats from social engineering, identity theft experience and trends; the effectiveness of existing controls and planned enhancements to those controls; and key areas of focus for the identity theft and privacy programs.
Item 2. Properties
ACC occupies office space in Minneapolis, Minnesota, which is leased or owned by Ameriprise Financial or a subsidiary thereof.
Item 3. Legal Proceedings
For a discussion of any material legal proceedings, see Note 12 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
All of the Ameriprise Certificate Company (“ACC”) outstanding common stock is owned by Ameriprise Financial, Inc. (“Ameriprise Financial”). There is no established public trading market for ACC’s common stock.
Frequency and amount of capital transactions with Ameriprise Financial during the past two years were: 
Dividends to Ameriprise FinancialReturn of Capital to Ameriprise FinancialReceipt of Capital from Ameriprise Financial
(in millions)
Year Ended December 31, 2023
January 30, 2023
$— $— $35.0 
February 28, 2023
— — 8.0 
March 31, 2023
— — 34.0 
April 27, 2023
— — 7.0 
May 30, 2023
— — 14.0 
June 29, 2023
— — 5.0 
October 26, 2023
— — 10.0 
November 29, 2023
— — 15.0 
December 27, 2023
— — 2.5 
Total$— $— $130.5 
Year Ended December 31, 2022
March 30, 2022
$4.3 $7.0 $— 
June 30, 2022
7.0 — — 
August 31, 2022
— — 13.0 
September 27, 2022
— — 15.0 
September 30, 2022
— — 5.0 
October 28, 2022
— — 45.0 
November 28, 2022
— — 50.0 
December 28, 2022
— — 50.0 
December 30, 2022
— — 8.0 
Total$11.3 $7.0 $186.0 
Restriction on ACC’s present or future ability to pay dividends to Ameriprise Financial:
Appropriated retained earnings resulting from the pre-declaration of additional credits to ACC’s certificate product owners are not available for the payment of dividends by ACC. In addition, ACC will discontinue issuance of certificates subject to the pre-declaration of additional credits and will make no further pre-declaration as to outstanding certificates if at any time the calculation of ACC’s capital and unappropriated retained earnings should be less than 5% of certificate reserves (less outstanding certificate loans).
Item 6. [Reserved]
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Item 7. Management’s Narrative Analysis
The following information should be read in conjunction with Ameriprise Certificate Company’s (“ACC’s”) Consolidated Financial Statements and Notes included elsewhere in this report. The following discussion may contain forward-looking statements that reflect ACC’s plans, estimates and beliefs. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below under “Forward-Looking Statements” and elsewhere in this Annual Report on Form 10-K, particularly in Part 1 - Item 1A - “Risk Factors.”
ACC is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”). ACC is registered as an investment company under the Investment Company Act of 1940 and is in the business of issuing face-amount investment certificates. Face-amount investment certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency. ACC’s certificates are sold primarily by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico. ACC’s investment portfolio is managed by Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial.
Management’s narrative analysis of the results of operations is presented in lieu of Management’s Discussion and Analysis of financial condition and results of operations, pursuant to General Instructions I(2)(a) of Form 10-K.
Current Macroeconomic Environment
ACC operates its business in the broader context of the macroeconomic forces around it, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on ACC’s operating and performance results. ACC’s success may be affected by the factors discussed in Part 1 - Item 1A “Risk Factors” in this report and other factors as discussed herein.
Recent Accounting Pronouncements and Significant Accounting Policies
For information regarding recent accounting pronouncements and their expected impact on ACC’s future results of operations or financial condition and significant accounting policies, see Note 1 to ACC’s Consolidated Financial Statements beginning on page F-9 of this Annual Report on Form 10-K.
Results of Operations
ACC’s net income is derived primarily from the after-tax yield on investments and realized investment gains (losses), less investment expenses and interest credited on certificate reserve liabilities. Net income trends occur largely due to changes in returns on ACC’s investment portfolio, from realization of investment gains (losses) and from changes in interest credited to certificate products. ACC follows U.S. generally accepted accounting principles (“GAAP”).
Net income increased $44.3 million, or 77%, for 2023 compared to the prior year primarily due to higher investment income. This increase was partially offset by higher net provision for certificate reserves along with higher investment expenses and income taxes. ACC has experienced strong growth given the current market environment with client deposits increasing $4.2 billion from the prior year period to $13.5 billion.
Investment income increased $501.0 million for 2023 compared to the prior year primarily reflecting an increase in the average invested asset yield, driven by an increase in short-term interest rates, and higher average investment balances.
Investment expenses increased $28.7 million, or 100%, for 2023 compared to the prior year primarily due to volume-driven increases in investment advisory, distribution, and transfer agent fees.
Net provision for certificate reserves increased $412.9 million, for 2023 compared to the prior year primarily due to higher average client crediting rates as well as higher average certificate balances.
The effective tax rate was 24.6% for 2023 compared to 24.8% for the prior year. See Note 11 to the Consolidated Financial Statements for additional discussion on income taxes.
Fair Value Measurements
ACC reports certain assets and liabilities at fair value; specifically derivatives, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. ACC includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. ACC validates prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 8 to ACC’s Consolidated Financial Statements for additional information regarding ACC’s fair value measurements.
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Forward-Looking Statements
This report contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which could cause actual results, performance or achievements to differ materially from expected results, performance or achievements. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described in Part 1 - Item 1A - “Risk Factors” and elsewhere in this Annual Report on Form 10-K. ACC’s future results of operations and financial condition, as well as any forward-looking statements contained in this report, are made only as of the date hereof. ACC undertakes no obligation to update or revise any forward-looking statements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
ACC has three principal components of market risk: interest rate risk, equity price risk, and credit risk. Interest rate risk results from investing in assets that are somewhat longer and reset less frequently than the liabilities they support. ACC manages interest rate risk through the use of a variety of tools that from time to time include derivative instruments, such as interest rate swaps, caps, and floors, which change the interest rate characteristics of client liabilities or investment assets. Due to certain provisions for certificates being impacted by the value of equity indices, from time to time ACC enters into risk management strategies that may include the use of equity derivative instruments, such as equity options, to mitigate ACC’s exposure to volatility in the equity markets.
Ameriprise Financial’s Financial Risk Management Committee (“FRMC”), which is comprised of senior managers, holds regularly scheduled meetings to review models projecting various interest rate scenarios and risk/return measures and their effect on various portfolios managed by Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial, including that of ACC. ACC’s Board of Directors has delegated the responsibilities of the Investment Committee of ACC to the FRMC. FRMC’s objectives are to structure ACC’s portfolio of investment securities based upon the type and behavior of the certificates in the certificate reserve liabilities, to achieve targeted levels of profitability within defined risk parameters and to meet certificate contractual obligations.
ACC primarily invests in structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), U.S. government and agency obligations, corporate debt securities, and commercial mortgages to provide its certificate owners with a competitive rate of return on their certificates while managing risk. These investments provide ACC with a historically dependable and targeted margin between the interest rate earned on investments and the interest rate credited to certificate owners’ accounts. ACC does not invest in securities to generate short-term trading profits for its own account.
To evaluate interest rate and equity price risk, ACC performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12 month period following a hypothetical 100 basis point increase in interest rates and a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of stock market certificates, ACC assumes no change in implied market volatility despite the 10% drop in equity prices.
The following tables present ACC’s estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2023:

Equity Price Decline 10%Equity Price Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$2,327 $(2,215)$112 
 Interest Rate Increase 100 Basis PointsInterest Rate Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$1,678 $— $1,678 
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The above results compare to an estimated negative impact to pretax income of $8.6 million related to a 100 basis point increase in interest rates and an estimated positive impact of $79 thousand related to a 10% equity price decline as of December 31, 2022. The change in sensitivity of a 100 basis point increase in interest rates compared to the prior year was primarily driven by assets repricing faster than liability crediting rates in a rising rate environment.
Actual results could and likely will differ materially from those illustrated above as they are based on a number of estimates and assumptions. The illustration above includes assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, ACC has not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor has ACC tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios.
The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices will not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.
ACC has interest rate risk from its Flexible Savings Certificates and other fixed rate certificates. These products are investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from three to 36 months. ACC guarantees an interest rate to the holders of these products. Payments collected from clients are primarily invested in fixed income securities to fund the client credited rate with the spread between the rate earned from investments and the rate credited to clients recorded as earned income. Client liabilities and investment assets generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients generally reset at shorter intervals than the yield on underlying investments. This exposure is not currently hedged although ACC monitors its investment strategy and makes modifications based on changing liabilities and the expected interest rate environment. ACC also has interest rate risk from its Step-Up Rate Certificates, which was not material as of December 31, 2023. ACC had $13.3 billion in reserves included in Certificate reserves as of December 31, 2023 to cover the liabilities associated with these products.
ACC has equity price risk from its Stock Market Certificates. Stock Market Certificates are purchased for amounts generally from $1 thousand to $2 million for terms of 52, 104 or 156 weeks, which can be extended to a maximum of 15 years depending on the term. For each term the certificate holder can choose to participate 100% in any percentage increase in the S&P 500® Index up to a maximum return or choose partial participation in any increase in the S&P 500® Index plus a fixed rate of interest guaranteed in advance. If partial participation is selected, the total of equity-linked return and guaranteed rate of interest cannot exceed the maximum return. ACC had $176.9 million in reserves included in Certificate reserves as of December 31, 2023 to cover the liabilities associated with these products. Effective August 18, 2023, the Stock Market Certificate product was closed to new sales and add-on payments. The equity-linked return to investors creates equity price risk exposure. ACC seeks to minimize this exposure with purchased futures and call spreads that replicate what ACC must credit to client accounts. This risk continues to be fully hedged. Stock Market Certificates have interest rate risk as changes in interest rates affect the fair value of the payout to be made to the certificate holder. This risk is not currently hedged and was immaterial as of December 31, 2023.
Credit Risk
ACC is exposed to credit risk within its investment portfolio, including its loan portfolio, and through derivative counterparties. Credit risk relates to the uncertainty of an obligor’s continued ability to make timely payments in accordance with the contractual terms of the financial instrument or contract. ACC considers its total potential credit exposure to each counterparty and its affiliates to ensure compliance with pre-established credit guidelines at the time it enters into a transaction which would potentially increase ACC’s credit risk. These guidelines and oversight of credit risk are managed through ACC’s comprehensive enterprise risk management program that includes members of senior management.
ACC manages the risk of credit-related losses in the event of nonperformance by counterparties by applying disciplined fundamental credit analysis and underwriting standards, prudently limiting exposures to lower-quality, higher-yielding investments, and diversifying exposures by issuer, industry, region and underlying investment type. ACC remains exposed to occasional adverse cyclical economic downturns during which default rates may be significantly higher than the long-term historical average used in pricing.
ACC manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting arrangements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Generally, ACC’s current credit exposure on over-the-counter derivative contracts is limited to a derivative counterparty’s net positive fair value of derivative contracts after taking into consideration the existence of netting arrangements and any collateral received. This exposure is monitored and managed to an acceptable threshold level.
Item 8. Financial Statements and Supplementary Data
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
        14
Ameriprise Certificate Company
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
ACC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to ACC’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, ACC’s disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.
ACC’s management, under the supervision and with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of ACC’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, ACC’s principal executive officer and principal financial officer have concluded that ACC’s disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, 2023.
Changes in Internal Control over Financial Reporting
There have not been any changes in ACC’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, ACC’s internal control over financial reporting.
Item 9B. Other Information
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 11. Executive Compensation
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.
Item 14. Principal Accountant Fees and Services
The Board of Directors of ACC, at the recommendation of its Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as an independent registered public accounting firm to audit the Consolidated Financial Statements of ACC for the years ended December 31, 2023 and 2022.
Audit Fees
The aggregate fees billed or to be billed by PwC for each of the last two years for professional services rendered for the audit of ACC’s annual Consolidated Financial Statements and services that were provided in connection with statutory and regulatory filings were $125,000 and $123,000 for 2023 and 2022, respectively.
Audit-Related Fees, Tax Fees, All Other Fees
ACC was not billed by PwC for any fees for audit-related fees, tax fees or any other fees for 2023 or 2022.
Policy on Pre-Approval of Services Provided by Independent Registered Public Accountants
Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the terms of the engagement of PwC are subject to the specific pre-approval of the Audit and Risk Committee of Ameriprise Financial. All audit and permitted non-audit services to be performed by PwC for ACC require pre-approval by the Audit and Risk Committee of Ameriprise Financial in accordance with pre-approval procedures established by the Audit and Risk Committee of Ameriprise Financial. The procedures require all proposed engagements of PwC for services to ACC of any kind to be directed to the General Auditor of Ameriprise Financial and then submitted for approval to the Audit and Risk Committee of Ameriprise Financial prior to the beginning of any services.
        15
Ameriprise Certificate Company
In addition, the charter of ACC’s Audit Committee requires pre-approval of any engagement, including the fees and other compensation, of PwC (1) to provide any services to ACC and prohibits the performance of certain specified non-audit services, and (2) to provide any non-audit services to Ameriprise Financial or any affiliate of Ameriprise Financial that controls, is controlled by, or under common control with Ameriprise Financial if the engagement relates directly to the operations and financial reporting of ACC. Certain exceptions apply to the pre-approval requirement.
In both 2023 and 2022, 100% of the services provided by PwC for ACC were pre-approved by the Audit and Risk Committee of Ameriprise Financial and the Audit Committee of ACC.
        16
Ameriprise Certificate Company
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) 1.
Financial Statements:
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
2.
Consolidated Financial Statement Schedules:
See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.
3.
Exhibits:
The following exhibits are filed as part of this Annual Report or, where indicated, were already filed and are hereby incorporated by reference:
ExhibitDescription
Amended and Restated Certificate of Incorporation of American Express Certificate Company, dated August 1, 2005, filed electronically on or about March 10, 2006 as Exhibit 3(a) to Registrant’s Form 10-K is incorporated by reference.
By-Laws of Ameriprise Certificate Company, filed electronically on or about November 5, 2010 as Exhibit 3(b) to Registrant’s Form 10-Q, are incorporated herein by reference.
Amended and Restated Investment Advisory and Services Agreement, dated December 1, 2018, between Registrant and Columbia Management Investment Advisers, LLC filed electronically on or about February 27, 2019 as Exhibit 10(a) to Registrant’s Form 10-K is incorporated by reference.
Distribution Agreement, dated December 31, 2006, between Registrant and Ameriprise Financial Services, LLC (formerly Ameriprise Financial Services, Inc.) filed electronically on or about February 26, 2007 as Exhibit 1 to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
Amendment to the Distribution Agreement, dated January 21, 2021, between Registrant and Ameriprise Financial Services, LLC, effective February 1, 2021, filed electronically on or about February 24, 2021 as Exhibit 10(c) to Registrant’s Form 10-K is incorporated by reference.
Depository and Custodial Agreement, dated December 31, 2006, between Registrant and Ameriprise Trust Company, filed electronically on or about February 26, 2007 as Exhibit 10(c) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
Amendment to the Depositary and Custodial Agreement, dated December 15, 2008, between Registrant and Ameriprise Trust Company, filed on or about May 5, 2014 as Exhibit 10(c)i to Registrant’s Form 10-Q, is incorporated herein by reference.
Transfer Agent Agreement, dated December 31, 2006 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 26, 2007 as Exhibit 10(e) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.
First Amendment to Transfer Agent Agreement, dated January 1, 2013 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 27, 2013 as Exhibit 10(d) to Registrant’s Form 10-K is incorporated herein by reference.
Second Amendment to Transfer Agent Agreement, dated January 1, 2017, between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 23, 2017 as Exhibit 10(d) to Registrant’s Form 10-K is incorporated by reference.
Administration and Services Agreement, dated October 1, 2005, between Columbia Management Investment Advisers, LLC (formerly RiverSource Investments, LLC) and Ameriprise Financial, Inc. filed electronically on or about March 10, 2006 as Exhibit 10(s) to Registrant’s Form 10-K is incorporated by reference.
Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, dated as of March 2, 2009, filed electronically on or about March 3, 2009 as Exhibit 10(f) to Registrant’s Form 10-K is incorporated by reference.
First Amendment to Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, effective April 30, 2014, filed electronically on or about May 5, 2014 as Exhibit 10(f)i to Registrant’s Form 10-Q, is incorporated herein by reference.
Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(l) to Registrant’s Form 10-K is incorporated by reference.
        17
Ameriprise Certificate Company
ExhibitDescription
State Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(m) to Registrant’s Form 10-K is incorporated by reference.
Agreement between Ameriprise Bank, FSB and Ameriprise Certificate Company (certain Ameriprise Rewards Fulfillment Services), dated December 1, 2022 filed electronically on or about February 23, 2023 as Exhibit 10(n) to Registrant’s Form 10-K is incorporated by reference.
Agreement between Ameriprise Financial, Inc. and Ameriprise Certificate Company (certain legacy Ameriprise Rewards Fulfillment Services), dated December 1, 2019 filed electronically on or about February 26, 2020 as Exhibit 10(o) to Registrant’s Form 10-K is incorporated by reference.
Amendment to the Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective October 9, 2020, filed electronically on or about February 24, 2021 as Exhibit 10(p) to Registrant’s Form 10-K is incorporated by reference.
Code of Ethics under Rule 17j-1 for Ameriprise Certificate Company effective May 21, 2014, filed electronically on or about February 27, 2019 as Exhibit 14(a) to Registrant’s Form 10-K is incorporated by reference.
Code of Ethics adopted under Rule 17j-1 for Registrant’s investment adviser, dated December 2023.
Code of Ethics under Rule 17j-1 for Registrant’s underwriter, as revised January 1, 2024.
Directors’ Power of Attorney, dated November 15, 2023.
Certification of Abu M. Arif, Chief Executive Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
Certification of James R. Hill, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
Certification of Abu M. Arif, Chief Executive Officer and James R. Hill, Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
* Filed electronically herewith.
Item 16. Form 10-K Summary
None.
        18
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERIPRISE CERTIFICATE COMPANY
Registrant

Date:
February 22, 2024
By
/s/ Abu M. Arif
Abu M. Arif
Director, President and Chief Executive Officer
(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.
Date:
February 22, 2024
By
/s/ Abu M. Arif
Abu M. Arif
Director, President and Chief Executive Officer
(Principal Executive Officer)
Date:
February 22, 2024
By
/s/ James R. Hill
 James R. Hill
Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:
February 22, 2024
By
/s/ Brian L. Granger
Brian L. Granger
Vice President, Controller and Chief Accounting Officer
Date:
February 22, 2024
By
/s/ Ronald L. Guzior*
Ronald L. Guzior
Director
Date:
February 22, 2024
By
/s/ Karen M. Bohn*
Karen M. Bohn
Director
Date:
February 22, 2024
By
/s/ Lorna P. Gleason*
Lorna P. Gleason
Director
Date:
February 22, 2024
By
/s/ Robert J. McReavy*
Robert J. McReavy
Director
*By
/s/ Abu M. Arif
Abu M. Arif
* Executed by Abu M. Arif pursuant to a Power of Attorney, dated November 15, 2023, filed electronically herewith as Exhibit 24 to the Registrant’s Form 10-K.
        19
Ameriprise Certificate Company
Index to Consolidated Financial Statements and Schedules
Consolidated Financial Statements:
Page
Part I. Financial Information
F-2
F-3
F-4
F-5
F-7
F-8
F-9
F-9
F-13
F-14
F-17
F-20
F-21
F-21
F-22
F-27
F-28
F-29
F-31
Part II. Consolidated Financial Schedules
I. Investments in Securities of Unaffiliated Issuers — December 31, 2023 and 2022
F-32
III. Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years Ended December 31, 2023, 2022 and 2021
F-78
V. Qualified Assets on Deposit — December 31, 2023 and 2022
F-85
VI. Certificate Reserves — Years Ended December 31, 2023, 2022 and 2021
F-86
VII. Valuation and Qualifying Accounts — Years Ended December 31, 2023, 2022 and 2021
F-104

All other Schedules required by Article 6 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.

        F-1
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholder of Ameriprise Certificate Company
Opinion on the Financial Statements
We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Ameriprise Certificate Company and its subsidiary (the “Company”) as listed in the accompanying index (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Valuation of Level 2 Available-for-Sale Securities
As described in Notes 1, 3, and 8 to the consolidated financial statements, available-for-sale securities are carried at fair value. As of December 31, 2023, the total fair value of available-for-sale securities was $13,037 million, which includes $10,379 million of level 2 securities. Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and other securities. The fair value of level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
The principal considerations for our determination that performing procedures relating to the valuation of level 2 available-for-sale securities is a critical audit matter are (i) a high degree of auditor subjectivity and effort in performing procedures and evaluating audit evidence related to the valuation and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of level 2 available-for-sale securities. These procedures also included, among others (i) developing an independent range of prices for the securities by obtaining independent pricing from third party vendors, when available, and comparing the independent range of prices to management’s estimates to evaluate the reasonableness of management’s estimate, (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management’s estimate by developing an independent range of prices for a sample of securities using independently determined assumptions related to available market inputs and comparing the independent range of prices to management’s estimate, and (iii) testing the completeness and accuracy of data provided by management.
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 22, 2024
We have served as the Company’s auditor since 2010.
F-2
Ameriprise Certificate Company
Consolidated Statements of Operations
Years Ended December 31,
2023
2022
2021
(in thousands)
Investment Income:  
Interest income:
Available-for-Sale securities$587,230 $135,500 $59,409 
Commercial mortgage loans and syndicated loans10,613 8,286 8,116 
Cash and cash equivalents62,184 15,124 612 
Certificate loans3 4 8 
Dividends— — 1 
Other83 182 394 
Total investment income660,113 159,096 68,540 
Investment Expenses:
Ameriprise Financial and affiliated company fees:
Distribution18,501 8,868 6,805 
Investment advisory and services27,819 13,138 13,790 
Transfer agent10,344 6,218 6,957 
Depository88 73 90 
Other681 444 717 
Total investment expenses57,433 28,741 28,359 
Net investment income before provision for certificate reserves and income taxes602,680 130,355 40,181 
Provision for Certificate Reserves:
According to the terms of the certificates:
Provision for certificate reserves424 206 249 
Interest on additional credits1 1 1 
Additional credits/interest authorized by ACC467,934 54,167 10,031 
Total provision for certificate reserves before reserve recoveries468,359 54,374 10,281 
Reserve recoveries from terminations prior to maturity(1,961)(869)(760)
Net provision for certificate reserves466,398 53,505 9,521 
Net investment income before income taxes136,282 76,850 30,660 
Income tax expense33,520 19,032 7,467 
Net investment income, after-tax102,762 57,818 23,193 
Net realized gain (loss) on investments:
Securities of unaffiliated issuers before income taxes(817)20 2,598 
Income tax expense (benefit)(172)4 545 
Net realized gain (loss) on investments, after-tax(645)16 2,053 
Net income$102,117 $57,834 $25,246 
See Notes to Consolidated Financial Statements.
F-3
Ameriprise Certificate Company
Consolidated Statements of Comprehensive Income
Years Ended December 31,
2023
2022
2021
(in thousands)
Net income
$102,117 $57,834 $25,246 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period42,061 (131,066)(16,097)
Reclassification of net (gains) losses on securities included in net income197 (15)(863)
Total other comprehensive income (loss), net of tax
42,258 (131,081)(16,960)
Total comprehensive income (loss)
$144,375 $(73,247)$8,286 
See Notes to Consolidated Financial Statements.
F-4
Ameriprise Certificate Company
Consolidated Balance Sheets
December 31,
2023
2022
(in thousands, except share data)
ASSETS
  
Qualified Assets
Investments in unaffiliated issuers:
Cash and cash equivalents$913,063 $1,180,868 
Available-for-Sale securities:
Fixed maturities, at fair value (amortized cost: 2023, $13,135,364; 2022, $8,523,011)
13,037,037 8,368,916 
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2023, $1,333; 2022, $1,472; fair value: 2023, $178,850; 2022, $195,252)
183,268 204,493 
Certificate loans – secured by certificate reserves, at cost, which approximates fair value34 72 
Total investments14,133,402 9,754,349 
Receivables:
 
Dividends and interest48,605 22,052 
Receivables from brokers, dealers and clearing organizations8,688 2,814 
Other receivables529 71 
Total receivables57,822 24,937 
Derivative assets
17,255 8,786 
Total qualified assets14,208,479 9,788,072 
Other Assets:
 
Deferred taxes, net19,600 37,892 
Taxes receivable from parent3,367 — 
Due from related party17,907 — 
Total other assets40,874 37,892 
Total assets$14,249,353 $9,825,964 
See Notes to Consolidated Financial Statements.



F-5
Ameriprise Certificate Company
Consolidated Balance Sheets (continued)
December 31,
2023
2022
(in thousands, except share data)
LIABILITIES AND SHAREHOLDER’S EQUITY
  
Liabilities
  
Certificate reserves
  
Installment certificates:  
Reserves to mature$10,272 $8,413 
Fully paid certificates:
Reserves to mature13,429,658 9,293,480 
Additional credits and accrued interest30,114 11,079 
Due to unlocated certificate holders630 433 
Total certificate reserves13,470,674 9,313,405 
Accounts payable and accrued liabilities:
 
Due to related party8,092 3,047 
Taxes payable to parent122 5,708 
Payables to brokers, dealers and clearing organizations6,150 68,533 
Total accounts payable and accrued liabilities14,364 77,288 
Derivative liabilities
11,496 6,649 
Other liabilities
63,461 14,139 
Total liabilities13,559,995 9,411,481 
Shareholder’s Equity
 
Common shares ($10 par value, 150,000 shares authorized and issued)
1,500 1,500 
Additional paid-in capital
612,167 481,667 
Retained earnings:
Appropriated for pre-declared additional credits and interest27,031 15,960 
Appropriated for additional interest on advance payments15 15 
Unappropriated121,732 30,686 
Accumulated other comprehensive income (loss), net of tax
(73,087)(115,345)
Total shareholder’s equity689,358 414,483 
Total liabilities and shareholder’s equity$14,249,353 $9,825,964 
See Notes to Consolidated Financial Statements.
F-6
Ameriprise Certificate Company
Consolidated Statements of Shareholder’s Equity
Number of Outstanding SharesCommon SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTotal
Appropriated for Pre-Declared Additional Credits and InterestAppropriated for Additional Interest on Advance PaymentsUnappropriated
(in thousands, except share data)
Balance at January 1, 2021
150,000 $1,500 $341,700 $21 $15 $44,812 $32,696 $420,744 
 Net income— — — — — 25,246 — 25,246 
 Other comprehensive income (loss), net of tax— — — — — — (16,960)(16,960)
Transfers between appropriated and unappropriated, net
— — — (21)— 21 — — 
Dividend to parent
— — — — — (70,009)— (70,009)
Return of capital to parent
— — (38,991)— — — — (38,991)
Balance at December 31, 2021
150,000 1,500 302,709 — 15 70 15,736 320,030 
 Net income— — — — — 57,834 — 57,834 
 Other comprehensive income (loss), net of tax— — — — — — (131,081)(131,081)
Transfers between appropriated and unappropriated, net
— — — 15,960 — (15,960)— — 
Dividend to parent— — — — — (11,258)— (11,258)
Return of capital to parent
— — (7,042)— — — — (7,042)
Capital contribution from parent
— — 186,000 — — — — 186,000 
Balance at December 31, 2022
150,000 1,500 481,667 15,960 15 30,686 (115,345)414,483 
 Net income— — — — — 102,117 — 102,117 
 Other comprehensive income (loss), net of tax— — — — — — 42,258 42,258 
Transfers between appropriated and unappropriated, net
— — — 11,071 — (11,071)— — 
Capital contribution from parent
— — 130,500 — — — — 130,500 
Balance at December 31, 2023
150,000 $1,500 $612,167 $27,031 $15 $121,732 $(73,087)$689,358 
See Notes to Consolidated Financial Statements.
F-7
Ameriprise Certificate Company
Consolidated Statements of Cash Flows
Years Ended December 31,
2023
2022
2021
(in thousands)
Cash Flows from Operating Activities
Net income$102,117 $57,834 $25,246 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
Amortization of premiums, accretion of discounts, net(135,331)(22,512)2,382 
Deferred income tax expense (benefit)4,781 (927)1,657 
Net realized (gain) loss on Available-for-Sale securities249 (19)(1,093)
Other net realized (gain) loss558 45 167 
Provision for credit losses10 (46)(1,672)
Changes in operating assets and liabilities: 
Dividends and interest receivable49,170 (9,486)4,560 
Certificate reserves, net20,994 8,309 (3,032)
Taxes payable to/receivable from parent, net(8,953)5,385 (487)
Derivatives, net of collateral(612)(492)224 
Other liabilities13,531 (3,047)(7,237)
Other receivables(458)332 (43)
Payables to brokers, dealers and clearing organizations— 33,939 — 
Due to/from related party, net
1,639 — — 
Other, net(115)1,165 1,055 
Net cash provided by (used in) operating activities47,580 70,480 21,727 
Cash Flows from Investing Activities
Available-for-Sale securities: 
Sales113,185 — — 
Maturities, redemptions and calls5,314,949 3,657,184 4,637,978 
Purchases(10,048,894)(7,426,951)(3,015,291)
Commercial mortgage loans and syndicated loans: 
Sales, maturities and repayments48,619 53,550 74,945 
Purchases and fundings(28,337)(35,505)(26,486)
Equity securities:
Sales— — 48 
Certificate loans, net38 11 129 
Net cash provided by (used in) investing activities(4,600,440)(3,751,711)1,671,323 
Cash Flows from Financing Activities
 
Payments from certificate holders and other additions11,193,104 8,343,118 2,733,012 
Certificate maturities and cash surrenders(7,038,549)(4,338,511)(4,189,922)
Capital contribution from parent
130,500 186,000 — 
Dividend to parent— (11,258)(70,009)
Return of capital to parent— (7,042)(38,991)
Net cash provided by (used in) financing activities4,285,055 4,172,307 (1,565,910)
Net increase (decrease) in cash and cash equivalents(267,805)491,076 127,140 
Cash and cash equivalents at beginning of period1,180,868 689,792 562,652 
Cash and cash equivalents at end of period$913,063 $1,180,868 $689,792 
Supplemental disclosures including non-cash transactions: 
Cash paid (received) for income taxes$36,818 $13,684 $7,054 
Cash paid for interest451,689 45,485 14,721 
See Notes to Consolidated Financial Statements.
F-8
Ameriprise Certificate Company

Notes to Consolidated Financial Statements
1. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Nature of Business
Ameriprise Certificate Company (“ACC”) is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial” or the “Parent”). ACC is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”) and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency or other entity. ACC’s certificates are distributed and sold solely by Ameriprise Financial Services, LLC (“AFS”), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
As of December 31, 2023, ACC offered three types of certificate products to the public. Effective August 18, 2023, stock market certificates (“SMC”) were closed to new sales. ACC is impacted by significant changes in interest rates as interest crediting rates on certificate products generally reset at shorter intervals than the change in the yield on ACC’s investment portfolio. The specified maturities of most of ACC’s certificate products range from ten to twenty years. Within that maturity period, most certificates have interest crediting rate terms ranging from three to 48 months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at maturity; however, the Cash Reserve Certificate is a fully liquid product and can be surrendered at any time without penalty. In addition, two types of certificate products (neither are currently sold) have interest tied, in whole or in part, to a broad-based stock market index. In general, ACC’s certificate products are available as qualified investments for Individual Retirement Accounts, 401(k) plans and other qualified retirement plans.
ACC evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.
Basis of Financial Statement Presentation
The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform with the current presentation. ACC uses the consolidation method of accounting for its wholly owned subsidiary, Investors Syndicate Development Corp.
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
Interest Income
Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on securities are recognized using the specific identification method on a trade date basis.
Cash and Cash Equivalents
Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
Available-for-Sale Securities
Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in Accumulated other comprehensive income (loss) (“AOCI”), net of income taxes. Available-for-Sale securities are recorded within Investments in unaffiliated issuers. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.
Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, ACC first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that ACC will be required to sell the security before its anticipated recovery. If either of these conditions exist, ACC recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.
        F-9
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
For securities that do not meet the above criteria, ACC determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net realized gain (loss) on investments. The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.
Factors ACC considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and ACC’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), ACC also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.
Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Investment income.
Financing Receivables
Commercial Loans
Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments in unaffiliated issuers. Commercial mortgage loans are loans on commercial properties that are originated by ACC. Syndicated loans represent ACC’s investment in loan syndications originated by unrelated third parties.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Investment income.
Allowance for Credit Losses
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased.
Commercial Loans
The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized gain (loss) on investments and is reduced/increased by net charge-offs/recoveries.
Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While ACC may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.
F-10
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Certificate Loans
Certificate loans are recorded within Investments in unaffiliated issuers. When originated, the loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on certificate loans is recorded in Investment income.
See Note 4 for additional information on financing receivables.
Nonaccrual Loans
Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.
Loan Modifications
A loan is modified when ACC makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
Charge-off and Foreclosure
Charge-offs are recorded when ACC concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by ACC to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by ACC to determine whether all amounts due on syndicated loans will be collected, include but are not limited to, the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned.
Certificate Reserves
Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to Certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves also are maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.
Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected within Provision for certificate reserves.
Derivatives and Hedging Activities
Derivative instruments, consisting of options and futures contracts, if any, are classified in the Consolidated Balance Sheets at fair value. The fair value of ACC’s derivative instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market observable inputs to the extent available. The accounting for the change in the fair value of the derivative instrument depends on its intended use and the resulting hedge designation, if any. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. ACC’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement.
F-11
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Due From Related Party
The balance in Due from related party includes the amounts due from its affiliated broker-dealer, AFS, related to sales of investment certificates.
Other Liabilities
Other liabilities primarily include unpaid certificate maturities and cash surrenders to certificate holders.
Income Taxes
ACC’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. ACC provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and ACC, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which ACC is a member is an applicable corporation with regard to the corporate alternative minimum tax (“CAMT”) and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.
ACC’s provision for income taxes represents the net amount of income taxes that ACC expects to pay or to receive from various taxing jurisdictions in connection with its operations. ACC provides for income taxes based on amounts that ACC believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
In connection with the provision for income taxes, ACC’s Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.
ACC is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. See Note 11 for additional information on ACC’s valuation allowance.
Recent Accounting Pronouncements
Adoption of New Accounting Standards
Financial Instruments – Credit Losses – Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the Financial Accounting Standards Board (“FASB”) proposed amendments to Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The update removes the recognition and measurement guidance for Troubled Debt Restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, and modifies the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The update also requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The amendments are to be applied prospectively, but entities may apply a modified retrospective transition for changes to the recognition and measurement of TDRs. For entities that have adopted Topic 326, the amendments are effective for interim and annual periods beginning after December 15, 2022. ACC adopted the standard on January 1, 2023. The adoption of this update did not have an impact on ACC’s consolidated results of operations and financial condition and modifications to disclosures are immaterial in the current period.
Future Adoption of New Accounting Standards
Segment Reporting – Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is assessing changes to the segment related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
F-12
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Income Taxes – Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
2. Deposit of Assets and Maintenance of Qualified Assets
Under the provisions of its certificates and the 1940 Act, ACC was required to have cash and “qualified assets” (as defined in Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC) in the amount of $13.5 billion and $9.3 billion as of December 31, 2023 and 2022, respectively. ACC reported Qualified Assets of $14.3 billion and $9.9 billion as of December 31, 2023 and 2022, respectively. Qualified Assets exclude net unrealized pretax losses on Available-for-Sale securities of $98.3 million and $154.1 million as of December 31, 2023 and 2022, respectively. Additionally, Qualified Assets exclude Payables to brokers, dealers and clearing organizations of $6.2 million and $68.5 million as of December 31, 2023 and 2022, respectively.
Qualified Assets are valued in accordance with such provisions of Minnesota Statutes as are applicable to investments of life insurance companies. These values are the same as financial statement carrying values, except for debt securities classified as Available-for-Sale and all marketable equity securities, which are carried at fair value in the Consolidated Financial Statements but are valued at either amortized cost, market value or par value based on the state requirements for qualified asset and deposit maintenance purposes.
Pursuant to provisions of the certificates, the 1940 Act, the Depository and Custodial Agreement and requirements of various states, Qualified Assets of ACC were deposited as follows:
 
