10-K 1 acc12312024combined.htm 10-K ACC 12.31.2024 Combined

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, 2024
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 20, 2025
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 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 financial 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 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 at maturity. 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”), an affiliate of ACC, 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 (Banking Division) 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 in 2019 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 (whether actual or perceived). 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; (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 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 results of operations. 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, 2024, 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, disclosure requirements 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 to attack or access ACC’s network), 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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Ameriprise Certificate Company
ACC and its affiliates rely on the third parties with whom it does business to identify and remediate software and other vulnerabilities in the assets and systems they use to run their business before they can be exploited by bad actors, but the third parties 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 hybrid work environment 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 clients 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 significant 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 or new 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, that clients will engage in safe and secure online practices or that vendors will effectively deploy and maintain the security measures and protocols that ACC and its affiliates impose. 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,
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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 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 certain 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 unfairly discriminatory 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 clients, 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
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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.
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 makes judgments and interpretations about the application of these inherently complex tax laws when determining the provision for income taxes and also makes 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 has been 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 offer 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.
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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 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 Enterprise Third-Party 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 Enterprise Third-Party 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 of Directors. When a third-party service provider is off-boarded through our procurement and third-party risk 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 Enterprise Third-Party Risk Management Office provides 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 2024, the Board of Directors reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to 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, 2024
March 27, 2024
$37.0 $— $— 
June 27, 2024
55.0 — — 
September 26, 2024
63.0 — — 
December 27, 2024
70.0 — — 
Total
$225.0 $— $— 
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 
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 $4.2 million, or 4%, for 2024 compared to the prior year primarily due to higher investment income along with lower investment expenses and income taxes. This increase was partially offset by higher net provision for certificate reserves. Client deposits decreased $2.3 billion from the prior year to $11.2 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during 2024.
Investment income increased $83.8 million, or 13%, for 2024 compared to the prior year primarily reflecting an increase in the average invested asset yield, driven by higher average short-term interest rates, and higher average investment balances. Interest-bearing assets include $11.0 billion of Available-for-Sale securities, $0.8 billion of cash and cash equivalents, and $0.2 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 39% were floating rate and approximately 23% were 6-month Treasury Bills as of December 31, 2024. The duration of ACC investments was 1.1 years as of December 31, 2024 compared to 0.9 years as of December 31, 2023.
Investment expenses decreased $2.8 million, or 5%, for 2024 compared to the prior year due to decreases in investment advisory, distribution, and transfer agent fees.
Net provision for certificate reserves increased $84.2 million, or 18%, for 2024 compared to the prior year primarily due to higher average client crediting rates as well as higher average certificate balances. The average certificate reserve balance for ACC was $12.5 billion for 2024 compared to $11.8 billion for the prior year with the average crediting rate of 4.40% for 2024 compared to 3.96% for 2023.
The effective tax rate was 21.3% for 2024 compared to 24.6% for the prior year. The decrease in the effective tax rate for the year ended December 31, 2024 compared to 2023 was primarily the result of a decrease in unrecognized tax benefits. 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
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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.
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.
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The following tables present ACC’s estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2024:
Equity Price Decline 10%Equity Price Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$1,313 $(1,151)$162 
 Interest Rate Increase 100 Basis PointsInterest Rate Exposure to Pretax Income
Before Hedge ImpactHedge ImpactNet Impact
 (in thousands)
Certificates$558 $— $558 
The above results compare to an estimated positive impact to pretax income of $1.7 million related to a 100 basis point increase in interest rates and an estimated positive impact of $112 thousand related to a 10% equity price decline as of December 31, 2023.
Actual results could and likely will differ materially from those illustrated above as they are based on a number of estimates and assumptions. For example, 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, 2024. ACC had $11.1 billion in reserves included in Certificate reserves as of December 31, 2024 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 $124.1 million in reserves included in Certificate reserves as of December 31, 2024 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, 2024.
        14
Ameriprise Certificate Company
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.
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, 2024.
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.
        15
Ameriprise Certificate Company
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, 2024 and 2023.
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 $128,000 and $125,000 for 2024 and 2023, 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 2024 or 2023.
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.
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 2024 and 2023, 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.
Amended and Restated Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including Ameriprise Certificate Company, effective January 1, 2023 filed as Exhibit 10(a) to Form 10-Q on August 6, 2024, 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.
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 2024.
Code of Ethics under Rule 17j-1 for Registrant’s underwriter, as revised January 2, 2025.
Directors’ Power of Attorney, dated November 6, 2024.
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 Thomas Nickerson, 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 Thomas Nickerson, 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 20, 2025
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 20, 2025
By
/s/ Abu M. Arif
Abu M. Arif
Director, President and Chief Executive Officer
(Principal Executive Officer)
Date:
February 20, 2025
By
/s/ Thomas Nickerson
 Thomas Nickerson
Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:
February 20, 2025
By
/s/ Brian L. Granger
Brian L. Granger
Vice President, Controller and Chief Accounting Officer
Date:
February 20, 2025
By
/s/ Ronald L. Guzior*
Ronald L. Guzior
Director
Date:
February 20, 2025
By
/s/ Karen M. Bohn*
Karen M. Bohn
Director
Date:
February 20, 2025
By
/s/ Lorna P. Gleason*
Lorna P. Gleason
Director
Date:
February 20, 2025
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 6, 2024, 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-13
F-16
F-19
F-20
F-21
F-22
F-26
F-28
F-29
F-30
Part II. Consolidated Financial Schedules
I. Investments in Securities of Unaffiliated Issuers — December 31, 2024 and 2023
F-32
III. Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years Ended December 31, 2024, 2023 and 2022
F-78
V. Qualified Assets on Deposit — December 31, 2024 and 2023
F-85
VI. Certificate Reserves — Years Ended December 31, 2024, 2023 and 2022
F-86
VII. Valuation and Qualifying Accounts — Years Ended December 31, 2024, 2023 and 2022
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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 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, 2024 by correspondence with the custodian and brokers 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, 2024, the total fair value of available-for-sale securities was $10,960 million, which includes $8,310 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 20, 2025
We have served as the Company’s auditor since 2010.
F-2
Ameriprise Certificate Company
Consolidated Statements of Operations
Years Ended December 31,
2024
2023
2022
(in thousands)
Investment Income:  
Interest income:
Available-for-Sale securities$689,576 $587,230 $135,500 
Commercial mortgage loans and syndicated loans9,731 10,613 8,286 
Cash and cash equivalents44,766 62,184 15,124 
Certificate loans1 3 4 
Other(206)83 182 
Total investment income743,868 660,113 159,096 
Investment Expenses:
Ameriprise Financial and affiliated company fees:
Distribution18,390 18,501 8,868 
Investment advisory and services25,284 27,819 13,138 
Transfer agent9,518 10,344 6,218 
Depository88 88 73 
Other1,327 681 444 
Total investment expenses54,607 57,433 28,741 
Net investment income before provision for certificate reserves and income taxes689,261 602,680 130,355 
Provision for Certificate Reserves:
According to the terms of the certificates:
Provision for certificate reserves398 424 206 
Interest on additional credits— 1 1 
Additional credits/interest authorized by ACC551,986 467,934 54,167 
Total provision for certificate reserves before reserve recoveries552,384 468,359 54,374 
Reserve recoveries from terminations prior to maturity(1,755)(1,961)(869)
Net provision for certificate reserves550,629 466,398 53,505 
Net investment income before income taxes138,632 136,282 76,850 
Income tax expense29,549 33,520 19,032 
Net investment income, after-tax109,083 102,762 57,818 
Net realized gain (loss) on investments:
Securities of unaffiliated issuers before income taxes(3,472)(817)20 
Income tax expense (benefit)(729)(172)4 
Net realized gain (loss) on investments, after-tax(2,743)(645)16 
Net income$106,340 $102,117 $57,834 
See Notes to Consolidated Financial Statements.
F-3
Ameriprise Certificate Company
Consolidated Statements of Comprehensive Income
Years Ended December 31,
2024
2023
2022
(in thousands)
Net income
$106,340 $102,117 $57,834 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period28,539 42,061 (131,066)
Reclassification of net (gains) losses on securities included in net income2,018 197 (15)
Total other comprehensive income (loss), net of tax
30,557 42,258 (131,081)
Total comprehensive income (loss)
$136,897 $144,375 $(73,247)
See Notes to Consolidated Financial Statements.
F-4
Ameriprise Certificate Company
Consolidated Balance Sheets
December 31,
2024
2023
(in thousands, except share data)
ASSETS
  
Qualified Assets
Investments in unaffiliated issuers:
Cash and cash equivalents$823,843 $913,063 
Available-for-Sale securities:
Fixed maturities, at fair value (amortized cost: 2024, $11,022,239; 2023, $13,135,364)
10,960,489 13,037,037 
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2024, $709; 2023, $1,333; fair value: 2024, $148,635; 2023, $178,850)
150,377 183,268 
Certificate loans – secured by certificate reserves, at cost, which approximates fair value41 34 
Total investments11,934,750 14,133,402 
Receivables:
 
Dividends and interest34,321 48,605 
Receivables from brokers, dealers and clearing organizations2,653 8,688 
Other receivables331 529 
Total receivables37,305 57,822 
Derivative assets
12,858 17,255 
Total qualified assets11,984,913 14,208,479 
Other Assets:
 
Deferred taxes, net15,854 19,600 
Taxes receivable from parent677 3,367 
Due from related party— 17,907 
Prepaid expenses29 — 
Total other assets16,560 40,874 
Total assets$12,001,473 $14,249,353 
See Notes to Consolidated Financial Statements.



F-5
Ameriprise Certificate Company
Consolidated Balance Sheets (continued)
December 31,
2024
2023
(in thousands, except share data)
LIABILITIES AND SHAREHOLDER’S EQUITY
  
Liabilities
  
Certificate reserves:
  
Reserves to mature - installment certificates
$11,384 $10,272 
Reserves to mature - fully paid certificates
11,177,402 13,429,658 
Additional credits and accrued interest23,226 30,114 
Due to unlocated certificate holders662 630 
Total certificate reserves11,212,674 13,470,674 
Accounts payable and accrued liabilities:
 
Due to related party18,087 8,092 
Taxes payable to parent24 122 
Payables to brokers, dealers and clearing organizations118,384 6,150 
Total accounts payable and accrued liabilities136,495 14,364 
Derivative liabilities
9,213 11,496 
Other liabilities
41,836 63,461 
Total liabilities11,400,218 13,559,995 
Shareholder’s Equity
 
Common shares ($10 par value, 150,000 shares authorized and issued)
1,500 1,500 
Additional paid-in capital
612,167 612,167 
Retained earnings:
Appropriated for pre-declared additional credits and interest2,635 27,031 
Appropriated for additional interest on advance payments15 15 
Unappropriated27,468 121,732 
Accumulated other comprehensive income (loss), net of tax
(42,530)(73,087)
Total shareholder’s equity601,255 689,358 
Total liabilities and shareholder’s equity$12,001,473 $14,249,353 
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, 2022
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 
 Net income— — — — — 106,340 — 106,340 
 Other comprehensive income (loss), net of tax— — — — — — 30,557 30,557 
Transfers between appropriated and unappropriated, net
— — — (24,396)— 24,396 — — 
Dividend to parent
— — — — — (225,000)— (225,000)
Balance at December 31, 2024
150,000 $1,500 $612,167 $2,635 $15 $27,468 $(42,530)$601,255 
See Notes to Consolidated Financial Statements.
F-7
Ameriprise Certificate Company
Consolidated Statements of Cash Flows
Years Ended December 31,
2024
2023
2022
(in thousands)
Cash Flows from Operating Activities
Net income$106,340 $102,117 $57,834 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
Amortization of premiums, accretion of discounts, net(157,576)(135,331)(22,512)
Deferred income tax expense (benefit)(5,942)4,781 (927)
Net realized (gain) loss on Available-for-Sale securities(1,115)249 (19)
Other net realized (gain) loss183 558 45 
Provision for credit losses4,404 10 (46)
Changes in operating assets and liabilities: 
Dividends and interest receivable150,872 49,170 (9,486)
Certificate reserves, net(5,230)20,994 8,309 
Taxes payable to/receivable from parent, net2,592 (8,953)5,385 
Derivatives, net of collateral1,208 (612)(492)
Other liabilities(2,326)13,531 (3,047)
Other receivables198 (458)332 
Payables to brokers, dealers and clearing organizations— — 33,939 
Due to/from related party, net
(3,746)1,639 — 
Other, net(71)(115)1,165 
Net cash provided by (used in) operating activities89,791 47,580 70,480 
Cash Flows from Investing Activities
Available-for-Sale securities: 
Sales— 113,185 — 
Maturities, redemptions and calls9,785,964 5,314,949 3,657,184 
Purchases(7,532,483)(10,048,894)(7,426,951)
Commercial mortgage loans and syndicated loans: 
Sales, maturities and repayments41,832 48,619 53,550 
Purchases and fundings(9,726)(28,337)(35,505)
Certificate loans, net(7)38 11 
Net cash provided by (used in) investing activities2,285,580 (4,600,440)(3,751,711)
Cash Flows from Financing Activities
 
Payments from certificate holders and other additions4,959,529 11,193,104 8,343,118 
Certificate maturities and cash surrenders(7,199,120)(7,038,549)(4,338,511)
Capital contribution from parent
— 130,500 186,000 
Dividend to parent(225,000)— (11,258)
Return of capital to parent— — (7,042)
Net cash provided by (used in) financing activities(2,464,591)4,285,055 4,172,307 
Net increase (decrease) in cash and cash equivalents(89,220)(267,805)491,076 
Cash and cash equivalents at beginning of period913,063 1,180,868 689,792 
Cash and cash equivalents at end of period$823,843 $913,063 $1,180,868 
Supplemental disclosures including non-cash transactions: 
Cash paid (received) for income taxes$34,304 $36,818 $13,684 
Cash paid for interest560,224 451,689 45,485 
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, 2024, 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.
ACC’s operations constitute a single operating segment, and therefore a single reportable segment, as the chief operating decision maker (“CODM”) manages the business activities using information of ACC as a whole. As its CODM, ACC’s President and Chief Executive Officer utilizes the Consolidated Statements of Operations and its net income metric to allocate resources and assess performance of ACC. The accounting policies used to measure the profit and loss of the segment are the same as those described within this footnote.
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 sales of 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)
        F-9
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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.
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
F-10
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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.
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, there is no 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. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. 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 recorded at fair value on the Consolidated Balance Sheets. 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. The accounting for the change in the fair value of a 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.
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, the 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
Segment Reporting – Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“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. The Company adopted the standard on January 1, 2024. The adoption of the standard did not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Future Adoption of New Accounting Standards
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.
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing changes to footnote
F-12
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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). 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. The categories of Qualified Assets are consistent with the categories of total qualified assets as presented on the Consolidated Balance Sheets.
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. Pursuant to provisions of the Depository and Custodial Agreement and the requirements of various states, certain of the Qualified Assets are held as Assets on Deposit with either ATC or the states. Assets on Deposit are comprised of cash equivalents, Available-for-Sale debt securities, commercial mortgage loans and syndicated loans.
Required Deposits, Qualified Assets, and Assets on Deposit of ACC were as follows:
 