December 31, 2023
DepositsRequired DepositsExcess
(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania and New Jersey (at market value)$212 $130 $82 
Texas and Illinois (at par value)262 150 112 
Custodian (at amortized cost)14,212,284 13,475,655 736,629 
Total$14,212,758 $13,475,935 $736,823 
 
December 31, 2022
DepositsRequired DepositsExcess
(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania and New Jersey (at market value)$212 $130 $82 
Texas and Illinois (at par value)360 150 210 
Custodian (at amortized cost)9,886,405 9,313,729 572,676 
Total$9,886,977 $9,314,009 $572,968 
The assets on deposit with the Custodian (or its subcustodian) as of December 31, 2023 and 2022 consisted of securities and other loans having a deposit value of $13.2 billion and $8.6 billion, respectively, mortgage loans on real estate of $96.6 million and $102.2 million, respectively, and other investments of $894.1 million and $1.2 billion, respectively. There were $6.2 million and $68.5 million of Payables to brokers, dealers and clearing organizations related to these assets on deposit as of December 31, 2023 and 2022, respectively.
Ameriprise Trust Company (“ATC”) is the Custodian for ACC. ATC has appointed JPMorgan Chase Bank, N.A. as its subcustodian. See Note 7 for information on related party transactions.
F-13
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
3. Investments
Investments in unaffiliated issuers were as follows:
December 31,
2023
2022
(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2023 and 2022, nil; amortized cost: 2023, $13,135,364; 2022, $8,523,011)
$13,037,037 $8,368,916 
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2023, $1,333; 2022, $1,472; fair value: 2023, $178,850; 2022, $195,252)
183,268 204,493 
Certificate loans — secured by certificate reserves, at cost, which approximates fair value34 72 
Total$13,220,339 $8,573,481 
Available-for-Sale securities distributed by type were as follows:
Description of Securities
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value
 (in thousands)
Corporate debt securities
$1,722,491 $3,100 $(4,586)$1,721,005 
Residential mortgage backed securities
4,217,845 18,865 (101,830)4,134,880 
Commercial mortgage backed securities
1,913,637 4,708 (25,900)1,892,445 
Asset backed securities
2,640,240 8,575 (1,701)2,647,114 
State and municipal obligations
1,250 — (67)1,183 
U.S. government and agency obligations
2,639,901 1,158 (649)2,640,410 
Total
$13,135,364 $36,406 $(134,733)$13,037,037 
Description of Securities
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value
 (in thousands)
Corporate debt securities
$800,596 $497 $(8,151)$792,942 
Residential mortgage backed securities
2,210,633 4,202 (114,971)2,099,864 
Commercial mortgage backed securities
1,976,401 872 (28,521)1,948,752 
Asset backed securities
1,463,147 2,599 (10,474)1,455,272 
State and municipal obligations
9,451 — (296)9,155 
U.S. government and agency obligations
2,062,783 819 (671)2,062,931 
Total
$8,523,011 $8,989 $(163,084)$8,368,916 
As of December 31, 2023 and 2022, accrued interest of $47.4 million and $20.8 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
As of December 31, 2023 and 2022, fixed maturity securities comprised approximately 92% and 86%, respectively, of ACC’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”), and Fitch Ratings Ltd. (“Fitch”). ACC uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, as is the case for many private placement securities, ACC may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, $16.9 million and $8.7 million, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC.
F-14
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
A summary of fixed maturity securities by rating was as follows:
Ratings
December 31, 2023
December 31, 2022
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in thousands, except percentages)
AAA
$6,497,442 $6,432,988 49 %$7,504,912 $7,361,766 88 %
AA
4,667,593 4,633,823 36 104,049 100,303 1 
A
458,233 457,526 3 165,663 164,265 2 
BBB
1,506,666 1,507,511 12 732,811 727,450 9 
Below investment grade
5,430 5,189 — 15,576 15,132 — 
Total fixed maturities
$13,135,364 $13,037,037 100 %$8,523,011 $8,368,916 100 %
As of December 31, 2023, approximately 85% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, approximately 34% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2023, ACC had nine issuers with holdings totaling $774.2 million that individually were between 10% and 19% of total shareholder’s equity. As of December 31, 2022, ACC had 18 issuers with holdings totaling $868.0 million that individually were between 10% and 15% of total shareholder’s equity. There were no other holdings of any other issuer greater than 10% of total shareholder’s equity as of December 31, 2023 and 2022.
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position:
Description of Securities
December 31, 2023
Less than 12 months12 months or moreTotal
Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
(in thousands, except number of securities)
Corporate debt securities56 $865,152 $(2,433)28 $342,354 $(2,153)84 $1,207,506 $(4,586)
Residential mortgage backed securities24 1,195,734 (9,911)255 1,516,870 (91,919)279 2,712,604 (101,830)
Commercial mortgage backed securities11 325,203 (3,515)59 781,839 (22,385)70 1,107,042 (25,900)
Asset backed securities39 640,049 (1,002)26 320,391 (699)65 960,440 (1,701)
State and municipal obligations— — — 2 1,183 (67)2 1,183 (67)
U.S. government and agency obligations10 954,302 (648)1 55 (1)11 954,357 (649)
Total
140 $3,980,440 $(17,509)371 $2,962,692 $(117,224)511 $6,943,132 $(134,733)
F-15
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Description of Securities
December 31, 2022
Less than 12 months12 months or moreTotal
Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
(in thousands, except number of securities)
Corporate debt securities48 $598,028 $(8,151)— $— $— 48 $598,028 $(8,151)
Residential mortgage backed securities208 1,609,795 (83,810)78 253,759 (31,161)286 1,863,554 (114,971)
Commercial mortgage backed securities64 1,396,001 (16,637)21 379,588 (11,884)85 1,775,589 (28,521)
Asset backed securities42 816,065 (8,671)5 87,706 (1,803)47 903,771 (10,474)
State and municipal obligations7 8,251 (200)1 904 (96)8 9,155 (296)
U.S. government and agency obligations11 559,320 (671)— — — 11 559,320 (671)
Total
380 $4,987,460 $(118,140)105 $721,957 $(44,944)485 $5,709,417 $(163,084)
As part of ACC’s ongoing monitoring process, management determined the decrease in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable to the impact of lower interest rates and tighter credit spreads. ACC did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. ACC does not intend to sell these securities and does not believe that it is more likely than not that ACC will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2023 and 2022, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
There were no amounts recognized in the allowance for credit losses on Available-for-Sale securities during the years ended December 31, 2023, 2022 and 2021.
The change in net unrealized gains (losses) on securities in OCI includes two components, net of tax: (i) unrealized gains (losses) that arose from changes in the fair value of securities that were held during the period and (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses.
The following table presents a rollforward of the net unrealized gains (losses) on Available-for-Sale securities included in AOCI:
 Net Unrealized
Gains (Losses) on Securities		Deferred
Income Tax		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains 
(Losses) on Securities
(in thousands)
Balance at January 1, 2021
$40,810 $(8,114)$32,696 
Net unrealized gains (losses) on securities arising during the period (1)
(21,208)5,111 (16,097)
Reclassification of net (gains) losses on securities included in net income (2)
(1,093)230 (863)
Balance at December 31, 2021
18,509 (2,773)15,736 
Net unrealized gains (losses) on securities arising during the period (1)
(172,584)41,518 (131,066)
Reclassification of net (gains) losses on securities included in net income (2)
(19)4 (15)
Balance at December 31, 2022
(154,094)38,749 (115,345)
Net unrealized gains (losses) on securities arising during the period (1)
55,519 (13,458)42,061 
Reclassification of net (gains) losses on securities included in net income (2)
249 (52)197 
Balance at December 31, 2023
$(98,326)$25,239 $(73,087)
(1) Net unrealized gains (losses) on securities arising during the period include impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
(2) Reclassification amounts are reported in Net realized gain (loss) on investments.
F-16
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized gain (loss) on investments were as follows:
 Years Ended December 31,
2023
2022
2021
(in thousands)
Gross realized gains$314 $19 $1,132 
Gross realized losses(563)— (39)
Total
$(249)$19 $1,093 
Available-for-Sale securities by contractual maturity as of December 31, 2023 were as follows:
 Amortized CostFair Value
(in thousands)
Due within one year
$3,651,134 $3,647,866 
Due after one year through five years
712,508 714,732 
 
4,363,642 4,362,598 
Residential mortgage backed securities
4,217,845 4,134,880 
Commercial mortgage backed securities
1,913,637 1,892,445 
Asset backed securities
2,640,240 2,647,114 
Total
$13,135,364 $13,037,037 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.
4. Financing Receivables
Financing receivables are comprised of commercial loans and certificate loans. See Note 1 for information regarding ACC’s accounting policies related to loans and the allowance for loan losses.
Allowance for Credit Losses
The following table presents a rollforward of the allowance for credit losses:
 Commercial Loans
(in thousands)
Balance at January 1, 2021
$3,190 
Provisions(1,672)
Balance at December 31, 2021
1,518 
Provisions(46)
Balance at December 31, 2022
1,472 
Provisions10 
Charge-offs(149)
Balance at December 31, 2023
$1,333 
As of both December 31, 2023 and 2022, accrued interest on commercial loans was $1.2 million and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
During the years ended December 31, 2023, 2022 and 2021, ACC purchased $19.4 million, $25.2 million and $11.2 million, respectively, of syndicated loans, and sold $3.6 million, $1.1 million and $13.7 million, respectively, of syndicated loans.
ACC has not acquired any loans with deteriorated credit quality as of the acquisition date.
Credit Quality Information
Nonperforming loans were $1.1 million and $1.5 million as of December 31, 2023 and 2022, respectively. All other loans were considered to be performing.
F-17
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Commercial Loans
Commercial Mortgage Loans
ACC reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. There were no commercial mortgage loans which management has assigned its highest risk rating as of both December 31, 2023 and 2022. Loans with the highest risk rating represent distressed loans which ACC has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2023 and 2022.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
December 31, 2023
Loan-to-Value Ratio
2023
2022202120202019PriorTotal
(in thousands)
> 100%$— $— $— $— $— $3,146 $3,146 
80% - 100%— 5,420 — — — — 5,420 
60% - 80%4,000 — — — — 4,000 8,000 
40% - 60%1,075 — 3,948 3,969 5,000 5,117 19,109 
< 40%2,600 1,480 6,273 3,000 8,719 39,202 61,274 
Total$7,675 $6,900 $10,221 $6,969 $13,719 $51,465 $96,949 
December 31, 2022
Loan-to-Value Ratio
2022
2021202020192018PriorTotal
(in thousands)
> 100%$— $— $— $— $3,211 $— $3,211 
80% - 100%5,500 — — — — — 5,500 
60% - 80%— 1,727 — — — 3,411 5,138 
40% - 60%— 4,963 4,062 10,630 2,570 8,299 30,524 
< 40%1,628 4,544 3,000 3,646 6,589 38,834 58,241 
Total$7,128 $11,234 $7,062 $14,276 $12,370 $50,544 $102,614 
Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2023, write-offs of commercial mortgage loans were not material.
In addition, ACC reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
December 31,December 31,
2023
2022
2023
2022
(in thousands) 
East North Central$8,226 $9,116 8 %9 %
East South Central5,514 2,239 6 2 
Middle Atlantic15,466 14,640 16 14 
Mountain8,756 9,135 9 9 
New England6,308 6,542 7 6 
Pacific30,024 36,432 31 36 
South Atlantic13,023 12,003 13 12 
West North Central3,403 4,215 4 4 
West South Central6,229 8,292 6 8 
Total$96,949 $102,614 100 %100 %
F-18
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
December 31,December 31,
2023
2022
2023
2022
(in thousands) 
Apartments$31,125 $29,969 32 %29 %
Industrial23,596 25,668 24 25 
Mixed use10,126 10,658 11 11 
Office11,336 16,293 12 16 
Retail14,574 17,592 15 17 
Other6,192 2,434 6 2 
Total$96,949 $102,614 100 %100 %
Syndicated Loans
The investment in syndicated loans as of December 31, 2023 and 2022 was $87.7 million and $103.4 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. Syndicated loans past due as of December 31, 2023 and 2022 were $1.1 million and nil, respectively. ACC assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2023, write-offs of syndicated loans were not material.
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
December 31, 2023
Internal Risk Rating
2023
2022202120202019PriorTotal
(in thousands)
Risk 5$— $1,131 $— $— $— $— $1,131 
Risk 4111 — — 1,199 1,925 — 3,235 
Risk 31,963 — 5,050 2,460 1,207 8,106 18,786 
Risk 220,347 1,998 8,437 2,377 4,658 1,981 39,798 
Risk 18,557 2,261 6,104 1,993 4,162 1,625 24,702 
Total$30,978 $5,390 $19,591 $8,029 $11,952 $11,712 $87,652 
December 31, 2022
Internal Risk Rating
2022
2021202020192018PriorTotal
(in thousands)
Risk 5$1,132 $— $— $— $337 $— $1,469 
Risk 4— — — 1,937 — 1,786 3,723 
Risk 3— 3,561 717 3,058 4,740 6,859 18,935 
Risk 22,948 7,993 5,387 6,813 5,284 16,242 44,667 
Risk 13,342 4,423 2,556 3,467 7,880 12,889 34,557 
Total$7,422 $15,977 $8,660 $15,275 $18,241 $37,776 $103,351 
Certificate Loans
Certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.
Modifications with Borrowers Experiencing Financial Difficulty
Modifications of financing receivables with borrowers experiencing financial difficulty by ACC were not material during the year ended December 31, 2023.
F-19
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
5. Certificate Reserves
Reserves maintained on outstanding certificates have been computed in accordance with the provisions of the certificates and Section 28 of the 1940 Act. The average rates of accumulation on certificate reserves were as follows:
 
December 31, 2023
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Installment certificates:   
Reserves to mature:   
Without guaranteed rates (1)
$10,272 4.87 %4.87 %
Fully paid certificates:
Reserves to mature:
With guaranteed rates3,441 3.19 %0.01 %
Without guaranteed rates (1)
13,262,238 4.67 %4.67 %
Equity indexed (2)
163,980 N/AN/A
Additional credits and accrued interest:
With guaranteed rates12 3.04 %— 
Without guaranteed rates (1)
30,101 N/AN/A
Due to unlocated certificate holders630 N/AN/A
Total$13,470,674   
 
December 31, 2022
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Installment certificates:   
Reserves to mature:   
Without guaranteed rates (1)
$8,413 4.09 %4.09 %
Fully paid certificates:
Reserves to mature:
With guaranteed rates4,032 3.22 %0.01 %
Without guaranteed rates (1)
9,079,145 2.97 %2.97 %
Equity indexed (2)
210,303 N/AN/A
Additional credits and accrued interest:
With guaranteed rates17 3.07 %— 
Without guaranteed rates (1)
11,062 N/AN/A
Due to unlocated certificate holders433 N/AN/A
Total$9,313,405   
N/A Not Applicable
(1) There is no minimum rate of accrual on these reserves. Interest is declared periodically, quarterly, or annually in accordance with the terms of the separate series of certificates.
(2) Ameriprise Stock Market Certificate and Ameriprise Market Strategy Certificate enable the certificate owner to participate in any relative rise in a major stock market index up to a cap without risking loss of principal. The certificates have market participation terms of 52, 104 or 156 weeks and may continue for up to 15 years. The reserve balances on these certificates as of December 31, 2023 and 2022 were $176.9 million and $220.5 million, respectively.
(3) The average gross accumulation rate is the additional credit rate plus the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2023 and 2022.
(4) The average additional credit rate is the declared interest rate in excess of the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2023 and 2022.
On certain series of single payment certificates, additional interest is pre-declared for periods greater than one year. The retained earnings appropriated for the pre-declared additional interest as of December 31, 2023 and 2022 was $27.0 million and $16.0 million, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.
F-20
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The carrying amounts of net certificate reserves consisted of the following:
December 31,
2023
2022
(in thousands)
Reserves with terms of one year or less
$12,354,258 $8,927,109 
Other
1,116,416 386,296 
Total certificate reserves13,470,674 9,313,405 
Unapplied certificate transactions
39,628 6,858 
Certificate loans and accrued interest
(35)(73)
Total$13,510,267 $9,320,190 
6. Regulation and Dividend Restrictions
ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC. The amortized cost of such investments must be at least equal to ACC’s net liabilities on all outstanding face-amount certificates plus $250,000. ACC’s qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than GAAP. ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC. ACC was in compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the years ended December 31, 2023, 2022 and 2021.
Ameriprise Financial and ACC entered into a Capital Support Agreement on March 2, 2009, pursuant to which Ameriprise Financial agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50.0 million. For the years ended December 31, 2023, 2022 and 2021, Ameriprise Financial did not infuse any additional capital into ACC under this agreement.
7. Related Party Transactions
Distribution Services
Distribution fees payable to AFS on sales of ACC’s certificates are based upon terms of agreements giving AFS the right to distribute the certificates covered under the agreements. The agreements provide for payment of fees over a period of time.
The following is a general description of the basis for determining distribution fees for ACC’s products:
•Ameriprise Cash Reserve Certificates have contractual distribution fee rates of 0.02% of the initial payment on the issue date of the certificate and 0.02% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date.
•Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate’s term and 0.04% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment for all terms except seven and thirteen months. For seven month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate’s term, 0.04% of the certificate’s reserve at the beginning of the second quarter from issue date and 0.014% of the certificate’s reserve at the beginning of the last month of the certificate term. For thirteen month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate’s term, 0.04% of the certificate’s reserve at the beginning of the second, third and fourth quarters from issue date and 0.014% of the certificate’s reserve at the beginning of the last month of the certificate term.
•Ameriprise Stock Market Certificates have contractual distribution fee rates of 0.16%, 0.32% and 0.48% for the 52, 104 and 156 week terms, respectively, of each payment made prior to the beginning of the first certificate’s participation term and of the certificate’s reserve at the beginning of each subsequent participation term.
F-21
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
•Ameriprise Market Strategy Certificates have contractual distribution fee rates of 0.16% of the certificate’s reserve at the beginning of each participation term.
•Ameriprise Installment Certificates have contractual distribution fee rates of 0.25% of all payments received on or after issue of the certificate until the certificate’s maturity date.
•Ameriprise Step-Up Rate Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate’s term and 0.04% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment.
Investment Advisory and Services
CMIA provides investment advice, operational support and other administrative services to ACC. The agreement provides for a graduated scale of fees equal on an annual basis to 0.35% on the first $250 million of net invested assets of ACC (as defined in the agreement), 0.30% on the next $250 million, 0.25% on the next $500 million and 0.20% on the amount in excess of $1 billion. The fee is payable monthly in an amount equal to one-twelfth of each of the percentages set forth above.
The fee paid to CMIA for managing and servicing syndicated loans, which are excluded from the computation of net invested assets above, is equal to 0.35%. The fee is payable monthly and is equal to one-twelfth of 0.35%, computed each month on the basis of the loans amortized cost less the allowance for loan losses and payable for loans purchased as of the close of business on the last full business day of the preceding month.
Transfer Agent Fees
The basis of computing transfer agent fees paid or payable to Columbia Management Investment Services Corp. (“CMIS”) is under a Transfer Agent Agreement to maintain certificate owner accounts and records. ACC pays CMIS a monthly fee of one-twelfth of $30.00 per certificate account for this service in addition to certain out-of-pocket expenses.
Depository Fees
ATC has an agreement with a subcustodian to provide depository services for ACC’s assets. The depository fees paid to ATC are asset-based with additional charges for transactional custody fees charged by the subcustodian.
ACC’s fees payable for distribution, investment advisory, transfer agent and depository services are included in Due to related party. The fees ACC incurred for these services are included in Ameriprise Financial and affiliated company fees.
Dividends and Contributions
ACC received cash contributions of $130.5 million, $186.0 million and nil from Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively. ACC received these contributions to maintain compliance with capital requirements and these contributions were outside of the Capital Support Agreement between Ameriprise Financial and ACC. See Note 6 for additional information on the Capital Support Agreement.
ACC paid dividends of nil, $11.3 million and $70.0 million to Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively.
ACC returned contributed capital of nil, $7.0 million and $39.0 million to Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively. The payments to Ameriprise Financial were recognized as a reduction of additional paid-in capital as it was in excess of the amount of unappropriated retained earnings available to be paid as a dividend.
8. Fair Values of Assets and Liabilities
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
ACC categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by ACC’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
F-22
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:
 
December 31, 2023
Level 1Level 2Level 3Total
(in thousands)
Assets    
Cash equivalents$— $894,121 $— $894,121 
Available-for-Sale securities: 
Corporate debt securities— 1,703,151 17,854 1,721,005 
Residential mortgage backed securities— 4,134,880 — 4,134,880 
Commercial mortgage backed securities— 1,892,445 — 1,892,445 
Asset backed securities— 2,647,114 — 2,647,114 
State and municipal obligations— 1,183 — 1,183 
U.S. government and agency obligations2,640,410 — — 2,640,410 
Total Available-for-Sale securities2,640,410 10,378,773 17,854 13,037,037 
Equity derivative contracts— 17,255 — 17,255 
Total assets at fair value
$2,640,410 $11,290,149 $17,854 $13,948,413 
Liabilities    
Stock market certificate embedded derivatives$— $9,300 $— $9,300 
Equity derivative contracts16 11,480 — 11,496 
Total liabilities at fair value
$16 $20,780 $— $20,796 
 
December 31, 2022
Level 1Level 2Level 3Total
(in thousands)
Assets    
Cash equivalents$— $1,159,470 $— $1,159,470 
Available-for-Sale securities: 
Corporate debt securities— 783,289 9,653 792,942 
Residential mortgage backed securities— 2,099,864 — 2,099,864 
Commercial mortgage backed securities— 1,948,752 — 1,948,752 
Asset backed securities— 1,450,381 4,891 1,455,272 
State and municipal obligations— 9,155 — 9,155 
U.S. government and agency obligations2,062,931 — — 2,062,931 
Total Available-for-Sale securities2,062,931 6,291,441 14,544 8,368,916 
Equity derivative contracts— 8,786 — 8,786 
Total assets at fair value
$2,062,931 $7,459,697 $14,544 $9,537,172 
Liabilities    
Stock market certificate embedded derivatives$— $3,572 $— $3,572 
Equity derivative contracts8 6,641 — 6,649 
Total liabilities at fair value
$8 $10,213 $— $10,221 
F-23
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:
 Available-for-Sale Securities
Corporate Debt SecuritiesAsset Backed SecuritiesTotal
(in thousands)
Balance at January 1, 2023
$9,653 $4,891 $14,544 
Total gains (losses) included in:
Net income148 183 331 (1)
Other comprehensive income (loss)234 (74)160 
Purchases15,851 — 15,851 
Settlements(8,032)(5,000)(13,032)
Balance at December 31, 2023
$17,854 $— $17,854 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2023
$106 $— $106 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023
$182 $— $182 
 
Available-for-Sale Securities
Corporate Debt Securities
Residential Mortgage Backed Securities
Asset Backed Securities
Total
(in thousands)
Balance at January 1, 2022
$6,004 $— $4,891 $10,895 
Total gains (losses) included in:
Net income45 — 38 83 (1)
Other comprehensive income (loss)(214)(504)(193)(911)
Purchases9,818 99,956 17,582 127,356 
Settlements(6,000)— — (6,000)
Transfers out of Level 3— (99,452)(17,427)(116,879)
Balance at December 31, 2022
$9,653 $— $4,891 $14,544 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022
$45 $— $38 $83 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022
$(212)$— $(38)$(250)
F-24
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
Available-for-Sale Securities
Corporate Debt Securities
Asset Backed Securities
Total
(in thousands)
Balance at January 1, 2021
$6,057 $4,891 $10,948 
Total gains (losses) included in:
Net income— 15 15 (1)
Other comprehensive income (loss)(53)(15)(68)
Transfers into Level 33 — 3 
Transfers out of Level 3(3)— (3)
Balance at December 31, 2021
$6,004 $4,891 $10,895 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021
$— $15 $15 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021
$(53)$(15)$(68)
(1) Included in Investment income.
Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by ACC or reasonably available to ACC of Level 3 assets:
 
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in thousands)
Corporate debt securities (private placements)
$17,851 
Discounted cash flow
Yield/spread to U.S. Treasuries
1.0 %–1.1%1.0%
December 31, 2022
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in thousands)
Corporate debt securities (private placements)
$9,650 
Discounted cash flow
Yield/spread to U.S. Treasuries
1.1 %–1.1%1.1%
The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to ACC.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.
Determination of Fair Value
ACC uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. ACC’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ACC’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, ACC maximizes the use of observable inputs and minimizes the use of unobservable inputs.
F-25
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
Assets
Cash Equivalents
Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. U.S. Treasuries are classified as Level 1. ACC’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.
Available-for-Sale and Equity Securities
When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.
Level 1 securities include U.S. Treasuries.
Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and other securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
Level 3 securities include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to ACC. ACC’s privately placed corporate bonds are typically based on a single non-binding broker quote.
Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. ACC reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third-party pricing services. ACC’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.
Derivatives
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2023 and 2022. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
Liabilities
Stock Market Certificate Embedded Derivatives
ACC uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its SMC. The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.
Derivatives
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2023 and 2022. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
Fair Value on a Nonrecurring Basis
During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis.
F-26
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Assets and Liabilities Not Reported at Fair Value
The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
 
December 31, 2023
Carrying 
Value		Fair Value
Level 1Level 2Level 3Total
(in thousands)
Financial Assets
     
Syndicated loans$86,697 $— $80,832 $4,899 $85,731 
Commercial mortgage loans96,571 — — 93,119 93,119 
Certificate loans34 — 34 — 34 
Financial Liabilities
     
Certificate reserves$13,461,374 $— $— $13,420,205 $13,420,205 
 
December 31, 2022
Carrying 
Value		Fair Value
Level 1Level 2Level 3Total
(in thousands)
Financial Assets
     
Syndicated loans$102,330 $— $96,552 $3,024 $99,576 
Commercial mortgage loans102,163 — — 95,676 95,676 
Certificate loans72 — 72 — 72 
Financial Liabilities
Certificate reserves$9,309,833 $— $— 9,253,304 $9,253,304 
See Note 4 for additional information on syndicated, commercial mortgage and certificate loans. Certificate reserves represent customer deposits for fixed rate certificates and SMC.
9. Offsetting Assets and Liabilities
Certain derivative instruments are eligible for offset in the Consolidated Balance Sheets. ACC’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. ACC’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
The following tables present the gross and net information about ACC’s assets subject to master netting arrangements:
 
December 31, 2023
Gross
Amounts of
Recognized Assets		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$17,255 $— $17,255 $(11,480)$(4,903)$872 
Total$17,255 $— $17,255 $(11,480)$(4,903)$872 
 
December 31, 2022
Gross
Amounts of
Recognized Assets		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$8,786 $— $8,786 $(6,641)$(1,893)$252 
Total$8,786 $— $8,786 $(6,641)$(1,893)$252 
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
F-27
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The following tables present the gross and net information about ACC’s liabilities subject to master netting agreements:
 
December 31, 2023
Gross
Amounts of
Recognized Liabilities		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$11,480 $— $11,480 $(11,480)$— $— 
Exchange-traded16 — 16 — — 16 
Total$11,496 $— $11,496 $(11,480)$— $16 
 
December 31, 2022
Gross
Amounts of
Recognized Liabilities		Gross Amounts
Offset in the
Consolidated
Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the Consolidated Balance SheetsNet Amount
Financial Instruments (1)
Cash Collateral
(in thousands)
Derivatives:
OTC$6,641 $— $6,641 $(6,641)$— $— 
Exchange-traded8 — 8 — — 8 
Total$6,649 $— $6,649 $(6,641)$— $8 
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.
When the fair value of collateral accepted by ACC is less than the amount due to ACC, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, ACC monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by ACC declines, it may be required to post additional collateral.
Freestanding derivative instruments are reflected in Derivative assets and Derivative liabilities. Cash collateral accepted by ACC is reflected in Other liabilities. See Note 10 for additional disclosures related to ACC’s derivative instruments.
10. Derivatives and Hedging Activities
Derivative instruments enable ACC to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. ACC primarily enters into derivative agreements for risk management purposes related to ACC’s products.
ACC uses derivatives as economic hedges of equity risk related to SMC. ACC does not designate any derivatives for hedge accounting. The following table presents the notional value and the gross fair value of derivative instruments, including embedded derivatives:
December 31, 2023
December 31, 2022
NotionalGross Fair ValueNotionalGross Fair Value
AssetsLiabilitiesAssetsLiabilities
(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)
$219,404 $17,255 $11,496 $283,681 $8,786 $6,649 
Embedded derivatives
Stock market certificates (2)
N/A— 9,300 N/A— 3,572 
Total derivatives
$219,404 $17,255 $20,796 $283,681 $8,786 $10,221 
N/A Not applicable
(1) The gross fair value of equity contracts is included in Derivative assets and Derivative liabilities.
(2) The gross fair value of SMC embedded derivatives is included in Certificate reserves.
See Note 8 for additional information regarding ACC’s fair value measurement of derivative instruments.
F-28
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
As of December 31, 2023 and 2022, investment securities with a fair value of $446 thousand and $182 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
Derivatives not designated as
hedging instruments		Location of Gain (Loss) on
Derivatives Recognized in Income		Amount of Gain (Loss) on Derivatives Recognized in Income
Years Ended December 31,
2023
2022
2021
 (in thousands)
Equity contracts
Stock market certificates
Net provision for certificate reserves
$4,324 $(580)$1,403 
Stock market certificates embedded derivatives
Net provision for certificate reserves
(5,046)439 (1,173)
Total$(722)$(141)$230 
Ameriprise SMC offer a return based upon the relative change in a major stock market index between the beginning and end of the certificate’s term. The SMC product contains an embedded derivative. The equity based return of the certificate must be separated from the host contract and accounted for as a derivative instrument. As a result of fluctuations in equity markets and the corresponding changes in value of the embedded derivative, the amount of expenses incurred by ACC related to the SMC product will positively or negatively impact reported earnings. As a means of hedging its obligations under the provisions for these certificates, ACC purchases and writes call options on the S&P 500® Index. ACC views this strategy as a prudent management of equity market sensitivity, such that earnings are not exposed to undue risk presented by changes in equity market levels. ACC also purchases futures on the S&P 500® Index to economically hedge its obligations. The futures are marked-to-market daily and exchange traded, exposing ACC to minimal counterparty risk.
Credit Risk
Credit risk associated with ACC’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, ACC has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 9 for additional information on ACC’s credit exposure related to derivative assets.
11. Income Taxes
The components of income tax provision were as follows:
 Years Ended December 31,
2023
2022
2021
(in thousands)
Current income tax   
Federal$24,615 $16,874 $5,738 
State and local3,952 3,089 617 
Total current income tax28,567 19,963 6,355 
Deferred income tax 
Federal4,027 (778)1,397 
State and local754 (149)260 
Total deferred income tax4,781 (927)1,657 
Total income tax provision$33,348 $19,036 $8,012 
F-29
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 21% were as follows:
 Years Ended December 31,
2023
2022
2021
Tax at U.S. statutory rate21.0 %21.0 %21.0 %
Changes in taxes resulting from:
State income tax, net2.7 3.0 2.1 
Other0.9 0.8 1.0 
Income tax provision
24.6 %24.8 %24.1 %
Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2023 and 2022. The significant components of ACC’s deferred income tax assets, which are included in Other Assets: Deferred taxes, net, were as follows:
 December 31,
2023
2022 (1)
(in thousands)
Deferred income tax assets
Investments including net unrealized on Available-for-Sale securities
$11,177 $35,126 
Certificate reserves8,423 2,766 
Total deferred income tax assets$19,600 $37,892 
(1) Prior period amounts have been reclassified to conform to current year presentation which relates to presenting investments inclusive of net unrealized on Available-for-Sale securities.
Based on analysis of ACC’s tax position, management believes it is more likely than not that ACC’s results of future operations and implementation of tax planning strategies will generate sufficient taxable income to enable ACC to utilize all of the deferred tax assets. Accordingly, no valuation allowance for deferred tax assets has been established as of both December 31, 2023 and 2022.
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
 
2023
2022
2021
(in thousands)
Balance at January 1$4,342 $3,826 $3,531 
Additions for tax positions related to the current year
1,179 586 316 
Additions for tax positions of prior years230 — 82 
Reductions for tax positions of prior years— (33)— 
Reductions due to lapse of statutes of limitations
(229)(37)(103)
Balance at December 31$5,522 $4,342 $3,826 
If recognized, approximately $4.4 million, $3.4 million and $3.0 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, would affect the effective tax rate.
It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. ACC estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $1.4 million in the next 12 months primarily due to state statutes of limitations expirations.
ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized a net increase of $249 thousand, $163 thousand and $102 thousand in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, ACC had a payable of $1 million and $778 thousand, respectively, related to accrued interest and penalties.
ACC files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023, the federal statutes of limitations are closed on years through 2018. A previously open item for 2014 and 2015 was resolved in the second quarter of 2023. Also in the second quarter of 2023, the Internal Revenue Service (“IRS”) audit for tax years 2016 through 2018 was finalized. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial and its subsidiaries, including ACC, are currently under examination by various jurisdictions for years ranging from 2017 through 2021.
F-30
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
12. Commitments and Contingencies
Commitments
ACC’s commercial mortgage loan funding commitments were $2.6 million and $1.1 million as of December 31, 2023 and 2022, respectively.
Contingencies
The level of regulatory activity and inquiry in the financial services industry remains elevated. From time to time, ACC receives requests for information from, and/or has been subject to examination by, both the SEC and the Minnesota Department of Commerce concerning its business activities and practices.
ACC may in the normal course of business be a party to legal, regulatory or arbitration proceedings concerning matters arising in connection with the conduct of its business activities. The outcome of any such proceeding cannot be predicted with any certainty. ACC believes that it is not a party to, nor are any of its properties the subject of, any pending legal, regulatory or arbitration proceedings that are reasonably likely to have a material adverse effect on ACC’s results of operations, financial condition or liquidity. Notwithstanding the foregoing, it is possible that the outcome of any such legal, arbitration or regulatory proceedings could have a material impact on ACC’s results of operations, financial condition or liquidity in any particular reporting period as the proceedings are resolved.
F-31
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2023    
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)