December 31,
2024
2023
(in thousands)
Required Deposits
$11,215,313 $13,475,935 
Qualified Assets (1)
$11,924,609 $14,300,656 
Assets on Deposit:
Cash equivalents
$802,385 $894,121 
Available-for-Sale securities
11,022,237 13,135,369 
Commercial mortgage loans and syndicated loans
150,377 183,268 
Total Assets on Deposit
$11,974,999 $14,212,758 
(1) Reduced by payables to brokers, dealers and clearing organizations related to securities purchased.
3. Investments
Investments in unaffiliated issuers were as follows:
December 31,
2024
2023
(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2024, $3,669; 2023,nil; amortized cost: 2024, $11,022,239; 2023, $13,135,364)
$10,960,489 $13,037,037 
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2024, $709; 2023, $1,333; fair value: 2024, $148,635; 2023, $178,850)
150,377 183,268 
Certificate loans — secured by certificate reserves, at cost, which approximates fair value41 34 
Total$11,110,907 $13,220,339 
F-13
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Available-for-Sale securities distributed by type were as follows:
Description of Securities
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
 (in thousands)
Corporate debt securities
$648,415 $1,488 $(25)$— $649,878 
Residential mortgage backed securities
4,791,475 20,340 (83,512)— 4,728,303 
Commercial mortgage backed securities
1,451,843 6,125 (13,693)(3,669)1,440,606 
Asset backed securities
1,542,013 9,411 (74)— 1,551,350 
State and municipal obligations
1,000 — (24)— 976 
U.S. government and agency obligations
2,587,493 1,889 (6)— 2,589,376 
Total
$11,022,239 $39,253 $(97,334)$(3,669)$10,960,489 
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 
As of December 31, 2024 and 2023, accrued interest of $33.6 million and $47.4 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 both December 31, 2024 and 2023, fixed maturity securities comprised approximately 92% 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, 2024 and 2023, $11.3 million and $16.9 million, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC.
A summary of fixed maturity securities by rating was as follows:
Ratings
December 31, 2024
December 31, 2023
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in thousands, except percentages)
AAA
$6,804,159 $6,774,959 62 %$6,497,442 $6,432,988 49 %
AA
3,391,016 3,365,011 31 4,667,593 4,633,823 36 
A
208,762 205,938 2 458,233 457,526 3 
BBB
604,577 604,676 5 1,506,666 1,507,511 12 
Below investment grade
13,725 9,905 — 5,430 5,189 — 
Total fixed maturities
$11,022,239 $10,960,489 100 %$13,135,364 $13,037,037 100 %
As of December 31, 2024 and 2023, approximately 93% and 85% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. As of December 31, 2024, ACC had three issuers with holdings totaling $252.0 million that individually were between 10% and 16% of total shareholder’s equity. 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. There were no other holdings of any other issuer greater than 10% of total shareholder’s equity as of December 31, 2024 and 2023.
F-14
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2024
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 securities6 $52,483 $(16)2 $14,454 $(9)8 $66,937 $(25)
Residential mortgage backed securities34 697,028 (3,578)248 2,076,153 (79,934)282 2,773,181 (83,512)
Commercial mortgage backed securities3 65,859 (120)46 564,586 (13,573)49 630,445 (13,693)
Asset backed securities1 34,994 (6)4 7,730 (68)5 42,724 (74)
State and municipal obligations— — — 1 976 (24)1 976 (24)
U.S. government and agency obligations1 99,979 (6)— — — 1 99,979 (6)
Total
45 $950,343 $(3,726)301 $2,663,899 $(93,608)346 $3,614,242 $(97,334)
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)
As part of ACC’s ongoing monitoring process, management determined the decrease in gross unrealized loss on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2024 is primarily attributable to a lower amortized cost basis of investments and tightening credit spreads, partially offset by higher interest rates. 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, 2024 and 2023, approximately 96% and 97%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
During the year ended December 31, 2024, the Company established an allowance for credit losses of $3.6 million related to one commercial mortgage backed security with a recent downgrade. There were no amounts recognized in the allowance for credit losses on Available-for-Sale securities during the years ended December 31, 2023 and 2022.
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.
F-15
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2022
$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)
Net unrealized gains (losses) on securities arising during the period (1)
37,691 (9,152)28,539 
Reclassification of net (gains) losses on securities included in net income (2)
2,554 (536)2,018 
Balance at December 31, 2024
$(58,081)$15,551 $(42,530)
(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.
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,
2024
2023
2022
(in thousands)
Gross realized gains$1,124 $314 $19 
Gross realized losses(9)(563)— 
Credit (losses)
(3,669)— — 
Total
$(2,554)$(249)$19 
Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:
 Amortized CostFair Value
(in thousands)
Due within one year
$3,179,673 $3,182,660 
Due after one year through five years
57,235 57,570 
 
3,236,908 3,240,230 
Residential mortgage backed securities
4,791,475 4,728,303 
Commercial mortgage backed securities
1,451,843 1,440,606 
Asset backed securities
1,542,013 1,551,350 
Total
$11,022,239 $10,960,489 
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 financing receivables and the allowance for loan losses.
F-16
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Allowance for Credit Losses
The following table presents a rollforward of the allowance for credit losses:
 Commercial Loans
(in thousands)
Balance at January 1, 2022
$1,518 
Provisions(46)
Balance at December 31, 2022
1,472 
Provisions10 
Charge-offs(149)
Balance at December 31, 2023
1,333 
Provisions735 
Charge-offs(1,359)
Balance at December 31, 2024
$709 
As of December 31, 2024 and 2023, accrued interest on commercial loans was $762 thousand and $1.2 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
During the years ended December 31, 2024, 2023 and 2022, ACC purchased $4.2 million, $19.4 million and $25.2 million, respectively, of syndicated loans, and sold $4.2 million, $3.6 million and $1.1 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 nil and $1.1 million as of December 31, 2024 and 2023, respectively. All other loans were considered to be performing.
Commercial Loans
Commercial Mortgage Loans
ACC reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. There were no commercial mortgage loans which management has assigned its highest risk rating as of both December 31, 2024 and 2023. Loans with the highest risk rating represent distressed loans which ACC has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2024 and 2023.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
December 31, 2024
Loan-to-Value Ratio
2024
2023202220212020PriorTotal
(in thousands)
> 100%$— $— $— $— $— $— $— 
80% - 100%— — — — — — — 
60% - 80%2,576 4,000 5,336 — — 8,738 20,650 
40% - 60%— — — 1,620 3,874 10,727 16,221 
< 40%2,881 3,644 1,327 7,558 3,000 39,946 58,356 
Total$5,457 $7,644 $6,663 $9,178 $6,874 $59,411 $95,227 
F-17
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
December 31, 2023
Loan-to-Value Ratio
2023
2022202120202019PriorTotal
(in thousands)
> 100%$— $— $— $— $— $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 
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, 2024, 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,
2024
2023
2024
2023
(in thousands) 
East North Central$7,306 $8,226 8 %8 %
East South Central5,068 5,514 5 6 
Middle Atlantic14,540 15,466 15 16 
Mountain8,366 8,756 9 9 
New England6,066 6,308 6 7 
Pacific30,598 30,024 32 31 
South Atlantic12,513 13,023 13 13 
West North Central2,549 3,403 3 4 
West South Central8,221 6,229 9 6 
Total$95,227 $96,949 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
December 31,December 31,
2024
2023
2024
2023
(in thousands) 
Apartments$28,980 $31,125 30 %32 %
Industrial24,515 23,596 26 24 
Mixed use9,592 10,126 10 11 
Office10,530 11,336 11 12 
Retail13,090 14,574 14 15 
Other8,520 6,192 9 6 
Total$95,227 $96,949 100 %100 %
Syndicated Loans
The investment in syndicated loans as of December 31, 2024 and 2023 was $55.9 million and $87.7 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. Syndicated loans past due as of December 31, 2024 and 2023 were nil and $1.1 million, 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, 2024, write-offs of syndicated loans were $1.4 million.
F-18
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
December 31, 2024
Internal Risk Rating
2024
2023202220212020PriorTotal
(in thousands)
Risk 5$— $— $— $— $— $— $— 
Risk 4— 144 — — — 1,914 2,058 
Risk 3904 872 — 3,592 610 1,346 7,324 
Risk 219,450 4,015 — 1,499 419 2,789 28,172 
Risk 110,779 4,875 — 1,289 1,362 — 18,305 
Total$31,133 $9,906 $— $6,380 $2,391 $6,049 $55,859 
December 31, 2023
Internal Risk Rating
2023
2022202120202019PriorTotal
(in thousands)
Risk 5$— $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 
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 for the years ended December 31, 2024 and 2023.
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, 2024
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Reserves to mature - installment certificates:
   
With guaranteed rates$1,116 3.01 %0.01 %
Without guaranteed rates (1)
10,268 3.85 %3.85 %
Reserves to mature - fully paid certificates:
With guaranteed rates1,023 3.51 %0.01 %
Without guaranteed rates (1)
11,062,079 4.05 %4.05 %
Equity indexed (2)
114,300 N/AN/A
Additional credits and accrued interest:
With guaranteed rates1 3.50 %— 
Without guaranteed rates (1)
23,225 N/AN/A
Due to unlocated certificate holders662 N/AN/A
Total$11,212,674   
F-19
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
December 31, 2023
Reserve Balance
Average Gross Accumulation Rates (3)
Average Additional Credit Rates (4)
(in thousands, except percentages)
Reserves to mature - installment certificates:
   
Without guaranteed rates (1)
$10,272 4.87 %4.87 %
Reserves to mature - fully paid certificates:
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   
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, 2024 and 2023 were $124.1 million and $176.9 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, 2024 and 2023.
(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, 2024 and 2023.
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, 2024 and 2023 was $2.6 million and $27.0 million, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.
The carrying amounts of net certificate reserves consisted of the following:
December 31,
2024
2023
(in thousands)
Reserves with terms of one year or less
$10,807,955 $12,354,258 
Other
404,719 1,116,416 
Total certificate reserves11,212,674 13,470,674 
Unapplied certificate transactions
21,164 39,628 
Certificate loans and accrued interest
(41)(35)
Total$11,233,797 $13,510,267 
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
F-20
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2024, 2023 and 2022.
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, 2024, 2023 and 2022, 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.
•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.
F-21
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
Dividends and Contributions
ACC received cash contributions of nil, $130.5 million and $186.0 million from Ameriprise Financial during the years ended December 31, 2024, 2023 and 2022, 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 $225.0 million, nil and $11.3 million to Ameriprise Financial during the years ended December 31, 2024, 2023 and 2022, respectively.
ACC returned contributed capital of nil, nil and $7.0 million to Ameriprise Financial during the years ended December 31, 2024, 2023 and 2022, 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.
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:
 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets    
Cash equivalents$— $802,385 $— $802,385 
Available-for-Sale securities: 
Corporate debt securities— 638,624 11,254 649,878 
Residential mortgage backed securities— 4,728,303 — 4,728,303 
Commercial mortgage backed securities— 1,440,606 — 1,440,606 
Asset backed securities— 1,501,350 50,000 1,551,350 
State and municipal obligations— 976 — 976 
U.S. government and agency obligations2,589,376 — — 2,589,376 
Total Available-for-Sale securities2,589,376 8,309,859 61,254 10,960,489 
Equity derivative contracts— 12,858 — 12,858 
Total assets at fair value
$2,589,376 $9,125,102 $61,254 $11,775,732 
Liabilities    
Stock market certificate embedded derivatives$— $7,250 $— $7,250 
Equity derivative contracts12 9,201 — 9,213 
Total liabilities at fair value
$12 $16,451 $— $16,463 
F-22
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
 
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 
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, 2024
$17,854 $— $17,854 
Total gains (losses) included in:
Net income368 — 368 (1)
Other comprehensive income (loss)32 — 32 
Purchases— 50,000 50,000 
Settlements(7,000)— (7,000)
Balance at December 31, 2024
$11,254 $50,000 $61,254 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024
$334 $— $334 (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024
$(46)$— $(46)
F-23
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, 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)
(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.
F-24
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in thousands)
Corporate debt securities (private placements)
$11,251 
Discounted cash flow
Yield/spread to U.S. Treasuries
1.0%1.0%
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%
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.
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. ACC’s 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 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, and state and municipal obligations. 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, residential 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
F-25
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.
Derivatives
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, 2024 and 2023. 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 also 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, 2024 and 2023. 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.
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, 2024
Carrying 
Value		Fair Value
Level 1Level 2Level 3Total
(in thousands)
Financial Assets
     
Syndicated loans$55,498 $— $55,292 $395 $55,687 
Commercial mortgage loans94,879 — — 92,948 92,948 
Certificate loans41 — 41 — 41 
Financial Liabilities
     
Certificate reserves$11,205,424 $— $— $11,183,366 $11,183,366 
 
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 
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
F-26
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2024
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$12,858 $— $12,858 $(9,201)$(3,657)$— 
Total$12,858 $— $12,858 $(9,201)$(3,657)$— 
 
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 
(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.
The following tables present the gross and net information about ACC’s liabilities subject to master netting agreements:
 
December 31, 2024
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$9,201 $— $9,201 $(9,201)$— $— 
Exchange-traded12 — 12 — — 12 
Total$9,213 $— $9,213 $(9,201)$— $12 
 
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 
(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 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.
F-27
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
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, 2024
December 31, 2023
NotionalGross Fair ValueNotionalGross Fair Value
AssetsLiabilitiesAssetsLiabilities
(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)
$146,765 $12,858 $9,213 $219,404 $17,255 $11,496 
Embedded derivatives
Stock market certificates (2)
N/A— 7,250 N/A— 9,300 
Total derivatives
$146,765 $12,858 $16,463 $219,404 $17,255 $20,796 
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.
As of December 31, 2024 and 2023, investment securities with a fair value of $367 thousand and $446 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,
2024
2023
2022
 (in thousands)
Equity contracts
Stock market certificates
Net provision for certificate reserves
$2,610 $4,324 $(580)
Stock market certificates embedded derivatives
Net provision for certificate reserves
(2,346)(5,046)439 
Total$264 $(722)$(141)
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.
F-28
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
11. Income Taxes
The components of income tax provision were as follows:
 Years Ended December 31,
2024
2023
2022
(in thousands)
Current income tax   
Federal$30,422 $24,615 $16,874 
State and local4,340 3,952 3,089 
Total current income tax34,762 28,567 19,963 
Deferred income tax 
Federal(5,016)4,027 (778)
State and local(926)754 (149)
Total deferred income tax(5,942)4,781 (927)
Total income tax provision$28,820 $33,348 $19,036 
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,
2024
2023
2022
Tax at U.S. statutory rate21.0 %21.0 %21.0 %
Changes in taxes resulting from:
State income tax, net2.0 2.7 3.0 
Unrecognized tax benefits
(1.7)0.9 0.8 
Income tax provision
21.3 %24.6 %24.8 %
The decrease in the Company’s effective tax rate for the year ended December 31, 2024 compared to 2023 is primarily the result of a decrease in unrecognized tax benefits.
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, 2024 and 2023. The significant components of ACC’s deferred income tax assets, which are included in Other Assets: Deferred taxes, net, were as follows:
 December 31,
2024
2023
(in thousands)
Deferred income tax assets
Investments including net unrealized on Available-for-Sale securities
$9,746 $11,177 
Certificate reserves6,108 8,423 
Total deferred income tax assets$15,854 $19,600 
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, 2024 and 2023.
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
 