CASH EQUIVALENTS
CERTIFICATE OF DEPOSITS
CANADIAN IMPERIAL BANK OF COMMERCE
1/2/20245.310 %$100,000 $100,000 $100,000 
TOTAL CERTIFICATE OF DEPOSITS100,000 100,000 
GOVERNMENT BOND
FEDERAL AGRICULTURAL MORTGAGE CORPORATION1/2/2024— 1,200 1,200 1,200 
FEDERAL HOME LOAN BANKS1/2/2024— 47,250 47,243 47,243 
TOTAL GOVERNMENT BOND48,443 48,443 
COMMERCIAL PAPER
CENTERPOINT ENERGY INC1/2/2024— 67,890 67,880 67,880 
DNB BANK ASA1/4/2024— 100,000 99,950 99,950 
DOMINION ENERGY INC1/4/2024— 25,000 24,987 24,987 
DUKE ENERGY CORPORATION1/2/2024— 31,000 30,994 30,994 
DUKE ENERGY CORPORATION1/3/2024— 2,000 1,999 1,999 
EVERSOURCE ENERGY1/3/2024— 35,000 34,989 34,989 
FISERV INC1/4/2024— 25,000 24,987 24,987 
KINDER MORGAN INC1/2/2024— 99,000 98,985 98,985 
REPUBLIC SERVICES INC1/4/2024— 65,000 64,966 64,966 
SOUTHERN COMPANY (THE)1/3/2024— 35,000 34,987 34,987 
SYSCO CORPORATION1/4/2024— 10,000 9,994 9,994 
EMERA INCORPORATED1/29/2024— 106,000 105,524 105,524 
WILLIAMS COMPANIES INC1/4/2024— 65,000 64,965 64,965 
WEC ENERGY GROUP INC1/3/2024— 80,500 80,471 80,471 
TOTAL COMMERCIAL PAPER745,678 745,678 
TOTAL CASH EQUIVALENTS894,121 894,121 
EQUITY SECURITIES
CONGLOMERATES/DIVERSIFIED MFG
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC120 — — 
TOTAL CONGLOMERATES/DIVERSIFIED MFG— — 
TOTAL EQUITY SECURITIES— — 
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL4/18/2024— 105,000 103,519 103,385 
UNITED STATES TREASURY BILL6/27/2024— 115,000 112,098 112,149 
UNITED STATES TREASURY BILL2/22/2024— 118,000 117,160 117,121 
UNITED STATES TREASURY BILL6/20/2024— 115,000 112,180 112,260 
UNITED STATES TREASURY BILL1/25/2024— 110,000 109,654 109,629 
UNITED STATES TREASURY BILL5/16/2024— 105,000 103,039 102,991 
UNITED STATES TREASURY BILL6/13/2024— 100,000 97,619 97,720 
UNITED STATES TREASURY BILL1/4/2024— 100,000 99,954 99,971 
UNITED STATES TREASURY BILL1/11/2024— 100,000 99,847 99,870 
UNITED STATES TREASURY BILL2/8/2024— 100,000 99,435 99,459 
UNITED STATES TREASURY BILL3/7/2024— 100,000 99,001 99,063 
UNITED STATES TREASURY BILL3/14/2024— 35,000 34,622 34,637 
UNITED STATES TREASURY BILL3/28/2024— 100,000 98,683 98,760 
UNITED STATES TREASURY BILL4/4/2024— 100,000 98,579 98,660 
F-32
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
UNITED STATES TREASURY BILL4/11/2024— 100,000 98,479 98,565 
UNITED STATES TREASURY BILL4/25/2024— 100,000 98,269 98,361 
UNITED STATES TREASURY BILL5/9/2024— 100,000 98,094 98,176 
UNITED STATES TREASURY BILL5/23/2024— 100,000 97,903 97,990 
UNITED STATES TREASURY BILL5/30/2024— 100,000 97,797 97,912 
UNITED STATES TREASURY BILL6/6/2024— 100,000 97,720 97,813 
UNITED STATES TREASURY BILL3/21/2024— 105,000 103,875 103,805 
UNITED STATES TREASURY BOND1/31/20242.250 100,000 99,794 99,738 
UNITED STATES TREASURY BOND2/29/20242.125 100,000 99,551 99,465 
UNITED STATES TREASURY BOND1/15/20240.125 100,000 99,821 99,867 
UNITED STATES TREASURY BOND2/15/20240.125 100,000 99,431 99,367 
UNITED STATES TREASURY BOND3/15/20240.250 65,000 64,403 64,350 
UNITED STATES TREASURY BOND4/30/20242.500 100,000 99,113 99,059 
UNITED STATES TREASURY BOND11/15/20285.250 200 205 212 
UNITED STATES TREASURY BOND8/15/20242.375 56 56 55 
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS2,639,901 2,640,410 
STATE AND MUNICIPAL OBLIGATIONS
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20241.229250 250 242 
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20251.3291,000 1,000 941 
TOTAL STATE AND MUNICIPAL OBLIGATIONS1,250 1,183 

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-36 GF5/25/20365.7522,000 2,008 1,971 
FANNIE MAE 07-46 FB5/25/20375.822564 566 553 
FANNIE MAE 09-107 FL2/25/20384.1921,172 1,177 1,161 
FANNIE MAE 13-2 KF1/25/20375.6322,986 2,980 2,905 
FANNIE MAE 49152/1/20385.0008,421 8,424 8,469 
FANNIE MAE AF-2015-22C 4/25/20455.7955,344 5,324 5,214 
FANNIE MAE AF-2015-42 6/25/20555.7754,535 4,510 4,476 
FANNIE MAE AF-2015-91 12/25/20455.8155,369 5,343 5,279 
FANNIE MAE FA-2015-4 2/25/20455.7951,856 1,857 1,809 
FANNIE MAE FW-2015-84 11/25/20455.7955,423 5,416 5,292 
FANNIE MAE 07-6 2/25/20375.9023,712 3,717 3,643 
FANNIE MAE 09-101 12/25/20396.2924,500 4,563 4,520 
FANNIE MAE 12-1334/25/20425.7022,642 2,634 2,553 
FANNIE MAE 16-22/25/20565.9251,640 1,638 1,645 
FANNIE MAE 22-339/25/20385.73718,439 18,439 17,925 
FANNIE MAE 22-43 FB7/25/20525.93734,462 34,514 33,797 
FANNIE MAE 22-6610/25/20525.88721,862 21,884 21,116 
FANNIE MAE 23-36 8/25/20536.18724,503 24,503 24,503 
FANNIE MAE 3039709/1/20246.000— — — 
FANNIE MAE 49156/1/20315.59079 78 79 
FANNIE MAE 7255586/1/20345.33527 27 27 
FANNIE MAE 7256947/1/20345.23757 56 56 
FANNIE MAE 7257197/1/20335.42684 84 84 
FANNIE MAE 73503410/1/20345.7711,097 1,146 1,116 
FANNIE MAE 7357027/1/20355.646734 752 752 
FANNIE MAE 79478710/1/20345.79525 25 25 
F-33
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE 79973311/1/20345.79393 94 92 
FANNIE MAE 8013379/1/20347.343626 654 633 
FANNIE MAE 80191710/1/20346.070147 147 146 
FANNIE MAE 8045619/1/20346.074141 141 142 
FANNIE MAE 8072191/1/20355.848260 261 261 
FANNIE MAE 8095322/1/20354.152129 130 132 
FANNIE MAE 8345528/1/20356.11463 63 64 
FANNIE MAE 8894856/1/20365.796888 901 911 
FANNIE MAE 9226744/1/20365.253337 344 347 
FANNIE MAE 9684381/1/20385.905175 183 174 
FANNIE MAE 9951238/1/20376.26525 26 26 
FANNIE MAE 9955489/1/20355.494477 486 487 
FANNIE MAE 99560411/1/20355.7151,023 1,072 1,047 
FANNIE MAE 9956148/1/20376.726117 123 117 
FANNIE MAE AB52305/1/20272.5001,397 1,407 1,348 
FANNIE MAE AD09014/1/20404.933703 744 722 
FANNIE MAE AE055912/1/20345.5761,113 1,160 1,137 
FANNIE MAE AE05668/1/20355.511900 939 923 
FANNIE MAE AF-2016-11 3/25/20465.9452,382 2,376 2,360 
FANNIE MAE AF-2016-87 11/25/20465.8453,469 3,465 3,436 
FANNIE MAE AF-2016-88 12/25/20465.8852,748 2,748 2,721 
FANNIE MAE AF-2018-87 12/25/20485.7459,570 9,527 9,429 
FANNIE MAE AF-204620 11/15/20425.6582,806 2,799 2,769 
FANNIE MAE AL10371/1/20375.3151,043 1,100 1,067 
FANNIE MAE AL226910/1/20405.758868 920 896 
FANNIE MAE AL39359/1/20375.7202,432 2,553 2,487 
FANNIE MAE AL39612/1/20394.694750 788 749 
FANNIE MAE AL41009/1/20365.6631,670 1,750 1,708 
FANNIE MAE AL41103/1/20375.6181,341 1,402 1,370 
FANNIE MAE AL41142/1/20395.5461,171 1,238 1,211 
FANNIE MAE AO87468/1/20272.5002,741 2,778 2,642 
FANNIE MAE ARM 1907263/1/20337.23715 15 15 
FANNIE MAE ARM 2499072/1/20244.750— — — 
FANNIE MAE ARM 5457866/1/20325.290130 130 130 
FANNIE MAE ARM 6202931/1/20326.40021 21 21 
FANNIE MAE ARM 6516298/1/20325.9352 2 2 
FANNIE MAE ARM 6556468/1/20325.96561 61 60 
FANNIE MAE ARM 6557988/1/20325.854143 143 142 
FANNIE MAE ARM 6613499/1/20326.27062 62 62 
FANNIE MAE ARM 66174410/1/20326.06291 91 92 
FANNIE MAE ARM 66475010/1/20325.86351 51 51 
FANNIE MAE ARM 67073111/1/20325.54045 45 44 
FANNIE MAE ARM 67077911/1/20325.435202 202 200 
FANNIE MAE ARM 67089012/1/20325.66566 66 66 
FANNIE MAE ARM 67091212/1/20325.66528 28 27 
FANNIE MAE ARM 67094712/1/20325.665119 119 117 
FANNIE MAE ARM 7227799/1/20334.78847 47 47 
FANNIE MAE ARM 7335258/1/20335.750203 196 205 
FANNIE MAE ARM 7391949/1/20335.828148 148 150 
FANNIE MAE ARM 74325610/1/20335.85949 49 50 
F-34
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE ARM 74385611/1/20336.22627 27 27 
FANNIE MAE ARM 75887312/1/20335.91142 42 43 
FANNIE MAE AS45072/1/20303.0003,381 3,452 3,255 
FANNIE MAE AS48784/1/20303.0004,377 4,470 4,214 
FANNIE MAE BE56221/1/20322.5009,627 9,681 9,066 
FANNIE MAE BK09337/1/20333.5003,362 3,395 3,301 
FANNIE MAE BT19392/1/20372.0008,309 8,245 7,447 
FANNIE MAE CA12652/1/20333.0007,669 7,633 7,321 
FANNIE MAE CA22838/1/20333.5003,634 3,628 3,567 
FANNIE MAE DF-2015-38 6/25/20555.7557,585 7,535 7,490 
FANNIE MAE DF-2017-16 3/25/20475.8651,727 1,734 1,707 
FANNIE MAE F-2019-31 7/25/20495.90217,847 17,838 17,355 
FANNIE MAE FA-2013-1 2/25/20435.8023,890 3,903 3,776 
FANNIE MAE FA-2015-55 8/25/20555.7953,238 3,225 3,225 
FANNIE MAE FA-204624 12/15/20385.6688,554 8,527 8,447 
FANNIE MAE FC-2017-51 7/25/20475.80214,664 14,708 14,191 
FANNIE MAE FC-2018-73 10/25/20485.75218,588 18,539 17,997 
FANNIE MAE FC-2019-7612/25/20495.9528,976 8,974 8,783 
FANNIE MAE FK-2010-123 11/25/20405.9024,284 4,321 4,197 
FANNIE MAE FL-2017-4 2/25/20475.8953,832 3,832 3,796 
FANNIE MAE FM924711/1/20362.0006,531 6,687 5,853 
FANNIE MAE FS29409/1/20374.50012,304 12,021 12,243 
FANNIE MAE FT-2016-84 11/25/20465.9525,716 5,769 5,572 
FANNIE MAE GF-204639 3/15/20365.1578,203 8,178 8,104 
FANNIE MAE HYBRID ARM 5660745/1/20315.334134 134 133 
FANNIE MAE KF-2015-27 5/25/20455.7524,335 4,324 4,274 
FANNIE MAE MA11448/1/20272.5001,284 1,302 1,236 
FANNIE MAE MA33916/1/20333.0004,616 4,576 4,395 
FANNIE MAE MA46978/1/20424.00017,679 17,716 16,979 
FANNIE MAE WF-2016-68 10/25/20465.8951,953 1,955 1,935 
FANNIE MAE_15-507/25/20455.7957,931 7,921 7,846 
FANNIE MAE_15-93 8/25/20455.8021,745 1,741 1,713 
FANNIE MAE_16-11 3/25/20465.9953,374 3,376 3,354 
FANNIE MAE_17-82/25/20475.85227,963 27,963 27,432 
FANNIE MAE_22-377/25/20525.73738,732 38,699 38,017 
FANNIE MAE_22-447/25/20525.73715,393 15,367 14,951 
FANNIE MAE_23-195/25/20535.98758,048 58,048 57,542 
FANNIE MAE_CF-2019-33 7/25/20495.92210,538 10,558 10,243 
FANNIE MAE_FA-2020-47 7/25/20505.85225,891 25,891 25,096 
FANNIE MAE_YF-204979 6/25/20505.90217,762 17,778 17,174 
FREDDIE MAC 1H25206/1/20355.503996 1,047 1,015 
FREDDIE MAC 1N14745/1/20377.88528 29 28 
FREDDIE MAC 1Q151511/1/20385.1444,189 4,405 4,289 
FREDDIE MAC 1Q15406/1/20404.6401,722 1,831 1,762 
FREDDIE MAC 1Q15488/1/20384.7761,649 1,728 1,684 
FREDDIE MAC 1Q15725/1/20384.6543,133 3,291 3,199 
FREDDIE MAC 2A-AOT-7610/25/20372.3353,271 3,323 2,830 
FREDDIE MAC 4159 FD1/15/20435.8032,737 2,746 2,702 
FREDDIE MAC 4248 5/15/20415.9034,594 4,601 4,538 
FREDDIE MAC 4363 2014 FA9/15/20415.0131,213 1,215 1,192 
F-35
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC 4448 5/15/20405.5383,012 2,995 2,964 
FREDDIE MAC 49816/25/20505.85234,506 34,719 33,487 
FREDDIE MAC 52588/25/20525.83745,220 45,220 44,377 
FREDDIE MAC 7818848/1/20346.250145 146 146 
FREDDIE MAC 8457334/1/20244.6251 1 1 
FREDDIE MAC 8484162/1/20414.2512,170 2,261 2,220 
FREDDIE MAC 8485309/1/20395.321960 1,011 984 
FREDDIE MAC 8489224/1/20375.3261,361 1,439 1,392 
FREDDIE MAC 8492818/1/20375.7311,639 1,734 1,671 
FREDDIE MAC AF-204559 3/15/20425.7183,612 3,596 3,571 
FREDDIE MAC AF-204615 10/15/20385.2231,797 1,791 1,780 
FREDDIE MAC AF-204774 7/15/20425.5183,190 3,185 3,164 
FREDDIE MAC ARM 7805145/1/20334.96653 54 53 
FREDDIE MAC ARM 7808459/1/20336.29637 36 37 
FREDDIE MAC ARM 7809039/1/20336.30835 34 35 
FREDDIE MAC F2-20350 9/15/20405.0039,957 9,944 9,728 
FREDDIE MAC F4-20328 2/15/20384.9692,126 2,127 2,094 
FREDDIE MAC FA-204547 9/15/20405.1332,685 2,680 2,618 
FREDDIE MAC FA-204822 5/15/20355.70324,077 24,075 23,637 
FREDDIE MAC FA-536212/25/20536.55764,220 64,220 64,780 
FREDDIE MAC FB-204495 11/15/20385.5684,167 4,146 4,125 
FREDDIE MAC FB-536812/25/20536.78749,525 49,511 49,868 
FREDDIE MAC FB-53691/25/20546.537100,000 100,062 100,063 
FREDDIE MAC FD-203928 9/15/20415.87311,631 11,711 11,457 
FREDDIE MAC FD-204301 7/15/20375.8533,912 3,935 3,859 
FREDDIE MAC FD-535911/25/20536.83748,835 48,835 50,011 
FREDDIE MAC FD-53691/25/20546.23750,000 50,000 50,000 
FREDDIE MAC FE-535110/25/20536.53749,726 49,726 50,686 
FREDDIE MAC FL-204523 8/15/20385.5682,867 2,848 2,785 
FREDDIE MAC FR Q008859/1/20374.00016,303 16,032 16,045 
FREDDIE MAC FR SB82163/1/20384.5008,787 8,680 8,739 
FREDDIE MAC G164855/1/20333.0005,560 5,526 5,301 
FREDDIE MAC GF-204367 3/15/20375.0125,581 5,570 5,495 
FREDDIE MAC J325188/1/20303.0003,693 3,779 3,560 
FREDDIE MAC KF-204560 7/15/20405.7684,376 4,366 4,287 
FREDDIE MAC LF-204475 4/15/20405.5281,006 1,004 971 
FREDDIE MAC SB075210/1/20374.50012,431 12,181 12,412 
FREDDIE MAC SB81555/1/20373.00027,639 26,873 26,059 
FREDDIE MAC SB819110/1/20374.50032,142 31,464 32,002 
FREDDIE MAC SB819712/1/20374.00030,060 29,490 29,488 
FREDDIE MAC STRIP FHS_4029/25/20536.43733,960 33,955 34,343 
FREDDIE MAC WF-204491 8/15/20395.5381,853 1,850 1,824 
FREDDIE MAC WF-204681 8/15/20335.56810,945 10,932 10,763 
FREDDIE MAC WF-204697 6/15/20385.0637,318 7,314 7,192 
FREDDIE MAC WF-204730 8/15/20385.56814,956 14,879 14,692 
FREDDIE MAC_22-527811/25/20526.13777,924 77,924 75,657 
F-36
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC_459510/15/20374.6762,594 2,594 2,568 
FREDDIE MAC_5080 3/25/20514.50014,809 14,809 13,681 
FREDDIE MAC_JF-204981 6/25/20505.85214,482 14,482 14,132 
GINNIE MAE 22-1378/20/20525.78822,790 22,777 22,219 
GINNIE MAE 22-1689/20/20525.83869,316 69,316 67,179 
GINNIE MAE 18-16812/20/20485.87212,087 12,089 11,740 
GINNIE MAE 18-665/20/20485.7223,172 3,172 3,095 
GINNIE MAE 19-14311/20/20495.92211,542 11,581 11,257 
GINNIE MAE 22-181/20/20525.53821,822 21,785 20,688 
GINNIE MAE 22-19711/20/20526.03830,300 30,300 30,042 
GINNIE MAE 22-20712/20/20525.85852,248 52,248 51,581 
GINNIE MAE 22-21312/20/20525.85865,543 65,543 64,843 
GINNIE MAE 22-996/20/20525.88837,397 37,440 36,195 
GINNIE MAE AF-2014-129 10/20/20413.5822,037 2,035 1,961 
GINNIE MAE AF-2014-94 11/20/20415.9071,431 1,433 1,363 
GINNIE MAE AF-2015-18 2/20/20403.6593,638 3,642 3,537 
GINNIE MAE AF-2020-36 3/20/20505.92224,560 24,595 23,898 
GINNIE MAE FA-2014-43 3/20/20445.8725,954 5,959 5,827 
GINNIE MAE FA-2016-115 8/20/20465.87212,876 12,946 12,535 
GINNIE MAE FB-2013-1512/20/20405.8227,001 7,031 6,870 
GINNIE MAE FC-2009-8 2/16/20396.3735,355 5,484 5,408 
GINNIE MAE FC-2018-67 5/20/20485.7724,072 4,075 3,931 
GINNIE MAE II 08243112/20/20392.7501,354 1,403 1,340 
GINNIE MAE II 0824641/20/20403.625492 526 493 
GINNIE MAE II 0824973/20/20403.625965 1,019 975 
GINNIE MAE II 0825737/20/20403.6251,412 1,458 1,403 
GINNIE MAE II 0825817/20/20403.6251,824 1,945 1,813 
GINNIE MAE II 0826028/20/20403.6253,301 3,523 3,295 
GINNIE MAE II 0827101/20/20413.625976 1,012 988 
GINNIE MAE II 0827944/20/20413.8751,728 1,835 1,728 
GINNIE MAE II ARM 86386/20/20253.8757 7 7 
GINNIE MAE LF-2015-82 4/20/20413.5152,199 2,199 2,123 
GINNIE MAE MF-2016-1088/20/20465.757484 482 466 
GINNIE MAE_22-19711/20/20526.03869,713 69,595 69,586 
GINNIE MAE_23-1118/20/20536.13848,837 48,866 48,837 
GINNIE MAE_23-1158/20/20536.23832,592 32,592 32,732 
GINNIE MAE_23-1156/20/20536.33875,484 75,484 76,089 
GINNIE MAE_23-136 9/20/20536.33849,658 49,658 50,078 
GINNIE MAE_23-1499/20/20636.38850,785 50,785 51,186 
GINNIE MAE_23-15110/20/20536.38854,777 54,777 55,213 
GINNIE MAE_23-15210/20/20536.58849,889 49,889 50,664 
GINNIE MAE_23-18412/20/20535.83850,285 49,437 49,496 
GINNIE MAE_23-192/20/20535.98894,056 94,054 93,392 
GINNIE MAE_23-202/20/20535.83838,227 38,167 37,786 
GINNIE MAE_23-202/20/20535.838109,878 109,862 108,633 
F-37
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE_23-212/20/20535.98813,399 13,399 13,305 
GINNIE MAE_23-544/20/20535.93844,167 44,167 43,891 
GINNIE MAE_23-564/20/20535.93843,941 43,941 43,709 
GINNIE MAE_23-685/20/20535.88897,579 97,607 96,620 
GINNIE MAE_23-71/20/20535.93889,552 89,595 88,862 
GINNIE MAE_23-71/20/20535.93854,523 54,565 54,183 
GINNIE MAE_23-826/20/20536.08850,839 50,839 50,652 
GINNIE MAE_23-836/20/20536.23887,128 85,695 86,574 
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
3,080,969 3,049,633 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
A&D MTG TR ADMT_23-NQM49/25/20687.47249,200 49,185 50,323 
APS RESECURITIZATION TRUST APS_16-311/27/20667.7203,735 3,730 5,588 
APS RESECURITIZATION TRUST APS_16-311/27/20467.7203,667 3,661 5,438 
A&D MTG TR ADMT_23-NQM37/25/20686.73314,476 14,470 14,562 
A&D MTG TR ADMT_23-NQM511/25/20687.04939,695 39,694 40,322 
ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-22/25/20355.51745 45 44 
ANGEL OAK MORTGAGE TRUST AOMT_22-112/25/20662.88125,934 25,927 23,145 
ANGEL OAK MORTGAGE TRUST AOMT_20-55/25/20651.3733,998 3,996 3,598 
ANGEL OAK MORTGAGE TRUST AOMT_20-21/26/20652.5311,494 1,507 1,362 
ANGEL OAK MORTGAGE TRUST AOMT_20-34/25/20651.6913,727 3,725 3,436 
ANGEL OAK MORTGAGE TRUST AOMT_21-811/25/20661.82010,360 10,358 8,748 
ARROYO MORTGAGE TRUST ARRW_19-11/25/20493.8054,845 4,839 4,554 
ARROYO MORTGAGE TRUST ARRW_19-310/25/20482.9623,283 3,280 2,975 
BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E6/25/20344.999571 568 542 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL15/26/20592.5009,240 9,328 8,812 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM19/25/20613.62618,045 18,025 16,960 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-27/25/20492.8795,011 5,007 4,760 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-311/25/20593.7241,676 1,674 1,631 
CHNGE MORTGAGE TRUST CHNGE_23-13/25/20587.06518,884 18,854 19,165 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC17/25/20492.5735,932 5,927 5,524 
COLT MORTGAGE LOAN TRUST COLT_23-27/25/20686.59623,696 23,680 23,976 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA14/25/20473.2508,875 8,940 7,987 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL38/1/20574.00015,349 15,781 14,255 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM110/25/20593.656906 904 880 
COLT FUNDING LLC COLT_20-2R10/26/20651.3255,423 5,421 4,807 
COLT FUNDING LLC COLT_21-612/25/20661.90718,783 18,779 16,146 
CREDIT SUISSE MORTGAGE TRUST CSMC_21-NQM810/25/20661.84123,177 23,174 19,846 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH11/25/20672.87013,344 13,339 12,224 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH25/25/20674.54717,439 17,435 16,770 
COUNTRYWIDE HOME LOANS CWHL_03-461/19/20345.560680 687 636 
CENTEX HOME EQUITY CXHE_03-A12/25/20314.250115 115 115 
CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A12/25/20375.342711 705 688 
CHNGE MORTGAGE TRUST CHNGE_23-26/25/20586.52542,622 42,582 42,895 
CHNGE MORTGAGE TRUST CHNGE_23-37/25/20587.10022,845 22,822 23,231 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 15-PS19/25/20423.7501,096 1,103 1,027 
COLT MORTGAGE LOAN TRUST COLT_22-22/25/20672.99412,506 12,504 11,272 
COLT MORTGAGE LOAN TRUST COLT_22-112/27/20662.28419,752 19,746 17,552 
F-38
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR34/25/20344.858114 115 106 
CROSS MORTGAGE TRUST CROSS_23-H211/25/20687.13549,407 49,392 50,327 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL17/25/20572.7505,982 5,973 5,707 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-11/25/20672.20519,413 19,402 17,015 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-11/25/20672.20620,338 20,333 17,195 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-211/25/20592.7394,056 4,052 3,798 
FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES 04-AA410/25/20346.228126 127 123 
GCAT_19-NQM311/25/20593.6863,414 3,410 3,215 
GCAT_22-HX112/27/20662.88516,489 16,485 14,688 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.623142 142 126 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.019105 105 94 
GSR MORTGAGE LOAN TRUST GSR_05-AR11/25/20356.069475 477 447 
GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL110/25/20573.7504,586 4,550 4,424 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-14/19/20345.76192 92 87 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-46/19/20346.20727 27 25 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-68/19/20345.17067 67 63 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-711/19/20344.844177 176 163 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-101/19/20354.862109 109 101 
HOMES_23-NQM22/25/20686.45648,819 48,804 49,298 
IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM41/25/20572.09124,970 24,965 21,052 
IMPERIAL FUND MORTGAGE TRUST IMPRL_23-NQM12/25/20685.94121,392 21,371 21,306 
MFA TRUST MFRA_20-NQM31/26/20651.0142,035 2,034 1,826 
MFA TRUST MFRA_23-NQM412/25/20686.10525,000 25,000 25,088 
MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV310/25/20512.50021,310 21,591 17,444 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A58/25/20335.457187 187 176 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-112/25/20344.75778 78 72 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A112/25/20345.84794 94 91 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A22/25/20354.340352 352 329 
METLIFE SECURITIZATION TRUST MST_17-1A4/25/20553.0005,003 5,023 4,680 
METLIFE SECURITIZATION TRUST MST_18-1A3/25/20573.7505,159 5,160 4,908 
MILL CITY MORTGAGE TRUST MCMLT_17-27/25/20592.750178 178 177 
MILL CITY MORTGAGE LOAN TRUST MCMLT_17-31/25/20612.7502,611 2,609 2,550 
MILL CITY MORTGAGE TRUST MCMLT_18-38/25/20583.4822,188 2,210 2,099 
MILL CITY MORTGAGE TRUST MCMLT_19-110/25/20693.2503,827 3,847 3,665 
MILL CITY MORTGAGE TRUST MCMLT_19-GS17/25/20592.7504,934 4,939 4,695 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.264194 195 180 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.94757 58 54 
NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A12/25/20523.750505 512 470 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM49/25/20592.4921,254 1,253 1,157 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A4/25/20574.0007,454 7,639 7,050 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A11/25/20543.7501,249 1,269 1,171 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A3/25/20563.7503,490 3,583 3,297 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A11/26/20353.7502,398 2,443 2,264 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A9/25/20563.7506,661 6,847 6,284 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A2/25/20574.0005,748 5,862 5,443 
F-39
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A3/25/20574.0007,054 7,237 6,672 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A11/25/20563.7507,351 7,548 6,890 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A8/27/20574.0005,429 5,543 5,170 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL37/25/20592.7507,522 7,660 7,077 
OBX TRUST OBX_21-INV19/25/20512.50019,939 20,174 16,297 
OBX TRUST OBX_23-NQM89/25/20637.04529,244 29,235 29,786 
OBX TRUST OBX_23-NQM1010/25/20636.46520,624 20,623 20,812 
OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-15/28/20501.7332,236 2,234 2,027 
PRKCM TRUST PRKCM_23-AFC411/25/20587.22524,568 24,557 25,089 
PRPM LLC PRPM_23-NQM311/25/20686.22122,500 22,500 22,560 
PRKCM TRUST PRKCM_23-AFC26/25/20586.48245,288 45,244 45,942 
RUN_22-NQM13/25/20674.0008,628 8,567 8,196 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-25/25/20592.913492 491 487 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-39/25/20592.6331,369 1,367 1,331 
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_20-34/25/20651.4861,712 1,711 1,590 
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-112/25/20662.44723,994 23,986 20,680 
STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC56/25/20336.145455 445 455 
SASC_03-24A7/25/20337.718165 168 156 
TOWD POINT MORTGAGE TRUST TPMT_17-37/25/20572.7501,494 1,492 1,463 
TOWD POINT MORTGAGE TRUST TPMT_17-46/25/20572.7504,238 4,242 4,045 
TOWD POINT MORTGAGE TRUST TPMT_19-HY110/25/20486.4701,813 1,817 1,827 
UNITED WHOLESALE MORTGAGE LLC UWM _21-INV29/25/20512.50021,156 21,487 17,318 
VERUS SECURITIZATION TRUST VERUS_19-411/25/20593.6421,520 1,518 1,466 
VERUS SECURITIZATION TRUST VERUS_19-INV311/25/20592.6922,930 2,927 2,818 
VERUS SECURITIZATION TRUST VERUS_21-R110/25/20630.8205,103 5,101 4,696 
VERUS SECURITIZATION TRUST VERUS_21-710/25/20661.82914,851 14,848 12,788 
VERUS SECURITIZATION TRUST VERUS_22-11/25/20672.72416,694 16,690 14,983 
VERUS SECURITIZATION TRUST VERUS_23-45/25/20685.81126,562 26,543 26,477 
VERUS SECURITIZATION TRUST VERUS_23-812/25/20686.25925,700 25,700 25,871 
VISIO_19-211/25/20542.7228,602 8,567 8,100 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES 03-AR66/25/20335.346232 231 218 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES 05-AR44/25/20353.907987 983 891 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES 04-AR107/25/20445.551169 169 156 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES 05-AR33/25/20354.080357 358 332 
WELLS FARGO MORTGAGE BACKED SECURITIES TRUST 04-K7/25/20345.737253 259 255 
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
1,136,876 1,085,247 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
4,217,845 4,134,880 