2024
2023
2022
(in thousands)
Balance at January 1$5,522 $4,342 $3,826 
Additions for tax positions related to the current year
907 1,179 586 
Additions for tax positions of prior years— 230 — 
Reductions for tax positions of prior years(635)— (33)
Reductions due to lapse of statutes of limitations
(2,471)(229)(37)
Balance at December 31$3,323 $5,522 $4,342 
F-29
Ameriprise Certificate Company
Notes to Consolidated Financial Statements (Continued)
If recognized, approximately $2.6 million, $4.4 million and $3.4 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, 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 $155 thousand 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 decrease of $524 thousand, and a net increase of $249 thousand and $163 thousand, in interest and penalties for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, ACC had a payable of $503 thousand and $1.0 million, 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. The Internal Revenue Service (“IRS”) is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial or its subsidiaries, including ACC, are currently under examination by various jurisdictions for years ranging from 2017 through 2023.
12. Commitments and Contingencies
Commitments
ACC’s commercial mortgage loan funding commitments were nil and $2.6 million as of December 31, 2024 and 2023, 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-30
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2024    
(in thousands, except rate)



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

CASH EQUIVALENTS
GOVERNMENT BOND
FEDERAL HOME LOAN BANKS1/2/2025—$442,645 $442,596 $442,596 
FEDERAL NATIONAL MORTGAGE ASSOCIATION1/6/2025—100,000 99,941 99,941 
TOTAL GOVERNMENT BOND542,537 542,537 
COMMERCIAL PAPER
CVS HEALTH CORPORATION1/3/2025—50,000 49,986 49,986 
EVERSOURCE ENERGY1/14/2025—25,000 24,955 24,955 
EXELON CORPORATION1/3/2025—50,000 49,986 49,986 
REPUBLIC SERVICES INC1/6/2025—25,000 24,983 24,983 
SOUTHERN COMPANY1/3/2025—25,000 24,993 24,993 
SOUTHERN COMPANY1/8/2025—25,000 24,975 24,975 
WILLIAMS COMPANIES INC1/3/2025—50,000 49,986 49,986 
XCEL ENERGY INC1/13/2025—10,000 9,984 9,984 
TOTAL COMMERCIAL PAPER259,848 259,848 
TOTAL CASH EQUIVALENTS802,385 802,385 
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 BILL1/2/2025—100,000 99,985 99,980 
UNITED STATES TREASURY BILL1/9/2025—100,000 99,882 99,917 
UNITED STATES TREASURY BILL1/16/2025—100,000 99,783 99,835 
UNITED STATES TREASURY BILL1/23/2025—100,000 99,681 99,751 
UNITED STATES TREASURY BILL1/30/2025—100,000 99,588 99,671 
UNITED STATES TREASURY BILL2/6/2025—100,000 99,524 99,590 
UNITED STATES TREASURY BILL2/13/2025—100,000 99,417 99,507 
UNITED STATES TREASURY BILL2/20/2025—100,000 99,324 99,433 
UNITED STATES TREASURY BILL2/27/2025—100,000 99,243 99,341 
UNITED STATES TREASURY BILL3/6/2025—100,000 99,144 99,268 
UNITED STATES TREASURY BILL3/13/2025—100,000 99,077 99,185 
UNITED STATES TREASURY BILL3/20/2025—100,000 99,015 99,107 
UNITED STATES TREASURY BILL3/27/2025—100,000 98,964 99,021 
UNITED STATES TREASURY BILL4/3/2025—100,000 98,899 98,933 
UNITED STATES TREASURY BILL4/10/2025—100,000 98,791 98,869 
UNITED STATES TREASURY BILL4/17/2025—100,000 98,717 98,788 
UNITED STATES TREASURY BILL4/24/2025—95,000 93,690 93,773 
UNITED STATES TREASURY BILL5/1/2025—95,000 93,614 93,697 
UNITED STATES TREASURY BILL5/8/2025—95,000 93,555 93,620 
UNITED STATES TREASURY BILL5/15/2025—95,000 93,459 93,546 
UNITED STATES TREASURY BILL5/22/2025—95,000 93,380 93,470 
UNITED STATES TREASURY BILL5/29/2025—90,000 88,379 88,475 
F-31
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



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 BILL6/5/2025—90,000 88,319 88,408 
UNITED STATES TREASURY BILL6/12/2025—90,000 88,287 88,336 
UNITED STATES TREASURY BILL6/20/2025—91,036 89,236 89,273 
UNITED STATES TREASURY BILL6/26/2025—90,000 88,161 88,196 
UNITED STATES TREASURY BILL7/3/2025—90,000 88,119 88,123 
UNITED STATES TREASURY BOND8/15/20264.375%57 56 57 
UNITED STATES TREASURY BOND11/15/20285.250200 204 206 
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS2,587,493 2,589,376 
STATE AND MUNICIPAL OBLIGATIONS
DALLAS FORT WORTH TEXAS INTL AIRPORT11/1/20251.3291,000 1,000 976 
TOTAL STATE AND MUNICIPAL OBLIGATIONS1,000 976 