ASSET BACKED SECURITIES
321 HENDERSON RECEIVABLES LLC HENDR_10-3A12/15/20483.820276 276 274 
ACHV ABS TRUST ACHV_23-4CP11/25/20306.81010,139 10,139 10,146 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_22-A5/17/20274.30018,000 17,859 17,724 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-B9/15/20286.82045,000 45,192 45,744 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-X111/15/20287.11038,000 38,000 38,108 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-36/16/20255.2909,743 9,743 9,737 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-34/15/20275.07016,800 16,799 16,781 
F-40
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 22-45/13/20266.2002,784 2,784 2,784 
AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 23-210/13/20265.89015,367 15,367 15,367 
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 22-212/18/20254.2008,421 8,420 8,394 
APIDOS CLO APID_15-20A7/16/20316.75519,863 19,863 19,863 
APIDOS CLO APID_20-33A10/24/20346.81022,000 22,000 21,999 
BAIN CAPITAL CREDIT CLO BCC_20-5A1/20/20326.89740,000 40,000 39,998 
BALLYROCK LTD BALLY_18-1A4/20/20316.67733,857 33,857 33,831 
BARINGS CLO LTD BABSN_23-14/20/20367.16640,000 40,000 40,018 
BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-12/25/20356.64113,177 13,107 13,214 
BROAD RIVER BSL FUNDING CLO BDRVR_20-17/20/20346.84716,000 16,000 15,968 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-4A1/15/20316.65518,179 18,179 18,174 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A10/15/20306.7559,974 9,980 9,974 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A4/17/20316.63428,553 27,965 28,552 
CARMAX AUTO OWNER TRUST CARMX_22-412/15/20256.23816,512 16,512 16,524 
CARMAX AUTO OWNER TRUST CARMX_23-26/15/20265.50031,175 31,174 31,158 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-N41/10/20286.42042,476 42,475 42,623 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-P311/10/20266.0903,000 3,000 3,003 
CIFC FUNDING LTD CIFC_17-1A4/23/20296.6848,059 7,998 8,058 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20266.09039,000 38,998 39,140 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20266.06811,500 11,500 11,500 
CNH EQUIPMENT TRUST CNH_23-A9/15/20265.34032,000 31,999 31,932 
COLLEGE LOAN CORPORATION TRUST COLLE_02-23/1/20423.58610,000 8,361 9,623 
CRB SECURITIZATION TRUST CRB_23-110/20/20336.96023,345 23,343 23,612 
DLLAA LLC DLLAA_23-17/20/20265.93020,000 20,000 20,080 
DRYDEN SENIOR LOAN FUND DRSLF_18-55A4/15/20316.67511,597 11,597 11,587 
DT AUTO OWNER TRUST DTAOT_22-310/15/20266.05016,128 16,128 16,135 
DT AUTO OWNER TRUST DTAOT_23-24/15/20275.88024,781 24,781 24,776 
DT AUTO OWNER TRUST DTAOT_23-38/16/20276.29027,380 27,380 27,539 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_12-24/25/20396.182809 808 807 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-12/25/20396.1523,328 3,298 3,302 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-32/25/20366.052297 293 293 
ELMWOOD CLO 21 LTD ELM21_23-8A10/20/20367.04850,000 50,000 50,038 
ENT AUTO RECEIVABLES TRUST ENT_23-18/16/20276.22017,600 17,599 17,660 
ENTERPRISE FLEET FINANCING LLC EFF_21-25/20/20270.48018,082 17,686 17,694 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-611/17/20255.7301,544 1,544 1,544 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-68/17/20265.70010,000 10,000 9,996 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-16/16/20255.6102,666 2,666 2,666 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-14/15/20265.5806,000 6,000 5,991 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-211/17/20255.8705,174 5,174 5,173 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-28/17/20265.60014,000 14,000 13,982 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-412/15/20256.0708,025 8,025 8,028 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-49/15/20266.0608,800 8,800 8,810 
FLAGSHIP CREDIT AUTO TRUST FCAT_22-49/15/20266.15025,566 25,565 25,587 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-112/15/20265.38032,054 32,053 31,988 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-24/15/20275.76039,602 39,601 39,557 
F-41
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FLAGSHIP CREDIT AUTO TRUST FCAT_23-37/15/20275.89010,000 10,000 10,039 
FORD CREDIT AUTO OWNER TRUST FORDO_22-D8/15/20255.3704,117 4,117 4,118 
FORD CREDIT AUTO OWNER TRUST FORDO_22-D8/15/20256.0988,647 8,647 8,655 
FORD CREDIT AUTO OWNER TRUST FORDR_18-17/15/20313.19050,613 49,162 49,567 
FORD CREDIT AUTO OWNER TRUST FORDR_19-17/15/20303.52015,553 15,372 15,546 
FORD CREDIT AUTO OWNER TRUST FORDR_20-18/15/20312.04071,698 68,484 69,304 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-110/15/20265.4308,865 8,865 8,847 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-112/15/20275.39013,000 12,999 12,964 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-25/15/20285.99014,800 14,799 14,887 
GECU AUTO RECEIVABLES TRUST GECU_23-13/15/20275.9508,200 8,200 8,199 
GLS AUTO RECEIVABLES TRUST GCAR_22-35/15/20264.5909,499 9,499 9,464 
GLS AUTO RECEIVABLES TRUST GCAR_23-21/15/20275.70027,415 27,414 27,345 
GLS AUTO RECEIVABLES TRUST GCAR_23-3A3/15/20276.04015,000 15,000 15,040 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_23-26/15/20286.37020,750 20,749 20,910 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-16/20/20255.27010,606 10,605 10,603 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-16/20/20255.88810,606 10,606 10,609 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-14/20/20265.16071,885 71,791 71,856 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-210/20/20256.15817,260 17,260 17,275 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 22-411/17/20254.6007,061 7,061 7,040 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 22-411/17/20255.98814,122 14,122 14,133 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 23-13/16/20265.19015,189 15,188 15,156 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 23-13/16/20265.95815,014 15,014 15,035 
GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD GLM_21-9A1/20/20336.74720,000 19,906 19,980 
GOLDENTREE LOAN MANAGEMENT US CLO1 GLM_23-177/20/20367.16650,000 50,000 50,107 
GOLDENTREE LOAN MANAGEMENT US CLO1 LTD GLM_20-74/20/20346.74716,750 16,750 16,687 
GTE AUTO RECEIVABLES TRUST GTE_23-18/17/20265.65032,778 32,777 32,705 
HARLEY-DAVIDSON MOTORCYCLE TRUST HDMOT_23-A6/15/20265.32010,696 10,696 10,684 
HARLEY-DAVIDSON MOTORCYCLE TRUST HDMOT_23-A6/15/20265.8687,019 7,019 7,015 
HYUNDAI AUTO LEASE SECURITIZATION TRUST HALST_23-A1/15/20265.05051,765 51,599 51,630 
LAD AUTO RECEIVABLES TRUST LADAR_23-1A10/15/20265.68025,502 25,501 25,462 
MADISON PARK FUNDING LTD MDPK_21-48A4/19/20336.80850,000 49,974 50,000 
MAGNETITE CLO LIMITED MAGNE_20-267/25/20346.76025,000 25,000 25,000 
MAGNETITE CLO LTD MAGNE_12-7A1/15/20286.4557,150 7,083 7,133 
MARLETTE FUNDING TRUST MFT_22-311/15/20325.1808,343 8,343 8,319 
MARLETTE FUNDING TRUST MFT_23-14/15/20336.07010,643 10,643 10,634 
MARLETTE FUNDING TRUST MFT_23-26/15/20336.04026,447 26,447 26,384 
MARLETTE FUNDING TRUST MFT_23-412/15/20337.13026,025 26,023 26,259 
MERCEDES-BENZ AUTO RECEIVABLES TRUST MBART_22-110/15/20255.26012,608 12,607 12,596 
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP 14-110/25/20356.1322,371 2,339 2,331 
NAVIENT STUDENT LOAN TRUST NAVSL_18-DA12/15/20596.2764,872 4,861 4,812 
OAKC_21-8A1/18/20346.84730,000 30,000 30,000 
OCCU AUTO RECEIVABLES TRUST OCCU_23-14/15/20276.23038,000 37,997 38,217 
ODART_19-1A9/14/20273.63031,940 31,096 31,240 
F-42
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A7/14/20280.87026,401 25,427 25,340 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-210/14/20344.89014,212 14,140 14,013 
OZLM LTD OZLM_17-21A1/20/20316.82712,837 12,844 12,837 
PAGAYA AI DEBT SELECTION TRUST PAID_22-56/17/20308.09612,832 12,832 13,008 
PAGAYA AI DEBT SELECTION TRUST PAID_23-17/15/20307.55617,603 17,603 17,685 
PAGAYA AI DEBT SELECTION TRUST PAID_23-312/16/20307.60014,016 14,016 14,092 
PAGAYA AI DEBT SELECTION TRUST PAID_23-66/16/20317.12833,289 33,289 33,359 
PAGAYA AI DEBT SELECTION TRUST PAID_23-77/15/20317.34050,000 50,000 50,174 
RACE POINT CLO LTD RACEP_13-8A2/20/20306.66910,354 10,354 10,353 
REACH FINANCIAL LLC REACH_22-25/15/20306.6304,178 4,178 4,180 
REACH FINANCIAL LLC REACH_23-12/18/20317.05011,465 11,465 11,517 
RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_23-43/25/20327.54020,000 19,999 20,071 
RR LTD RRAM_21-19A10/15/20356.79515,000 15,000 14,989 
RR LTD RRAM_23-264/15/20387.16550,000 50,000 50,041 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-71/15/20265.81011,616 11,615 11,614 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-23/16/20265.87012,831 12,831 12,833 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-27/15/20275.21025,000 24,999 24,950 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-65/17/20276.08032,000 32,000 32,110 
SANTANDER REVOLVING AUTO LOAN TRUST SREV_19-A1/26/20322.51024,973 24,096 24,328 
SLC STUDENT LOAN TRUST SLCLT_08-112/15/20327.2131,628 1,635 1,641 
SLM STUDENT LOAN TRUST SLMA_06-21/25/20415.6119,592 9,194 9,251 
SLM STUDENT LOAN TRUST SLMA_12-312/27/20386.1023,720 3,743 3,662 
SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B10/15/20352.8202,530 2,530 2,441 
SMB PRIVATE EDUCATION LOAN TRUST SMB_21-A1/15/20536.20613,008 12,703 12,784 
SOFI CONSUMER LOAN PROGRAM LLC SCLP_22-1S4/15/20316.2104,842 4,842 4,843 
SOFI CONSUMER LOAN PROGRAM LLC SCLP_23-1S5/15/20315.8109,368 9,368 9,353 
SPACE COAST CREDIT UNION SCCU_23-16/15/20275.85027,000 26,999 27,064 
THEOREM FUNDING TRUST THRM_22-212/15/20286.0609,590 9,590 9,538 
THEOREM FUNDING TRUST THRM_22-34/15/20297.60011,824 11,805 11,907 
TOYOTA AUTO LOAN EXTENDED NOTE TRUST TALNT_19-1A11/25/20312.56021,725 21,170 21,456 
TOYOTA LEASE OWNER TRUST TLOT_23-A8/20/20255.30011,680 11,680 11,657 
UPSTART SECURITIZATION TRUST UPST_22-25/20/20324.3703,659 3,655 3,642 
UPSTART SECURITIZATION TRUST UPST_23-310/20/20336.90023,991 23,892 24,070 
VERIZON MASTER TRUST VZMT_22-711/22/20275.23010,000 9,999 10,008 
VERIZON MASTER TRUST VZMT_22-711/22/20276.18835,750 35,750 35,832 
VSTRONG AUTO RECEIVABLES TRUST VSTRG_23-A2/15/20276.63020,000 19,999 20,046 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_22-3A7/15/20255.24012,592 12,592 12,584 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-12/16/20275.89022,500 22,499 22,611 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-16/15/20265.51031,392 31,390 31,353 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-16/15/20266.18829,722 29,722 29,730 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-310/15/20265.9608,300 8,300 8,331 
WORLD OMNI AUTO RECEIVABLE TRUST WOART_22-D3/16/20266.18813,539 13,539 13,548 
F-43
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WORLD OMNI AUTO RECEIVABLES TRUST WOART_23-B11/16/20265.25021,454 21,453 21,425 
TOTAL ASSET BACKED SECURITIES
2,640,240 2,647,114 

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FREDDIE MAC AL-20KF88 9/25/20305.7758,512 8,512 8,425 
FREDDIE MAC AL-20KF909/25/20305.7759,207 9,207 9,127 
FREMF MORTGAGE TRUST AS-20KF97 12/25/20305.5816,292 6,292 6,185 
FREDDIE MAC AL-20K9812/25/20305.61515,297 15,297 15,211 
FREDDIE MAC A-20KF50 7/25/20285.8521,780 1,781 1,775 
FREDDIE MAC AFLW-20KL3W 8/25/20255.90214,354 14,362 14,368 
FREDDIE MAC A-20KF52 9/25/20285.8652,733 2,733 2,725 
FREDDIE MAC A-20KF53 10/25/20255.8247,293 7,293 7,280 
FREDDIE MAC A-20KF54 11/25/20285.93216,961 16,962 16,932 
FREDDIE MAC A10-20KS10 10/25/20286.06213,528 13,532 13,480 
FREDDIE MAC A-20KF55 11/25/20255.96222,522 22,534 22,479 
FREDDIE MAC A-20K5611/25/20286.0127,156 7,215 7,142 
FREDDIE MAC A-20KF57 12/25/20285.9927,958 7,958 7,942 
FREDDIE MAC A-20KF58 1/25/20265.95221,219 21,237 21,206 
FREDDIE MAC A-20KF59 2/25/20295.99210,084 10,084 9,983 
FREDDIE MAC A-20KF60 2/25/20265.94213,888 13,900 13,885 
FREDDIE MAC A-20KF61 3/25/20295.98210,122 10,136 10,112 
FREDDIE MAC KF678/25/20295.97216,232 16,065 16,216 
FREDDIE MAC KF7311/25/20296.05220,501 20,521 20,535 
FREDDIE MAC KF741/25/20275.8856,830 6,836 6,806 
FREDDIE MAC KF761/25/20305.9653,029 2,988 3,029 
FREDDIE MAC KF772/25/20276.15216,352 16,331 16,374 
FREDDIE MAC KF772/25/20276.23711,663 11,670 11,752 
FREDDIE MAC KF783/25/20306.33711,096 11,111 11,253 
FREDDIE MAC AS-20KF847/25/20305.6516,224 6,224 6,168 
FREDDIE MAC AFL-2020-KXO3/25/20305.7758,226 8,226 8,158 
FREDDIE MAC_KF858/25/20305.7452,612 2,612 2,605 
FREDDIE MAC AL-20KF86 8/25/20275.7352,486 2,486 2,460 
FREDDIE MAC CERTS KF1052/25/20315.58716,748 16,774 16,460 
FREDDIE MAC K-F1208/25/20315.53755,804 53,974 54,717 
FREDDIE MAC KF12812/25/20315.5674,493 4,493 4,430 
FREDDIE MAC KF1291/25/20295.58112,122 12,122 11,936 
FREDDIE MAC KF1396/25/20325.87744,526 43,792 44,276 
FREDDIE MAC KF1459/25/20326.237112,793 112,802 113,199 
FREDDIE MAC KF14610/25/20326.21777,258 77,258 77,426 
FREDDIE MAC KF14711/25/20326.217116,500 116,504 118,067 
FREDDIE MAC KF14811/25/20326.177117,000 117,000 117,284 
FANNIE MAE 06-M2 A2A10/25/20325.271617 626 615 
GINNIE MAE AC-2013-13 4/16/20461.7001,205 1,178 1,041 
GINNIE MAE 17-1274/16/20522.5005,473 5,451 4,825 
GINNIE MAE 17-1355/16/20492.20012,786 12,731 11,476 
GINNIE MAE 7-1402/16/20592.5005,795 5,773 5,278 
GINNIE MAE 17-1468/16/20472.2004,573 4,560 4,218 
GINNIE MAE AD-2016-182911/16/20432.2501,736 1,736 1,677 
GINNIE MAE AG-2016-39 1/16/20432.3002,974 2,976 2,799 
F-44
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE AG-2017-171 10/16/20482.2503,078 3,066 2,902 
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
886,921 886,239 

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST PRK_17-280P9/15/20346.28740,000 40,000 38,300 
ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS6/15/20356.4099,366 9,366 9,224 
BANC OF AMERICA MERRILL LYNCH LARGE LOAN INC 18-DSNY9/15/20346.25933,350 33,313 33,180 
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC 19-BWAY11/15/20346.17410,000 9,986 8,354 
BFLD TRUST BFLD_19-DPLO10/15/20346.56628,000 28,000 27,895 
BHMS MORTGAGE TRUST BHMS_18-ATLS7/15/20356.90940,000 39,999 39,633 
BRAEMAR HOTELS & RESORTS TRUST BHR_18-PRME6/15/20356.354522 522 519 
BX COMMERCIAL MORTGAGE TRUST BX_18-GW5/15/20356.52638,592 38,570 38,227 
BX COMMERCIAL MORTGAGE TRUST BX_19-ATL10/15/20366.52527,275 27,272 26,747 
BX COMMERCIAL MORTGAGE TRUST BX_19-XL10/15/20366.39621,839 21,707 21,785 
BX COMMERCIAL MORTGAGE TRUST BX_21-SOAR6/15/20386.14624,426 24,223 24,036 
BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT9/15/20366.17629,000 29,003 28,254 
BX COMMERCIAL MORTGAGE TRUST BX_21-XL210/15/20386.16541,693 41,693 40,909 
BX COMMERCIAL MORTGAGE TRUST BX_22-GPA8/15/20397.52113,800 13,782 13,813 
BX COMMERCIAL MORTGAGE TRUST BX_22-MVRK3/15/20396.82914,833 14,826 14,678 
BX COMMERCIAL MORTGAGE TRUST BX_22-PSB8/15/20397.81343,403 43,351 43,517 
CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE12/15/20376.54617,700 17,697 17,578 
CGDB COMMERCIAL MORTGAGE TRUST CGDB_19-MOB11/15/20366.42615,000 15,000 14,694 
COLD STORAGE TRUST COLD_20-ICE511/15/20376.37630,065 30,064 29,923 
COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR11/15/20386.60320,000 19,958 19,642 
COMM MORTGAGE TRUST COMM_19-521F6/15/20346.30916,510 16,511 14,295 
CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES CSMC_19-ICE45/15/20366.38946,238 46,153 46,239 
DBGS MORTGAGE TRUST DBGS_18-5BP6/15/20336.25440,000 39,977 36,729 
DBGS MORTGAGE TRUST DBGS_18-BIOD5/15/20356.41547,481 47,425 47,125 
EXTENDED STAY AMERICA TRUST ESA_21-ESH7/15/20386.55635,256 35,256 34,924 
GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI8/15/20397.55728,570 28,442 28,606 
ILPT COMMERCIAL MORTGAGE PT CERTIFICATES 22-LPF210/15/20397.60721,500 21,478 21,382 
INVITATION HOMES TRUST IHSFR_18-SFR41/17/20386.53728,657 28,658 28,581 
JPM CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 18-ASH82/15/20356.2769,955 9,955 9,880 
LIFE FINANCIAL SERVICES TRUST LIFE 21-BMR3/15/20386.17648,637 48,449 47,567 
LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR25/15/20396.65749,000 48,968 47,895 
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP8/15/20336.25912,624 12,624 10,657 
MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL3/15/20396.75950,000 49,440 48,743 
ONE NEW YORK PLAZA TRUST ONYP_20-1NYP1/15/20366.42618,200 18,200 17,348 
STAR_22-SFR35/17/20247.01247,741 47,767 47,519 
UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH2/15/20326.25910,585 10,584 10,545 
WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP12/15/20346.40918,500 18,497 17,263 
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
1,026,716 1,006,206 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
1,913,637 1,892,445 

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON6/15/2011—1,500 — 3 c,d
TOTAL BANKING— 3 
BASIC INDUSTRY
F-45
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
LYONDELLBASELL INDUSTRIES NV10/1/20251.2505,848 5,380 5,464 
LYONDELLBASELL INDUSTRIES NV4/15/20245.75020,286 20,297 20,272 
TOTAL BASIC INDUSTRY25,677 25,736 
CAPITAL GOODS
BAE SYSTEMS PLC10/7/20243.80023,282 23,036 22,965 
BAE SYSTEMS PLC12/15/20253.85014,841 14,506 14,528 
BERRY GLOBAL INC2/15/20240.95030,317 30,181 30,136 
BERRY GLOBAL INC1/15/20261.57020,266 18,631 18,846 
BOEING COMPANY5/1/20254.87588,115 87,398 87,715 
CARRIER GLOBAL CORPORATION2/15/20252.2426,000 5,781 5,805 
CARRIER GLOBAL CORPORATION11/30/20255.8005,144 5,142 5,215 
L3HARRIS TECHNOLOGIES INC4/27/20253.83220,486 20,098 20,129 
L3HARRIS TECHNOLOGIES INC5/28/20243.9504,531 4,509 4,498 
RTX CORPORATION3/15/20243.2005,425 5,403 5,399 
TOTAL CAPITAL GOODS214,685 215,236 
COMMUNICATIONS
AMERICAN TOWER CORPORATION5/15/20243.37518,896 18,802 18,724 
CHARTER COMMUNICATIONS INC7/23/20254.90843,930 43,353 43,520 
COMCAST CORPORATION9/16/20243.75029,084 28,801 28,682 
CROWN CASTLE INC9/1/20243.2006,924 6,830 6,809 
DEUTSCHE TELEKOM AG3/20/20254.73848,238 48,038 47,783 
FOX CORPORATION1/25/20244.03024,580 24,573 24,548 
NETFLIX INC2/15/20255.87514,960 14,998 15,077 
NETFLIX INC6/15/20253.62516,581 16,260 16,286 
VERIZON COMMUNICATIONS INC11/1/20243.50010,000 9,872 9,834 
WARNER BROS DISCOVERY INC11/15/20243.90010,000 9,859 9,858 
WARNER BROS DISCOVERY INC3/15/20243.42825,000 25,004 24,851 
TOTAL COMMUNICATIONS246,390 245,972 
CONSUMER CYCLICAL
FOOTBALL CLUB TERM NOTES 10/5/20252.6804,000 3,783 3,823 
FOOTBALL CLUB TERM NOTES 10/5/20252.6801,000 946 956 
IRB HOLDING CORPORATION6/15/20257.0001,750 1,757 1,752 
NATIONAL BASKETBALL ASSOCIATION12/16/20242.5101,000 986 969 
TOTAL CONSUMER CYCLICAL7,472 7,500 
CONSUMER NON CYCLICAL
ABBVIE INC5/14/20253.60020,000 19,560 19,647 
ABBVIE INC11/21/20242.60037,540 36,809 36,681 
ABBVIE INC3/15/20253.80013,223 12,966 13,056 
AMGEN INC5/22/20243.62527,500 27,364 27,283 
AMGEN INC2/21/20251.9005,702 5,473 5,508 
AMGEN INC3/2/20255.25019,132 19,134 19,177 
BACARDI LTD5/15/20254.45018,600 18,337 18,338 
BECTON DICKINSON AND COMPANY12/15/20243.7349,000 8,914 8,856 
BECTON DICKINSON AND COMPANY6/6/20243.36313,988 13,932 13,848 
CONSTELLATION BRANDS INC11/15/20244.7508,602 8,558 8,544 
CONSTELLATION BRANDS INC5/9/20243.60034,665 34,480 34,406 
DT FAMILY 2009 LLC8/15/20243.95014,121 14,001 13,957 
GE HEALTHCARE TECHNOLOGIES INC11/15/20245.55065,000 65,102 65,039 
F-46
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GILEAD SCIENCES INC4/1/20243.70010,990 10,985 10,934 
HCA HEALTHCARE INC3/15/20245.00041,924 41,910 41,838 
HCA HEALTHCARE INC2/1/20255.37515,000 14,914 14,994 
HCA HEALTHCARE INC2/15/20265.87513,500 13,492 13,626 
J M SMUCKER COMPANY3/15/20253.50096,703 94,730 94,863 
KROGER COMPANY2/1/20244.0007,500 7,500 7,488 
TOTAL CONSUMER NON CYCLICAL468,161 468,083 
ELECTRIC
AES CORPORATION (THE)1/15/20261.37513,670 12,652 12,649 
AMERICAN ELECTRIC POWER COMPANY INC10/1/20253.8501,955 1,897 1,899 
CENTERPOINT ENERGY INC9/1/20242.5005,000 4,914 4,891 
CMS ENERGY CORPORATION3/1/20243.8758,347 8,343 8,320 
CMS ENERGY CORPORATION8/31/20243.12510,250 10,287 10,084 
DOMINION ENERGY INC10/1/20253.9007,500 7,301 7,361 
DTE ENERGY COMPANY10/1/20242.5299,426 9,258 9,209 
DTE ENERGY COMPANY11/1/20244.22065,642 65,247 64,805 
EMERA INCORPORATED6/15/20240.83323,974 23,572 23,445 
EVERSOURCE ENERGY10/1/20242.9004,892 4,830 4,796 
EVERSOURCE ENERGY6/27/20244.20036,141 35,995 35,876 
EVERSOURCE ENERGY1/15/20253.1506,461 6,319 6,303 
FIRSTENERGY CORPORATION8/15/20245.50016,065 16,071 16,033 
FIRSTENERGY CORPORATION1/15/20254.35013,890 13,713 13,632 
FIRSTENERGY CORPORATION4/15/20244.10018,478 18,425 18,360 
FIRSTENERGY CORPORATION3/30/20265.1501,250 1,234 1,248 
NEXTERA ENERGY INC3/1/20256.05158,963 59,513 59,494 
NEXTERA ENERGY INC9/1/20255.74925,000 24,895 25,262 
NEXTERA ENERGY INC3/21/20242.94047,248 47,016 46,951 
PINNACLE WEST CAPITAL CORPORATION6/15/20251.3004,555 4,321 4,290 
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED6/15/20242.875975 965 963 
SOUTHERN COMPANY (THE)9/15/20242.2002,687 2,629 2,621 
SOUTHERN COMPANY (THE)2/26/20240.60014,010 13,924 13,897 
WEC ENERGY GROUP INC3/15/20240.8002,038 2,025 2,017 
TOTAL ELECTRIC395,346 394,406 
ENERGY
CANADIAN NATURAL RESOURCES LTD7/15/20252.0505,882 5,544 5,606 
ENTERPRISE PRODUCTS PARTNERS L.P.2/15/20243.90010,000 9,987 9,976 
MARATHON PETROLEUM CORPORATION6/1/20254.8755,150 5,094 5,119 
OCCIDENTAL PETROLEUM CORPORATION2/1/20253.10025,000 24,353 24,353 
PLAINS GP HOLDINGS LP11/1/20243.60027,446 27,044 26,927 
PLAINS GP HOLDINGS LP10/15/20254.6505,539 5,391 5,478 
WILLIAMS COMPANIES INC6/24/20244.5508,472 8,480 8,427 
TOTAL ENERGY85,893 85,886 
INSURANCE
CVS HEALTH CORPORATION11/15/20243.5007,070 6,969 6,956 
ELEVANCE HEALTH INC12/1/20243.35015,000 14,750 14,724 
ELEVANCE HEALTH INC10/15/20255.35010,805 10,841 10,884 
TOTAL INSURANCE32,560 32,564 
F-47
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
NATURAL GAS
NISOURCE INC8/15/20250.9503,450 3,190 3,225 
TOTAL NATURAL GAS3,190 3,225 
OTHER FINANCIAL INSTITUTIONS
HARDWOOD FUNDING LLC 6/7/20253.1306,400 6,135 6,185 
HARDWOOD FUNDING LLC6/7/20243.1806,000 5,979 5,918 
TOTAL OTHER FINANCIAL INSTITUTIONS12,114 12,103 
TECHNOLOGY
BROADCOM INC1/15/20243.62520,250 20,247 20,232 
FIDELITY NATIONAL INFORMATION SERVICES INC3/1/20240.60010,000 9,946 9,906 
FISERV INC7/1/20242.75010,000 9,968 9,847 
MICROCHIP TECHNOLOGY INCORPORATED9/1/20254.2503,817 3,708 3,758 
MICROCHIP TECHNOLOGY INCORPORATED2/15/20240.97242,710 42,512 42,455 
MICROCHIP TECHNOLOGY INCORPORATED9/1/20240.9839,405 9,284 9,107 
NXP SEMICONDUCTORS NV3/1/20244.87514,457 14,470 14,426 
NXP SEMICONDUCTORS NV5/1/20252.70011,059 10,585 10,657 
TOTAL TECHNOLOGY120,720 120,388 
TRANSPORTATION
CSX CORPORATION8/1/20243.40028,900 28,657 28,536 
CRAWFORD GROUP INC11/15/20243.85062,149 61,680 61,305 
CRAWFORD GROUP INC11/1/20253.8006,211 6,080 6,061 
NORFOLK SOUTHERN CORPORATION6/15/20262.90010,000 9,490 9,594 
NORFOLK SOUTHERN CORPORATION8/1/20253.6504,500 4,376 4,407 
TOTAL TRANSPORTATION110,283 109,903 
TOTAL CORPORATE DEBT SECURITIES1,722,491 1,721,005 
TOTAL FIXED MATURITIES13,135,364 13,037,037 

SYNDICATED LOANS
BASIC INDUSTRY
ASPLUNDH TREE EXPERT LLC9/7/20277.1981,341 1,331 1,331 
ELEMENT SOLUTIONS INC12/8/20308.2111,447 1,448 1,448 
INEOS LTD2/10/20308.765399 390 390 
TOTAL BASIC INDUSTRY3,169 3,169 
BROKERAGE
CITADEL SECURITIES LP8/1/20307.9401,219 1,205 1,205 
LPL FINANCIAL HOLDINGS INC11/12/20267.1931,594 1,589 1,589 
RUSSELL INVESTMENTS GROUP LTD5/30/20258.9481,307 1,307 1,307 
TOTAL BROKERAGE
4,101 4,101 
CAPITAL GOODS
BARNES GROUP INC8/9/20308.4481,750 1,749 1,749 
BEACON ROOFING SUPPLY INC5/19/20287.9631,115 1,102 1,102 
BERRY GLOBAL INC7/1/20267.207961 955 955 
EMRLD BORROWER LP5/23/20308.3481,500 1,500 1,500 
ENERGY CAPITAL PARTNERS II LLC9/18/20309.382781 771 771 
F-48
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20268.211210 196 196 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20278.211136 37 37 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20278.211102 75 75 
G HOLDINGS INC9/22/20287.7211,463 1,430 1,430 
GMS INC4/26/20308.3481,750 1,753 1,753 
INGERSOLL RAND INC3/1/20277.198313 313 313 
PACKAGING HOLDINGS LTD1/29/20277.1981,078 1,062 1,062 
QUIKRETE HOLDINGS INC2/1/20278.0881,323 1,295 1,295 
QUIKRETE HOLDINGS INC3/18/20298.213997 996 996 
TRANE TECHNOLOGIES PLC3/1/20277.198232 232 232 
TRANSDIGM INC8/10/20288.6401,995 1,998 1,998 
ZEKELMAN INDUSTRIES INC1/24/20277.476717 717 717 
TOTAL CAPITAL GOODS
16,181 16,181 
COMMUNICATIONS
ALTICE FRANCE SA7/15/20258.395935 935 935 
APPLOVIN CORPORATION10/25/20288.448987 965 965 
CMG MEDIA CORPORATION12/17/20268.990968 954 954 
CSC HOLDINGS LLC7/17/20257.726927 925 925 
CSC HOLDINGS LLC1/15/20267.726953 941 941 
EW SCRIPPS COMPANY5/1/20268.025484 478 478 
HUBBARD RADIO LLC3/28/20259.720196 196 196 
LIONS GATE ENTERTAINMENT CORPORATION3/24/20257.698779 779 779 
LUMEN TECHNOLOGIES INC3/1/20277.213261 261 261 
LUMEN TECHNOLOGIES INC3/15/20277.7131,200 1,199 1,199 
SBA COMMUNICATIONS CORPORATION4/11/20257.2001,205 1,203 1,203 
SINCLAIR BROADCAST GROUP INC (DIAMOND SPORTS GROUP LLC)8/24/202610.4461,137 1,131 1,131  d
SINCLAIR INC4/1/20288.463780 777 777 
TELESAT LLC12/7/20268.400814 812 812 
VMED O2 UK LTD1/31/20287.9761,000 1,000 1,000 
TOTAL COMMUNICATIONS
12,556 12,556 
CONSUMER CYCLICAL
APOLLO INVESTMENT FUND VIII LP10/10/20307.841750 742 742 
BJS WHOLESALE CLUB HOLDINGS INC2/3/20297.360933 933 933 
BURLINGTON STORES INC6/24/20287.4631,403 1,389 1,389 
GODADDY INC10/21/20297.8481,404 1,379 1,379 
GREAT OUTDOORS GROUP LLC3/6/20289.4021,995 1,995 1,995 
HILTON WORLDWIDE HOLDINGS INC11/3/20307.4571,749 1,746 1,746 
LIGHT & WONDER INC4/14/20298.4651,995 1,998 1,998 
NASCAR HOLDINGS LLC10/19/20267.963484 480 480 
NATIONAL AMUSEMENTS INC5/8/20258.473707 707 707 
PCI GAMING AUTHORITY5/29/20267.963364 363 363 
QUALITY SOLUTIONS INTERNATIONAL LTD8/21/20258.21399 98 98 
RESTAURANT BRANDS INTERNATIONAL INC9/11/20307.5982,291 2,275 2,275 
F-49
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
SEMINOLE TRIBE OF FLORIDA INC7/8/20247.21344 44 44 
SIX FLAGS ENTERTAINMENT CORPORATION4/17/20267.198760 760 760 
WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC5/18/20258.213721 719 719 
YUM! BRANDS INC.3/15/20287.2231,023 1,023 1,023 
TOTAL CONSUMER CYCLICAL
16,651 16,651 
CONSUMER NON CYCLICAL
ARAMARK4/6/20287.9631,012 1,008 1,008 
BRP INC12/13/20298.0981,746 1,752 1,752 
DOLE PLC8/3/20287.361985 976 976 
ELANCO ANIMAL HEALTH INC8/1/20277.193653 650 650 
ENERGIZER HOLDINGS INC12/16/20277.721314 314 314 
GRIFOLS SA11/15/20277.5381,117 1,114 1,114 
ICON PLC7/3/20287.90279 79 79 
ICON PLC7/3/20287.902318 316 316 
ORGANON & COMPANY6/2/20288.472349 347 347 
PRESTIGE CONSUMER HEALTHCARE INC7/3/20287.463167 166 166 
SELECT MEDICAL CORPORATION3/6/20278.3481,245 1,235 1,235 
THOR INDUSTRIES INC11/8/20309.181616 616 616 
US FOODS HOLDING CORPORATION8/30/20267.463187 186 186 
TOTAL CONSUMER NON CYCLICAL
8,759 8,759 
ELECTRIC
ADVANCED POWER SERVICES NA INC2/16/20268.990576 573 573 
CONSTELLATION ENERGY CORPORATION12/15/20278.150435 433 433 
CPV SHORE HOLDINGS LLC12/29/20259.213638 635 635 
EASTERN POWER LLC10/2/20259.213805 798 798 
EDGEWATER GENERATION LLC (DELAWARE)12/13/20259.213956 954 954 
EFS COGEN HOLDINGS I LLC10/1/20279.160699 696 696 
VOLT PARENT LP12/16/20277.963230 228 228 
VOLT PARENT LP7/20/20307.5981,895 1,886 1,886 
WEST DEPTFORD ENERGY HOLDINGS LLC8/3/20269.1981,116 1,113 1,113 
TOTAL ELECTRIC
7,316 7,316 
ENERGY
IFM GLOBAL INFRASTRUCTURE FUND11/1/20267.693269 268 268 
TOTAL ENERGY
268 268 
FINANCE COMPANY
AVOLON TLB BORROWER 1 -US- LLC2/12/20276.958386 385 385 
AVOLON TLB BORROWER 1 -US- LLC6/8/20287.858570 568 568 
FLEETCOR TECHNOLOGIES INC4/28/20287.1981,472 1,458 1,458 
TOTAL FINANCE COMPANY
2,411 2,411 
INSURANCE
F-50
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
LONESTAR INTERMEDIATE SUPER HOLDINGS LLC12/23/20268.713460 458 458 
TOTAL INSURANCE
458 458 
OTHER FINANCIAL INSTITUTIONS
SOFTBANK GROUP CORPORATION6/27/20298.383798 794 794 
TRANSUNION11/16/20267.198987 985 985 
TRANSUNION12/1/20287.713713 688 688 
TOTAL OTHER FINANCIAL INSTITUTIONS
2,467 2,467 
OTHER INDUSTRY
API GROUP CORPORATION10/1/20267.713988 975 975 
TOTAL OTHER INDUSTRY
975 975 
TECHNOLOGY
ADEIA INC6/8/20288.966638 587 587 
SS&C TECHNOLOGIES4/16/20257.213362 361 361 
SS&C TECHNOLOGIES4/16/20257.213342 341 341 
SS&C TECHNOLOGIES3/22/20297.698570 555 555 
SS&C TECHNOLOGIES3/22/20297.698339 329 329 
COHERENT CORPORATION7/2/20298.213903 877 877 
ENTEGRIS INC7/6/20297.8901,127 1,118 1,118 
GEN DIGITAL INC9/12/20297.4481,245 1,198 1,198 
INGRAM MICRO INC6/30/20288.6532,000 2,008 2,008 
MKS INSTRUMENTS INC8/17/20307.841990 968 968 
ONEX CORPORATION6/27/20257.580881 880 880 
TTM TECHNOLOGIES INC5/23/20308.0931,252 1,244 1,244 
TOTAL TECHNOLOGY
10,466 10,466 
TRANSPORTATION
G & W INTERMEDIATE HOLDINGS LLG12/30/20267.4901,612 1,588 1,588 
UNITED AIRLINES HOLDINGS INC4/20/20289.220287 286 286 
TOTAL TRANSPORTATION
1,874 1,874 
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES
87,652 87,652 
ALLOWANCE FOR LOAN LOSSES
(955)(955)
TOTAL SYNDICATED LOANS - NET
86,697 86,697 


DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS SA 1/23/2024— 93 93 
BNP PARIBAS SA 7/8/2025— 122 122 
BNP PARIBAS SA 10/21/2025— 371 371 
BNP PARIBAS SA 11/19/2024— 96 96 
BNP PARIBAS SA 1/2/20241 567 567 
WELLS FARGO BANK NA 1/9/20241 343 343 
F-51
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK NA 1/6/2026— 244 244 
BNP PARIBAS SA 1/30/20241 285 285 
BNP PARIBAS SA 1/27/2026— 111 111 
BNP PARIBAS SA 2/6/20241 378 378 
BNP PARIBAS SA 2/13/20241 331 331 
BNP PARIBAS SA 2/10/2026— 107 107 
WELLS FARGO BANK NA 2/20/20241 402 402 
BNP PARIBAS SA 3/12/20241 444 444 
BNP PARIBAS SA 9/23/2025— 279 279 
BNP PARIBAS SA 11/4/2025— 127 127 
BNP PARIBAS SA 3/19/20241 487 487 
BNP PARIBAS SA 4/9/20241 290 290 
BNP PARIBAS SA 4/7/2026— 111 111 
WELLS FARGO BANK NA 4/16/20241 345 345 
BNP PARIBAS SA 4/30/20241 292 292 
BNP PARIBAS SA 5/21/20241 360 360 
WELLS FARGO BANK NA 5/28/20241 269 269 
WELLS FARGO BANK NA 5/26/2026— 106 106 
BNP PARIBAS SA 6/4/20241 302 302 
BNP PARIBAS SA 6/18/20241 210 210 
BNP PARIBAS SA 6/25/2024— 215 215 
BNP PARIBAS SA 7/2/2024— 144 144 
BNP PARIBAS SA 7/30/2024— 163 163 
BNP PARIBAS SA 8/6/2024— 190 190 
BNP PARIBAS SA 8/13/2024— 159 159 
WELLS FARGO BANK NA 8/20/2024— 231 231 
BNP PARIBAS SA 8/27/20241 247 247 
BNP PARIBAS SA 9/10/2024— 212 212 
BNP PARIBAS SA 9/24/20241 347 347 
BNP PARIBAS SA 10/8/2024— 190 190 
BNP PARIBAS SA 10/22/2024— 221 221 
BNP PARIBAS SA 10/29/2024— 236 236 
BNP PARIBAS SA 11/5/2024— 257 257 
BNP PARIBAS SA 11/12/2024— 167 167 
BNP PARIBAS SA 11/19/2024— 159 159 
BNP PARIBAS SA 11/26/2024— 157 157 
BNP PARIBAS SA 12/3/2024— 155 155 
BNP PARIBAS SA 12/10/2024— 93 93 
WELLS FARGO BANK NA 8/12/2025— 87 87 
WELLS FARGO BANK NA 4/2/2024— 292 292 
WELLS FARGO BANK NA 3/31/2026— 112 112 
WELLS FARGO BANK NA 4/29/2025— 182 182 
WELLS FARGO BANK NA 7/1/2025— 122 122 
WELLS FARGO BANK NA 8/27/2024— 186 186 
BNP PARIBAS SA 11/18/2025— 113 113 
F-52
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK NA 12/24/2024— 113 113 
BNP PARIBAS SA 1/16/20241 394 394 
BNP PARIBAS SA 1/13/2026— 233 233 
WELLS FARGO BANK NA 1/23/20241 385 385 
WELLS FARGO BANK NA 2/27/2024— 334 334 
WELLS FARGO BANK NA 2/24/2026— 120 120 
WELLS FARGO BANK NA 3/5/20241 412 412 
BNP PARIBAS SA 3/26/20241 424 424 
WELLS FARGO BANK NA 4/23/20241 387 387 
WELLS FARGO BANK NA 5/7/2024— 296 296 
WELLS FARGO BANK NA 5/14/20241 376 376 
WELLS FARGO BANK NA 5/12/2026— 113 113 
BNP PARIBAS SA 6/11/2024— 214 214 
BNP PARIBAS SA 7/9/2024— 199 199 
WELLS FARGO BANK NA 7/16/2024— 166 166 
BNP PARIBAS SA 7/23/2024— 163 163 
WELLS FARGO BANK NA 9/3/2024— 200 200 
WELLS FARGO BANK NA 9/17/2024— 221 221 
WELLS FARGO BANK NA 10/1/2024— 296 296 
WELLS FARGO BANK NA 10/15/2024— 189 189 
WELLS FARGO BANK NA 12/17/20241 194 194 
WELLS FARGO BANK NA 12/24/2024— 117 117 
TOTAL PURCHASED OPTIONS
17,255 17,255 

WRITTEN OPTIONS
BNP PARIBAS SA 1/23/2024— (87)(87)
BNP PARIBAS SA 7/8/2025— (92)(92)
BNP PARIBAS SA 11/19/2024— (54)(54)
BNP PARIBAS SA 11/18/2025— (57)(57)
BNP PARIBAS SA 1/2/2024(1)(427)(427)
WELLS FARGO BANK NA 1/9/2024(1)(245)(245)
WELLS FARGO BANK NA 1/6/2026— (132)(132)
BNP PARIBAS SA 1/30/2024(1)(184)(184)
BNP PARIBAS SA 1/27/2026— (56)(56)
BNP PARIBAS SA 2/6/2024(1)(226)(226)
BNP PARIBAS SA 2/13/2024(1)(205)(205)
BNP PARIBAS SA 2/10/2026— (52)(52)
WELLS FARGO BANK NA 2/20/2024(1)(280)(280)
BNP PARIBAS SA 3/12/2024(1)(325)(325)
BNP PARIBAS SA 9/23/2025— (188)(188)
BNP PARIBAS SA 11/4/2025— (77)(77)
BNP PARIBAS SA 3/19/2024(1)(343)(343)
BNP PARIBAS SA 4/9/2024(1)(194)(194)
BNP PARIBAS SA 4/7/2026— (57)(57)
WELLS FARGO BANK NA 4/16/2024(1)(226)(226)
F-53
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA 4/30/2024(1)(198)(198)
BNP PARIBAS SA 5/21/2024(1)(254)(254)
WELLS FARGO BANK NA 5/28/2024(1)(185)(185)
WELLS FARGO BANK NA 5/26/2026— (66)(66)
BNP PARIBAS SA 6/4/2024(1)(198)(198)
BNP PARIBAS SA 6/18/2024(1)(133)(133)
BNP PARIBAS SA 6/25/2024— (138)(138)
BNP PARIBAS SA 7/2/2024— (88)(88)
BNP PARIBAS SA 7/30/2024— (93)(93)
BNP PARIBAS SA 8/6/2024— (118)(118)
BNP PARIBAS SA 8/13/2024— (103)(103)
WELLS FARGO BANK NA 8/20/2024— (156)(156)
BNP PARIBAS SA 8/27/2024(1)(156)(156)
BNP PARIBAS SA 9/10/2024— (135)(135)
BNP PARIBAS SA 9/24/2024(1)(248)(248)
BNP PARIBAS SA 10/8/2024— (132)(132)
BNP PARIBAS SA 10/22/2024— (162)(162)
BNP PARIBAS SA 10/29/2024— (177)(177)
BNP PARIBAS SA 11/5/2024— (180)(180)
BNP PARIBAS SA 11/12/2024— (111)(111)
BNP PARIBAS SA 11/19/2024— (104)(104)
BNP PARIBAS SA 11/26/2024— (102)(102)
BNP PARIBAS SA 12/3/2024— (101)(101)
BNP PARIBAS SA 12/10/2024— (58)(58)
WELLS FARGO BANK NA 12/17/2024(1)(112)(112)
WELLS FARGO BANK NA 8/12/2025— (47)(47)
WELLS FARGO BANK NA 3/31/2026— (57)(57)
WELLS FARGO BANK NA 4/29/2025— (159)(159)
WELLS FARGO BANK NA 7/1/2025— (91)(91)
WELLS FARGO BANK NA 8/27/2024— (132)(132)
BNP PARIBAS SA 10/21/2025— (221)(221)
WELLS FARGO BANK NA 12/24/2024— (72)(72)
BNP PARIBAS SA 1/16/2024(1)(270)(270)
BNP PARIBAS SA 1/13/2026— (122)(122)
WELLS FARGO BANK NA 1/23/2024(1)(260)(260)
WELLS FARGO BANK NA 2/27/2024— (237)(237)
WELLS FARGO BANK NA 2/24/2026— (65)(65)
WELLS FARGO BANK NA 3/5/2024(1)(291)(291)
BNP PARIBAS SA 3/26/2024(1)(305)(305)
WELLS FARGO BANK NA 4/2/2024— (196)(196)
WELLS FARGO BANK NA 4/23/2024(1)(268)(268)
WELLS FARGO BANK NA 5/7/2024— (201)(201)
WELLS FARGO BANK NA 5/14/2024(1)(269)(269)
WELLS FARGO BANK NA 5/12/2026— (72)(72)
BNP PARIBAS SA 6/11/2024— (133)(133)
F-54
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA 7/9/2024— (124)(124)
WELLS FARGO BANK NA 7/16/2024— (95)(95)
BNP PARIBAS SA 7/23/2024— (93)(93)
WELLS FARGO BANK NA 9/3/2024— (128)(128)
WELLS FARGO BANK NA 9/17/2024— (143)(143)
WELLS FARGO BANK NA 10/1/2024— (216)(216)
WELLS FARGO BANK NA 10/15/2024— (131)(131)
WELLS FARGO BANK NA 12/24/2024— (67)(67)
TOTAL WRITTEN OPTIONS
(11,480)(11,480)

FUTURES
S&P500 EMINI FUT Mar243/15/2024— (16)(16)
TOTAL FUTURES
(16)(16)
TOTAL DERIVATIVES - NET
5,759 5,759 
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES$14,121,941 $14,023,614 

NOTES
a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
b) For Federal income tax purposes, the cost of investments is $14.1 billion.
c) Securities written down due to other-than-temporary impairment related to credit losses.
d) Non-income producing securities.

F-55
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2022    
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)

CASH EQUIVALENTS
CERTIFICATE OF DEPOSITS
AUSTRALIA AND NEW ZEALAND BANK 1/3/20234.320 %$76,400 $76,400 $76,400 
CANADIAN IMPERIAL BANK OF COMMERCE
1/3/20234.290 25,000 25,000 25,000 
TOTAL CERTIFICATE OF DEPOSITS101,400 101,400 
COMMERCIAL PAPER
AMERICAN ELECTRIC POWER COMPANY INC
1/6/2023— 30,000 29,979 29,979 
CENTERPOINT ENERGY INC1/3/2023— 40,000 39,986 39,986 
CLOROX COMPANY1/11/2023— 10,000 9,986 9,986 
CONSOLIDATED EDISON INC1/9/2023— 30,000 29,969 29,969 
DTE ENERGY COMPANY1/6/2023— 22,900 22,885 22,885 
DTE ENERGY COMPANY1/10/2023— 4,000 3,995 3,995 
DOMINION ENERGY INC1/10/2023— 14,000 13,983 13,983 
DOMINION ENERGY INC1/18/2023— 36,000 35,917 35,917 
DUKE ENERGY CORP1/5/2023— 15,000 14,992 14,992 
DUKE ENERGY CORP1/13/2023— 25,000 24,962 24,962 
DUKE ENERGY CORP1/18/2023— 10,000 9,978 9,978 
EATON CORPORATION PLC1/5/2023— 47,000 46,972 46,972 
ENBRIDGE INC1/3/2023— 13,400 13,395 13,395 
ENBRIDGE INC1/13/2023— 30,000 29,951 29,951 
EVERGY INC1/3/2023— 54,000 53,983 53,983 
EVERSOURCE ENERGY1/10/2023— 40,000 39,951 39,951 
EXELON CORPORATION1/9/2023— 25,000 24,971 24,971 
EXELON CORPORATION1/18/2023— 24,500 24,443 24,443 
FISERV INC1/13/2023— 13,000 12,979 12,979 
FISERV INC1/26/2023— 20,000 19,931 19,931 
HEWLETT PACKARD ENTERPRISE CO1/4/2023— 25,000 24,990 24,990 
HEWLETT PACKARD ENTERPRISE CO1/5/2023— 25,000 24,986 24,986 
MCKESSON CORP1/6/2023— 25,000 24,983 24,983 
MONDELEZ INTERNATIONAL INC1/10/2023— 21,000 20,975 20,975 
MONDELEZ INTERNATIONAL INC1/20/2023— 30,000 29,926 29,926 
NISOURCE INC1/6/2023— 16,000 15,989 15,989 
ORACLE CORPORATION1/4/2023— 46,375 46,357 46,357 
REPUBLIC SERVICES INC1/3/2023— 25,000 24,993 24,993 
REPUBLIC SERVICES INC1/19/2023— 20,000 19,951 19,951 
SOUTHERN COMPANY THE1/17/2023— 34,000 33,939 33,939 
SUNCOR ENERGY INC1/3/2023— 20,000 19,995 19,995 
SUNCOR ENERGY INC1/6/2023— 10,000 9,993 9,993 
SUNCOR ENERGY INC1/17/2023— 12,400 12,373 12,373 
SYSCO CORPORATION1/3/2023— 25,100 25,094 25,094 
THOMSON REUTERS CORPORATION1/11/2023— 50,000 49,933 49,933 
TC ENERGY CORP1/3/2023— 19,000 18,995 18,995 
VODAFONE GROUP PLC1/3/2023— 40,000 39,990 39,990 
WEC ENERGY GROUP INC1/3/2023— 27,800 27,791 27,791 
WILLIAMS COMPANIES INC1/10/2023— 40,000 39,950 39,950 
XCEL ENERGY INC1/6/2023— 30,000 29,978 29,978 
XCEL ENERGY INC1/11/2023— 13,700 13,681 13,681 
TOTAL COMMERCIAL PAPER1,058,070 1,058,070 
TOTAL CASH EQUIVALENTS1,159,470 1,159,470 
F-56
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL1/26/2023— 50,000 49,895 49,879 
UNITED STATES TREASURY BILL2/23/2023— 50,000 49,768 49,700 
UNITED STATES TREASURY BILL4/20/2023— 50,000 49,345 49,350 
UNITED STATES TREASURY BILL5/18/2023— 120,000 117,950 117,981 
UNITED STATES TREASURY BILL6/15/2023— 150,000 146,794 146,992 
UNITED STATES TREASURY BILL1/5/2023— 50,000 49,986 49,989 
UNITED STATES TREASURY BILL1/12/2023— 50,000 49,958 49,955 
UNITED STATES TREASURY BILL1/19/2023— 50,000 49,925 49,918 
UNITED STATES TREASURY BILL2/2/2023— 50,000 49,875 49,843 
UNITED STATES TREASURY BILL2/9/2023— 50,000 49,835 49,800 
UNITED STATES TREASURY BILL2/16/2023— 50,000 49,805 49,751 
UNITED STATES TREASURY BILL3/2/2023— 50,000 49,721 49,655 
UNITED STATES TREASURY BILL3/9/2023— 50,000 49,681 49,618 
UNITED STATES TREASURY BILL4/13/2023— 50,000 49,418 49,437 
UNITED STATES TREASURY BILL4/27/2023— 120,000 118,270 118,329 
UNITED STATES TREASURY BILL5/4/2023— 120,000 118,157 118,203 
UNITED STATES TREASURY BILL5/11/2023— 120,000 118,031 118,064 
UNITED STATES TREASURY BILL5/25/2023— 150,000 147,260 147,344 
UNITED STATES TREASURY BILL6/1/2023— 150,000 147,114 147,205 
UNITED STATES TREASURY BILL6/8/2023— 150,000 146,968 147,072 
UNITED STATES TREASURY BILL6/22/2023— 150,000 146,718 146,819 
UNITED STATES TREASURY BILL6/29/2023— 150,000 146,575 146,616 
UNITED STATES TREASURY BILL10/5/2023— 115,000 111,473 111,145 
UNITED STATES TREASURY BOND11/15/20285.250 200 206 212 
UNITED STATES TREASURY BOND8/15/20242.375 56 55 54 
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS2,062,783 2,062,931 
STATE AND MUNICIPAL OBLIGATIONS
STATE OF CONNECTICUT7/1/20232.000750 751 742 
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20231.041250 250 242 
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20241.229250 250 234 
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20251.3291,000 1,000 904 
GREAT LAKES WATER AUTHORITY7/1/20241.604600 600 573 
GREAT LAKES WATER AUTHORITY7/1/20251.654600 600 555 
LONG ISLAND POWER AUTHORITY 3/1/20230.7641,000 1,000 994 
PORT AUTHORITY OF NEW YORK 7/1/20231.0865,000 5,000 4,911 
TOTAL STATE AND MUNICIPAL OBLIGATIONS9,451 9,155 

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE AF-204620 11/15/20424.5603,481 3,473 3,425 
FANNIE MAE FA-204624 12/15/20384.57010,194 10,166 10,042 
FANNIE MAE 06-36 GF5/25/20364.6892,341 2,350 2,291 
FANNIE MAE 07-46 FB5/25/20374.759599 601 585 
FANNIE MAE 07-6 2/25/20374.8394,039 4,045 3,950 
FANNIE MAE 09-107 FL2/25/20382.1921,237 1,243 1,206 
FANNIE MAE FK-2010-123 11/25/20404.8394,843 4,886 4,726 
F-57
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE 12-1334/25/20424.6392,866 2,857 2,757 
FANNIE MAE FA-2013-1 2/25/20434.7394,412 4,427 4,265 
FANNIE MAE 13-2 KF1/25/20374.5693,468 3,460 3,357 
FANNIE MAE AF-2015-22C 4/25/20454.4706,407 6,384 6,210 
FANNIE MAE KF-2015-27 5/25/20454.6895,526 5,511 5,424 
FANNIE MAE DF-2015-38 6/25/20554.4309,367 9,307 9,146 
FANNIE MAE FA-2015-4 2/25/20454.4702,313 2,315 2,248 
FANNIE MAE AF-2015-42 6/25/20554.4505,888 5,857 5,805 
FANNIE MAE_15-507/25/20454.4709,682 9,671 9,393 
FANNIE MAE FA-2015-55 8/25/20554.4703,948 3,932 3,911 
FANNIE MAE FW-2015-84 11/25/20454.4706,719 6,710 6,513 
FANNIE MAE AF-2015-91 12/25/20454.4906,279 6,250 6,199 
FANNIE MAE_15-93 8/25/20454.7391,983 1,978 1,938 
FANNIE MAE_16-11 3/25/20464.6704,050 4,053 3,920 
FANNIE MAE AF-2016-11 3/25/20464.6202,902 2,896 2,875 
FANNIE MAE 16-22/25/20564.6001,965 1,962 1,967 
FANNIE MAE WF-2016-68 10/25/20464.5702,287 2,289 2,216 
FANNIE MAE FT-2016-84 11/25/20464.8896,428 6,488 6,241 
FANNIE MAE AF-2016-87 11/25/20464.5204,279 4,276 4,148 
FANNIE MAE AF-2016-88 12/25/20464.5603,441 3,441 3,354 
FANNIE MAE DF-2017-16 3/25/20474.5402,028 2,036 1,951 
FANNIE MAE FL-2017-4 2/25/20474.5704,706 4,706 4,605 
FANNIE MAE FC-2017-51 7/25/20474.73916,642 16,692 16,032 
FANNIE MAE FNMA_17-82/25/20474.78933,069 33,069 32,312 
FANNIE MAE FC-2018-73 10/25/20484.68920,917 20,861 20,103 
FANNIE MAE AF-2018-87 12/25/20484.42011,839 11,787 11,519 
FANNIE MAE_CF-2019-33 7/25/20494.85911,298 11,319 10,935 
FANNIE MAE FC-2019-7612/25/20494.88910,175 10,172 9,913 
FANNIE MAE_FA-2020-47 7/25/20504.78928,521 28,521 27,791 
FANNIE MAE FNMA_22-447/25/20524.32817,958 17,925 17,479 
FANNIE MAE_YF-204979 6/25/20504.83919,039 19,055 18,504 
FANNIE MAE 09-101 12/25/20395.2295,096 5,168 5,099 
FREDDIE MAC 1Q15725/1/20382.7144,052 4,261 4,072 
FREDDIE MAC 8484162/1/20412.2262,318 2,416 2,314 
FREDDIE MAC 8485309/1/20393.3301,063 1,120 1,073 
FREDDIE MAC 8492818/1/20373.7512,344 2,482 2,376 
FREDDIE MAC SB075210/1/20374.50014,766 14,459 14,684 
FREDDIE MAC SB81555/1/20373.00030,894 29,997 28,936 
FREDDIE MAC SB819110/1/20374.50037,782 36,962 37,540 
FREDDIE MAC SB819712/1/20374.00034,732 34,048 33,897 
FREDDIE MAC 7818848/1/20344.250175 177 177 
FREDDIE MAC LF-204475 4/15/20404.4301,253 1,252 1,232 
FREDDIE MAC FB-204495 11/15/20384.4704,832 4,809 4,759 
FREDDIE MAC 52588/25/20524.42849,240 49,240 48,134 
FREDDIE MAC 1H25206/1/20353.5041,192 1,256 1,207 
FREDDIE MAC 1N14745/1/20374.76029 30 29 
FREDDIE MAC 1Q151511/1/20383.1384,887 5,144 4,930 
FREDDIE MAC 1Q15406/1/20402.5902,094 2,229 2,109 
FREDDIE MAC 1Q15488/1/20382.7791,868 1,960 1,877 
FREDDIE MAC 8489224/1/20373.3511,577 1,671 1,590 
F-58
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC ARM 7805145/1/20333.06286 88 87 
FREDDIE MAC ARM 7808459/1/20334.29640 39 41 
FREDDIE MAC ARM 7809039/1/20334.32146 46 46 
FREDDIE MAC ARM 8456542/1/20242.6251 1 1 
FREDDIE MAC ARM 84573011/1/20234.3754 4 4 
FREDDIE MAC 8457334/1/20242.6258 8 8 
FREDDIE MAC ARM 84670210/1/20294.460— — — 
FANNIE MAE 22-339/25/20384.32821,843 21,843 21,362 
FANNIE MAE 22-377/25/20524.32845,484 45,443 44,590 
FANNIE MAE 22-43 FB7/25/20524.52837,342 37,405 36,560 
FANNIE MAE 22-6610/25/20524.47824,338 24,364 23,740 
FANNIE MAE AL41103/1/20373.6381,678 1,757 1,692 
FANNIE MAE AL41009/1/20363.6732,060 2,162 2,089 
FANNIE MAE AL41142/1/20393.5371,854 1,959 1,888 
FANNIE MAE AS45072/1/20303.0003,989 4,086 3,816 
FANNIE MAE AS48784/1/20303.0005,104 5,229 4,883 
FANNIE MAE 7257197/1/20333.231131 131 130 
FANNIE MAE 7256947/1/20343.34099 98 97 
FANNIE MAE 8345528/1/20354.100113 114 114 
FANNIE MAE BE56221/1/20322.50011,390 11,462 10,649 
FANNIE MAE BK09337/1/20333.5004,097 4,140 3,939 
FANNIE MAE BT19392/1/20372.0009,035 8,962 8,058 
FANNIE MAE CA12652/1/20333.0009,513 9,467 9,053 
FANNIE MAE CA22838/1/20333.5004,461 4,454 4,290 
FANNIE MAE FM924711/1/20362.0006,978 7,157 6,215 
FANNIE MAE FS29409/1/20374.50014,487 14,144 14,398 
FANNIE MAE MA33916/1/20333.0005,433 5,385 5,103 
FANNIE MAE MA46978/1/20424.00019,375 19,419 18,356 
FANNIE MAE 3039709/1/20246.0007 7 8 
FANNIE MAE 7255586/1/20343.33731 31 31 
FANNIE MAE 73503410/1/20343.7851,270 1,329 1,281 
FANNIE MAE 7357027/1/20353.629907 930 922 
FANNIE MAE 79478710/1/20343.71045 45 44 
FANNIE MAE 79973311/1/20343.809117 119 115 
FANNIE MAE 8013379/1/20344.022679 712 694 
FANNIE MAE 80191710/1/20344.070159 160 157 
FANNIE MAE 8045619/1/20344.081159 159 159 
FANNIE MAE 8072191/1/20353.918353 355 352 
FANNIE MAE 8095322/1/20352.152138 139 138 
FANNIE MAE 8894856/1/20363.7841,049 1,064 1,062 
FANNIE MAE 9226744/1/20363.286411 420 417 
FANNIE MAE 9684381/1/20383.905313 328 307 
FANNIE MAE 9951238/1/20374.080108 112 110 
FANNIE MAE 9955489/1/20353.503535 545 541 
FANNIE MAE 99560411/1/20353.7361,239 1,299 1,256 
FANNIE MAE 9956148/1/20373.407211 222 209 
FANNIE MAE AB52305/1/20272.5002,060 2,080 1,972 
FANNIE MAE AD09014/1/20402.841978 1,037 985 
FANNIE MAE AE055912/1/20343.5951,307 1,365 1,315 
FANNIE MAE AE05668/1/20353.4371,215 1,270 1,231 
F-59
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE AL10371/1/20373.2611,204 1,273 1,224 
FANNIE MAE AL226910/1/20403.783974 1,033 987 
FANNIE MAE AL39359/1/20373.7202,904 3,052 2,941 
FANNIE MAE AL39612/1/20392.644929 978 935 
FANNIE MAE AO87468/1/20272.5003,921 3,987 3,745 
FANNIE MAE ARM 1907263/1/20335.40216 16 16 
FANNIE MAE ARM 2499072/1/20242.7503 3 3 
FANNIE MAE ARM 3032593/1/20252.4804 4 3 
FANNIE MAE ARM 5457866/1/20323.290142 143 141 
FANNIE MAE ARM 6202931/1/20324.40023 23 23 
FANNIE MAE ARM 6516298/1/20323.93521 21 20 
FANNIE MAE ARM 6556468/1/20323.96569 69 68 
FANNIE MAE ARM 6557988/1/20323.854157 157 155 
FANNIE MAE ARM 6613499/1/20324.27067 67 68 
FANNIE MAE ARM 66174410/1/20324.06299 99 100 
FANNIE MAE ARM 66475010/1/20323.86356 56 55 
FANNIE MAE ARM 67073111/1/20323.54049 49 48 
FANNIE MAE ARM 67077911/1/20323.435220 220 216 
FANNIE MAE ARM 67089012/1/20323.66574 75 73 
FANNIE MAE ARM 67091212/1/20323.66554 54 52 
FANNIE MAE ARM 67094712/1/20323.665129 130 126 
FANNIE MAE ARM 7227799/1/20332.78857 57 56 
FANNIE MAE ARM 7335258/1/20333.750219 212 218 
FANNIE MAE ARM 7391949/1/20333.854240 241 240 
FANNIE MAE ARM 74325610/1/20333.85953 53 53 
FANNIE MAE ARM 74385611/1/20334.22729 29 30 
FANNIE MAE ARM 75887312/1/20333.91146 46 46 
FANNIE MAE HYBRID ARM 5660745/1/20313.334148 148 146 
FANNIE MAE HYBRID ARM 5845076/1/20313.58987 87 88 
FANNIE MAE MA11448/1/20272.5001,840 1,873 1,747 
FREDDIE MAC 2A-AOT-7610/25/20372.0163,529 3,588 3,018 
FREDDIE MAC 4363 2014 FA9/15/20413.0271,425 1,427 1,368 
FREDDIE MAC GF-204367 3/15/20374.4706,827 6,814 6,584 
FANNIE MAE F-2019-31 7/25/20494.83920,466 20,456 19,831 
FREDDIE MAC AF-204774 7/15/20424.4203,897 3,891 3,854 
FREDDIE MAC FHLMC_22-527811/25/20524.72882,438 82,438 81,773 
FREDDIE MAC F2-20350 9/15/20403.00811,916 11,905 11,631 
FREDDIE MAC FD-203928 9/15/20414.73813,720 13,816 13,452 
FREDDIE MAC 4159 FD1/15/20434.6683,344 3,355 3,284 
FREDDIE MAC 4248 5/15/20414.7685,327 5,335 5,234 
FREDDIE MAC FD-204301 7/15/20374.7184,646 4,674 4,558 
FREDDIE MAC 4448 5/15/20404.4403,870 3,850 3,734 
FREDDIE MAC WF-204491 8/15/20394.4402,360 2,357 2,317 
FREDDIE MAC FL-204523 8/15/20384.4703,660 3,637 3,543 
FREDDIE MAC FA-204547 9/15/20404.5703,309 3,303 3,212 
FREDDIE MAC AF-204559 3/15/20424.6204,275 4,258 4,216 
FREDDIE MAC KF-204560 7/15/20404.6705,057 5,047 5,034 
F-60
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC 459510/15/20374.6702,896 2,896 2,852 
FREDDIE MAC AF-204615 10/15/20384.4702,246 2,238 2,184 
FANNIE MAE GF-204639 3/15/20364.5709,968 9,940 9,834 
FREDDIE MAC WF-204681 8/15/20334.47013,473 13,463 13,284 
FREDDIE MAC WF-204697 6/15/20384.4709,048 9,047 8,982 
FREDDIE MAC WF-204730 8/15/20384.47018,280 18,190 18,347 
FREDDIE MAC FA-204822 5/15/20354.56828,734 28,730 28,296 
FREDDIE MAC_JF-204981 6/25/20504.78916,456 16,455 16,143 
FREDDIE MAC 49816/25/20504.78939,695 39,942 38,430 
FREDDIE MAC FHLMC_5080 3/25/20514.14816,567 16,567 15,143 
FREDDIE MAC G164855/1/20333.0006,640 6,598 6,244 
FREDDIE MAC J325188/1/20303.0005,067 5,197 4,853 
FREDDIE MAC G302275/1/20235.5006 6 6 
FREDDIE MAC F4-20328 2/15/20382.9932,528 2,530 2,465 
GINNIE MAE FB-2013-1512/20/20404.7037,963 7,998 7,803 
GINNIE MAE LF-2015-82 4/20/20412.4302,568 2,568 2,508 
GINNIE MAE AF-2020-36 3/20/20504.80327,240 27,276 26,460 
GINNIE MAE II 0825737/20/20402.6251,605 1,659 1,568 
GINNIE MAE II 08243112/20/20391.7501,577 1,636 1,535 
GINNIE MAE II 0827101/20/20412.6251,175 1,219 1,161 
GINNIE MAE FC-2009-8 2/16/20395.2266,040 6,188 6,074 
GINNIE MAE FA-2014-43 3/20/20444.7536,638 6,644 6,494 
GINNIE MAE AF-2014-94 11/20/20412.1241,655 1,658 1,567 
GINNIE MAE AF-2015-18 2/20/20402.6604,487 4,493 4,383 
GINNIE MAE FA-2016-115 8/20/20464.75314,639 14,719 14,269 
GINNIE MAE MF-2016-1088/20/20464.420552 550 532 
GINNIE MAE FC-2018-67 5/20/20484.6534,500 4,503 4,356 
GINNIE MAE 18-665/20/20484.6033,569 3,569 3,479 
GINNIE MAE 18-16812/20/20484.75313,679 13,680 13,340 
GINNIE MAE 19-14311/20/20494.80312,908 12,952 12,609 
GINNIE MAE 22-181/20/20524.02623,582 23,541 22,626 
GINNIE MAE 22-20712/20/20524.34658,722 58,722 58,722 
GINNIE MAE 22-21312/20/20524.34675,000 75,000 75,000 
GINNIE MAE 22-996/20/20524.37639,532 39,580 38,454 
GINNIE MAE 22-1378/20/20524.27624,903 24,887 24,363 
GINNIE MAE 22-1689/20/20524.32674,446 74,446 72,745 
GINNIE MAE II 0824641/20/20402.625601 642 593 
GINNIE MAE II 0824973/20/20402.6251,100 1,164 1,086 
GINNIE MAE II 0825817/20/20402.6252,026 2,162 1,979 
GINNIE MAE II 0826028/20/20402.6253,703 3,956 3,617 
GINNIE MAE II 0827944/20/20412.8751,903 2,024 1,881 
GINNIE MAE II ARM 81573/20/20232.6251 1 1 
GINNIE MAE II ARM 86386/20/20252.87514 14 14 
GINNIE MAE AF-2014-129 10/20/20412.5882,366 2,363 2,294 
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
1,524,766 1,488,648 
F-61
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)

NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-22/25/20353.79886 86 84 
ANGEL OAK MORTGAGE TRUST AOMT_22-112/25/20662.88127,928 27,919 24,741 
ANGEL OAK MORTGAGE TRUST AOMT_19-111/25/20483.920278 278 276 
ANGEL OAK MORTGAGE TRUST AOMT_18-39/25/20483.649126 126 125 
ANGEL OAK MORTGAGE TRUST AOMT_20-55/25/20651.3735,245 5,242 4,656 
ANGEL OAK MORTGAGE TRUST AOMT_20-21/26/20652.5311,730 1,746 1,560 
ANGEL OAK MORTGAGE TRUST AOMT_20-34/25/20651.6914,745 4,742 4,186 
ANGEL OAK MORTGAGE TRUST AOMT_21-811/25/20661.82011,743 11,740 9,868 
APS RESECURITIZATION TRUST APS_16-311/27/20666.6395,691 5,679 7,250 
APS RESECURITIZATION TRUST APS_16-311/27/20466.6395,064 5,052 6,441 
ARROYO MORTGAGE TRUST ARRW_19-11/25/20493.8055,634 5,627 5,252 
ARRW_19-310/25/20482.9623,914 3,911 3,522 
BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E6/25/20343.587680 677 644 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL15/26/20592.50012,185 12,338 11,215 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM19/25/20613.62620,041 20,019 18,786 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-27/25/20492.8796,236 6,231 5,817 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-311/25/20592.7242,868 2,866 2,738 
CENTEX HOME EQUITY CXHE_03-A12/25/20314.250288 287 285 
CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A12/25/20373.492945 937 902 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-58/25/20343.619532 532 523 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 CMLTI_15-PS19/25/20423.7501,307 1,316 1,219 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-113/25/20353.525437 436 428 
COLT FUNDING LLC COLT_20-2R10/26/20651.3256,117 6,114 5,297 
COLT FUNDING LLC COLT_21-612/25/20661.90721,708 21,702 18,446 
COLT MORTGAGE LOAN TRUST COLT_22-22/25/20672.99413,784 13,783 12,468 
COLT MORTGAGE LOAN TRUST COLT_22-112/27/20662.28421,554 21,548 18,751 
COUNTRYWIDE HOME LOANS CWHL_03-461/19/20343.912726 735 667 
CREDIT SUISSE MORTGAGE TRUST CSMC_15-6R7/27/20353.275215 215 213 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA14/25/20473.2509,961 10,040 8,844 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL38/1/20574.00017,326 17,837 15,563 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM110/25/20592.6561,264 1,263 1,195 
CREDIT SUISSE MORTGAGE TRUST CSMC_20-SPT14/25/20651.6161,935 1,934 1,873 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH11/25/20672.87015,338 15,334 13,994 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH25/25/20674.54719,113 19,111 18,566 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL17/25/20572.7507,612 7,601 6,948 
CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR34/25/20343.452197 199 179 
CSMC TRUST CSMC_21-NQM810/25/20661.84125,764 25,763 21,597 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC17/25/20492.5737,015 7,010 6,518 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-11/25/20672.20522,487 22,476 19,516 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-11/25/20672.20622,006 22,001 18,639 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-211/25/20592.7395,266 5,261 4,867 
FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES FHAMS_04-AA410/25/20344.010141 143 139 
GCAT TRUST GCAT_22-HX112/27/20662.88518,116 18,112 16,200 
GCAT_19-NQM311/25/20592.6864,031 4,028 3,730 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20343.971186 186 160 
F-62
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20343.417113 113 97 
GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL110/25/20573.7505,547 5,500 5,236 
GSR MORTGAGE LOAN TRUST GSR_05-AR11/25/20354.217612 613 558 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-711/19/20343.426185 184 167 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-14/19/20344.15499 100 93 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-101/19/20353.606124 125 114 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-46/19/20344.89329 29 27 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-68/19/20343.77673 73 65 
IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM41/25/20572.09127,546 27,541 23,095 
JP MORGAN MORTGAGE TRUST JPMMT_19-LTV212/25/20495.289102 102 101 
MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV310/25/20512.50022,602 22,891 18,158 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A22/25/20353.046392 392 358 
METLIFE SECURITIZATION TRUST MST_17-1A4/25/20553.0006,013 6,040 5,613 
METLIFE SECURITIZATION TRUST MST_18-1A3/25/20573.7505,761 5,763 5,409 
MFA TRUST MFRA_20-NQM31/26/20651.0142,582 2,581 2,289 
MILL CITY MORTGAGE LOAN TRUST MCMLT_17-31/25/20612.7504,736 4,736 4,489 
MILL CITY MORTGAGE TRUST MCMLT_17-27/25/20592.7502,327 2,326 2,276 
MILL CITY MORTGAGE TRUST MCMLT_18-38/25/20583.4722,848 2,886 2,701 
MILL CITY MORTGAGE TRUST MCMLT_19-110/25/20693.2504,681 4,711 4,402 
MILL CITY MORTGAGE TRUST MCMLT_19-GS17/25/20592.7506,082 6,092 5,652 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-112/25/20343.139101 101 92 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A58/25/20333.494205 204 189 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A112/25/20344.180117 117 113 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20344.402203 205 186 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20344.02389 90 83 
MSRR_15-R76/26/20353.548564 563 551 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM49/25/20592.4921,555 1,554 1,410 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A4/25/20574.0008,799 9,022 8,304 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A3/25/20563.7504,063 4,171 3,734 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A11/26/20353.7502,872 2,930 2,659 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A9/25/20563.7507,705 7,927 7,063 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A2/25/20574.0006,902 7,048 6,487 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A3/25/20574.0008,288 8,516 7,765 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A11/25/20563.7508,574 8,805 7,700 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A8/27/20574.0006,617 6,767 6,135 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL37/25/20592.7509,078 9,272 8,435 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A11/25/20543.7501,458 1,482 1,333 
NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A12/25/20523.750610 619 558 
OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-15/28/20501.7332,844 2,842 2,523 
ONSLOW BAY FINANCIAL LLC OBX_21-INV19/25/20512.50020,963 21,202 16,824 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-25/25/20592.9132,137 2,134 2,081 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-39/25/20592.6332,684 2,680 2,595 
RUN_22-NQM13/25/20674.0009,493 9,423 9,062 
SASC_03-24A7/25/20334.481254 256 237 
STAR_20-34/25/20651.4862,154 2,153 1,984 
F-63
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-112/25/20662.44726,004 25,996 22,277 
STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC56/25/20335.141979 956 968 
TOWD POINT MORTGAGE TRUST TPMT_17-37/25/20572.7502,885 2,885 2,772 
TOWD POINT MORTGAGE TRUST TPMT_15-33/25/20543.500109 109 108 
TOWD POINT MORTGAGE TRUST TPMT_17-46/25/20572.7505,520 5,527 5,100 
TOWD POINT MORTGAGE TRUST TPMT_19-HY110/25/20485.3892,365 2,371 2,346 
UWM MORTGAGE TRUST UWM_21-INV19/25/20512.50022,526 22,871 18,125 
VERUS SECURITIZATION TRUST VERUS_19-411/25/20592.6421,892 1,890 1,801 
VERUS SECURITIZATION TRUST VERUS_19-INV311/25/20592.6924,195 4,191 3,983 
VERUS SECURITIZATION TRUST VERUS_21-R110/25/20630.8206,710 6,708 5,901 
VERUS SECURITIZATION TRUST VERUS_21-710/25/20661.82916,342 16,338 13,998 
VERUS SECURITIZATION TRUST VERUS_22-11/25/20672.72418,187 18,182 16,146 
VISIO_19-211/25/20542.72212,423 12,368 11,608 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_03-AR66/25/20333.390276 275 254 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_04-AR107/25/20443.714184 185 167 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR33/25/20352.868408 408 368 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR44/25/20352.9861,224 1,220 1,087 
WELLS FARGO MORTGAGE BACKED SECURITIES TRUST WFMBS_04-K7/25/20343.668315 323 316 
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
685,867 611,216 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
2,210,633 2,099,864 

ASSET BACKED SECURITIES
AFFIRM ASSET SECURITIZATION TRUST AFFRM_22-A5/17/20274.30018,000 17,644 17,083 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-36/16/20255.29025,000 24,999 25,107 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-34/15/20275.07016,800 16,799 16,867 
AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST ACAR_22-45/13/20266.20036,109 36,107 36,123 
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST AMCAR_22-212/18/20254.20035,218 35,216 34,943 
APIDOS CLO APID_15-20A7/16/20315.17920,000 20,000 19,683 
APIDOS CLO APID_20-33A10/24/20345.47522,000 22,000 21,455 
BAIN CAPITAL CREDIT CLO BCC_20-5A1/20/20325.46340,000 40,000 39,323 
BALLYROCK LTD BALLY_18-1A4/20/20315.24340,000 40,000 39,343 
BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-12/25/20355.89917,853 17,755 17,737 
BROAD RIVER BSL FUNDING CLO BDRVR_20-17/20/20345.41316,000 16,000 15,486 
CIFC FUNDING LTD CIFC_17-1A4/23/20295.28812,186 12,067 12,065 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A10/15/20305.17912,239 12,248 12,102 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-4A1/15/20315.07919,710 19,709 19,464 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A4/17/20315.04929,909 29,178 29,434 
CARMAX AUTO OWNER TRUST CARMX_22-412/15/20254.70737,500 37,500 37,616 
COLLEGE LOAN CORPORATION TRUST COLLE_02-23/1/20423.58610,000 8,965 9,909 
DT AUTO OWNER TRUST DTAOT_22-310/15/20266.05042,822 42,820 42,943 
DRYDEN SENIOR LOAN FUND DRSLF_18-55A4/15/20315.09912,000 12,000 11,841 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_12-24/25/20395.1191,288 1,287 1,285 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-12/25/20395.0894,331 4,291 4,262 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-32/25/20364.989372 367 363 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-38/15/20243.45023,056 23,056 23,009 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-611/17/20255.73034,410 34,410 34,438 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-68/17/20265.70010,000 9,999 10,029 
F-64
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FLAGSHIP CREDIT AUTO TRUST FCAT_22-49/15/20266.15048,000 47,996 48,272 
FORD CREDIT AUTO OWNER TRUST FORDO_22-D8/15/20255.37010,000 9,999 10,006 
FORD CREDIT AUTO OWNER TRUST FORDO_22-D8/15/20254.56721,000 21,000 21,010 
FORD CREDIT AUTO OWNER TRUST FORDR_19-17/15/20303.52015,553 15,259 15,256 
FORD CREDIT AUTO OWNER TRUST FORDR_18-17/15/20313.19050,613 48,623 48,400 
FREED ABS TRUST FREED_22-4FP12/18/20296.49011,951 11,951 11,968 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR_22-411/17/20254.60015,000 14,999 14,934 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR_22-411/17/20254.45830,000 30,000 30,037 
GLS AUTO RECEIVABLES TRUST GCAR_22-35/15/20264.59030,000 29,998 29,755 
GOLDENTREE LOAN MANAGEMENT US CLO1 LTD GLM_20-74/20/20345.31316,750 16,750 16,267 
321 HENDERSON RECEIVABLES LLC HENDR_10-3A12/15/20483.820387 387 376 
MADISON PARK FUNDING LTD MDPK_21-48A4/19/20335.37740,000 40,000 39,333 
MAGNETITE CLO LTD MAGNE_12-7A1/15/20284.87912,090 11,940 11,935 
MAGNETITE CLO LIMITED MAGNE_20-267/25/20345.47825,000 25,000 24,369 
MARLETTE FUNDING TRUST MFT_22-311/15/20325.18029,224 29,222 28,983 
MERCEDES-BENZ AUTO RECEIVABLES TRUST MBART_22-110/15/20255.26030,000 29,998 30,055 
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP MHEAC_14-110/25/20355.0672,980 2,934 2,927 
NAVIENT STUDENT LOAN TRUST NAVSL_18-DA12/15/20595.1186,513 6,496 6,299 
NISSAN AUTO LEASE TRUST NALT_22-A8/15/20243.45028,317 28,317 28,092 
NORTHSTAR EDUCATION FINANCE INC NEF_02-14/1/20426.1385,000 4,817 4,891 
OZLM LTD OZLM_17-21A1/20/20315.39316,000 16,011 15,708 
OAKC_21-8A1/18/20345.38430,000 30,000 29,410 
ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A7/14/20280.87013,000 12,045 12,021 
PAGAYA AI DEBT SELECTION TRUST PAID_22-56/17/20308.09625,000 25,000 25,014 
PALMER SQUARE LOAN FUNDING LTD PSTAT_20-1A2/20/20285.4756,571 6,497 6,525 
RACE POINT CLO LTD RACEP_13-8A2/20/20305.71513,109 13,108 12,915 
RR LTD RRAM_21-19A10/15/20355.21915,000 15,000 14,687 
REACH FINANCIAL LLC REACH_22-25/15/20306.63020,071 20,070 20,029 
SLM STUDENT LOAN TRUST SLMA_06-21/25/20414.52811,716 11,210 11,089 
SLC STUDENT LOAN TRUST SLCLT_08-112/15/20324.8932,058 2,075 2,035 
SLM STUDENT LOAN TRUST SLMA_12-312/27/20385.0394,473 4,500 4,286 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-111/17/20251.94016,775 16,509 16,524 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-47/15/20254.05030,768 30,768 30,702 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-71/15/20265.81050,000 49,999 50,179 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-65/15/20254.37015,000 15,000 14,916 
SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B10/15/20352.8204,147 4,146 3,982 
SOFI CONSUMER LOAN PROGRAM LLC SCLP_22-1S4/15/20316.21030,000 30,000 29,975 
THEOREM FUNDING TRUST THRM_22-34/15/20297.60023,542 23,485 23,537 
THEOREM FUNDING TRUST THRM_22-212/15/20286.06020,101 20,101 19,749 
TOYOTA AUTO LOAN EXTENDED NOTE TRUST TALNT_19-1A11/25/20312.56021,725 20,876 20,957 
UPSTART SECURITIZATION TRUST UPST_22-25/20/20324.37013,438 13,398 13,137 
VERIZON MASTER TRUST VZMT_22-711/22/20275.23010,000 9,998 10,060 
F-65
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
VERIZON MASTER TRUST VZMT_22-711/22/20274.67635,750 35,750 35,591 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_22-3A7/15/20255.24050,000 49,998 49,689 
WORLD OMNI AUTO RECEIVABLE TRUST WOART_22-D3/16/20264.65727,500 27,500 27,480 
TOTAL ASSET BACKED SECURITIES
1,463,147 1,455,272 

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-M2 A2A10/25/20325.271800 821 785 
FREDDIE MAC KF772/25/20275.08925,206 25,169 25,141 
FREDDIE MAC KF772/25/20274.82817,978 17,990 17,972 
FREDDIE MAC KF783/25/20304.92815,475 15,499 15,475 
FREDDIE MAC AL-20KF88 9/25/20304.4728,657 8,657 8,498 
FREDDIE MAC AL-20KF909/25/20304.47211,744 11,744 11,558 
FREDDIE MAC AL-20K9812/25/20304.31215,319 15,319 15,133 
FREDDIE MAC A-20KF50 7/25/20284.7871,969 1,971 1,949 
FREDDIE MAC AFLW-20KL3W 8/25/20254.83714,531 14,543 14,392 
FREDDIE MAC A-20KF53 10/25/20254.1957,368 7,368 7,289 
FREDDIE MAC A-20KF54 11/25/20284.86721,043 21,044 20,952 
FREDDIE MAC A-20KF55 11/25/20254.89923,734 23,753 23,637 
FREDDIE MAC A-20K5611/25/20284.94710,314 10,407 10,180 
FREDDIE MAC A-20KF58 1/25/20264.88921,740 21,765 21,607 
FREDDIE MAC A-20KF59 2/25/20294.92914,130 14,130 14,054 
FREDDIE MAC A-20KF60 2/25/20264.87916,083 16,102 15,950 
FREDDIE MAC A-20KF61 3/25/20294.91910,906 10,922 10,746 
FREDDIE MAC KF678/25/20294.90917,021 16,826 16,769 
FREDDIE MAC KF741/25/20274.3289,686 9,696 9,617 
FREDDIE MAC KF761/25/20304.5384,450 4,386 4,419 
FREDDIE MAC AS-20KF847/25/20304.0458,243 8,243 8,035 
FREDDIE MAC AFL-2020-KXO3/25/20304.47214,224 14,224 14,050 
FREDDIE MAC AL-20KF86 8/25/20274.4323,203 3,203 3,140 
FREDDIE MAC CERTS KF1052/25/20314.17820,233 20,264 19,606 
FREDDIE MAC K-F1208/25/20314.12865,528 63,167 63,073 
FREDDIE MAC KF12812/25/20314.1587,500 7,500 7,283 
FREDDIE MAC KF1291/25/20293.95012,124 12,124 11,887 
FREDDIE MAC KF1396/25/20324.46850,000 48,989 49,386 
FREDDIE MAC KF14610/25/20324.80880,000 80,000 80,000 
FREDDIE MAC KF14811/25/20324.768117,000 117,000 117,000 
FREDDIE MAC A-20KF57 12/25/20284.9279,528 9,528 9,468 
FREDDIE MAC A10-20KS10 10/25/20284.99919,460 19,467 19,125 
FREDDIE MAC KF1459/25/20324.828120,000 120,012 120,000 
FREDDIE MAC KF14711/25/20324.808116,500 116,504 116,272 
FREDDIE MAC KF7311/25/20294.98926,972 27,001 26,696 
FREDDIE MAC FHLMC_KF858/25/20304.4423,620 3,620 3,561 
FREDDIE MAC A-20KF52 9/25/20284.5623,617 3,617 3,555 
FREMF MORTGAGE TRUST AS-20KF97 12/25/20303.9756,885 6,885 6,723 
GINNIE MAE AC-2013-13 4/16/20461.7001,413 1,380 1,250 
GINNIE MAE 17-1274/16/20522.5005,624 5,599 5,050 
GINNIE MAE 17-1355/16/20492.20013,371 13,309 12,270 
GINNIE MAE 7-1402/16/20592.5005,974 5,951 5,492 
GINNIE MAE 17-1468/16/20472.2005,285 5,268 4,950 
F-66
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE AD-2016-182911/16/20432.2502,538 2,540 2,455 
GINNIE MAE AG-2016-39 1/16/20432.3003,242 3,245 3,090 
GINNIE MAE AG-2017-171 10/16/20482.2503,297 3,283 3,148 
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
990,035 982,688 

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST PRK_17-280P9/15/20345.11740,000 40,000 39,027 
ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS6/15/20355.31840,000 40,000 38,752 
BANC OF AMERICA MERRILL LYNCH LARGE LOAN INC BAMLL_18-DSNY9/15/20345.16833,350 33,305 32,719 
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC BBCMS_19-BWAY11/15/20345.27410,000 9,984 9,302 
BFLD TRUST BFLD_19-DPLO10/15/20345.40828,000 27,984 27,476 
BHMS MORTGAGE TRUST BHMS_18-ATLS7/15/20355.56840,000 40,000 38,556 
BRAEMAR HOTELS & RESORTS TRUST BHR_18-PRME6/15/20355.13819,768 19,767 18,978 
BX COMMERCIAL MORTGAGE TRUST BX_19-XL10/15/20365.35248,923 48,363 48,251 
BX COMMERCIAL MORTGAGE TRUST BX_19-ATL10/15/20364.96327,275 27,271 26,697 
BX COMMERCIAL MORTGAGE TRUST BX_22-PSB8/15/20396.77648,440 48,302 48,344 
BX COMMERCIAL MORTGAGE TRUST BX_21-XL210/15/20385.00649,412 47,861 47,492 
BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT9/15/20365.01829,000 29,004 27,935 
BX TRUST BX_18-GW5/15/20355.11838,592 38,567 37,621 
BX TRUST BX_19-RP6/15/20345.363380 380 370 
BX TRUST BX_22-GPA10/15/20395.95913,800 13,755 13,714 
BX TRUST BX_22-MVRK3/15/20395.79315,000 14,963 14,648 
CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE12/15/20375.38815,000 15,000 14,775 
CGDB COMMERCIAL MORTGAGE TRUST CGDB_19-MOB11/15/20365.26815,000 15,000 14,645 
COLD STORAGE TRUST COLD_20-ICE511/15/20375.21823,818 23,244 23,160 
COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR11/15/20385.44720,000 19,950 19,051 
COMM MORTGAGE TRUST COMM_19-521F6/15/20345.21816,510 16,511 15,786 
DBGS MORTGAGE TRUST DBGS_18-5BP6/15/20335.11340,000 39,974 38,203 
DBGS MORTGAGE TRUST DBGS_18-BIOD5/15/20355.12122,844 22,842 22,452 
DBWF MORTGAGE TRUST DBWF_18-GLKS12/19/20305.36920,000 19,954 19,401 
EXTENDED STAY AMERICA TRUST ESA_21-ESH7/15/20385.39836,871 35,972 35,807 
GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI8/15/20396.51928,570 28,426 28,389 
GS MORTGAGE SECURITIES CORPORATION TRUST 2022-SHIP GSMS_22-SHIP8/15/20364.52539,000 38,403 38,507 
ILPT COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES ILPT_22-LPF210/15/20396.57021,500 21,453 21,505 
INVITATION HOMES TRUST IHSFR_18-SFR41/17/20384.97629,847 29,848 29,553 
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST JPMCC_18-ASH82/15/20355.11811,398 11,397 11,055 
LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR25/15/20395.63132,000 31,887 31,201 
LIFE_21-BMR3/15/20385.0188,036 7,809 7,781 
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP8/15/20335.16812,624 12,624 11,944 
MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL3/15/20395.73350,000 49,386 48,663 
ONE NEW YORK PLAZA TRUST ONYP_20-1NYP1/15/20365.26818,200 18,200 17,229 
STAR_22-SFR35/17/20245.97119,939 19,907 19,803 
UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH2/15/20325.16810,585 10,577 10,195 
WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP12/15/20345.19318,500 18,496 17,077 
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
986,366 966,064 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
1,976,401 1,948,752 

F-67
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON6/15/2011—1,500 — 3 c,d
TOTAL BANKING— 3 
BASIC INDUSTRY
LYONDELLBASELL INDUSTRIES NV4/15/20245.75020,286 20,569 20,328 
W R GRACE HOLDINGS LLC10/1/20245.6254,166 4,086 4,117 
TOTAL BASIC INDUSTRY24,655 24,445 
CAPITAL GOODS
BAE SYSTEMS PLC10/7/20243.8009,750 9,517 9,521 
BERRY GLOBAL INC2/15/20240.95030,317 29,091 28,815 
L3HARRIS TECHNOLOGIES INC5/28/20243.9502,831 2,782 2,781 
L3HARRIS TECHNOLOGIES INC6/15/20233.8506,180 6,182 6,128 
RAYTHEON TECHNOLOGIES CORPORATION3/15/20243.2005,425 5,300 5,306 
TRANSDIGM INC12/15/20258.0004,025 4,094 4,077 
TOTAL CAPITAL GOODS56,966 56,628 
COMMUNICATIONS
AMERICAN TOWER CORPORATION5/15/20243.3759,978 9,901 9,712 
WARNER BROS DISCOVERY INC3/15/20243.42825,000 25,022 24,264 
CROWN CASTLE INC9/1/20243.2005,917 5,719 5,718 
FOX CORP1/25/20244.03024,580 24,479 24,286 
COMCAST CORPORATION9/16/20243.75029,084 28,418 28,395 
DEUTSCHE TELEKOM AG3/20/20254.73845,225 45,133 44,648 
TOTAL COMMUNICATIONS138,672 137,023 
CONSUMER CYCLICAL
IRB HOLDING CORP6/15/20257.0001,750 1,761 1,745 
NATIONAL BASKETBALL ASSOCIATION12/16/20232.4103,000 2,958 2,906 
NATIONAL BASKETBALL ASSOCIATION12/16/20242.5101,000 973 946 
TOTAL CONSUMER CYCLICAL5,692 5,597 
CONSUMER NON CYCLICAL
ABBVIE INC11/21/20242.60017,540 16,862 16,793 
BACARDI LTD5/15/20254.45015,000 14,675 14,565 
BECTON DICKINSON AND COMPANY12/15/20243.7348,000 7,853 7,800 
BECTON DICKINSON AND COMPANY6/6/20243.36313,988 13,808 13,646 
CONSTELLATION BRANDS INC11/15/20244.7507,098 7,036 7,052 
CONSTELLATION BRANDS INC5/9/20243.60017,003 16,636 16,643 
DT FAMILY 2009 LLC8/15/20243.95014,121 13,814 13,893 
GENERAL ELECTRIC CO11/15/20245.55050,000 50,075 50,160 
GILEAD SCIENCES INC4/1/20243.70010,990 10,963 10,810 
HCA HEALTHCARE INC3/15/20245.00037,000 36,936 36,797 
KEURIG DR PEPPER INC12/15/20233.1309,210 9,174 9,024 
KROGER CO2/1/20244.0007,500 7,516 7,409 
TOTAL CONSUMER NON CYCLICAL205,348 204,592 
ELECTRIC
BERKSHIRE HATHAWAY INC8/15/20233.37514,195 14,238 14,049 
CMS ENERGY CORPORATION3/1/20243.8757,689 7,671 7,531 
F-68
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CMS ENERGY CORPORATION8/31/20243.12510,250 10,376 9,895 
DTE ENERGY COMPANY10/1/20242.5291,900 1,815 1,814 
DTE ENERGY COMPANY11/1/20244.22021,413 21,390 21,071 
EMERA INCORPORATED6/15/20240.83321,889 20,771 20,481 
EVERSOURCE ENERGY10/1/20242.9003,939 3,837 3,798 
EVERSOURCE ENERGY12/1/20233.8003,000 3,000 2,966 
NEXTERA ENERGY INC3/21/20242.94047,248 45,995 46,019 
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED11/8/20230.8414,060 3,954 3,910 
SOUTHERN COMPANY THE9/15/20242.2002,526 2,397 2,408 
SOUTHERN COMPANY THE2/26/20240.60014,010 13,372 13,271 
WEC ENERGY GROUP INC3/15/20240.8002,038 1,960 1,931 
TOTAL ELECTRIC150,776 149,144 
ENERGY
PLAINS GP HOLDINGS LP11/1/20243.6001,884 1,818 1,824 
WILLIAMS COMPANIES INC6/24/20244.5508,472 8,512 8,378 
TOTAL ENERGY10,330 10,202 
INSURANCE
CVS HEALTH CORP6/15/20232.80010,000 9,949 9,897 
CVS HEALTH CORP11/15/20243.5003,949 3,820 3,840 
ELEVANCE HEALTH INC12/1/20243.35015,000 14,491 14,560 
TOTAL INSURANCE28,260 28,297 
OTHER FINANCIAL INSTITUTIONS
HARDWOOD FUNDING LLC 6/7/20243.1806,000 5,932 5,799 
TOTAL OTHER FINANCIAL INSTITUTIONS5,932 5,799 
TECHNOLOGY
BROADCOM INC1/15/20243.62520,250 20,175 19,904 
FIDELITY NATIONAL INFORMATION SERVICES INC3/1/20240.60010,000 9,625 9,469 
FISERV INC7/1/20242.75010,000 9,906 9,645 
MICROCHIP TECHNOLOGY INCORPORATED9/1/20232.6708,159 8,085 7,998 
MICROCHIP TECHNOLOGY INCORPORATED2/15/20240.97242,710 40,919 40,605 
MICROCHIP TECHNOLOGY INCORPORATED9/1/20240.9839,405 9,108 8,722 
NXP SEMICONDUCTORS NV3/1/20244.87514,457 14,628 14,341 
TOTAL TECHNOLOGY112,446 110,684 
TRANSPORTATION
CRAWFORD GROUP INC11/15/20243.85040,922 40,424 39,600 
CRAWFORD GROUP INC11/1/20232.70021,419 21,095 20,928 
TOTAL TRANSPORTATION61,519 60,528 
TOTAL CORPORATE DEBT SECURITIES800,596 792,942 
TOTAL FIXED MATURITIES8,523,011 8,368,916 

SYNDICATED LOANS
BASIC INDUSTRY
ASPLUNDH TREE EXPERT LLC9/7/20275.8211,355 1,343 1,343 
CHEMOURS COMPANY4/3/20255.8301,707 1,707 1,707 
F-69
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
INEOS LTD3/29/20246.0711,293 1,293 1,293 
ELEMENT SOLUTIONS INC1/31/20266.0861,463 1,456 1,456 
AXALTA COATING SYSTEMS LTD6/1/20245.424— — — 
FLINT GROUP GMBH9/21/20239.32058 58 58 
FLINT GROUP GMBH9/21/20239.320353 352 352 
TRINSEO PLC9/6/20246.0711,288 1,287 1,287 
MESSER INDUSTRIES USA INC3/2/20266.1741,018 1,015 1,015 
UNIVAR SOLUTIONS INC6/3/20285.8211,494 1,489 1,489 
TOTAL BASIC INDUSTRY10,000 10,000 
BROKERAGE
LPL FINANCIAL HOLDINGS INC11/12/20265.8701,611 1,604 1,604 
RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC5/30/20257.8841,327 1,328 1,328 
GREENHILL & CO INC4/12/20247.321489 489 489 
CITADEL SECURITIES LP2/2/20286.7011,231 1,226 1,226 
TOTAL BROKERAGE
4,647 4,647 
CAPITAL GOODS
BERRY GLOBAL INC7/1/20266.0241,447 1,437 1,437 
INGERSOLL RAND INC3/1/20275.936317 317 317 
ANCHOR GLASS CONTAINER CORP12/7/20236.532949 949 949 
QUIKRETE HOLDINGS INC2/1/20276.6961,337 1,317 1,317 
PACKAGING HOLDINGS LTD1/29/20275.8211,235 1,213 1,213 
TRANSDIGM INC12/9/20255.924822 821 821 
ZEKELMAN INDUSTRIES INC1/24/20276.729722 723 723 
PAI EUROPE VI FINANCE SARL4/20/20246.424226 226 226 
ENERGY CAPITAL PARTNERS II LLC5/9/20257.424575 574 574 
TRANE TECHNOLOGIES PLC3/1/20275.9361,219 1,217 1,217 
EWT HOLDINGS III CORP3/31/20286.375741 737 737 
BEACON ROOFING SUPPLY INC5/19/20286.3211,126 1,111 1,111 
G HOLDINGS INC9/22/20286.4251,486 1,465 1,465 
GFL ENVIRONMENTAL INC5/30/20257.415314 313 313 
TOTAL CAPITAL GOODS
12,420 12,420 
COMMUNICATIONS
CHARTER COMMUNICATIONS INC4/30/20255.8301,384 1,384 1,384 
COGECO COMMUNICATIONS (USA) II LP1/3/20256.0711,338 1,337 1,337 
SINCLAIR BROADCAST GROUP INC8/24/20267.5671,140 1,131 1,131 
HUBBARD RADIO LLC3/28/20258.330211 210 210 
LUMEN TECHNOLOGIES INC3/1/20275.821261 261 261 
NEXT LUXEMBOURG SCSP7/17/20256.568936 934 934 
NEXSTAR MEDIA GROUP INC9/18/20266.571488 482 482 
NEXT LUXEMBOURG SCSP7/15/20257.165945 944 944 
SBA COMMUNICATIONS CORP4/11/20255.8301,217 1,214 1,214 
SINCLAIR BROADCAST GROUP INC4/1/20287.080788 785 785 
F-70
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
TELESAT LLC12/7/20267.170814 812 812 
CMG MEDIA CORP12/17/20267.571978 961 961 
GRAY TELEVISION INC2/7/20246.620161 161 161 
ENTRAVISION COMMUNICATIONS CORPORATION11/30/20246.821298 297 297 
LIONS GATE ENTERTAINMENT CORP3/24/20256.321791 791 791 
NEXT LUXEMBOURG SCSP1/15/20266.568963 946 946 
NASCAR HOLDINGS LLC10/19/20266.571966 956 956 
EW SCRIPPS CO5/1/20266.634489 481 481 
LUMEN TECHNOLOGIES INC3/15/20276.3211,216 1,215 1,215 
VMED O2 UK LTD1/31/20286.8181,000 1,001 1,001 
TOTAL COMMUNICATIONS
16,303 16,303 
CONSUMER CYCLICAL
APOLLO INVESTMENT FUND VIII LP9/23/20266.505880 875 875 
QUALITY SOLUTIONS INTERNATIONAL LTD8/21/20256.821897 891 891 
FOUR SEASONS HOLDINGS INC11/30/20235.754— — — 
GODADDY INC2/15/20244.8651,415 1,407 1,407 
HILTON WORLDWIDE HOLDINGS INC6/22/20265.7661,749 1,732 1,732 
YUM! BRANDS INC.3/15/20286.0891,033 1,033 1,033 
SEMINOLE TRIBE OF FLORIDA INC7/8/20245.821124 124 124 
SIX FLAGS ENTERTAINMENT CORP4/17/20265.830760 760 760 
WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC5/18/20256.830741 739 739 
BJS WHOLESALE CLUB HOLDINGS INC2/3/20246.270194 193 193 
CAESARS ENTERTAINMENT INC12/23/20246.821824 821 821 
CINEWORLD FINANCE US INC2/28/20254.000338 337 337 
WYNDHAM HOTELS & RESORTS INC5/30/20255.8211,465 1,455 1,455 
NATIONAL AMUSEMENTS INC5/8/20256.580793 793 793 
PCI GAMING AUTHORITY5/29/20266.571364 363 363 
BURLINGTON STORES INC6/24/20286.0801,417 1,402 1,402 
APPLOVIN CORP10/25/20286.674997 987 987 
RESTAURANT BRANDS INTERNATIONAL INC11/19/20265.9001,301 1,299 1,299 
TOTAL CONSUMER CYCLICAL
15,211 15,211 
CONSUMER NON CYCLICAL
ENERGIZER HOLDINGS INC12/16/20276.625401 399 399 
GRIFOLS SA11/15/20276.0711,117 1,114 1,114 
IQVIA HOLDINGS INC6/11/20255.424462 458 458 
SELECT MEDICAL CORPORATION3/6/20256.5801,248 1,239 1,239 
THOR INDUSTRIES INC2/1/20267.1251,500 1,495 1,495 
US FOODS HOLDING CORP8/30/20266.071218 217 217 
ELANCO ANIMAL HEALTH INC8/1/20275.870660 657 657 
ARAMARK4/6/20286.5711,012 1,007 1,007 
ORGANON & CO6/2/20287.750383 381 381 
PRESTIGE CONSUMER HEALTHCARE INC7/3/20286.071333 332 332 
DOLE PLC8/3/20286.016995 985 985 
F-71
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ICON PLC7/3/20285.93899 99 99 
ICON LUXEMBOURG SARL7/3/20285.938399 398 398 
TOTAL CONSUMER NON CYCLICAL
8,781 8,781 
ELECTRIC
VOLT PARENT LP12/16/20276.580323 320 320 
VOLT PARENT LP1/15/20256.0711,910 1,910 1,910 
CONSTELLATION ENERGY CORP12/15/20277.240461 459 459 
HELIX GEN FUNDING LLC6/3/20247.821770 769 769 
INVENERGY CLEAN POWER LLC8/28/20257.951592 590 590 
EASTERN POWER LLC10/2/20257.424842 837 837 
VISTRA CORP12/31/20255.8701,214 1,213 1,213 
WEST DEPTFORD ENERGY HOLDINGS LLC8/3/20267.8211,128 1,125 1,125 
LMBE-MC HOLDCO II LLC12/3/20257.680504 503 503 
EDGEWATER GENERATION LLC (DELAWARE)12/13/20257.821956 954 954 
CPV SHORE HOLDINGS LLC12/29/20257.830650 646 646 
ADVANCED POWER SERVICES NA INC2/16/20267.174599 596 596 
EFS COGEN HOLDINGS I LLC10/1/20277.840720 718 718 
TOTAL ELECTRIC
10,640 10,640 
ENERGY
IFM GLOBAL INFRASTRUCTURE FUND11/1/20266.370414 413 413 
TRAVERSE MIDSTREAM PARTNERS LLC9/27/20248.405592 591 591 
TOTAL ENERGY
1,004 1,004 
FINANCE COMPANY
HAINAN HNA NO 2 INFORMATION MANAGEMENT SERVICE CO LTD1/15/20256.103572 571 571 
HAINAN HNA NO 2 INFORMATION MANAGEMENT SERVICE CO LTD2/12/20275.853390 389 389 
FLEETCOR TECHNOLOGIES INC4/28/20285.8211,488 1,471 1,471 
TOTAL FINANCE COMPANY
2,431 2,431 
INSURANCE
LONESTAR INTERMEDIATE SUPER HOLDINGS LLC12/23/20267.321465 462 462 
LONESTAR INTERMEDIATE SUPER HOLDINGS LLC11/29/20247.071407 406 406 
TOTAL INSURANCE
868 868 
OTHER FINANCIAL INSTITUTIONS
SOFTBANK GROUP CORP6/27/20256.571800 800 800 
TRANSUNION11/16/20265.821999 997 997 
TRANSUNION12/1/20286.321994 966 966 
TOTAL OTHER FINANCIAL INSTITUTIONS
2,763 2,763 
OTHER INDUSTRY
API GROUP DE INC10/1/20266.5711,659 1,633 1,633 
TOTAL OTHER INDUSTRY
1,633 1,633 
F-72
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
REITS
RYMAN HOSPITALITY PROPERTIES5/11/20246.080736 736 736 
TOTAL REITS
736 736 
TECHNOLOGY
NCR CORPORATION8/28/20266.920482 473 473 
CARLYLE GROUP INC/THE4/16/20255.821434 432 432 
CARLYLE GROUP INC/THE4/16/20255.821362 361 361 
MICRO FOCUS INTERNATIONAL PLC6/21/20246.821652 650 650 
TTM TECHNOLOGIES INC9/25/20246.6201,431 1,429 1,429 
ONEX CORPORATION6/27/20256.514928 926 926 
COMMSCOPE HOLDING CO INC4/6/20267.3211,213 1,207 1,207 
ADEIA INC6/8/20287.571768 706 706 
MKS INSTRUMENTS INC8/17/20297.1711,000 990 990 
COHERENT CORP7/2/20296.922982 964 964 
GEN DIGITAL INC1/28/20296.1861,500 1,457 1,457 
ENTEGRIS INC7/6/20295.8901,500 1,491 1,491 
CARLYLE GROUP INC/THE3/22/20296.436580 569 569 
CARLYLE GROUP INC/THE3/22/20296.436385 377 377 
TOTAL TECHNOLOGY
12,032 12,032 
TRANSPORTATION
AMERICAN AIRLINES GROUP INC6/27/20255.794931 930 930 
XPO LOGISTICS INC2/24/20255.9351,000 991 991 
G & W INTERMEDIATE HOLDINGS LLG12/30/20265.6741,629 1,598 1,598 
UNITED AIRLINES HOLDINGS INC4/20/20288.108365 363 363 
TOTAL TRANSPORTATION
3,882 3,882 
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES
103,351 103,351 
ALLOWANCE FOR LOAN LOSSES
(1,021)(1,021)
TOTAL SYNDICATED LOANS - NET
102,330 102,330 