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-36 GF5/25/20364.9831,822 1,829 1,793 
FANNIE MAE 07-46 FB5/25/20375.053527 528 518 
FANNIE MAE 09-107 FL2/25/20385.4991,025 1,030 1,013 
FANNIE MAE 13-2 KF1/25/20374.8632,565 2,560 2,506 
FANNIE MAE 49152/1/20385.0006,880 6,882 6,855 
FANNIE MAE AF-2015-22C 4/25/20455.1474,620 4,603 4,491 
FANNIE MAE AF-2015-42 6/25/20555.1273,518 3,499 3,489 
FANNIE MAE AF-2015-91 12/25/20455.1674,143 4,124 4,197 
FANNIE MAE FA-2015-4 2/25/20455.1471,423 1,424 1,382 
FANNIE MAE FW-2015-84 11/25/20455.1474,503 4,497 4,379 
FANNIE MAE 07-6 2/25/20375.1333,200 3,204 3,156 
FANNIE MAE 09-101 12/25/20395.5233,904 3,958 3,918 
FANNIE MAE 12-1334/25/20424.9332,415 2,408 2,350 
FANNIE MAE 16-22/25/20565.2771,400 1,398 1,435 
FANNIE MAE 22-339/25/20384.96915,498 15,498 15,148 
FANNIE MAE 22-43 FB7/25/20525.16930,308 30,354 29,797 
FANNIE MAE 22-6610/25/20525.11919,376 19,397 18,838 
FANNIE MAE 23-36 8/25/20535.41922,573 22,573 22,507 
FANNIE MAE 49156/1/20317.22170 70 71 
FANNIE MAE 7255586/1/20347.33525 25 25 
FANNIE MAE 7256947/1/20346.36853 52 52 
FANNIE MAE 7257197/1/20336.32969 69 69 
FANNIE MAE 73503410/1/20347.178907 946 929 
FANNIE MAE 7357027/1/20357.448586 600 601 
FANNIE MAE 79478710/1/20347.04523 24 24 
FANNIE MAE 79973311/1/20346.33883 84 83 
FANNIE MAE 8013379/1/20347.164578 603 585 
FANNIE MAE 80191710/1/20347.082136 136 138 
FANNIE MAE 8045619/1/20347.231117 117 121 
FANNIE MAE 8072191/1/20356.588242 244 246 
FANNIE MAE 8095322/1/20356.152121 122 124 
FANNIE MAE 8345528/1/20357.70554 54 55 
FANNIE MAE 8894856/1/20367.235735 745 756 
FANNIE MAE 9226744/1/20366.743259 264 267 
FANNIE MAE 9684381/1/20386.530167 175 169 
F-32
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE 9951238/1/20377.89024 25 25 
FANNIE MAE 9955489/1/20357.230405 412 417 
FANNIE MAE 99560411/1/20357.050847 886 876 
FANNIE MAE 9956148/1/20376.461105 110 105 
FANNIE MAE AB52305/1/20272.500846 851 827 
FANNIE MAE AD09014/1/20406.398670 709 692 
FANNIE MAE AE055912/1/20346.558875 910 897 
FANNIE MAE AE05668/1/20356.885749 780 773 
FANNIE MAE AF-2016-11 3/25/20465.2971,915 1,911 1,908 
FANNIE MAE AF-2016-87 11/25/20465.1972,667 2,665 2,635 
FANNIE MAE AF-2016-88 12/25/20465.2372,202 2,202 2,173 
FANNIE MAE AF-2018-87 12/25/20485.0978,008 7,972 7,925 
FANNIE MAE AF-204620 11/15/20425.4092,412 2,406 2,392 
FANNIE MAE AL10371/1/20376.761916 965 946 
FANNIE MAE AL226910/1/20406.653760 804 785 
FANNIE MAE AL39359/1/20377.0751,733 1,818 1,790 
FANNIE MAE AL39612/1/20396.477656 690 664 
FANNIE MAE AL41009/1/20367.1451,295 1,356 1,338 
FANNIE MAE AL41103/1/20376.7721,095 1,143 1,131 
FANNIE MAE AL41142/1/20397.205765 809 794 
FANNIE MAE AO87468/1/20272.5001,695 1,711 1,654 
FANNIE MAE ARM 1907263/1/20336.54214 14 14 
FANNIE MAE ARM 5457866/1/20327.165118 118 121 
FANNIE MAE ARM 6202931/1/20326.52519 19 19 
FANNIE MAE ARM 6516298/1/20327.4352 2 2 
FANNIE MAE ARM 6556468/1/20327.59053 53 53 
FANNIE MAE ARM 6557988/1/20327.354130 130 132 
FANNIE MAE ARM 6613499/1/20327.14556 56 57 
FANNIE MAE ARM 66174410/1/20326.93783 84 84 
FANNIE MAE ARM 66475010/1/20326.48847 47 47 
FANNIE MAE ARM 67073111/1/20326.04041 41 41 
FANNIE MAE ARM 67077911/1/20326.180184 185 184 
FANNIE MAE ARM 67089012/1/20326.29059 59 59 
FANNIE MAE ARM 67091212/1/20326.29024 25 24 
FANNIE MAE ARM 7227799/1/20336.78839 39 39 
FANNIE MAE ARM 7335258/1/20337.293187 181 189 
FANNIE MAE ARM 7391949/1/20337.171116 116 118 
FANNIE MAE ARM 74325610/1/20337.10946 45 46 
FANNIE MAE ARM 74385611/1/20336.59924 24 25 
FANNIE MAE ARM 75887312/1/20336.48216 15 16 
FANNIE MAE AS45072/1/20303.0002,674 2,721 2,585 
FANNIE MAE AS48784/1/20303.0003,535 3,598 3,416 
FANNIE MAE BE56221/1/20322.5007,916 7,955 7,458 
FANNIE MAE BK09337/1/20333.5002,732 2,757 2,635 
FANNIE MAE BT19392/1/20372.0007,628 7,573 6,738 
FANNIE MAE CA12652/1/20333.0006,317 6,289 6,015 
FANNIE MAE CA22838/1/20333.5002,979 2,974 2,873 
FANNIE MAE DF-2015-38 6/25/20555.1075,980 5,941 5,889 
FANNIE MAE DF-2017-16 3/25/20475.2171,465 1,470 1,443 
FANNIE MAE F-2019-31 7/25/20495.13315,849 15,840 15,508 
F-33
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FANNIE MAE FA-2013-1 2/25/20435.0333,530 3,542 3,451 
FANNIE MAE FA-2015-55 8/25/20555.1472,526 2,516 2,532 
FANNIE MAE FA-204624 12/15/20385.4197,418 7,394 7,364 
FANNIE MAE FC-2017-51 7/25/20475.03312,979 13,017 12,664 
FANNIE MAE FC-2018-73 10/25/20484.98316,476 16,432 16,053 
FANNIE MAE FC-2019-7612/25/20495.1837,864 7,862 7,713 
FANNIE MAE FK-2010-123 11/25/20405.1333,723 3,754 3,666 
FANNIE MAE FL-2017-4 2/25/20475.2473,067 3,067 3,053 
FANNIE MAE FM924711/1/20362.0005,786 5,915 5,111 
FANNIE MAE FS29409/1/20374.50010,510 10,278 10,289 
FANNIE MAE FT-2016-84 11/25/20465.1835,228 5,276 5,140 
FANNIE MAE GF-204639 3/15/20365.7776,512 6,490 6,465 
FANNIE MAE HYBRID ARM 5660745/1/20317.209119 119 122 
FANNIE MAE KF-2015-27 5/25/20454.9833,386 3,377 3,341 
FANNIE MAE MA11448/1/20272.500787 795 769 
FANNIE MAE MA33916/1/20333.0003,876 3,845 3,684 
FANNIE MAE MA46978/1/20424.00015,495 15,526 14,523 
FANNIE MAE WF-2016-68 10/25/20465.2471,405 1,406 1,385 
FANNIE MAE_15-507/25/20455.1476,553 6,544 6,462 
FANNIE MAE_15-93 8/25/20455.0331,544 1,540 1,520 
FANNIE MAE_16-11 3/25/20465.3472,838 2,840 2,813 
FANNIE MAE_17-82/25/20475.08323,739 23,739 23,382 
FANNIE MAE_23-195/25/20535.21947,786 47,786 47,323 
FANNIE MAE_CF-2019-33 7/25/20495.1539,819 9,837 9,625 
FANNIE MAE_FA-2020-47 7/25/20505.08323,606 23,606 23,189 
FANNIE MAE_YF-204979 6/25/20505.13315,883 15,897 15,638 
FREDDIE MAC 1H25206/1/20356.973840 881 869 
FREDDIE MAC 1N14745/1/20377.13527 28 27 
FREDDIE MAC 1Q151511/1/20386.8643,635 3,817 3,728 
FREDDIE MAC 1Q15406/1/20406.5941,404 1,491 1,440 
FREDDIE MAC 1Q15488/1/20386.3531,252 1,311 1,292 
FREDDIE MAC 1Q15725/1/20386.4642,518 2,642 2,601 
FREDDIE MAC 2A-AOT-7610/25/20372.3502,991 3,036 2,690 
FREDDIE MAC 4159 FD1/15/20435.0622,190 2,197 2,165 
FREDDIE MAC 4248 5/15/20415.1623,846 3,851 3,805 
FREDDIE MAC 4363 2014 FA9/15/20415.6971,031 1,033 1,010 
FREDDIE MAC 4448 5/15/20405.2892,309 2,296 2,267 
FREDDIE MAC 49816/25/20505.08330,407 30,593 29,879 
FREDDIE MAC 52588/25/20525.06939,556 39,556 38,956 
FREDDIE MAC 7818848/1/20347.375135 136 137 
FREDDIE MAC 8484162/1/20416.2661,732 1,803 1,792 
FREDDIE MAC 8485309/1/20397.076682 717 704 
FREDDIE MAC 8489224/1/20376.9051,202 1,268 1,245 
FREDDIE MAC 8492818/1/20376.9871,232 1,302 1,275 
FREDDIE MAC AF-204559 3/15/20425.4692,784 2,772 2,765 
FREDDIE MAC AF-204615 10/15/20385.6771,468 1,462 1,445 
FREDDIE MAC AF-204774 7/15/20425.2692,578 2,574 2,535 
FREDDIE MAC ARM 7805145/1/20336.89747 48 48 
FREDDIE MAC ARM 7808459/1/20337.34528 27 29 
FREDDIE MAC ARM 7809039/1/20337.31632 32 33 
F-34
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC F2-20350 9/15/20405.6778,398 8,385 8,240 
FREDDIE MAC F4-20328 2/15/20385.6771,702 1,703 1,685 
FREDDIE MAC FA-204547 9/15/20405.7772,251 2,246 2,187 
FREDDIE MAC FA-204822 5/15/20354.96220,002 20,000 19,733 
FREDDIE MAC FA-536212/25/20535.78948,561 48,561 48,974 
FREDDIE MAC FB-204495 11/15/20385.3193,661 3,642 3,760 
FREDDIE MAC FB-536812/25/20536.01934,188 34,183 34,448 
FREDDIE MAC FB-53691/25/20545.76975,579 75,608 76,321 
FREDDIE MAC FD-203928 9/15/20415.13210,047 10,114 9,899 
FREDDIE MAC FD-204301 7/15/20375.1123,292 3,310 3,253 
FREDDIE MAC FD-535911/25/20536.06936,192 36,192 36,858 
FREDDIE MAC FD-53691/25/20545.46937,642 37,642 37,610 
FREDDIE MAC FE-535110/25/20535.76943,326 43,326 43,897 
FREDDIE MAC FL-204523 8/15/20385.3192,230 2,216 2,159 
FREDDIE MAC FR Q008859/1/20374.00013,833 13,611 13,308 
FREDDIE MAC FR Q008857/25/20524.96932,700 32,673 32,172 
FREDDIE MAC FR SB82163/1/20384.5007,419 7,331 7,267 
FREDDIE MAC FR SB82167/25/20524.96913,521 13,499 13,210 
FREDDIE MAC G164855/1/20333.0004,586 4,560 4,368 
FREDDIE MAC GF-204367 3/15/20375.6774,730 4,720 4,647 
FREDDIE MAC J325188/1/20303.0002,792 2,848 2,699 
FREDDIE MAC KF-204560 7/15/20405.5193,728 3,720 3,782 
FREDDIE MAC LF-204475 4/15/20405.279822 820 806 
FREDDIE MAC SB075210/1/20374.5009,503 9,317 9,309 
FREDDIE MAC SB81555/1/20373.00024,195 23,557 22,515 
FREDDIE MAC SB819110/1/20374.50026,972 26,422 26,386 
FREDDIE MAC SB819712/1/20374.00026,146 25,669 25,105 
FREDDIE MAC STRIP FHS_4029/25/20535.66928,090 28,086 28,237 
FREDDIE MAC WF-204491 8/15/20395.2891,512 1,510 1,496 
FREDDIE MAC WF-204681 8/15/20335.3198,392 8,380 8,273 
FREDDIE MAC WF-204697 6/15/20385.6775,724 5,720 5,640 
FREDDIE MAC WF-204730 8/15/20385.31912,343 12,280 12,157 
FREDDIE MAC_22-527811/25/20525.36968,362 68,361 66,328 
FREDDIE MAC_459510/15/20375.8772,188 2,188 2,175 
FREDDIE MAC_5080 3/25/20514.50013,481 13,481 12,430 
FREDDIE MAC_JF-204981 6/25/20505.08312,794 12,794 12,471 
GINNIE MAE 22-1378/20/20525.05521,413 21,401 20,908 
GINNIE MAE 22-1689/20/20525.10562,137 62,136 60,531 
GINNIE MAE 18-16812/20/20484.88510,615 10,616 10,390 
GINNIE MAE 18-665/20/20484.7352,818 2,818 2,759 
GINNIE MAE 19-14311/20/20494.93510,459 10,494 10,288 
GINNIE MAE 22-181/20/20524.80520,090 20,056 19,024 
GINNIE MAE 22-19711/20/20525.30527,343 27,343 27,150 
GINNIE MAE 22-20712/20/20525.12540,059 40,059 39,507 
GINNIE MAE 22-21312/20/20525.12539,152 39,152 38,773 
GINNIE MAE 22-996/20/20525.15534,398 34,437 33,513 
GINNIE MAE AF-2014-129 10/20/20414.9671,726 1,724 1,667 
GINNIE MAE AF-2014-94 11/20/20415.1171,265 1,267 1,231 
GINNIE MAE AF-2015-18 2/20/20404.8152,896 2,898 2,860 
GINNIE MAE AF-2020-36 3/20/20504.93522,221 22,253 21,745 
F-35
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
GINNIE MAE FA-2014-43 3/20/20444.8855,340 5,344 5,250 
GINNIE MAE FA-2016-115 8/20/20464.88511,861 11,925 11,636 
GINNIE MAE FB-2013-1512/20/20404.8356,268 6,294 6,171 
GINNIE MAE FC-2009-8 2/16/20395.4124,694 4,804 4,721 
GINNIE MAE FC-2018-67 5/20/20484.7853,720 3,723 3,621 
GINNIE MAE II 08243112/20/20393.7501,236 1,279 1,251 
GINNIE MAE II 0824641/20/20404.625402 428 407 
GINNIE MAE II 0824973/20/20404.625851 898 862 
GINNIE MAE II 0825737/20/20404.6251,260 1,300 1,271 
GINNIE MAE II 0825817/20/20404.6251,584 1,686 1,598 
GINNIE MAE II 0826028/20/20404.6252,860 3,048 2,885 
GINNIE MAE II 0827101/20/20414.625815 845 826 
GINNIE MAE II 0827944/20/20414.8751,512 1,605 1,529 
GINNIE MAE II ARM 86386/20/20254.8751 1 1 
GINNIE MAE LF-2015-82 4/20/20414.9671,896 1,896 1,857 
GINNIE MAE MF-2016-1088/20/20464.967460 458 447 
GINNIE MAE_22-19711/20/20525.30555,072 54,983 54,753 
GINNIE MAE_23-1118/20/20535.40529,017 29,026 28,941 
GINNIE MAE_23-1156/20/20535.60551,826 51,825 51,969 
GINNIE MAE_23-1158/20/20535.50526,136 26,136 25,979 
GINNIE MAE_23-136 9/20/20535.60532,520 32,520 32,658 
GINNIE MAE_23-1499/20/20635.65528,910 28,910 29,088 
GINNIE MAE_23-15110/20/20535.65546,338 46,338 46,623 
GINNIE MAE_23-15210/20/20535.85524,100 24,100 24,349 
GINNIE MAE_23-18412/20/20535.10544,495 43,896 43,906 
GINNIE MAE_23-192/20/20535.25568,248 68,248 67,613 
GINNIE MAE_23-202/20/20535.10530,322 30,279 30,008 
GINNIE MAE_23-202/20/20535.10574,027 74,014 73,171 
GINNIE MAE_23-212/20/20535.2559,708 9,708 9,618 
GINNIE MAE_23-544/20/20535.20533,943 33,943 33,693 
GINNIE MAE_23-564/20/20535.20523,788 23,788 23,619 
GINNIE MAE_23-685/20/20535.15573,536 73,549 72,745 
GINNIE MAE_23-71/20/20535.20553,350 53,368 52,934 
GINNIE MAE_23-71/20/20535.20537,883 37,906 37,603 
GINNIE MAE_23-826/20/20535.35521,950 21,950 21,852 
GINNIE MAE_23-836/20/20535.50582,100 80,810 81,898 
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,407,035 2,380,182 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
A&D MTG TR ADMT_23-NQM37/25/20686.73312,062 12,050 12,184 
A&D MTG TR ADMT_23-NQM49/25/20687.47241,522 41,481 42,352 
A&D MTG TR ADMT_23-NQM511/25/20687.04934,556 34,528 35,090 
A&D MTG TR ADMT_24-NQM37/25/20696.45146,931 46,898 47,373 
A&D MTG TR ADMT_24-NQM48/25/20695.46427,319 27,312 27,167 
A&D MTG TR ADMT_24-NQM511/25/20695.69920,144 20,146 20,129 
ACRA TRUST ACRA_24-NQM110/25/20645.60845,727 45,719 45,635 
ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-22/25/20356.31620 20 20 
ANGEL OAK MORTGAGE TRUST AOMT_20-21/26/20652.5311,320 1,331 1,232 
ANGEL OAK MORTGAGE TRUST AOMT_20-34/25/20651.6912,876 2,874 2,695 
F-36
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ANGEL OAK MORTGAGE TRUST AOMT_20-55/25/20651.3732,918 2,916 2,722 
ANGEL OAK MORTGAGE TRUST AOMT_21-811/25/20661.8208,921 8,918 7,812 
ANGEL OAK MORTGAGE TRUST AOMT_22-112/25/20662.88123,312 23,305 21,283 
ANGEL OAK MORTGAGE TRUST AOMT_24-118/25/20695.70019,638 19,634 19,641 
ANGEL OAK MORTGAGE TRUST AOMT_24-1210/25/20695.65339,839 39,838 39,821 
ANGEL OAK MORTGAGE TRUST AOMT_24-75/25/20695.62136,292 36,347 36,298 
ANGEL OAK MORTGAGE TRUST AOMT_24-85/27/20695.33832,293 32,285 32,124 
APS RESECURITIZATION TRUST APS_16-311/27/20466.7032,714 2,712 4,515 
APS RESECURITIZATION TRUST APS_16-311/27/20666.7031,281 1,281 2,651 
ARROYO MORTGAGE TRUST ARRW_19-11/25/20493.8053,590 3,586 3,461 
ARROYO MORTGAGE TRUST ARRW_19-310/25/20482.9622,719 2,717 2,496 
BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E6/25/20346.285498 495 475 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL15/26/20592.5006,244 6,282 6,057 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM19/25/20613.62615,550 15,532 14,781 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM112/1/20635.94325,838 25,805 25,949 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM22/25/20646.28524,621 24,592 24,838 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM33/25/20646.19141,767 41,726 42,106 
BRAVO RESIDENTIAL FUNDING TRUST BRAVO_24-NQM68/1/20645.40920,806 20,798 20,731 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-27/25/20493.8793,409 3,404 3,303 
BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-311/25/20593.7241,016 1,014 1,001 
CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A12/25/20376.620508 504 497 
CHNGE MORTGAGE TRUST CHNGE_23-13/25/20587.06512,243 12,219 12,366 
CHNGE MORTGAGE TRUST CHNGE_23-26/25/20586.52529,647 29,600 29,827 
CHNGE MORTGAGE TRUST CHNGE_23-37/25/20587.10014,199 14,176 14,375 
CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 CMLTI_15-PS19/25/20423.750937 942 883 
COLT FUNDING LLC COLT_20-2R10/26/20651.3254,355 4,353 3,987 
COLT FUNDING LLC COLT_21-612/25/20661.90715,685 15,680 13,882 
COLT FUNDING LLC COLT_24-INV25/25/20696.42113,858 13,850 14,033 
COLT FUNDING LLC COLT_24-INV45/25/20695.60722,180 22,180 22,154 
COLT MORTGAGE LOAN TRUST COLT_22-112/27/20662.28417,297 17,291 15,561 
COLT MORTGAGE LOAN TRUST COLT_22-22/25/20672.99410,937 10,935 10,046 
COLT MORTGAGE LOAN TRUST COLT_23-27/25/20686.59617,462 17,437 17,645 
COLT MORTGAGE LOAN TRUST COLT_24-12/25/20695.83511,143 11,127 11,173 
COLT MORTGAGE LOAN TRUST COLT_24-24/25/20696.12520,858 20,832 21,000 
COLT MORTGAGE LOAN TRUST COLT_24-36/25/20696.39334,344 34,318 34,738 
COLT MORTGAGE LOAN TRUST COLT_24-47/25/20695.94928,341 28,321 28,486 
COLT MORTGAGE LOAN TRUST COLT_24-58/25/20695.12349,143 49,131 48,731 
COLT MORTGAGE LOAN TRUST COLT_24-611/25/20695.39033,905 33,896 33,822 
COLT MORTGAGE LOAN TRUST COLT_24-712/26/20695.53834,971 34,970 34,923 
COUNTRYWIDE HOME LOANS CWHL_03-461/19/20346.549635 646 603 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA14/25/20473.2507,673 7,726 6,858 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL17/25/20572.7504,453 4,446 4,299 
CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL38/1/20574.00013,353 13,711 12,235 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC17/25/20493.5734,991 4,986 4,765 
CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM110/25/20593.656528 527 518 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH11/25/20672.87011,645 11,640 10,926 
CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH25/25/20674.54715,413 15,408 15,085 
CROSS MORTGAGE TRUST CROSS_23-H211/25/20687.13537,720 37,664 38,398 
CROSS MORTGAGE TRUST CROSS_24-H24/25/20696.09325,411 25,384 25,566 
CROSS MORTGAGE TRUST CROSS_24-H36/25/20696.27217,684 17,660 17,837 
F-37
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CROSS MORTGAGE TRUST CROSS_24-H47/25/20696.14716,386 16,368 16,504 
CROSS MORTGAGE TRUST CROSS_24-H58/26/20695.8549,414 9,404 9,445 
CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR34/25/20345.9246 6 6 
CSMC TRUST CSMC_21-NQM810/25/20661.84120,952 20,948 18,523 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-11/25/20672.20517,172 17,162 15,364 
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_24-17/25/20695.73546,028 46,025 46,176 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-211/25/20592.7392,893 2,890 2,756 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-11/25/20672.20618,493 18,488 15,867 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-INV210/25/20695.03514,870 14,869 14,715 
ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_24-NQM111/25/20695.70844,088 44,080 44,055 
FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES FHAMS_04-AA410/25/20345.877100 101 98 
GCAT_19-NQM311/25/20593.6862,417 2,414 2,338 
GCAT_22-HX112/27/20662.88513,588 13,582 12,395 
GCAT_24-NQM26/25/20596.08532,509 32,474 32,743 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20345.143123 123 110 
GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR28/19/20344.49796 96 88 
GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL110/25/20573.7503,813 3,786 3,698 
GSR MORTGAGE LOAN TRUST GSR_05-AR11/25/20356.979419 420 408 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-14/19/20346.39685 85 81 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-101/19/20355.83274 75 69 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-46/19/20346.08422 21 20 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-68/19/20346.28141 41 39 
HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-711/19/20345.655136 135 129 
HOMES TRUST HOMES_24-AFC18/25/20595.22424,496 24,490 24,322 
HOMES_23-NQM22/25/20686.45641,930 41,907 42,226 
HOMES_24-NQM210/25/20695.71718,616 18,615 18,637 
IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM41/25/20572.09122,669 22,664 19,122 
IMPERIAL FUND MORTGAGE TRUST IMPRL_23-NQM12/25/20685.94117,520 17,499 17,537 
JP MORGAN MORTGAGE TRUST JPMMT_24-HE32/25/20555.80521,991 21,991 22,041 
MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV310/25/20512.50020,199 20,463 16,192 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A112/25/20346.97366 66 66 
MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A22/25/20355.487318 318 304 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-112/25/20345.84863 63 60 
MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A58/25/20336.983148 147 142 
METLIFE SECURITIZATION TRUST MST_17-1A4/25/20553.0004,073 4,086 3,844 
METLIFE SECURITIZATION TRUST MST_18-1A3/25/20573.7504,603 4,602 4,395 
MFA TRUST MFRA_20-NQM31/26/20651.0141,544 1,544 1,445 
MFA TRUST MFRA_23-NQM412/25/20686.10519,992 19,977 20,077 
MFA TRUST MFRA_24-NQM13/25/20696.5798,581 8,574 8,681 
MFA TRUST MFRA_24-NQM28/25/20695.27221,442 21,434 21,301 
MFA TRUST MFRA_24-NQM312/25/20695.72225,000 25,000 25,000 
MILL CITY MORTGAGE LOAN TRUST MCMLT_17-31/25/20612.750570 569 567 
MILL CITY MORTGAGE TRUST MCMLT_18-38/25/20583.4821,637 1,649 1,600 
MILL CITY MORTGAGE TRUST MCMLT_19-110/25/20693.2503,021 3,032 2,929 
MILL CITY MORTGAGE TRUST MCMLT_19-GS17/25/20592.7503,652 3,654 3,541 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20345.865182 183 172 
MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR11/25/20346.13036 36 33 
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM37/25/20695.04423,911 23,902 23,700 
F-38
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST MSRM_24-NQM510/25/20695.64915,000 15,000 14,984 
NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A12/25/20523.750451 458 422 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A11/25/20543.7501,061 1,077 983 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A3/25/20563.7502,935 3,012 2,739 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A11/26/20353.7502,072 2,107 1,965 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A9/25/20563.7505,804 5,960 5,403 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A11/25/20563.7506,029 6,189 5,602 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A2/25/20574.0004,844 4,929 4,625 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A3/25/20574.0005,939 6,081 5,672 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A4/25/20574.0006,2796,424 5,999 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A8/27/20574.0004,6184,707 4,340 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM49/25/20592.4921,1381,137 1,066 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL37/25/20592.7506,1696,264 5,880 
NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_24-NQM13/25/20646.12916,60116,585 16,720 
NEW YORK MORTGAGE TRUST NYMT_24-BPL39/25/20395.26823,62523,625 23,343 
OBX TRUST OBX_21-INV19/25/20512.50018,48818,703 14,800 
OBX TRUST OBX_23-NQM1010/25/20636.46516,34016,324 16,517 
OBX TRUST OBX_23-NQM89/25/20637.04523,54723,522 23,942 
OBX TRUST OBX_24-NQM1711/25/20645.61028,77628,775 28,817 
OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-15/28/20501.7331,5481,547 1,437 
ONSLOW BAY FINANCIAL LLC OBX_23-NQM74/25/20636.84415,65615,906 15,877 
ONSLOW BAY FINANCIAL LLC OBX_24-NM105/25/20646.18030,54530,512 30,816 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM1810/25/20645.77838,96838,967 38,917 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM212/25/20635.87826,74126,718 26,852 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM312/25/20636.12913,81413,799 13,913 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM41/25/20646.06729,23529,207 29,421 
ONSLOW BAY FINANCIAL LLC OBX_24-NQM51/25/20645.98818,71518,695 18,817 
PRKCM TRUST PRKCM_23-AFC26/25/20586.48235,09935,056 35,382 
PRKCM TRUST PRKCM_23-AFC411/25/20587.22520,50820,483 20,912 
PRKCM TRUST PRKCM_24-AFC13/25/20596.33338,02937,973 38,375 
PRKCM TRUST PRKCM_24-HOME15/25/20596.43143,96043,909 44,502 
PRPM ADVISORS LLC PRPM_24-NQM412/26/20695.67416,00016,000 15,990 
PRPM LLC PRPM_23-NQM311/25/20686.22118,88018,868 19,003 
PRPM LLC PRPM_24-NQM112/25/20686.26528,67328,655 28,932 
PRPM LLC PRPM_24-NQM26/25/20696.32745,73745,711 46,239 
RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-39/25/20592.633100100 100 
RUN_22-NQM13/25/20674.0007,9277,872 7,634 
SASC_03-24A7/25/20337.118153154 146 
STAR_20-34/25/20651.4861,2401,239 1,197 
STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-112/25/20662.44720,90920,901 18,203 
STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC56/25/20335.9777472 74 
TOWD POINT MORTGAGE TRUST TPMT_17-37/25/20572.750344343 342 
TOWD POINT MORTGAGE TRUST TPMT_17-46/25/20572.7503,1693,170 3,064 
TOWD POINT MORTGAGE TRUST TPMT_19-HY110/25/20485.4531,3341,336 1,348 
UNITED WHOLESALE MORTGAGE LLC UWM _21-INV29/25/20512.50019,90120,211 15,953 
VERUS SECURITIZATION TRUST VERUS_19-INV311/25/20592.6921,8621,860 1,840 
VERUS SECURITIZATION TRUST VERUS_21-710/25/20661.82913,47213,469 11,892 
VERUS SECURITIZATION TRUST VERUS_21-R110/25/20630.8203,3833,382 3,213 
VERUS SECURITIZATION TRUST VERUS_22-11/25/20672.72415,20015,195 13,741 
VERUS SECURITIZATION TRUST VERUS_23-45/25/20685.81119,78319,759 19,797 
F-39
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
VERUS SECURITIZATION TRUST VERUS_23-812/25/20686.25919,93819,914 20,100 
VERUS SECURITIZATION TRUST VERUS_24-22/25/20696.09534,84834,809 35,061 
VERUS SECURITIZATION TRUST VERUS_24-INV13/25/20696.11614,02914,021 14,131 
VISIO_19-211/25/20542.7224,9374,920 4,775 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_03-AR66/25/20337.265184184 179 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_04-AR107/25/20445.547147148 139 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR33/25/20355.076319319 300 
WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR44/25/20354.550771769 725 
WELLS FARGO MORTGAGE BACKED SECURITIES TRUST WFMBS_04-K7/25/20347.321237244 241 
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
2,384,440 2,348,121 
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
4,791,475 4,728,303 