DERIVATIVES
PURCHASED OPTIONS
BNP SECURITIES2/7/2023— 50 50 
BNP SECURITIES2/28/2023— 85 85 
BNP SECURITIES3/28/2023— 254 254 
BNP SECURITIES4/18/2023— 113 113 
BNP SECURITIES4/25/2023— 101 101 
BNP SECURITIES5/2/2023— 101 101 
BNP SECURITIES5/16/2023— 290 290 
BNP SECURITIES8/15/2023— 62 62 
BNP SECURITIES8/22/2023— 59 59 
F-73
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP SECURITIES1/17/2023— 9 9 
BNP SECURITIES1/23/2024— 42 42 
BNP SECURITIES1/10/20231 — — 
BNP SECURITIES1/31/20231 — — 
BNP SECURITIES2/28/20231 4 4 
BNP SECURITIES3/14/20231 10 10 
BNP SECURITIES3/28/20231 1 1 
BNP SECURITIES4/4/20231 3 3 
BNP SECURITIES4/11/20231 10 10 
BNP SECURITIES4/18/20231 6 6 
BNP SECURITIES5/23/20231 110 110 
BNP SECURITIES5/30/20231 52 52 
BNP SECURITIES6/20/20231 187 187 
BNP SECURITIES6/27/20231 170 170 
BNP SECURITIES7/11/20231 178 178 
BNP SECURITIES7/8/2025— 69 69 
BNP SECURITIES8/8/20231 99 99 
BNP SECURITIES9/5/20231 205 205 
BNP SECURITIES9/19/20231 234 234 
BNP SECURITIES10/10/20231 313 313 
BNP SECURITIES10/24/20231 252 252 
BNP SECURITIES10/21/2025— 211 211 
BNP SECURITIES11/21/20231 180 180 
BNP SECURITIES11/19/2024— 50 50 
BNP SECURITIES11/18/2025— 64 64 
BNP SECURITIES11/28/2023— 131 131 
BNP SECURITIES12/5/20231 273 273 
BNP SECURITIES12/19/20231 252 252 
CS INTERNATIONAL1/24/20231 — — 
CS INTERNATIONAL2/14/20231 — — 
CS INTERNATIONAL2/21/20231 4 4 
CS INTERNATIONAL3/7/20231 19 19 
CS INTERNATIONAL4/25/20231 31 31 
CS INTERNATIONAL6/6/20231 59 59 
CS INTERNATIONAL7/18/20231 143 143 
CS INTERNATIONAL7/25/20231 152 152 
CS INTERNATIONAL8/1/20231 86 86 
CS INTERNATIONAL8/22/20231 120 120 
CS INTERNATIONAL9/26/20231 282 282 
CS INTERNATIONAL9/23/2025— 163 163 
CS INTERNATIONAL10/17/20231 220 220 
CS INTERNATIONAL10/31/20231 221 221 
CS INTERNATIONAL11/7/20231 234 234 
CS INTERNATIONAL11/4/2025— 73 73 
WELLS FARGO BANK2/14/2023— 49 49 
F-74
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK3/7/2023— 97 97 
WELLS FARGO BANK3/21/2023— 281 281 
WELLS FARGO BANK5/9/2023— 101 101 
WELLS FARGO BANK6/13/2023— 80 80 
WELLS FARGO BANK2/21/2023— 22 22 
WELLS FARGO BANK7/11/2023— 6 6 
WELLS FARGO BANK1/3/20231 — — 
WELLS FARGO BANK1/17/20231 — — 
WELLS FARGO BANK2/7/20231 — — 
WELLS FARGO BANK3/21/20231 3 3 
WELLS FARGO BANK5/2/20231 35 35 
WELLS FARGO BANK4/29/2025— 96 96 
WELLS FARGO BANK5/9/20231 86 86 
WELLS FARGO BANK5/16/20231 67 67 
WELLS FARGO BANK6/13/20231 163 163 
WELLS FARGO BANK7/1/2025— 68 68 
WELLS FARGO BANK7/5/20231 200 200 
WELLS FARGO BANK8/15/20231 71 71 
WELLS FARGO BANK8/12/2025— 46 46 
WELLS FARGO BANK8/29/20231 148 148 
WELLS FARGO BANK8/27/2024— 94 94 
WELLS FARGO BANK9/12/20231 229 229 
WELLS FARGO BANK10/3/20231 270 270 
WELLS FARGO BANK11/14/20231 151 151 
WELLS FARGO BANK12/12/2023— 122 122 
WELLS FARGO BANK12/26/20231 210 210 
WELLS FARGO BANK12/24/2024— 61 61 
TOTAL PURCHASED OPTIONS
8,793 8,793 

WRITTEN OPTIONS
BNP SECURITIES2/7/2023— (27)(27)
BNP SECURITIES2/28/2023— (67)(67)
BNP SECURITIES3/28/2023— (233)(233)
BNP SECURITIES4/18/2023— (103)(103)
BNP SECURITIES4/25/2023— (84)(84)
BNP SECURITIES5/2/2023— (84)(84)
BNP SECURITIES5/16/2023— (253)(253)
BNP SECURITIES8/15/2023— (57)(57)
BNP SECURITIES8/22/2023— (53)(53)
BNP SECURITIES1/17/2023— (7)(7)
BNP SECURITIES1/23/2024— (39)(39)
BNP SECURITIES1/10/2023(1)— — 
BNP SECURITIES1/31/2023(1)— — 
BNP SECURITIES2/28/2023(1)(3)(3)
F-75
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP SECURITIES3/14/2023(1)(9)(9)
BNP SECURITIES3/28/2023(1)(1)(1)
BNP SECURITIES4/4/2023(1)(3)(3)
BNP SECURITIES4/11/2023(1)(8)(8)
BNP SECURITIES4/18/2023(1)(5)(5)
BNP SECURITIES5/23/2023(1)(100)(100)
BNP SECURITIES5/30/2023(1)(39)(39)
BNP SECURITIES6/20/2023(1)(161)(161)
BNP SECURITIES6/27/2023(1)(140)(140)
BNP SECURITIES7/11/2023(1)(149)(149)
BNP SECURITIES7/8/2025— (49)(49)
BNP SECURITIES8/8/2023(1)(67)(67)
BNP SECURITIES9/5/2023(1)(145)(145)
BNP SECURITIES9/19/2023(1)(171)(171)
BNP SECURITIES10/10/2023(1)(253)(253)
BNP SECURITIES10/24/2023(1)(178)(178)
BNP SECURITIES10/21/2025— (116)(116)
BNP SECURITIES11/21/2023(1)(109)(109)
BNP SECURITIES11/19/2024— (26)(26)
BNP SECURITIES11/18/2025— (30)(30)
BNP SECURITIES11/28/2023— (82)(82)
BNP SECURITIES12/5/2023(1)(174)(174)
BNP SECURITIES12/19/2023(1)(173)(173)
CS INTERNATIONAL1/24/2023(1)— — 
CS INTERNATIONAL2/14/2023(1)— — 
CS INTERNATIONAL2/14/2023— — — 
CS INTERNATIONAL2/21/2023(1)(3)(3)
CS INTERNATIONAL3/7/2023(1)(18)(18)
CS INTERNATIONAL4/25/2023(1)(26)(26)
CS INTERNATIONAL6/6/2023(1)(45)(45)
CS INTERNATIONAL7/18/2023(1)(115)(115)
CS INTERNATIONAL7/25/2023(1)(124)(124)
CS INTERNATIONAL8/1/2023(1)(66)(66)
CS INTERNATIONAL8/22/2023(1)(82)(82)
CS INTERNATIONAL9/26/2023(1)(225)(225)
CS INTERNATIONAL9/23/2025— (102)(102)
CS INTERNATIONAL10/17/2023(1)(165)(165)
CS INTERNATIONAL10/31/2023(1)(158)(158)
CS INTERNATIONAL11/7/2023(1)(170)(170)
CS INTERNATIONAL11/4/2025— (41)(41)
WELLS FARGO BANK2/14/2023— (31)(31)
WELLS FARGO BANK3/7/2023— (80)(80)
WELLS FARGO BANK3/21/2023— (251)(251)
WELLS FARGO BANK5/9/2023— (84)(84)
WELLS FARGO BANK6/13/2023— (68)(68)
F-76
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2022
(in thousands)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO BANK2/21/2023— (19)(19)
WELLS FARGO BANK7/11/2023— (5)(5)
WELLS FARGO BANK1/3/2023(1)— — 
WELLS FARGO BANK1/17/2023(1)— — 
WELLS FARGO BANK2/7/2023(1)— — 
WELLS FARGO BANK3/21/2023(1)(2)(2)
WELLS FARGO BANK5/2/2023(1)(29)(29)
WELLS FARGO BANK4/29/2025— (83)(83)
WELLS FARGO BANK5/9/2023(1)(76)(76)
WELLS FARGO BANK5/16/2023(1)(59)(59)
WELLS FARGO BANK6/13/2023(1)(141)(141)
WELLS FARGO BANK7/1/2025— (48)(48)
WELLS FARGO BANK7/5/2023(1)(165)(165)
WELLS FARGO BANK8/15/2023(1)(44)(44)
WELLS FARGO BANK8/12/2025— (24)(24)
WELLS FARGO BANK8/29/2023(1)(110)(110)
WELLS FARGO BANK8/27/2024— (63)(63)
WELLS FARGO BANK9/12/2023(1)(161)(161)
WELLS FARGO BANK10/3/2023(1)(206)(206)
WELLS FARGO BANK11/14/2023(1)(92)(92)
WELLS FARGO BANK12/12/2023— (75)(75)
WELLS FARGO BANK12/26/2023(1)(145)(145)
WELLS FARGO BANK12/24/2024— (36)(36)
TOTAL WRITTEN OPTIONS
(6,635)(6,635)

FUTURES
S&P500 EMINI FUT Mar239/16/2072— (8)(8)
TOTAL FUTURES
(8)(8)
TOTAL DERIVATIVES - NET
2,150 2,150 
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES$9,786,961 $9,632,866 

NOTES
a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
b) For Federal income tax purposes, the cost of investments is $9.8 billion.
c) Securities written down due to other-than-temporary impairment related to credit losses.
d) Non-Income producing securities.

F-77
 
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands)

Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121087375 
Florence City
KY
1 $— $389 $389 $— $— $1 3.040 %
Over $500:
121047210 West Haven City CT1 — 3,789 3,789 — — 11 3.600 
121047262 Fargo ND1 — 1,936 1,936 — — 9 5.440 
121047347 Lawrenceville GA1 — 1,325 1,325 — — 4 3.970 
121047383 Las Vegas NV1 — 4,481 4,481 — — 14 3.810 
121047387 
Washington Terrace
UT1 — 2,083 2,083 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,146 3,146 — — 17 6.640 
121047393 Moore SC1 — 867 867 — — 3 4.130 
121047398 Springfield IL1 — 734 734 — — 3 4.390 
121047400 
Pittsford
NY1 — 1,050 1,050 — — 4 4.070 
121047402 Miami FL1 — 1,375 1,375 — — 4 3.750 
121047406 Kokomo IN1 — 3,000 3,000 — — 8 3.000 
121047408 Wyomissing PA1 — 2,450 2,450 — — 6 2.700 
121047410 Chicago IL1 — 2,273 2,273 — — 5 2.500 
121047412 Columbus IN1 — 1,480 1,480 — — 4 3.370 
121047417 Nashville TN1 — 4,000 4,000 — — — 6.560 
121087245 Southport CT1 — 2,519 2,519 — — 8 4.010 
121087313 Orchard Park NY1 — 2,089 2,089 — — 7 4.050 
121087327 Marietta City GA1 — 2,013 2,013 — — 6 3.820 
121087349 Carlsbad CA1 — 2,033 2,033 — — 5 3.000 
121087358 Philadelphia CityPA1 — 4,000 4,000 — — — 6.400 
121087361 Oswego OR1 — 3,574 3,574 — — 13 4.260 
121087362 Atlanta GA1 — 3,168 3,168 — — 10 3.960 
121087376 Sterling Heights MI1 — 739 739 — — 2 3.620 
121087378 Pittsburgh PA1 — 1,656 1,656 — — 5 3.690 
121087381 San Diego CA1 — 1,980 1,980 — — 5 3.130 
121087382 San Diego CA1 — 1,753 1,753 — — 5 3.090 
121087384 Culver City CA1 — 2,597 2,597 — — 7 3.170 
121087388 Riverside CA1 — 879 879 — — 2 3.270 
121087389 Palmdale CA1 — 1,187 1,187 — — 3 3.270 
121087394 Richmond TX1 — 2,136 2,136 — — 7 4.000 
121087396 Seattle WA1 — 5,000 5,000 — — 17 4.000 
121087397 Nashville TN1 — 1,125 1,125 — — 4 4.350 
121087403 Houston TX1 — 4,093 4,093 — — 12 3.470 
121087404 Blaine MN1 — 1,468 1,468 — — 4 3.320 
121087405 Monroe WA1 — 3,969 3,969 — — 11 3.390 
121087407 Victorville CA1 — 1,631 1,631 — — 4 2.960 
121087409 Pompano Beach FL1 — 1,675 1,675 — — 4 2.740 
121087411 Syracyse Utah UT1 — 2,192 2,192 — — 5 2.520 
121087414 Fountain Valley CA1 — 5,420 5,420 — — 23 5.100 
121087415 Avenel NJ1 — 1,075 1,075 — — 5 5.900 
121087416 Bradenton FL1 — 2,600 2,600 — — 13 5.790 
Total Other42 — 96,949 96,949 — — 285 4.071 
F-78
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Unallocated Reserve for Losses378 378 
Total First Mortgage Loans on Real Estate42 $— $96,571 $96,571 $— $— $285 4.071 %

Part 3 - Location of mortgaged propertiesCarrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
CaliforniaCA8 $— $17,480 $17,480 $— $— 
ConnecticutCT2 $— 6,308 6,308 — — 
FloridaFL3 $— 5,650 5,650 — — 
GeorgiaGA3 $— 6,506 6,506 — — 
IllinoisIL2 $— 3,007 3,007 — — 
IndianaIN2 $— 4,480 4,480 
KentuckyKY1 $— 389 389 — — 
MichiganMI1 $— 739 739 — — 
MinnesotaMN1 $— 1,468 1,468 — — 
North DakotaND1 $— 1,936 1,936 — — 
New Jersey
NJ
1 $— 1,075 1,075 — — 
NevadaNV1 $— 4,481 4,481 — — 
New YorkNY2 $— 3,139 3,139 — — 
OregonOR1 $— 3,574 3,574 — — 
PennsylvaniaPA4 $— 11,252 11,252 — — 
South CarolinaSC1 $— 867 867 — — 
TennesseeTN2 $— 5,125 5,125 — — 
TexasTX2 $— 6,229 6,229 — — 
UtahUT2 $— 4,275 4,275 — — 
WashingtonWA2 $— 8,969 8,969 — — 
Total42 — 96,949 96,949 — — 
Unallocated Reserve for Losses378 378 
Total42 $— $96,571 $96,571 $— $— 
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 ACC 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 allowance for credit losses.
(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 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 as of December 31, 2023 are shown by type and class of loan.















F-79
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)
December 31, 2022    
(in thousands)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121047377 Cookeville CityTN1 $— $296 $296 $— $— $1 3.500 %
121087371 BulverdeTX1 — 213 213 — — 1 3.000 
Over $500:
121047210 West Haven CityCT1 — 3,935 3,935 — — 12 3.600 
121047262 FargoND1 — 2,640 2,640 — — 12 5.440 
121047343 Durham CityNC1 — 1,090 1,090 — — 3 3.500 
121047347 LawrencevilleGA1 — 1,377 1,377 — — 4 3.970 
121047383 Las VegasNV1 — 4,571 4,571 — — 15 3.810 
121047387 Washington TerraceUT1 — 2,131 2,131 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,211 3,211 — — 12 4.310 
121047393 MooreSC1 — 1,093 1,093 — — 4 4.130 
121047398 SpringfieldIL1 — 854 854 — — 3 4.390 
121047400 PittsfordNY1 — 1,216 1,216 — — 4 4.070 
121047402 MiamiFL1 — 1,406 1,406 — — 4 3.750 
121047406 KokomoIN1 — 3,000 3,000 — — 8 3.000 
121047408 WyomissingPA1 — 2,733 2,733 — — 6 2.700 
121047410 ChicagoIL1 — 2,529 2,529 — — 5 2.500 
121047412 ColumbusIN1 — 1,628 1,628 — — 5 3.370 
121087245 SouthportCT1 — 2,606 2,606 — — 9 4.010 
121087313 Orchard ParkNY1 — 2,217 2,217 — — 7 4.050 
121087327 Marietta CityGA1 — 2,084 2,084 — — 7 3.820 
121087349 CarlsbadCA1 — 2,083 2,083 — — 5 3.000 
121087358 Philadelphia CityPA1 — 3,411 3,411 — — 10 3.450 
121087361 OswegoOR1 — 3,866 3,866 — — 14 4.260 
121087362 AtlantaGA1 — 3,226 3,226 — — 11 3.960 
121087375 Florence CityKY1 — 625 625 — — 2 3.040 
121087376 Sterling HeightsMI1 — 1,105 1,105 — — 3 3.620 
121087378 PittsburghPA1 — 1,852 1,852 — — 6 3.690 
121087379 EulessTX1 — 1,285 1,285 — — 4 3.700 
121087381 San DiegoCA1 — 2,448 2,448 — — 6 3.130 
121087382 San DiegoCA1 — 2,272 2,272 — — 6 3.090 
121087384 Culver CityCA1 — 2,671 2,671 — — 7 3.170 
121087388 RiversideCA1 — 1,081 1,081 — — 3 3.270 
121087389 PalmdaleCA1 — 1,460 1,460 — — 4 3.270 
121087394 RichmondTX1 — 2,570 2,570 — — 9 4.000 
121087395 San FranciscoCA1 — 4,179 4,179 — — 14 4.180 
121087396 SeattleWA1 — 5,000 5,000 — — 17 4.000 
121087397 NashvilleTN1 — 1,318 1,318 — — 5 4.350 
121087403 HoustonTX1 — 4,223 4,223 — — 12 3.470 
121087404 BlaineMN1 — 1,575 1,575 — — 4 3.320 
121087405 MonroeWA1 — 4,062 4,062 — — 11 3.390 
121087407 VictorvilleCA1 — 1,811 1,811 — — 4 2.960 
121087409 Pompano BeachFL1 — 1,727 1,727 — — 4 2.740 
121087411 Syracyse UtahUT1 — 2,434 2,434 — — 5 2.520 
121087414 Fountain ValleyCA1 — 5,500 5,500 — — 23 5.100 
F-80
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)
December 31, 2022    
(in thousands)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Total Other44 — 102,614 102,614 — — 316 3.692 
Unallocated Reserve for Losses451 451
Total First Mortgage Loans on Real Estate44 $— $102,163 $102,163 $— $— $316 3.692 %

Part 3 - Location of mortgaged propertiesCarrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
CaliforniaCA9 $— $23,505 $23,505 $— $— 
ConnecticutCT2 — 6,541 6,541 — — 
FloridaFL2 — 3,133 3,133 — — 
GeorgiaGA3 — 6,687 6,687 — — 
IllinoisIL2 — 3,383 3,383 — — 
IndianaIN2 4,628 4,628 
KentuckyKY1 — 625 625 — — 
MichiganMI1 — 1,105 1,105 — — 
MinnesotaMN1 — 1,575 1,575 — — 
North CarolinaNC1 — 1,090 1,090 — — 
North DakotaND1 — 2,640 2,640 — — 
NevadaNV1 — 4,571 4,571 — — 
New YorkNY2 — 3,433 3,433 — — 
OregonOR1 — 3,866 3,866 — — 
PennsylvaniaPA4 — 11,207 11,207 — — 
South CarolinaSC1 — 1,093 1,093 — — 
TennesseeTN2 — 1,614 1,614 — — 
TexasTX4 — 8,291 8,291 — — 
UtahUT2 — 4,565 4,565 — — 
WashingtonWA2 — 9,062 9,062 — — 
Total44 — 102,614 102,614 — — 
Unallocated Reserve for Losses451 451 
Total44 $— $102,163 $102,163 $— $— 
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 ACC 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 allowance for credit losses.
(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 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 as of December 31, 2022 are shown by type and class of loan.

F-81

Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2021    
(in thousands)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
121047366 MurrayUT1 $— $162 $162 $— $— $— 3.310 %
121087290 DoravilleGA1 — 144 144 — — 1 5.770 
121087359 ApexNC1 — 47 47 — — — 3.520 
121087370 La JollaCA1 — 114 114 — — — 3.260 
121087371 BulverdeTX1 — 403 403 — — 1 3.000 
Over $500:
121047210 West HavenCT1 — 4,076 4,076 — — 12 3.600 
121047262 FargoND1 — 3,306 3,306 — — 15 5.440 
121047343 DurhamNC1 — 1,133 1,133 — — 3 3.500 
121047347 LawrencevilleGA1 — 1,426 1,426 — — 5 3.970 
121047364 Kansas CityKS1 — 908 908 — — 3 3.420 
121047377 CookevilleTN1 — 581 581 — — 2 3.500 
121047383 Las VegasNV1 — 2,578 2,578 — — 6 2.980 
121047385 CiceroIL1 — 2,960 2,960 — — 9 3.850 
121047387 Washington TerraceUT1 — 2,177 2,177 — — 5 3.020 
121047392 PhiladelphiaPA1 — 3,279 3,279 — — 12 4.310 
121047393 MooreSC1 — 1,309 1,309 — — 5 4.130 
121047398 SpringfieldIL1 — 968 968 — — 4 4.390 
121047400 PittsfordNY1 — 1,377 1,377 — — 5 4.070 
121047402 MiamiFL1 — 1,436 1,436 — — 4 3.750 
121047408 WyomissingPA1 — 3,010 3,010 — — 7 2.700 
121047410 ChicagoIL1 — 2,779 2,779 — — 6 2.500 
121087245 SouthportCT1 — 2,690 2,690 — — 9 4.010 
121087313 Orchard ParkNY1 — 2,340 2,340 — — 8 4.050 
121087327 MariettaGA1 — 2,152 2,152 — — 7 3.820 
121087344 NorcrossGA1 — 1,311 1,311 — — 4 3.380 
121087349 CarlsbadCA1 — 2,131 2,131 — — 5 3.000 
121087358 PhiladelphiaPA1 — 3,536 3,536 — — 10 3.450 
121087360 Sun City CenterFL1 — 3,746 3,746 — — 10 3.300 
121087361 OswegoOR1 — 4,147 4,147 — — 15 4.260 
121087362 AtlantaGA1 — 2,099 2,099 — — 7 3.810 
121087365 FairfaxVA1 — 1,858 1,858 — — 7 4.450 
121087369 AcworthGA1 — 1,134 1,134 — — 3 3.550 
121087375 FlorenceKY1 — 854 854 — — 2 3.040 
121087376 Sterling HeightsMI1 — 1,458 1,458 — — 4 3.620 
121087378 PittsburghPA1 — 2,041 2,041 — — 6 3.690 
121087379 EulessTX1 — 1,333 1,333 — — 4 3.700 
121087381 San DiegoCA1 — 2,902 2,902 — — 8 3.130 
121087382 San DiegoCA1 — 2,775 2,775 — — 7 3.090 
121087384 Culver CityCA1 — 2,738 2,738 — — 9 3.840 
121087386 BellinghamWA1 — 4,875 4,875 — — 15 3.570 
121087388 RiversideCA1 — 1,277 1,277 — — 3 3.270 
121087389 PalmdaleCA1 — 1,724 1,724 — — 5 3.270 
121087394 RichmondTX1 — 2,987 2,987 — — 10 4.000 
121087395 San FranciscoCA1 — 4,302 4,302 — — 15 4.180 
121087396 SeattleWA1 — 4,758 4,758 — — 17 4.410 
121087397 NashvilleTN1 — 1,503 1,503 — — 5 4.350 
121087403 HoustonTX1 — 4,350 4,350 — — 13 3.470 
F-82
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)
December 31, 2021
(in thousands)
Part 1 - Mortgage loans on real estate at end of period
Part 2 - Interest earned on mortgages		Carrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosedInterest due and accrued at end of periodAverage gross rate of interest on mortgages held at end of period (e)
Loan No.Description (a)Property LocationNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
121087404 BlaineMN1 — 1,680 1,680 — — 5 3.320 
121087405 MonroeWA1 — 4,151 4,151 — — 12 3.390 
121087406 KokomoIN1 — 3,000 3,000 — — 7 3.000 
121087407 VictorvilleCA1 — 1,986 1,986 — — 5 2.960 
121087409 Pompano BeachFL1 — 1,779 1,779 — — 4 2.740 
121087411 SyracyseUT1 — 2,650 2,650 — — — 2.520 
Total Other53 — 116,440 116,440 — — 346 3.626 
Unallocated Reserve for Losses493 
Total First Mortgage Loans on Real Estate53 $— $115,947 $116,440 $— $— $346 3.626 %

Part 3 - Location of mortgaged propertiesCarrying amount of mortgages (c)Amount of principal unpaid at end of periodAmount of mortgages being foreclosed
State in which mortgaged property is locatedNumber of loansPrior liens (b)TotalSubject to delinquent interest (d)
CaliforniaCA9 $— $19,949 $19,949 $— $— 
ConnecticutCT2 — 6,766 6,766 — — 
FloridaFL3 — 6,961 6,961 — — 
GeorgiaGA6 — 8,265 8,265 — — 
IllinoisIL3 — 6,708 6,708 — — 
IndianaIN1 3,000 3,000 — — 
KansasKS1 — 907 907 — — 
KentuckyKY1 — 854 854 — — 
MichiganMI1 — 1,458 1,458 — — 
MinnesotaMN1 — 1,680 1,680 — — 
North CarolinaNC2 — 1,180 1,180 — — 
North DakotaND1 — 3,306 3,306 — — 
NevadaNV1 — 2,578 2,578 — — 
New YorkNY2 — 3,717 3,717 — — 
OregonOR1 — 4,147 4,147 — — 
PennsylvaniaPA4 — 11,865 11,865 — — 
South CarolinaSC1 — 1,309 1,309 — — 
TennesseeTN2 — 2,085 2,085 — — 
TexasTX4 — 9,073 9,073 — — 
UtahUT3 — 4,989 4,989 — — 
VirginiaVA1 — 1,858 1,858 — — 
WashingtonWA3 — 13,785 13,785 — — 
Total53 — 116,440 116,440 — — 
Unallocated Reserve for Losses493 
Total53 $— $115,947 $116,440 $— $— 
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 ACC 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 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 as of December 31, 2021 are shown by type and class of loan.
F-83
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
Years Ended December 31, 2023, 2022 and 2021
(in thousands)

The average gross interest rates on mortgage loans held as of December 31, 2023, 2022 and 2021 are summarized as follows:
 202320222021
Combined average4.071 %3.692 %3.626 %

(f)  Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2022, 2021 and 2020.
 202320222021
Balance at beginning of period$102,163 $115,947 $122,319 
Additions during period:
Purchases and fundings8,418 10,743 13,937 
Impact of of change in accounting policies— — — 
Deductions during period:
Collections of principal(14,084)(24,569)(20,747)
Provision for credit loss74 42 438 
Net additions (deductions)(5,592)(13,784)(6,372)
Balance at end of period$96,571 $102,163 $115,947 

(g) The aggregate cost of mortgage loans for federal income tax purposes as of December 31, 2023 was $96,949.

(h) As of December 31, 2023, an unallocated allowance for credit losses on first mortgage loans of $378 is recorded.

F-84
Ameriprise Certificate Company
Schedule V — Qualified Assets on Deposit
December 31, 2023 and 2022
(in thousands)
Name of DepositaryDecember 31, 2023
Investment SecuritiesMortgage Loans (b)Other (c)Total
Bonds and Notes (a)
Deposits with states or their depositories to meet requirements of statutes and agreements:
Illinois - Secretary of State of Illinois$56 $— $— $56 
New Jersey - Commissioner of Banking and Insurance of New Jersey51 — — 51 
Pennsylvania - Treasurer of the State of Pennsylvania154 — — 154 
Texas - Treasurer of the State of Texas208 — — 208 
Total State Deposits to meet requirements of statutes and agreements469 — — 469 
Total Central Depository - Ameriprise Trust Company14,029,016 96,571 86,697 14,212,284 
Total Deposits$14,029,485 $96,571 $86,697 14,212,753 
NOTES:
(a)  Represents amortized cost of bonds, notes and cash equivalents.
(b)  Represents unpaid principal balance of mortgage loans less unamortized discounts and allowance for credit losses.
(c)  Represents amortized cost of syndicated loans less allowance for credit losses.