ASSET BACKED SECURITIES
321 HENDERSON RECEIVABLES LLC HENDR_10-3A12/15/20483.820188 188 185 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-B9/15/20286.82045,000 45,097 45,677 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-X111/15/20287.1104,469 4,469 4,479 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-A2/15/20295.61025,000 24,998 25,101 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-X15/15/20296.27013,166 13,166 13,211 
AFFIRM ASSET SECURITIZATION TRUST AFFRM_24-X212/17/20295.22030,000 29,999 30,046 
ALLY AUTO RECEIVABLES TRUST ALLYA_22-34/15/20275.07010,083 10,082 10,103 
APIDOS CLO APID_15-20A7/16/20316.0099,978 9,978 9,996 
APIDOS CLO APID_20-33A10/24/20346.04622,000 22,000 22,034 
BALLYROCK LTD BALLY_18-1A4/20/20315.87913,038 13,038 13,054 
BARINGS CLO LTD BABSN_23-14/20/20366.36740,000 40,000 40,211 
BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-12/25/20356.6418,094 8,057 8,091 
BROAD RIVER BSL FUNDING CLO BDRVR_20-17/20/20346.04916,000 16,000 16,015 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A10/15/20306.0093,118 3,119 3,120 
CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A4/17/20315.87913,246 13,033 13,263 
CARMAX AUTO OWNER TRUST CARMX_23-26/15/20265.5004,084 4,084 4,087 
CARMAX AUTO OWNER TRUST CARMX_24-13/15/20275.30016,964 16,964 17,012 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-N41/10/20286.42019,700 19,700 19,862 
CARVANA AUTO RECEIVABLES TRUST CRVNA_23-P311/10/20266.090596 596 597 
CARVANA AUTO RECEIVABLES TRUST CRVNA_24-P211/10/20275.6309,490 9,490 9,531 
CERBERUS ONSHORE CLO LLC CERB_24-37/15/20366.39725,000 25,000 25,082 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20266.09012,969 12,969 13,006 
CITIZENS AUTO RECEIVABLES TRUST CITZN_23-210/15/20265.3283,824 3,824 3,827 
CITIZENS AUTO RECEIVABLES TRUST CITZN_24-110/15/20265.19824,621 24,621 24,634 
CNH EQUIPMENT TRUST CNH_23-A9/15/20265.3407,890 7,890 7,898 
COLLEGE LOAN CORPORATION TRUST COLLE_02-23/1/20425.50810,000 8,460 9,758 
CRB SECURITIZATION TRUST CRB_23-110/20/20336.9608,849 8,849 8,927 
DE LAGE LANDEN FINANCIAL SERVICES INC DLLST_24-11/20/20265.33016,346 16,346 16,385 
DLLAA LLC DLLAA_23-17/20/20265.9309,204 9,204 9,242 
DRYDEN SENIOR LOAN FUND DRSLF_18-55A4/15/20315.9387,870 7,870 7,883 
DT AUTO OWNER TRUST DTAOT_23-24/15/20275.8802,803 2,803 2,804 
DT AUTO OWNER TRUST DTAOT_23-38/16/20276.2908,752 8,752 8,784 
EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-32/25/20365.283219 216 217 
ELMWOOD CLO 21 LTD ELM21_23-8A10/20/20366.27650,000 50,000 50,224 
ENT AUTO RECEIVABLES TRUST ENT_23-18/16/20276.2206,737 6,737 6,759 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-49/15/20266.060991 991 991 
EXETER AUTOMOBILE RECEIVABLES TRUST EART_24-210/15/20265.6307,550 7,550 7,558 
F-40
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



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_23-112/15/20265.3803,730 3,730 3,732 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-24/15/20275.7609,873 9,873 9,889 
FLAGSHIP CREDIT AUTO TRUST FCAT_23-37/15/20275.8903,758 3,758 3,768 
FORD CREDIT AUTO OWNER TRUST FORDR_18-17/15/20313.19050,613 49,722 50,587 
FORD CREDIT AUTO OWNER TRUST FORDR_20-18/15/20312.04071,698 69,707 71,457 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST FCRT_23-112/15/20275.39010,527 10,527 10,537 
FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST FCRT_23-25/15/20285.9907,109 7,109 7,149 
GECU AUTO RECEIVABLES TRUST GECU_23-13/15/20275.9503,130 3,130 3,139 
GLS AUTO RECEIVABLES TRUST GCAR_23-21/15/20275.7003,957 3,957 3,960 
GLS AUTO RECEIVABLES TRUST GCAR_23-3A3/15/20276.0404,454 4,453 4,466 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_23-26/15/20286.37012,004 12,003 12,112 
GLS AUTO SELECT RECEIVABLES TRUST GSAR_24-310/15/20295.59014,746 14,746 14,935 
GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-14/20/20265.16032,641 32,631 32,695 
GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD GLM_21-9A4/20/20376.13220,000 20,000 20,035 
GOLDENTREE LOAN MANAGEMENT US CLO1 GLM_23-177/20/20366.36750,000 50,000 50,280 
GOLUB CAPITAL PARTNERS CLO LTD GOCAP_19-46A4/20/20376.42720,000 20,000 20,187 
GREENSKY HOME IMPROVEMENT ISSUER TRUST GSKY_24-210/27/20595.25035,000 35,000 34,994 
GREENSTATE AUTO RECEIVABLES TRUST GRNST_24-18/16/20275.53020,345 20,344 20,409 
GTE AUTO RECEIVABLES TRUST GTE_23-18/17/20265.6503,988 3,988 3,990 
HYUNDAI AUTO LEASE SECURITIZATION TRUST HALST_23-A1/15/20265.05017,233 17,225 17,241 
LAD AUTO RECEIVABLES TRUST LADAR_23-1A10/15/20265.6802,626 2,626 2,627 
MADISON PARK FUNDING LTD MDPK_21-48A4/19/20336.02948,177 48,157 48,260 
MAGNETITE CLO LIMITED MAGNE_20-267/25/20346.00725,000 25,000 25,056 
MARLETTE FUNDING TRUST MFT_23-412/15/20337.13012,779 12,778 12,925 
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP MHEAC_14-110/25/20355.3631,824 1,803 1,807 
NAVIENT STUDENT LOAN TRUST NAVSL_18-DA12/15/20595.3123,406 3,400 3,397 
OAKC_21-8A1/18/20346.08430,000 30,000 30,000 
OAKC_21-8A1/20/20385.91230,000 30,000 30,000 
OCCU AUTO RECEIVABLES TRUST OCCU_23-14/15/20276.23014,535 14,534 14,582 
OCTAGON INVESTMENT PARTNERS OCT48_20-3A1/15/20386.00725,000 25,000 25,050 
ODART_19-1A9/14/20273.63012,674 12,531 12,611 
ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A7/14/20280.8708,876 8,726 8,745 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-210/14/20344.89011,598 11,571 11,607 
ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-S15/14/20354.13016,653 16,534 16,577 
OPORTUN FUNDING LLC OPTN_24-22/9/20325.8609,388 9,388 9,414 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-712/15/20316.11720,048 20,048 20,218 
PAGAYA AI DEBT GRANTOR TRUST PAID_24-81/15/20325.3319,934 9,934 9,972 
PAGAYA AI DEBT SELECTION TRUST PAID_22-56/17/20308.0964,609 4,609 4,651 
PAGAYA AI DEBT SELECTION TRUST PAID_23-17/15/20307.5561,765 1,765 1,768 
PAGAYA AI DEBT SELECTION TRUST PAID_23-312/16/20307.6003,589 3,589 3,605 
PAGAYA AI DEBT SELECTION TRUST PAID_23-66/16/20317.1281,333 1,333 1,335 
PAGAYA AI DEBT SELECTION TRUST PAID_23-77/15/20317.52416,436 16,436 16,516 
PAGAYA AI DEBT SELECTION TRUST PAID_24-106/15/20325.42850,000 50,000 50,000 
PAGAYA AI DEBT SELECTION TRUST PAID_24-310/15/20316.2589,945 9,945 10,011 
PAGAYA AI DEBT SELECTION TRUST PAID_24-611/15/20316.0935,838 5,838 5,905 
PAGAYA AI DEBT SELECTION TRUST PAID_24-93/15/20325.06540,774 40,774 40,780 
REACH FINANCIAL LLC REACH_23-12/18/20317.0501,094 1,094 1,096 
RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_23-43/25/20327.54014,471 14,470 14,719 
RR LTD RRAM_21-19A10/15/20356.04915,000 15,000 15,020 
RR LTD RRAM_23-264/15/20386.42750,000 50,000 50,082 
F-41
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-27/15/20275.21012,401 12,400 12,417 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-65/17/20276.0807,891 7,891 7,914 
SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_24-12/16/20275.7109,997 9,997 10,014 
SBNA AUTO LEASE TRUST SBALT_24-A1/20/20265.4509,042 9,042 9,057 
SLC STUDENT LOAN TRUST SLCLT_08-112/15/20326.6701,164 1,171 1,179 
SLM STUDENT LOAN TRUST SLMA_06-21/25/20415.6118,008 7,694 7,838 
SLM STUDENT LOAN TRUST SLMA_12-312/27/20385.3332,865 2,882 2,850 
SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B10/15/20352.8201,328 1,328 1,298 
SMB PRIVATE EDUCATION LOAN TRUST SMB_21-A1/15/20535.24210,756 10,533 10,617 
SPACE COAST CREDIT UNION SCCU_23-15/17/20275.85012,365 12,365 12,409 
THEOREM FUNDING TRUST THRM_22-212/15/20286.0602,692 2,692 2,698 
THEOREM FUNDING TRUST THRM_22-34/15/20297.6003,756 3,753 3,785 
UPSTART SECURITIZATION TRUST UPST_23-310/20/20336.90011,842 11,814 11,965 
VSTRONG AUTO RECEIVABLES TRUST VSTRG_23-A2/15/20276.6305,364 5,364 5,376 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-12/16/20275.89010,479 10,479 10,525 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-310/15/20265.9602,234 2,234 2,239 
WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_24-28/16/20275.75033,000 32,999 33,167 
WORLD OMNI AUTO RECEIVABLES TRUST WOART_23-B11/16/20265.2502,449 2,449 2,450 
TOTAL ASSET BACKED SECURITIES
1,542,013 1,551,350 

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-M2 A2A10/25/20325.271422 426 422 
FREDDIE MAC KF12812/25/20314.7993,492 3,492 3,473 
FREDDIE MAC A-20K5611/25/20285.2356,731 6,778 6,742 
FREDDIE MAC AFL-2020-KXO3/25/20305.1105,453 5,453 5,442 
FREDDIE MAC AL-20K9812/25/20304.95015,258 15,258 15,152 
FREDDIE MAC AL-20KF86 8/25/20275.0702,411 2,411 2,407 
FREDDIE MAC AL-20KF88 9/25/20305.1107,630 7,630 7,609 
FREDDIE MAC AL-20KF909/25/20305.1106,476 6,476 6,469 
FREDDIE MAC KF1291/25/20294.91610,514 10,514 10,431 
FREDDIE MAC A10-20KS10 10/25/20285.29311,074 11,078 11,076 
FREDDIE MAC A-20KF50 7/25/20285.0751,761 1,762 1,762 
FREDDIE MAC A-20KF52 9/25/20285.0951,191 1,191 1,191 
FREDDIE MAC A-20KF53 10/25/20255.3544,901 4,901 4,902 
FREDDIE MAC A-20KF54 11/25/20285.15514,567 14,567 14,544 
FREDDIE MAC A-20KF55 11/25/20255.1936,394 6,396 6,388 
FREDDIE MAC A-20KF57 12/25/20285.2155,648 5,648 5,667 
FREDDIE MAC A-20KF58 1/25/20265.18318,149 18,158 18,142 
FREDDIE MAC A-20KF59 2/25/20295.22310,035 10,035 9,952 
FREDDIE MAC A-20KF60 2/25/20265.1738,798 8,803 8,805 
FREDDIE MAC A-20KF61 3/25/20295.2138,383 8,393 8,415 
FREDDIE MAC AFLW-20KL3W 8/25/20255.125965 965 965 
FREDDIE MAC AS-20KF847/25/20304.9864,690 4,690 4,661 
FREDDIE MAC CERTS KF1052/25/20314.8198,664 8,676 8,578 
FREDDIE MAC K-F1208/25/20314.76932,998 31,984 32,611 
FREDDIE MAC KF1396/25/20325.10939,915 39,303 39,940 
FREDDIE MAC KF1459/25/20325.469101,685 101,692 102,274 
FREDDIE MAC KF14610/25/20325.44976,498 76,498 76,845 
FREDDIE MAC KF14711/25/20325.449116,500 116,504 118,194 
F-42
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FREDDIE MAC KF14811/25/20325.409115,526 115,527 116,445 
FREDDIE MAC KF678/25/20295.30011,849 11,744 11,874 
FREDDIE MAC KF7311/25/20295.28317,895 17,910 17,950 
FREDDIE MAC KF741/25/20274.8681,086 1,087 1,085 
FREDDIE MAC KF761/25/20304.9482,804 2,770 2,815 
FREDDIE MAC KF772/25/20275.38316,246 16,230 16,290 
FREDDIE MAC KF772/25/20275.46911,588 11,593 11,659 
FREDDIE MAC KF783/25/20305.56910,827 10,840 10,980 
FREDDIE MAC_KF858/25/20305.0801,907 1,907 1,904 
FREMF MORTGAGE TRUST AS-20KF97 12/25/20304.9162,176 2,176 2,156 
GINNIE MAE 17-1274/16/20522.5005,308 5,288 4,658 
GINNIE MAE 17-1355/16/20492.20010,136 10,099 9,234 
GINNIE MAE 17-1468/16/20472.2004,313 4,302 4,010 
GINNIE MAE 7-1402/16/20592.5005,594 5,574 5,025 
GINNIE MAE AC-2013-13 4/16/20461.700961 945 840 
GINNIE MAE AD-2016-182911/16/20432.2501,456 1,456 1,419 
GINNIE MAE AG-2016-39 1/16/20432.3001,940 1,940 1,865 
GINNIE MAE AG-2017-171 10/16/20482.2502,768 2,758 2,634 
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
753,828 755,902 

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST PRK_17-280P9/15/20345.66340,000 40,000 39,700 
ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS6/15/20355.4442,496 2,496 2,484 
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC BBCMS_19-BWAY11/15/20345.68010,000 9,999 6,330 c
BHMS MORTGAGE TRUST BHMS_18-ATLS7/15/20355.94440,000 40,000 39,950 
BRAEMAR HOTELS & RESORTS TRUST BHR_18-PRME6/15/20355.389522 522 520 
BX COMMERCIAL MORTGAGE TRUST BX_18-GW5/15/20355.49438,592 38,574 38,580 
BX COMMERCIAL MORTGAGE TRUST BX_21-SOAR6/15/20385.18223,067 22,955 23,038 
BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT9/15/20365.21229,000 29,002 28,946 
BX COMMERCIAL MORTGAGE TRUST BX_21-XL210/15/20385.20023,472 23,472 23,443 
BX COMMERCIAL MORTGAGE TRUST BX_22-MVRK3/15/20395.86413,784 13,784 13,717 
BX COMMERCIAL MORTGAGE TRUST BX_22-PSB8/15/20396.84825,037 25,015 25,154 
CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE12/15/20375.76417,700 17,698 17,700 
COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR11/15/20385.72618,596 18,577 18,363 
COMM MORTGAGE TRUST COMM_19-521F6/15/20345.34416,510 16,510 15,350 
DBGS MORTGAGE TRUST DBGS_18-5BP6/15/20335.28940,000 39,980 37,326 
DBGS MORTGAGE TRUST DBGS_18-BIOD5/15/20355.49723,345 23,328 23,228 
EXTENDED STAY AMERICA TRUST ESA_21-ESH7/15/20385.59233,267 33,267 33,288 
GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI8/15/20396.59228,570 28,475 28,588 
ILPT COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES ILPT_22-LPF210/15/20396.64221,500 21,485 21,557 
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST JPMCC_18-ASH82/15/20355.4959,378 9,378 9,317 
LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR25/15/20395.69249,000 48,976 47,898 
LIFE_21-BMR3/15/20385.21239,244 39,233 38,754 
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP8/15/20335.29412,624 12,624 10,758 
MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL3/15/20395.79450,000 49,605 49,952 
ONE NEW YORK PLAZA TRUST ONYP_20-1NYP1/15/20365.46218,200 18,200 17,358 
STAR_22-SFR35/17/20396.26047,367 47,380 47,367 
UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH2/15/20325.2948,984 8,983 8,811 
F-43
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP12/15/20345.32018,500 18,497 17,227 
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
698,015 684,704 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
1,451,843 1,440,606 

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON6/15/2011—1,500 — 3 c,d
TOTAL BANKING— 3 
BASIC INDUSTRY
LYB INT FINANCE III10/1/20251.2507,377 7,126 7,180 
TOTAL BASIC INDUSTRY7,126 7,180 
CAPITAL GOODS
BAE SYSTEMS HOLDINGS INC12/15/20253.85014,841 14,673 14,705 
BERRY GLOBAL INC1/15/20261.57020,266 19,409 19,558 
CARRIER GLOBAL CORPORATION2/15/20252.2426,000 5,976 5,979 
L3HARRIS TECH INC4/27/20253.83220,486 20,389 20,414 
TOTAL CAPITAL GOODS60,447 60,656 
COMMUNICATIONS
CHARTER COMM OPT LLC/CAP7/23/20254.90853,930 53,680 53,854 
NETFLIX INC2/15/20255.87522,659 22,670 22,682 
NETFLIX INC6/15/20253.62516,581 16,478 16,479 
SPRINT SPECTRUM / SPEC I3/20/20254.7389,648 9,633 9,648 
TOTAL COMMUNICATIONS102,461 102,663 
CONSUMER CYCLICAL
FOOTBALL CLUB TERM NOTES 10/5/20252.6804,000 3,904 3,927 
FOOTBALL CLUB TERM NOTES 10/5/20252.6801,000 976 982 
TOTAL CONSUMER CYCLICAL4,880 4,909 
CONSUMER NON CYCLICAL
ABBVIE INC5/14/20253.60020,000 19,878 19,914 
ABBVIE INC3/15/20253.80013,223 13,179 13,194 
AMGEN INC2/21/20251.9005,702 5,674 5,677 
AMGEN INC3/2/20255.25019,132 19,132 19,139 
BACARDI LTD5/15/20254.45018,600 18,527 18,566 
GE HEALTHCARE TECH INC11/15/20255.60030,247 30,334 30,440 
HCA INC2/1/20255.37515,000 14,993 14,991 
HCA INC2/15/20265.87513,500 13,496 13,568 
JM SMUCKER COMPANY3/15/20253.50096,703 96,359 96,380 
TOTAL CONSUMER NON CYCLICAL231,572 231,869 
ELECTRIC
AEP TEXAS INC10/1/20253.8501,955 1,929 1,937 
AES CORP/THE1/15/20261.37513,670 13,138 13,159 
DOMINION ENERGY INC10/1/20253.9007,500 7,412 7,451 
EVERSOURCE ENERGY1/15/20253.1506,461 6,456 6,455 
F-44
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
FIRSTENERGY PENN ELECTRIC3/30/20265.1501,250 1,241 1,253 
NEXTERA ENERGY CAPITAL3/1/20256.05158,963 59,044 59,065 
NEXTERA ENERGY CAPITAL9/1/20255.74925,000 24,957 25,147 
PINNACLE WEST CAPITAL6/15/20251.3004,555 4,480 4,479 
TOTAL ELECTRIC118,657 118,946 
ENERGY
CANADIAN NATL RESOURCES2/1/20253.9002,014 2,011 2,011 
CANADIAN NATL RESOURCES7/15/20252.0505,882 5,760 5,792 
KINDER MORGAN INC6/1/20254.30024,550 24,459 24,492 
MPLX LP6/1/20254.8755,150 5,133 5,146 
PLAINS ALL AMER PIPELINE10/15/20254.6505,539 5,472 5,530 
WESTERN MIDSTREAM OPERATATING LP2/1/20253.10025,000 24,949 24,939 
TOTAL ENERGY67,784 67,910 
INSURANCE
ELEVANCE HEALTH INC10/15/20255.35010,805 10,821 10,849 
TOTAL INSURANCE10,821 10,849 
NATURAL GAS
NISOURCE INC8/15/20250.9503,450 3,348 3,367 
TOTAL NATURAL GAS3,348 3,367 
OTHER FINANCIAL INSTITUTIONS
HARDWOOD FUNDING LLC 6/7/20253.1306,400 6,317 6,343 
TOTAL OTHER FINANCIAL INSTITUTIONS6,317 6,343 
TECHNOLOGY
MICROCHIP TECHNOLOGY INC9/1/20254.2503,817 3,772 3,803 
NXP BV/NXP FDG/NXP USA5/1/20252.70011,059 10,937 10,973 
TOTAL TECHNOLOGY14,709 14,776 
TRANSPORTATION
ERAC USA FINANCE LLC11/1/20253.8006,211 6,150 6,168 
NORFOLK SOUTHERN CORPORATION6/15/20262.90010,000 9,690 9,769 
NORFOLK SOUTHERN CORPORATION8/1/20253.6504,500 4,453 4,470 
TOTAL TRANSPORTATION20,293 20,407 
TOTAL CORPORATE DEBT SECURITIES648,415 649,878 
TOTAL FIXED MATURITIES11,022,239 10,960,489 

SYNDICATED LOANS
BASIC INDUSTRY
ASPLUNDH TREE EXPERT LLC AMENDMENT 1 - TERM LOAN9/7/20276.4231,296 1,289 1,289 
ELEMENT SOLUTIONS INC12/8/20306.3231,437 1,425 1,425 
INEOS US FINANCE LLC2/19/20307.823397 384 384 
TOTAL BASIC INDUSTRY3,098 3,098 
F-45
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
CAPITAL GOODS
BARNES GROUP INC9/30/20307.0731,732 1,714 1,714 
BEACON ROOFING5/19/20286.5731,103 1,089 1,089 
EMERALD DEBT MERGER SUB LLC5/23/20306.9331,420 1,408 1,408 
ENERGY SOLUTIONS LLC9/20/20307.841688 671 671 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20269.138211 200 200 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20275.309148 54 54 
FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC12/31/20274.988116 90 90 
GYP HOLDINGS III CORPORATION5/12/20306.8231,733 1,734 1,734 
QUIKRETE HOLDINGS INC3/19/20296.823987 979 979 
QUIKRETE HOLDINGS INC3/25/20317.0731,310 1,302 1,302 
REYNOLDS CONSUMER PRODUCTS LLC TERM LOAN B1/29/20276.423990 980 980 
STANDARD BUILDING SOLUTIONS INC9/22/20286.106496 487 487 
TRANSDIGM INC2/28/20317.1041,985 1,985 1,985 
TOTAL CAPITAL GOODS
12,693 12,693 
COMMUNICATIONS
CMG MEDIA CORPORATION6/18/20298.171849 777 777 
EW SCRIPPS CO TERM LOAN - B25/1/20267.250238 236 236 
HUBBARD RADIO LLC9/30/20279.073171 127 127 
SBA SENIOR FINANCE II LLC1/25/20316.3301,196 1,185 1,185 
SINCLAIR TELEVISION GROUP INC TERM LOAN - B34/1/20287.687772 770 770 
TELESAT LLC TERM LOAN - B512/7/20267.526814 813 813 
VIRGIN MEDIA BRISTOL LLC TERM LOAN1/31/20287.0121,000 1,000 1,000 
TOTAL COMMUNICATIONS
4,908 4,908 
CONSUMER CYCLICAL
1011778 BC UNLIMITED LIABILITY COMPANY9/23/20306.3232,280 2,258 2,258 
GO DADDY OPERATING COMPANY LLC11/9/20297.1161,169 1,142 1,142 
GREAT OUTDOORS GROUP LLC3/6/20288.4371,975 1,974 1,974 
HILTON DOMESTIC OPERATING COMPANY11/3/20306.0881,749 1,735 1,735 
KFC HOLDING COMPANY3/15/20286.2401,012 1,012 1,012 
LIGHT AND WONDER INTERNATIONAL INC4/14/20296.6321,985 1,973 1,973 
PCI GAMING AUTHORITY TERM LOAN B - 1ST LIEN7/18/20316.573363 353 353 
PRIME SECURITY SERVICES BORROW LLC10/13/20306.524746 738 738 
WILLIAM MORRIS ENDEAVOR ENTERT TERM LOAN B15/18/20257.437711 711 711 
TOTAL CONSUMER CYCLICAL
11,896 11,896 
CONSUMER NON CYCLICAL
ARAMARK SERVICES INC4/6/20286.5731,012 1,005 1,005 
BOMBARDIER RECREATIONAL PRODUCTS12/13/20297.3231,728 1,716 1,716 
ELANCO ANIMAL HEALTH INC TERM LOAN8/1/20276.403441 440 440 
ENERGIZER HOLDINGS INC12/22/20276.356270 269 269 
GRIFOLS WORLDWIDE OPERATIONS U DOLLAR TERM LOAN B11/15/20276.735761 759 759 
ICON LUXEMBOURG SARL7/3/20286.60487 86 86 
ICON LUXEMBOURG SARL7/3/20286.60422 22 22 
MEDLINE BORROWER LP10/23/20286.823667 667 667 
THOR INDUSTRIES INC11/15/20306.823281 281 281 
TOTAL PRODUCE USA HOLDINGS INC TERM LOAN B8/3/20286.457854 848 848 
TOTAL CONSUMER NON CYCLICAL
6,093 6,093 
F-46
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
ELECTRIC
CALPINE CONSTRUCTION FINANCE COMPANY7/20/20306.5731,885 1,864 1,864 
CALPINE CORPORATION12/16/20276.573230 228 228 
CONSTELLATION RENEWABLES LLC TERM LOAN12/15/20276.764420 419 419 
CPV SHORE HOLDINGS LLC TERM LOAN12/29/20258.526637 635 635 
EFS COGEN HOLDINGS I LLC NEW TERM LOAN 202010/3/20318.110623 610 610 
WEST DEPTFORD ENERGY HOLDINGS TERM LOAN8/3/20268.4231,104 1,102 1,102 
TOTAL ELECTRIC
4,858 4,858 
FINANCE COMPANY
AVOLON TLB BORROWER 1 -US- LLC TERM LOAN B42/12/20275.970382 382 382 
TOTAL FINANCE COMPANY
382 382 
OTHER FINANCIAL INSTITUTIONS
FINCO 1 LLC6/27/20296.823790 780 780 
TRANS UNION LLC6/24/20316.197698 698 698 
TRANS UNION LLC6/6/20316.323979 978 978 
TOTAL OTHER FINANCIAL INSTITUTIONS
2,456 2,456 
OTHER INDUSTRY
API GROUP DE INC1/3/20296.573988 985 985 
TOTAL OTHER INDUSTRY
985 985 
TECHNOLOGY
ADEIA INC6/8/20287.370493 461 461 
CELESTICA INC.6/20/20316.088877 877 877 
COHERENT CORPORATION7/2/20297.073799 774 774 
ENTEGRIS INC7/6/20296.354750 742 742 
GEN DIGITAL INC9/12/20296.323974 940 940 
INFORMATICA LLC10/27/20286.823995 989 989 
MKS INSTRUMENTS INC8/17/20296.589659 640 640 
SS&C TECH INC5/2/20316.5731,022 1,022 1,022 
TEMPO ACQUISITION LLC8/31/20286.823818 820 820 
TTM TECH INC5/30/20306.8031,239 1,225 1,225 
TOTAL TECHNOLOGY
8,490 8,490 
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES
55,859 55,859 
ALLOWANCE FOR LOAN LOSSES
(361)(361)
TOTAL SYNDICATED LOANS - NET
55,498 55,498 


DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS SA1/7/2025— — 339 339 
BNP PARIBAS SA1/21/2025— — 309 309 
BNP PARIBAS SA1/28/2025— — 292 292 
BNP PARIBAS SA2/4/2025— — 380 380 
BNP PARIBAS SA2/11/2025— — 192 192 
F-47
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA2/25/2025— — 169 169 
BNP PARIBAS SA3/4/2025— — 170 170 
BNP PARIBAS SA3/11/2025— — 229 229 
BNP PARIBAS SA3/25/2025— — 226 226 
BNP PARIBAS SA4/15/2025— — 275 275 
BNP PARIBAS SA5/6/2025— — 244 244 
BNP PARIBAS SA5/13/2025— — 153 153 
BNP PARIBAS SA5/27/2025— — 218 218 
BNP PARIBAS SA6/10/2025— — 136 136 
BNP PARIBAS SA6/24/2025— — 185 185 
BNP PARIBAS SA7/8/2025— — 215 215 
BNP PARIBAS SA7/15/2025— — 96 96 
BNP PARIBAS SA7/29/2025— — 136 136 
BNP PARIBAS SA8/5/2025— — 170 170 
BNP PARIBAS SA8/26/2025— — 111 111 
BNP PARIBAS SA9/16/2025— — 114 114 
BNP PARIBAS SA9/23/2025— — 469 469 
BNP PARIBAS SA9/23/2025— — 101 101 
BNP PARIBAS SA10/21/2025— — 648 648 
BNP PARIBAS SA11/4/2025— — 219 219 
BNP PARIBAS SA11/18/2025— — 203 203 
BNP PARIBAS SA11/18/2025— — 130 130 
BNP PARIBAS SA11/25/2025— — 37 37 
BNP PARIBAS SA12/9/2025— — 38 38 
BNP PARIBAS SA12/16/2025— — 75 75 
BNP PARIBAS SA12/23/2025— — 39 39 
BNP PARIBAS SA1/13/2026— — 415 415 
BNP PARIBAS SA1/27/2026— — 200 200 
BNP PARIBAS SA2/10/2026— — 196 196 
BNP PARIBAS SA4/7/2026— — 201 201 
WELLS FARGO BANK NA1/14/2025— — 337 337 
WELLS FARGO BANK NA2/18/2025— — 188 188 
WELLS FARGO BANK NA3/18/2025— — 154 154 
WELLS FARGO BANK NA4/1/2025— — 227 227 
WELLS FARGO BANK NA4/8/2025— — 229 229 
WELLS FARGO BANK NA4/22/2025— — 181 181 
WELLS FARGO BANK NA4/29/2025— — 354 354 
WELLS FARGO BANK NA4/29/2025— — 284 284 
WELLS FARGO BANK NA5/20/2025— — 141 141 
WELLS FARGO BANK NA6/3/2025— — 149 149 
WELLS FARGO BANK NA6/17/2025— — 119 119 
WELLS FARGO BANK NA7/1/2025— — 213 213 
WELLS FARGO BANK NA7/1/2025— — 118 118 
WELLS FARGO BANK NA7/8/2025— — 109 109 
WELLS FARGO BANK NA7/22/2025— — 115 115 
WELLS FARGO BANK NA8/12/2025— — 171 171 
WELLS FARGO BANK NA8/12/2025— — 139 139 
WELLS FARGO BANK NA8/19/2025— — 115 115 
WELLS FARGO BANK NA9/2/2025— — 128 128 
WELLS FARGO BANK NA9/9/2025— — 202 202 
F-48
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



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 NA9/30/2025— — 106 106 
WELLS FARGO BANK NA10/7/2025— — 152 152 
WELLS FARGO BANK NA10/14/2025— — 93 93 
WELLS FARGO BANK NA10/21/2025— — 45 45 
WELLS FARGO BANK NA10/28/2025— — 47 47 
WELLS FARGO BANK NA11/4/2025— — 102 102 
WELLS FARGO BANK NA11/11/2025— — 38 38 
WELLS FARGO BANK NA12/2/2025— — 36 36 
WELLS FARGO BANK NA1/6/2026— — 427 427 
WELLS FARGO BANK NA2/24/2026— — 211 211 
WELLS FARGO BANK NA3/31/2026— — 201 201 
WELLS FARGO BANK NA5/12/2026— — 202 202 
WELLS FARGO BANK NA5/26/2026— — 195 195 
TOTAL PURCHASED OPTIONS
12,858 12,858 

WRITTEN OPTIONS
BNP PARIBAS SA1/7/2025— — (263)(263)
BNP PARIBAS SA1/21/2025— — (232)(232)
BNP PARIBAS SA1/28/2025— — (221)(221)
BNP PARIBAS SA2/4/2025— — (286)(286)
BNP PARIBAS SA2/11/2025— — (144)(144)
BNP PARIBAS SA2/25/2025— — (122)(122)
BNP PARIBAS SA3/4/2025— — (123)(123)
BNP PARIBAS SA3/11/2025— — (159)(159)
BNP PARIBAS SA3/25/2025— — (157)(157)
BNP PARIBAS SA4/15/2025— — (207)(207)
BNP PARIBAS SA5/6/2025— — (177)(177)
BNP PARIBAS SA5/13/2025— — (109)(109)
BNP PARIBAS SA5/27/2025— — (153)(153)
BNP PARIBAS SA6/10/2025— — (93)(93)
BNP PARIBAS SA6/24/2025— — (122)(122)
BNP PARIBAS SA7/8/2025— — (178)(178)
BNP PARIBAS SA7/15/2025— — (57)(57)
BNP PARIBAS SA7/29/2025— — (94)(94)
BNP PARIBAS SA8/5/2025— — (128)(128)
BNP PARIBAS SA8/26/2025— — (72)(72)
BNP PARIBAS SA9/16/2025— — (79)(79)
BNP PARIBAS SA9/23/2025— — (361)(361)
BNP PARIBAS SA9/23/2025— — (67)(67)
BNP PARIBAS SA10/21/2025— — (460)(460)
BNP PARIBAS SA11/4/2025— — (158)(158)
BNP PARIBAS SA11/18/2025— — (131)(131)
BNP PARIBAS SA11/18/2025— — (87)(87)
BNP PARIBAS SA11/25/2025— — (24)(24)
BNP PARIBAS SA12/9/2025— — (24)(24)
BNP PARIBAS SA12/16/2025— — (48)(48)
BNP PARIBAS SA12/23/2025— — (25)(25)
BNP PARIBAS SA1/13/2026— — (272)(272)
BNP PARIBAS SA1/27/2026— — (128)(128)
BNP PARIBAS SA2/10/2026— — (123)(123)
F-49
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2024
(in thousands, except rate)



Issuer
Maturity
Date		Coupon
Rate		Principal
Amount of
Bonds &
Notes or #
of Shares		Amortized
Cost (Notes
a & b)		Carrying
Value
(Note a)
BNP PARIBAS SA4/7/2026— — (130)(130)
WELLS FARGO BANK NA1/14/2025— — (261)(261)
WELLS FARGO BANK NA2/18/2025— — (141)(141)
WELLS FARGO BANK NA3/18/2025— — (108)(108)
WELLS FARGO BANK NA4/1/2025— — (159)(159)
WELLS FARGO BANK NA4/8/2025— — (161)(161)
WELLS FARGO BANK NA4/22/2025— — (136)(136)
WELLS FARGO BANK NA4/29/2025— — (327)(327)
WELLS FARGO BANK NA4/29/2025— — (217)(217)
WELLS FARGO BANK NA5/20/2025— — (98)(98)
WELLS FARGO BANK NA6/3/2025— — (106)(106)
WELLS FARGO BANK NA6/17/2025— — (77)(77)
WELLS FARGO BANK NA7/1/2025— — (177)(177)
WELLS FARGO BANK NA7/1/2025— — (77)(77)
WELLS FARGO BANK NA7/8/2025— — (68)(68)
WELLS FARGO BANK NA7/22/2025— — (75)(75)
WELLS FARGO BANK NA8/12/2025— — (117)(117)
WELLS FARGO BANK NA8/12/2025— — (98)(98)
WELLS FARGO BANK NA8/19/2025— — (75)(75)
WELLS FARGO BANK NA9/2/2025— — (88)(88)
WELLS FARGO BANK NA9/9/2025— — (147)(147)
WELLS FARGO BANK NA9/30/2025— — (71)(71)
WELLS FARGO BANK NA10/7/2025— — (101)(101)
WELLS FARGO BANK NA10/14/2025— — (65)(65)
WELLS FARGO BANK NA10/21/2025— — (31)(31)
WELLS FARGO BANK NA10/28/2025— — (33)(33)
WELLS FARGO BANK NA11/4/2025— — (74)(74)
WELLS FARGO BANK NA11/11/2025— — (24)(24)
WELLS FARGO BANK NA12/2/2025— — (23)(23)
WELLS FARGO BANK NA1/6/2026— — (287)(287)
WELLS FARGO BANK NA2/24/2026— — (141)(141)
WELLS FARGO BANK NA3/31/2026— — (130)(130)
WELLS FARGO BANK NA5/12/2026— — (151)(151)
WELLS FARGO BANK NA5/26/2026— — (143)(143)
TOTAL WRITTEN OPTIONS
(9,201)(9,201)

FUTURES
S&P500 EMINI FUT Mar 2025— (12)(12)
TOTAL FUTURES
(12)(12)
TOTAL DERIVATIVES - NET
3,645 3,645 
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES$11,883,767 $11,822,017 

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 $11.9 billion.
c) Securities written down due to other-than-temporary impairment related to credit losses.
d) Non-income producing securities.

F-50
 
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers
December 31, 2023    
(in thousands, except rate)



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-51
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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 BOND1/31/20242.250100,000 99,794 99,738 
UNITED STATES TREASURY BOND2/29/20242.125100,000 99,551 99,465 
UNITED STATES TREASURY BOND1/15/20240.125100,000 99,821 99,867 
UNITED STATES TREASURY BOND2/15/20240.125100,000 99,431 99,367 
UNITED STATES TREASURY BOND3/15/20240.25065,000 64,403 64,350 
UNITED STATES TREASURY BOND4/30/20242.500100,000 99,113 99,059 
UNITED STATES TREASURY BOND11/15/20285.250200 205 212 
UNITED STATES TREASURY BOND8/15/20242.37556 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-52
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-53
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-54
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-55
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-56
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-57
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-58
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-59
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-60
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-61
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-62
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-63
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-64
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-65
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-66
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-67
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-68
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-69
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-70
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-71
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-72
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-73
Ameriprise Certificate Company
Schedule I — Investments in Securities of Unaffiliated Issuers (continued)
December 31, 2023
(in thousands, except rate)



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-74
 
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2024    
(in thousands, except number of loans and rate)

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 $— $145 $145 $— $— $— 3.040 %
121087376 
Sterling Heights
MI
1 — 360 360 — — 1 3.620 
Over $500:
121047210 West Haven City CT1 — 3,638 3,638 — — 11 3.600 
121047262 Fargo ND1 — 1,193 1,193 — — 5 5.440 
121047347 Lawrenceville GA1 — 1,272 1,272 — — 4 3.970 
121047383 Las Vegas NV1 — 4,388 4,388 — — 14 3.810 
121047387 
Washington Terrace
UT1 — 2,034 2,034 — — 5 3.020 
121047392 Philadelphia CityPA1 — 3,095 3,095 — — 17 6.640 
121047393 Moore SC1 — 632 632 — — 2 4.130 
121047398 Springfield IL1 — 609 609 — — 2 4.390 
121047400 
Pittsford
NY1 — 876 876 — — 3 4.070 
121047402 Miami FL1 — 1,343 1,343 — — 4 3.750 
121047406 Kokomo IN1 — 3,000 3,000 — — 8 3.000 
121047408 Wyomissing PA1 — 2,158 2,158 — — 5 2.700 
121047410 Chicago IL1 — 2,010 2,010 — — 4 2.500 
121047412 Columbus IN1 — 1,327 1,327 — — 4 3.370 
121047417 Nashville TN1 — 4,000 4,000 — — 22 6.560 
121087245 Southport CT1 — 2,428 2,428 — — 8 4.010 
121087313 Orchard Park NY1 — 1,956 1,956 — — 7 4.050 
121087327 Marietta City GA1 — 1,939 1,939 — — 6 3.820 
121087349 Carlsbad CA1 — 1,982 1,982 — — 5 3.000 
121087358 Philadelphia CityPA1 — 3,958 3,958 — — 21 6.400 
121087361 Oswego OR1 — 3,268 3,268 — — 12 4.260 
121087362 Atlanta GA1 — 3,107 3,107 — — 10 3.960 
121087378 Pittsburgh PA1 — 1,453 1,453 — — 4 3.690 
121087381 San Diego CA1 — 1,497 1,497 — — 4 3.130 
121087382 San Diego CA1 — 1,218 1,218 — — 3 3.090 
121087384 Culver City CA1 — 2,522 2,522 — — 7 3.170 
121087388 Riverside CA1 — 670 670 — — 2 3.270 
121087389 Palmdale CA1 — 904 904 — — 2 3.270 
121087394 Richmond TX1 — 1,685 1,685 — — 6 4.000 
121087396 Seattle WA1 — 5,000 5,000 — — 17 4.000 
121087397 Nashville TN1 — 923 923 — — 3 4.350 
121087403 Houston TX1 — 3,960 3,960 — — 20 5.960 
121087404 Blaine MN1 — 1,356 1,356 — — 4 3.320 
121087405 Monroe WA1 — 3,874 3,874 — — 11 3.390 
121087407 Victorville CA1 — 1,445 1,445 — — 4 2.960 
121087409 Pompano Beach FL1 — 1,620 1,620 — — 4 2.740 
121087411 
Syracyse
UT1 — 1,945 1,945 — — 4 2.520 
121087414 Fountain Valley CA1 — 5,336 5,336 — — 23 5.100 
121087415 Avenel NJ1 — 1,044 1,044 — — 5 5.900 
121087416 Bradenton FL1 — 2,600 2,600 — — 13 5.790 
121087418
Dallas City
TX
1 — 2,576 2,576 — — 13 5.860 
121087419 
Vista
CA
1 — 2,881 2,881 — — 14 5.670 
Total Other44 — 95,227 95,227 — — 343 4.297 
F-75
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2024    
(in thousands, except number of loans and rate)
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 Losses348 348 
Total First Mortgage Loans on Real Estate44 $— $94,879 $94,879 $— $— $343 4.297 %

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 $— $18,455 $18,455 $— $— 
ConnecticutCT2 $— 6,066 6,066 — — 
FloridaFL3 $— 5,563 5,563 — — 
GeorgiaGA3 $— 6,318 6,318 — — 
IllinoisIL2 $— 2,619 2,619 — — 
IndianaIN2 $— 4,327 4,327 
KentuckyKY1 $— 145 145 — — 
MichiganMI1 $— 360 360 — — 
MinnesotaMN1 $— 1,356 1,356 — — 
North DakotaND1 $— 1,193 1,193 — — 
New Jersey
NJ
1 $— 1,044 1,044 — — 
NevadaNV1 $— 4,388 4,388 — — 
New YorkNY2 $— 2,832 2,832 — — 
OregonOR1 $— 3,268 3,268 — — 
PennsylvaniaPA4 $— 10,664 10,664 — — 
South CarolinaSC1 $— 632 632 — — 
TennesseeTN2 $— 4,923 4,923 — — 
TexasTX3 $— 8,221 8,221 — — 
UtahUT2 $— 3,979 3,979 — — 
WashingtonWA2 $— 8,874 8,874 — — 
Total44 — 95,227 95,227 — — 
Unallocated Reserve for Losses348 348 
Total44 $— $94,879 $94,879 $— $— 
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, 2024 are shown by type and class of loan.