Name of DepositaryDecember 31, 2022
Investment SecuritiesMortgage Loans (b)Other (c)Total
Bonds and Notes (a)
Deposits with states or their depositories to meet requirements of statutes and agreements:
Illinois - Secretary of State of Illinois$55 $— $— $55 
New Jersey - Commissioner of Banking and Insurance of New Jersey52 — — 52 
Pennsylvania - Treasurer of the State of Pennsylvania155 — — 155 
Texas - Treasurer of the State of Texas307 — — 307 
Total State Deposits to meet requirements of statutes and agreements569 — — 569 
Total Central Depository - Ameriprise Trust Company9,681,912 102,163 102,330 9,886,405 
Total Deposits$9,682,481 $102,163 $102,330 9,886,974 

NOTES:

(a)  Represents amortized cost of bonds, notes and cash equivalents.
(b)  Represents unpaid principal balance of mortgage loans less unamortized discounts and and allowance for credit losses.
(c)  Represents amortized cost of syndicated loans less allowance for credit losses.
F-85
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2023
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95594 $— $6,739 $— $4,391 $321 $(307)$(2,760)$— 650 $— $8,384 
Inst-E6 — 41 — 18 2 — (3)— 6 — 58 
RP-Q-Installment1 6 5 — — — — (5)— — — — 
Inst-R145 54,593 1,130 — 216 50 (50)(127)— 159 54,754 1,219 
Inst-R-E4 2,451 485 — 84 23 — (1)— 4 2,451 591 
Total
750 57,050 8,400 — 4,709 396 (357)(2,896)— 819 57,205 10,252 
Additional credits and accrued interest thereon:
Inst I95
— — 11 327 — — — — (321)— — 17 
Inst-E
— — — 2 — — — — (2)— — — 
Inst-R
— — 2 51 — — — — (50)— — 3 
Inst-R-E
— — — 23 — — — — (23)— — — 
Total
— — 13 403 — — — — (396)— — 20 
Total Installment Certificates750 57,050 8,413 403 4,709 396 (357)(2,896)(396)819 57,205 10,272 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165109,643 4,975,770 5,041,386 — 6,093,786 295,677 (6,881)(2,871,368)— 183,107 8,280,708 8,552,600 
IC - Stepup - 190109 5,382 5,571 — — 66 — (977)— 90 4,465 4,660 
Cash Reserve Variables PMT - 3mo. - 66263,421 1,515,402 1,520,410 — 1,928,223 22,242 (2,506)(2,388,879)— 58,618 1,068,512 1,079,490 
IC-Stock Market - 1802,790 17,102 19,483 — 7 388 (1,258)(4,920)— 1,952 11,880 13,700 
IC-MSC - 1812,776 46,649 52,708 — 381 995 (1,824)(15,082)— 2,113 32,655 37,178 
IC-Stock1 - 2105,249 42,309 43,677 — 5,352 1,001 — (16,298)— 4,329 32,141 33,732 
IC-Stock2 - 220752 14,756 15,383 — 2,947 24 — (4,895)— 692 13,059 13,459 
IC-Stock3 - 2301,557 24,091 25,493 — 3,954 336 — (7,523)— 1,245 21,020 22,260 
Total
186,297 6,641,461 6,724,111 — 8,034,650 320,729 (12,469)(5,309,942)— 252,146 9,464,440 9,757,079 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 6,610 311,896 — — — (5,867)(295,715)— — 16,924 
IC-Stepup -190— — 8 154 — — — (87)(66)— — 9 
Cash Reserve Variable Payment-3mo.— — 905 27,292 — — — (5,185)(22,243)— — 769 
IC-Stk Mkt, 2004/16/31-4000/16— — 4 22 — — — (1)(9)— — 16 
IC-Stock1 - 210— — 9 52 — — — (2)(25)— — 34 
IC-Stock2 - 220— — 3 10 — — — — (1)— — 12 
IC-Stock3 - 230— — 10 31 — — — (1)(5)— — 35 
IC-MSC— — 3 83 — — — — (64)— — 22 
Total— — 7,552 339,540 — — — (11,143)(318,128)— — 17,821 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 67 1,032 — — — (1)(379)— — 719 
IC-Stock1 - 210— — 144 2,599 — — — (62)(976)— — 1,705 
IC-Stock2 - 220— — 35 1,054 — — — — (23)— — 1,066 
IC-Stock3 - 230— — 410 2,151 — — — (17)(330)— — 2,214 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 127 2,471 — — — (18)(931)— — 1,649 
F-86
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
DescriptionDecember 31, 2023
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Total— — 782 9,307 — — — (98)(2,639)— — 7,352 
Total Single Pay - Non Qualified Certificates186,297 6,641,461 6,732,445 348,847 8,034,650 320,729 (12,469)(5,321,183)(320,767)252,146 9,464,440 9,782,252 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 9 12 26 — — 1 — (6)— 3 9 21 
R78 - 9113.5 3 12 23 — — 1 — — — 3 12 24 
R-79 - 9123.5 5 39 71 — — 1 — (34)— 4 20 38 
R-80 - 9133.5 3 21 35 — — 1 — — — 3 20 36 
R-81 - 9143.5 1 10 18 — — 1 — — — 1 10 19 
R-82A - 9153.5 6 26 34 — — 1 — (4)— 6 26 31 
RP-Q - 91622 28 83 — — 1 — (13)— 19 23 71 
R-II - 9203.5 7 57 59 — — 2 — (12)— 6 45 49 
RP-Flexible Savings - 97144,721 1,829,220 1,853,303 — 2,050,512 107,948 (2,206)(820,684)— 72,043 3,089,920 3,188,873 
Cash Reserve RP-3 mo. - 97229,200 643,893 645,714 — 631,526 8,529 (91)(857,894)— 27,095 423,554 427,784 
RP-Flexible Savings Emp - 9731 71 83 — — 2 — — — 1 71 85 
RP-Stock Market - 960866 8,225 9,154 — 4 214 (497)(2,778)— 573 5,414 6,097 
RP-Stepup - 94078 2,127 2,262 — — 48 — (731)— 53 1,448 1,579 
RP-Stock1 - 9411,577 16,581 17,127 — 2,369 403 — (5,728)— 1,228 13,587 14,171 
RP-Stock2 - 942421 7,292 7,551 — 1,322 16 — (3,081)— 332 5,648 5,808 
RP-Stock3 - 943948 12,506 13,208 — 2,753 224 — (3,337)— 744 12,179 12,848 
Market Strategy Cert - 961680 14,926 15,944 — 42 303 (437)(4,016)— 515 11,034 11,836 
D-1 990-9932 801 894 — — 28 — (542)— 2 309 380 
Total78,550 2,535,847 2,565,589 — 2,688,528 117,724 (3,231)(1,698,860)— 102,631 3,563,329 3,669,750 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — 1 — — — — (1)— — — 
R-793.5 — — — 1 — — — (1)(1)— — (1)
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
RP-Q— — — 2 — — — — (2)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 2,380 113,049 — — — (1,196)(107,947)— — 6,286 
RP-Stepup - 940— — 2 48 — — — — (48)— — 2 
Cash Reserve RP-3 mo.— — 374 10,646 — — — (2,188)(8,529)— — 303 
RP-Flexible Savings Emp— — — 2 — — — — (2)— — — 
RP-Stock Market— — 2 7 — — — (1)(4)— — 4 
RP-Stock1— — 5 38 — — — (1)(19)— — 23 
RP-Stock2— — 1 3 — — — — (1)— — 3 
RP-Stock3— — 4 19 — — — — (2)— — 21 
Market Strategy Cert— — 4 48 — — — — (28)— — 24 
D-1 - 4007 7 — 32 — — — (4)(28)5 5 — 
Total7 7 2,772 123,902 — — — (3,391)(116,618)5 5 6,665 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 27 494 — — — — (210)— — 311 
RP-Stock1 - 941— — 52 1,016 — — — (4)(385)— — 679 
F-87
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
DescriptionDecember 31, 2023
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
RP-Stock2 - 942— — 18 475 — — — — (15)— — 478 
RP-Stock3 - 943— — 255 1,323 — — — — (222)— — 1,356 
Market Strategy Cert— — 31 737 — — — (6)(276)— — 486 
Total— — 383 4,045 — — — (10)(1,108)— — 3,310 
Total R-Series Single Pay - Qualified Certificates78,557 2,535,854 2,568,744 127,947 2,688,528 117,724 (3,231)(1,702,261)(117,726)102,636 3,563,334 3,679,725 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates
2.5-3 - 3-3.5
— — 3,761 103 — 1 (718)(338)— — — 2,809 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 19 1 — — — — — — — 20 
Add’l credits and accrued int. thereon
2.5-3
— — 17 1 — — (4)(1)— — — 13 
Accrued for additional credits to be allowed at next anniversaries— — (2)— — — — — (1)— — (3)
Total Optional Settlement— — 3,795 105 — 1 (722)(339)(1)— — 2,839 
Due to unlocated cert holders— — 433 — — 451 — — (254)— — 630 
Total Certificate
Reserves (1)
265,604 $9,234,365 $9,313,830 $477,302 $10,727,887 $439,301 $(16,779)$(7,026,679)$(439,144)355,601 $13,084,979 $13,475,718 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $9.3 million and $3.6 million or its intrinsic interest of $(14.3) million and $(4.0) million as of December 31, 2023 and 2022, respectively. These amounts are included in Total certificate reserves.
F-88
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2023
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$396 
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment$(396)
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges$1 
Other deductions represent:
Transfers to accruals for additional credits to be allowed at next anniversaries$(1)
Single-Payment certificates:
Other additions represent:
Flexible Savings$295,677 
Stepup66 
Cash Reserve-3mo22,242 
Stock Market388 
IC-Stock11,001 
IC-Stock224 
IC-Stock3336 
Market Strategy995 
RP-Q1 
Cash Reserve-RP-3mo8,529 
Flexible Savings-RP107,948 
Stepup-RP48 
Flexible Savings-RP-Emp2 
Stock Market-RP214 
RP-Stock1403 
RP-Stock216 
RP-Stock3224 
Market Strategy-RP303 
Transfers from accruals at anniversaries maintained in a separate reserve account36 
$438,453 
F-89
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
Year Ended December 31, 2023
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(3,059)
Transfers to reserves for additional credits and accrued interest thereon36 
Flexible Savings(295,715)
Stepup(66)
Cash Reserve-3mo(22,243)
Stock Market(9)
Stock1(25)
Stock2(1)
Stock3(5)
Market Strategy Cert(64)
Cash Reserve-RP-3mo(8,529)
Flexible Savings-RP(107,947)
Stepup-RP(48)
Flexible Savings-RP-Emp(2)
Stock Market-RP(214)
RP-Stock1(404)
RP-Stock2(16)
RP-Stock3(224)
Transfers to Federal tax withholding42 
$(438,493)
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$451 
Other deductions represent:
Payments to certificate holders credited to cash$(254)


F-90
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2023
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20222023202220232022202320232023
1-12260 214 $40,887 $6,544 $2,219 $1,215 $44 $— 
13-2457 212 4,086 37,848 366 2,348 319 — 
25-3639 44 135 3,845 565 251 135 — 
37-4865 33 2,850 121 965 520 60 — 
49-6077 61 5,260 2,779 914 1,289 24 — 
61-7250 74 583 5,260 565 834 6 — 
73-8467 47 203 583 851 779 8 — 
85-9653 65 2,116 203 1,095 1,911 22 — 
97-10842 42 924 22 496 649 7 — 
109-12039 27 — — 359 456 62 — 
121-132— — — — — — 114 — 
133-144— — — — — — — — 
145-156— — — — — — — — 
157-168— — — — — — — — 
169-180— — — — — — — — 
181-192— — — — — — — — 
193-204— — — — — — — — 
205-216— — — — — — — — 
217-228— — — — — — — — 
229-240— — — — — — — — 
241-252— — — — — — — — 
253-264— — — — — — — — 
265-276— — — — — — — — 
277-288— — — — — — — — 
289-300— — — — — — — — 
301-312— — — — — — — — 
313-324— — — — — — — — 
325-336— — — — — — — — 
337-348— — — — — — — — 
349-360— — — — — — — — 
361-372— — — — — — — — 
373-384— — — — — — — — 
385-396— — — — — — — — 
397-408— — — — — — — — 
409-420— — — — — — — — 
457-468— — — — — — — — 
469-480
1 — 6 — 5 — — — 
481-492
— — — — — — 5 — 
TOTAL - ALL SERIES750 819 $57,050 $57,205 $8,400 $10,252 $806 $— 


F-91

Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2022
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2022
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95450 $— $4,808 $— $3,841 $85 $(227)$(1,768)$— 594 $— $6,739 
Inst-E2 — 82 — 43 1 — (85)— 6 — 41 
RP-Q-Installment1 6 5 — — — — — — 1 6 5 
Inst-R139 18,871 796 — 567 15 (143)(105)— 145 54,593 1,130 
Inst-R-E1 2,052 421 — 57 7 — — — 4 2,451 485 
Total
593 20,929 6,112 — 4,508 108 (370)(1,958)— 750 57,050 8,400 
Additional credits and accrued interest thereon:
Inst I95
— — — 95 — — — — (84)— — 11 
Inst-E
— — — 1 — — — — (1)— — — 
Inst-R
— — — 16 — — — — (14)— — 2 
Inst-R-E
— — — 7 — — — — (7)— — — 
Total
— — — 119 — — — — (106)— — 13 
Res for accrued 3rd year 213 - Installment Prod only— — — — — — — — — — — — 
Total
— — — — — — — — — — — — 
Total Installment Certificates593 20,929 6,112 119 4,508 108 (370)(1,958)(106)750 57,050 8,413 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 16556,831 1,587,640 1,645,719 — 4,295,047 26,867 (6,592)(919,655)— 109,643 4,975,770 5,041,386 
IC - Stepup - 190161 6,417 6,634 — 49 40 — (1,152)— 109 5,382 5,571 
Cash Reserve Variables PMT - 3mo. - 66266,659 1,889,641 1,895,092 — 1,807,259 2,562 (1,750)(2,182,753)— 63,421 1,515,402 1,520,410 
IC-Stock Market - 1803,786 23,928 27,341 — 28 20 (1,571)(6,335)— 2,790 17,102 19,483 
IC-MSC - 1813,707 64,548 73,247 — 898 53 (3,114)(18,376)— 2,776 46,649 52,708 
IC-Stock1 - 2106,666 53,566 55,496 — 7,845 40 — (19,704)— 5,249 42,309 43,677 
IC-Stock2 - 220873 15,295 16,009 — 4,282 168 — (5,076)— 752 14,756 15,383 
IC-Stock3 - 2301,881 28,247 29,349 — 5,099 1,665 — (10,620)— 1,557 24,091 25,493 
Total
140,564 3,669,282 3,748,887 — 6,120,507 31,415 (13,027)(3,163,671)— 186,297 6,641,461 6,724,111 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 133 33,801 — — — (454)(26,870)— — 6,610 
IC-Stepup -190— — 4 84 — — — (40)(40)— — 8 
Cash Reserve Variable Payment-3mo.— — 8 4,214 — — — (757)(2,560)— — 905 
IC-Stk Mkt, 2004/16/31-4000/16— — 2 4 — — — — (2)— — 4 
IC-Stock1 - 210— — 3 12 — — — (1)(5)— — 9 
IC-Stock2 - 220— — 5 4 — — — — (6)— — 3 
IC-Stock3 - 230— — 50 12 — — — (1)(51)— — 10 
IC-MSC— — (1)15 — — — — (11)— — 3 
Total— — 204 38,146 — — — (1,253)(29,545)— — 7,552 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 76 9 — — — — (18)— — 67 
IC-Stock1 - 210— — 104 76 — — — (2)(34)— — 144 
IC-Stock2 - 220— — 209 (11)— — — (1)(162)— — 35 
F-92
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2022
(in thousands)
DescriptionDecember 31, 2022
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
IC-Stock3 - 230— — 2,061 (31)— — — — (1,620)— — 410 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 110 60 — — — (1)(42)— — 127 
Total— — 2,559 103 — — — (4)(1,876)— — 782 
Total Single Pay - Non Qualified Certificates140,564 3,669,282 3,751,650 38,249 6,120,507 31,415 (13,027)(3,164,928)(31,421)186,297 6,641,461 6,732,445 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 3 12 25 — — 1 — — — 9 12 26 
R78 - 9113.5 3 12 22 — — 1 — — — 3 12 23 
R-79 - 9123.5 5 39 69 — — 2 — — — 5 39 71 
R-80 - 9133.5 3 21 34 — — 1 — — — 3 21 35 
R-81 - 9143.5 1 10 17 — — 1 — — — 1 10 18 
R-82A - 9153.5 6 29 37 — — 1 — (4)— 6 26 34 
RP-Q - 91625 33 101 — — — — (18)— 22 28 83 
R-II - 9203.5 8 63 64 — — 2 — (7)— 7 57 59 
RP-Flexible Savings - 97125,455 660,294 682,886 — 1,459,190 10,606 (1,437)(297,942)— 44,721 1,829,220 1,853,303 
Cash Reserve RP-3 mo. - 97229,957 762,247 764,093 — 704,980 1,109 (74)(824,394)— 29,200 643,893 645,714 
RP-Flexible Savings Emp - 9731 71 83 — — — — — — 1 71 83 
RP-Stock Market - 9601,203 11,668 13,098 — 4 8 (408)(3,548)— 866 8,225 9,154 
RP-Stepup - 940107 3,119 3,291 — — 26 — (1,055)— 78 2,127 2,262 
RP-Stock1 - 9412,314 23,580 24,487 — 3,073 20 — (10,453)— 1,577 16,581 17,127 
RP-Stock2 - 942569 9,218 9,560 — 1,710 116 — (3,835)— 421 7,292 7,551 
RP-Stock3 - 9431,208 16,422 17,075 — 3,086 1,078 — (8,031)— 948 12,506 13,208 
Market Strategy Cert - 961916 19,788 21,290 — 466 16 (105)(5,723)— 680 14,926 15,944 
D-1 990-9932 761 847 — 109 11 — (73)— 2 801 894 
Total61,786 1,507,387 1,537,079 — 2,172,618 12,999 (2,024)(1,155,083)— 78,550 2,535,847 2,565,589 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — 1 — — — — (1)— — — 
R-793.5 — — — 2 — — — — (2)— — — 
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 51 13,017 — — — (82)(10,606)— — 2,380 
RP-Stepup - 940— — 1 27 — — — — (26)— — 2 
Cash Reserve RP-3 mo.— — 3 1,829 — — — (349)(1,109)— — 374 
RP-Stock Market— — 1 2 — — — — (1)— — 2 
RP-Stock1— — 2 7 — — — — (4)— — 5 
RP-Stock2— — 2 1 — — — — (2)— — 1 
RP-Stock3— — 21 5 — — — — (22)— — 4 
Market Strategy Cert— — 2 7 — — — — (5)— — 4 
D-1 - 4007 7 — 12 — — — (1)(11)7 7 — 
Total7 7 83 14,916 — — — (432)(11,795)7 7 2,772 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 20 14 — — — — (7)— — 27 
F-93
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2022
(in thousands)
DescriptionDecember 31, 2022
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
RP-Stock1 - 941— — 47 21 — — — — (16)— — 52 
RP-Stock2 - 942— — 142 (10)— — — — (114)— — 18 
RP-Stock3 - 943— — 1,326 (15)— — — — (1,056)— — 255 
Market Strategy Cert— — 29 14 — — — — (12)— — 31 
Total— — 1,564 24 — — — — (1,205)— — 383 
Total R-Series Single Pay - Qualified Certificates61,793 1,507,394 1,538,726 14,940 2,172,618 12,999 (2,024)(1,155,515)(13,000)78,557 2,535,854 2,568,744 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates2.5-3 - 3-3.5— — 4,317 127 — 1 (460)(224)— — — 3,761 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 18 1 — — — — — — — 19 
Add’l credits and accrued int. thereon2.5-3— — 20 1 — — (2)(1)(1)— — 17 
Accrued for additional credits to be allowed at next anniversaries— — (1)— — — — — (1)— — (2)
Total Optional Settlement— — 4,354 129 — 1 (462)(225)(2)— — 3,795 
Due to unlocated cert holders— — 429 — — 274 — — (270)— — 433 
Total Certificate
Reserves (1)
202,950 $5,197,605 $5,301,271 $53,437 $8,297,633 $44,797 $(15,883)$(4,322,626)$(44,799)265,604 $9,234,365 $9,313,830 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $3.6 million and $3.9 million or its intrinsic interest of $(4.0) million and $(4.6) million as of December 31, 2022 and 2021, respectively. These amounts are included in Total certificate reserves.
F-94
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2022
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2022
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$108 
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment$106 
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges$1 
$1 
Other deductions represent:
Transfers to reserves for additional credits and accrued interest thereon$1 
Transfers to accruals for additional credits to be allowed at next anniversaries1 
$2 
Single-Payment certificates:
Other additions represent:
Flexible Savings$26,867 
Stepup40 
Cash Reserve-3mo2,562 
Stock Market20 
IC-Stock140 
IC-Stock2168 
IC-Stock31,665 
Market Strategy53 
Cash Reserve-RP-3mo1,109 
Flexible Savings-RP10,606 
Stepup-RP26 
Stock Market-RP8 
RP-Stock120 
RP-Stock2116 
RP-Stock31,078 
Market Strategy-RP16 
Transfers from accruals at anniversaries maintained in a separate reserve account20 
$44,414 
F-95
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2022
(in thousands)
Year Ended December 31, 2022
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$1,943 
Transfers to reserves for additional credits and accrued interest thereon(20)
Flexible Savings26,870 
Stepup40 
Cash Reserve-3mo2,560 
Stock Market2 
Stock15 
Stock26 
Stock351 
Market Strategy Cert11 
Cash Reserve-RP-3mo1,109 
Flexible Savings-RP10,606 
Stepup-RP26 
Stock Market-RP8 
RP-Stock120 
RP-Stock2116 
RP-Stock31,078 
Transfers to Federal tax withholding(10)
$44,421 
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$274 
Other deductions represent:
Payments to certificate holders credited to cash$270 


F-96
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2022
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20212022202120222021202220222022
1-1271 260 $5,535 $40,887 $480 $2,219 $154 $— 
13-2453 57 784 4,086 656 366 3 — 
25-3668 39 2,886 135 688 565 5 — 
37-4886 65 5,367 2,850 804 965 33 — 
49-6050 77 583 5,260 441 914 102 — 
61-7269 50 215 583 797 565 — — 
73-8459 67 2,133 203 853 851 10 — 
85-9652 53 2,976 2,116 561 1,095 46 — 
97-10844 42 444 924 399 496 18 — 
109-12040 39 — — 428 359 — — 
121-132— — — — — — 294 — 
133-144— — — — — — — — 
145-156— — — — — — — — 
157-168— — — — — — — — 
169-180— — — — — — — — 
181-192— — — — — — — — 
193-204— — — — — — — — 
205-216— — — — — — — — 
217-228— — — — — — — — 
229-240— — — — — — — — 
241-252— — — — — — — — 
253-264— — — — — — — — 
265-276— — — — — — — — 
277-288— — — — — — — — 
289-300— — — — — — — — 
301-312— — — — — — — — 
313-324— — — — — — — — 
325-336— — — — — — — — 
337-348— — — — — — — — 
349-360— — — — — — — — 
361-372— — — — — — — — 
373-384— — — — — — — — 
385-396— — — — — — — — 
397-408— — — — — — — — 
409-420— — — — — — — — 
457-4681 — 6 — 5 — — — 
469-480— 1 — 6 — 5 — — 
TOTAL - ALL SERIES593 750 $20,929 $57,050 $6,112 $8,400 $665 $— 


F-97
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2021
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2021
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
Installment certificates:
Reserves to mature:
Inst I95514 $— $4,729 $— $2,183 $18 $(453)$(1,669)$— 450 $— $4,808 
Inst-E2 — 2 — 80 — — — — 1 — 82 
RP-Q-Installment1 6 5 — — — — — — 2 6 5 
RP-Q-Flexible Payment1 12 11 — — — — (11)— — — — 
Inst-R154 16,085 904 — 178 3 (84)(205)— 139 18,871 796 
Inst-R-E1 2,052 365 — 55 1 — — — 1 2,052 421 
Total
673 18,155 6,016 — 2,496 22 (537)(1,885)— 593 20,929 6,112 
Additional credits and accrued interest thereon:
Inst I95
— — — 18 — — — — (18)— — — 
Inst-E
— — — — — — — — — — — — 
Inst-R
— — — 3 — — — — (3)— — — 
Inst-R-E
— — — 1 — — — — (1)— — — 
Total
— — — 22 — — — — (22)— — — 
Res for accrued 3rd year 213 - Installment Prod only— — — — — — — — — — — — 
Total
— — — — — — — — — — — — 
Total Installment Certificates673 18,155 6,016 22 2,496 22 (537)(1,885)(22)593 20,929 6,112 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 16576,211 2,016,223 2,173,581 — 457,271 5,534 (2,919)(987,748)— 56,831 1,587,640 1,645,719 
IC - Stepup - 190233 8,714 9,156 — — 67 — (2,589)— 161 6,417 6,634 
IC-Flexible Savings Emp (VT) - 166— — — — — — — — — — — — 
Cash Reserve Variables PMT - 3mo. - 66272,627 2,147,424 2,176,948 — 1,561,781 168 (1,912)(1,841,893)— 66,659 1,889,641 1,895,092 
IC-Stock Market - 1804,992 34,486 40,128 — 47 304 (1,527)(11,611)— 3,786 23,928 27,341 
IC-MSC - 1814,611 84,522 98,000 — 1,111 639 (2,610)(23,893)— 3,707 64,548 73,247 
IC-Stock1 - 2108,058 68,859 72,075 — 6,995 496 — (24,070)— 6,666 53,566 55,496 
IC-Stock2 - 2201,180 21,569 23,090 — 1,744 856 — (9,681)— 873 15,295 16,009 
IC-Stock3 - 2302,232 37,824 39,244 — 812 1,764 — (12,471)— 1,881 28,247 29,349 
Total
170,144 4,419,621 4,632,222 — 2,029,761 9,828 (8,968)(2,913,956)— 140,564 3,669,282 3,748,887 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 434 5,417 — — — (183)(5,535)— — 133 
IC-Preferred Investors— — — — — — — — — — — — 
IC-Stepup -190— — 5 95 — — — (30)(66)— — 4 
Cash Reserve Variable Payment-3mo.— — 8 200 — — — (32)(168)— — 8 
IC-Stk Mkt, 2004/16/31-4000/16— — 7 3 — — — — (8)— — 2 
IC-Stock1 - 210— — 10 6 — — — (1)(12)— — 3 
IC-Stock2 - 220— — 28 9 — — — — (32)— — 5 
IC-Stock3 - 230— — 80 34 — — — (1)(63)— — 50 
IC-MSC— — 2 9 — — — — (12)— — (1)
Total— — 574 5,773 — — — (247)(5,896)— — 204 
Accrued for additional credits to be allowed at next anniversaries:
F-98
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2021
(in thousands)
DescriptionDecember 31, 2021
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 325 48 — — — (2)(295)— — 76 
IC-Stock1 - 210— — 521 100 — — — (33)(484)— — 104 
IC-Stock2 - 220— — 1,006 32 — — — (5)(824)— — 209 
IC-Stock3 - 230— — 3,731 43 — — — (11)(1,702)— — 2,061 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 642 114 — — — (18)(628)— — 110 
Total— — 6,224 337 — — — (69)(3,933)— — 2,559 
Total Single Pay - Non Qualified Certificates170,144 4,419,621 4,639,020 6,110 2,029,761 9,828 (8,968)(2,914,272)(9,829)140,564 3,669,282 3,751,650 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 3 12 24 — — 1 — — — 3 12 25 
R78 - 9113.5 3 12 21 — — 1 — — — 3 12 22 
R-79 - 9123.5 5 39 67 — — 2 — — — 5 39 69 
R-80 - 9133.5 3 21 33 — — 1 — — — 3 21 34 
R-81 - 9143.5 1 10 16 — — 1 — — — 1 10 17 
R-82A - 9153.5 7 31 39 — — 1 — (3)— 6 29 37 
RP-Q - 91626 34 109 — — — — (8)— 25 33 101 
R-II - 9203.5 8 63 62 — — 2 — — — 8 63 64 
RP-Flexible Savings - 97134,382 936,701 1,001,464 — 80,057 2,835 (538)(400,932)— 25,455 660,294 682,886 
Cash Reserve RP-3 mo. - 97232,551 948,775 982,065 — 600,338 68 (13)(818,365)— 29,957 762,247 764,093 
RP-Flexible Savings Emp - 9731 71 82 — — 1 — — — 1 71 83 
RP-Stock Market - 9601,576 15,634 17,840 — 7 123 (258)(4,614)— 1,203 11,668 13,098 
RP-Stepup - 940197 6,000 6,441 — 73 — (3,223)— 107 3,119 3,291 
RP-Stock1 - 9413,096 33,363 34,836 — 3,105 259 — (13,713)— 2,314 23,580 24,487 
RP-Stock2 - 942821 12,977 13,559 — 1,892 462 — (6,353)— 569 9,218 9,560 
RP-Stock3 - 9431,441 22,569 23,205 — 437 1,084 — (7,651)— 1,208 16,422 17,075 
Market Strategy Cert - 9611,124 25,645 28,420 — 198 192 (39)(7,481)— 916 19,788 21,290 
D-1 990-9932 853 939 — — 2 — (94)— 2 761 847 
Total75,247 2,002,810 2,109,222 — 686,034 5,108 (848)(1,262,437)— 61,786 1,507,387 1,537,079 
Additional Interest on R-Series Single Payment Reserves:
R-773.5 — — — 1 — — — — (1)— — — 
R-783.5 — — — 1 — — — — (1)— — — 
R-793.5 — — — 2 — — — — (2)— — — 
R-803.5 — — — 1 — — — — (1)— — — 
R-813.5 — — — 1 — — — — (1)— — — 
R-82A3.5 — — — 1 — — — — (1)— — — 
RP-Q— — — — — — — — — — — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 213 2,699 — — — (27)(2,834)— — 51 
RP-Stepup - 940— — 4 70 — — — — (73)— — 1 
Cash Reserve RP-3 mo.— — 3 84 — — — (15)(69)— — 3 
RP-Flexible Savings Emp— — — 1 — — — — (1)— — — 
RP-Stock Market— — 3 1 — — — — (3)— — 1 
RP-Stock1— — 7 5 — — — — (10)— — 2 
RP-Stock2— — 17 5 — — — — (20)— — 2 
F-99
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2021
(in thousands)
DescriptionDecember 31, 2021
Yield to maturity on an annual payment basisBalance at beginning of periodAdditionsDeductionsBalance at close of period
No. of accounts with security holdersAmount of maturity valueAmount of reservesCharged to profit and loss or incomeReserve payments by certificate holdersCharged to other accounts (per
part 2)		MaturitiesCash surrenders prior to maturityCredited to other accounts (per
part 2)		No. of accounts with security holdersAmount of maturity valueAmount of reserves
RP-Stock3— — 31 13 — — — — (23)— — 21 
Market Strategy Cert— — 5 4 — — — — (7)— — 2 
D-1 - 4007 7 — 2 — — — — (2)7 7 — 
Total7 7 283 2,893 — — — (42)(3,051)7 7 83 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 116 24 — — — — (120)— — 20 
RP-Stock1 - 941— — 255 43 — — — (2)(249)— — 47 
RP-Stock2 - 942— — 564 19 — — — — (441)— — 142 
RP-Stock3 - 943— — 2,358 29 — — — — (1,061)— — 1,326 
Market Strategy Cert— — 184 33 — — — (2)(186)— — 29 
Total— — 3,477 148 — — — (4)(2,057)— — 1,564 
Total R-Series Single Pay - Qualified Certificates75,254 2,002,817 2,112,982 3,041 686,034 5,108 (848)(1,262,483)(5,108)61,793 1,507,394 1,538,726 
Fully Paid Up Certificates
Additional credits and accrued interest thereon:
I-763.5 — — — — — — — — — — — — 
Total— — — — — — — — — — — — 
Total Fully Paid-up Certificates— — — — — — — — — — — — 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates2.5-3 - 3-3.5— — 5,107 149 — — (615)(324)— — — 4,317 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 17 1 — — — — — — — 18 
Series R-Installent (Prod 980, 981, 982)— — — — — — — — — — — — 
Add’l credits and accrued int. thereon2.5-3— — 32 1 — — (11)(2)— — — 20 
Accrued for additional credits to be allowed at next anniversaries— — — — — — — — (1)— — (1)
Total Optional Settlement— — 5,156 151 — — (626)(326)(1)— — 4,354 
Due to unlocated cert holders— — 400 — — 611 — — (582)— — 429 
Total Certificate
Reserves (1)
246,071 $6,440,593 $6,763,574 $9,324 $2,718,291 $15,569 $(10,979)$(4,178,966)$(15,542)202,950 $5,197,605 $5,301,271 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $3.9 million and $8.3 million or its intrinsic interest of $(4.6) million and $(11.4) million as of December 31, 2021 and 2020, respectively. These amounts are included in Total certificate reserves.
F-100
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2021
(in thousands)
Part 2 - Descriptions of Additions to Reserves Charged to
Other Accounts and Deductions from Reserves Credited to Other Accounts
Year Ended December 31, 2021
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$22 
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment$22 
Optional settlement certificates:
Other deductions represent:
Transfers to reserves for additional credits and accrued interest thereon$1 
Single-Payment certificates:
Other additions represent:
Flexible Savings$5,534 
Stepup67 
Cash Reserve-3mo168 
Stock Market304 
IC-Stock1496 
IC-Stock2856 
IC-Stock31,764 
Market Strategy639 
RP-Q— 
Cash Reserve-RP-3mo68 
Flexible Savings-RP2,835 
Stepup-RP73 
Flexible Savings-RP-Emp1 
Stock Market-RP123 
RP-Stock1259 
RP-Stock2462 
RP-Stock31,084 
Market Strategy-RP192 
Transfers from accruals at anniversaries maintained in a separate reserve account11 
$14,936 
F-101
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2021
(in thousands)
Year Ended December 31, 2021
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$4,155 
Transfers to reserves for additional credits and accrued interest thereon(11)
Flexible Savings5,535 
Stepup66 
Cash Reserve-3mo168 
Stock Market8 
Stock113 
Stock232 
Stock364 
Market Strategy Cert12 
Cash Reserve-RP-3mo69 
Flexible Savings-RP2,834 
Stepup-RP73 
Flexible Savings-RP-Emp1 
Stock Market-RP123 
RP-Stock1259 
RP-Stock2461 
RP-Stock31,084 
Transfers to Federal tax withholding(9)
$14,937 
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$611 
Other deductions represent:
Payments to certificate holders credited to cash$582 


F-102
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2021
(in thousands)
Part 3 - Information Regarding Installment Certificates
MO’s PaidNumber of Accounts w/Certificate HoldersAmount of
Maturity Value		Amount of ReservesDeduction from Reserves Cash Surrenders Prior to Maturity SurrenderOther Deductions
20202021202020212020202120212021
1-1276 71 $1,080 $5,535 $814 $480 $167 $— 
13-2486 53 3,712 784 626 656 109 — 
25-3691 68 5,334 2,886 584 688 65 — 
37-4854 86 593 5,367 396 804 22 — 
49-6076 50 236 583 912 441 19 — 
61-7269 69 2,135 215 817 797 36 — 
73-8457 59 3,006 2,133 473 853 42 — 
85-9654 52 565 2,976 501 561 40 — 
97-10854 44 1,476 444 429 399 25 — 
109-12054 40 — — 448 428 30 — 
121-132— — — — — — 90 — 
133-144— — — — — — — — 
145-156— — — — — — — — 
157-168— — — — — — — — 
169-180— — — — — — — — 
181-192— — — — — — — — 
193-204— — — — — — — — 
205-216— — — — — — — — 
217-228— — — — — — — — 
229-240— — — — — — — — 
241-252— — — — — — — — 
253-264— — — — — — — — 
265-276— — — — — — — — 
277-288— — — — — — — — 
289-300— — — — — — — — 
301-312— — — — — — — — 
313-324— — — — — — — — 
325-336— — — — — — — — 
337-348— — — — — — — — 
349-360— — — — — — — — 
361-372— — — — — — — — 
373-384— — — — — — — — 
385-396— — — — — — — — 
397-408— — — — — — — — 
409-4201 — 12 — 11 — 11 — 
457-468— 1 — 6 — 5 — — 
TOTAL - ALL SERIES673 593 $18,155 $20,929 $6,016 $6,112 $656 $— 


F-103
Ameriprise Certificate Company
Schedule VII — Valuation and Qualifying Accounts
Years Ended December 31, 2023, 2022 and 2021
(in thousands)
Reserves deducted from assets to which they apply
Year Ended December 31, 2023
Balance at beginning of period
Change in allowance/ writedowns from 2022 to 2023
Balance at end of period
Allowance for credit losses:   
Conventional first mortgage loans and other loans$1,472 $(139)$1,333 
Reserves deducted from assets to which they apply
Year Ended December 31, 2022
Balance at beginning of period
Change in allowance/ writedowns from 2021 to 2022Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans$1,518 $(46)$1,472 
Reserves deducted from assets to which they apply
Year Ended December 31, 2021
Balance at beginning of period(1)
Change in allowance/ writedowns from 2020 to 2021Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans$3,190 $(1,672)$1,518 
F-104