F-76
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands, except number of loans and rate)
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 
Unallocated Reserve for Losses378 378 
Total First Mortgage Loans on Real Estate42 $— $96,571 $96,571 $— $— $285 4.071 %
F-77
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
December 31, 2023    
(in thousands, except number of loans and rate)

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-78
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)
December 31, 2022    
(in thousands, except number of loans and rate)

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 
Total Other44 — 102,614 102,614 — — 316 3.692 
F-79
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)
December 31, 2022    
(in thousands, except number of loans and rate)
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 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-80
Ameriprise Certificate Company
Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
Years Ended December 31, 2024, 2023 and 2022
(in thousands, except rate)

The average gross interest rates on mortgage loans held as of December 31, 2024, 2023 and 2022 are summarized as follows:
 202420232022
Combined average4.297 %4.071 %3.692 %

(f)  Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2024, 2023 and 2022:
 202420232022
Balance at beginning of period$96,571 $102,163 $115,947 
Additions during period:
Purchases and fundings5,500 8,418 10,743 
Deductions during period:
Collections of principal(7,222)(14,084)(24,569)
Provision for credit loss30 74 42 
Net additions (deductions)(1,692)(5,592)(13,784)
Balance at end of period$94,879 $96,571 $102,163 

(g) The aggregate cost of mortgage loans for federal income tax purposes as of December 31, 2024 was $95,227.

(h) As of December 31, 2024, an unallocated allowance for credit losses on first mortgage loans of $348 is recorded.

F-81
Ameriprise Certificate Company
Schedule V — Qualified Assets on Deposit
December 31, 2024 and 2023
(in thousands)
Name of DepositaryDecember 31, 2024
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 Pennsylvania153 — — 153 
Texas - Treasurer of the State of Texas851 — — 851 
Total State Deposits to meet requirements of statutes and agreements1,111 — — 1,111 
Total Central Depository - Ameriprise Trust Company11,823,513 94,879 55,498 11,973,890 
Total Deposits$11,824,624 $94,879 $55,498 11,975,001 
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, 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 and allowance for credit losses.
(c)  Represents amortized cost of syndicated loans less allowance for credit losses.
F-82
Ameriprise Certificate Company
Schedule VI — Certificate Reserves
Year Ended December 31, 2024
(in thousands)
Part 1 - Summary of Changes
DescriptionDecember 31, 2024
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 I95650 $— $8,384 $— $2,683 $369 $(444)$(2,712)$— 655 $— $8,280 
Inst-E6 — 58 — 17 3 (34)— — 5 — 44 
Inst-R159 54,754 1,219 — 297 56 (33)(278)— 165 51,744 1,261 
Inst-R-E4 2,451 591 — 68 28 — (4)— 3 2,292 683 
Total
819 57,205 10,252 — 3,065 456 (511)(2,994)— 828 54,036 10,268 
Additional credits and accrued interest thereon:
Inst I95
— — 17 366 — — — — (369)— — 14 
Inst-E
— — — 2 — — — — (3)— — (1)
Inst-R
— — 3 56 — — — — (56)— — 3 
Inst-R-E
— — — 28 — — — — (28)— — — 
Total
— — 20 452 — — — — (456)— — 16 
Total Installment Certificates819 57,205 10,272 452 3,065 456 (511)(2,994)(456)828 54,036 10,284 
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165183,107 8,280,708 8,552,600 — 1,885,302 370,143 (7,906)(3,813,236)— 159,643 6,575,440 6,986,903 
IC - Stepup - 19090 4,465 4,660 — 8 63 — (2,963)— 67 1,566 1,768 
Cash Reserve Variables PMT - 3mo. - 66258,618 1,068,512 1,079,490 — 1,327,511 15,744 (2,581)(1,563,878)— 50,708 844,318 856,286 
IC-Stock Market - 1801,952 11,880 13,700 — — 775 (1,923)(4,252)— 1,229 6,839 8,300 
IC-MSC - 1812,113 32,655 37,178 — 41 1,815 (3,034)(11,455)— 1,395 20,721 24,545 
IC-Stock1 - 2104,329 32,141 33,732 — — 1,824 — (13,177)— 3,044 20,221 22,379 
IC-Stock2 - 220692 13,059 13,459 — — 573 — (5,874)— 481 7,714 8,158 
IC-Stock3 - 2301,245 21,020 22,260 — — 44 — (3,649)— 1,025 17,645 18,655 
Total
252,146 9,464,440 9,757,079 — 3,212,862 390,981 (15,444)(5,418,484)— 217,592 7,494,464 7,926,994 
Additional credits and accrued interest thereon:
IC-Flexible Savings— — 16,924 374,651 — — — (9,484)(370,184)— — 11,907 
IC-Stepup -190— — 9 82 — — — (23)(63)— — 5 
Cash Reserve Variable Payment-3mo.— — 769 19,172 — — — (3,582)(15,746)— — 613 
IC-Stk Mkt, 2004/16/31-4000/16— — 16 20 — — — (1)(27)— — 8 
IC-Stock1 - 210— — 34 46 — — — (4)(54)— — 22 
IC-Stock2 - 220— — 12 19 — — — (1)(11)— — 19 
IC-Stock3 - 230— — 35 34 — — — — (1)— — 68 
IC-MSC— — 22 75 — — — (1)(82)— — 14 
Total— — 17,821 394,099 — — — (13,096)(386,168)— — 12,656 
Accrued for additional credits to be allowed at next anniversaries:
SP 75— — (1)— — — — — — — — (1)
IC-Stock— — 719 350 — — — (1)(748)— — 320 
IC-Stock1 - 210— — 1,705 940 — — — (82)(1,770)— — 793 
IC-Stock2 - 220— — 1,066 183 — — — (3)(562)— — 684 
IC-Stock3 - 230— — 2,214 360 — — — (5)(43)— — 2,526 
IC-Market Strategy Certificate - Part Int 2019/2102/4061— — 1,649 866 — — — (30)(1,733)— — 752 
Total— — 7,352 2,699 — — — (121)(4,856)— — 5,074 
F-83
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
DescriptionDecember 31, 2024
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 Single Pay - Non Qualified Certificates252,146 9,464,440 9,782,252 396,798 3,212,862 390,981 (15,444)(5,431,701)(391,024)217,592 7,494,464 7,944,724 
R-Series Single Pay - Qualified Certificates
R-77 - 9103.5 3 9 21 — — 1 — (1)— 2 9 21 
R-78 - 911
3.5 3 12 24 — — 1 — (5)— 3 9 20 
R-79 - 9123.5 4 20 38 — — 1 — — — 4 20 39 
R-80 - 9133.5 3 20 36 — — 1 — — — 3 20 37 
R-81 - 9143.5 1 10 19 — — 1 — — — 1 10 20 
R-82A - 9153.5 6 26 31 — — 1 — (5)— 5 22 27 
RP-Q - 91619 23 71 — — 1 — (9)— 17 20 63 
R-II - 9203.5 6 45 49 — — 2 — (3)— 6 43 48 
RP-Flexible Savings - 97172,043 3,089,920 3,188,873 — 687,907 145,517 (2,084)(1,163,963)— 66,616 2,695,750 2,856,250 
Cash Reserve RP-3 mo. - 97227,095 423,554 427,784 — 477,579 5,952 (110)(556,187)— 24,334 350,253 355,018 
RP-Flexible Savings Emp - 9731 71 85 — — — — (85)— — — — 
RP-Stock Market - 960573 5,414 6,097 — — 343 (996)(2,041)— 336 2,882 3,403 
RP-Stepup - 94053 1,448 1,579 — — 40 — (557)— 43 944 1,062 
RP-Stock1 - 9411,228 13,587 14,171 — — 800 — (5,508)— 866 8,648 9,463 
RP-Stock2 - 942332 5,648 5,808 — — 225 — (2,481)— 214 3,376 3,552 
RP-Stock3 - 943744 12,179 12,848 — — 32 — (2,150)— 616 10,246 10,730 
Market Strategy Cert - 961515 11,034 11,836 — (1)613 (293)(2,665)— 387 8,562 9,490 
D-1 990-9932 309 380 — 3 16 — (52)— 2 287 347 
Total102,631 3,563,329 3,669,750 — 1,165,488 153,547 (3,483)(1,735,712)— 93,455 3,081,101 3,249,590 
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— — — 1 — — — — (1)— — — 
R-II3.5 — — — 2 — — — — (2)— — — 
RP-Flexible Savings— — 6,286 146,220 — — — (2,054)(145,516)— — 4,936 
RP-Stepup - 940— — 2 40 — — — — (40)— — 2 
Cash Reserve RP-3 mo.— — 303 7,478 — — — (1,575)(5,952)— — 254 
RP-Stock Market— — 4 4 — — — (1)(6)— — 1 
RP-Stock1— — 23 42 — — — (1)(48)— — 16 
RP-Stock2— — 3 3 — — — — (2)— — 4 
RP-Stock3— — 21 19 — — — — — — — 40 
Market Strategy Cert— — 24 54 — — — — (60)— — 18 
D-1 - 4005 5 — 17 — — — (1)(16)4 8 — 
Total5 5 6,665 153,886 — — — (3,631)(151,649)4 8 5,271 
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market— — 311 138 — — — (1)(337)— — 111 
RP-Stock1 - 941— — 679 369 — — — (6)(753)— — 289 
RP-Stock2 - 942— — 478 76 — — — — (223)— — 331 
RP-Stock3 - 943— — 1,356 241 — — — — (32)— — 1,565 
F-84
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
DescriptionDecember 31, 2024
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
Market Strategy Cert— — 486 343 — — — (10)(554)— — 265 
Total— — 3,310 1,167 — — — (17)(1,899)— — 2,561 
Total R-Series Single Pay - Qualified Certificates102,636 3,563,334 3,679,725 155,053 1,165,488 153,547 (3,483)(1,739,360)(153,548)93,459 3,081,109 3,257,422 
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates
2.5-3- 3-
3.5
— — 2,809 73 — — (530)(355)— — — 1,997 
Series R-II & RP-2-84 - 88 -Prod 9213.5 — — 20 1 — — (13)— — — — 8 
Add’l credits and accrued int. thereon
2.5-3
— — 13 — — — (3)(2)— — — 8 
Accrued for additional credits to be allowed at next anniversaries— — (3)— — — — — — — — (3)
Total Optional Settlement— — 2,839 74 — — (546)(357)— — — 2,010 
Due to unlocated cert holders— — 630 — — 448 — (1)(415)— — 662 
Total Certificate
Reserves (1)
355,601 $13,084,979 $13,475,718 $552,377 $4,381,415 $545,432 $(19,984)$(7,174,413)$(545,443)311,879 $10,629,609 $11,215,102 

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $7.3 million and $9.3 million or its intrinsic interest of $(9.7) million and $(14.3) million as of December 31, 2024 and 2023, respectively. These amounts are included in Total certificate reserves.
F-85
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(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, 2024
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments$456 
Other deductions represent:
Transfers to reserves on a quarterly basis for installment certificates
$(456)
Single-Payment certificates:
Other additions represent:
Flexible Savings$370,143 
Stepup63 
Cash Reserve-3mo15,744 
Stock Market775 
IC-Stock11,824 
IC-Stock2573 
IC-Stock344 
Market Strategy1,815 
RP-Q1 
Cash Reserve-RP-3mo5,952 
Flexible Savings-RP145,517 
Stepup-RP40 
Stock Market-RP343 
RP-Stock1800 
RP-Stock2225 
RP-Stock332 
Market Strategy-RP613 
Transfers from accruals at anniversaries maintained in a separate reserve account24 
$544,528 
F-86
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(in thousands)
Year Ended December 31, 2024
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(5,564)
Transfers to reserves for additional credits and accrued interest thereon24 
Flexible Savings(370,184)
Stepup(63)
Cash Reserve-3mo(15,746)
Stock Market(27)
Stock1(54)
Stock2(11)
Stock3(1)
Market Strategy Cert(82)
Cash Reserve-RP-3mo(5,952)
Flexible Savings-RP(145,516)
Stepup-RP(40)
Stock Market-RP(343)
RP-Stock1(801)
RP-Stock2(225)
RP-Stock3(32)
Transfers to Federal tax withholding45 
$(544,572)
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located$448 
Other deductions represent:
Payments to certificate holders credited to cash$(415)


F-87
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2024
(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
20232024202320242023202420242024
1-12214 116 $6,544 $2,355 $1,215 $352 $17 $— 
13-24212 178 37,848 4,589 2,348 1,557 56 — 
25-3644 200 3,845 35,531 251 2,606 77 — 
37-4833 41 121 2,877 520 431 18 — 
49-6061 31 2,779 109 1,289 403 159 — 
61-7274 57 5,260 2,732 834 1,319 32 — 
73-8447 71 583 5,260 779 833 19 — 
85-9665 41 203 571 1,911 630 93 — 
97-10842 57 22 12 649 1,627 111 — 
109-12027 36 — — 456 510 56 — 
121-132— — — — — — 22 — 
TOTAL - ALL SERIES819 828 $57,205 $54,036 $10,252 $10,268 $660 $— 


F-88
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-89
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
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 
R-78 - 911
3.5 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-90
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
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-91
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
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 
$438,453 
F-92
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
Year Ended December 31, 2023
(in thousands)
Year Ended December 31, 2023
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment$(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-93
Ameriprise Certificate Company
Schedule VI — Certificate Reserves (continued)
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-94

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-95
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 
R-78 - 911
3.5 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-96
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 Certificates
2.5-
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-97
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-98
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-99
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-100
Ameriprise Certificate Company
Schedule VII — Valuation and Qualifying Accounts
Years Ended December 31, 2024, 2023 and 2022
(in thousands)
Reserves deducted from assets to which they apply
Year Ended December 31, 2024
Balance at beginning of period
Change in allowance/ writedowns from 2023 to 2024
Balance at end of period
Allowance for credit losses:   
Conventional first mortgage loans and other loans$1,333 $(624)$709 
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 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(1)
Change in allowance/ writedowns from 2021 to 2022
Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans$1,518 $(46)$1,472 
F-101